---

        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, December 8, 2011, Vol. 14, No. 243

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Centro Retail Australia Begins Trading
PROSERPINE COOPERATIVE: Administrators Recommend Sucrogen Offer


C H I N A

HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'B+'


H O N G  K O N G

PEG PEG: First Meetings Set for Dec. 15
RICH PALACE: Commences Wind-Up Proceedings
RVL PRINTED: Creditors' Proofs of Debt Due Dec. 23
SAN HING: Creditors' Proofs of Debt Due Jan. 3
SAVI TECHNOLOGY: Ying and Chan Appointed as Liquidators

SEVEN SEAS: Placed Under Voluntary Wind-Up Proceedings
SEVEN SEAS TEXTILES: Placed Under Voluntary Wind-Up Proceedings
SKY HOME: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AG8 VENTURES: CRISIL Puts 'CRISIL BB-' Rating on INR513.8MM Loan
ASTAM HEALTHCARE: CRISIL Puts 'CRISIL BB-' Rating on INR27MM Loan
AVADH INFRASTRUCTURE: CRISIL Rates INR15MM LT Loan at CRISIL BB-
HALDIA PETROCHEMICALS: Prepares Plan to Avoid BIFR Fold
JET AIRWAYS: To Lease 10 A320s for JetLite Fleet

KRAFT LAND: CRISIL Reaffirms 'CRISIL B' Term Loan Rating
KUNDAN RICE: Fitch Rates INR100-Mil. Credit Facility at 'BB'
LIMTEX TEA: Delays in Debt Repayment Cue CRISIL Junk Ratings
OSWAL OVERSEAS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
RAJSHREE GLOBAL: CRISIL Assigns CRISIL B- Rating to INR72MM Loan

RATTAN STEEL: CRISIL Cuts Rating on INR110MM Loan to 'CRISIL B'
RCM INFRASTRUCTURE: CRISIL Reaffirms 'CRISIL BB' Loan Rating
SAMBANDAM SPINNING: CRISIL Rates INR570MM Loan at 'CRISIL BB-'
SENTHIL MURUGAN: CRISIL Assigns CRISIL BB Rating to INR20MM Loan

SHREE MUKT: CRISIL Puts 'CRISIL B' Rating to INR300MM Cash Credit
SINGLA AND SINGLA: CRISIL Puts 'CRISIL B+' Rating on INR50MM Loan
STORI FASHIONS: CRISIL Assigns 'CRISIL B' Rating to INR2.1MM Loan
TARUN ENTERPRISE: CRISIL Rates INR25MM Loan at 'CRISIL BB-'
TEMPUS INFRA: Delays in Debt Servicing Cue CRISIL Junk Ratings

VICTORIA MOTORS: CRISIL Reaffirms 'CRISIL B' Cash Credit Rating
WINE ENTERPRISES: CRISIL Reaffirms CRISIL BB+ Cash Credit Rating
* INDIA: Failure to Cut Debt Pushes Builder Yields Above 20%


I N D O N E S I A

BANK PERMATA: Moody's Revises D- BFSR Outlook to Positive


N E W  Z E A L A N D

CENTURY CITY: Judge Awards Serepisos' Creditor NZ$1.5 Million
CENTURY CITY: Bidders Line Up for Firm's Headquarters
CRAFAR FARMS: Receivers' Bill Reaches NZ$6 Million as of October
HANOVER FINANCE: Judge Rejects Ex-Exec's Bid to Lift Asset Freeze


S I N G A P O R E

BW GROUP: Moody's Affirms 'Ba1' Ratings on Notes
MF GLOBAL: Liquidator Fires 80+ Employees
SIN LEONG: Court to Hear Wind-Up Petition on Dec. 9
SING ONN: Court to Hear Wind-Up Petition on Dec. 9
SKYWAY TRAVEL: Creditors' Proofs of Debt Due Dec. 23

VICKERS BALLAS: Creditors' Proofs of Debt Due Jan. 3
WILLICH SINGAPORE: Creditors' Proofs of Debt Due Dec. 16


X X X X X X X X

* Bingham Expands in Asia With Beijing Office Launch
* S&P's Global Corporate Default Tally Rises to 43 Issuers
* S&P: Global Default Rate Increases After 5 Mos. of Declines




                            - - - - -


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


CENTRO PROPERTIES: Centro Retail Australia Begins Trading
---------------------------------------------------------
Bloomberg News reports that Centro Retail Australia shares began
trading on Dec. 5 after Centro Properties Group shareholders and
lenders agreed to a plan to wipe out AUD2.9 billion (US$3
billion) of debt, allowing the creation of the new entity.

Centro first announced a planned restructuring in 2009 after a
debt-fueled U.S. buying spree backfired with the global financial
crisis.  Share and debt holders of Centro Properties and listed
unit Centro Retail Trust approved a proposal last month to give
lenders control of the new Centro Retail Australia trust in
exchange for forgiving debt, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 5, 2011, Centro Properties Group said it has now received
all necessary approvals to effect its restructure.  The Supreme
Court of New South Wales has approved the Senior Lenders' and
Hybrid Lenders' schemes of arrangement necessary to effect the
restructure and the schemes have become effective.

                     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.


PROSERPINE COOPERATIVE: Administrators Recommend Sucrogen Offer
---------------------------------------------------------------
ABC Rural reports that the administrators of the Proserpine Sugar
Mill, KordaMentha, have recommended creditors vote in favor of
Sucrogen's AUD120 million offer this week.

In a report to creditors, ABC Rural relates, KordaMentha advised
that executing the Sucrogen deal would result in a more timely
financial return, and, if rejected, Sucrogen may withdraw funds
that have enabled the ongoing trading of the mill.

According to ABC Rural, KordaMentha said that the asset sale
agreement it has with Sucrogen prevents it from promoting or
seeking alternative offers and therefore it can't consider Tully
Sugar's increased offer of $128 million.

Meanwhile, The Wall Street Journal's Deal Journal Australia
reports that a majority of the beleaguered owners of the
financially troubled Proserpine Cooperative want an increasingly
complex takeover tussle brought to an end at a creditors meeting
scheduled for Friday.

"Everybody just wants it over and people now want their money,"
local cane farmer and director of the Canegrowers farmer lobby
Peter Quod told Deal Journal Australia.

"It's really starting to wear down the whole town, and . . . it's
really getting nasty," Mr. Quod said, citing incidents of public
verbal abuse, Deal Journal Australia relates.

According to Deal Journal Australia, Mr. Quod expects a positive
vote by at least 50% of Proserpine's creditors, which includes
growers/members, millworkers and other employees, trade creditors
and Westpac Banking Group, for Wilmar International's Sucrogen
unit's "headline" offer of AUD120 million dollars.  Added to this
will be a provision for Sucrogen to absorb the mill's normal
operating costs and capital expenditure incurred from Oct. 31
until completion of the transaction, the report says.

As reported in the Troubled Company Reporter on Nov. 14, 2011,
ABC News said that the Proserpine Sugar mill has been placed into
voluntary administration following two failed take-over bids by
Sucrogen, and the board's decision to reject another revised
offer by Tully COFCO.

Deal Journal Australia recalls that Sucrogen unveiled its initial
AUD115 million offer in early June and Proserpine mill
grower/members have twice formally rejected the offer, once in
late August and again in late October, with support failing both
times to reach the minimum 75% required.

Cofco unveiled its initial offer in late August and has upgraded
it several times since, with the offer having been rejected by
Proserpine's board, according to Deal Journal Australia.

Deal Journal Australia says Cofco's offer was also effectively
rejected by Proserpine's administrator in November when the
newly-appointed administrator agreed to sell to Sucrogen.

                     About Proserpine Co-operative

Based in Australia, Proserpine Co-operative Sugar Milling
Association Limited -- http://www.prosugar.com.au/-- operates as
a sugar and bio-refinery mill.

John Park -- jpark@kordamentha.com -- Richard William Buckby --
bbuckby@kordamentha.com -- and Robert Hutson --
rhutson@kordamentha.com -- of KordaMentha were appointed as
voluntary administrators of the Co-operative on Nov. 6, 2011.
The appointment follows the failure of sufficient Co-operative
members to support the special resolution put to members to allow
the sale of the business of the Co-operative to Sucrogen.

"As a consequence of not being able to complete that sale, the
Co-operative was put in a position where the Board determined the
Co-operative could not meet its debts as and when they fell due,"
KordaMentha said in a statement posted on Web site.


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


HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based coking coal producer
Hidili Industry International Development Ltd. to 'B+' from
'BB-'. The outlook is stable. "We also lowered the issue rating
on the company's outstanding senior unsecured notes to 'B+' from
'BB-'.  In addition, we affirmed our 'cnBB' Greater China scale
credit rating on the company and its notes," S&P said.

"We lowered the rating on Hidili to reflect our view that the
company's financial leverage is expected to remain at about 5x in
the coming year because the company's increase in coal production
is slower than we originally expected," said Standard & Poor's
credit analyst Lawrence Lu. "Hidili is likely to spend a
substantial amount of capital in the next two years at least
to bring the mines it acquired in Yunan and Guzhou provinces to
production. Its working capital requirement is also likely to
increase. The company will therefore continue to generate sizable
negative free operating cash flow. As a result, its reliance on
debt funding is likely to increase."

"Hidili's production growth is still slower than we originally
expected. We anticipate that the company will produce about 4.1
million tons of raw coal in 2011, slightly below what it achieved
in 2010, due to a suspension of production in Yunan province. As
some of the mines gradually raise output, we anticipate Hidili's
production in 2012 will increase to about 5 million tons. Our
projection has not taken into account any possible production
loss stemming from accidents or environmental problems in the
company's own mines or the neighboring ones," S&P said.

"We expect Hidili to continue to generate sizeable negative free
operating cash flow in the coming year for two reasons. First, we
observed that Hidili's main customers -- the steel mills -- have
lengthened payment terms, thereby increasing Hidili's working
capital requirement. This is because the steel industry's
financial performance has been affected by the slowing Chinese
economy and the tight domestic credit environment. We believe
this may continue for a while. Second, Hidili still plans about
Chinese renminbi (RMB) 1.5 billion in capital expenditure in the
next two years to bring the mines acquired in the past two year
in Yunnan and Guizhou to production. After the company's
substantial share price drop in the past few months, the
likelihood that Hidili will rely on borrowing to meet the funding
gap has risen," S&P said.

