TCRAP_Public/091112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, November 12, 2009, Vol. 12, No. 224

                            Headlines

A U S T R A L I A

CITY PACIFIC: Company Records May Help Recoup Creditors' Money
OPES PRIME: Executives May Face Criminal Charges


C H I N A

SEMICONDUCTOR MFG: Founder Wang Resigns; New CEO Appointed


H O N G  K O N G

CHAODA MODERN: S&P Gives Positive Outlook; Affirms 'BB-' Rating
INNOPRISE INVESTMENT: Seng and Lo Step Down as Liquidators
JETFLOW LIMITED: Ho and Man Appointed as Liquidators
KELON ELECTRIC: Chan Wing Kit Appointed as Liquidator
MERRY VIEW: Members' Final Meeting Set for December 7

ORMANDAY LIMITED: Creditors' Proofs of Debt Due December 7
PACIFIC SOUTH: Myers Appointed as Liquidator
PRESSURE VESSELS: Lui and Man Step Down as Liquidators
SKYFAME REALTY: Placed Into Windup Proceedings; E&Y Appointed


I N D I A

AEROSTAR HELMETS: ICRA Puts 'LBB+' Rating on INR87.7MM Bank Debts
ALL SERVICES: Fitch Assigns National Long-Term Rating at 'BB+'
APEX AUTO: CRISIL Upgrades Ratings on Various Bank Loans to 'B'
BRIGHT CASTINGS: Negative Net Worth Prompts CRISIL 'B+' Ratings
CHANDRA PROTECO: CARE Assigns 'CARE BB+' Rating on LT Bank Debts

CHENGMARI TEA: CRISIL Assigns 'B' Rating on INR14.5MM Term Loan
DEEPAK COSMO: CRISIL Assigns 'BB' Rating on INR9 Mln Term Loan
GAYATRI DAIRY: CRISIL Puts 'BB' Ratings on Various Bank Facilities
GRANULES INDIA: Delays in Debt Servicing Cues CARE 'B' Rating
JALA SHAKTI: CRISIL Assigns 'B' Rating on INR200MM Long Term Loan

LIVINGSTONES JEWELLERY: CRISIL Rates Packing Credit at 'P4'
LONGOWALIA YARNS: CRISIL Assigns 'BB' Rating on INR135MM Term Loan
MAHADEVA STEEL: Low Net Worth Cues CRISIL to Assign 'BB-' Ratings
NARAINGARH SUGAR: Delay in Loan Repayment Cues CRISIL 'C' Ratings
PCH RETAIL: CRISIL Upgrades Rating on INR950MM Term Loan to 'BB'

PODDAR BUSINESS: Low Profitability Prompts ICRA 'LBB' Ratings
PRISHA FOODS: CRISIL Assigns 'BB' Ratings on  INR55 Mln Term Loan
S.S.D. OIL: Weak Liquidity Cues CRISIL to Cut Ratings to 'BB-'
SACHDEV FOOD: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
SACHDEV FOOD PRODUCTS: CRISIL Reaffirms 'BB' Rating on Cash Credit

SAHU AGENCIES: CRISIL Rates INR120 Million Cash Credit at 'BB'
SHRADHA AGENCIES: CRISIL Reaffirms 'B+' Rating on Cash Credit
SHREECHEM PHARMACEUTICALS: CRISIL Puts Junk Ratings on Bank Debts
SUJA SHOEI: CRISIL Assigns 'BB+' Rating on INR68.10MM LT Loan
SUZLON ENERGY: To Hold Debt Talks Due to Liquidity Crunch

TEESTA RANGIT: CARE Rates INR40cr LT Bank Facilities at 'CARE BB-'


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Fitch Says Q309 Results Show Weak Liquidity
GARUDA INDONESIA: Prepares for an IPO in First Half of 2010


J A P A N

JAPAN AIRLINES: TPG Hooks Up with American on Possible Investment
SIGNUM VANGUARD: S&P Downgrades Rating on 2006-07 Notes to 'D'
TR PREFERRED: JCR Upgrades Rating on Pref. Securities to 'BBB-'
* JAPAN: Corporate Bankruptcies Down 11.7% in October


M A L A Y S I A

RANHILL BERHAD: Sets 13th Annual General Meeting on December 3


N E W  Z E A L A N D

CEDENCO FOODS: SK Foods Takes Legal Action Against ANZ
CEDENCO FOODS: Receivership Unrelated to FBI Probe Into US Owners
HANOVER FINANCE: Unlikely to Fully Repay Investors Under a DRP
KINGSTON ACQUISITIONS: In Receivership; Seeks Buyers for Train


X X X X X X X X

APPLIED MATERIALS: To Slash Up to 12% of Jobs Within 18 Mos.


                         - - - - -


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CITY PACIFIC: Company Records May Help Recoup Creditors' Money
--------------------------------------------------------------
City Pacific liquidator Andrew Wily has collected 200 boxes of
records from the failed Gold Coast property financier's Miami Keys
headquarters, The Sydney Morning Herald reports.

The Herald, citing Mr. Wily's colleague, David Hurst of Armstrong
Wily, relates that these records may provide the only chance of a
return for the company's unsecured creditors as Commonwealth Bank
-- which holds a $100 million secured loan over City Pacific
assets -- is ''highly unlikely'' to recoup all that it is owed.

According to the report, Mr. Hurst said these loans are expected
to come under close scrutiny as the liquidators sift through
company records looking for evidence of uncommercial and voidable
transactions and breaches of directors' duties.

The liquidators, who have also taken charge of 11 City Pacific
subsidiaries, have been liaising with the Australian Securities
and Investments Commission, according to Mr. Hurst.

The liquidators are expected to report on their investigations
early next year, the report notes.

                         About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing finance
and investment products.  City Pacific, a non-bank loan provider,
has AU$5 billion in mortgage assets under advice, comprising over
AU$1 billion funds under management in the City Pacific First
Mortgage Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of AU$3.3
billion and commercial mortgage assets under management of
approximately AU$800 million.  City Pacific originates nearly AU$3
billion per annum in loans to fund residential property, property
development, commercial property investment, plant & equipment and
business finance.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


OPES PRIME: Executives May Face Criminal Charges
------------------------------------------------
Ben Butler at the Herald Sun reports that Opes Prime directors may
face criminal charges after the corporate regulator made a series
of recommendations to the Commonwealth Director of Public
Prosecutions.

According to the report, the Australian Securities and Investments
Commission in its latest annual report tabled in Federal
Parliament last week singled out director Lirim "Laurie" Emini as
a key investigation.

The report relates that under federal criminal legal procedures,
the CDPP will now decide whether to lay charges based on whether a
prosecution has "reasonable prospects of securing a conviction"
and would be in the public interest.

The Sun notes the corporate regulator said in its annual report
that its investigation into Opes Prime included "consideration of
the conduct of directors and officers of Opes Prime, both in
relation to the operation of the business and in the period
immediately before the collapse".

"ASIC is considering whether any parties may have engaged in
market misconduct, either at the time of the Opes Prime collapse
or when the company was placed into liquidation," ASIC said.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.  According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


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SEMICONDUCTOR MFG: Founder Wang Resigns; New CEO Appointed
----------------------------------------------------------
Semiconductor Manufacturing International Corporation (SMIC) has
appointed Dr. David N.K. Wang as an Executive Director of the
Board and the President and CEO of SMIC effective immediately.
SMIC Founder and CEO Dr. Richard Chang has resigned to pursue
other personal interests.

Dr. Wang is a well known executive with extensive experience in
the global semiconductor industry.  Dr. Wang was the CEO of
Huahong (Group) Co., Ltd. and Chairman of Huahong NEC, a
subsidiary of Huahong Group between September 2005 and June 2007.
Prior to joining Huahong Group, Dr. Wang was the Executive Vice
President of Applied Materials and President of Applied Materials
Asia. Dr. Wang was responsible for Applied Materials' business
strategy, planning and execution throughout Asia with a particular
focus on building infrastructure worldwide.

"We are pleased to have Dr. Wang as our new leader at SMIC. The
wealth of experience and knowledge in the semiconductor industry
he brings with him will help foster further growth of SMIC in
China and the world,"  Mr. Jiang Shang Zhou, Chairman of the Board
of Directors said in a statement.

China Daily said Mr. Chang's resignation came shortly after the
Shanghai-based chip maker said it would pay rival, Taiwan
Semiconductor Manufacturing Co (TSMC), US$200 million as part of a
deal to settle a long-running legal dispute.

TSMC and SMIC have informed a judge in Oakland, California, that
they had settled a case in which TSMC accused SMIC of stealing
trade secrets, according to the Daily.  SMIC also agreed to pay
TSMC an undisclosed amount in stock and warrants, the Daily notes.

                  About Semiconductor Manufacturing

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/ --  is one
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.

                           *     *     *

Semiconductor Manufacturing International Corporation posted a net
loss of US$44.10 million for the year ended December 31, 2006, and
a net loss of US$19.46 million for the same period in 2007.  The
company also posted a net loss of US$440.23 million for the year
ended December 31, 2008.


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H O N G  K O N G
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CHAODA MODERN: S&P Gives Positive Outlook; Affirms 'BB-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Chaoda Modern Agriculture (Holdings) Ltd. to positive from stable
and affirmed the 'BB-' long-term corporate credit rating.  At the
same time, Standard & Poor's affirmed the 'BB-' issue rating on
Chaoda's outstanding US$225 million senior unsecured notes due
February 2010.

The outlook revision reflects Chaoda's improved financial
flexibility and liquidity.  S&P believes Chaoda has limited risk
for the repayment of the senior notes due in February 2010.  The
outlook revision also reflects Chaoda's improving credit profile
and S&P's expectation of a somewhat more controlled future growth
strategy.

"Chaoda's growth appetite remains aggressive but the company has
demonstrated some flexibility over the past fiscal year," said
Standard & Poor's credit analyst Bei Fu.  "Chaoda scaled back its
capital expenditure for the fiscal year ended June 2009, which
helped to alleviate the company's tight financial flexibility
during the period."

Free operating cash flow has improved in 2009, supported by higher
sales, lower working capital and capital expenditures.  The
tighter cash flow management, combined with the redemption of Hong
Kong dollars (HK$) 1.34 billion in convertible bonds in June 2009,
contributed to an improved capital structure and lower debt level.

Although leverage is likely to be lowered further in February 2010
after the US$225 million repayment of the senior unsecured notes,
S&P expects some additional borrowings in future to sustain
Chaoda's ongoing double-digit revenue growth, Ms. Fu said.  For
this reason, S&P believes total debt to total capital is unlikely
to remain at 15% (end-June 2009).

Chaoda's stable production yield, coupled with the progressive
accumulative growth of the production area, should continue to
remain supportive to future revenue growth.  Judging from the
company's cash flow generation capability, S&P believes internally
generated cash should be supportive to Chaoda's planed capital
expenditures for the next two years, with a lower need for
external funding.  Chaoda plans annual capital expenditures of
about RMB3.0 billion to RMB3.5 billion a year for 2010 and 2011.


INNOPRISE INVESTMENT: Seng and Lo Step Down as Liquidators
----------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Innoprise Investment (HK) Limited on October 23, 2009.


