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        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, December 5, 2011, Vol. 14, No. 240

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Puts Rating on AUD10.8-Mil. Notes at 'Bsf'
CENTRO PROPERTIES: Wins Final Approval of Restructuring Plan
CLUB MEDITERRANEE: To Close Lindeman Island Resort in Australia
REDZED TRUST: S&P Assigns 'BB' Rating on Class D Notes


H O N G  K O N G

3D-GOLD DEVELOPMENT: Lai and Ho Step Down as Liquidators
3D-GOLD ENTERPRISES: Lai and Ho Step Down as Liquidators
3D-GOLD GROUP: Lai and Ho Step Down as Liquidators
3D-GOLD JEWELLERY: Lai and Ho Step Down as Liquidators
3D-GOLD JEWELLERY CO: Lai and Ho Step Down as Liquidators

ALKAHN-HK LABELS: Creditors' Proofs of Debt Due Dec. 23
BEST EXCELSIOR: Lai and Ho Step Down as Liquidators
FOREVER RICH: Lai and Ho Step Down as Liquidators
GOLDYEAR DEVELOPMENT: Lai and Ho Step Down as Liquidators
HANG FUNG: Lai and Ho Step Down as Liquidators

INTERNATIONAL STANDARD: Lai and Ho Step Down as Liquidators
JOS M.C.L.: Creditors' Proofs of Debt Due Dec. 23
WINDER INTERNATIONAL: Lai and Ho Step Down as Liquidators
WORLDSPAN SERVICES: Creditors' Proofs of Debt Due Jan. 3
ZURICH INTERNATIONAL: Lai and Ho Step Down as Liquidators


I N D I A

ABAN EXIM: Inadequate Info Cues Fitch to Withdraw Ratings
ASHA COTEX: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Cash Credit
ASHA COTTON: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
DECENT DIA-JEWELS: ICRA Cuts Rating on INR105cr Bank Facilities
DEVTARA INDUSTRIES: ICRA Assigns [ICRA]BB+ Rating to INR3cr Loan

GOKUL COTTON: ICRA Assigns [ICRA]B+ Rating to INR6cr Cash Credit
JAKRAYA SUGAR: Delays in Debt Repayment Cues ICRA Junk Ratings
KAPIRAJ CREATION: ICRA Puts '[ICRA]BB-' Rating on INR12.12cr Loan
KINGFISHER AIRLINES: Pays First Installment to Mumbai Airport
LALSONS JEWELLERS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating

MOKALBARI KANOI: Inadequate Info Cues Fitch to Move 'B+' Rating
NAVYUG ENT: Inadequate Info Cues Fitch to Move Low-B Rating
PKS LIMITED: Fitch Withdraws Rating on INR345-Mil. Limits at 'D'
PVN FABRIC: Fitch Affirm Ratings on Four Loan Facilities at Low-B
REBIRIUM VINIMAY: Fitch Migates 'BB-' Rating Over Inadequate Info

SABREEMALAI DESIGNS: ICRA Rates INR8.28cr Bank Loan at [ICRA]BB
SARJU IMPEX: Fitch Cuts Rating on Two Loan Facilities to Low-B
SV POWER: Fitch Rates INR1.94 Million Project Loans at 'BB-'
TANGLING MINI: Delays in Debt Servicing Cues ICRA 'C' Ratings
VRAJBHUMI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR4cr Loan


I N D O N E S I A

ARPENI PRATAMA: Fitch Affirm Rating on Sr. Unsecured Notes at 'C'
FAJAR SURYA: Fitch Affirms Issuer Default Rating at 'B+'


J A P A N

TOKYO ELECTRIC: Johnan Shinkin Bank Ends Electricity Contract


N E W  Z E A L A N D

BRIDGECORP LTD: Directors' Trial Delayed Again
CANTERBURY UNIVERSITY: Faces NZ$15 Million Deficit Next Year
DON HA REAL ESTATE: Residential Portfolio Sold for NZ$1.97MM


P H I L I P P I N E S

BALAYAN BAY: Regional Trial Court Approves Bank's Liquidation
GLOBE TELECOM: Fitch Ups Local Currency IDR to 'BBB-' from 'BB+'


S I N G A P O R E

FIRST SHIP: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.


T A I W A N

CATHAY DUN: Fitch Says Outlook on 'BBsf' TWD310-Mil. is Stable
TAIWAN KOLIN: Auctions Off Two Properties to Repay Debt


T H A I L A N D

TMB BANK: Fitch Affirms Individual Rating at 'C/D'


                            - - - - -


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


BELLA TRUST: Fitch Puts Rating on AUD10.8-Mil. Notes at 'Bsf'
-------------------------------------------------------------
Fitch Ratings has assigned final ratings and outlooks to Bella
Trust No. 2 Series 2011-3 automotive loan receivables-backed
securitisation, due May 2018, as follows:

  -- AUD85.0-mil. Class A1 notes: 'F1+sf'
  -- GBP100.0-mil. Class A2a notes: 'AAAsf'; Outlook Stable
  -- AUD222.0-mil. Class A2b notes: 'AAAsf'; Outlook Stable
  -- AUD58.0-mil. Class B notes: 'Asf'; Outlook Stable
  -- AUD18.2-mil. Class C notes: 'BBBsf'; Outlook Stable
  -- AUD4.5 mil. Class D notes: 'BBsf'; Outlook Stable
  -- AUD10.8-mil. Class E notes: 'Bsf'; Outlook Stable
  -- AUD13.1 mil. seller notes: not rated

The notes were issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Bella Trust No. 2 Series 2011-3.
The Bella Trust No.2 Series 2011-3 is a legally distinct trust
established pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
23,723 automotive loan receivables totalling approximately
AUD562.7m, with an average size of AUD23,721.  The pool comprises
loan receivables originated by Capital Finance Australia Limited
(CFAL) whose ultimate parent is the Lloyds Banking Group plc
('A'/Stable/'F1'), as well as amortizing principal and interest
loans for both new (61.6%) and used (38.4%) vehicles, with
varying balloon amounts payable at maturity.  For those loans
that are subject to a balloon payment the weighted average
balloon payment is 30.8%.

The ratings on the class A1 and A2 notes are based on the quality
of the collateral; the 18.4% credit enhancement provided by the
subordinate class B, C, D, E and seller notes; a liquidity
reserve account of 1% of outstanding notes, funded by issue
proceeds; an interest rate swap provided by Lloyds TSB Bank plc,
Australia branch; and CFAL's auto receivable underwriting and
servicing capabilities.

The ratings on the class B, C, D and E notes are based on all the
strengths supporting the class A notes, excluding their credit
enhancement levels.


CENTRO PROPERTIES: Wins Final Approval of Restructuring Plan
------------------------------------------------------------
Centro Properties Group said Friday that it has now received all
necessary approvals to effect its restructure.

CNP securityholders, Convertible Bondholders, Hybrid Lenders and
Senior Lenders, as well as Centro Retail Trust securityholders,
voted in favor of the proposed restructure at a series of
meetings on Nov. 22, 2011.  The Supreme Court of New South Wales
has now approved the Senior Lenders' and Hybrid Lenders' schemes
of arrangement necessary to effect the restructure and the
schemes have become effective.

                     PwC Contentions Rejected

The Supreme Court of New South Wales did not accept the
contentions of PwC or that they constituted any basis for
withholding approval of the schemes of arrangement.

The Court concluded that PwC would, emphatically, be better off
if the schemes proceeded than if they did not, and that there is
no unfairness to PwC inherent in the schemes of arrangement.

                        Implementation Steps

CNP's $2.7 billion Senior Debt which will mature on December 15,
2011, will be cancelled in return for the transfer to Senior
Lenders of substantially all of CNP's Australian assets and
interests.

CNP Securityholders, Convertible Bondholders and Hybrid Lenders
will then receive their relevant proceeds, allocated as follows:

   -- .03 cents per CNP security or $48,925,082 in total
      to CNP securityholders;

   -- 5 cents in the dollar or $21,074,918 in total to
      Convertible Bondholders in exchange for redemption
      of their convertible bonds; and

   -- $20,000,000 in total to secured Hybrid Lenders in
      return for the cancellation of their debt.

Additionally, $10,000,000 will be set aside for potential
contingent creditors, on the basis that any surplus not used is
to be returned to the Senior Lenders.

The payments to CNP securityholders, Hybrid Lenders and
Convertible Bondholders will be made in approximately 3 weeks.

CNP Chairman Paul Cooper said, "This is a major achievement for
Centro and its stakeholders. We are extremely pleased that all
approvals have now been received for the proposal which will
result in CNP securityholders receiving 5.03 cents per CNP
security."