"As a pure coking coal producer, Hidili's financial performance
is highly sensitive to coking coal prices. Nevertheless, the
long-term prospect for coking coal producers in China is still
positive as domestic supply is below demand. In 2012, coking coal
price will be under pressure as domestic steel mills continue to
reduce capacity with weakening demand and a slowing economy," S&P
said.

"The stable outlook reflects our expectation that the company
will refinance its convertible bonds in January 2013," said Mr.
Lu. "We expect the company will reach a 5 million tons run rate
in raw coal production in 2012, such that its financial leverage
does not deteriorate from the current level."

"We may lower the rating or revise the outlook to negative if
Hidili fails to have a credible refinancing plan for the
convertible bonds at least six months before the redemption date.
We may also lower the rating if Hidili's financial performance
deteriorates due to a decline in coal production or prices that
is worse than our expectation, such that the company's ratio of
funds from operations to total debt is below 15% on a sustainable
basis," S&P said.

"The chance of an upgrade in the next 12 months is limited.
Nevertheless, we could consider raising the rating if the
production increase at Hidili's Yunnan and Guizhou mines boosts
the company's revenue and cash flow growth, particularly if the
debt-to-EBITDA ratio remains below 4x and the FFO-to-debt
ratio stays above 20% on a sustainable basis," S&P related.


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


PEG PEG: First Meetings Set for Dec. 15
---------------------------------------
Contributories and creditors of Peg Peg Company Limited will hold
their first meetings on Dec. 15, 2011, at 2:15 p.m., and
2:30 p.m., respectively for the purposes provided for in Sections
241, 242, 243, 244, 251 and 255A of the Companies Ordinance.

The meeting will be held at the whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.


RICH PALACE: Commences Wind-Up Proceedings
------------------------------------------
Sole shareholder of Rich Palace Limited, on Nov. 25, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


RVL PRINTED: Creditors' Proofs of Debt Due Dec. 23
--------------------------------------------------
Creditors of RVL Printed Label Far East 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
         Hong Kong


SAN HING: Creditors' Proofs of Debt Due Jan. 3
----------------------------------------------
Creditors of San Hing Air-Conditioning Engineering 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. 21, 2011.

The company's liquidators are:

         Chu Chi Wa
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R.


SAVI TECHNOLOGY: Ying and Chan Appointed as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har on Nov. 22, 2011, were appointed
as liquidators of Savi Technology (Hong Kong) Limited.

The liquidators may be reached at:

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


SEVEN SEAS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011,
creditors of Seven Seas Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


SEVEN SEAS TEXTILES: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011,
creditors of Seven Seas Textiles Industries Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong



SKY HOME: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2011,
creditors of Sky Home Development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chang Yorke Feng
         Room 1701-2, 17/F
         ING Tower, 308 Des Voeux Road
         Central, Hong Kong


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


AG8 VENTURES: CRISIL Puts 'CRISIL BB-' Rating on INR513.8MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of AG8 Ventures Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR513.8 Million Term Loan       CRISIL BB-/Stable (Assigned)
   INR163-Mil. Overdraft Facility   CRISIL BB-/Stable (Assigned)

The rating reflects AVL's healthy track record with successful
projects launched in the past, and moderate financial risk
profile marked by moderate net worth and gearing and adequate
debt protection metrics. These rating strengths are partially
offset by AVPL's relatively small scale of operations and
geographical concentration, susceptibility to cyclicality
inherent in the real estate industry, and exposure to associate
entities in unrelated businesses.

Outlook: Stable

CRISIL believes that AVL will continue to benefit over the medium
term from its established regional presence. The outlook may be
revised to 'Positive' if AVL achieves better-than-expected
customer bookings for its ongoing projects, leading to higher
cash accruals and lower reliance on debt funding. Conversely, the
outlook may be revised to 'Negative' if AVL's financial risk
profile deteriorates marked by lower cash accruals, because of
lower-than-expected bookings or more-than-expected debt
contracted on projects or higher-than-expected exposure to group
companies.

                       About AG8 Ventures

Aakriti Dwelling Private Limited, incorporated in 1997, develops
residential and commercial multi-storied properties; the company
got its current name in June 2011. It is currently developing six
properties, of which, five are residential properties while one
is for commercial purposes (Aakriti Business Centre). Currently,
all of AVL's properties are in Bhopal (Madhya Pradesh).


ASTAM HEALTHCARE: CRISIL Puts 'CRISIL BB-' Rating on INR27MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Astam Healthcare Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR27 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR75 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR8 Million Proposed LT       CRISIL BB-/Stable (Assigned)
    Bank Loan Facility
   INR60 Mil. Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the benefits that AHPL derives from its
promoters' established track record in the pharmaceuticals
industry, and moderate financial risk profile marked by above-
average debt protection metrics. These factors are partially
offset by AHPL's small scale of operations in the intensely
competitive industry, and working-capital-intensive operations
marked by high debtor cycle.

Outlook: Stable

CRISIL believes that AHPL will continue to benefit over the
medium term from its promoter's established track record in the
pharmaceuticals industry, and its above-average debt protection
metrics. The outlook may be revised to 'Positive' if there is
higher-than-expected improvement in the company's scale of
operations and accruals along with sustenance of financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case AHPL reports lower-than-expected profitability, thereby
adversely impacting its debt protection metrics, or undertakes a
debt-funded capital expenditure programme leading to
deterioration in its financial risk profile.

                        About Astam Healthcare

Incorporated in 2002, AHPL is promoted by Mr. Rajendra Verma.
Until 2007-08 (refers to financial year, April 1 to March 31),
the company was involved in trading and marketing of
pharmaceutical drugs. In 2007-08, it set up a non-beta lactum
formulations manufacturing unit in Baddi (Himachal Pradesh). AHPL
is a contract manufacturer of pharmaceutical formulations. In
2010-11, the company set up a beta lactum unit on the existing
premises in Baddi. Also, AHPL plans to trade in special grade
aluminum foil from January 2012 that is used in the
pharmaceutical packaging industry. The trading segment is
expected to contribute to about 15% in 2011-12.

AHPL reported a profit after tax (PAT) of INR 9 million on net
sales of INR 152.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 6.8 million on net
sales of INR 117.3 million for 2009-10.


AVADH INFRASTRUCTURE: CRISIL Rates INR15MM LT Loan at CRISIL BB-
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Avadh Infrastructure Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR15 Million Proposed LT       CRISIL BB-/Stable (Assigned)
     Bank Loan Facility
   INR12 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect low funding risk for ongoing project as well
as the healthy advance bookings, easing offtake risk. These
strengths are partially offset by AIPL's modest scale of
operations, exposure to implementation risks and highly
competitive and cyclicality nature of real estate sector.

Outlook: Stable

CRISIL believes that AIPL will maintain a stable credit risk
profile over the medium term, backed by healthy customer advances
and low funding risk associated with its ongoing projects. The
outlook may be changed to 'Positive' if AIPL receives larger-
than-expected customer advances for the ongoing project, thereby
improving its liquidity substantially and if it improves its
scale of operations. The outlook may be changed to 'Negative' if
there are time delays or cost overruns in the project.

                     About Avadh Infrastructure

Mr. Arvind Ramani established Akaar Builders as a proprietorship
firm in 1993. It was reconstituted as a partnership firm in 1998
and as a private limited company in 2004, when it was given its
current name. The company was a construction contractor but since
2009-10 (refers to financial year, April 1 to March 31) has
shifted its focus to real estate development. For 2010-11, real
estate income and income from government contracts contributed
99% and 1% respectively of total income for the company.

AIPL is a 'Class AA' registered contractor with the Road and
Bridge Department, Gujarat, and 'Class A5+' for civil works with
the Public Works Department, Chhattisgarh. Under this segment,
the company undertakes civil infrastructure projects, such as
dams, bridges, and canals, and also constructs residential and
commercial buildings. In the past, AIPL had concluded projects
ranging from a value of INR5 million to INR50 million, largely in
Rajkot (Gujarat), Raipur (Chhattisgarh), and Godhara (Gujarat).
The thrust will remain on real estate projects and there would
only be negligible activities from this segment going forward.

The company has thus far completed two real estate projects -
Avadh Residency in Rajkot and Siddhi Vinayak Residency in Surat -
and focuses on executing one or two projects at a time.
Presently, AIPL is executing a 68-flat luxury residential project
named Bilipatra in Rajkot.

AIPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR69 million for 2010-11, as against a PAT of INR8.1
million on net sales of INR69 million for 2009-10.


HALDIA PETROCHEMICALS: Prepares Plan to Avoid BIFR Fold
-------------------------------------------------------
The Hindu reports that Haldia Petrochemicals is busy putting in
place an action plan to avoid falling into the BIFR (Board for
Industrial and Financial Reconstruction) fold.

Since a 50% erosion in peak net worth will push the company into
BIFR, HPL is striving hard to check the loss-making trend, The
Hindu says.

According to the report, the spectre of a mandatory reporting
comes amid speculation surrounding the issue of the sale of
residual shares by the State Government, which holds the key to
the settlement of the ownership dispute between the Chatterjee
Group and the West Bengal Government.  The dispute, says The
Hindu, has plagued the company for nearly a decade and is now
threatening its sustainability.  According to The Hindu, lenders
are now expressing concern about taking further exposure as HPL's
debt service ratio is now below 1, indicating that margins are
inadequate to service debts.

The Hindu discloses that HPL had a peak net worth of INR2,844
crore in 2007-08 which got eroded to INR2,097 crore on March 31,
2010. All efforts are now geared to stem the tide as the figure
may touch INR1,422 crore, reflecting a 50 per cent erosion in the
peak net worth.

According to The Hindu, source said the company closed its first-
half of 2011-12 with a net loss of INR418 crore, which is
estimated to have mounted to around INR600 crore.  "If the
company ends 2001-12 with a loss of INR675 crore, it will not be
able to stave off the BIFR reporting," sources told The Hindu.