JETFLOW LIMITED: Ho and Man Appointed as Liquidators
----------------------------------------------------
Lui Wan Ho and To Chi Man on October 28, 2009, were appointed as
liquidators of Jetflow Limited.

The liquidators may be reached at:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King’s Road, North Point
         Hong Kong


KELON ELECTRIC: Chan Wing Kit Appointed as Liquidator
-----------------------------------------------------
Chan Wing Kit on October 28, 2009, was appointed as liquidator of
Kelon Electric Appliances Company Limited.

The liquidator may be reached at:

         Chan Wing Kit
         United Centre, Flat A, 16/F
         95 Queensway
         Hong Kong


MERRY VIEW: Members' Final Meeting Set for December 7
-----------------------------------------------------
Members of Merry View Investments Limited will hold their final
meeting on December 7, 2009, at the 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, in Hong Kong.

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


ORMANDAY LIMITED: Creditors' Proofs of Debt Due December 7
----------------------------------------------------------
Ormanday Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by December 7,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

         Kin Chiu Nip
         Far East Consortium Building, Rooms 1501-3
         121 Des Voeux Road
         Central, Hong Kong


PACIFIC SOUTH: Myers Appointed as Liquidator
--------------------------------------------
Richard Scott Myers on October 27, 2009, was appointed as
liquidator of Pacific South Limited.

The liquidator may be reached at:

         Richard Scott Myers
         Tai Yau Building, 22/F
         181 Johnston Road
         Wanchai, Hong Kong


PRESSURE VESSELS: Lui and Man Step Down as Liquidators
------------------------------------------------------
Kennic Lai Hang Lui and Jasper King Shing Man stepped down as
liquidators of Pressure Vessels Manufacturing Company Limited on
October 21, 2009.


SKYFAME REALTY: Placed Into Windup Proceedings; E&Y Appointed
-------------------------------------------------------------
A winding-up petition was presented to the High Court of the
Hong Kong Special Administrative Region on November 6, 2009, by a
creditor of Skyfame Realty (Holdings) Limited.

The High Court appointed Messrs Stephen Liu Yiu Keung and David
Yen Ching Wai at Ernst & Young Transactions Limited, as joint and
several provisional liquidators of the Company.

"The Provisional Liquidators are empowered to take control and
possession of the assets of the Company and are now carrying out
assessment of the operations and affairs of the Company," Skyfame
said in a stock exchange disclosure.

Naomi Rovnick at South China Morning Post relates that Guangzhou
property developer Skyfame Realty (Holdings) is the second
mainland firm in less than a month to enter winding-up proceedings
after borrowing heavily from foreign banks and hedge funds at the
height of the credit boom.

Bondholders, who are owed US$196 million, included hedge funds and
Merrill, the report says.

Based in Hong Kong, Skyfame Realty (Holdings) Limited (HKG:0059)
-- is an investment holding company.  The Company is engaged
property development, property investment, hotel operation and the
provision of related ancillary services and the provision of
property development project management and interior decoration
services.  The Company's operates in four segments: Property
development, which is engaged in property development and sale of
properties; Property investment, which is engaged in property
leasing; Hotel operation, which is engaged in hotel operation and
provision of related ancillary services, and Project management,
which is engaged in provision of property development project
management and interior decoration services.


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AEROSTAR HELMETS: ICRA Puts 'LBB+' Rating on INR87.7MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR 87.7 million fund
based facilities of Aerostar Helmets Limited.  ICRA has also
assigned an A4+ rating to the INR 17.5 million non-fund based
limits of AHL.

ICRA's ratings of AHL take into account the intensely competitive
and fragmented nature of the helmets industry, AHL's modest scale
of operations, its relatively high gearing, and moderate return
indicators.  The ratings are however, supported by AHL's
experienced management and its long and established presence in
the helmets manufacturing industry.

Aerostar Helmets Limited is a closely held public limited company,
promoted by Mr. Kuldeep Singh Arora in 1994.  The company is
engaged in manufacturing of helmets and other accessories,
primarily for the automobile sector having a manufacturing unit in
Chopanki (Rajasthan).  The company sells its helmets under the
brand name "Aerostar" through a network of non-exclusive dealers
across India.  AHL's product range includes helmets (both ISI and
non-ISI), M.C. boxes, visors, helmet locks etc.  Apart from its
core activity of manufacturing helmets and other automobile
accessories, AHL has recently leased out its commercial building
in Gurgaon to Technovate Solutions Private Limited.  In FY2009,
AHL posted Profit after Tax of INR2.4 million over a net turnover
of INR144.9 Million.


ALL SERVICES: Fitch Assigns National Long-Term Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned A.L.L Services Under 1 Roof (India)
Pvt. LTD. a National Long-term Rating of 'BB+(ind)' with a Stable
Outlook.  Fitch has also assigned 'BB+ (ind)' ratings to All
Services' long-term bank loans of INR113.5 million and fund based
limits of INR130 million, as well as a 'F4(ind)' rating to its
INR60 million of non-fund based limits.

The primary constraint for the company is the liquidity pressure
it faces.  All Services has exhibited negative Cash Flow from
Operation for the last four years until FY2009 -- a trend which
Fitch believes could continue.  The shortfall has been funded
mainly through additional working capital debt as evidenced by the
high utilization levels of the fund based limits.  The low CFO is
a result of high working capital requirements due to high
receivables combined with rapid growth in revenues and low funds
flow from operations.  The ratings are also constrained by the
highly competitive industry, which results in low margins.  All
Services has seen a fall in FFO Fixed charge cover to 3.2x in FY08
from 6.5x in FY07.  Further, the non-core nature of business,
price sensitive nature of customer purchase behavior coupled with
lack of long term contracts constrain the rating.

All Services' ratings reflect the demonstrated growth since
inception, its leadership position in a fragmented industry and
long standing relationship with customers.  The ratings also
reflect the company's demonstrated ability to maintain margins
despite a highly competitive environment, and its ability to
efficiently manage its large workforce of over 6,000 people.  The
company was able to improve EBITDA margins to 13.6% in FY09 from
7.6% in FY05 through increased economies of scale, and a focus on
automation which improved efficiency.  The ratings also derive
strength from the comfortable leverage metrics with a net
debt/EBITDA of 1.7x in FY09.

A deterioration of leverage over 4x and/or further sustained
pressure on receivables will act as a negative trigger.  At the
same time an ability to generate consistent positive CFO and
improvement in leverage to less than 2.5x will act as a positive
trigger.

All Services was incorporated in 2004.  In FY08 the company raised
INR113 million from an angel investor primarily to fund growth.
The company provides services mainly in the fields of House
Keeping & Janitorial Function, Electro Mechanical Services,
Catering and Mechanized Sweeping.  The company has seen strong
growth in revenues to INR589 million in FY09 (FY08:INR423 million)
along with improvement in EBIDTA margins to 13.6% in FY09
(FY08:11.8%).


APEX AUTO: CRISIL Upgrades Ratings on Various Bank Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on Apex Auto Ltd's (AAL's) bank
facilities to 'B/Stable/P4' from 'D/P5'.

   Facilities                      Ratings
   ----------                      -------
   INR103 Million Cash Credit      B/Stable (Upgraded from 'D')
   INR594 Million Term Loan        B/Stable (Upgraded from 'D')
   INR33 Million Foreign Bill      P4 (Upgraded from 'P5')
                 Discounting
   INR50 Million Bank Guarantee    P4 (Upgraded from 'P5')
   INR20 Million Letter of Credit  P4 (Upgraded from 'P5')

The rating upgrade reflects timely payment of all debt obligations
by AAL in the past seven months, and the rescheduling of its term
loan in March 2009. Owing to pressure on liquidity, AAL had
approached its bankers in November 2008 for rescheduling the debt
contracted to fund its capital expenditure (capex). The upgrade
also reflects CRISIL's expectation that, over the medium term, AAL
will generate cash accruals that are adequate to meeting AAL's
debt obligations.

The revised rating reflects the company's exposure to risks
relating to product and customer concentration in its revenue
profile, to fluctuations in demand, as sales are correlated to
spending on infrastructural activities, and to input price
volatility. The impact of these weaknesses is mitigated by AAL's
strong relationship, marked by repeat orders, with Telco
Construction Equipment Co Ltd (TELCON), and moderate financial
risk profile.

Outlook: Stable

CRISIL believes that AAL will maintain a stable credit risk
profile over the medium term on the back of established customer
relationships. The outlook could be revised to 'Positive' in case
of significant increase in the company's scale of operations, or
if the company diversifies its customer profile. Conversely, the
outlook could be revised to 'Negative' in case of decline in the
company's profitability, and consequently, deterioration in its
debt protection measures.

                          About Apex Auto

Apex Auto, incorporated in 1994, manufactures construction
equipment ancillary parts such as arms, buckets, and loaders for
excavators, cranes, and back-hoe loaders.  These components are
mainly sold to TELCON, which is a construction equipment
manufacturer. Apex Auto's products are used in mining, and hard
and soft soil digging. It has four manufacturing units, of which
three are in Dharwad (Karnataka) and one in Jamshedpur
(Jharkhand).

For 2008-09, AAL reported a profit after tax (PAT) of INR24
million on net sales of INR1008 million, against a PAT of INR93
million on net sales of INR1127 million in the previous year.


BRIGHT CASTINGS: Negative Net Worth Prompts CRISIL 'B+' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the bank
facilities of Bright Castings.

   Facilities                         Ratings
   ----------                         -------
   INR25.0 Million Cash Credit        B+/Stable (Assigned)
   INR2.0 Million Working Capital     B+/Stable (Assigned)
                   Demand Loan
   INR28.3 Million Rupee Term Loan    B+/Stable (Assigned)

The ratings reflect Bright Castings' exposure to cyclicality in
the end-user industries, financial risk profile constrained by
negative net worth, and to risks relating to the small scale of
its operations in the casting components industry. These
weaknesses are partially offset by the firm's moderate operating
efficiency and average debt protection measures.

Outlook: Stable

CRISIL believes that Bright Castings' credit risk profile will
remain constrained by its low net worth and sluggish demand for
its products. The outlook maybe revised to 'Negative' if the
firm's financial risk profile weakens due to the incurrence of
debt-funded capital expenditure or decline in accruals,
constraining its debt servicing ability. Conversely, the outlook
may be revised to 'Positive' if there is sustained growth in
firm's revenues along with stable profitability and large capital
infusion.

                       About Bright Castings

Bright Castings was set up in 1985 as a partnership concern for
manufacturing casting components. It was converted to a
proprietorship firm by Mr. V. Subbian following the exit of his
partners from the business.  The firm manufactures grey iron,
spheroidal graphite (SG) iron, nickel-resist castings, and nickel-
hard castings. Its plant at Coimbatore (Tamil Nadu) has the
capacity to produce 2,500 tonnes of castings per year.

Bright Castings reported a net loss of INR11.3 million on net
sales of INR88.1 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a profit after tax (PAT) of
INR2.7 million on net sales of INR99.0 million for 2007-08.