                    Australian Funds Aggregation

CNP managed funds including CER, Centro Australia Wholesale Fund
and Centro DPF Holding Trust will aggregate their respective
portfolios to create a new listed Australian retail property
trust, Centro Retail Australia ("CRF").

CNP will contribute its Australian assets (including its funds
and services business) to CRF, in exchange for scrip in CRF. That
scrip, in addition to the CRF scrip which CNP will hold as a
result of its investments in the above funds will result in CNP's
ownership of the A-REIT being approximately 72% on implementation
of aggregation. On implementation of the Senior Lenders' schemes
of arrangement, CNP's scrip in CRF will be distributed to the
Senior Lenders on a pro-rata basis to their senior debt holdings.

As previously disclosed, CNP securityholders will not receive any
securities in CRF.

Moelis & Company, Lazard and KPMG have acted as financial
advisers, and Freehills has acted as legal adviser, to CNP.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2011, Bloomberg News said Centro Properties Group on
Nov. 22 averted liquidation as investors approved a plan to
cancel debt and pool assets into a new real estate trust.
According to Bloomberg, the vote resolves a four-year battle to
stave off bankruptcy after a $9 billion U.S. buying spree between
2006 and 2007 backfired as the subprime mortgage crisis triggered
the worst recession since the great depression.  Approval allows
Centro to erase AUD2.9 billion of debt maturing on Dec. 15 and
gives lenders equity stakes in a new trust to be called Centro
Retail Australia, Bloomberg added.

                       About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand, and the United States.
Centro has funds under management of US$24.9 billions.


CLUB MEDITERRANEE: To Close Lindeman Island Resort in Australia
---------------------------------------------------------------
SmartCompany reports that the closure of Club Med's only
Australian resort on Queensland's Lindeman Island comes due to a
mixture of poor visitor numbers, burdensome regulation and a
turndown in the leisure travel market, one industry
representative has said.

The confirmation came as the French chain confirmed it would
close the Lindeman Island resort, with the island destination
being put up for sale, according to SmartCompany.

"It's very disappointing to see," Daniel Gschwind, chief
executive of the Queensland Tourism Industry Council, told
SmartCompany on December 1.  "Some regions are being more
affected than others and for a number of reasons, the Whitsundays
are being hit right now."

SmartCompany relates that Club Med general manger Quentin Braird
has said in a statement that more customers are wanting premium
products and that "Lindeman . . . was not in that category".

"So, in order to meet our customers' expectations, we have to now
seek a new resort in Australia," the report quotes Mr. Braird as
saying.  "It was an extremely difficult decision for Club Med to
make, as the resort is a firm favourite with our Australian and
New Zealand guests."

According to the report, CBRE will sell the resort, which is set
to close in January.  It was originally bought in 1990 for
AUD15 million, with the company having developed and upgraded the
location over the past two decades.

Mr. Gschwind said the market has been hit by a decline in leisure
tourism, as opposed to travel in the corporate market.

Club Mediterranee S.A., commonly known as Club Med, is France-
based vacation club operator and travel organizer.


REDZED TRUST: S&P Assigns 'BB' Rating on Class D Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
class A notes, class AB notes, class B notes, class C notes, and
class D notes of subprime residential mortgage-backed securities
(RMBS) issued by Perpetual Trustee Company Ltd. as trustee of
RedZed Trust Series 2011-1.

The ratings reflect:

    The credit quality of the trust's nonconforming and subprime
    Australian residential mortgage loans, originated by RedZed;

    The note subordination structure provided for each class of
    rated notes;

    The use of excess spread to meet current losses and to
    reinstate prior-period charge-offs to each class of notes;

    That if the principal step-down tests are not met, 0.95% per
    annum of interest collections will be set aside into an
    income reserve, available to meet required payments;

    In addition to the 0.95% per annum, from the call date
    onward, the income reserve will also trap all remaining
    interest collections after the reimbursement of class E
    notes' charge-off. This additional trapping will be
    regardless of whether the principal step-down test
    requirements are met;

    Subject to certain conditions, the ability of the trustee to
    use principal collections from mortgage loans and drawings on
    a liquidity facility to be provided by Commonwealth Bank of
    Australia (AA-/Stable/A-1+) to meet required payments;

    If the principal step-down tests are not met and certain
    performance trigger (the Performing Portfolio Reduction Rate)
    are met, principal repayments will occur on a pro-rata basis
    to class A notes and class AB notes until fully repaid,
    before sequentially to class B notes until fully repaid,
    followed by to class C notes until fully repaid, then to
    class D notes until fully repaid, and finally to class E
    notes until fully repaid; and

    That if the principal step-down tests are met, the allocation
    of the unrated class E notes' pro-rata principal allocation
    to repay class D notes until fully repaid, followed by class
    C notes until fully repaid, class B notes until fully repaid,
    class AB notes until fully repaid, class A notes until fully
    repaid, then class E notes until fully repaid.

A copy of Standard & Poor's complete report for RedZed Trust
Series 2011-1 can be found on Global Credit Portal, Standard &
Poor's Web-based credit analysis system, at
www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Ltd. whether the issuer is publicly disclosing all relevant
information about the structured finance instruments that are
subject to this news release will remain non-public.

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

   http://standardandpoorsdisclosure-17g7.com/1111309.pdf

Ratings Assigned
Class    Rating     Amount (mil. A$)
A        AAA (sf)   27.35
AB       AAA (sf)   30.00
B        A+ (sf)     8.80
C        BBB- (sf)   5.60
D        BB (sf)     3.25
E        N.R.        5.00

N.R. - Not rated.


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


3D-GOLD DEVELOPMENT: Lai and Ho Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of 3D-Gold Development Company Limited on Nov. 16,
2011.


3D-GOLD ENTERPRISES: Lai and Ho Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of 3D-Gold Enterprises Company Limited on Nov. 16,
2011.


3D-GOLD GROUP: Lai and Ho Step Down as Liquidators
--------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of 3D-Gold Group Limited on Nov. 16, 2011.


3D-GOLD JEWELLERY: Lai and Ho Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of 3D-Gold Jewellery International Company Limited on
Nov. 16, 2011.


3D-GOLD JEWELLERY CO: Lai and Ho Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of 3D-Gold Jewellery Company Limited on Nov. 16,
2011.


ALKAHN-HK LABELS: Creditors' Proofs of Debt Due Dec. 23
-------------------------------------------------------
Creditors of Alkahn-Hong Kong Labels Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 23, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East


BEST EXCELSIOR: Lai and Ho Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Best Excelsior Limited on Nov. 16, 2011.


FOREVER RICH: Lai and Ho Step Down as Liquidators
-------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Forever Rich Media Limited on Nov. 16, 2011.


GOLDYEAR DEVELOPMENT: Lai and Ho Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Goldyear Development Limited on Nov. 16, 2011.


HANG FUNG: Lai and Ho Step Down as Liquidators
----------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Hang Fung Enterprise International Company Limited
on Nov. 16, 2011.


INTERNATIONAL STANDARD: Lai and Ho Step Down as Liquidators
-----------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of International Standard Jewellery & Gems Laboratory
Limited on Nov. 16, 2011.


JOS M.C.L.: Creditors' Proofs of Debt Due Dec. 23
-------------------------------------------------
Creditors of JOS M.C.L. Engineering Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 11, 2011.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East


WINDER INTERNATIONAL: Lai and Ho Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Winder International Limited on Nov. 16, 2011.


WORLDSPAN SERVICES: Creditors' Proofs of Debt Due Jan. 3
--------------------------------------------------------
Creditors of Worldspan Services Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


ZURICH INTERNATIONAL: Lai and Ho Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Ho Kwok Leung (Glen) stepped down as
liquidators of Zurich International Limited on Nov. 16, 2011.


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I N D I A
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ABAN EXIM: Inadequate Info Cues Fitch to Withdraw Ratings
---------------------------------------------------------
Fitch Ratings has withdrawn India-based Aban Exim Private
Limited's National Long-Term 'Fitch B(ind)nm' rating.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of AEPL.

AEPL's ratings have been withdrawn as follows:

  -- National Long-Term 'Fitch B(ind)nm' rating withdrawn

  -- INR60-mil. fund-based working capital limits: 'Fitch
     B(ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn

  -- INR60-mil. non-fund based working capital limits: 'Fitch
     A4(ind)nm'; rating withdrawn


ASHA COTEX: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR8.00 crore cash
credit facility of Asha Cotex.  ICRA has also assigned an
'[ICRA]A4' rating to the INR0.60 crore short term fund based bank
limits (sub-limit of cash credit limits) of AC. The outlook on
long term rating is stable.