The Hindu notes that the reasons behind this performance are
many, including a depressed industry, the classification of HPL
as an oil company, volatility in naphtha prices and the duty on
the main feedstock.  The Hindu relates that the situation turned
dismal on account of its recently completed expansion project,
Project Supermax, which not only suffered time and cost overruns,
but has rendered the plant unstable due to faulty implementation.

                      About Haldia Petrochemicals

Based in Kolkata, India, Haldia Petrochemicals Limited operates
as a naphtha based petrochemical company.  It offers low and high
density polyethylene and polypropylene.  The company also
provides energy chemicals, such as motor-spirit, liquefied
petroleum gas, pyrolysis gasoline, and carbon black feed
stock/fuel oil; and industrial products, including benzene,
butadiene, carbon black feed stock, and cyclo-pentane.  It
exports its products to Europe, the Middle East, and the South
East.


JET AIRWAYS: To Lease 10 A320s for JetLite Fleet
------------------------------------------------
The Economic Times reports that Jet Airways (India) Ltd. is
talking to leasing companies to acquire more than 10 Airbus A320s
through a sale and leaseback option.

The report notes that with Kingfisher Airlines planning to phase
out its low-cost airline Kingfisher Red in two months -- Red
accounts for 50-60% of Vijay Mallya-promoted Kingfisher Airlines
-- Jet senses its opportunity, and wants to rework its budget
airline strategy to gain market share in this rapidly growing
segment.

"This market share (Kingfisher Red's) will be there for the
airlines once Kingfisher Red is phased out in another two months'
time," the report quotes Kapil Kaul, CEO, South Asia, Centre for
Asia Pacific Aviation (CAPA), as saying.

According to the report, sources said Jet will use the A320s to
replace its ageing JetLite fleet which it had acquired from
Sahara India in April 2007 for INR1,450 crore.  JetLite, the low-
cost subsidiary of Jet Airways, has a fleet of 18 737 single-
aisle aircraft and flies to 27 domestic routes and one
international destination, the report discloses.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion and INR858.4 million for the years
ended March 31, 2009 through 2011.


KRAFT LAND: CRISIL Reaffirms 'CRISIL B' Term Loan Rating
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Kraft Land (India)
continue to reflect Kraft Land's weak financial risk profile,
marked by small net worth and average debt protection metrics,
and customer concentration.

   Facilities                       Ratings
   ----------                       -------
   INR14 Million Term Loan          CRISIL B/Stable (Reaffirmed)
   INR7.5 Million Proposed LT       CRISIL B/Stable (Reaffirmed)
    Bank Loan Facility
   INR5 Million Letter of Credit    CRISIL A4 (Reaffirmed)
   INR5 Million Bank Guarantee      CRISIL A4 (Reaffirmed)
   INR75 Mil. Post Shipment Credit  CRISIL A4 (Reaffirmed)
   INR15 Mil. Pre Shipment Facility CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by Kraft Land's
promoter-partners' experience in trading in the Ukraine market.

Outlook: Stable

CRISIL believes that Kraft Land will maintain its business risk
profile over the medium term, supported by its longstanding
presence in the Ukraine market. The outlook may be revised to
'Positive' if Kraft Land improves its operating income or
profitability to more-than-expected levels, or increases
diversification of its customer base. Conversely, the outlook may
be revised 'Negative' if the firm faces delays in recovery of
dues from customers, or undertakes larger-than-expected debt-
funded capital expenditure programme, leading to deterioration in
its debt protection metrics.

Update

Kraft Land's operational and financial performance in 2010-11
(refers to financial year, April 1 to March 31) has been in line
with CRISIL's expectations. The firm reported a year-on-year
operating income growth of 20%, in line with CRISIL's
expectations, driven by improved offtake from its key export
market, Ukraine. Operating profitability has also been in line
with CRISIL's expectations and is expected to remain at its
current levels of about 6.0% over the medium term. Although the
firm continues to have high debt levels, reflected in its gearing
of about 2.0 times, as of March 31, 2011, its cash accruals are
expected to remain sufficient to service its term loans. However,
CRISIL expects Kraft Land's liquidity to remain stretched because
of large working capital requirements and relatively small cash
accruals over the medium term.

Kraft Land reported a profit after tax (PAT) of INR4.3 million on
net sales of INR250.1 million for 2010-11; it reported a PAT of
INR4.1 million on net sales of INR206.1 million for 2009-10.

                         About Kraft Land

Kraft Land, a partnership firm set up in 1987, trades in
stainless steel utensils, readymade garments and toiletries
(shaving cream and toothpaste). The firm has two partners, Mr.
Dilbagh Singh Sachdeva and Ms. Gurjit Kaur. The firm is a 100%
export-oriented unit, and derives 90% of its revenues from
Ukraine and the rest from the US.


KUNDAN RICE: Fitch Rates INR100-Mil. Credit Facility at 'BB'
------------------------------------------------------------
Fitch Ratings has assigned Kundan Rice Mills Limited a National
Long-Term Rating of 'Fitch BB(ind)' with a Stable Outlook.

The rating reflects KRML's moderate financial risk profile and
its established track record in the trading business with a
presence across India.  The rating also draws comfort from
limited price and exchange risk, as the majority of its trades
are back-to-back transactions.

Fitch notes that the ratings are constrained by KRML's low and
volatile profitability margins given high competition in the
trading business, and the erratic nature of non-core trading
activities (which accounted for the bulk of KRML's revenues over
FY09-FY11).  KRML started diamond trading (a non-core activity)
in FY09, which continued into FY10 and FY11; this increased its
revenues but affected EBITDA margins as diamond trading is a
high-value, low-profitability business.  The rating is also
constrained by high leverage (net debt/EBITDAR) from high working
capital requirements, and low margins in the trading business.

Negative rating guidelines would include a decline in margins, or
an increase in the working capital cycle leading to high net
financial leverage of above 6x on a sustained basis.  On the
other hand, an improvement in the working capital cycle, coupled
with an improvement in operating performance, leading to the
lowering of net leverage below 3x could act as a positive
trigger.

KRML reported FY11 revenues and net income of INR17.5 billion and
INR112 million, respectively.  FY11 net leverage of the company
stood at 4.7x, driven mainly by working capital requirements.
However, net interest expense has been negative over FY09-FY11.

KRML, initially a partnership firm, was reconstituted as a
company in 1994. The company has currently two main line of
business, namely rice milling operations and the import of
chemicals, polymers and bullion.  The trading business accounted
for 97% of KRML's revenue in FY11.

KRML's bank loan facilities have been rated as follows:

  -- INR100 million cash credit facility: 'Fitch BB(ind)'; and
  -- INR430 million Letter of credit: 'Fitch A4+(ind)'.


LIMTEX TEA: Delays in Debt Repayment Cue CRISIL Junk Ratings
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Limtex Tea &
Industries Ltd, part of the Limtex group, continue to reflect
instances of delay by the Limtex group in servicing its debt; the
delays have been caused by the group's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       CRISIL D (Reaffirmed)
   INR45 Million Standby Line       CRISIL D (Reaffirmed)
    of Credit
   INR62.3 Million Term Loan        CRISIL D (Reaffirmed)
   INR3 Million Proposed LT         CRISIL D (Reaffirmed)
    Bank Loan Facility
   INR65 Million Letter of Credit   CRISIL D (Reaffirmed)
   INR6 Million Bank Guarantee      CRISIL D (Reaffirmed)

The Limtex group also has a weak financial risk profile, marked
by high gearing and weak liquidity, large working requirements,
and is susceptible to volatility in prices of raw material and
seasonality in production of tea. However, the group continues to
benefit from its promoters' extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LTIL, Limtex (India) Ltd, Limtex Agri
Udyog Ltd, Sujali Tea and Industries Ltd, and Satyanarayan Tea
Company Pvt Ltd.  The entities are collectively referred to as
the Limtex group. This is because all the entities have a common
management, operational linkages, fungible cash flows, are in the
same line of business, and have cross-guaranteed each other's
bank loans.

                           About the Group

LTIL, LIL, LAUL, STIL and STCPL are part of the Kolkata-based
Limtex group, which is has interests in the tea, biscuits, and
information technology industries. The group is managed by three
brothers, Mr. Gopal Poddar, Mr. Shankar Poddar, and Mr. Subhas
Poddar. The second generation of the promoters is also actively
involved in the group's businesses.The group started with tea
trading in 1977. LTIL was set up in 1995 with tea-processing
capacity of 3.5 million kilograms per annum (kgpa); it is
backward integrated with a 500-acre tea estate. LIL was
incorporated in 1992 with tea processing capacity of 1 million
kgpa. LIL is also involved in blending and exporting tea. STIL
was set up in 2001 with tea-processing capacity of 3.5 million
kgpa. In 2003, the group acquired the Satyanarayan tea estate
(under SCTPL), which has a 535-acre tea garden. The Satyanarayan
tea estate increased its tea-processing capacity in 2011 to 6.3
million kgpa from 3.5 million kgpa. LAUL was set up in 2003, and
has tea-processing capacity of 3.5 million kgpa.

The Limtex group reported a profit after tax (PAT) of INR705.1
million on net sales of INR5030.3 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR37.2
million on net sales of INR2987.3 million for 2009-10.


OSWAL OVERSEAS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oswal Overseas Ltd
continue to reflect OOL's moderate financial risk profile, marked
by a moderate net worth and high gearing, exposure to high degree
of regulatory risk in the sugar industry, and susceptibility of
cane supply and yield to climatic conditions.

   Facilities                      Ratings
   ----------                      -------
   INR100.0 Million Cash Credit    CRISIL B+/Stable (Reaffirmed)
   INR38.0 Million Term Loan       CRISIL B+/Stable (Reaffirmed)
   INR30.0 Million Letter of       CRISIL A4 (Reaffirmed)
    Credit & Bank Guarantee

These rating weaknesses are partially offset by OOL's above-
average business risk profile.