CHANDRA PROTECO: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
facilities of Chandra Proteco Ltd.   This rating is applicable to
facilities having a tenure of more than one year.   Facilities
with this rating are considered to offer inadequate safety for
timely servicing of debt obligations.  Such facilities carry high
credit risk.

CARE has also assigned a 'PR4' rating to short-term bank
facilities of Chandra Proteco Ltd.  This rating is applicable to
facilities having a tenure upto one year. Facilities with this
rating would have inadequate capacity for timely payment of
short-term debt obligations and carry very high credit risk. Such
facilities are susceptible to default.

                                  Amount
   Facilities                   (INR crore)        Ratings
   ----------                   ----------         -------
   Long-term Bank Facilities      48.49            'CARE BB+'
   Short-term Bank Facilities     35.00            'PR4'

Rating Rationale

The ratings assigned are constrained by limited product offering
by the company, inadequate hedging mechanism towards fluctuation
in raw material prices, tight liquidity position and resultant
unsatisfactory debt servicing track record. . The ratings, however
derive strength from established track record of the group for
more than three decades in the business, positive outlook for the
power sector in India and long term contract with Areva.

Maintaining order book position and their timely execution in the
sluggish market conditions and improvement in liquidity position
remain the key rating sensitivities.

                       About Chandra Proteco

Chandra Proteco Ltd. was incorporated on 14th December, 2004 to
cater to the requirements of electrical and transmission energy
sector.  The company was promoted by the Chandra Group with
technical support from the Proteco group of Italy.  The Chandra
group was promoted in 1972 with the inception of Chandra Metals
Ltd. based at Allahabad in northern India.  Chandra Proteco Ltd.
is engaged in the manufacturing of oxygen free copper rods,
strips, Continuous Transposed Conductors (CTC), paper insulated
conductors etc. required for power distribution system,
distribution fuse links and power transmission.  The main focus of
the company is towards manufacture of CTC which is used for
reducing the eddy current losses in a transformer, thereby
improving its efficiency.

The company has manufacturing facilities located at Silvassa in
Dadra & Nagar Haveli.  The plant with an area of around 3,50,000
sq ft has a capacity of 7,000 MTPA and has been in operation since
January 2007.  The company has a very tight liquidity position
which is apparent from the very high CC utilization of the company
in the past one year.  This is due to working capital intensive
nature of business.  There has also been an instance of delay in
payment of an instalment of its term loan in the past.  However as
of September 16, 2009, there were no delays in servicing its debt
obligations. The net sales of Chandra Proteco Ltd. have gone up by
95% in FY09 when compared to FY08.  There was an increase in
number of orders received from existing customers such as Areva
(India) and the company also got new orders from customers like
Transformers & Electricals Kerala Ltd, Vijay Electricals Hyderabad
Ltd., Areva (Stafford) etc.  This was also made possible due to an
increase in capacity utilization of the plant from 67% in FY08 to
90% in FY09. The PBILDT of the company has gone up by 48% in FY09
over the previous period, at a rate lower than increase in net
sales due to an increase in cost of raw materials by 93%. Although
copper price has come down in FY09, the quantity of copper
utilized had increased due to increased production of CTC.  Both
the long term debt equity and overall gearing ratios reduced to
1.29x and 2.05x (as on March 31,2009) from l.49x and 2.09x (as on
March 31, 2008).  This was due to accretion of profits to
networth.

Despite a substantial increase in interest cost, interest coverage
improved due to substantial increase in PBILT. The current ratio
of the company was comfortable at 1.20 as on March 31, 2009.


CHENGMARI TEA: CRISIL Assigns 'B' Rating on INR14.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Chengmari Tea Company Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.5 Million Cash Credit     B/Stable (Assigned)
   INR14.5 Million Term Loan*       B/Stable (Assigned)
   INR5.0 Million Letter of Credit  P4 (Assigned)
                  / Bank Guarantee

   *includes a proposed limit of INR7.30 Million

The ratings reflect CTCL's weak financial risk profile,
susceptibility to volatility in tea prices and adverse changes in
climatic conditions, and small scale of operations. The impact of
these weaknesses is mitigated by CTCL's moderate business risk
profile, backed by its promoters' experience in the tea industry.

Outlook: Stable

CRISIL expects Chengmari Tea Company Ltd's (CTCL's) financial risk
profile to remain weak and business risk profile to remain average
over the medium term. The outlook may be revised to 'Positive' if
there is substantial improvement in its scale of operations and
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in operating
margins, or pressure in the company's cash accruals leading to
deterioration in financial risk profile, or any large debt-funded
capex plan.

                        About Chengmari Tea

Set up in 1975 as a closely held public limited company, CTCL
plants and processes the crush-tear-curl (CTC) variety of tea.
Mr. I.K.Kejriwal and his son Mr. Raj Kejriwal manage the company.
CTCL has a tea estate and processing unit at Jalpaiguri (West
Bengal); the unit has capacity to manufacture about 3.2 million
kilogrammes of tea per annum. The company has also invested INR6.8
million in quoted equity shares, which had an aggregate market
value of INR1.8 million as on March 31, 2009.

CTCL reported a profit after tax (PAT) of INR16.1 million on net
sales of INR300.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR214.7 million for 2007-08.


DEEPAK COSMO: CRISIL Assigns 'BB' Rating on INR9 Mln Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Deepak Cosmo Ltd (DCL; part of the Longowalia
group).

   Facilities                       Ratings
   ----------                       -------
   INR87.5 Million Cash Credit      BB/Stable (Assigned)
   INR9.0 Million Term Loan         BB/Stable (Assigned)
   INR18.0 Million Bank Guarantee   P4+ (Assigned)
            / Letter of Credit

The ratings reflect the Longowalia group's moderate financial risk
profile, small scale of operations in the yarns industry, and the
susceptibility of the group's operating margins to volatility in
raw material prices.  The impact of these weaknesses is mitigated
by the experience of the group's promoters in the yarns business,
and the group's diversified revenue profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCL and its group company, Longowalia
Yarns Ltd (LYL), together referred to as the Longowalia group.
This is because both the companies are in the same line of
business and have common promoters.  Moreover, DCL holds 23 per
cent equity stake in LYL. CRISIL has also treated unsecured loans
of INR47.5 million outstanding as on March 31, 2009, extended by
the promoters and other affiliates, as neither debt nor equity,
because these loans are non-interest bearing and the group has
provided a five-year undertaking for non-withdrawal/replacement of
these loans by equity.

Outlook: Stable

CRISIL believes that the Longowalia group's financial risk profile
will remain weak, and its scale of operations, small, over the
medium term.  The outlook may be revised to 'Positive' if the
group's financial risk profile improves because of fresh equity
infusion or large cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the Longowalia
group's financial risk profile because of large borrowings for
capital expenditure or decline in profitability.

                          About the Group

Set up in 1990 as an investment company by Mr. Gian Chand Garg,
DCL acquired Himachal Worsted Mills from the Government of
Himachal Pradesh in 1995. DCL is engaged in the business of coal
trading and manufacture of acrylic and fancy yarns. Currently, DCL
has 6000 spindles. In 2003, the company set up a fancy yarn unit
with 70 machines. In 2004, the businesses of two coal trading
partnership firms (Punjab Coal Trader and Agrawal & Co), which the
promoter had established in 1975, were transferred to DCL.

Incorporated in 1994, LYL (formerly known as Amarson Yarns Ltd)
was acquired by Mr. Gian Chand Garg in 2000. LYL manufactures
acrylic yarns. The company expanded its acrylic yarns
manufacturing capacity and started producing cotton yarns and
fancy yarns. Its manufacturing plant, at Doraha (Punjab), has a
capacity of 7 tonnes per day (tpd) for acrylic yarn, 12 tpd for
cotton yarn, and 1.20 tpd for fancy yarn.

The Longowalia group reported a profit after tax (PAT) of INR18.2
million on net sales of INR986.7 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR17.8
million on net sales of INR958.0 million for 2007-08.


GAYATRI DAIRY: CRISIL Puts 'BB' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Gayatri Dairy Products Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR50.0 Million Term Loan            BB/Stable (Assigned)
   INR40.0 Million Proposed Long Term   BB/Stable (Assigned)
                   Bank Loan Facility

The ratings reflect the Gayatri group's exposure to risks relating
to large, debt-funded capital expenditure, to uncertainties in
sourcing additional milk for its enhanced manufacturing capacity,
to unfavourable changes in regulatory policies, and to epidemic-
related factors.  These weaknesses are, however, partially offset
by benefits that the group derives from its promoters' experience
in the dairy industry, and improving operating efficiencies.

CRISIL has consolidated the business and financial risk profiles
of Gayatri and its group company, Prisha Foods and Dairy Products
Pvt Ltd (Prisha).  This is because Gayatri and Prisha, together
referred to as the Gayatri group, are in the same line of
business, and have strong business and operational linkages; the
companies are expected to support each other in the event of
financial exigencies.

Outlook: Stable

CRISIL believes that the Gayatri will maintain a stable credit
profile, supported by the promoters' experience in the dairy
business, and a track record of efficient operations.  The outlook
may be revised to 'Positive' if the Gayatri stabilises new
capacities, while maintaining profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if ramping up
of sales, and profitability from proposed expansion is delayed,
leading to adverse impact on group's cash accruals and financial
risk profile.

                          About the Group

The Gayatri group consists of two companies, Gayatri and Prisha.
Set up in 2008-09, Prisha manufactures skimmed milk powder (SMP).
The plant is expected to be operational by November 2009, and to
have a manufacturing capacity of 10 tonnes per day.

                       About Gayatri Dairy

Incorporated in 1985, by Mr. Kanaiyalal R Patel, Gayatri
manufactures dairy products, and has a milk processing capacity of
around 140,000 litres per day (lpd). The plant utilises cow milk
primarily for production of pasteurised milk, and value-added
products such as SMP, ghee, butter, and buttermilk. Gayatri
reported a profit after tax (PAT) of INR5.7 million on net sales
of INR401.5 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR3.8 million on net sales of
INR348.5 million for 2007-08.


GRANULES INDIA: Delays in Debt Servicing Cues CARE 'B' Rating
-------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the long-term bank
facilities of Granules India Ltd.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer low safety for timely
servicing of debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

Also, CARE has assigned a 'PR4'rating to the short-term bank
facilities of the company.  This rating is applicable for
facilities having a tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of
shortterm debt obligations and carry very high credit risk. Such
facilities are susceptible to default.  The above ratings are
assigned to both long-term facilities and short-term facilities
aggregating INR202.50 crore.  CARE assigns '+' or '-' signs to be
shown after the assigned rating (wherever necessary) to indicate
the relative position of the company within the band covered by
the rating symbol.

                                  Amount
   Facilities                   (INR crore)         Ratings
   ----------                   ----------          -------
   Long-term Bank Facilities       151.90             'B'
   Short-term Bank Facilities       50.60             'PR4'

Rating Rationale

The ratings factor in the recent history of delays in debt
servicing commitments to Banks and devolvement of Letter of Credit
(LC).  The ratings are also constrained by the relatively small
size of the company, limited product profile, higher sales
concentration from few major products, low revenue growth during
the last few years and competition from low cost manufacturers.
The ratings also consider the experience of the promoters in the
business, established presence in the Pharmaceutical Formulation
Ingredients (PFI) business, especially in the global paracetamol
market, reputed clientele, diversified presence across markets and
clients and low overall gearing. Timely payment of debt
obligations and easing of liquidity position are the key rating
sensitivities.