The ratings are constrained by the weak financial profile
characterized by low profitability and moderate coverage
indicators due to the inherently limited value additive nature of
the business. The ratings also take note of the vulnerability of
profitability to the regulatory risks and raw material price
movements, which are subject to seasonality and crop harvest. The
ratings also incorporate high competition in the fragmented
cotton ginning industry and absence in crushing segment, however
sales under the brand name 'Asha' gives an edge over the other
local players.

The ratings positively considers the long standing experience of
the promoters in the cotton industry and the advantage due to
being favorably located in the cotton producing region with an
easy availability of quality raw cotton. The ratings also
consider the positive outlook for cotton bales export business in
the short term following the DGFT's decision to include cotton
under OGL for current cotton year (September 2011 to October
2012).

                       About Asha Cotex

Established in 2007, Asha Cotex is partnership firm engaged in
ginning of raw cotton to produce cotton bales and cotton seeds.
The firm is part of Asha group of companies engaged in the same
line of business. The firm is equipped with 24 ginning machines
with an intake capacity of 120MT of raw cotton per day
(considering 200 days of operation). It deals in S-6 type of
cotton.


ASHA COTTON: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR10.00 crore
cash credit facility of Asha Cotton Industries.  ICRA has also
assigned an '[ICRA]A4' rating to the INR7.00 crore short term
fund based bank limits (sub-limit of cash credit limits) of ACI.
The outlook on long term rating is stable.

The ratings are constrained by the weak financial profile
characterized by thin profitability due to low value additive
nature of the business and stressed capital structure on account
of working capital intensive nature of the ginning industry. The
ratings also take note of high competition in the fragmented
cotton industry exerting pressure on profitability and absence of
refining facility limiting value addition; however sales under
the brand name 'Asha' gives an edge over other local players. The
ratings further incorporate the susceptibility of margins to
fluctuations in the raw cotton prices and foreign exchange;
however the for-ex risk is mitigated to the extent of hedging
through forward booking.

The ratings however positively consider the extensive experience
of promoters in the cotton industry and favorable location of the
factory in the cotton producing region of Gujarat with easy
access to quality raw cotton. The ratings also consider the
positive outlook for cotton bales export business in the short
term following the DGFT's decision to include cotton under OGL
for current cotton year (September 2011 to October 2012).

                       About Asha Cotton

Established in 1998, Asha Cotton Industries is a partnership firm
engaged in ginning of raw cotton to produce cotton bales and
crushing of cotton seeds to produce raw cotton seed oil. The firm
is part of Asha group of companies engaged in the same line of
business. The firm deals in S-6 variety of cotton. It has 36
ginning machines with processing capacity of around 150 MT of raw
cotton per day and 5 crushing capacity with production capacity
of 4 tons of raw cotton seed oil.


DECENT DIA-JEWELS: ICRA Cuts Rating on INR105cr Bank Facilities
---------------------------------------------------------------
ICRA has downgraded the short term rating assigned to the Rs.105
crore fund based facilities of Decent Dia-Jewels Private Limited
from '[ICRA]A4+' to '[ICRA]A4'.  ICRA has also assigned a long
term rating of '[ICRA]BB-' and short term rating of [ICRA]A4
(pronounced ICRA A four) to Rs.65 crore proposed limits of Decent
Dia-Jewels Private Limited. The outlook for the long term rating
is stable.

The rating downgrade factors in the continuing weak financial
profile of Decent Dia-Jewels Private Limited (DDJPL)
characterized by low profitability along with stretched capital
structure and tight liquidity position. Besides volatility in
diamond prices, the company's margins are also exposed to foreign
currency fluctuations as the company derives its entire revenues
from exports. Intense competition in the cut and polished diamond
industry also puts further pressure on the margins. The ratings
however factor in the long experience of the promoters in the cut
and polished industry along with strong market linkages developed
by the company through presence of business associates in
different countries.

                      About Decent Dia-Jewels

Incorporated as a partnership firm in 1995, Decent Diamonds was
converted to a private limited company in 2010 and was
rechristened Decent Dia-Jewels Private Limited. The company is
involved in manufacture, sale of polished diamonds and trading of
polished diamonds. Headquartered in Mumbai, the company has state
of art manufacturing in Surat, Gujarat.

Recent Results:

DDJPL reported a net profit of INR1.05 crore on an operating
income of INR313.83 crore in 2010-11 as compared to a net profit
of INR0.88 crore on an operating income of INR245.97 crore in
2009-10.


DEVTARA INDUSTRIES: ICRA Assigns [ICRA]BB+ Rating to INR3cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR3.0 crore fund based
limits and INR1.0 crore long term loan of Devtara Industries.
The outlook on the long term rating is stable. ICRA has also
assigned '[ICRA]A4+' to INR16.00 crore fund based limits.

The assigned ratings favorably take into account the integrated
operations from weaving to finished products which results in
better operational efficiency and also ensures timely servicing
to clients; promoter's track record in the textile business; and
stable lease rental income. Further, the ratings draws comfort
from the company's comfortable capital structure and adequate
debt coverage indicators.

The ratings are however constrained by high customer
concentration risk, which are further accentuated due to
precedence of decline in sales due to loss of business from some
key customers in the past. The ratings are further constrained by
weak demand outlook in developed countries like USA and Europe
and vulnerability of DI's earnings to foreign exchange rate
movements. Going forward, improvement in profitability which is
closely linked to export incentives and company's ability to grow
its turnover would be the key rating sensitivity.

Devtara Industries is a Ghaziabad (U.P.) based partnership firm
engaged in manufacturing cotton made-ups like yarn dyed bed
linen, printed bed linen, quilts, bed apparel, curtains, table
linen, kitchen linen etc, quilted items and fabric sales. More
than 90% of sales are generated through sale of textile made-ups.
DI also undertakes customised orders for scarves, stoles etc.


GOKUL COTTON: ICRA Assigns [ICRA]B+ Rating to INR6cr Cash Credit
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore cash
credit facility of Gokul Cotton Private Limited.  ICRA has also
assigned an '[ICRA]A4' rating to INR1.00 crore fund based
facilities (sub limit of cash credit limits) of GCPL.

The ratings are constrained by the weak financial profile of the
company as reflected by modest scale of operations, thin profit
margins, high gearing and weak coverage indicators. The ratings
are further constrained by vulnerability of profitability to raw
material prices, which are subject to seasonality and crop
harvest and regulatory risks, as well as absence of refining
facilities, which limits further value addition.

The ratings, however, positively consider the long experience of
the promoters and associates in the cotton ginning and pressing
business and favorable location of the company which gives it
easy access to raw cotton. The ratings also consider positive
outlook for cotton bales exports following DGFT's decision to
include cotton under OGL for current cotton year (September 2011
to October 2012).

Gokul Cotton Private Limited was established in 2006 and is
engaged in ginning of raw cotton to produce cotton seeds and
cotton bales the factory is located at Mahuva, Gujarat. GCPL has
24 ginning machines with an intake capacity of 120 MT of raw
cotton per day. The company deals in S-6 type of cotton.


JAKRAYA SUGAR: Delays in Debt Repayment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has downgraded the long-term rating from '[ICRA]BB' with
stable outlook to '[ICRA]D' assigned to the term loans and fund
based facilities of Jakraya Sugar Limited aggregating to INR46.92
crore1 and INR18.08 crore respectively.

The downgrade in rating takes into account the delays by the
company in meeting its debt obligations in a timely manner mainly
due to the delays in commissioning of the project by about six
months. The rating is also constrained by the relatively lower
size of operations with 2500 TCD (Tonnes Crushed per Day)
crushing capacity and the exposure of the business to agro-
climatic risks, cyclical trends in sugar business and government
regulations prevalent in the sugar business. Further, the tied-up
working capital limits of the company are currently insufficient
for the existing scale of operations and the company is in the
process of enhancing the same. ICRA however positively notes the
successful commissioning of the sugar plant in April 2011 and co-
generation unit in June 2011, the forward integration of sugar
operations with co-generation unit and in -place Power Purchase
Agreement (PPA) with MSEDCL for off-take of power at remunerative
rates that would support the profitability levels of the company,
going forward.

                        About Jakraya Sugar

Jakraya Sugar Limited was incorporated in May 2007 and is
promoted by Mr. Birappa Bhagwan Jadhav. The company commissioned
its 2500 TCD sugar plant on 25th April 2011 and 11 MW co-
generation unit on 6th July 2011 at Watwate Village in Mohol
Taluka of Solapur district (Maharashtra). The total project cost
was INR86.54 crore, which has been funded through bank term loans
of INR46.92 crore, unsecured loans from shareholders of INR8.61
crore and equity contribution (including redeemable preference
share allocated to shareholders) of INR31.01 crore. The capacity
of the sugar plant is expandable from existing 2500 TCD to 3500
TCD. In the second phase, the company plans to increase co-gen
capacity to 16 MW and setup a 45 KLPD distillery plant as well.