Outlook: Stable

CRISIL believes that OOL's financial risk profile will remain
constrained over the medium term due to the expected increase in
debt levels on account of planned large capacity expansions. The
outlook may be revised to 'Positive' if the company is able to
enhance its operating efficiencies resulting in significantly
improved profitability/cash accruals. Conversely, the outlook may
be revised to 'Negative' in case the company undertakes more-
than-expected debt-funded capital expenditure programme, leading
to weakening in its debt protection metrics.

                         About Oswal Overseas

OOL was incorporated in 1984 by Mr. Mohan Singh and manufactures
sugar (85% of the revenue in 2010-11 [refers to financial year,
April 1 to March 31]) and steel ingots (15% of the revenue in
2010-11). The company has set up its manufacturing unit in
Bareilly (Uttar Pradesh [UP]) with a crushing capacity of 3500
TCD (tonnes sugarcane crushed per day). OOL procures cane from
13,000 hectares of cane area allocated to it and markets its
product through agents in the UP market. For steel ingots, OOL
procures iron scrap from the domestic market as well as from the
international market (mainly Dubai) and sells the manufactured
ingots to rolling mills in India.

As per provisional financials, OOL reported a profit after tax
(PAT) of INR3.2 million on net sales of INR714.6 million for
2010-11, as against a PAT of INR23.2 million on net sales of
INR739.4 million for 2009-10.


RAJSHREE GLOBAL: CRISIL Assigns CRISIL B- Rating to INR72MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rajshree Global Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR72 Million Term Loan          CRISIL B-/Stable (Assigned)
   INR35 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR15 Million Letter of Credit   CRISIL A4 (Assigned)
   INR2.2 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect RGPL's weak financial risk profile, marked by
a high gearing, a small net worth, and weak debt protection
metrics, driven by the start-up nature and small scale of its
operations. These rating weaknesses are partially offset by
RGPL's moderately established clientele and promoter's extensive
experience in the plastic industry.

Outlook: Stable

CRISIL believes that RGPL will continue to benefit over the
medium term from its promoter's extensive experience in the
plastic industry and its moderately established clientele. The
outlook may be revised to 'Positive' in case of substantial
improvement in RGPL's scale of operations, leading to better-
than-expected cash accruals, or if there is significant
improvement in its capital structure due to infusion of
promoter's equity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals or
larger-than-expected debt-funded working capital requirements.

                       About Rajshree Global

RGPL was incorporated in January 2010 and started commercial
production at the end of March 2011. The company manufactures
expanded polystyrene thermocole plates, bowls, and cups, which
are widely used in parties, picnics, and other social gatherings.
The company's facility is located in Bhiwadi (Rajasthan) and has
a total installed capacity of 2700 tonnes per annum.


RATTAN STEEL: CRISIL Cuts Rating on INR110MM Loan to 'CRISIL B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Rattan Steel Supply Co. to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'; the rating on the short-term bank facility has been
reaffirmed at 'CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR110.0 Million Cash Credit    CRISIL B/Stable (Upgraded from
                                              'CRISIL B-/Stable')

   INR5.0 Mil. Bill Discounting    CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in RSSC's financial risk
profile following capital infusion of INR72.5 million in 2010-11
(refers to financial year, April 1 to March 31) by the firm's
promoter-partners, including the new promoter-partner, Rattan
Loha Udyog Pvt Ltd.  RLUPL is owned by Mr. Ajay Gupta (a partner
at RSSC) and his family members. The capital infused was used to
partially repay RSSC's unsecured loans as well as limit the
firm's dependence on bank borrowings to fund working capital
requirements. RSSC's net worth and total outside liabilities by
tangible networth (TOL/TNW) ratio, although improved, remain
below average. The upgrade also factors in CRISIL's belief that
RSSC will maintain its net worth and indebtedness at improved
levels over the medium term.

The ratings continue to reflect RSSC's weak financial risk
profile, marked by a small net worth, high gearing, weak debt
protection metrics, and susceptibility to volatility in steel
prices and intense competition in the steel industry. These
rating weaknesses are partially offset by the benefits that RSSC
derives from its promoter-partners' extensive experience in the
steel trading business.

Outlook: Stable

CRISIL believes that RSSC will maintain its moderate business
risk profile over the medium term, backed by promoter-partners'
extensive experience in the steel trading business. However,
despite capital infusion, the firm's financial risk profile is
expected to remain weak over the medium term because of its
working-capital-intensive operations. The outlook may be revised
to 'Positive' in case of a sustained and significant improvement
in RSSC's gearing and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the firm's revenues and
profitability decline significantly or its working capital cycle
deteriorates considerably.

Update
RSSC reported, on provisional basis, net sales of INR900 million
for 2010-11, a 10% year-on-year increase. The increase in sales
was largely driven by increase in volume sales by 13%. For the
period from April 1, 2011 to Aug. 31, 2011, the firm reported
revenues of INR250 million. Revenues for 2011-12 are expected to
be more than INR1000 million. Operating margin in 2010-11
improved to 3.7% from 2.7% in the previous year.

One of the firm's promoter-partners, Mrs. Ritu Gupta, retired and
RLUPL joined in as a new promoter-partner in 2010-11. The fresh
capital infused by all the promoter-partners was INR72.5 million
in 2010-11. As a result, the firm's net worth and indebtedness
(TOL/TNW ratio) significantly improved as on March 31, 2011. The
net worth increased to INR92 million as on March 31, 2011, from
INR15 million as on March 31, 2010, and TOL/TNW ratio improved to
3.76 times as on March 31, 2011 from 30.0 times as on March 31,
2010. Despite the significant improvement, the net worth,
indebtedness and debt protection metrics are expected to remain
average over the medium term. Bank limit utilization was high at
91% during the period 12 months ended July 31, 2011. Working
capital requirements remain large, with gross current asset (GCA)
of 175 days of sales as on March 31, 2011. The firm does not have
any capital expenditure (capex) plan for the medium term.

RSSC reported, on provisional basis, a net profit of INR4.4
million on net sales of INR902 million for 2010-11; the firm
reported a net profit of INR3.3 million on net sales of INR817
million for 2009-10.

                       About Rattan Steel

Set up as a proprietorship concern in 1967, RSSC was
reconstituted as a partnership firm in 1979 with Mr Ajay Gupta
and his wife, Mrs. Ritu Gupta, as partners. In 2010-11, Mrs. Ritu
Gupta retired and RLUPL joined the firm. RSSC is based in Kolkata
(West Bengal). It trades in steel products, including mild-steel
angles.


RCM INFRASTRUCTURE: CRISIL Reaffirms 'CRISIL BB' Loan Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of RCM Infrastructure Ltd
continue to reflect RCM's moderate financial risk profile, marked
by a comfortable gearing and healthy debt protection metrics,
though constrained by a modest net worth; the ratings also factor
in the benefits that the company derives from its moderate order
book and its promoters' extensive experience in the civil
engineering industry.

   Facilities                       Ratings
   ----------                       -------
   INR40 Mil. Overdraft Facility    CRISIL BB/Stable (Reaffirmed)
   INR260 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)
   INR10 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by RCM's limited
track record, exposure to intense competition in the civil
construction industry, and high working capital intensity.

Outlook: Stable

CRISIL believes that RCM will benefit over the medium term from
the healthy growth prospects for the civil construction industry
and from its promoter's industry experience. The outlook may be
revised to 'Positive' if RCM improves its working capital cycle
or raises long-term sources of funds, thereby alleviating the
pressure on its liquidity. Conversely, the outlook may be revised
to 'Negative' in case the execution of RCM's orders is slower
than envisaged, or if the company's profitability declines from
the current levels, or if RCM undertakes any large, debt-funded
capital expenditure (capex) programme, leading to weakening of
its financial risk profile.

Update

RCM's topline and profitability for 2010-11 (refers to financial
year, April 1 to March 31) were in line with CRISIL's expectation
at an estimated INR1.1 billion and 6.7% respectively, up from
INR330 million and 6.2% respectively for 2009-10. All the
projects executed by RCM are expected to be completed before the
contract dates, thereby avoiding any penal charges. The revenues
are expected to witness steady growth over the medium term
supported by a healthy order book of about INR1.5 billion as on
March 31, 2011. The profitability is constrained in the range of
5 to 7% amid intense competition. During 2010-11, RCM witnessed
weakening of its liquidity with debtor days increasing to about
100 as compared to 75 in the previous year because of higher
revenue bookings and stretched payments from the Tiruchirapally
(Tamil Nadu) project contributing to over 25% of the company's
revenues in 2010-11. The receivables from this project have now
regularized. A major portion of this was met through stretching
the creditors, leading to average creditors of over three months
from the earlier levels of about a month. Furthermore, RCM's
liquidity is tested, as the mobilization advances have reduced to
INR66 million as on March 31, 2011, from about INR240 million in
the previous year, with the company close to completing most of
its projects. RCM has received letters of intent for two major
contracts in Madhya Pradesh and has also bagged a contract from
Madhucon Projects Ltd (Jamshedpur-Ranchi National Highway)
totaling to nearly INR5 billion, which is to be executed over the
next two to three years. The management has been negotiating for
building in price escalation clauses in all its new contracts.

RCM's liquidity is weak because of high working capital
intensity, leading to close to 100% utilization of its bank
lines. The company's financial risk profile remains average with
a comfortable gearing of 0.7 times as on March 31, 2011, and
moderate debt protection metrics with net cash accruals to total
debt and interest coverage ratios of 0.4 times and 3.4 times,
respectively, in 2010-11. Over the medium term, RCM's financial
risk profile is expected to remain moderate, with no major capex
planned for the medium term.

For 2010-11, RCM reported, on a provisional basis, a profit after
tax (PAT) of INR37 million on operating income of INR1.1 billion;
it reported a PAT of INR13 million on operating income of INR329
million for the preceding year.

                     About RCM Infrastructure

Incorporated as a private limited company in January 2009, RCM
was reconstituted as a public limited company in November 2009.
It is promoted by Mr. K S Chowdry. The company is a turnkey
contractor for civil engineering projects and is currently
executing road construction projects in Madhya Pradesh and a
water pipeline project in Tiruchirapally. Since its inception,
RCM has executed projects across Madhya Pradesh, Haryana,
Tiruchirapally, and Hyderabad (Andhra Pradesh).