                        About Granules India

Hyderabad based Granules India Ltd. was incorporated in 1991. It
is engaged in the business of export of bulk drugs like
paracetamol, guaifenesin, other Active Pharmaceutical Ingredients
(API) and PFI.  GIL was promoted by Shri C.Krishna Prasad (MD) and
his father Dr.C.Nageswara Rao. GIL exhibited low growth income
from the operations in the past few years and income increased
from INR186 crore in FY07 to INR214 crore in FY08.  Exports
accounted for 70% of the income in FY'08. PBILDT in FY08 had
increased by 8.62% to INR34 crore over FY07 due to growth in
sales. Low gross profit growth was mainly due to marginal increase
in the raw material costs and the sharp appreciation of rupee in
the later part of FY08. PAT for FY08 decreased by 9.96% to
INR9.13 crore on account of depreciation provided on the new
manufacturing plants.

For the half year ended Dec. 31, 2008 (Prov), GIL achieved
turnover of INR167 crore.  The sharp annualized growth in net
sales in H1'09 was due to the increase in the sales to
Glaxosmithkline and commercialization of the tablet unit. PBIDT
and PAT during half year ended Dec.31, 2008 was INR27 crore and
INR4 crore respectively.


JALA SHAKTI: CRISIL Assigns 'B' Rating on INR200MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the INR200 million
long-term loan of Jala Shakti Ltd.  The rating reflects JSL's
exposure to risks related to project implementation and hydrology.
The rating also factors in the company's weak financial risk
profile.  The impact of these weaknesses is mitigated by JSL's
long-term, fixed-price power purchase agreement (PPA) with
Himachal Pradesh State Electricity Board (HPSEB) for the sale of
the entire generated electricity.

Outlook: Stable

CRISIL believes that JSL will continue to face significant project
completion challenges.  The outlook may be revised to 'Positive'
if the company completes the project ahead of the revised
commissioning schedule and well within the revised budget.
Conversely, the outlook may be revised to 'Negative' if there are
significant time and cost overruns in the project, or if the
company is unable to tie up additional funds, or if it fails to
reschedule its term loans.

Jala Shakti Ltd is a special purpose vehicle (SPV) promoted by Mr.
Y Raghunadha Babu ,Mr. B P Ramanna and Dr.K.V.Prasad with the
objective of setting up mini hydro electric power plants in
Himachal Pradesh.  The company is implementing a plant of 5-
megawatt capacity at district Chamba.  The project is on the
Baleni ka Nallah, a tributary of the Ravi.  The company has
executed a long-term PPA with HPSEB for the sale of generated
electricity at a fixed tariff of INR2.50 per unit for a period of
40 years from the date of commencement of commercial operations.
The company will provide 10 per cent of the generated power as
royalty to HPSEB, after 15 years of commercial operations. The
total cost of the project is estimated at INR370 million (against
the original estimate of INR290 million), to be funded in a debt-
to-equity ratio of 70:30. JSL has awarded the contract for civil
works to local contractors.  The project is expected to be
commissioned commercially in August 2010.


LIVINGSTONES JEWELLERY: CRISIL Rates Packing Credit at 'P4'
------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Livingstones Jewellery Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR14.5 Million Packing Credit         P4 (Assigned)
   INR59.0 Million Post Shipment Credit   P4 (Assigned)

The ratings reflect Livingstone's weak financial risk profile and
small scale of operations in the jewellery manufacturing business.
The impact of these rating weaknesses is mitigated by
Livingstone's reduction in geographical concentration risk in its
sales mix over the last 3 years.

Livingstones was started in 1989 by Mr. Sandip Kothari and Mr.
Pankaj Kothari. The company is in the business of designing and
manufacturing diamond-studded gold jewellery. The company is
entirely owned by the members of the Kothari family; Mr. Sandip
Kothari is Managing Director and manages the day-to-day operations
of the company. The company's manufacturing unit is located at
SEEPZ-SEZ (Mumbai).

Livingstones reported net loss of INR2.9 million on net sales of
INR167.1 million for 2008-09 (refers to financial year, April 1 to
March 31), against net loss of INR4.45 million on net sales of
INR170.6 million for 2007-08.


LONGOWALIA YARNS: CRISIL Assigns 'BB' Rating on INR135MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Longowalia Yarns Ltd (LYL; part of the Longowalia
group).

   Facilities                       Ratings
   ----------                        -------
   INR175.0 Million Cash Credit     BB/Stable (Assigned)
   INR135.0 Million Term Loan       BB/Stable (Assigned)
   INR20.0 Million Bank Guarantee   P4+ (Assigned)
           / Letter of Credit

The ratings reflect the Longowalia group's moderate financial risk
profile, small scale of operations in the yarns industry, and the
susceptibility of the group's operating margins to volatility in
raw material prices.  The impact of these weaknesses is mitigated
by the experience of the group's promoters in the yarns business,
and the group's diversified revenue profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LYL and its group company, Deepak Cosmo
Ltd (DCL), together referred to as the Longowalia group.  This is
because both the companies are in the same line of business and
have common promoters.  Moreover, DCL holds 23 per cent equity
stake in LYL. CRISIL has also treated unsecured loans of INR47.5
million outstanding as on March 31, 2009, extended by the
promoters and other affiliates, as neither debt nor equity,
because these loans are non-interest bearing and the group has
provided a five-year undertaking for non-withdrawal/replacement of
these loans by equity.

Outlook: Stable

CRISIL believes that the Longowalia group's financial risk profile
will remain weak, and its scale of operations, small, over the
medium term.  The outlook may be revised to 'Positive' if the
group's financial risk profile improves because of fresh equity
infusion or large cash accruals.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the Longowalia
group's financial risk profile because of large borrowings for
capital expenditure or decline in profitability.

                          About the Group

Incorporated in 1994, LYL (formerly known as Amarson Yarns Ltd)
was acquired by Mr. Gian Chand Garg in 2000. LYL manufactures
acrylic yarns.  The company expanded its acrylic yarns
manufacturing capacity and started producing cotton yarns and
fancy yarns.  Its manufacturing plant, at Doraha (Punjab), has a
capacity of 7 tonnes per day (tpd) for acrylic yarn, 12 tpd for
cotton yarn, and 1.20 tpd for fancy yarn.

Set up in 1990 as an investment company by Mr. Gian Chand Garg,
DCL acquired Himachal Worsted Mills from the Government of
Himachal Pradesh in 1995.  DCL is engaged in the business of coal
trading and manufacture of acrylic and fancy yarns. Currently, DCL
has 6000 spindles.  In 2003, the company set up a fancy yarn unit
with 70 machines.  In 2004, the businesses of two coal trading
partnership firms (Punjab Coal Trader and Agrawal & Co), which the
promoter had established in 1975, were transferred to DCL.

The Longowalia group reported a profit after tax (PAT) of INR18.2
million on net sales of INR986.7 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR17.8
million on net sales of INR958.0 million for 2007-08.


MAHADEVA STEEL: Low Net Worth Cues CRISIL to Assign 'BB-' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Mahadeva Steel Mills Private Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB-/Stable (Assigned)
   INR65 Million Term Loan          BB-/Stable (Assigned)
   INR6.5 Million Proposed Long     BB-/Stable (Assigned)
        Term Bank Loan Facility
   INR8.5 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect Mahadeva Steel's small scale of operations,
low net worth, and to its marginal market share and vulnerability
to cyclicality in the steel industry. The impact of these
weaknesses is mitigated by Mahadeva Steel's comfortable business
risk profile.

Outlook: Stable

CRISIL expects Mahadeva Steel to maintain its comfortable business
risk profile over the medium term, backed by the promoters'
extensive experience and established relations with customers and
suppliers in the steel industry. The outlook may be revised to
'Positive' if Mahadeva Steel strengthens its business risk profile
by bringing in greater diversity to its revenue profile while
maintaining its operating margins. Conversely, the outlook may be
revised to 'Negative' if Mahadeva Steel's financial risk profile
deteriorates considerably on account of large debt-funded capital
expenditure (capex).

Mahadeva Steel (formerly, Mahadeva Industries) was set up in 1994
as a partnership firm by Mr. Prem Kumar Gupta and his family. It
converted to a private limited company in 2002. Since inception,
the company has been manufacturing structural steel products, such
as angle bars, channel bars, round bars, and flat bars.  Its
manufacturing facilities in Hoogly (West Bengal) have the capacity
to produce 6000 tonnes per annum (tpa) of steel products. The
company has recently expanded its product portfolio to include
door and window profiles, with a capacity of 24,000 tpa. Mahadeva
Steel is expected to commence commercial production at its new
facility in November 2009.

Mahadeva Steel reported a profit after tax (PAT) of INR2.1 million
on net sales of INR191.5 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR145 million on
net sales of INR1.7 million for 2007-08.


NARAINGARH SUGAR: Delay in Loan Repayment Cues CRISIL 'C' Ratings
-----------------------------------------------------------------
CRISIL's ratings on Naraingarh Sugar Mills Ltd's bank facilities
continue to reflect Naraingarh's continuous delay in repayment of
installments on term loans of IDBI and Haryana State Industrial
Development Corporation (HSIDC).  The rating also reflects
Naraingarh's weak financial risk profile.  The impact of these
rating weaknesses is mitigated by the company's moderate capacity
utilization.

   Facilities                       Ratings
   ----------                       -------
   INR530.0 Million Cash Credit     C (Reaffirmed)
   INR76.5 Million Term Loan*       D (Reaffirmed)
   INR63.5 Million Term Loan**      C (Reaffirmed)
   *IDBI
   **Other than IDBI

Naraingarh is in the business of producing sugar and its by-
products, molasses and bagasse.  The company has sugarcane
crushing capacity of 4000 tonnes per day.  Naraingarh was
incorporated in 1991 by Mr. Baldev Singh Kang and his six friends.
Mr. Baldev Singh Kang, Managing Director, looks after the overall
operations of the company.  In 2008-09 (refers to financial year,
April 1 to March 31), Mr. Onkar Anand acquired 7.5 per cent stake
from the founder promoter and joined the company as Vice Chairman.
Currently Mr. Onkar Anand and his brother, Mr. Jitender Anand, are
actively involved in the day-to-day operations of the company. Mr.
Onkar Anand is also the founder director of Rahul Sales Ltd, which
is into import of commodities such as petroleum products,
petrochemicals, industrial chemicals, and agro products.

For 2008-09, Naraingarh reported a profit after tax (PAT) of INR55
million on net sales of INR821 million, against a PAT of INR21
million on net sales of INR556 million for 2007-08.


