TCRAP_Public/101104.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 4, 2010, Vol. 13, No. 218

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Administrators Blame Massive Expansion for Collapse
ALLIED BRANDS: Madlener to Buy Back Villa & Hut Chain
GLEN GRANT: Goes Into Receivership; 95 Jobs at Risk


C H I N A

CHINA POWER: Fitch Affirms Issuer Default Ratings at 'BB'
DATANG INTERNATIONAL: Fitch Cuts Issuer Default Rating to 'BB'
HUANENG POWER: Fitch Affirms Issuer Default Ratings at 'BB+'
HUADIAN POWER: Fitch Affirms Issuer Default Rating at 'BB'


H O N G  K O N G

AIG CONSUMER: Members' Final Meeting Set for November 30
BRAVE LIMITED: Creditors' Proofs of Debt Due November 29
CALIGO COMPANY: Creditors' Proofs of Debt Due November 16
CREATE WORLD: Members' Final Meeting Set for November 30
CYPRESS LANE: Ex-Goldman Trader to Shut Down Hedge Fund

GE CAPITAL: Creditors' Proofs of Debt Due November 29
HERMES INDUSTRIAL: Commences Wind-Up Proceedings
HING LUNG: Members' Final Meeting Set for December 1
MAHR CHINA: Members' Final General Meeting Set for December 3
ON FOOK: Creditors' Proofs of Debt Due November 16

ON FOOK INVESTMENT: Final Meetings Set for November 30
POVIA LIMITED: Creditors' Proofs of Debt Due November 29
RADHE SHIPPING: Creditors' Proofs of Debt Due November 30
SKYNET LIMITED: Annual Meetings Set for November 12
TA THERAPEUTICS: Members' Final Meeting Set for November 30

YUEGANG INVESTMENT: Members' Final Meeting Set for November 30


I N D I A

ACCUTEST RESEARCH: ICRA Places 'LB' Rating on INR19.73cr Term Loan
APPLE COMMODITIES: ICRA Assigns 'LBB+' Rating to INR70cr Bank Debt
ARUNA ALLOY: Fitch Assigns 'BB-' National Long-Term Rating
GOEL JEWELLERY: ICRA Reaffirms 'LBB+' Rating on INR11cr Bank Debts
GTN INDUSTRIES: ICRA Reaffirms 'LB-' Rating on INR98.2cr Term Loan

MARMAGOA STEEL: ICRA Puts 'LBB-' Rating on INR8cr Fund Based Debt
MARUTI PAPERS: ICRA Assigns 'LBB+' Rating to INR17.65cr Term Loan
MONARCH APPARELS: ICRA Puts 'LBB-' Rating on INR0.67cr Term Loan
ORIPOL INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Cash Limit
PERFECT KNITTERS: ICRA Assigns 'LC' Rating to INR2.5cr Term Loan

SEAGULL COOLING: ICRA Assigns 'LBB' Rating to INR2.24cr Bank Debt


J A P A N

J-CORE FL1: Moody's Reviews Ratings on Two Classes of Notes


K O R E A

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


M A L A Y S I A

HOVID BERHAD: Classified as Practice Note 17 Company
KENMARK INDUSTRIAL: Court Enters Wind Up Order on Subsidiary
SELOGA HOLDINGS: Two Shareholders Seek to Remove Director


N E W  Z E A L A N D

SENSATION YACHTS: Courts Allows HSBC to Remove Chattels
SOUTH CANTERBURY: Back in Business as Lender to Aid Sale




                         - - - - -


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


ALLIED BRANDS: Administrators Blame Massive Expansion for Collapse
------------------------------------------------------------------
The Sydney Morning Herald reports that the administrators of
Allied Brands have blamed its expansive growth plans and an
uncertain economic environment for the company's collapse last
week.

SMH relates the Allied Brands administrators, Peter Biazos and
Peter Dinoris of Vincents Chartered Accountants, said Tuesday the
business "struggled in an uncertain economic environment which
combined with continued expansion of the group led to cash-flow
constraints."

According to SMH, the administrators said attempts to obtain
additional funding from third parties collapsed when Baskin
Robbins terminated its master franchise agreement with Allied
Brands late last month.  This meant "the company was no longer
able to trade as a going concern."

But signs of trouble had appeared much earlier, SMH notes.
According to SMH, the chief executive, Shane Radbone, stepped down
in June before a series of profit downgrades that were followed by
the announcement of a AU$35.2 million loss for the year to
June 30.  The loss included asset write-downs and bad debts of
more than AU$8.5 million associated with discontinued business
operations as the company slashed expansion plans.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, SmartCompany said Allied Brands Ltd. was placed in
voluntary administration on October 27, 2010.  Peter Dinoris and
Peter Biazos of Vincents Chartered Accountants have been appointed
as joint administrators, although chief executive Sean Corbin said
not all of the company's subsidiaries have been placed in
administration at this stage.  Allied Brands, which saw its Cookie
Man chain placed in liquidation in September and then last month
lost the Australian franchise rights to the Baskin-Robbins brand,
has only a few remaining brands: Villa & Hut, which founder Franz
Madlener is trying to buy back; Kenny's Cardiology, which is also
close to being sold; and Awesome Water, which is still operating.

Allied's major lender, Westpac, also last month appointed
receivers and managers from McGrath Nicol to two Allied Brands
subsidiaries -- Allied Brands Service and Allied Brands Finance.

SHM notes that the administrators said they were not in a position
to comment on the company's asset and liability position, but more
information is expected at the first creditors' meeting, to be
held on November 8, 2010, at the Brisbane office of Vincents
Chartered Accountants.

                         About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


ALLIED BRANDS: Madlener to Buy Back Villa & Hut Chain
-----------------------------------------------------
SmartCompany reports that Villa & Hut founder Franz Madlener said
he will continue with attempts to extract the chain out of Allied
Brands and will begin discussions with the company's
administrators.

SmartCompany relates that Mr. Madlener has been trying to buy the
business back since late June, but was unable to secure a deal
before Allied Brands collapsed into administration last week.

According to SmartCompany, Mr. Madlener said he will now launch
discussions with the administrators with a view to doing a deal to
take back control of Villa & Hut and revitalizing the chain.

"After selling to Allied Brands in June last year, I did so in the
absolute belief if was the best way to grow Villa & Hut and meet
the demand for the brand," SmartCompany quoted Mr. Madlener as
saying.  "I am bitterly disappointed Allied Brands wasn't able to
meet the potential and have taken things backwards.  All I can
focus on now is getting the deal done for franchisees and
stakeholders."

                    List of Creditors Released

Meanwhile, SmartCompany reports that administrator Peter Dinoris,
of Vincents Chartered Accountants, released to the ASX details of
the company's first creditors meeting and a list of creditors that
have been identified.

SmartCompany notes that while the amount owed to secured creditors
is not specified -- it would appear to be about AU$12.2 million,
based on Allied's most recent accounts -- the documents show
unsecured creditors are owed AU$9.8 million.

SmartCompany discloses that unsecured creditors include Westfield,
the Australian Taxation Office, Travelex, Australian Securities
Exchange, Worldwide Printing and several law firms.  Former Allied
chief executive Peter Graham is also listed as a creditor,
SmartCompany adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, SmartCompany said Allied Brands Ltd. was placed in
voluntary administration on October 27, 2010.  Peter Dinoris and
Peter Biazos of Vincents Chartered Accountants have been appointed
as joint administrators, although chief executive Sean Corbin said
not all of the company's subsidiaries have been placed in
administration at this stage.  Allied Brands, which saw its Cookie
Man chain placed in liquidation in September and then last month
lost the Australian franchise rights to the Baskin-Robbins brand,
has only a few remaining brands: Villa & Hut, which founder Franz
Madlener is trying to buy back; Kenny's Cardiology, which is also
close to being sold; and Awesome Water, which is still operating.