KAPIRAJ CREATION: ICRA Puts '[ICRA]BB-' Rating on INR12.12cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to INR12.12 crore fund
based limits and to INR5.00 crore proposed fund based limits of
Kapiraj Creation Private Limited.  ICRA has also assigned an
'[ICRA]A4' rating to INR0.25 crore short term non-fund based
limits and to 0.10 Crore proposed short term non-fund based
limits of KCPL.  The outlook on the long-term rating is stable.

The assigned ratings positively reflect the long experience of
the promoters/ management in the textile weaving business and
also the group's presence in the same line of business for over a
decade. The ratings also take into account the favorable location
of the company's manufacturing facility in Surat, in terms of
easy accessibility to key raw materials and proximity to end
users.

The ratings are however, constrained by the fact that the company
has recently started operations and its modest scale, although,
the scale is likely to improve due to the capacity expansion the
company has undertaken. The ratings also negatively factor in
KCPL's presence in the highly competitive textile industry
characterized by intense competition from organized and
unorganized players and the susceptibility of KCPL's margins to
any adverse movement in prices of texturised yarn price which is
partly mitigated due to the company's policy of procurement
against orders. The ratings also take into account the execution
risks in relation to the present capacity expansion plans.
Moreover, the ratings take into account execution risks
associated with the current capacity expansion project. Going
forward, ICRA expects the viability of the projects (existing and
proposed) to largely depend on the receipt of Government subsidy
incentives in the form of the Technology Upgradation Fund (TUFS).

                       About Kapiraj Creations

Kapiraj Creations Pvt. Ltd was incorporated as a private limited
company on 29th April, 2009. The company is promoted and managed
by Vikash Madanlal Mittal, Vikash Saharia & Shree Gopal Deora.
KCPL is in the textile business and is engaged in the
manufacturing of greige cloth. The company has an administration
& registered office in Surat, Gujarat and a manufacturing
facility (of 11,416 sq. meters area) in the outskirts of Surat.


KINGFISHER AIRLINES: Pays First Installment to Mumbai Airport
-------------------------------------------------------------
Hindustan Times reports that fliers booked to travel on
Kingfisher Airlines flights continue to be worried as the Mumbai
airport will allow the airline to operate its flights only if it
pays INR50 lakh every day.

The report relates that the cash-strapped airline on Friday paid
the Mumbai airport the first instalment of INR50 lakh to get
permission to operate its flights from the city on Saturday.

"Now the airline will have to pay this amount every day to
continue operations," a Mumbai International Airport Limited
(MIAL) official told Hindustan Times requesting anonymity, as the
person is not authorised to speak to the media.

According to the report, the amount payable by the airline is the
airport's landing fee and aircraft parking charges. The airline
has been put on cash-and-carry mode as it has defaulted on the
payment for the past six months, the report notes.

The airline owes the Mumbai airport INR90 crore for the past six
months, according to a notice sent by MIAL to Kingfisher on
Thursday, the report says.

Hindustan Times says the airport operator on Friday also issued
notice to the airline over bounced cheques.  Sources said cheques
worth INR85 crore issued by Kingfisher had bounced, the report
says.

Kingfisher Airlines said it would operate all flights as per
schedule, Hindustan Times adds.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


LALSONS JEWELLERS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
--------------------------------------------------------------
The ratings of '[ICRA]A4+' and '[ICRA]BB+' have been reaffirmed
for the INR74.30 crore (enhanced from INR63.50 crore) bank limits
of Lalsons Jewellers Limited.  The outlook on the long term
rating is Stable.

The ratings continue to be constrained by the modest financial
risk profile of the company as reflected in its low profitability
margins, aggressive capital structure, average debt protection
metrics, high working capital borrowings and limit utilization
trend; the high fragmentation and high competitive intensity in
the jewellery business and vulnerability of profit margins to
gold price volatility and forex fluctuation risks. Moreover, the
industry scenario and operating environment both in the export
and domestic jewellery market continues to be challenging with a
weak near term outlook due to the steep run up in gold prices and
weakening of purchasing power.

The ratings however favorably consider the experience of LJL's
promoters and their long track record in the gold jewellery
business; the established brand reputation and clientele of the
company in both the domestic and export markets and the upside
potential to its business from the new SEZ unit and recently
established overseas subsidiary. ICRA notes that LJL has certain
capacity expansion plans in the pipeline both in the domestic and
overseas markets over the medium term, which have not been
factored in the current ratings pending finalization; the scale
of these plans; business and financial risks therein will be a
rating sensitivity.

                       About Lalsons Jewellers

Lalsons Jewellers Limited, incorporated in 1993, is engaged in
the business of manufacture and sale of gold and diamond
jewellery in India and abroad. In FY 09, the company integrated
the gold jewellery operations of its sister concern, Lalsons
Enterprises, a partnership firm with itself, for operational
synergies and consolidation of the Lalsons brand under a single
entity. LJL is a closely held company promoted by the Verma
family, based out of Delhi, and its operations are jointly
managed by Mr. Rajeev Verma and Mr. Sanjeev Verma, who are
brothers. The company is primarily a wholesaler of gold jewellery
with its retail presence being limited to one showroom situated
in Delhi. In FY 11, it derived approx. 55% of its turnover from
the domestic market and the balance from exports; in H1 FY 12 the
proportion of domestic and export sales has been 57%:43%.

Recent Results:

In 2010-11, the company reported a Profit after tax (PAT) of
INR1.80 crore on an Operating Income (OI) of INR223 crore. In H1
2011-12, as per unaudited results, the company has reported a PAT
of INR1.39 crore on an OI of INR107 crore.


MOKALBARI KANOI: Inadequate Info Cues Fitch to Move 'B+' Rating
---------------------------------------------------------------
Fitch Ratings has migrated India-based Mokalbari Kanoi Tea Estate
Pvt. Ltd.'s 'Fitch B+(ind)' National Long-Term rating to the
"Non-Monitored" category.  This rating will now appear as 'Fitch
B+(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of MKTL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".

Fitch has also classified MKTL's following bank loan ratings as
non-monitored:

  -- INR105-mil.long term loans: migrated to 'Fitch B+(ind)nm'
     from 'Fitch B+(ind)'

  -- INR90-mil. fund-based limits: migrated to 'Fitch B+(ind)nm'
     from 'Fitch B+(ind)'

  -- INR0.6-mil. non-fund based limits: migrated to 'Fitch
      A4(ind)nm' from 'Fitch A4(ind)'


NAVYUG ENT: Inadequate Info Cues Fitch to Move Low-B Rating
-----------------------------------------------------------
Fitch Ratings has migrated India-based Navyug Enterprises Pvt.
Ltd.'s 'Fitch B-(ind)' National Long-Term rating to the "Non-
Monitored" category.  This rating will now appear as 'Fitch B-
(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of NEPL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".

Fitch has also classified NEPL's following bank loan ratings as
non-monitored:

  -- INR163.6-mil. long-term loans: migrated to 'Fitch B-(ind)nm'
     from 'Fitch B-(ind)'

  -- INR96.5-mil. short-term facilities: migrated to 'Fitch
     A4(ind)nm' from 'Fitch A4(ind)'


PKS LIMITED: Fitch Withdraws Rating on INR345-Mil. Limits at 'D'
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'Fitch D(ind)' rating on India-
based PKS Limited's INR2,322.7 million fund-based limits and
INR345 million non-fund based limits.

The rating has been withdrawn due to lack of adequate information
post the company defaulted on debt repayments in July 2010.
Fitch will no longer provide ratings or analytical coverage of
PKS.


PVN FABRIC: Fitch Affirm Ratings on Four Loan Facilities at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based PVN Fabrics and PVN Tex
Industries at National Long-Term 'Fitch B+(ind)' with a Stable
Outlook.

The ratings are based on a consolidated view of PVN Fabrics
and PVN Tex given the strong inter-linkages between the two
partnership firms by way of common partners, same line of
business and significant inter-firm purchase and sale of raw
materials and intermediate products.

The ratings reflect the steady financial performance of the two
firms in the financial year ended March 2011 (FY11) and thus far
in the current financial year.  The FY11 consolidated revenues
rose 38.8% yoy to INR1,521 million, with EBITDA margins improving
to 6.4% from 5.7%.  This was due to the completion of the
capacity expansion at PVN Tex to 9,600 tons per annum (tpa) from
7,200 tpa and at PVN Fabrics to 9,000 tpa from 7,500 tpa. For
FY11, EBITDA interest coverage was flat at 2.8x and net leverage
(net debt /EBITDA) improved to 3.1x (FY10: 4.0x).  For H1FY12,
the consolidated revenues and EBITDA margins stood at INR793.9
million and 5.9%, respectively.