PCH RETAIL: CRISIL Upgrades Rating on INR950MM Term Loan to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its ratings on PCH Retail Ltd's bank
facilities to 'BB/Stable/P4+' from 'B/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR750 Million Cash Credit        BB/Stable (Upgraded from
                                                'B/Stable')
   INR950 Million Term Loan          BB/Stable (Upgraded from
                                                'B/Stable')
   INR60 Million Letter of Credit    P4+ (Upgraded from 'P4')

The upgrade reflects improvement in PCH's financial risk profile
following fresh equity infusion of INR475 million into the company
during 2008-09 (refers to financial year, April 1 to March 31) to
fund its capital expenditure (capex); CRISIL's previous rating was
based on its expectation that PCH will part fund the capex through
preference share capital. The upgrade also factors in the
improvement in the PCH's market position, and the increase in its
sales, during the year, following the expansion of its retail
business.

The ratings reflect PCH's weak financial profile marked by large
working capital requirements and debt-funded capex, and exposure
to severe competition in the retail electronics segment. The
impact of these weaknesses is mitigated by PCH's improving market
position in the organised retail industry, and its strong
financial flexibility.

Outlook: Stable

CRISIL expects PCH to post robust revenue growth and generate
adequate cash accruals over the medium term. The outlook could be
revised to 'Positive' if the company improves its market position,
or deploys more equity than is expected to fund its proposed
capex. Conversely, the outlook could be revised to 'Negative' in
case of pressure on PCH's operating margin, or if the company's
capex funding has a larger debt component than expected, resulting
in steep deterioration in its financial risk profile.

                         About  PCH Retail

PCH Retail Ltd was incorporated in 2007 by Mr. Balvinder Singh and
his wife, Mrs. Baljit Kaur.  The company was formed by merging
partnership firms PCH Associates, PCH Mobile Zone, and PCH Sales,
and a proprietorship firm PCH Business.  PCH retails consumer
durables and electronic goods; it is one of the largest players in
this segment in Andhra Pradesh.  As on September 30, 2009, PCH had
77 showrooms with a total retail space of around 230,000 square
feet.

For 2008-09, PCH reported a profit after tax (PAT) of INR84.5
million on net sales of INR4.3 billion, against a PAT of INR65.7
million on net sales of INR2.2 billion for the previous year.


PODDAR BUSINESS: Low Profitability Prompts ICRA 'LBB' Ratings
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 120 million cash credit
facility of Poddar Business Private Limited.

The rating takes into account the experience of PBPL's promoters
in trading of raw materials to the poultry feed industry, its
established and continuing relationships with its clients and
suppliers, and the economies of scale it enjoyed due to bulk
procurement of materials, which is shared with one of its group
companies also engaged in a similar business.  This allows PBPL to
enjoy some bargaining power against its suppliers.

The rating also takes into account PBPL's unfavorable financial
profile characterized by low profitability and high gearing,
leading to depressed levels of coverage indicators. The rating
factors in PBPL's high sales concentration risk with its top five
clients accounting for more than 50% of its turnover in 2008-09.
ICRA also notes the high level of competition amongst existing
players in the business, which puts a downward pressure on
profitability.  Almost the entire sales of PBPL is made to poultry
feed manufacturers, who are exposed to the industry risk of
disease outbreaks, which in turn makes PBPL vulnerable to such
risks.

                      About Poddar Business

Poddar Business Private Limited was incorporated in March 1996 by
Mr. Ajit Banka and Mr. Nikhil Mahipal under the name of M/s.
Alexandra Traders Pvt. Ltd. In 2002, Mr. P.L. Poddar took over the
reins and in 2004 the name of the company was changed to M/s.
Poddar Business Pvt. Ltd. The company trades primarily in soya
D.O.C. and maize. During 2008-09 the company recorded profit after
tax of Rs 2.07 million on net sales of Rs 969.56 million. During
the first quarter of 2009-10, the company posted a profit after
tax of INR 1 million on net sales of INR 402.9 million.


PRISHA FOODS: CRISIL Assigns 'BB' Ratings on  INR55 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Prisha Foods and Dairy Products Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR55.0 Million Term Loan           BB/Stable (Assigned)

The ratings reflect the Gayatri group's exposure to risks relating
to large, debt-funded capital expenditure, to uncertainties in
sourcing additional milk for its enhanced manufacturing capacity,
to unfavourable changes in regulatory policies, and to epidemic-
related factors.  These weaknesses are, however, partially offset
by benefits that the group derives from its promoters' experience
in the dairy industry, and improving operating efficiencies.

CRISIL has consolidated the business and financial risk profiles
of Prisha, and its group company, Gayatri Dairy Products Pvt Ltd
(Gayatri).  This is because Prisha and Gayatri, together referred
to as the Gayatri group, are in the same line of business, and
have strong business and operational linkages; the companies are
expected to support each other in the event of financial
exigencies.

Outlook: Stable

CRISIL believes that the Prisha will maintain a stable credit
profile, supported by the promoters' experience in the dairy
business, and a track record of efficient operations.  The outlook
may be revised to 'Positive' if the company stabilises new
capacities, while maintaining profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if ramping up
of sales, and profitability from proposed expansion is delayed,
leading to adverse impact on group's cash accruals and financial
risk profile.

                         About the Group

The Gayatri group consists of two companies, Gayatri and Prisha.
Incorporated in 1985, by Mr. Kanaiyalal R Patel, Gayatri
manufactures dairy products, and has a milk processing capacity of
around 140,000 litres per day (lpd).  The plant utilises cow milk
primarily for production of pasteurised milk, and value-added
products such as skimmed milk powder (SMP), ghee, butter, and
buttermilk. Gayatri reported a profit after tax (PAT) of INR5.7
million on net sales of INR401.5 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.8
million on net sales of INR348.5 million for 2007-08.

                        About Prisha Foods

Set up in 2008-09, Prisha manufactures SMP. The plant is expected
to be operational by November 2009, and to have a manufacturing
capacity of 10 tonnes per day.


S.S.D. OIL: Weak Liquidity Cues CRISIL to Cut Ratings to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of SSD
Oil Mills Company Ltd to 'BB-/Negative/P4' from 'BBB-/Stable/P3'.

   Facilities                             Ratings
   ----------                             -------
   INR103.30 Million Long Term Loan      BB-/Negative (Downgraded
                                              from 'BBB-/Stable')

   INR375 Million Cash Credit Limits *   BB-/Negative (Downgraded
                                              from 'BBB-/Stable')
   INR495 Million Letter of Credit       P4 (Downgraded from 'P3')
                          Limits

   INR10 Million Bank Guarantee Limits   P4 (Downgraded from 'P3')

   *INR20 Million interchangeable with Letter of Credit limit

The downgrade reflects delays in stabilization of the company's
newly set up cottonseed oil facility in Guntur (Andhra Pradesh),
resulting in stretched liquidity and moderate debt protection
measures.  The rating action also reflects CRISIL's expectation
that SSD's liquidity will remain constrained, as the company is
likely to see mismatches in cash flows until operational glitches
in its new facility are resolved.

The revised ratings reflect SSD's weak liquidity, moderate debt
protection measures, and exposure to intense competition and
volatility in foreign exchange rates and crude palm oil (CPO)
prices.  The impact of these weaknesses is mitigated by the
company's established position in the edible oil market, and the
benefits it derives from its promoters' experience in the edible
oil processing business.

Outlook: Negative

CRISIL expects SSD's credit risk profile to remain under pressure
over the medium term given the company's strained liquidity.  The
ratings may be downgraded if the company reports further delays in
streamlining operations at its cottonseed oil plant, or if
negotiations for re-scheduling the loan do not fructify, resulting
in delays in meeting debt repayments.  The ratings may also be
downgraded if the company undertakes an unexpected debt-funded
capital expenditure programme. Conversely, the outlook may be
revised to 'Stable' if SSD reports a sustained increase in
revenues or accruals, coupled with improvement in liquidity
through debt rescheduling, or if operations at its cottonseed oil
plant are stabilised sooner than expected.

                        About SSD Oil Mills

Set up in 1982 by Mr. D Ramamoorthy, SSD manufactures and sells
edible oil and vanaspati products under its Supreme brand, and
bakery shortening products under the Great Chef brand.  It has
crushing, refining, and solvent extraction capacities of 90,000,
135,000, and 37,500 tonnes per annum, respectively. SSD's new,
integrated facility for production of cottonseed oil, in Guntur,
commenced operations in November 2008.

SSD reported a provisional profit after tax (PAT) of INR0.89
million on net sales of INR2.87 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR9.2
million on net sales of INR2.96 billion for 2007-08.


SACHDEV FOOD: CRISIL Reaffirms 'BB' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sachdev Food Products
Pvt Ltd, part of the Sachdev group, continue to reflect the
group's small net worth, and exposure to risks related to adverse
changes in regulations and the partnership nature of business.
The impact of these weaknesses is mitigated by the expected
increase in the group's revenues given the group's increased
capacity and assured off-take by the Food Corporation of India.

   Facilities                      Ratings
   ----------                      -------
   INR20.5 Million Cash Credit     BB/Stable (Reaffirmed)
   INR34.2 Million Term Loan       BB/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SFPPL and Sachdev Food Products (SFP),
together referred to as the Sachdev group, as the two entities are
under a common ownership and management, and derive considerable
business synergies from each other.

Outlook: Stable

CRISIL expects the Sachdev group to maintain its business risk
profile on the back of its established market position and its
promoters' industry experience.  The outlook may be revised to
'Positive' if the group reports higher-than-expected revenue
growth on a sustained basis, or if there is fresh equity infusion
into the group entities, resulting in improvement in their
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if there is steep decline in the group's operating
margin, or if the promoters withdraw large funds from the
entities, leading to weakening in their financial risk profile.

                          About the Group

Set up in 1986 by Mr. Shamandas Sachdev, Mr. Goverdhan Das,
Mr. Ashok Kumar, Mr. Sushil Kumar, and Mr. Ajay Kumar, the Raipur-
based partnership firm SFP has a rice milling capacity of 16
tonnes per day (tpd). SFPPL was incorporated in 2003 and began
commercial operations in May 2008 with a rice milling capacity of
12 tpd. The company sells around 55 per cent of its rice produce
to FCI.

For 2008-09 (refers to financial year, April 1 to March 31), the
Sachdev group reported a net loss of INR88.1 million on net sales
of INR695.1 million, against a profit after tax of INR0.2 million
on net sales of INR283.5 million for 2007-08.


SACHDEV FOOD PRODUCTS: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sachdev Food Products,
part of the Sachdev group, continue to reflect the group's small
net worth, and exposure to risks related to adverse changes in
regulations and the partnership nature of business.  The impact of
these weaknesses is mitigated by the expected increase in the
group's revenues given the group's increased capacity and assured
off-take by the Food Corporation of India.

   Facilities                       Ratings
   ----------                       -------
   INR55 Million Cash Credit        BB/Stable (Reaffirmed)
   INR15 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SFP and Sachdev Food Products Pvt Ltd
(SFPPL), together referred to as the Sachdev group, as the two
entities are under a common ownership and management, and derive
considerable business synergies from each other.

Outlook: Stable

CRISIL expects the Sachdev group to maintain its business risk
profile on the back of its established market position and its
promoters' industry experience. The outlook may be revised to
'Positive' if the group reports higher-than-expected revenue
growth on a sustained basis, or if there is fresh equity infusion
into the group entities, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is steep decline in the group's operating margin, or if
the promoters withdraw large funds from the entities, leading to
weakening in their financial risk profile.