Allied's major lender, Westpac, also last month appointed
receivers and managers from McGrath Nicol to two Allied Brands
subsidiaries -- Allied Brands Service and Allied Brands Finance.

                         About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


GLEN GRANT: Goes Into Receivership; 95 Jobs at Risk
---------------------------------------------------
Glen Grant Constructions' collapse and its inability to stage two
of the water grid pipeline have placed the jobs of 95 workers at
risk, Sunshine Coast Daily.  Glen Grant Constructions went into
receivership on November 2, 2010.

According to Sunshine Coast Daily, Northern Network Alliance
Manager John Palmer said he received a briefing from EcoCivil
during which he was told the sub-contractor had released none of
its staff despite the day's events.  "The NNA understands that all
95 EcoCivil staff on the project are to be paid their entitlements
including the completion of a normal pay run this evening for the
period ending October 29, 2010," the report quoted Mr. Palmer as
saying.

Sunshine Coast Daily notes Mr. Palmer said EcoCivil and the NNA
had assisted PPB, the appointed receivers of Glen Grant
Constructions, to locate and retrieve equipment and machinery.
"The NNA, in accordance with its subcontractor agreement with
EcoCivil, will now serve notices to EcoCivil requesting that
EcoCivil demonstrate how it can complete the outstanding works per
the contract with the NNA," Mr. Palmer said, the report notes.
"EcoCivil will have two days to respond to those notices.  The NNA
will work cooperatively with EcoCivil and all associated parties
in an effort to ensure the construction of the Northern Pipeline
Interconnector -- Stage 2 can continue unhindered and to minimise
any impacts to employees, subcontractors and the community," Mr.
Palmer added.

EcoCivil Pty Ltd is an Australian civil construction company based
at Wallarah in NSW.

Glen Grant Constructions is a pipeline supplier.  The company
supplies pipeline company Northern Network Alliance's sub-
contractor EcoCivil.


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


CHINA POWER: Fitch Affirms Issuer Default Ratings at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed China Power International Development
Limited's Long-term foreign and local currency Issuer Default
Ratings at 'BB' with a Stable Outlook.  The agency simultaneously
affirmed its Short-term foreign and local currency IDRs at 'B'.

"The ratings reflect CPI's fuel-mix diversification benefits
following the Wu Ling Power acquisition, lower-than-average
sensitivity to coal price volatility and higher-than-average coal-
fired plant utilization," says Simon Wong, Director in Fitch's
Asia-Pacific energy and utilities team.  CPI reported an EBITDA
margin of 29.9% for H110, the highest amongst Fitch-rated Chinese
thermal independent power producers, benefiting from Wu Ling's
high operating margins.  In addition, unit fuel costs increased by
a modest 10% in H110 compared to the prior year period.

Fitch applied the Parent and Subsidiary rating Linkage methodology
to assess the linkages between CPI and its parent CPI Group.  The
parent's consolidated credit profile is weaker than CPI's stand-
alone 'BB' rating by one notch and, given the lack of ring fencing
of CPI from its parent, CPI 's rating, before any consideration of
State support, is constrained by one notch.  In addition, Fitch
has applied a "bottom-up" approach as set out in the same
methodology to notch up the final rating to 'BB' from 'BB-' to
reflect CPI's and CPI Group's strategic importance to China and
the tangible support extended by the government.

Other negative rating factors include WLP 's concentration and
volume risk as the majority of its hydro assets are located along
the Yuan Jiang River, as well as its aggressive capex plans to
expand its attributable capacity from 11.7 gigawatts as at 30 June
2010 to 15GW by 2012.  CPI's capex includes three hydro projects
under construction totalling 1.26GW, a hydro pumped storage (600
megawatts) and 2 thermal generation projections totalling 1.8GW.

CPI benefits from good access to banks, which is expected to
largely mitigate its liquidity risk brought on by its aggressive
capex plans.  CPI has committed undrawn long-term bank borrowing
facilities of CNY17.6bn as at June 30, 2010.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will continue to provide support to the Chinese IPPs
and that coal prices are likely to remain largely stable.  Fitch
expects CPI's total adjusted debt/operating EBITDAR to fall to
8.0x at FYE11 from 14.6x at FYE09.

Fitch may take a negative rating action if there is a prolonged
suspension of the tariff mechanism during periods of substantial
coal price increases and/or if capex exceeds the agency's
expectations.


DATANG INTERNATIONAL: Fitch Cuts Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Datang International Power Generation
Co., Ltd's Long-term foreign and local currency Issuer Default
Ratings and senior unsecured ratings to 'BB' from 'BB+', and has
simultaneously affirmed its Short-term foreign and local currency
IDRs at 'B'.  The Outlook is Stable.

"The downgrades reflect DTP's and its controlling shareholder,
China Datang Corporation's, higher-than-expected leverage as well
as the increased business risk from their diversification into
non-core businesses of coal-to-chemical and coal-to-gas projects,"
says Simon Wong, Director in Fitch's Asia-Pacific Energy and
Utilities team.  The agency has downgraded DTP's standalone rating
to 'BB' from 'BB+' and lowered its assessment of China Datang's
credit strength due to both companies' limited ability to de-
leverage, given their large debt-funded capex programmes to
develop renewable energy capacity, nuclear power generation, coal-
mine development, and coal-to-chemical and coal-to-gas projects.

Fitch notes DTP's diversification into non-core businesses brings
some execution risk.  The project to convert coal into
polypropylene and other by-products has already experienced delays
and cost overruns.  The coal-to-gas projects have similarly long
development periods and are expected to delay DTP's and China
Datang's ability to de-leverage.

Fitch applied the Parent and Subsidiary rating Linkage methodology
to assess the linkages between DTP and China Datang.  The parent's
consolidated credit profile is weaker than DTP's standalone 'BB'
rating by one notch.  Therefore, given the lack of ring fencing of
DTP from its parent, DTP's rating, before any consideration of
State support, is constrained at 'BB-'.  In addition, Fitch has
applied a "bottom-up" approach as set out in the same methodology
to notch up the final rating to 'BB' from the constrained 'BB-',
to reflect DTP and China Datang's strategic importance to the
country and the tangible support extended by the Chinese
government ('A+'/Stable).

DTP's ratings also reflect its position as the second-largest
Chinese independent power producer, with a diversified fuel mix,
above-average efficiency coal-fired power plants, lowest unit fuel
costs amongst the Fitch rated peers and above average operating
EBITDAR margins.  In the agency's view the company's vertical
integration strategy will enhance its long term competitive
advantage through securing controllable long-term coal supplies
and improving margin protection against a surge in fuel costs.
DTP also benefits from good access to domestic banks and capital
markets, which is expected to mitigate its liquidity risk.  DTP
completed an A-share private placement during March 2010 with net
proceeds of CNY3.2 billion.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will continue to provide support to local IPPs, and
that coal prices are likely to remain mostly stable.  Fitch
expects DTP's total adjusted debt/operating EBITDAR to fall to
8.5x by FYE11 from 9.5x FYE09, on the expectation of a further
equity placement before end-2011.

Fitch may take a negative rating action if there is a prolonged
suspension of the tariff mechanism during periods of substantial
coal price increase and/or if capex exceeds the agency's
expectations.