SAMBANDAM SPINNING: CRISIL Rates INR570MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sambandam Spinning
Mills Ltd continue to reflect SSML's established position in the
cotton yarn market, modernized plant with healthy operating
efficiencies, and promoters' extensive industry experience.

   Facilities                         Ratings
   ----------                         -------
   INR570.00 Million Cash Credit      CRISIL BB-/Stable
   INR919.40 Million Long-Term Loan   CRISIL BB-/Stable

These rating strengths are partially offset by SSML's below-
average financial risk profile marked by high gearing and
moderate debt protection metrics, and susceptibility to
volatility in raw material prices and to power shortages.

Outlook: Stable

CRISIL believes that SSML will maintain its established position
in the cotton yarn market over the medium term. The outlook may
be revised to 'Positive' if SSML's capital structure and debt
protection metrics improve considerably. Conversely the outlook
may be revised to 'Negative' if the company undertakes larger-
than-expected debt-funded capital expenditure programmes, or
reports significant decline in its revenues and margins.

Update

SSML reported a 47% growth in its turnover for 2010-11 (refers to
financial year, April 1 to March 31) on back of improved yarn
realisation during the year. The company reported a turnover of
INR768.5 million for the five months ended Aug. 31, 2011.
Operating margin during 2011-12 is expected to decline from that
in 2010-11 because of constrained business performance during the
first half of 2011-12 following a drop in cotton yarn prices and
high cost of inventory carried forward from 2010-11. SSML's capex
in 2010-11 was about INR55 million (funded in debt-equity of
70:30) towards installing 3600 new spindles. The financial risk
profile during 2010-11 was below average and in line with
CRISIL's expectations, marked by large debt-funded capex and
large working capital requirements. Gearing, as on March 31,
2011, was high at 4.2 times. Debt protection metrics were
moderate, with net cash accruals to total debt and interest
coverage ratios of around 12% and 3.01 times respectively in
2010-11. SSML's liquidity has been moderate, with bank limit
utilization of 78% during the five months ended August 31, 2011.
Despite the constrained performance during first half of 2011-12,
its net cash accruals for the entire year is expected to be just
sufficient to repay its term debt during the year.

For 2010-11, SSML reported, on provisional basis, a profit after
tax of INR125.6 million on net sales of INR1.94 billion; the
company reported a net profit of INR45.2 million on net sales of
INR1.32 billion for 2009-10.

                         About Sambandam Spinning

SSML was incorporated in 1973 as a private limited company,
promoted by Mr. S P Ratnam, Mr. S P Sambandam, Mr. S P Rajendran,
and Mr. Y Jagannathan. Its name was changed to the current one in
1994. SSML manufactures cotton yarn with average count of 42s and
has combined capacity of 89,052 spindles for its three units in
Salem (Tamil Nadu). Currently, the company is being managed by
Mr. S P Sambandam's sons, Mr. S Devarajan, Mr. S Jegarajan, and
Mr. S Dinakaran.


SENTHIL MURUGAN: CRISIL Assigns CRISIL BB Rating to INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Senthil Murugan Jewellers.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR20 Million Proposed LT      CRISIL BB/Stable (Assigned)
    Bank Loan Facility

The rating reflects SMJ's partner's industry experience in the
gold retailing segment and its moderate financial risk profile
marked by moderate net worth and healthy capital structure. These
rating strengths are partially offset by SMJ's susceptibility to
concentration risks and intense competition in the fragmented
gold retailing industry

Outlook: Stable

CRISIL believes that SMJ will continue to benefit over the medium
term from the extensive industry experience of its partners in
the gold retailing segment in Madurai. The outlook may be revised
to 'Positive' if the firm records considerable increase in
revenues and profitability, while maintaining its healthy capital
structure, resulting in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SMJ
records lower-than-expected revenue and profitability or if the
firm undertakes a large debt-funded capital expenditure
programme, resulting in weakening in its financial risk profile,
or in case of greater-than-expected capital withdrawal by the
partners.

                       About Senthil Murugan

Set up as a partnership firm in 2009, SMJ is engaged in the
business of gold retailing and operates a 4000-square-feet retail
outlet in West Maasi Street, Madurai. The firm's operations are
managed by Mr. N Pandurangan and his two sons, Mr. P Kamalakannan
and Mr. P Srinath. There is an associate entity 'Senthil Murugan
Jewellers Private Ltd' which operates a 2000-square feet gold
retailing outlet in Madurai managed by Mr. N. Gopalan and Mr. N.
Sundarajan (brothers of Mr. N. Pandurangan).

SMJ reported a profit after tax (PAT) of INR 4.37 million on net
sales of INR 163.1 million for 2010-11 (refers to financial year,
April 1 to March 31), being the first year of operation.


SHREE MUKT: CRISIL Puts 'CRISIL B' Rating to INR300MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to proposed
long-term bank facility of Shree Mukt Jewellers, and has
reaffirmed the rating on the firm's cash credit and rupee term
loan facilities at 'CRISIL B/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR300.0 Million Cash Credit     CRISIL B/Stable
   (Enhanced from INR130.0 Million)

   INR10.0 Million Rupee Term Loan  CRISIL B/Stable (Reaffirmed)

   INR50.0 Million Proposed LT      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating continues to reflect SMJ's weak financial risk
profile, marked by a high gearing, a small net worth and average
debt protection metrics, and exposure to risks of high raw
material price and inventory because of volatility in gold
prices. These rating weaknesses are partially offset by the
benefits that SMJ derives from its promoters' extensive
experience and its established market position in the retail
jewellery industry.

Outlook: Stable

CRISIL believes that SMJ will continue to benefit over the medium
term from its promoters' extensive experience and its established
market position in the retail jewellery industry. The outlook may
be revised to 'Positive' if the firm substantially scales up its
operations and improves its profitability, leading to more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of any larger-than-expected, debt-funded
capital expenditure by SMJ, or deterioration in the firm's
operating margin or debt protection metrics.

                         About Shree Mukt

SMJ was set up as a partnership firm in 1994 at Alkapuri in
Baroda (Gujarat). The promoter family has been in the jewellery
business for more than 100 years. The family has showrooms in
Baroda and Mandvi (Gujarat). After the family split in 1999, SMJ
was acquired by Mr. Gopalbhai Soni and family. Currently, five
members of the Soni family are partners at the firm.

SMJ is into domestic retailing of gold-, silver-, and diamond-
studded jewellery. Apart from its retail showroom, the firm owns
a manufacturing unit in Mandvi, which has facilities for
jewellery casting and designer bangle manufacturing.

For 2010-11 (refers to financial year, April 1 to March 31), SMJ
reported a profit after tax (PAT) of INR13 million on net sales
of INR880 million, against a PAT of INR7.78 million on net sales
of INR719 million for 2009-10.


SINGLA AND SINGLA: CRISIL Puts 'CRISIL B+' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Singla and Singla.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects Singla's weak financial risk profile, marked
by a leveraged capital structure, and moderate debt protection
metrics, working-capital-intensive operations, and exposure to
risk related to customer concentration. These rating weaknesses
are partially offset by the extensive experience of Singla's
partners in trading of agricultural commodities and low inventory
risk.

Outlook: Stable

CRISIL believes that Singla will benefit over the medium term
from its partners' extensive experience in trading molasses. The
outlook may be revised to 'Positive' in case of substantial
improvement in the firm's capital structure and scale of
operations. Conversely, the outlook may be revised to 'Negative'
in case of more-than-expected increase in working capital
requirement or if Singla contracts large debt to fund its capital
expenditure plans, thereby putting pressure on its financial risk
profile.

                     About Singla and Singla

Singla was set up as a proprietorship firm in 2008 by Mr. Rajesh
Singla in Sangrur (Punjab). In January 2010, the firm was
reconstituted as a partnership concern with Mr. Deepak Singla,
son of Mr. Rajesh Singla, and Mr. Gagandeep Singla, nephew of Mr.
Rajesh Singla, taking over as partners. Singla trades molasses, a
by-product produced during extraction of sugar from sugar cane
and used in the fermentation process by distilleries; the firm
also trades broken rice. In 2010-11 (refers to financial year,
April 1 to March 31), trading of molasses accounted for around
90% of the firm's total sales.

Singla is estimated to report a book profit of INR2.5 million on
net sales of INR215.0 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a book profit of INR1.6
million on net sales of INR75.6 million for 2009-10.


STORI FASHIONS: CRISIL Assigns 'CRISIL B' Rating to INR2.1MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Stori Fashions Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR2.1 Million Term Loan         CRISIL B/Stable (Assigned)
   INR55 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR2.6 Mil. Proposed Term Loan   CRISIL B/Stable (Assigned)
   INR0.3 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect SFPL's below-average financial risk profile,
marked by a high gearing and moderate debt protection metrics,
and exposure to intense competition in the branded ready-made
garment industry in the domestic market. These rating weaknesses
are partially offset by the extensive experience of SFPL's
promoters in the ready-made apparel industry.

Outlook: Stable

CRISIL believes that SFPL will benefit over the medium term from
its established position in the menswear segment through its
brands Stori and Red Flame and from the healthy demand prospects
for ready-made garments in the domestic market. The outlook may
be revised to 'Positive' if the company improves its
profitability and scale of operations, leading to higher cash
accruals, and significantly improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if SFPL
undertakes a large, debt-funded capital expenditure programme or
reports deterioration in its working capital management, leading
to weakening in its financial risk profile.

                       About Stori Fashions

Incorporated in 2001 and promoted by Mr. Om Prakash Bhaiya and
his three brothers, SFPL manufactures ready-made garments and
also trades in fabric. The company, formerly known as Chaya
Garments Pvt Ltd, started as a fabric trading house in 1987 and
later grew into a ready-made garment manufacturer selling its own
men's formal wear and casual wear brands Stori and Red Flame,
respectively. In 2001, the promoters changed the company's name
to the current one to represent the Stori brand. SFPL caters only
to the menswear segment, offering a range of cotton-based formal
and casual shirts, trousers, and denims. The company's production
facilities are in Bengaluru (Karnataka) and have capacity of 2500
pieces per day. At present, SFPL sells through its two exclusive
brand outlets (EBOs) in Chennai and Kolkata, and through multi-
brand retail apparel stores and shopping malls across 15 states
in India. Furthermore, it has an established network of over 50
distributors across the country. The company plans to open five
new EBOs - three in Chennai and two in Kerala - under the
franchise model by the end of 2011-12 (refers to financial year,
April 1 to March 31).