                          About the Group

Set up in 1986 by Mr. Shamandas Sachdev, Mr. Goverdhan Das,
Mr. Ashok Kumar, Mr. Sushil Kumar, and Mr. Ajay Kumar, the Raipur-
based partnership firm SFP has a rice milling capacity of 16
tonnes per day (tpd). SFPPL was incorporated in 2003 and began
commercial operations in May 2008 with a rice milling capacity of
12 tpd. The company sells around 55 per cent of its rice produce
to FCI.

For 2008-09 (refers to financial year, April 1 to March 31), the
Sachdev group reported a net loss of INR88.1 million on net sales
of INR695.1 million, against a profit after tax of INR0.2 million
on net sales of INR283.5 million for 2007-08.


SAHU AGENCIES: CRISIL Rates INR120 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' ratings to the INR120 million
cash credit facility of Sahu Agencies Pvt Ltd.  The ratings
reflect Sahu Agencies' weak financial risk profile marked by high
gearing and weak debt protection measures, and its limited
financial flexibility because of its small scale of operations and
geographic concentration.  The impact of these weaknesses is
mitigated by Sahu Agencies' dominant position in the consumer
electronic products market in Lucknow (Uttar Pradesh).

For arriving at its ratings, CRISIL has combined the financial
risk profiles of Sahu Agencies and Moonstar Merchandise Pvt Ltd
(Moonstar).  This is because the two companies have a high degree
of operational linkage, and also have a common set of promoters
and management.  Two companies are collectively referred as the
Sahu group.

Outlook: Stable

CRISIL expects the Sahu group to maintain its position in the
consumer electronic products market in Lucknow, backed by its
healthy relationships with its suppliers and strong distribution
network.  The group's financial risk profile is, however, expected
to remain constrained, marked by high gearing and weak debt
protection measures.  The outlook may be revised to 'Positive' if
the group maintains profitability and its capital structure
improves substantially with infusion of equity by promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in sales, or if the Sahu group contracts more-than-
expected debt, leading to further deterioration in its financial
risk profile.

                         About the Group

Set up in 1985 and promoted by Mr. Vijay Kumar Sahu and Mr. Neeraj
Kumar Sahu, Sahu Agencies is a distributor of consumer electronic
goods such as television, air conditioners, refrigerators, mobile
phones, washing machines, and computers. The company is also the
exclusive dealer for LG Electronics India Ltd and Sony India Pvt
Ltd in Lucknow. It also distributes products manufactured by
companies such as Hitachi, IFB, Godrej, and Tata Sky. It has seven
outlets in Lucknow, and a network of sub-dealers in and around
Lucknow.

Moonstar distributes LG mobile phones and products of Godrej and
Whirlpool to Sahu Agencies. Moonstar also has a photo color lab,
and trades in camera, film rolls, and albums.

The Sahu group reported a provisional profit after tax (PAT) of
INR3.4 million on net sales of INR736.3 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR2.1 million on net sales of INR748.5 million for 2007-08.


SHRADHA AGENCIES: CRISIL Reaffirms 'B+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's rating on the cash credit limits of Shradha Agencies Pvt
Ltd continues to reflect SAPL's weak financial risk profile, and
large debt-funded working capital requirements.  The impact of
these weaknesses is mitigated by the steady growth in SAPL's
revenues and profitability in the past few quarters backed by its
established relationships with fast moving consumer goods (FMCG)
companies.  The rating also factors in the company's wide
distribution reach in West Bengal and its promoters' industry
experience.

   Facilities                            Ratings
   ----------                            -------
   INR150 Million Cash Credit Limits     B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAPL will continue to benefit from the
industry experience of promoters and wide market reach. The
outlook may be revised to 'Positive' if SAPL's revenues increase
and profitability improves considerably, or if there is increase
in its net worth through fresh equity infusion. Conversely, the
outlook may be revised to 'Negative' if SAPL's profit margins are
lower than expected, or if its relationships with FMCG suppliers
get strained.

                      About Shradha Agencies

Shradha Agencies Pvt Ltd was incorporated in 1995; it took over
the business of a proprietorship firm set up by its promoters in
1974. The company is a distributor of many FMCGs. The company is
currently managed by Mr. Rajeev Arora and his son Mr. Ankit Arora.

For 2008-09 (refers to financial year, April 1 to March 31), SAPL
reported a profit after tax (PAT) of INR2.9 million on net sales
of INR1178 million, against a PAT of INR1.3 million on net sales
of INR755 million for 2007-08.


SHREECHEM PHARMACEUTICALS: CRISIL Puts Junk Ratings on Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Shreechem Pharmaceuticals Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR22.50 Million Cash Credit             D (Assigned)
   INR50.00 Million Export Packing Credit   P5 (Assigned))
   INR12.40 Million Long-Term Loans         D (Assigned)
   INR25.00 Million Letter of Credit        P5 (Assigned)
   INR2.00 Million Bank Guarantee           P5 (Assigned)
   INR17.50 Million Proposed Long-Term      D (Assigned)
                       Bank Facilities
   INR23.00 Million Proposed Short-Term     P5 (Assigned)
                       Bank Facilities

The ratings reflect delays in repayment of term loan instalments
and interest, and over-utilisation of working capital limits, by
Shreechem, and occasional devolvement on its letters of credit.
The delays have been caused by Shreechem's weak liquidity.

                  About Shreechem Pharmaceuticals

Incorporated in 1997 by Mr. Bharat Mehta, Shreechem manufactures
and exports (mainly to Africa) formulations in the anti-biotic,
anti-inflammatory, analgesics and anti-diabetics segments.
Shreechem is also engaged in trading of active pharmaceutical
ingredients (APIs) and contract manufacturing. The company's
manufacturing unit at Rabale has the World Health Organisation -
Good Manufacturing Practice approval.

For 2008-09 (refers to financial year, April 1 to March 31),
Shreechem reported a profit after tax (PAT) of INR2.8 million on
operating income of INR334.5 million, against a PAT of INR2.6
million on operating income of INR464.5 million for 2007-08 .


SUJA SHOEI: CRISIL Assigns 'BB+' Rating on INR68.10MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Suja Shoei Industries Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR68.10 Million Long Term Loan         BB+/Stable (Assigned)
   INR10.00 Million Cash Credit            BB+/Stable (Assigned)
   INR1.50 Million Standby Line of Credit  P4+ (Assigned)
   INR10.00 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Suja Shoei's limited revenue diversity, small
scale of operations, and exposure to intense competition in the
automobile rubber components industry.  The impact of these
weaknesses is mitigated by the company's experienced management
team, moderate operating efficiencies, and average financial risk
profile.

Outlook: Stable

CRISIL believes that Suja Shoei will maintain its stable credit
risk profile on the back of its established position in the rubber
components industry. The outlook may be revised to 'Positive' if
the company scales up its operations, while diversifying its
revenue base and improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Suja Shoei undertakes
a large, debt-funded capital expenditure programme, or faces
delays in receipts from customers, affecting its working capital
management.

                         About Suja Shoei

Set up in 1975, the Tamil Nadu-based Suja Shoei is a Tier-II
manufacturer of rubber components catering primarily to the
automobile industry.  The company entered into a technical
collaboration with Shoei Corporation (Japan) in October 2007 for a
period of 10 years.  Shoei Corporation provides technical know-how
for the products supplied by Suja Shoei to it; these products
contribute around 14 per cent of Suja Shoei's total revenues.

Suja Shoei is estimated to have posted a profit after tax (PAT) of
INR8 million on net sales of INR299 million for 2008-09 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR8 million on net sales of INR268 million for 2007-08.


SUZLON ENERGY: To Hold Debt Talks Due to Liquidity Crunch
---------------------------------------------------------
The Financial Times reports that Suzlon Energy Ltd. is taking
steps to build up its cash position and is weighing up whether to
divest more assets to repair its balance sheet as it weathers the
effects of the global financial crisis.

The FT relates Tulsi Tanti, founder and chief executive officer of
Suzlon Energy, said he would renegotiate loans with Indian banks
as the company, which was one of the most ambitious Indian
acquirers of recent years, ran out of liquidity to support green
technology projects.

According to the FT, the company has recently found itself in a
tight cash position after a tough year for the industry and
pressure to refinance the recent US$1.7 billion acquisition of
German rival Repower Systems.

"The system doesn't have cash to finance the projects," Mr. Tanti
told the Financial Times at the World Economic Forum meeting in
New Delhi.  "We have downsized the business and are focusing more
on how to bring cash into the system."

The FT states that Suzlon aims to reduce its debt level by the end
of the fiscal year. "Our total working capital cash is nearly 40%
and we are bringing it down to the 25 to 30% level by this
financial year," Mr. Tanti told the FT.

Suzlon Energy posted net losses of INR3.56 billion (US$76 million)
over the three months ending September 30, with sales falling 31%
to INR47.9 billion.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd --
http://www.suzlon.com/-- is an integrated wind power company.
Its operations include to manufacturing, designing, developing and
selling of wind turbine generators (WTGs) and gear box.  Its other
operations include sale/sub-lease of land, infrastructure
development income and power generation income.  The Company's
main manufacturing plants at Daman, Pondicherry, Bhuj, Chhadvel
(Dhule) and Vadodara.  Its subsidiaries include AE-Rotor Holding
B.V., AE-Rotor Techniek B.V., Cannon Ball Wind Energy Park- 1,
LLC, Eve Holding NV, Hansen Drives Limited, Hansen Transmissions
Inc., Hansen Transmissions International NV, Hansen Transmissions
Limited , Hansen Transmissions Pty. Limited,Hansen Transmissions
South Africa Pty. Limited and Hansen Transmissions Tianjin
Industrial Gearbox Co Limited.  The Company operates in India,
Europe, United States and China.  On October 9, 2007, the
Company's wholly owned subsidiary Hansen Transmissions
International N.V. acquired Lommelpark N.V., Belgium.


TEESTA RANGIT: CARE Rates INR40cr LT Bank Facilities at 'CARE BB-'
------------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the long term bank
facilities of Teesta Rangit Pvt. Ltd.  'Double B minus' rating is
applicable for facilities having tenure of more than one year.
Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk. CARE assigns '+' or '-' sign to
be shown after the assigned rating (wherever necessary) to
indicate the relative position within the band covered by the
rating symbol.

                                  Amount
   Facilities                   (INR crore)         Ratings
   ----------                   ----------          -------
   Long-term Bank Facilities        40.0           'CARE BB-'

Rating Rationale

The rating factors in short track record of the company, small
scale of operation, risks associated with implementation &
stabilization of large expansion project, single property
concentration risk, declining occupancy rate for the last three
years, low profitability, relatively inadequate infrastructure in
Sikkim vis-ŕ-vis other tourist destinations, tourism of Sikkim
getting affected by recent strikes in Darjeeling hills &
current downturn in tourism sector and seasonal nature of the
hotel industry.  The rating also takes cognizance of the company's
operational & management tie up with Sarovar Hotels & Resorts –
fourth largest chain of hotels & resorts in India, steady
growth in average room rates and comfortable gearing ratios.
Successful implementation of the large expansion project, ability
to improve Revenue Per Available Room (RevPar), permanent
resolution of the turmoil in Darjeeling hills and ability to
improve profitability will remain the key rating sensitivities.