HUANENG POWER: Fitch Affirms Issuer Default Ratings at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed Huaneng Power International, Inc's
Long-term foreign and local currency Issuer Default Ratings and
senior unsecured debt rating at 'BB+', and its Short-term foreign
and local currency IDRs at 'B'.  The Outlook is Stable.

"The ratings reflect HNP and China Huaneng Group's status as the
largest Chinese independent power producer and the largest State-
owned power generation group, respectively," notes Simon Wong,
Director in Fitch's Asia-Pacific Energy and Utilities team.  The
ratings also reflect both entities' good geographic
diversification and above-average efficiency coal-fired plants.

HNP's standalone rating is downgraded from 'BB+' to 'BB' due to
HNP's large ongoing debt-funded capex programme and its limited
ability to pass through raising fuel costs, compressing its
margins, while its total adjusted debt/operating EBITDAR leverage
is expected to increase and remain above 7x in 2010 and 2011,
despite the proposed equity placement.  The company has an
aggressive capex programme to increase its controlled capacity to
60 gigawatts by end 2010 from 50GW as at end-June 2010 to maintain
its market share and leadership position.  Fitch notes the
completion of the Shandong Power and Luneng Development
acquisition is expected by end 2010 and will contribute 3.6GW to
its controlled capacity.  Fitch is also concerned with HNP's
higher-than-expected unit fuel costs during 9M2010, which
increased 14.4% compared to FY2009, while tariff adjustments
remain uncertain.

Fitch applied the Parent and Subsidiary rating Linkage methodology
to assess the linkages between HNP and China Huaneng.  The
parent's consolidated credit profile is assessed to be equal with
HNP's standalone rating.  In addition, Fitch has applied a
'bottom-up' approach as set out in the same methodology to notch
up the final rating to 'BB+' from 'BB' to reflect HNP's and China
Huaneng's strategic importance to the country and the tangible
support extended by the Chinese government ('A+'/Stable).

Fitch notes that HNP's good access to domestic banks and capital
markets largely mitigate its liquidity risks, despite substantial
debt maturing within the next 12 months (CNY47.8bn as at end-June
2010) and aggressive capex plans.  The company has obtained
shareholder and regulatory approval to issue A Shares (not
exceeding 1,500 million shares) and H shares (not exceeding 500
million shares) to fund its domestic and overseas capex plans.
Furthermore, HNP and its subsidiaries had undrawn banking
facilities totalling CNY100bn at end-June 2010.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will continue to provide support to the Chinese IPPs
and that coal prices are likely to remain largely stable into
2011, baring another severe winter.  Fitch also expects HNP's
total adjusted debt/operating EBITDAR to remain above 7x in the
medium term.

Fitch may take a negative rating action if there is a prolonged
suspension of the tariff mechanism during periods of substantial
coal price increases and/or if capex exceeds the agency's
expectations.


HUADIAN POWER: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed Huadian Power International Corporation
Limited's Long-term foreign and local currency Issuer Default
Ratings at 'BB' with a Stable Outlook.  The agency also affirmed
the company's Short-term foreign and local currency IDRs at 'B'.

"HDPI's ratings reflect its higher-than-average sensitivity to
coal price volatility and large debt funded capital expenditure
programme, as well as its position as a leading Chinese
independent power producer with large-scale and above-average-
efficiency generating assets." says Simon Wong, Director in
Fitch's Asia-Pacific energy and utilities team.

HDPI's standalone rating is downgraded from 'BB+' to 'BB-' as its
total adjusted debt/operating EBITDAR leverage is expected to
remain above 8.5x in 2010 and 2011 due to large ongoing investment
plans in renewable energy and coal-mines.  Meanwhile, its margins
remain compressed due to its inability to pass through increases
in coal costs.  Fitch notes HDPI's H110 unit fuel costs rose 19.2%
compared to the same period last year, the highest amongst the
Chinese thermal IPPs rated by Fitch.

Fitch applied the Parent and Subsidiary rating Linkage methodology
to assess the linkages between HDPI and its parent China Huadian.
The parent's consolidated credit profile is assessed to be equal
to HDPI's stand-alone at 'BB-'.  Fitch then applied a "bottom-up"
approach as set out in the same methodology to notch up the final
rating to 'BB', reflecting HDPI and China Huadian's strategic
importance to the country and the tangible support extended by the
Chinese government ('A+'/Stable).

As at 30 June 2010, HDPI had thermal, hydro and wind power
projects totaling 7.8 gigawatts under construction, while the
company obtained preliminary approval for an additional 1.8GW
during H110.  HDPI is expected to spend two-thirds of its annual
capex outlay on renewable energy (mainly wind power) as well as
coal mine investments to reduce exposure to fuel price volatility.

Fitch notes that HDPI's good access to domestic banks and capital
markets largely mitigates its liquidity risk despite substantial
debt maturing within the next 12 months totaling CNY28.6bn (as at
30 June 2010) and aggressive capital-expenditure plans.  HDPI had
available and unused credit facilities from domestic banks
totaling CNY78bn as at 30 June 2010.  The company completed a 750m
A-shares placement in December 2009, with net proceeds of
CNY3.4bn.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will continue to provide support to Chinese IPPs and
that coal prices are likely to remain stable into 2011, barring
another severe winter.

Fitch may take a negative rating action if there is a prolonged
suspension of the tariff mechanism during periods of substantial
coal price increases and/or if capex exceeds the agency's
expectations.


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


AIG CONSUMER: Members' Final Meeting Set for November 30
--------------------------------------------------------
Members of AIG Consumer Finance Group (Asia) Limited will hold
their final meeting on November 30, 2010, at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


BRAVE LIMITED: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
Creditors of Brave Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 29,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 29, 2010.

The company's liquidator is:

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


CALIGO COMPANY: Creditors' Proofs of Debt Due November 16
---------------------------------------------------------
Creditors of Caligo Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 16, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 15, 2010.

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


CREATE WORLD: Members' Final Meeting Set for November 30
--------------------------------------------------------
Members of Create World International Limited will hold their
final general meeting on November 30, 2010, at 10:00 a.m., at Unit
2103, 21/F., Office Tower, Langham Place, 8 Argyle Street, in
Mongkok, Kowloon.

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


CYPRESS LANE: Ex-Goldman Trader to Shut Down Hedge Fund
-------------------------------------------------------
Shafiq Karmali, a former Goldman Sachs trader, is shutting his
Cypress Lane Asia hedge fund and returning investors' money a
little more than a year after starting it, Bloomberg News reports
citing three people briefed on the decision.

One of the people, who asked not to be identified because the
information is private, told Bloomberg that investors will get
back their capital in Cypress Lane Asia Fund, which bets on both
rising and falling stocks in the region, by the end of November.

Bloomberg News, citing a letter sent to investors, discloses that
the fund, with $25 million of assets as of September, lost almost
10% in the 14 months since its August 2009 inception.  Mr.
Karmali, chief investment officer of Hong Kong-based Cypress Lane
Capital LLC, decided to shut the fund in October when it returned
an estimated 1.5% for the month, said the person, according to
Bloomberg.

Bloomberg states that smaller hedge funds are struggling to
attract new business as investors channel most of the new money to
larger firms and shun managers without a track record following
the financial crisis.  Justin Fredericks, head of U.S. capital
introductions on the prime brokerage team of Bank of America
Corp.'s Merrill Lynch & Co. unit in New York, said in September
that one in five funds globally may be liquidated by the first
quarter because smaller managers are starved for fees and new
capital, Bloomberg adds.