However, in Fitch's view, the improved performance has not
translated into a strengthening of the overall credit profile as
net leverage is expected to exceed 5.0x at FYE12 due to the
ongoing INR350 million capacity expansion at PVN Fabrics that
will raise output to 16,500 tpa by end-FY14.  This investment is
being funded by INR226.7 million debt.  Fitch believes that a
sustained improvement in credit profile would be possible from
FY14 onwards due to the absence of large debt-funded capex plans,
an increase in the economies of scale and margin expansion, and
scheduled debt repayments.  Fitch could upgrade the ratings if
consolidated net leverage is maintained below 4.5x on a sustained
basis.

The ratings continue to reflect over four-decade-long experience
of the partners in the domestic high-density polyethylene/
polypropylene (HDPE/PP) woven sacks market and the successful
completion of incremental capacity expansions till date.

The ratings remain constrained by the partnership nature of the
businesses and the expected increase in leverage due to the
capex.  Another constraining factor is the commoditised nature of
products, with the business being characterised by high volume
and low margin.  Fitch however notes that the expansion is being
undertaken for the higher margin business (paper lined sacks,
laminated sacks and leno bags) and should therefore improve the
consolidated EBITDA margin.

Negative rating action for the firms may result from delays in
implementation of capex plans, slowdown in revenue growth or
reduction in profitability which causes consolidated net leverage
to increase above 6.0x on a sustained basis.

For FY11, the PVN Fabrics reported net sales of INR794.4 million
(FY10: INR593.3 million), EBITDA of INR66 million (INR45.2
million) and total debt of INR160.6 million (INR144.4 million).
PVN Tex reported net sales of INR726.6 million (INR502.6
million), EBITDA of INR30.7 million (INR18.8 million) and total
debt of INR163.6 million (INR124.8 million).

Fitch has affirmed the following bank facilities of the two
firms:

PVN Tex:

  -- INR100 mil. total fund based limits (cash credit): 'Fitch B+
     (ind)'

  -- INR50 mil. total long-term loans: 'Fitch B+(ind)'

  -- INR50 mil. total non-fund based limits: 'Fitch A4(ind)'

PVN Fabrics:

  -- INR262.9 mil. term loans: 'Fitch B+(ind)'

  -- INR120 mil. cash credit limits: 'Fitch B+(ind)'

  -- INR30 mil. non-fund based limits: 'Fitch A4(ind)'


REBIRIUM VINIMAY: Fitch Migates 'BB-' Rating Over Inadequate Info
-----------------------------------------------------------------
Fitch Ratings has migrated the 'Fitch BB-(ind)' National Long-
Term rating on India's Rabirun Vinimay Pvt. Ltd. and its INR2,000
million long-term loans to the "Non-Monitored" category.

The ratings have been migrated to the non-monitored category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of RVPL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".


SABREEMALAI DESIGNS: ICRA Rates INR8.28cr Bank Loan at [ICRA]BB
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR8.28 crore fund
based limits and INR28.25 crore proposed fund based limits of
Sabreemalai Designs Private Limited.  The outlook assigned to the
long term rating is stable. ICRA has also assigned an '[ICRA]A4'
rating to the INR0.10 crore short term non-fund based limits and
INR0.10 crore proposed short term non-fund based limits of SDPL.

The assigned ratings positively reflect the long standing
experience of the promoters/ management in the textile weaving
business and also the group's presence in the same line of
business for over a decade. The ratings also take into account
the favorable location of the company's manufacturing facility in
Surat, in terms of easy accessibility to key raw materials and
proximity to end users and also its diversified customer profile
given the diverse end applications of greige fabric manufactured
by the company.

The ratings are however, constrained by the small scale of
operations, though, the scale is likely to improve due to the
capacity expansion plans it has undertaken. The ratings also
negatively factor in SDPL's presence in the highly competitive
textile industry characterized by intense competition from
organized and unorganized players; the leveraged capital
structure; and the susceptibility of SDPL's margins to any
adverse movement in texturised yarn price, though the same is
partly mitigated due to the company's policy of procurement
against orders. ICRA also expects the capital structure to
continue to be leveraged in the near to medium term given the
debt funded capacity expansion plans.

                     About Sabreemalai Designs

Incorporated in April 2007, Sabreemalai Designs Private Limited
is a part of 'Mittal Group' and is primarily into the business of
manufacturing greige fabrics for suiting, shirting, curtains and
ladies wear. SDPL is promoted by Mr. Vikash Mittal and Vikash
Saharia. The Company has its registered office and manufacturing
facility in Surat, Gujarat. The company has a weaving capacity of
104 water jet looms and an installed capacity to manufacture
approximately 1,000,000 meters of greige cloth per month.

Recent Results:

SDPL recorded a net profit of INR0.23 crore on an operating
income of INR19.84 crore for the year ending March 31, 2011.


SARJU IMPEX: Fitch Cuts Rating on Two Loan Facilities to Low-B
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Sarju Impex Limited's
National Long-Term rating to 'Fitch B-(ind)' from 'Fitch B(ind)'.
The Outlook is Negative.

The downgrade reflects Sarju's lower-than-expected financials in
FY11 (year-end: 31 March 2011) due to delays in the start of its
CNG and industrial gas cylinder project and receipt of necessary
regulatory approvals for the production and sale of gas
cylinders.  The project was implemented only in November 2010
after a delay of six months.  FY11 was the first full year of
operations for Sarju.

In FY11, the company's revenue stood at INR49.9m, which is around
93% below expectations. EBIDTA and EBITDA margin, as opposed to
an expected profit, were negative at INR8.9 million and 17%,
respectively.  This resulted in negative adjusted debt/EBITDA and
interest coverage of -61.0x and -0.3x, respectively.

The ratings are, however, supported by the INR13.5m financial
support extended by Sarju's founders in FY11 through unsecured
loans for the company's debt servicing.

The Negative Outlook reflects Fitch's expectation that Sarju's
financial profile will remain under pressure and debt servicing
will be dependent on the founders' support.

An EBIDTA margin of above 7% on a consistent basis may result in
the Outlook being changed to Stable.  Negative rating action may
result from any delay in support from the founders.

Sarju manufactures CNG and industrial gas cylinders at its 1.67
lakhs per annum high pressure gas cylinders facility situated at
Dahej SEZ Ltd.  As at end-FY11, total debt was INR542.8m,
comprising long-term loans of INR240.2m, working capital loans of
INR289.1m and unsecured loans of INR13.5m.  Sarju is 65% held by
the sponsors (or founders) of Dharmanandan group, a diamond
processing and jewellery manufacturing company

Rating actions on Sarju's bank facilities are as follows:

  -- INR235-mil. long term loans: downgraded to 'Fitch B-(ind)'
     from 'Fitch B(ind)'

  -- INR300-mil. cash credit limits: downgraded to 'Fitch B-
     (ind)' from 'Fitch B(ind)'

  -- INR208-mil. non-fund based working capital limits (reduced
     from INR209.6 mil.): affirmed at 'Fitch A4(ind)'


SV POWER: Fitch Rates INR1.94 Million Project Loans at 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned India-based SV Power Ltd.'s
INR1,940 million senior project loans a National Long-Term rating
of 'Fitch BB-(ind)'.  Fitch has also assigned SVP's INR140
million subordinate debt a National Long-Term rating of 'Fitch
B+(ind)'.  The Outlook is Stable.

The ratings are constrained by the underlying fuel risk both in
terms of supply and price.  The project will use a blended feed
stock of washery rejects (70%) and raw coal (30%), sourced from
coal washery and the e-auction window of South Eastern Coal
Fields, respectively.  Risks arising from the lack of a firm
supply agreement for coal washery rejects is somewhat mitigated
by the project's presence in a mining hub and strong regulatory
support.  The Ministry of Environment and Forest regulation has
mandated coal-based power plants located beyond 500km from coal
mines to use beneficiated coal, with ash content not exceeding
34%.

The ratings are also constrained by the lack of firm contractual
arrangements for power sale, which exposes the project to off-
take and price risks.  While India's current power deficit
scenario may ensure adequate demand for the power generated by
the project, the steadily declining merchant power prices and its
volatility pose a significant risk.  Fitch's base case assumes
sale of power at INR3.75/kwh, and any significant correction in
prices could affect the project's credit quality.