                        About Teesta Rangit

Teesta Rangit Pvt. Ltd. was incorporated in 1991 to set up a hotel
in Gangtok, Sikkim.  In January 2005, it commissioned "The Royal
Plaza" luxury hotel in Gangtok and commenced operation with 30
guest rooms along with ancillary facilities like restaurant, bar
and conference hall.  Subsequently, in April 2008, another 15
rooms were added.  The hotel is located at the heart of Gangtok
and has an aesthetic ambience.  The company entered into technical
and management collaboration with Sarovar Hotels and Resorts,
fourth largest chain of hotels & resorts in India, to use the
trademark license of the 'Royal Plaza' brand for management,
marketing and operation of the hotel.

TRPL has embarked on an expansion plan to expand the capacity and
ancillary facilities at its hotel, at an aggregate cost of
INR61.91 crore, being financed at a debt-equity ratio of 1.83:1.
The projects are likely to be completed by April 2010, in phases,
and some portion has already been made operational. Financial
closure has been achieved.  Post expansion, the hotel is expected
to receive a '4' star accreditation.

In FY08, TRPL earned PBILDT of INR1.8 crore and PAT of INR0.7
crore on net sales of INR4.1 crore.  Net sales increased at a CAGR
of 33.5% during the period FY06-FY08 on account of improving
Average Room Rent (ARR) of the hotel and increasing revenue
from F&B, despite lower occupancy rate (triggered by strikes in
Darjeeling by Gorka Janmukti Morcha).  PBILDT increased at a
higher rate over the period owing to better operational
efficiency. Consequently, PBILDT margin improved.  Continuous
improvement in PBILDT coupled with stagnant capital charge led to
an improvement in PAT level & margin.

As per the provisional results for FY09, net sales & PBILDT
improved over FY08 due to upward revision in room tariffs of the
hotel and increasing revenue from F&B.  Both the leverage ratios
witnessed a marginal deterioration as on March 31, 2009 due to
availment of term debt for the ongoing expansion project.


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


CENTRAL PROTEINAPRIMA: Fitch Says Q309 Results Show Weak Liquidity
------------------------------------------------------------------
Fitch Ratings has commented that PT Central Proteinaprima Tbk's
('CCC'/Rating Watch Negative) Q309 results demonstrated a
weakening liquidity position with cash balance falling to IDR189
billion (US$19.5 millio) at end September-2009 from IDR318 billion
at end-June 2009.

CPP also reported an EBITDA of negative IDR7.9 billion in Q309, as
compared with IDR27.8 billion in Q209 and IDR255.1 billion in
Q109.  Fitch believes that the EBITDA loss was a result of the
continued virus contamination of its ponds, which leads to weak
shrimp production.  The subsequent poor performance poses a
challenge to the company when it renews its working capital
facilities since its interest coverage, as measured by
EBITDA/gross interest expense, deteriorated to 0.8x in 9M09.  Some
of its banks have agreed to renew its maturing working capital
facilities in Q309 by up to one year.  However, a total US$40.3
million equivalent in outstanding working capital loans had not
been renewed by PT Bank Negara Indonesia Tbk at the time of CPP's
results announcement, although the loans matured in September
2009.  In Fitch's view, the company's ability to renew these
facilities will be critical to its liquidity position.

In addition, the company's restricted cash balance in the interest
reserve account for the payment of coupons on its US$325m notes
was only US$1.6 million, which is well below the notes' minimum
requirement of at least one semi-annual interest payment at any
time.  The next coupon payment of US$17.9 millio is due on
December 28, 2009.  Fitch, however, notes that the underfunded
reserve account does not constitute an event of default.

Fitch will continue to monitor the situation, focusing in
particular on CPP's working capital line renewals and the
situation with regards to the virus contamination.  Further
negative rating action may be taken if CPP's maturing working
capital lines are not renewed and/or the virus contamination does
not show signs of improvement in Q409.

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in Thailand,
CPP is one of the world's largest shrimp producers and processors.
The Jiaravanon family, which is the controlling shareholder of
CPG, has a majority beneficial interest in the company.  In the
nine months ending September 2009, CPP booked revenue of IDR5,182
billion and EBITDA of IDR275 billion.


GARUDA INDONESIA: Prepares for an IPO in First Half of 2010
-----------------------------------------------------------
Antara News reports that PT Garuda Indonesia is planning an
Initial Public Offering on 40% of its equity in the first half of
2010.

"(Garuda Indonesia) is now in the process of preparing to make an
IPO, including the appointment of an underwriter," the news agency
quoted Garuda President Director Emirsyah Satar as saying.

Antara relates Mr. Satar said that the IPO was part of a series of
the company's corporate restructuring efforts made to increase its
performance.   The IPO was expected to yield a fund of US$300
million, he said.

The planned IPO is part of a debt restructuring agreement between
the company and its creditor Bank Mandiri to settle a previously
unpaid debt of about US$100 million, The Jakarta Post says.

Meanwhile, The Jakarta Post reports that Garuda Indonesia will
spend US$100 million next year as part of its five-year expansion
plan, which aims to increase the national flag carrier's fleet
from 67 to 116 aircraft by 2014, to serve 27 million passengers.

The Post says Garuda finance director Eddy Purwanto told reporters
that "We plan to spend $100 million in capital expenditure in 2010
to buy more planes as well as to fulfill Garuda's other
operational expenditure."

Mr. Purwanto said Garuda still requires yet more capital to
improve its infrastructure to provide its passengers with wider
and better services, the Post relates.

As reported in the Troubled Company Reporter-Asia Pacific on
September 1, 2009, The Jakarta Globe said Bank Mandiri will take
an 11% stake in PT Garuda Indonesia under a debt-to-equity
conversion agreed to by all parties involved, including the
central bank.  Bank Mandiri will convert US$100 million of the
state-owned carrier's bond debt into equity.  The deal could be
concluded before Garuda's planned initial public offering,
scheduled for the middle of next year.

A TCR-AP report on Aug. 13, 2009, said Garuda Indonesia expects to
raise as much as US$400 million from its much-awaited Initial
Public Offering in June, next year.  The expected launch, however,
is based on a positive outlook of the market condition, vis-a-vis
investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of last December
reached US$670 million — US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


JAPAN AIRLINES: TPG Hooks Up with American on Possible Investment
-----------------------------------------------------------------
The Wall Street Journal's Mariko Sanchanta and Alison Tudor, and
Dow Jones Newswires' Doug Cameron report that private-equity firm
TPG is working with American Airlines parent AMR Corp. on a
possible investment in Japan Airlines Corp., a person familiar
with the situation said.  TPG is ready to be "part of a solution
for JAL" but is waiting for positive signals from the Japanese
government and JAL before proceeding further, the person said.

According to the report, a TPG spokesman said it was unclear
whether TPG would participate in a joint minority investment with
AMR.  A Delta spokeswoman declined to comment, the report notes.

The report says TPG's participation could strengthen AMR's effort
to secure a more robust alliance with JAL.  While an equity
investment remains a possibility for Delta, it is focusing more
attention on luring JAL with the potential benefits of joining
Delta's SkyTeam alliance, people familiar with the U.S. carrier's
proposal said.  According to the report, Delta is offering to
cover JAL's transition costs and indemnify the carrier for any
revenue lost from switching from JAL's current oneworld alliance,
these people said.  One of the people estimated the transition
costs at $15 million to $20 million, according to the report.

The report says an investment in JAL would be a breakthrough for
TPG in Japan.  The U.S. buyout firm has tried to invest in well-
known Japanese brands, but hasn't clinched a big deal for years.
It competed for a stake in JAL's credit-card unit and the
electronics unit of Matsushita Electric Industrial Co. in 2007,
but both went to domestic buyers, the report says.

"Private-equity firms have long struggled to sign deals in Japan,
mostly because Japanese managers fear the stigma of selling assets
to foreign buyers," the report says.

The report also notes that TPG has a strong track record investing
in airlines world-wide, including Continental Airlines Inc.,
Ryanair Holdings PLC and the former America West Airlines.  But
its latest foray, the joint purchase with Northwest Airlines Corp.
of Midwest Air Group Inc., ended badly.  Republic Airways Holdings
Inc. recently purchased Midwest for a small fraction of what TPG
and Northwest paid last year, the report adds.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                       About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


SIGNUM VANGUARD: S&P Downgrades Rating on 2006-07 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
rating on the secured fixed rate credit-linked notes, issued under
the Signum Vanguard Ltd. Series 2006-07 transaction.  This is an
arbitrage synthetic CDO transaction referencing 100 global names,
and it has a total issuance amount of JPY500 million.  S&P lowered
its rating on the aforementioned notes to 'D' because the amount
of accumulated loss for the transaction has exceeded its loss
threshold amount.

                          Rating Lowered

                       Signum Vanguard Ltd.

      Series 2006-07 secured fixed rate credit-linked notes

                     To   From   Issue Amount
                     --   ----   ------------
                     D    CC     JPY500.0 mil.


TR PREFERRED: JCR Upgrades Rating on Pref. Securities to 'BBB-'
---------------------------------------------------------------
Japan Credit Rating Agency Ltd. has upgraded the rating on Tobu
Railway Co. Ltd.'s senior debts from BBB to BBB+. The rating
outlook is Stable.  Similarly, JCR has upgraded the rating on the
preferred securities of TR Preferred Capital Limited from BB+ to
BBB-.

TR Preferred Capital Limited

                       Amount  Issue   Maturity Dividend
  Issue                (Bln)   Date    Date     Rate       Rating
  -----                ------  -----   -------  ---------  ------
  JPY80BB Exchangeable JPY80   10/14/08 none    see below   BB+
  Perpetual Preferred
  Securities

Dividend Rate: Yen 6M Libor + 1.4% till January 19, 2014
Yen 6M Libor + 2.4% on and after January 20, 2014

Tobu Railway Co., Ltd's Narihirabashi Oshiage redevelopment
project (hereinafter "Project") is underway.  Several facilities
there are scheduled to open in March 2012.  Although the Project
is regarded as the Group's major project from the viewpoint of its
investment size and an increase in its brand value, there was
concern over a deterioration in the balance between its cash flow
and financial structure during the construction period.  However
there is a growing likelihood that its financial burden during the
construction period will decrease more than expected because of
these reasons:

   -- Its interest bearing liabilities have decreased as
      a result of a reduction in capital investments and
      efficiency improvements in management; and

   -- "Shimo-Itabashi Medical Trapolis" project, which was
      expected to proceed at the same time as the Project,
      is forecast to be launched after the completion of
      the Project.

As a result, it becomes likely that the Company can equalize its
financial burden.  Furthermore, JCR's concern over the Company's
business risks after the start of the operation is expected to be
reduced, as the area around Tokyo Sky Tree was clearly zoned into
areas of commercial facilities and facilities for renting office
space.  JCR's upgrade of the ratings reflects those factors.  JCR
will continue to watch the status of the Project, acquisitions of
tenants for the facilities around Tokyo Sky Tree, and the Group's
benefit from synergies from combining their activities in the
Project.