GE CAPITAL: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------
Creditors of GE Capital (Hong Kogn) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 19, 2010.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


HERMES INDUSTRIAL: Commences Wind-Up Proceedings
------------------------------------------------
Members of Hermes Industrial (Hong Kong) Limited, on October 22,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Mr. Luk Wing Hay
         9/F, Surson Commercial Building
         140-142 Austin Road
         Tsimshatsui, Kowloon


HING LUNG: Members' Final Meeting Set for December 1
----------------------------------------------------
Members of Hing Lung Properties Limited will hold their final
general meeting on December 1, 2010, at 11:00 a.m., at Room 501-2,
Lee Kiu Building, 51 Jordan Road, in Kowloon.

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


MAHR CHINA: Members' Final General Meeting Set for December 3
-------------------------------------------------------------
Members of Mahr china Limited will hold their final general
meeting on December 3, 2010, at 11:00 a.m., at 9th Floor, Dah Sing
Life Building, 99 Des Voeux Road, Central, in Hong Kong.

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


ON FOOK: Creditors' Proofs of Debt Due November 16
--------------------------------------------------
On Fook Investment Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 16, 2010, to be included in the company's dividend
distribution.

The company's liquidator is Victor Robert Lew.


ON FOOK INVESTMENT: Final Meetings Set for November 30
------------------------------------------------------
Members and creditors of On Fook Investment Company Limited will
hold a final meetings on November 30, 2010, at 10:00 a.m., and
10:30 a.m., respectively at 22/F., Tai Yau Building, 181 Johnston
Road, Wanchai, in Hong Kong.

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


POVIA LIMITED: Creditors' Proofs of Debt Due November 29
--------------------------------------------------------
Creditors of Povia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
November 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 19, 2010.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


RADHE SHIPPING: Creditors' Proofs of Debt Due November 30
---------------------------------------------------------
Creditors of Radhe Shipping Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 22, 2010.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


SKYNET LIMITED: Annual Meetings Set for November 12
---------------------------------------------------
Members and creditors of Skynet Limited will hold their annual
meetings on November 12, 2010, at 10:0 a.m., and 10:30 a.m.,
respectively at Room 1903, 19/F., World-Wide House, 19 Des Voeux
Road Central, in Hong Kong.

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


TA THERAPEUTICS: Members' Final Meeting Set for November 30
-----------------------------------------------------------
Members of TA Therapeutics Limited will hold their final meeting
on November 30, 2010, at 20/F., Henley Building, 5 Queen's Road
Central, in Hong Kong.

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


YUEGANG INVESTMENT: Members' Final Meeting Set for November 30
--------------------------------------------------------
Members of Yuegang Investment Company Limited will hold their
final meeting on November 30, 2010, at 10:00 a.m., at 602 the
Chinese Bank Building, 61-65 Des Voeux Road, Central, in
Hong Kong.

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


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


ACCUTEST RESEARCH: ICRA Places 'LB' Rating on INR19.73cr Term Loan
------------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR19.73 crore term loan and
INR14.37 crore long term, fund based facilities of Accutest
Research Laboratories (India) Private Limited.  The outlook on the
long term rating is stable.  ICRA has also assigned A4 (pronounced
as A four) rating to the INR1.10 crore short term, non-fund based
facilities of Accutest.

The ratings reflect recent delays in debt servicing on account of
tight liquidity position due to stretched working capital cycle.

Accutest's financial profile is characterised by moderately
leveraged capital structure on account of recent debt-funded
capital expansion.  The CRO industry is also characterised by
intense competition with the presence of large and established
players.

The promoters' of the company has long experience in the CRO
industry. Accutest has established a presence in the
pharmacokinetic study domain of CRO industry with significant
experience of dealing with major regulatory authorities resulting
in the company developing a well established clientele base with
vast geographical spread. Moreover, the track record of the
Accutest with respect to timeliness of study completion and high
success rate of projects have enabled them to provide services at
a premium to current industry benchmarks.

                        About Accutest Research

Accutest Research Laboratories (India) Private Limited is a
contract research company incorporated in 1998 by Dr. Satish
Sawant and Dr. Santosh Joshi.  In September 2010, Greater Pacific
Capital (VC fund) acquired a 71% stake by acquiring equity shares
from Aureos Capital and significant stake from existing promoters.
Accutest provides services including bioavailability (BA) and
bioequivalence (BE) studies, clinical trials (Phase II-Phase IV)
and clinical data management, and formulation development to
leading domestic and global pharmaceutical companies. Currently,
Accutest has facilities in Navi Mumbai, Mahape and Ahmedabad which
are approved by DCGI, SFDA (UAE) and ANVISA (Brazil) and have
received project approvals from US FDA, UK MHRA, WHO, MCC South
Africa, AFSAAP (African Studies Association of Australasia and the
Pacific), MPA (Medical Products Agency) Sweden and BASG (Federal
Office in the Safety of Health Care) Austria.

Recent Results

Accutest has reported a net profit of INR8.8 crore in FY 2010 on
an operating income of INR78.8 crore as compared to a net profit
of INR2.32 crore in FY 2009 on an operating income of
INR60.4crore.


APPLE COMMODITIES: ICRA Assigns 'LBB+' Rating to INR70cr Bank Debt
------------------------------------------------------------------
ICRA has assigned "LBB+" and "A4+" ratings to the INR70 crore
fund-based and non fund-based bank limits of Apple Commodities
Limited.  The outlook on the long term rating is stable.

The ratings are constrained on account of limited operational
track record of the company in the field of mining and trading
activities which is expected to be the focus area of operations
for the company going forward. While the company has achieved
satisfactory coal trading volumes in first few months of its
operations, however the company's recently acquired coal mine in
Indonesia is yet to contribute in a meaningful way to its income
and profitability. Apart from the coal, the company also has plans
to start iron ore mining and trading activities for which it has
already entered into a Memorandum of Understanding (MoU) with the
mine owners in Andhra Pradesh. Since the company has already
committed investments towards these iron ore and coal mines; hence
going forward, its ability to optimally utilize these mines will
be crucial for its credit profile.  While assigning the ratings
ICRA has also taken into account the risks which may arise due to
commodity price and currency fluctuations; however its captive
ownership of mines is expected to result in a competitive cost
structure, thereby mitigating these risks to some extent. The
ratings are further supported by the demonstrated funding support
from the promoter group for the acquisition of the mines and
positive outlook for coal demand both in domestic as well as in
international markets.  While assigning the rating, ICRA has taken
a consolidated view of ACL and its subsidiary ACL Hong Kong
(ACLHK).

                      About Apple Commodities

ACL, incorporated in the year 2000, belongs to Apple and Tirupati
group of Industries.  The group has manufacturing facilities for
sponge iron and mild steel and has plans to setup furnace billets,
captive power plants and rolling mills.  ACL is presently engaged
in trading of coal purchased from its wholly owned subsidiary
ACLHK which in turn procures the material from leased coal mines
in Indonesia.  ACLHK has also purchased its own coal mine located
in south Sumatra, Indonesia having an estimated reserve of around
168 mn MT which is yet to be developed.  ACL has also entered into
a MoU with IBC Limited which is the holder of mining lease for
iron ore mining in Andhra Pradesh.


ARUNA ALLOY: Fitch Assigns 'BB-' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Aruna Alloy Steels Private
Limited a National Long-term rating of 'BB+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to Aruna's bank
loans:

  -- INR90 million fund-based working capital limits:
     'BB+(ind)/F4(ind)';

  -- INR1 million non-fund based working capital limits:
     'F4(ind)'; and
  -- INR13.9 million long-term loans: 'BB+(ind)'.