There has been a significant cost overrun of 40.6% from the
initially planned cost of INR2,880 million.  This is largely due
to increased engineering, procurement and construction costs for
the change in the power plant design capacity to 63MW from 56MW
and high interest costs during construction.

However, the cost overrun has been bridged by an INR800m
unsecured loan extended by group companies and an INR370m
unsecured loan (not rated) extended by a financial institution.
Management expects the power plant to be fully commissioned by
end-November 2011 after a delay of 11 months.

Fitch expects the sponsor to absorb the impact of further cost
overruns, if any, and to extend marginal support in FY12 for debt
servicing, in case of a cash flow shortfall.  Cash flows are
sensitive to reductions in power tariffs and a sharp rise in the
price assumptions for both coal washery rejects and raw coal -- a
possibility given India's acute coal shortages.

Positive rating action may result if the project obtains a long-
term contract for coal washery rejects and a power purchase
agreement, ensuring long-term off-take of power at favorable
tariffs.

SV Power was set up by the Hyderabad-based KVK group to implement
a project consisting of a 2.5mtpa coal washery and a 63MW washery
reject-based power plant, KVK has a decade-long experience in
operating power plants based on natural gas, rice husk plus coal,
low sulphur heavy stock and hydel power.


TANGLING MINI: Delays in Debt Servicing Cues ICRA 'C' Ratings
-------------------------------------------------------------
ICRA has assigned a long term rating '[ICRA]C' to the INR20.00
crores term loans and fund based facilities of Tangling Mini
Hydel power Project.

ICRA's rating action factors in the company's weak financial risk
profile characterized by financial losses, high gearing of 1.84X
as on March 31st, 2011 and delays on debt servicing obligations.
ICRA also notes that low generation levels in FY 2012 ytd (11.48
MUs till October 2011) could lead to liquidity mismatches and
further delays in debt servicing. ICRA's rating also factors in
the limited track record of promoters in hydro power sector as
well as the exposure to high hydrological risks as TMHPP is not
covered under deemed generation clause in case of factors like
shortage of water or loss of generation due to silting, etc. The
rating however draws comfort from the firm's off take arrangement
with Himachal Pradesh State Electricity Board (HPSEB) for tenure
of 40 years and limited demand risks due to significant energy
deficit in northern India. Going forward, satisfactory hydrology,
the ability of the company to meet the designed performance
parameters and timely repayment of its debt obligations will
remain the key rating drivers.

Tangling Mini Hydel Power Project is a Partnership firm jointly
promoted by Sai Engineering Foundation and Mr. K.K. Kashyap. The
firm operates a 5 MW run of the river hydel power plant which
utilizes the water of Tangling Nallah, a tributary of River
Sutlej in district Kinnuar of Himachal Pradesh. The plant
commenced commercial operations in December 2010. The total cost
of the project is INR29.42 crore (including a cost overrun of
INR2 crores), which is funded by a term loan of Rs.19.40 crores
from State Bank of India, and promoter's equity as well as a
capital subsidy of INR3.2 crores. TMHPP has entered into a PPA of
40 years with HPSEB for sale of power generated from the project
at a fixed tariff of INR2.95 per unit. The project is expected to
generate 22.74 MU in a 75% dependable year.

Recent Results:

As per the audited results, TMHPP reported a net loss of INR1.10
crore on an operating income of INR0.33 crore for the year ended
March 31, 2011.


VRAJBHUMI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR4cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR4.00 crore cash
credit facility of Vrajbhumi Cotton Industries.  ICRA has also
assigned an '[ICRA]A4' rating to INR0.80 crore fund based
facilities (sub limit of cash credit limits) and Rs.3 crore short
term fund based facility of VCI.

The ratings are constrained by the weak financial profile of the
firm as reflected by thin profit margins, tight liquidity
resulting in consistently high utilization of limits and
stretched capital structure. The ratings are further constrained
by vulnerability of profitability to raw material prices which
are subject to seasonality and crop harvest and regulatory
policies as well as absence of crushing and refining facilities
which limits further value addition.

The rating, however, positively considers the long experience of
the promoters and associates in the cotton ginning and pressing
business and favorable location of the factory in the cotton
producing region of Gujarat with easy access to quality raw
cotton.

                      About Vrajbhumi Cotton

Vrajbhumi Cotton Industries was established in 1999. It is
engaged in ginning and pressing of raw cotton to produce cotton
seeds and cotton bales. The business is managed jointly by all
the eight partners Mr. Ashwin Gandhi, Mr.Balvantray Gandhi,
Mr.Arvind Gandhi, Mr.Pratpray Gandhi, Mrs.Shilpa Gandhi, Mr.
Dharmesh Mehta and Mr.Bharat Chudasma.The factory is located at
Mahuva (Gujarat) and is equipped with 24 ginning machines with
processing capacity of around 75 MT of raw cotton per day.


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


ARPENI PRATAMA: Fitch Affirm Rating on Sr. Unsecured Notes at 'C'
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesian shipping company PT Arpeni
Pratama Ocean Line Tbk's Foreign and Local Currency Issuer
Default Ratings (IDR) at 'Restricted Default', as well as its
National Long-Term rating at 'Restricted Default (idn)'.  The
rating on Arpeni's USD senior unsecured notes due 2013 has been
affirmed at 'C' with a Recovery Rating of 'RR6'.

The rating actions reflect Arpeni's ongoing negotiations with its
lenders to restructure existing debt.  Arpeni is currently in the
midst of the Indonesian judiciary-driven debt restructuring
process that covers the listed company, Arpeni, and debt
guaranteed by the listed companies of the group.  Shareholder
approval has been obtained for a private placement of equity that
is expected to take place after the completion of the debt
restructuring process.

Arpeni's operating and financial performance continues to be
weak, exacerbated by the low level of the Baltic Dry Index.
Fitch does not expect significant improvement in Arpeni's credit
profile until the completion of the debt restructuring and the
private placement of equity.

Arpeni was downgraded to 'Restricted Default' in December 2010,
reflecting its failure to pay the coupon on its IDR600bn notes
issued in 2008, which were due on 17 September 2010.  The 'RR6'
Recovery Rating on Arpeni's senior unsecured notes indicates poor
recovery prospects in the event of default.


FAJAR SURYA: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed PT Fajar Surya Wisesa Tbk's Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs)
at 'B+'.  At the same time, Fajar's National Long-Term Rating has
been affirmed at 'A(idn)'.  The Outlook is Stable.

Fajar's ratings are underpinned by its market position as the
second-largest packaging paper manufacturer in Indonesia (with a
30% market share), a well-established and diversified customer
profile, and the growth prospects of Indonesia's paper packaging
industry as evidenced by Indonesia's low paper consumption per
capita relative to the GDP growth.

These strengths are counterbalanced by the inherent cyclicality
of the commodity nature of its products.  In particular, Fitch
notes that Fajar's margins are subject to compression resulting
from the trend of rising raw material prices.  Fajar's position
as a price taker to both suppliers and end customers gives it
limited flexibility to pass-on increased costs to the latter.
However, Fitch believes that Fajar will continue to generate
positive cash flows from its operation.  This reflects the
defensive nature of 75% of revenue including that of the
packaging for fast moving consumer goods (FMCG).

In October 2011, Fajar fully repaid the remaining balance of
USD44 million from its USD100 million Notes -- using the proceeds
from USD120 million syndicated loans.  Fitch notes that the
company's debt maturity schedule, post the USD100m notes
repayment is comfortably covered by unutilised bank loan
facilities of USD97 million.

The short-to medium-term capex plan includes modification of
paper machines no.7 ('PM7') and the installation of paper
machines no.6 ('PM6') which will expand paper capacity to 1.55
mt/pa (current: 1.05 mt/pa).  Estimated total capex for PM6 is
IDR810 billion, to be spent over 2012-2014; this will be funded
by operating cash flows and new borrowings.  While for PM7, most
of the capex had been spent in 2011 and remaining balance of
around IDR44 billion will be carried forward to 2012.

Negative rating guidelines include a sustained increase in
leverage ratio, as measured by net adjusted debt/EBITDA, to over
3.5x or a sustained decrease in EBITDA/Interest to below 3x.  Any
difficulty in renewing the revolving credit facilities also could
put negative pressures on the ratings.  Conversely, a sustained
improvement in leverage ratio to below 2x could lead to a
positive rating action, though Fitch notes this isn't expected in
the short-to-medium-term.


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


TOKYO ELECTRIC: Johnan Shinkin Bank Ends Electricity Contract
-------------------------------------------------------------
The Japan Times reports that Johnan Shinkin Bank said Friday it
has terminated electricity contracts with Tokyo Electric Power
Co. for its headquarters and most of its branch offices and will
start buying power from a nonnuclear energy provider from
January.