* JAPAN: Corporate Bankruptcies Down 11.7% in October
-----------------------------------------------------
Japan Today reports that a credit-research agency said on Tuesday
the number of corporate bankruptcies in Japan in October fell
11.7% from a year earlier to 1,261 due to the government's loan
guarantee system and the front-loaded implementation of public
works projects.

Tokyo Shoko Research said the number, which covers failures with
JPY10 million or more in debts, represented the third straight
year-on-year fall, Japan Today relates.

According to the report, the agency said the debts left by the
failed firms fell 71.1% to JPY290.34 billion, because the number
of large-scale failures entailing debts of JPY10 billion or more
was limited to two in the month, down from 12 posted a year
earlier.


===============
M A L A Y S I A
===============


RANHILL BERHAD: Sets 13th Annual General Meeting on December 3
--------------------------------------------------------------
Ranhill Berhad will hold its thirteenth annual general meeting on
December 3, 2009, at 10:00 a.m. at the Grand Prince Ballroom,
Level 3, Prince Hotel & Residence Kuala Lumpur, in Jalan Conlay,
Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended June 30, 2009, and the Reports of the Directors
      and Auditors thereon;

   -- sanction the declaration and payment of a first and final
      gross dividend of 1.0 sen per share, less income tax at
      25% for the financial year ended June 30, 2009;

   -- re-appoint Tan Sri Dato’ Sri (Dr) Sallehuddin Mohamed as
      a Director, who is retiring pursuant to Section 129(6)
      of the Companies Act, 1965;

   -- re-appoint Datuk Razman Md Hashim Che Din Md Hashim as a
      Director, who is retiring pursuant to Section 129(6) of
      the Companies Act, 1965;

   -- re-elect Datuk Ramli Ibrahim as a Director, who is
      retiring pursuant to Article 100 of the Company’s Articles
      of Association;

   -- re-elect Encik Amran Awaluddin as a Director, who is
      retiring pursuant to Article 100 of the Company’s Articles
      of Association;

   -- re-elect Dato’ Seri Abdul Azim Mohd Zabidi as a Director,
      who is retiring pursuant to Article 83 of the Company’s
      Articles of Association.

   -- re-appoint Messrs PricewaterhouseCoopers as Auditors of
      the Company and to authorise the Board of Directors to
      fix their remuneration;

   -- authorize the Directors to Allot and Issue Shares Pursuant
      to Section 132D of the Companies Act, 1965;

   -- authorize the Renewal of Share Buy-Back Mandate;

   -- authorize the Renewal of Existing Shareholders’ Mandate
      for Recurrent Related Party Transactions of a Revenue or
      Trading Nature;

   -- obtain a new Shareholders’ Mandate for Additional Recurrent
      Related Party Transactions of a Revenue or Trading Nature;
      and

   -- transact any other business of which due notice has been
      given.

                   About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.


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


CEDENCO FOODS: SK Foods Takes Legal Action Against ANZ
------------------------------------------------------
The New Zealand Herald reports that the major shareholder of
Cedenco Foods is seeking legal advice in response to the decision
by ANZ National Bank to appoint a receiver to its operations.

According to the report, the directors of SK Foods International
argue the appointment of a receiver was "without justification"
and that ANZ breached the terms of an agreement it had with
Cedenco.

The directors said SK Foods has invested heavily in New Zealand
and employed many New Zealanders, and believe this kind of action
serves only to discourage foreign investment in New Zealand, the
Herald relates.

SK Foods has appointed Auckland law firm Kensington Swan to act on
their behalf.

The Troubled Company Reporter-Asia Pacific reported on Nov. 10,
2009, that ANZ Banking Group placed Cedenco Foods Australia in
receivership.  Craig Shepard and Mark Korda of KordaMentha have
been appointed receivers and managers of Cedenco Australia and its
related trading entities.

The move came after ANZ Banking Group NZ subsidiary, ANZ National
Bank, called in receivers into Cedenco Foods.

The receivers said Cedenco's processing facility in Echuca, on the
Murray River in Victoria, will continue to trade as usual and
would be offered for sale as a going concern.

ANZ Banking Group, had also appointed receivers into SK Foods
Australia Pty, Cedenco JV Australia Pty, and SS Farms Australia
Pty in Northern Victoria, Australia.

Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.


CEDENCO FOODS: Receivership Unrelated to FBI Probe Into US Owners
-----------------------------------------------------------------
The Overseas Investment Office was warned last year a company
linked to the owners of Cedenco Foods was being investigated by
the FBI, according to NZPA.  OIO, however, says so far nobody
linked to Cedenco has been implicated in any corruption, NZPA
reports.

NZPA notes Campaign Against Foreign Control of Aotearoa spokesman
Murray Horton said it issued a warning in August 2008 about SK
Foods -- a company then owned by the US-based Sayler Family Trust,
which owns Cedenco.

Scott Sayler was listed as chief executive of SK Foods before it
was sold out of bankruptcy in June and was also a director of
Cedenco before resigning on November 2, the report discloses.

According to NZPA, American prosecutors have said they have taped
phone conversations showing Mr. Sayler and other executives
engaged in and encouraged unlawful behavior, including bribery,
inflating food prices and selling stock which was older, moldier
or more diluted than certified.

NZPA relates OIO manager Annelies McClure said the issues raised
by CAFCA were investigated, but at the time only low level
employees had been exposed and charged by the FBI -- although
those accused said they were following the instructions of senior
staff.

Ms. McClure told NZPA that for the OIO to act would most likely
require the conviction of someone directly involved in Cedenco.

"The implication is there that senior executives, and perhaps even
the persons controlling Cedenco Foods are involved," NZPA quoted
Ms. McClure as saying.  "[But] without something more concrete we
are just speculating and we can't take it any further," she said.

The Troubled Company Reporter-Asia Pacific reported on Nov. 10,
2009, that ANZ Banking Group placed Cedenco Foods Australia in
receivership.  Craig Shepard and Mark Korda of KordaMentha have
been appointed receivers and managers of Cedenco Australia and its
related trading entities.

The move came after ANZ Banking Group NZ subsidiary, ANZ National
Bank, called in receivers into Cedenco Foods.

The receivers said Cedenco's processing facility in Echuca, on the
Murray River in Victoria, will continue to trade as usual and
would be offered for sale as a going concern.

ANZ Banking Group, had also appointed receivers into SK Foods
Australia Pty, Cedenco JV Australia Pty, and SS Farms Australia
Pty in Northern Victoria, Australia.

Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.


HANOVER FINANCE: Unlikely to Fully Repay Investors Under a DRP
--------------------------------------------------------------
Hanover Finance is no longer likely to fully repay investors under
a debt restructuring plan due to a deterioration in the commercial
property development market, according to The New Zealand Herald.

The Herald relates that Hanover directors on Wednesday estimated
the return to secured depositors is likely to be about 70 cents in
the dollar for Hanover Finance investors while investors in
subsidiary United Finance can expect estimated returns of around
90c.

"At this stage, we are unable to forecast any repayment for
subordinated note and bond holders," the report quoted chairman
David Henry as saying.  This will depend on whether further loan
provisioning was required, he said.

The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008,
reported that Hanover Finance's investors 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.

The Herald notes a PricewaterhouseCoopers report said the
repayment plan was optimistic but was a better option than putting
the company into receivership.  Secured investors have already
been paid 6c under the repayment plan, Mr. Henry said.

                            About HFL

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.


KINGSTON ACQUISITIONS: In Receivership; Seeks Buyers for Train
--------------------------------------------------------------
Kingston Acquisitions Ltd, the company behind the Kingston Flyer
steam train, was placed into receivership by financier Prudential
Mortgage Nominees on November 6, owing at least NZ$4.7 million,
The Southland Times reports.

Receiver Lindsay McClean, of Malloch McClean Queenstown, told the
Southland Times that the company has defaulted on its payments.

The company's assets, which include 80ha of development land,
would be sold in an international tender organized by Bayleys
Queenstown, the report says.

The report notes Mr. McClean said it was too early to say whether
creditors and investors of the company would get any money.

The Kingston Flyer stopped operating since August 2009.

According to the report, Kingston Community Association chairman
Peter Gibson said he hopes a buyer will be found for the train, or
the community will look at setting up a trust to buy the train
themselves.

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.


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


APPLIED MATERIALS: To Slash Up to 12% of Jobs Within 18 Mos.
------------------------------------------------------------
Applied Materials, Inc., said it expects to be taking these
actions in fiscal 2010 to strengthen its leadership in its global
markets and deliver higher operating efficiencies:

    * Embedding its sales force into its business groups to
      increase visibility into customer and market opportunities.

    * Consolidating its manufacturing and supply chain closer to
      more of its customers and suppliers.

    * Implementing various cost reduction initiatives and a
      restructuring plan expected to achieve total annualized cost
      savings of approximately US$450 million when completed.

Under the restructuring plan, Applied Materials expects to reduce
its global workforce by roughly 1,300 to 1,500 positions, or 10%
to 12%, over a period of 18 months.  The company anticipates the
pre-tax cost of the plan to be between US$100 million and US$125
million, most of which is expected to be recognized in the first
quarter of fiscal 2010.

"Our semiconductor business is in the early phase of a recovery,"
said Chief Executive Michael Splinter during a conference call
Wednesday, according to The Wall Street Journal.

The anticipated savings of US$450 million are in addition to the
structural cost reductions of US$460 million achieved in fiscal
2009.

Applied Materials on Wednesday reported fiscal 2009 fourth quarter
net sales of US$1.53 billion and GAAP net income of US$138 million
or US$0.10 per share.  For its fiscal year ended Oct. 25, 2009,
the company reported net sales of US$5.01 billion and a GAAP net
loss of US$305 million or US$0.23 per share.

The company also reported non-GAAP results, with fourth quarter
net income of US$177 million or US$0.13 per share and fiscal year
net income of US$37 million or US$0.03 per share.

"Applied delivered a solid fourth quarter led by increased net
sales and profitability in our semiconductor equipment business,
with improved demand and financial performance in all of our
segments," said Mike Splinter, chairman and CEO. "For the year, we
invested in growth across all of our businesses, introducing new
products and expanding into new markets while reducing our cost
structure."

"Since 2006, Applied has successfully extended our
nanomanufacturing leadership from semiconductor and display to the
solar industry, and during that time we have seen changes in
customer and geographic concentration in all of these markets,"
Mr. Splinter added. "We are adapting our operating structure to
align with these changes and enhance the value we provide to our
customers and stockholders."

                      About Applied Materials

Applied Materials, Inc. (Nasdaq:AMAT) --
http://www.appliedmaterials.com/-- is the global leader in
Nanomanufacturing Technology(TM) solutions with a broad portfolio
of innovative equipment, services and software products for the
fabrication of semiconductor chips, flat panel displays, solar
photovoltaic cells, flexible electronics and energy-efficient
glass.

Applied Materials employs approximately 12,600 people throughout
Canada, China; Europe and Israel; India; Malaysia and Singapore;
Japan; Korea; Taiwan; and the United States.


                         *********

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 C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

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

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





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