The ratings reflect Aruna's financial position and the change in
its business profile over the last two years, as a result of a
shift in the company's strategy from manufacturing high volume
standardized valve castings to customized valve castings.  This
resulted in higher margins but lower turnover and poor capacity
utilization over FY09-FY10.  While Aruna's EBITDA margins improved
significantly to 15.5% in FY10 (FY08: 4.5%), its turnover fell by
50% during the year compared to that in FY08.  Also, the company's
return on capital employed fell to a low 8% in FY10.  Fitch notes
that manufacturing castings of different types and varying
complexity can also lead to volatility in Aruna's EBIDTA margins
over the medium-term.  The change in product profile also resulted
in increased need for inventories, leading to a higher inventory
holding period of 82 days of cost of goods sold in FY10 (FY08: 45
days).

Improving return on capital employed over the medium-term would be
a key challenge for Aruna.  For this, the company would have to
increase capacity utilization from the current levels of below 30%
while maintaining the profitability at current levels.

Negative rating triggers include a decrease in Aruna's capacity
utilization levels to below 25% and an increase in its debt/EBITDA
to above 3.5x.  Positive rating triggers include an improvement in
the company's capacity utilization levels to above 40% and a
decrease in its debt/EBITDA to below 1.2x.

Incorporated in 1961, Aruna is a Madurai-based steel and alloy
castings manufacturer.  It owns three manufacturing facilities in
Madurai with a total capacity of 10,800 metric tones per annum.
The company operates three windmills with a combined capacity of
2.6MW.  In FY10, the company reported operating income of
INR564.9 million (FY09: INR730.8 million), operating EBITDA of
INRINR87.3 million (FY09: INR69.5 million) and total debt
outstanding of INR198m (FY09: INR241.2 million).


GOEL JEWELLERY: ICRA Reaffirms 'LBB+' Rating on INR11cr Bank Debts
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR11 crore
fund-based bank facilities of Goel Jewellery Overseas Corp.  The
outlook on the long term rating is stable. ICRA has also
reaffirmed the 'A4+' rating assigned to the INR5 crore non-fund
based bank facilities of GJOC.

The rating reaffirmation takes into account the slow demand
recovery for jewellery in the international markets; GJOC's
experienced promoters, their long track record in the jewellery
business and their established relationship with wholesalers.  The
ratings are, however, constrained by continuing pressure on the
turnover and profitability of GJOC due to intensely competitive
and fragmented nature of the industry, GJOC's modest scale of
operations, its relatively high gearing levels and low debt
coverage indicators.  The rating also takes into account the
client concentration risks as two-thirds of GJOC's sales are to a
single client and the foreign exchange risk on export receivables.

Set up as a partnership firm in 2006, GJOC is promoted by
Mr. Hemant Goel and is engaged in the manufacturing, designing,
wholesale and retail sales of gold, diamond and precious stone
studded jewellery.  The Goel family has over seven decades of
experience in the jewellery business. However GJOC is a relatively
new firm in the Goel Group.  The firm exports jewellery to
countries like UAE, Singapore, USA and United Kingdom.  In the
domestic market the company primarily sells to wholesale dealers.
The firm also has two retail showrooms, one each in Delhi and
Gurgaon.

Recent Results:

As per the audited results, GJOC reported a net profit of INR0.46
crore on an operating income of INR59.39 crore for the year ended
March 31, 2010 and a net profit of INR0.55 crore on an operating
income of INR76.95 crore for the year ended March 31, 2009.


GTN INDUSTRIES: ICRA Reaffirms 'LB-' Rating on INR98.2cr Term Loan
------------------------------------------------------------------
ICRA has re-affirmed the 'LB-' rating outstanding on the INR98.2
crore term loan facilities and the INR1.5 crore non-fund based
facilities of GTN Industries Limited.  ICRA has also re-affirmed
the 'A4' rating outstanding on the INR61.9 crore fund-based
facilities and the INR25.7 crore non-fund based facilities of GIL.
ICRA has withdrawn the 'A4' rating on the INR1.5 crore non-fund
based facility of GIL, since the bank has cancelled the said
facility.

The re-affirmation of ratings reflects GIL's stretched financial
profile (as characterized by low cash accruals, high gearing and
weak coverage indicators), the intense competition in the highly
fragmented spinning industry which restricts pricing flexibility
and the vulnerability of textile industry to competition from low-
cost countries.  The ratings also consider the experience of
promoters in the industry, GIL's presence in the finer count and
value-added yarn segments which entail relatively higher margins
and its diversified customer base which mitigates customer
concentration.

                        About GTN Industries

GIL, the flagship company of the Hyderabad-based GTN Industries
Group, is primarily engaged in producing cotton yarn. GIL, which
was founded by Late Mr. M L Patodia, is presently managed by Mr. M
K Patodia.  The Company's shares are listed on the Indian bourses
and the promoters hold 61.5% stake in the entity.  The Group has
presence in the spinning, processing (mercerizing / dyeing of yarn
and fabric) and garmenting operations of the textile value chain.
The Group is also engaged in the manufacture of oil field valves
and allied components.

GIL has an installed capacity of 107,242 spindles (including
23,826 doubling spindles) across its two spinning units at Medak
(Andhra Pradesh) and Nagpur (Maharashtra).  The Company's yarn
processing (mercerising-cum-dyeing) unit, with a capacity of 10
MT/day, is located at Mahaboobnagar (Andhra Pradesh).  GIL's
knitting facility is located in Medak (Andhra Pradesh) with a
capacity of 5.8 MT/day, mainly to cater for the captive needs of
garment manufacturing by the group companies.

Recent Results

During the quarter ended June 30, 2010, GIL reported profit after
tax of INR0.3 crore on operating income of INR83.0 crore.


MARMAGOA STEEL: ICRA Puts 'LBB-' Rating on INR8cr Fund Based Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR8.0 crore fund-based
bank facilities of Marmagoa Steel Limited.  The outlook on the
long-term rating is 'stable'.  ICRA has also assigned an A4 rating
to the INR23.0 crore fund-based and the INR34.0 crore non-fund
based bank facilities of MSL.

The assigned ratings take into account the significant erosion in
the net worth of MSL on account of substantial losses suffered in
2008-09 and 2009-10; leading to an adverse financial risk profile
that is accentuated further on account of significant liabilities
under litigation which can potentially strain its financial health
further if the disputes are finally settled in a manner that is
adverse to the company; limited financial flexibility of the
company being under Board for Industrial & Financial
Reconstruction (BIFR) cell since 1999 and its strained liquidity
profile as reflected from the devolvement of letter of credit (LC)
in the recent past.  ICRA notes that sales of MSL are highly
concentrated, with the top five customers accounting for around
86% of its total sales in 2009-10.  Also, distant locations of the
key customers of MSL increase its freight costs and in turn reduce
its competiveness to some extent.  The ratings, nevertheless,
favorably factor in the significant experience of the promoters in
special steel business; MSL's established market position in
spring steel business, the company's reputed clientele;
a positive demand outlook of the end user industry (automobiles)
and its recent improvement in operating performance, resulting in
reduced losses in the current year.

                        About Marmagoa Steel

Incorporated in 1987, MSL is engaged in the manufacture of special
steel billets and rolled products.  The manufacturing facility of
the company is located at Salcete taluka in Goa.  The installed
capacities of billets and rolled products stand at 110,000 metric
tonne per annum (MTPA) and 110,000 MTPA respectively.  Spring
steel flat is the key product of MSL that finds application in the
manufacture of automobile leaf springs.

