TCRAP_Public/101108.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

           Monday, November 8, 2010, Vol. 13, No. 220

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: NY Investor to Make Preliminary Bid
SMART SERIES: Fitch Assigns Ratings to Various Classes of Notes


C H I N A

AGILE PROPERTY: Moody's Retains 'Ba3' Corporate Family Rating
CHINA FORESTRY: Moody's Assigns 'Ba3' Corporate Family Rating
SINO-FOREST CORPORATION: Fitch Assigns 'BB+' Rating to Notes


H O N G  K O N G

QUEENSON INT'L: Members' Final General Meeting Set for December 2
STOMP HK: Creditors' Proofs of Debt Due November 29
SUPERMAX INVESTMENT: Members' Final Meeting Set for December 3
TMI HOLDINGS: Lui and To Step Down as Liquidators
WEI YIT: Commences Wind-Up Proceedings

WINCASE HOLDINGS: Lui and To Step Down as Liquidators
YOLIGATE LIMITED: Creditors' Proofs of Debt Due November 29
YUEN'S COMPANY: Members' Final Meeting Set for November 30
YUEN & SONS: Members' Final Meeting Set for November 30


I N D I A

ALAM TANNERY: CRISIL Reaffirms 'BB-' Ratings on Various Bank Debts
CINEVISTAAS LTD: Fitch Assigns 'BB-' National Long-Term Rating
CITY UNION: Fitch Gives Positive Outlook; Affirms 'D' Rating
GEE PEE: CRISIL Assigns 'BB+' Rating to INR220MM Cash Credit
KRANS PROJECTS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit

LANCO BUDHIL: CRISIL Reaffirms 'BB' Rating on INR3.35BB LT Loan
LANCO MANDAKINI: CRISIL Reaffirms 'BB+' Rating on INR4.16B LT Loan
LANCO TEESTA: CRISIL Reaffirms 'BB+' Rating on INR24-Bln LT Loan
RANGOLI INTERNATIONAL: Fitch Assigns 'BB+' National LT Rating
S RAJIV: CRISIL Reassigns 'B' Rating to INR15MM Packing Credit

SIDHI VINAYAK: CRISIL Assigns 'C' Rating to INR45MM Term Loan
TIRTHAK PAPER: CRISIL Assigns 'BB-' Rating to INR100MM Cash Credit
VAMSHI INDUSTRIAL: CRISIL Reaffirms 'BB+' Rating on INR431.3M Loan
WINDLASS ENGINEERS: CRISIL Lifts Rating on INR44.6MM Loan to 'BB-'


J A P A N

JAPAN AIRLINES: Union Files Suit to Stop Forcible Retirement


M A L A Y S I A

HO HUP CONSTRUCTION: M&A Securities Appointed as Principal Adviser
LINEAR CORPORATION: Sunline Serves Wind-Up Petition Against Unit
LINEAR CORPORATION: Default Notice Served on LCI Global
OCI BERHAD: Posts MYR1.23MM Net Loss in Qtr Ended September 30
RAMUNIA HOLDINGS: Provisional Liquidator Appointed to Three Units


N E W  Z E A L A N D

E-GAS LTD: Liquidators Receive Offers for Business
LIBERTY NZ: S&P Affirms Ratings on All Subprime RMBS Deals


P H I L I P P I N E S

BANCO DE ORO: S&P Assigns 'BB-' Rating to Senior Unsecured Notes




                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: NY Investor to Make Preliminary Bid
------------------------------------------------------
New York investment firm NRDC Equity Partners LLC has joined with
Lend Lease Corp. to make a preliminary bid for Centro Properties
Group, Kris Hudson at The Wall Street Journal reports, citing
people familiar with the matter.

The Journal says Centro disclosed last week it had received
"expressions of interest" from several potential buyers and, in
turn, intends to start a process to solicit and evaluate bids.

According to the Journal, the people said spurring Centro's move
toward a sale was the recent offer from the NRDC group.  NRDC,
based in Purchase, N.Y., has studied Centro's U.S. assets for
nearly a year in preparation for a bid.  The people, according to
the Journal, said NDRC recruited into its consortium Lend Lease,
which covets Centro's Australian properties, and several other
backers.

                      About Centro Properties

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

                           *     *     *

Centro Properties Group owes its creditors as much as AU$6.6
billion and its deadline to repay these debts has been extended
four times since December 2007, when the company's market value
plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


SMART SERIES: Fitch Assigns Ratings to Various Classes of Notes
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the SMART Series
2010-2 Trust automotive and equipment lease receivables-backed
securitisation by Macquarie Leasing Pty Limited.  Ratings,
Outlooks and Loss Severity Ratings are assigned:

  -- AUD48.00 million Class A-1 notes: 'F1+sf';

  -- AUD216.00 million Class A-2 notes: 'AAAsf'; Outlook Stable;
     Loss Severity rating at 'LS1';

  -- AUD6.75 million Class B notes: 'AAsf'; Outlook Stable; Loss
     Severity rating at 'LS3';

  -- AUD8.25 million Class C notes: 'Asf'; Outlook Stable; Loss
     Severity rating at 'LS3';

  -- AUD7.50 million Class D notes: 'BBBsf'; Outlook Stable; Loss
     Severity rating at 'LS3'; and

  -- AUD7.50 million Class E notes: 'BBsf'; Outlook Stable; Loss
     Severity rating at 'LS3'.