SFPL reported a profit after tax (PAT) of INR2.65 million on net
sales of INR214.12 million for 2010-11, against a PAT of INR1.68
million on net sales of INR169.61 million for 2009-10.


TARUN ENTERPRISE: CRISIL Rates INR25MM Loan at 'CRISIL BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities Tarun Enterprise, part of Iraki group.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR50 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect Iraki group's promoters' experience in the
pig iron trading industry and the Iraki group's diversified
clientele. These rating strengths are partially offset by Iraki
group's supplier and geographical concentration, and below
average financial risk profile marked by high total outside
liabilities to total net worth and weak interest coverage ratio.

CRISIL has taken a consolidated approach for TE, Iraki Trading
Company, Haq Enterprises P Ltd, as all three entities are in same
line of operations, managed and promoted by same family, have
inter-company transactions and have given intercompany
guarantees. They are together referred as Iraki group.

Outlook: Stable

CRISIL believes that Iraki group will continue to benefit from
its promoters' extensive experience in pig iron trading and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if group reports more than
expected revenues and profitability or if its financial risk
profile improves on account of additional infusion of capital by
the partners. Conversely, the outlook may be revised to
'Negative' in case of any decline in group's revenues, or stretch
in its working capital cycle leading to deterioration its in
financial risk profile.

                            About the Group

Iraki group, started in 1971 is engaged in trading of pig iron.
The group is currently promoted by the 2nd generation
entrepreneurs Mr. Inamulhaq S. Iraki and his brother Mr. Abdulhaq
S. Iraki. The group sells pig irons to the foundries and
induction furnace units located in Gujarat. Around 30-40 per of
the revenue is generated from consignment sales and the balance
comes from the principle - principle sales.

For 2010-11 (refers to financial year, April 1 to March 31), TE
reported profit of INR8 million on net sales of INR731 million,
against a reported profit of INR9 million on net sales of INR580
million for 2009-10.


TEMPUS INFRA: Delays in Debt Servicing Cue CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on Tempus Infra Projects Pvt.
Ltd's cash credit, bank guarantee and standby line of credit
facilities at 'CRISIL D/CRISIL D' and has assigned its 'CRISIL D'
rating to Tempus's Term Loan facility.

   Facilities                      Ratings
   ----------                      -------
   INR152 Million Term Loan        CRISIL D (Assigned)
   INR50 Million Standby Line      CRISIL D (Reaffirmed)
    of Credit
   INR650 Million Cash Credit      CRISIL D (Reaffirmed)
   INR650 Million Bank Guarantee   CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delay by Tempus in
servicing its construction equipment loan from the State Bank of
India. The delays have been caused by Tempus's weakened liquidity
because of a stretch in working capital cycle and increasing
working capital requirements, driven in part by revenue growth.

Tempus's liquidity is expected to remain under pressure because
of its stretched working capital cycle and increased working
capital requirements with increased scale of operations. The
company also has a weak capital structure. However, Tempus
benefits from its healthy order book and its operating
profitability is robust, supported by its well-qualified
management team and promoters' extensive experience in the
construction industry.

                         About Tempus Infra

Tempus, incorporated in January 2008, was promoted by Mr. Y
Maheedhar Reddy and Mr. N Ravindranath Reddy. The company
undertakes construction projects for private players as well as
public sector units. It has completed real estate (both
residential and commercial), roads, and other infrastructure
construction projects. Tempus has executed 25 projects till date
comprising road construction and corporate building in
Maharashtra and Hyderabad (Andhra Pradesh), and residential
projects in Andhra Pradesh, at a total cost of about INR1.64
billion. The company's ongoing projects include residential
projects, industrial projects, hospitals, hotels and roads.

Tempus, reported a profit after tax (PAT) of INR98 million on net
sales of INR1.95 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR 31 million on net
sales of INR 805 million for 2009-10.


VICTORIA MOTORS: CRISIL Reaffirms 'CRISIL B' Cash Credit Rating
---------------------------------------------------------------
CRISIL's rating on the bank facility of Victoria Motors Pvt Ltd
continues to reflect VMPL's weak financial risk profile marked by
low net-worth and weak debt protection metrics, limited track
record of operations, and susceptibility of its profitability
margins to intense competition in the automobile dealership
market.

   Facilities                     Ratings
   ----------                     -------
   INR65 Million Cash Credit      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the benefits that VMPL
derives from its improving market position in the passenger car
segment.

Outlook: Stable

CRISIL believes that VMPL will continue to benefit over the
medium term from its increasing scale of operations. The outlook
may be revised to 'Positive' if there is a substantial and
sustained increase in VMPL's revenues and profitability margins
or there is an improvement in its net-worth, most likely on the
back of equity infusion from its promoter. Conversely, the
outlook may be revised to 'Negative' if there is a decline in
VMPL's profitability margins from the current levels or there is
a deterioration in its financial risk profile on account of a
large debt-funded capex.

Update

The revenues of the company grew by around 145% to INR216 million
in 2010-11 (refers to financial year, April 1 to March 31); the
company commenced operations in September 2009 and 2010-11 was
the first full year of operations. However, the company continued
to register losses at an operating level with lower revenues
negatively affecting the absorption of fixed costs. The company's
revenue growth in 2011-12 may remain muted, in line with growth
in passenger car industry, on account of rising cost of
ownership. As a result, the company is expected to register
operating losses in 2010-11 as well. The average bank limit
utilization has been high at around 97% in last 12 months ending
September 2011. The company's low net-worth and low unencumbered
cash balance of INR37 million of INR5 million continues to limit
its financial flexibility to meet any exigency

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

                      About Victoria Motors

VMPL is an authorized dealer for Ford Motors in Kolkata. The
company has one showroom and one integrated sales and service
workshop. The company is one of the two dealers of Ford cars in
the city of Kolkata; the other one being Ganges Ford. Victoria
Motors commenced operations in September 2009 and is currently
owned by Mr. Ashok Kumar Jajodia.


WINE ENTERPRISES: CRISIL Reaffirms CRISIL BB+ Cash Credit Rating
----------------------------------------------------------------
CRISIL's rating on Wine Enterprises' bank facilities continue to
reflect the firm's established regional market position,
longstanding relationships with main suppliers, and low inventory
and debtor risks inherent in the liquor industry.

   Facilities                     Ratings
   ----------                     -------
   INR310 Million Cash Credit     CRISIL BB+/Stable (Reaffirmed)

These rating strengths are partially offset by Wine Enterprises'
below-average financial risk profile marked by weak capital
structure and debt protection metrics, low profitability due to
low-margin trading operations, exposure to supplier concentration
risks, and large working capital requirements.

Outlook: Stable

CRISIL believes that Wine Enterprises will maintain its regional
market position in the liquor distribution business, backed by
its status as the sole distributor of its principal. The firm's
leverage is expected to remain high, because of the incremental
working capital requirements, constraining its financial risk
profile. The outlook may be revised to 'Positive' in case of
improvement in Wine Enterprises' capital structure and
diversification in its supplier profile. Conversely, the outlook
may be revised to 'Negative' if Wine Enterprises' capital
structure deteriorates or if there is further exposure of the
firm to unrelated businesses.

                      About Wine Enterprises

Wine Enterprises, a partnership firm, commenced operations in
1980 in Amritsar (Punjab) as a wholesale distributor for Mohan
Meakin Ltd (MML). In 1992, the firm shifted its business to Pune
(Maharashtra). Currently, Wine Enterprises is the sole
distributor for the Seagram group (except beer) in Pune district
(excluding Pune city) and Thane district in Maharashtra; for MML
in Pune and Thane districts; for Bremco in Thane district; for
Skol Breweries Ltd (Skol) in Pune; and for Crown Beer
Distributors LLC in Thane district. Wine Enterprises' founder,
Mr. Narendra Singh Uppal, and his son, Mr. Manpreet Uppal,
currently manage the firm. Owing to a change in the ownership of
Asia Pacific Breweries Ltd (APBL) during 2010-11 (refers to
financial year, April 1 to March 31), Wine Enterprises ceased
being a distributor for APBL, and since then it has taken over
the distributorship of Skol. Wine Enterprises derives 80% of its
revenue from Seagram brands, while MML contributes 10% and the
remaining is contributed by others. During 2010-11, the firm
purchased a 3000-squrae-foot office space in Pune for INR35
million.

Wine Enterprises reported a profit after tax (PAT) of INR25.1
million on net sales of INR3.3 billion for 2010-11, as against a
PAT of INR13.5 million on net sales of INR2.4 billion for 2009-
10.


* INDIA: Failure to Cut Debt Pushes Builder Yields Above 20%
------------------------------------------------------------
Bloomberg News reports that India's biggest developers are
failing to rein in record debt as borrowing costs above 20% and
the worst economic slump since 2009 erode earnings.

DLF Ltd., the largest builder, had liabilities (DLFU) minus cash
of INR242.7 billion (US$4.7 billion) last quarter, an all-time
high, data compiled by Bloomberg show, as the company delayed
asset sales.  Bloomberg says net debt at Godrej Properties Ltd.
(GPL), the fourth- biggest by market value, reached unprecedented
levels as the central bank raised interest rates to a three-year
high.  Bloomberg relates that National Securities Depositary Ltd.
data show developers sold debt at between 18.5% and 23% this
quarter.

U.K. property broker Knight Frank LLP said India's real-estate
industry needs to repay INR1.8 trillion of debt in the next two
to three years and the risk of defaults will increase, according
to Bloomberg.

"Debt is rising to fund the core business in the absence of
operating cash flows," Bhaskar Chakraborty, an analyst at Mumbai-
based brokerage IIFL Ltd., told Bloomberg in an interview on
Nov. 30.  "The next financial year is going to be worse than this
one for builders, seeing the state of the industry with dwindling
sales and high interest costs," the report quotes Mr. Chakraborty
as saying.