Recent Results

In 2009-10, MSL reported a net loss of INR16.3 crore on the back
of net sales of INR150.7 crore. As per the unaudited results for
the first quarter of 2010-11, MSL made a net loss of INR0.85 crore
on the back of net sales of INR37.6 crore.


MARUTI PAPERS: ICRA Assigns 'LBB+' Rating to INR17.65cr Term Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR17.65 crore term loan and
INR3.50 crore fund based facilities of Maruti Papers Ltd.  ICRA
has also assigned an 'A4+' rating to INR5.00 crore non-fund based
facilities of MPL.  The outlook on the long-term rating is Stable.

The assigned ratings are constrained by the lack of product
diversification as the company manufactures only kraft paper which
is a relatively low value add product, modest scale of operations
and high competitive intensity in a fragmented market dominated by
the unorganized sector.  Though the customer concentration is
high, they have been associated with the company for over a period
of time.  ICRA notes that though the proposed capacity expansion
would help the company to increase the scale of operations and
manufacture better quality kraft paper which shall help in
improving the net realizations; the debt funded capacity expansion
would adversely impact the financial profile of the company in the
near to medium term.  ICRA also notes that the contribution margin
will remain sensitive to volatility in prices of agricultural
residues, such as bagasse, and waste paper, which have been
increasing in the past, on account of limited ability to pass on
the hike in the input costs. The ratings favorably take into the
account the moderate financial profile  as reflected in the past
profitability, gearing and debt coverage indicators; presence in a
major agricultural belt which ensures easy availability of
agricultural residues which are the main raw materials for the
company and the long track record of the company in the kraft
paper segment.  The ratings also take into account the healthy
demand outlook for the kraft paper as also reflected in
improvement in realizations on account of healthy demand from end
-- user industries.

                         About Maruti Papers

MPL was incorporated in September 1988 and is engaged in the
manufacturing of kraft paper from agricultural residues and waste
paper. The company commenced commercial production in March 1990
with an installed capacity of 6,000 Metric Tons (MT) per annum.
Over the years the company has expanded the installed capacity to
manufacture the kraft paper and currently has an installed
capacity of 24,000 MT per annum.  The company's manufacturing unit
is located in Muzaffarnagar district of Uttar Pradesh.


MONARCH APPARELS: ICRA Puts 'LBB-' Rating on INR0.67cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR0.67 crore term loan and
INR14.00 crore long term fund based facilities of Monarch Apparels
(India) Limited.  The outlook on the long term rating is stable.

The ratings take into account the long experience of promoters in
RMG industry, strong management control over processes which have
enabled them to maintain quality of product and design with rapid
growth and improved working capital management.

The ratings are, however, constrained by the intense competition
from organised and unorganised domestic players in the segment and
current low margins of operations on account of sales push
provided by higher dealer discounts as company strives to
establish the brand "Monarch".  The company has witnessed negative
cash flows from operations in the past owing to low margins and
increased working capital requirement to support high growth. Also
capital structure remains highly leveraged due to reliance on
external borrowings. High volatility witnessed in cotton yarn
prices which are key fabric inputs likely to exert further
pressure on margins as company is unable to completely pass on raw
material costs since it caters to price sensitive semi-urban/rural
segment.

                       About Monarch Apparels

Monarch Apparels (India) Limited is a family-owned public limited
company incorporated in April 2005.  The company took over the
activities of M/s. Pavan Apparels a proprietary concern run by the
promoter family along with the brand Monarch (registered  in 1994
with Pavan Apparels) and is currently positioned as a company
designing, manufacturing and selling men's bottom-wear with
products including Jeans, cotton and TR (Terelyne Rayon fabric)
suiting trousers, club-wear apparels and cargos.

Monarch has two separate manufacturing facilities at Wadala and
Cotton Green for stitching, finishing and packaging activities.
Monarch has acquired another unit in Wadala similar to the
existing facility to double finishing capacities.  Of all the
manufacturing activities, 75% of stitching and 100% of washing and
dyeing activities are currently outsourced to local job workers.

Monarch has four retail outlets on lease basis at Lalbaug
(Mumbai), Pimpri-Chinchwad (Pune -- 2 outlets) and Coimbatore
which contribute to less than 5% of the overall sales. Besides,
the company has a reach of over 500+ multi-brand retail outlets in
Maharashtra, Gujarat, Rajasthan, Tamil Nadu, Orissa, West Bengal
and Chhattisgarh through a team of nine sales agents employed
exclusively by Monarch on commission basis.

Recent Results

Monarch has reported a net profit of INR0.68 crore in FY 2010 on
an operating income of INR46.6 crore as compared to a net profit
of INR0.25 crore in FY 2009 on an operating income of INR 25.8
crore. In Q1 FY 2011, Monarch reported an operating income of
INR14.08 crore.


ORIPOL INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Cash Limit
------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR3 crore cash credit
limits of Oripol Industries Limited.  The outlook on the long-term
rating is stable.  ICRA has also re-affirmed the 'A4' rating to
the INR11.50 crore bank limits comprising fund based limits of
INR8.55 crore and non-fund based limits of INR2.95 crore.

The ratings take into consideration OPL's weak financial risk
profile characterized by low operating profitability, high gearing
and low debt coverage indicators, declining but high working
capital intensity, its exposure to the cyclicality inherent in the
iron ore trading business and significant risk of geographical
concentration of sales.  The company's scale of manufacturing
operations is relatively small which limits its bargaining power
against both the raw material suppliers as well as customers.
The ratings also factor in the significant growth in OPL's overall
turnover , primarily on account of the sharp increase in trading
sales, and the improvement of its return on capital employed
(ROCE) in the last financial year.  Exports comprise a majority of
trading sales. Letter of Credit (LC)-backed exports reduce
counterparty risks to a large extent.  ICRA notes that OPL's
promoters have more than two decades of experience in the plastic
packaging industry, which has enabled the company establish a wide
customer base. Moreover, OPL benefits from a locational advantage,
being based in the state of Orissa which has rich deposits of good
quality iron ore. In ICRA's opinion, the ability of the company to
manage its working capital effectively and improve its capital
structure would remain a key rating sensitivity going forward.

                      About Oripol Industries

Oripol Industries Limited was established in 1984 and is engaged
in the trading of iron ore fines.  The company is also involved in
the manufacturing of bulk packing materials made of polypropylene
(PP) / high density polyethylene (HDPE ) woven sacks and fabrics,
catering to the domestic market. The factory is situated in
Balasore, Orissa.

Recent Results

For the year ended 2009-10 the company reported a net profit after
tax (PAT) of INR0.78 crore  on the back of net sales of INR51.16
crore as against a PAT of INR0.13 crore on net sales of INR14.15
crore in 2008-09.


PERFECT KNITTERS: ICRA Assigns 'LC' Rating to INR2.5cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LC' rating to the INR2.5 crore term loan
facilities and the INR1.4 crore fund based facilities of Perfect
Knitters Limited.  ICRA has also assigned 'A5' rating to the
INR2.0 crore non-fund based facilities of PKL.  ICRA has ratings
outstanding of 'LC' on the INR31.5 crore term loan facilities and
the INR9.5 crore fund based facilities, and 'A5' on the
INR5.9 crore fund based (sub-limit) facilities and the
INR0.3 crore non-fund based facilities of PKL.

The ratings consider the delays by PKL in debt servicing,
continued losses arising from low capacity utilization and the
stretched financial profile as characterized by its very weak
capital structure and inadequate coverage indicators. The ratings
also consider the long-standing presence of promoters in the
textile industry.