According to the report, the Tokyo-based bank's shift to Ennet
Corp., which sells electricity generated by gas and renewable
energy, is in line with its earlier pledge to cut energy
consumption and help reduce dependence on atomic energy in light
of the Fukushima No. 1 nuclear plant crisis.

The report relates that Ennet will serve 77 of Johnan's 85
offices, which use about 9 million kw per year. The remaining
eight offices will continue to buy electricity from TEPCO partly
because they share their buildings with other tenants, the report
notes.  The bank said the new arrangement will help reduce its
annual power cost, currently JPY200 million, by JPY10 million,
the report adds.

Johnan Shinkin ended the contracts with Tepco at the end of
November and Tepco's supply will stop at the end of this month,
according to The Japan Times.

                       About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates Tepco may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


BRIDGECORP LTD: Directors' Trial Delayed Again
----------------------------------------------
BusinessDay.co.nz reports that the trial of three former
Bridgecorp directors on Securities Act charges has been adjourned
again due to the poor health of one of the defence lawyers.

The case, which was put off on November 29, was adjourned again
November 30 at the High Court at Auckland after a lengthy meeting
between Justice Geoffrey Venning and counsel.  Brian Keene QC,
who is representing former director Peter Steigrad, remains in
hospital, the report notes.

Rod Petricevic, Rob Roest and Steigrad, former directors of the
finance company, face 10 Securities Act charges related to making
untrue statements in prospectus statements.  Another former
director, Gary Urwin, has already plead guilty to the charges.

According to the report, the case is scheduled to resume this
week, possibly tomorrow, December 6, to hear two witnesses --
former Bridgecorp staff members Christine Todd, the customer
services manager, and John Welch, who prepared investor reports.

Once their evidence is heard, which could stretch to two days,
the case will be adjourned over the Christmas break until
January 23, the report relays.

The long-awaited trial of the four Bridgecorp directors finally
began on October 25.  It had been delayed four times, the report
cites.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CANTERBURY UNIVERSITY: Faces NZ$15 Million Deficit Next Year
------------------------------------------------------------
The Press reports that Canterbury University's insurance premiums
have more than doubled and it now expects to operate with a
NZ$15 million deficit next year.

According to the report, the deficit has jumped from the
NZ$10.2 million forecast less than two months ago after
additional advertising and property costs, and the rise in
insurance premiums.

New Zealand tertiary institutions are required to operate with a
3 per cent surplus, The Press notes.

The Press says Canterbury University is facing unprecedented
challenges after the February earthquake and is forecasting a
cumulative drop in fulltime equivalent students of 19,400 from
this year to 2019 and a reduction in revenue over that time of
NZ$346 million.

Canterbury University has asked the Government for at least
another NZ$150 million to help it deal with the fallout from the
quake, but is not expecting an answer until the first quarter of
next year, according to The Press.

The Press relates that a report by chief financial officer Yvonne
Shanahan said the 2012 budget had been set at a loss of
NZ$15.2 million, but that would fall to NZ$9.1 million after it
received NZ$6 million in insurance proceeds.

University of Canterbury is located in Christchurch, New Zealand.


DON HA REAL ESTATE: Residential Portfolio Sold for NZ$1.97MM
------------------------------------------------------------
APNZ reports that a portfolio of properties previously owned by
self-proclaimed real estate mogul Don Ha has been sold at a
mortgagee auction.

The portfolio of nine south Auckland houses, accumulated over
several years by then investor and property mentor, sold on
November 30 for a total of NZ$1.97 million, the news agency
relates.

According to the report, Mr. Ha said he thought some of the
selling prices were "a bit under value" but it was a good result.

The portfolio included seven 2-4 bedroom houses and two
10-bedroom boarding houses, APNZ discloses.

APNZ notes that Bayleys said the auction represented "one of the
city's biggest residential portfolios to be brought to the market
in recent years".

As reported in the Troubled Company Reporter-Asia Pacific on
May 23, 2011, BusinessDay.co.nz said the receivers of Don Ha Real
Estate, the south Auckland real estate agency owned by Don Ha,
have sold the company for NZ$1.35 million -- back to another
company of which he is the principal.  Receivers Tim Downes --
timdownes@nz.gt.com -- and David Ruscoe -- david.ruscoe@nz.gt.com
-- of Grant Thornton were appointed in March by Kiwibank which
had a general security agreement over Don Ha Real Estate in
relation to NZ$7 million worth of mortgage debts to other
companies within the Don Ha group.  The debts were over 50
investment properties in south Auckland that Mr. Ha owned and
rented out, but had fallen behind on the payments for,
BusinessDay.co.nz noted.


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


BALAYAN BAY: Regional Trial Court Approves Bank's Liquidation
-------------------------------------------------------------
The Daily Tribune reports that the Regional Trial Court in
Balayan, Batangas, approved the petition for assistance in the
liquidation of Balayan Bay Rural Bank (Batangas) Inc. filed by
state deposit insurer Philippine Deposit Insurance Corp.

In a decision issued by RTC Judge Rolando Silang, the report
relates, the court affirmed that the closed Balayan Bay RB cannot
be rehabilitated or permitted to resume business in accordance
with law and should be liquidated.  The Daily Tribune says that
individuals who may have claims against the assets of the bank
were ordered to file their claims with the liquidation court or
with PDIC at PDIC Extension Office, SSS Building, Ayala Avenue,
in Makati City within 90 days from Nov. 16, 2011.  The court also
ordered PDIC to submit a distribution plan which specifies in
detail the total amount for distribution to creditors, the report
notes.

As statutory liquidator of closed banks, PDIC is mandated to
expeditiously liquidate the assets of closed banks to ensure
prompt settlement of creditors' claims, according to the report.

The Monetary Board (MB) placed Balayan Bay RB under receivership
on Nov. 26, 2009, by virtue of MB Resolution No. 1686.  PDIC, as
deposit insurer, has paid a total of PHP2.88 million in deposit
insurance claims representing 52.4% of total estimated insured
deposit amount and 35.3% of total insured accounts, the Daily
Tribune discloses.


GLOBE TELECOM: Fitch Ups Local Currency IDR to 'BBB-' from 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Philippine-based Globe Telecom Inc.'s
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'BBB-' from 'BB+'.  The Outlook is Stable.

The upgrade reflects Fitch's reassessment of Globe's credit
profile following Philippine Long-Distance Telephone Company's
('BBB-'/Stable) 51.5% acquisition of Digitel Telecommunications
Philippines, Inc., the country's third largest telecom operator
with a 10% wireless revenue market share.  Although Globe will
now be competing against a larger telecom operator with a
combined 64% market share and increased economies of scale, Fitch
believes that Globe will, over the medium-term, benefit from the
market consolidation by way of a more stable pricing environment.

The rating also reflects Fitch's view that Globe's credit and
operating metrics are comparable to other investment-grade
number-two telecom operators across Asia-Pacific.  In addition to
its high operating EBITDAR margin (9M11: 55%), as with other
Philippine telcos, Globe also benefits from a benign regulatory
environment, including less competition and regulatory
interference compared with most other markets in Asia-Pacific.

However, Fitch believes that Globe's credit metrics will
deteriorate in 2012 due to an expected fall in operating EBITDAR
margins and planned higher capex. The agency expects that the
ongoing provision of popular 'unlimited tariffs' or 'all-you-can-
eat plans' and a change in the telco's revenue mix towards low-
margin data services will shave 150bps-200bps annually off
Globe's existing operating EBITDAR margins.

Fitch expects Globe's free cash flow to turn negative in 2012 in
view of its network modernization programme costing
PHP34.7 billion (USD790 million), of which 80% is expected to
complete over 2012 and 2013.  This will result in a significant
increase in its capex to sales ratio to 45% in 2012 from around
25%-28% historically.

Globe's IDRs could come under downward pressure from a
debt-funded acquisition, capital management initiatives or a
sharp deterioration in the company's operating profile resulting
in FFO-adjusted net leverage above 2.5x on a sustained basis.

Globe's IDRs could be upgraded if the competitive environment
stabilises and if its FFO-adjusted net leverage improves below
1.0x on a sustained basis. However, in the case of the Foreign
Currency IDR, an upgrade of the Philippines' Country Ceiling
('BBB-') would first be required.

  -- LTFC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
  -- LTLC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
  -- Foreign senior unsecured upgraded to 'BBB-' from 'BB+'
  -- National Long-term rating affirmed at 'AAA(phl)'; Outlook
     Stable


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


FIRST SHIP: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Singapore-based First Ship Lease Trust to negative from stable.
"At the same time, we affirmed the 'BB-' long-term corporate
credit rating on the company," S&P said.