Total profit at India's five biggest developers fell to the
lowest level in at least a year in the three months ended
Sept. 30, data compiled by Bloomberg show, as the slowing economy
and rising interest rates hurt sales.


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


BANK PERMATA: Moody's Revises D- BFSR Outlook to Positive
---------------------------------------------------------
Moody's Investors Service has revised the outlook on Bank
Permata's bank financial strength rating (BFSR) of D- to positive
from stable. The BFSR currently maps to a baseline credit
assessment of Ba3.

All other ratings are unaffected, and carry stable outlooks as
detailed below.

"The revised outlook reflects the positive trajectory in Bank
Permata's financial metrics and franchise, partly due to the
stability of its shareholding structure. The bank has been owned
by a consortium comprising Standard Chartered Bank (B/A1 stable)
and Astra International (not rated) since October 2004," says
Beatrice Woo, a Moody's Vice President and Senior Credit Officer.

"Each entity holds an equal 44.515% stake in the bank. The
benefits which we had anticipated the bank would derive from its
parents -- technical expertise, management skills and business
relationships -- have materialized. As a result, Permata's
financial and operating metrics are breaking out of the bank's
current standalone rating band," says Ms. Woo.

Bank Permata's BFSR would be upgraded if the bank, over the next
two years and through the Euro-zone crisis, is able to maintain
both its operating performance and key financial ratios. Its
ability to steer through a challenging period would provide
further evidence of its resilience. Similar to other Moody's-
rated Indonesian banks, Permata's foreign currency deposit rating
-- which is constrained -- could move up if the foreign currency
deposit ceiling is raised.

While the positive outlook on its standalone ratings means that
downgrades are unlikely, the BFSR would be under pressure if
there was a sharp and sustained reversal in its trends. The
latter include a return by the non-performing loan ratio to the
end-2006 level of 6%, or a decline in capital levels, such that
the bank's solvency would be threatened after incorporating
possible losses in our scenario analysis. Finally, a change in
major shareholder, which would create uncertainty about parental
support could also lower the credit ratings.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

Bank Permata is headquartered in Jakarta and had assets of
IDR92.6 trillion at September 2011. It is the eighth largest bank
in the country with a 3% share of system deposits.


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


CENTURY CITY: Judge Awards Serepisos' Creditor NZ$1.5 Million
-------------------------------------------------------------
APNZ reports that one of Wellington property developer Terry
Serepisos' many creditors has been awarded nearly NZ$1.5 million
and one of his properties.

In the High Court at Wellington on Dec. 5, Associate Judge David
Gendall granted Asteron Trust Services' claim of NZ$1,450,968.55
and also ordered the vacant possession of 17 Robieson Street,
Roseneath, Wellington, according to the news agency.

The 435 sqm property, with a $780,000 CV, is next to Mr.
Serepisos' home and is in the name of Mr. Serepisos and Stathis
Moutos -- the former commercial assets manager of Mr. Serepisos'
Century City Investments business.

APNZ relates that the ASB Bank Tower on Wellington's waterfront
is Century City's main asset, with a CV of NZ$34.2 million.
Receiver Deloitte is selling the property, and tenders closed
Dec. 6, the report notes.

Mr. Serepisos, the former owner of football club Wellington
Phoenix, did not appear in court on Monday to hear Judge Gendall
also order that he pay Asteron interest of NZ$555.71 a day.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

In August, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.

The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


CENTURY CITY: Bidders Line Up for Firm's Headquarters
-----------------------------------------------------
BusinessDesk reports that receivers for the collapsed property
empire of Terry Serepisos said they received a "good range of
competitive tenders" for the Wellington property developer's
former headquarters, the ASB Tower in central Wellington.

According to BusinessDesk, Deloitte receiver Barry Jordan issued
a short statement saying the firm would be "working through the
various options with the parties and ANZ National over the next
few days," with further comment at that time.

ANZ National Bank is seeking the sale in an effort to recover
NZ$25.2 million owed to the bank by Mr. Serepisos's Century City
Investments company.  The receivership followed Mr. Serepisos'
bankruptcy in October, the report notes.

BusinessDesk says the building was valued at NZ$34.2 million in
2009, although an unpublished more recent valuation has been
conducted.

The bank holds a first mortgage over the building, and the first
ranked creditor, the report notes.  Allied Farmers Investments,
the vehicle which absorbed the toxic Hanover Finance loan book,
held a second mortgage over the property and is owed
NZ$4.3 million, according to BusinessDesk.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

In August, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.

The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


CRAFAR FARMS: Receivers' Bill Reaches NZ$6 Million as of October
----------------------------------------------------------------
BusinessDay.co.nz reports that KordaMentha has claimed another
NZ$1 million in fees for being the receivers of the Crafar farms.

According to the report, Kordamentha's fees for the six months to
October take its bill for more than two years of acting as the
receivers to more than NZ$6 million.

And accounts in its latest six-monthly report to the Companies
Office show legal bills between April and October this year
amounted to NZ$446,605, taking its total legal costs to
NZ$4.4 million, BusinessDay.co.nz relates.

The report notes that KordaMentha's fees of NZ$1.07 million for
the latest six months were lower than for October 2010 to April
2011, when they were NZ$1.23 million.

Insolvency specialists have said the Crafar receivership is
uncommon, so the costs are difficult to compare with those of
other big receiverships, BusinessDay.co.nz adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny -- mstiassny@kordamentha.com -- and
Brendon Gibson -- bgibson@kordamentha.com -- in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


HANOVER FINANCE: Judge Rejects Ex-Exec's Bid to Lift Asset Freeze
-----------------------------------------------------------------
NZ Herald Online reports that a high court judge has thrown out a
bid from former Hanover Finance director Mark Hotchin to have an
order freezing some of his assets lifted.

Justice Helen Winkelmann earlier reserved her decision after a
hearing in September, the report says.

NZ Herald recalls that the Financial Markets Authority --
formerly the Securities Commission -- froze Mr. Hotchin's assets
last December in an unprecedented display of power but has yet to
issue proceedings against him or indicate what any charges would
be.

The FMA is investigating whether the registered prospectuses of
Hanover Finance, Hanover Capital and United Finance breached the
Securities Act when Mr. Hotchin was a director of all three,
according to the report.

Some 16,000 investors have lost more than $500 million in the
companies, NZ Herald discloses.

NZ Herald notes that Justice Winkelmann dismissed an application
in May to overturn the freeze on some of Mr. Hotchin's
New Zealand assets and said the authority had "good grounds" to
investigate him for alleged breaches of the Securities Act.

The asset preservation orders were put in place to ensure that if
any investors wished to take civil action against Mr. Hotchin in
the future, money would be available should they win, the report
adds.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


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


BW GROUP: Moody's Affirms 'Ba1' Ratings on Notes
------------------------------------------------
Moody's Investors Service has affirmed its Ba1 ratings on BW
Group's senior secured notes due in 2017. The outlook on the
ratings is negative. Both the ratings & the outlook are in line
with the company's corporate family ratings (CFR).

As the company now no longer has any unsecured debt, Moody's has
withdrawn its senior unsecured ratings.

Ratings Rationale

The rating action follows the first draw-down of funds by BW from
its recently executed senior secured revolving credit facility
("RCF"), that triggered a change in the status of the notes from
unsecured to secured, as per the revised terms following consent
from noteholders in October 2011. The proceeds will be used to
repay, fully, the amount outstanding under the company's senior
unsecured RCF.

As explained in Moody's announcement on Sept. 30, 2011 ("Moody's
sees no impact on BW Group's ratings from consent solicitation")
and also in its Special Comment on Oct. 10, 2011 ("Our answers to
questions on the proposed consent solicitation by Singapore-based
shipper BW Group"), the event is credit neutral and has no impact
on either the company's CFR or the bond ratings.

The notes and the RCF now have a priority claim over their
respective pool of vessels with fair market value of at least
125% of the bonds outstanding. This pool will be `topped-up' by
BW as and when the value of the collateral declines below 125%.
This exposes the company to a decline in the fair market value of
its vessels. On full drawdown of the RCF, the company is expected
to have unencumbered vessels of US$1.4 billion, based on latest
available valuation, which is over 50% of the collateral value
needed (or value of encumbered assets) for both the notes and the
RCF. Decline in this headroom would result in negative ratings
pressure. This may happen, if either the market value of the
fleet of vessels declines, or there is an increase in the amount
of secured debt.

The company now has the ability to incur more secured debt, both
at the parent and at a subsidiary/JV level, and ability to enter
into sale and leaseback transactions. If the company were to use
this flexibility, it may result in an increase in amount of
secured debt and consequently reduce the headroom under the
covenant depending on the terms of the debt and use of proceeds.

Unsecured obligations of the company in future, if any, will be
subordinated and may be rated one or multiple notches below BW's
CFR at that time.

BW's CFR of Ba1 reflects the company's long track record of
prudent management, strong market position, fair customer and
geographic diversity and modest new build program in the medium
term.

At the same time, its ratings are constrained by its declining
fixed contract coverage amidst declining charter rate environment
and high consolidated financial leverage. The ratings also
factors in the weak industry outlook as well as increased
acquisition appetite following recent disposals.

The negative outlook on the ratings reflects the company's
increasing exposure to declining spot charter rates and our
expectation that the company's credit metrics may weaken further
or stay beyond our downgrade threshold by the end of 2011.

The ratings could be downgraded, if BW's financial profile fails
to recover from current levels, or further deteriorates, leading
to Debt/EBITDA exceeding 5.5-6.0x and EBIT/Interest falling below
1.25x. Such a development may be due to a) a sustained
deterioration in daily charter rates, resulting in lower-than-
expected EBITDA; or b) an increase in management's level of risk
appetite -- although not expected - leading to higher capex or
material debt-funded acquisitions.

The outlook could revert to stable, if BW's financial profile
returns to levels more supportive of the company's ratings. In
particular, Moody's would expect Debt/EBITDA to return to 5.5x or
below, and EBIT/Interest to be maintained above 1.25x over the
next 12-18 months.