PKL is primarily engaged in the processing (dyeing / mercerizing)
of knitted fabric, both on job work and on sale basis. The Company
is also engaged in the manufacture of knitted garments on job work
basis for its group company (Imperial Garments Limited). PKL's
facilities are located in the outskirts of Hyderabad (Andhra
Pradesh) with capacity to process 3,600 tonnes of knitted fabric
per annum and manufacture 11 lakh knitted garments per annum. PKL
was also engaged in trading of cotton yarn; however, such trading
operations have been scaled down significantly since 2007-08.

PKL is closely held by promoters of the Hyderabad-based GTN
Industries group, which was founded by Late Mr. M L Patodia and is
presently managed by Mr. M K Patodia.  The Group has presence in
the spinning, processing (mercerizing / dyeing of yarn and fabric)
and garmenting operations of the textile value chain. The Group is
also engaged in the manufacture of oil field valves and allied
components.


SEAGULL COOLING: ICRA Assigns 'LBB' Rating to INR2.24cr Bank Debt
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR2.24 crore fund based
limit and 'A4' rating to the INR3.76 crore non fund based limit of
Seagull Cooling Private Limited.  The long term rating carries a
'stable' outlook.

The ratings are constrained by the small scale of operations, high
working capital intensity of operations and the competitive
pressures from other major players.  The ratings also factor the
vulnerability of operating profitability to the adverse
fluctuation in raw material prices and currency fluctuations.  The
ratings, however, draw comfort from the company's long standing
experience in air conditioner manufacturing business, diversified
customer profile and current comfortable gearing of 0.43 time as
on March 31, 2010.  ICRA further notes that while the current
penetration of the air conditioners in the domestic market is low,
the overall prospects in the long term are favorable given the
increased disposable income, price levels and changing lifestyles
of Indian consumers.

                        About Seagull Cooling

Seagull Cooling Private Limited is a private limited company and
was incorporated on January 31, 2010. The company is promoted and
managed by Mr. S.K. Mishra and Mr. Parasmal Sirohia and its main
business is to manufacture/assemble various types of air
conditioners and its components.  In FY 2008-09, Sui Generis
Appliances Private Limited, a group company engaged in the same
line of business, was amalgamated with SCPL. Currently, the
company has two manufacturing units which are situated in the
Union Territory of Silvasa.

For FY 2010, SCPL reported profit after tax of INR0.42 crore on an
operating income of INR 12.36 crore.


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


J-CORE FL1: Moody's Reviews Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Japan K.K. has placed J-CORE FL1 Trust's Class D and E
trust certificates under review for possible downgrade.

Details:

Deal Name: J-CORE FL1 Trust

  -- Class D, B1 (sf) placed under review for possible downgrade;
     previously downgraded to B1 (sf) from Baa1 (sf) on June 18,
     2009

  -- Class E, B3 (sf) Placed under review for possible downgrade;
     previously downgraded to B3 (sf) from Ba2 (sf) on June 18,
     2009

J-CORE FL1 Trust, effected in December 2006, represents the
securitization of three TMK bonds and one non-recourse loans.  Two
of the bonds and the loan have been paid down in full, and the
transaction is currently secured by a bond (backed by a retail
property outside Tokyo) that has been under special servicing
since March 2010.

Moody's is reviewing the current ratings in light of the
implementation of a new collection strategy (according to the
special servicing report of October 13, 2010).

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the property, incorporating its
operating status and the progress of special servicing.


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


KWANGJU BANK: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------
Fitch Ratings has downgraded Kwangju Bank's Long-term Foreign
Currency Issuer Default Rating to 'BBB' from 'BBB+'.  The Outlook
is Stable.  At the same time, the agency affirmed all other
ratings.  A full list of rating actions can be found at the end of
this press release.

The downgrade of KJB's IDR is driven by the bank's weakened
underlying loan quality and its weak liquidity profile
(particularly for foreign currency) by international standards.
The downgrade also implies that KJB's ratings are in accordance
with Fitch's "Global Financial Institutions Rating Criteria",
dated 16 August 2010, as KJB's IDR is Support-driven, with a
Support Floor of 'BBB' thanks to expectations of support from the
South Korean government ('A+'/Stable).  Fitch also believes KJB's
risk profile compares appropriately with 'C/D' rated global peers
on the Individual rating scale.  While taking into account the
bank's strong franchise in Kwangju metropolitan city/Junnam
province (about 29% market share of deposits), it also reflects
KJB's high geographical concentration and concerns on underlying
loan quality, along with adequate but somewhat limited
capitalization to absorb a substantial increase in credit costs.

Fitch notes that KJB's credit profile weakened in the aftermath of
excessive loan growth in the lead up to the credit crisis.  Even
though the bank's margin improved to 2.87% in H110 (versus the
system average of 2.36%) from 2.55% in 2009, Fitch doesn't expect
its credit profile to improve notably in the next few years, given
persistent concerns over loan quality arising from substantial
exposure to the construction/real estate (19% of mid-2010 loans;
9% for real estate project finance loans) and small medium
enterprise sectors (59%).  Fitch notes that KJB's precautionary
and below loans rose to 6.1% of total loans at mid-2010 (versus
system average of 4.4%) from 3.4% at end-2008.  Fitch expects KJB
to face downward pressure on its loan quality, given its
relatively high PBL ratio of 6.1% with a low coverage of 34% and
its substantial exposure to those sectors, although the bank's
capitalisation appears adequate with a Tier I ratio of 8.9% and
total capital adequacy ratio of 13.1% under the Basel II
Standardised Approach.  Meanwhile, KJB's loan-to-customer deposit
ratio remained high at 1.1x (excluding loans to and deposits from
financial institutions) at mid-2010.

The affirmation of KJB's Support Rating at '2' and Support Floor
at 'BBB' reflects Fitch's continued belief of a high probability
of support from the government, if required, given the bank's
economic and social importance to Kwangju metropolitan city and
Junnam province, as well as the political importance of these
areas.  During the global credit crisis, KJB availed itself of,
among various government support measures, the Bank
Recapitalization Fund to shore up its capitalization (KRW87bn each
in hybrid Tier I and subordinated debt or 12% of end-2008
regulatory capital).

Fitch notes that KJB's IDR would not change unless its Support
Rating Floor is revised, or its Individual Rating is upgraded,
given that the current IDR is at the Support Rating Floor.  A
substantial and sustainable improvement in asset quality and its
liquidity profile could offer upside potential for the bank's
Individual Rating, although the agency believes that is unlikely
in the near future.  Conversely, a significant increase in credit
costs may erode its capitalization, leading to a downgrade of the
bank's Individual Rating, a scenario currently not expected by the
agency.  Furthermore, KJB's Support Rating Floor may be negatively
affected by a substantial reduction in the government's stake,
which may suggest a lower propensity for government support in
future.  That said, Fitch is of the view that it remains uncertain
when and how KJB would be sold, despite the announcement of the
sales plan on 30 July 2010.

Established in 1968, KJB was acquired by Woori Finance Holdings
(WFH, 'BBB+'/Stable; 'C/D') in 2001 after the 1997/1998 Asian
financial crisis.  KJB is 99.9% owned by WFH, which is in turn 57%
held by the Korea Deposit Insurance Corporation.

The rating actions of KJB are:

-- Long-term Foreign Currency IDR: downgraded to 'BBB' from
     'BBB+' with a Stable Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F2'

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'


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


HOVID BERHAD: Classified as Practice Note 17 Company
----------------------------------------------------
HOVID BERHAD has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.

Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements.  Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme.  The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme.  The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.

"Without having the approval of the lenders for the Proposed
Scheme and various uncertainties at present, the auditors of
Carotech has expressed a disclaimer opinion on the financial
statements for the financial year ended June 30, 2010," Hovid
said.  "Consequently, Carotech has triggered the Prescribed
Criteria 2.1(b), (c) and (f) of Guidance Note No. 3 ("GN 3") of
the Bursa Securities ACE Market Listing Requirements."

Considering Carotech is a significant subsidiary in the Hovid
Group of companies as at June 30, 2010, the auditors of the
Company has expressed a disclaimer opinion on the financial
statements for the financial year ended June 30, 2010.

The Company's Board has highlighted that, commencing in
August 2010, Hovid had disposed a total of 180,000,000 ordinary
shares of MYR0.10 each of its shares in Carotech comprising 19.73%
equity interest for a total net consideration of MYR12.60 million.
Consequently, the effective interest of Hovid in Carotech has been
reduced to 38.45% as at the date the financial statements for the
financial year ended June 30, 2010, were approved by the Board.

Therefore, Carotech will no longer be a subsidiary of Hovid and
the significance of Carotech in the Hovid Group would drastically
be reduced in the financial year ending June 30, 2011.

                         About Hovid Berhad

Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a Malaysia
based company.  The Company is engaged in the business of
manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.


KENMARK INDUSTRIAL: Court Enters Wind Up Order on Subsidiary
------------------------------------------------------------
The High Court has ordered that Kenmark Industrial Co. (M)
Berhad's wholly-owned subsidiary, Billion Dynamic, be wound up by
the Court under the provisions of the Companies Act 1965 and that
Mak Kum Choon and Yeoh Siew Ming of Messrs. Deloitte Corporate
Solutions Sdn Bhd, jointly and severally be appointed as
liquidators for Billion Dynamic.

Export-Import Bank of Malaysia Berhad had on June 8, 2010, served
a Notice pursuant to Section 218 of the Companies Act 1965 on
Billion Dynamic for the sums of MYR44,922,695.72 which is due and
owing to the Bank pursuant to a line of revolving post shipment
supplier credit facility of MYR40,000,000 granted to Billion
Dynamic.

With the appointment of the Liquidators the powers of the Board of
Directors and Officers of Billion Dynamic will cease.

                     About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company.
The Company is engaged in the manufacturing of computer
workstations, cabinets, furniture; printing of packaging
materials; the distribution of consumer products, and investment
holding.  The Company is also engaged in plastic injection for
furniture parts, and assembly and distribution of liquid crystal
display (LCD).  It exports its products to the United States,
Europe, Japan and Australia.  The Company's wholly owned
subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in
manufacturing plastic parts for wooden furniture and cabinets, and
investment holding; Kenmark (Labuan) Limited, which is engaged in
international trading, commission agent and investment holding;
Phoenix International Group Limited, which is engaged in trading
in electronic devices, and Billion Dynamic Sdn. Bhd., which is
engaged in the assembling and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.

The High Court on October 14, 2010, entered an order to wind up
the operations of Kenmark Industrial Co (M) Berhad under the
provisions of the Companies Act, 1965.  The court appointed Mak
Kum Choon and Yeoh Siew Ming both of Messrs. Deloitte Corporate
Solutions Sdn Bhd as liquidators for Kenmark Industrial Co (M)
Berhad.


SELOGA HOLDINGS: Two Shareholders Seek to Remove Director
---------------------------------------------------------
Seloga Holdings Berhad on October 28, 2010, received a letter
signed jointly by Usaha Citra Sdn. Bhd. and Zulkefli Bin Zaidi,
being two shareholders of the Company holding 25,545,092 shares
and 249,800 shares respectively and collectively represent 21% of
the Company's share capital.

Seloga said Usaha and Zulkefli informed the Company that they are
exercising their right pursuant to Section 145(1) of the Act to
call for a general meeting of the Company to be convened to
consider the passing of an ordinary resolution to remove Dato'
Samsudin bin Abu Hassan as director of the Company with immediate
effect.

                      About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


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


SENSATION YACHTS: Courts Allows HSBC to Remove Chattels
-------------------------------------------------------
Nick Krause at BusinessDay.co.nz reports that HSBC has finally
secured court backing to begin getting rid of hundreds of chattels
at Sensation Yachts super yacht yard in Auckland.

According to BusinessDay.co.nz, HSBC won support in the High Court
at Auckland Monday for orders to start removing the chattels at
the Henderson site after no action from companies associated with
the former Sensation yachts boss Ivan Erceg.

Among the chattels are three super yacht hulls which each weigh
100 tonnes, a large damaged vessel Symphonia, as well as tools,
office and computer equipment.

The Troubled Company Reporter-Asia Pacific, citing the New Zealand
Herald, reported on Oct. 18, 2010, that HSBC filed proceedings
against Mr. Erceg and Balenia -- a creditor of Mr. Erceg's -- to
force the Russian-owned company to move several 100-tonne
unfinished hulls from Erceg's former boatyard in Henderson,
Auckland.  HSBC owns the boatyard now Mr. Erceg has been
bankrupted and wants to sell the property so that it can
recoup its NZ$6.5 million in lent to Mr. Erceg in May 2007.  But
before the bank can sell the property it needs the chattels --
such as the unfinished boat hulls -- removed.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.

In August 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.  On
Aug. 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.


SOUTH CANTERBURY: Back in Business as Lender to Aid Sale
--------------------------------------------------------
Tamsyn Parker at nzherald.co.nz reports that South Canterbury
Finance is back in business and hopes to lend out N$72 million a
year to consumers and established business customers as part of
plans to make it easier to sell, its receivers say.

nzherald.co.nz relates McGrathNicol's Kerryn Downey and William
Black released their first report on the failed finance company
since being appointed to manage the receivership on August 31,
2010.

According to nzherald.co.nz, their 60-day report reveals a NZ$314
million shortfall in the accounts with South Canterbury Finance's
NZ$1.7 billion in liabilities outweighing its NZ$1.39 billion in
total assets.  The report says of its NZ$1.56 billion in loan
advances, NZ$446.2 million worth was impaired and NZ$341.2 million
loaned out to one of 13 other companies in South Canterbury
Finance's charging group as of August 31, 2010.

nzherald.co.nz notes that Mr. Downey said that the NZ$314 million
shortfall was just one part of the business and all 14 reports
needed to be taken into account to get a full picture of the
group.

nzherald.co.nz relates last week, Treasury Deputy Chief Executive
Gab Mahklouf told Parliament's finance and expenditure committee
the government's net liability for South Canterbury Finance was
NZ$300 million to NZ$400 million after fees.  The report relates
that despite the shortfall Mr. Downey said South Canterbury
Finance was back in business lending again.  It had resumed
lending to the consumer market, mainly for small ticket items
where the average loan size was less than NZ$10,000, as well as to
selected existing customers in the car dealing industry, the
report notes.

Mr. Downey, nzherald.co.nz notes, said he had budgeted to lend out
$1.5 million a week or around $6 million a month, although it was
proving to be a slower start than expected.  The decision to keep
lending had been made to help the business continue as a going
concern, he added.

According to nzherald.co.nz, the receivers' report gives a
breakdown of South Canterbury's loans with the largest proportion
of advances to businesses at NZ$690.8 million, followed by
property at NZ$256.2 million and the rural sector at NZ$179.6
million.

A total of NZ$1.22 billion had been lent to external parties at
August 31, the report adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.



                             *********

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 T.
Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***