The notes have been issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2010-2 Trust (the issuer).  SMART Series
2010-2 Trust is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 8,617
automotive and equipment lease receivables totalling approximately
AUD297.00m, with an average size of AUD34,467.  The pool is
comprised of motor vehicles and equipment lease receivables
originated by Macquarie Leasing to Australian residents across the
country.  The pool comprises amortizing principal and interest
leases with varying balloon amounts payable at maturity.  The
weighted average balloon payment for the portfolio is 29.5%.  The
majority of leases consist of novated contracts (60.2%), where the
lease is novated to the employer in salary packaging arrangements.
Historical gross loss rates by quarterly vintage on motor vehicle
leases originated by Macquarie Leasing were found to have ranged
between 0.6% and 1.5%, and from 0.5% to 4.0% for equipment.

"Lease receivables originated by Macquarie Leasing have performed
strongly throughout the global financial crisis with the 30+ day
arrears, tracking well below 1.0% throughout.  This can be
attributed to the portfolio's diversification across various
industries and the notable resilience of the Australian economy,"
said James Leung, Associate Director in Fitch's Structured Finance
team.  "As with other recent SMART securitizations, this
transaction benefits from a strong flow of excess spread, which
can provide further credit support if losses increase," added Mr.
Leung.

The expected Short-term 'F1+sf' rating assigned to the Class A-1
notes and the expected Long-term 'AAAsf' rating with Stable
Outlook assigned to the Class A-2 notes, are based on: the quality
of the collateral; the 12.0% credit enhancement provided by the
subordinate Class B, C, D and E notes and the unrated seller notes
and excess spread; the liquidity reserve account sized at 1.0% of
the aggregate invested amount of the notes at closing; the
interest rate swap arrangements the trustee has entered into with
Macquarie Bank Ltd ('A+'/Outlook Stable/'F1'); and Macquarie
Leasing Pty Ltd's lease underwriting and servicing capabilities.

The expected ratings assigned to the other classes of notes are
based on all the strengths supporting the Class A notes, excluding
their credit enhancement levels, but including the credit
enhancement provided by each class of notes' respective
subordinate notes.


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AGILE PROPERTY: Moody's Retains 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Agile
Property Holdings Limited's Ba3 corporate family and senior
unsecured debt ratings -- or on the ratings' positive outlook --
from the company's recent acquisitions of three plots of land in
Nanjing (RMB5.74 billion) and Foshan (RMB350 million) for
RMB6.1 billion.

"The acquisitions are sizeable, representing 10.6% of Agile's
total assets of RMB57.3 billion as of June 2010," says
Kaven Tsang, a Moody's AVP/Analyst.

"However, Moody's expect Agile has sufficient internal reserves --
including cash estimated at RMB5-6 billion as of September 2010 --
to cover these payments, due to strong contract sales over the
past two months."

Nevertheless, growing restrictions on the use of presale proceeds
could limit the company's financial flexibility with regard to
using presale cash flow to fund future land acquisitions.

The payments for the Nanjing project will be made in two
installments, with the first half due in November 2010 and the
second half in May 2011, which will also reduce Agile's upfront
capital requirement.

"And, although the company may need additional debt to fund
construction for these new projects, the impact on its debt and
coverage will be moderate," says Kaven Tsang.

"Agile's projected adjusted debt/capitalization of 50% is
comparable with that of its low-Ba rated peers, while the
projected EBITDA interest coverage at 6-7x will maintain the
company's position it at the strong-end of the current Ba3 rating
level."

The last rating action on Agile was on 20 April 2010 when Moody's
assigned a Ba3 rating to Agile's USD notes, with a positive
outlook.

Agile Property Holdings Ltd. is one of China's major property
developers, and targets the mid- to high-end segment.  It has a
land bank with gross floor area of around 30.7 million square
meters.


CHINA FORESTRY: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating and a provisional (P)Ba3 senior unsecured bond rating to
China Forestry Holdings Co., Ltd.

The outlook for the ratings is stable.  This is the first time
that Moody's has assigned ratings to China Forestry.

Moody's expects to affirm the bond rating and remove it from
provisional status after the proposed bond issue is completed and
Moody's is satisfied with the final terms and conditions.

The proceeds from the bonds will be used to acquire forestry
assets and for general corporate purposes.