The principal methodology used in rating BW Group Limited was the
Global Shipping Industry Methodology published in December 2009.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.


MF GLOBAL: Liquidator Fires 80+ Employees
-----------------------------------------
MF Global Holdings Ltd.'s Singapore unit fired more than 80
employees, according to its provisional liquidator KPMG LLP,
Andrea Tan of Bloomberg News reported.

"With regret, one of these measures to contain costs involves
reducing the employee headcount at MF Global Singapore," Bob Yap,
head of transactions and restructuring at KPMG in Singapore, said
in an e-mailed statement on November 30, Bloomberg relayed.  "We
have therefore ceased the employment of over 80 individuals," the
statement read, according to Bloomberg.

MF Global Singapore retained a small group of workers to help the
liquidator in winding down the business, including helping to
reconcile customers' positions, Mr. Yap said, Bloomberg noted.


SIN LEONG: Court to Hear Wind-Up Petition on Dec. 9
----------------------------------------------------
A petition to wind up the operations of Sin Leong Sieng Hardware
& Machinery Pte Ltd will be heard before the High Court of
Singapore on Dec. 9, 2011, at 10:00 a.m.

Hoe Seng Huat Pte Ltd filed the petition against the company on
Nov. 16, 2011.

The Petitioner's solicitors are:

          Leong Partnership
          111 North Bridge Road
          #20-03 Peninsula Plaza
          Singapore 179098


SING ONN: Court to Hear Wind-Up Petition on Dec. 9
--------------------------------------------------
A petition to wind up the operations of Sing Onn Trading Pte Ltd
will be heard before the High Court of Singapore on Dec. 9, 2011,
at 10:00 a.m.

Umw Equipment & Engineering Pte Ltd filed the petition against
the company on Nov. 21, 2011.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay, #10-01
          Ocean Financial Centre
          Singapore 049315


SKYWAY TRAVEL: Creditors' Proofs of Debt Due Dec. 23
----------------------------------------------------
Creditors of Skyway Travel & Tours Pte Ltd, 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's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


VICKERS BALLAS: Creditors' Proofs of Debt Due Jan. 3
----------------------------------------------------
Creditors of Vickers Ballas Asset Management Pte Ltd, 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's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


WILLICH SINGAPORE: Creditors' Proofs of Debt Due Dec. 16
--------------------------------------------------------
Creditors of Willich Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 16, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          c/o 8 Wilkie Road #03-08
          Singapore 228095


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


* Bingham Expands in Asia With Beijing Office Launch
----------------------------------------------------
Expanding its strategic investment in Asia and globally, Bingham
McCutchen LLP announces the opening of a Beijing office with the
addition of recognized international lawyer Xiaowei Ye as a
partner and the transfer of Tokyo corporate partner Brian Beglin
to Beijing.  Ms. Ye and Mr. Beglin will serve as managing
partners of the new office, Bingham's third Asian location in
addition to Tokyo and Hong Kong.  Both are also principals in
Bingham Consulting LLC, the firm's affiliated business providing
strategic and public policy advice on cross-border and
multijurisdictional matters.

Joining Bingham's Financial Services Area, Ms. Ye has more than
15 years of experience in China representing multinational and
Chinese companies in a wide array of legal matters.  Her practice
focuses on international capital markets, M&A transactions,
regulatory and compliance matters, and governmental relations.

"Bingham's investment in mainland China reflects our successful
strategy of building upon core practice strengths that have made
us leaders in the world of cross-border global finance," said
Bingham Chairman Jay Zimmerman. "We're delighted to have Xiaowei
join us during this exciting time, and we're confident that she
and Brian will be superb in leading and growing our Beijing
office as well as bolstering our Asia capabilities for our
clients."

Bingham Consulting intends to operate as a wholly foreign-owned
enterprise in Beijing, offering clients guidance on the strategic
and public policy aspects of cross-border trade, investment, and
complex, multijurisdictional regulatory and enforcement matters
involving the financial services, technology, healthcare, energy,
manufacturing, environmental, telecommunications and
transportation industries.

"The business and policy ramifications of the international
expansion of Chinese companies and increased demands for greater
corporate responsibility worldwide aredirectly affecting Chinese
investors in the United States, Europe and Japan," said Bingham
Consulting President Chris Cox, former chairman of the U.S.
Securities and Exchange Commission.

"This places a premium on coordinating a business' approach
across borders and in multiple jurisdictions. Bingham and Bingham
Consulting are at the forefront of these developments. The
planned expansion of the Asian capabilities of Bingham Consulting
is a natural move for us, and having Xiaowei Yea nd Brian Beglin
leading our efforts on all fronts in Beijing will be an immediate
advantage for clients facing complex issues."

Ms. Ye and Mr. Beglin will be joined by Michael Crain, who
previously served as chief of staff to Clark T. Randt Jr., former
U.S. ambassador to China. Crain is also presently serving as a
vice chair of the American Chamber of Commerce in the People's
Republic of China.

For Ms. Ye, the attraction to Bingham was its commitment to
growing its world-class financial services practice and its
unique Bingham Consulting capabilities globally, particularly in
Asia.

"I am enthusiastic about joining Bingham and Bingham Consulting
and look forward to working with Brian and Michael to grow our
new office," Ms. Ye said.  "The firm is a global leader in many
practice areas and offers a unique platform to service both
multinational and local clients."

Ms. Ye has represented major Chinese companies and other
multinational clients on investment, M&A and regulatory matters
in China.  Mr. Beglin has worked on cross-border transactions in
the United States, Asia and Europe for more than 30 years. He has
been based in Tokyo since 2010, focusing on cross-border and
distressed mergers and acquisitions and corporate finance.

With more than 1,000 lawyers in 14 offices worldwide, Bingham's
leading role in Asia dates back to 1997 when the firm combined
with Marks & Murase, a New York firm known for its complex cross-
border work in Japan. In 2007, Bingham further expanded in Asia
with the opening of its Hong Kong office and its combinations
with two leading Tokyo firms, Sakai & Mimura, a leader in cross-
border financial restructuring and M&A, and New Tokyo
International, a premier insolvency, corporate and litigation
firm.  Today, Bingham's Tokyo office is among the largest law
firms in Japan, with more than 70 lawyers (most of whom are
Japanese bengoshi) providing a full range of business law
services, including domestic and cross-border financial
restructurings, corporate, M&A, finance, financial regulatory,
investment funds, intellectual property, antitrust, litigation,
employment and real estate.

The Hong Kong office, consisting of Hong Kong, English, U.S.,
Australian and Irish-qualified lawyers, focuses on global
finance, including restructuring and distressed debt,
corporate/M&A, investment funds, structured finance, and
derivative transactions. Lawyers in Bingham's Hong Kong office
represent banks, public and private investment funds,
insurance companies, and clients that undertake complex asset-
based transactions, as well as investment fund formation and
operations.


* S&P's Global Corporate Default Tally Rises to 43 Issuers
----------------------------------------------------------
Two U.S.-based issuers defaulted last week, raising the tally of
global corporate default in 2011 to 43, said an article published
Dec. 1 by Standard & Poor's Global Fixed Income Research, titled
"Global Corporate Default Update (Nov. 23 - 30, 2011)."

The first default, The PMI Group Inc., filed for Chapter 11 on
Nov. 28, three months after the Arizona Department of Insurance
placed the company's subsidiary, PMI Mortgage Insurance Co.,
under supervision.  As a result, Standard & Poor's Rating
Services lowered the rating on the company to 'R' -- a rating
tantamount to default under Standard & Poor's criteria.  Standard
& Poor's lowered its rating on the second issuer, AMR Corp., to
'D' after the company and its subsidiary, American Airlines Inc.,
filed for Chapter 11 bankruptcy on Nov. 29.

Of the total defaulters this year, 32 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, Italy, and
Russia. Of the defaulters by this time in 2010, 56 were U.S.-
based issuers, 10 were from the other developed region
(Australia, Canada, Japan, and New Zealand), eight were from the
emerging markets, and two were European issuers.

Seventeen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges --
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with nine defaults, and regulatory
actions accounted for three. Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one had
its banking license revoked by its country's central bank,
another was appointed a receiver, and three were confidential.
By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.

Following a year of record-setting highs in terms of global
corporate default statistics, 2010 provided the markets with a
noticeable reversal.  In 2010, 81 global corporate issuers
defaulted, down from the record high of 265 in 2009.

None of the 81 defaulters began the year rated investment grade.
The debt amount affected by these defaults fell to $95.7 billion,
which was also considerably lower than in 2009.


* S&P: Global Default Rate Increases After 5 Mos. of Declines
-------------------------------------------------------------
The number of global weakest links increased marginally to 128 on
Nov. 15 from 124 on Oct. 21, and they have total rated debt of
$193.1 billion, said an article published Dec. 2 by Standard &
Poor's Global Fixed Income Research, titled "Global Weakest Links
And Default Rates: The Global Default Rate Increased Slightly In
October."

Weakest links are issuers rated 'B-' and lower with either
negative outlooks or ratings on CreditWatch with negative
implications.

"So far, 41 issuers have defaulted globally in 2011 through Nov.
15, six of which have defaulted since October," said Diane Vazza,
head of Standard & Poor's Global Fixed Income Research.  "These
defaulted issuers have combined outstanding debt worth
$69.9 billion."  By comparison, 82 issuers defaulted on debt
worth $97.5 billion in 2010, and 264 issuers defaulted on debt
worth $627.7 billion in 2009.

"The 12-month-trailing global corporate speculative-grade default
rate slightly increased to 1.68% in October from 1.65% in
September," said Ms. Vazza.  Regionally, the U.S. corporate
speculative-grade corporate default rate increased to 2.06% from
1.94%, and the European default rate rose sharply to 1.23% from
0.86%. The default rate in the emerging markets also increased,
to 0.58% from 0.52%.

The U.S. has the weakest links, with 83, or 64.8% of the global
total.  By sector, media and entertainment, banks, and forest
products and building materials have the greatest concentrations
of weakest links.


                             *********

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.





                 *** End of Transmission ***