"We revised the outlook on FSL because we believe that the
creditworthiness of the company's lessees could deteriorate. This
could affect lessees' ability to pay FSL," said Standard & Poor's
credit analyst Manuel Guerena. "The weak environment for the
shipping industry globally, which could lower seaborne trade
volumes and freight rates even more, will further challenge
lessees' ability to keep honoring their lease payments."

The rating on FSL reflects the company's exposure to the weak
credit profiles of its lessees and the challenging conditions in
the industry, such as high bunker fuel prices, overcapacity, and
volatile freight rates. Nevertheless, FSL's largely predictable
cash flows from long-term lease contracts protect the company
from the volatility in the industry -- to an extent. Corporate
guarantees in all of FSL's existing lease contracts lower the
likelihood of customers reneging on their fixed-rate contracts.
In addition, FSL has a young fleet (6.5 years on a weighted
average) and experienced management and main sponsors.

The challenges in the shipping industry are unlikely to ease
before the end of 2012. FSL's customers, whose overall credit
profiles are in the 'BB' category or lower, will therefore
continue to face operating challenges. FSL's EBITDA margin was a
weak 78% for the 12 months to September 2011, lower than 86.5%
for full-year 2010 and 94.1% for full-year 2009. The drop in
margin reflects the weakness in the company's lessee portfolio,
following the redelivering of two product tankers in mid-2010.
Traded in the spot market since then, these tankers contributed
to the weakening and volatility in FSL's margin.

"FSL's liquidity is adequate, in our view. As of Sept. 30, 2011,
the company has commitments to refinance 91% of its $483 million
debt, even though only $240 million of it is due in April 2012.
We expect FSL to be able to refinance 100% of its debt within the
next couple of months. However, the terms of this refinancing --
a six-year amortizing term loan -- are still not available. As of
Sept. 30, 2011, FSL has $28.5 million in cash and no short-term
maturities," S&P said.

"The negative outlook reflects our view of FSL's increasing
lessee credit risks amid the prolonged downturn in the shipping
industry," said Mr. Guerena.

"We could lower the rating if: (1) the credit profiles of FSL's
lessees deteriorate further; (2) payments from lessees are
delayed; or (3) the company's credit protection measures weaken
further, such that its EBITDA coverage of gross interest expenses
falls to below 2.5x or its ratio of FFO to gross debt declines to
less than 10%," S&P said.

"We could revise the outlook to stable if we see clear signs of
improvement in the credit quality of FSL's lessees along with a
sustained improvement in the company's credit protection
measures," S&P said.


===========
T A I W A N
===========


CATHAY DUN: Fitch Says Outlook on 'BBsf' TWD310-Mil. is Stable
--------------------------------------------------------------
Fitch Ratings says that it expects Cathay Dun Nan Commercial
Building Real Estate Asset Trust's (Cathay REAT) outstanding
class A, B and C beneficiary certificates totalling TWD1,696.5
million to be paid in full on 21 December 2011.  This follows the
receipt of the remaining 80% of the purchase price of the
underlying property of Cathay REAT on 21 November 2011.  The
initial 20% was received on 22 September 2011.

The underlying property, Dun Nan Commercial Building, was
delivered to the property buyer, Cathay Life Insurance on 25
November 2011.  The total property purchase price is TWD
8,673.74m, including property value-added business tax.

According to the transaction trust agreement, the final proceeds
will be distributed on 21 December 2011, earlier than the
expected maturity of 25 June 2012.  Upon full payment on 21
December 2011 the transaction will be terminated.

The outstanding ratings of the beneficiary certificates are
listed below.

  -- TWD1,101.5-mil. Class A: 'AAAsf(twn)'; Outlook Stable
  -- TWD285-mil. Class B: 'Asf(twn)'; Outlook Stable
  -- TWD310-mil. Class C: 'BBsf(twn)'; Outlook Stable


TAIWAN KOLIN: Auctions Off Two Properties to Repay Debt
-------------------------------------------------------
The Taipei Times reports that Taiwan Kolin Co on Dec. 1 sold two
of three properties through auction, including a commercial
building in Taipei City and a factory in Taoyuan County, auction
organizer Savills Taiwan Ltd said in an e-mailed statement.

However, another factory, also located in Taoyuan County's
Guanyin Township, failed to attract bids, Savills Taiwan said.

According to the report, Savills Taiwan said Kolin's commercial
building, located on Chongqing S Road Sec 1 in downtown Taipei,
was sold to the state-funded Taiwan Asset Management Co for
NT$939.99 million (US$31.21 million), or NT$600,773 per ping
(3.3m2).

Meanwhile, textile manufacturer Far Eastern New Century Corp,
bought one of Kolin's Guanyin factories in Taoyuan County for
NT$615 million at the auction, or at a cost of NT$56,504 per
ping.

The Taipei Times states that Kolin has been looking at ways to
divest idle assets and operations to repay its debts after
encountering financial difficulties in 2008. Apart from last
week's asset auction, the company is slated to auction off its
"Kolin" brand and operations, with a starting price of NT$350
million (US$11.5 million) on Dec. 15.

Kolin's other Guanyin factory, which has a land area of 10,884.26
ping and a floor price of NT$1.17 billion, did not attract any
bids on Dec. 1.  The factory's bigger land size and higher floor
price could have discouraged investors, manufacturers in
particular, from joining the auction, Mr. Chiu, as cited by The
Taipei Times, said.

Taipei, Taiwan-based Taiwan Kolin Co. Ltd (TPE:1606) --
http://www.kolin.com.tw/-- is principally engaged in the
manufacture and sale of electronic products and electrochemical
products.  The Company's digital electronic products include
liquid crystal displays (LCDs), cathode ray tube (CRT) frequency
doubling digital TVs, panel/ sphere CRT TVs, digital versatile
discs (DVDs), digital set- top-boxes and moving picture experts
group layer-3 audio (MP3) players.  Its electrochemical products
include heaters, air coolers, photo catalysis refrigerators,
washing machines, clothes dryers and dehumidifiers.


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


TMB BANK: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------
Fitch Ratings has affirmed TMB Bank Public Company Limited's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB-'
with Stable Outlook.

TMB's Long-term IDR is at the same level as its Viability Rating
(VR), reflecting the bank's stand-alone financial strength as the
primary rating driver.  While the bank has lagged its peer group
on a number of key credit measures, the Stable Outlook reflects
Fitch's expectation that these differences will continue to
narrow.  However, should the differences fail to narrow in the
near-term, then Fitch may consider negative rating action on its
IDRs and VR.

For 9M11, TMB reported higher net profit of THB3.1bn (9M10:
THB2.4bn) and flat return on assets (ROA) of 0.6%.  As with other
Thai banks, the bank's performance could weaken in 2012, mainly
due to increased provisioning risks resulting from the severe
floods in Thailand, although the impact is expected to be
temporary and manageable.  Fitch believes that the risk of a
global economic recession would have a more material impact on
the bank.  TMB's improving earnings, strong capital and excess
reserves put the bank in a stronger position to absorb the impact
than two to three years ago.

TMB's asset quality improved further with lower non-performing
loans of THB31.6bn or 8.1% of total loans at end-September 2011
(end-2010: THB36.1bn or 9.9%).  The loan loss coverage ratio also
strengthened to 70.8% from 57% at end-2010 and fewer special
mentioned loans of THB17.5bn or 4.5% of total loans at end-
September 2011 (end-2010: THB25.9bn or 7.1%).  However, these
ratios remain high, indicating that asset quality remains TMB's
key weakness.

TMB's stable funding and liquidity are supported by its
developing mid-sized deposit franchise. Its loan-to-deposits
ratio also remained low at 86.1%, partly due to modest loan
growth between 2010 and 9M11, and would be lower at about 80% if
bills of exchange were included.  However, Fitch will continue to
monitor the developments in the bank's funding structure as it
refocuses on business growth.  TMB has maintained strong
capitalisation with a Tier 1 ratio of 11.7% and a total capital
ratio of 16.9% at end-September 2011.  These capital levels
should provide a reasonable buffer against an economic downturn
and additional provisioning.

TMB is the seventh-largest commercial bank in Thailand with
assets of THB657.8 billion at end-September 2011. ING Bank NV
(ING; 'A+'/Stable/'F1+') is the largest shareholder with a 30%
stake, followed by the Ministry of Finance at 26% and Singapore's
DBS Bank at 3.6%.  Fitch considers the probability of external
support from the Thai government, if needed, to be moderate.

The rating actions on TMB are as follows:

  -- Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bbb-'
  -- Individual Rating affirmed at 'C/D'
  -- 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 Short-term debt 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
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, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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
Christopher Beard at 240/629-3300.





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