                        Ratings Rationale

"China Forestry's Ba3 rating reflects the company's forestry
assets, characterized by high stock density and immediately
harvestable trees.  This allows the company the flexibility to
ramp up its cash flow amid healthy regional demand for its logs,"
says Ken Chan, a Moody's Vice President.

"The rating also reflects China Forestry's low cost base, the
result of its prepaid acquisition model.  This puts the company in
a competitive position to acquire further assets at favorable
prices despite the expected increase in demand for forestry assets
over the medium term," added Mr. Chan.

"Furthermore, the rating takes into account China's robust
economic growth, which sustains demand for domestic logs and wood
products and favors the business growth of upstream players such
as China Forestry.  Moreover, government policy remains favorable,
supporting the industry's long-term growth."

"On the down side, the rating is constrained by the company's
geographic concentration, fast growth, and short operating
history," says Mr. Chan, adding that "Moody's expects that the
company will face more challenges as it expands its reserve and
sales coverage to other Chinese provinces."

"Another factor limiting the rating is the company's negative free
cash flow, which is due to heavy investment capital expenditures
and upfront cash payments -- usually in the first two years of
acquisition -- for the forestry land use rights."

"China Forestry's short history and fast growth have resulted in
credit metrics reflective of a low Ba level" says Mr. Chan.

Over the next two years, the company's projected cash flow-to-debt
metrics, such as Retained Cash Flow/Adjusted Debt, is projected to
improve to over 20% as harvest volume increases.

The stable outlook on the rating reflects Moody's expectation that
the company will continue to focus on upstream operations,
maintain profitable operations, grow its cash flow, and
progressively improve its retained cash flow, which will fund
modest expansion.

Upward rating pressure in the near term is limited, given the
company's short operating history.  Over the medium term, however,
positive rating pressure may arise if the company (1) successfully
implements its business model, growing its forestry plantation
base and raising its harvest rate; and (2) remains financially
prudent, managing its acquisitions and improving its retained
cash, such that its Retained Cash Flow/Debt rises above 35%-40%
and EBIT/Interest rises above 5.0x.

Downward rating pressure will arise if (1) the company fails to
ramp up its operating cash flow; (2) demand for wood products
decline and negatively affects the company's credit profile; or
(3) the company expands aggressively such that its Retailed Cash
Flow/Debt falls below 15%-20% and EBIT/Interest falls below 3.0x
over the cycle.

China Forestry's ratings have been assigned based on factors that
Moody's believe are relevant to the risk profile of China
Forestry, such as the company's (i) business risk and competitive
position compared with other firms within the industry; (ii)
capital structure and financial risk; (iii) projected performance
over the near to intermediate term; and (iv) management's track
record and tolerance for risk.  These attributes were compared
against other issuers both within and outside China Forestry's
core industry; Moody's believes the company's ratings are
comparable with those of other issuers of similar credit risk.

China Forestry, listed on the Hong Kong Stock Exchange in 2009, is
one of the largest privately owned upstream forest operators in
China in terms of coverage area of owned forest rights.  The
company's forestry assets are located mainly in Sichuan and Yunnan
provinces.


SINO-FOREST CORPORATION: Fitch Assigns 'BB+' Rating to Notes
------------------------------------------------------------
Fitch Ratings has assigned a final 'BB+' rating to the US$600
million senior unsecured notes due 2017 issued by Sino-Forest
Corporation ('BB+'/Stable).

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on October 11, 2010.


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


QUEENSON INT'L: Members' Final General Meeting Set for December 2
-----------------------------------------------------------------
Shareholders of Queenson International Limited will hold their
final general meeting on December 2, 2010, at 10:00 a.m., at 59/55
M.2 Chaengwattana Rd., Pakkred, Nonthaburi 11120, Thailand.

At the meeting, Fong Jen-Chih and Somboon Benjamas, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


STOMP HK: Creditors' Proofs of Debt Due November 29
---------------------------------------------------
Creditors of Stomp HK 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 22, 2010.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


SUPERMAX INVESTMENT: Members' Final Meeting Set for December 3
--------------------------------------------------------------
Members of Supermax Investment Limited will hold their final
meeting on December 3, 2010, at 10:00 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

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


TMI HOLDINGS: Lui and To Step Down as Liquidators
-------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of TMI
Holdings (HK) Limited on October 25, 2010.


WEI YIT: Commences Wind-Up Proceedings
--------------------------------------
Members of Wei Yit Investment Limited, on October 25, 2010, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Chan Wai Hing
         Kenneth Graeme Morrison
         Mazars Corporate Revery and Forensic Services Limited
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


WINCASE HOLDINGS: Lui and To Step Down as Liquidators
-----------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Wincase
Holdings Limited on October 25, 2010.


YOLIGATE LIMITED: Creditors' Proofs of Debt Due November 29
-----------------------------------------------------------
Creditors of Yoligate 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 18, 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


YUEN'S COMPANY: Members' Final Meeting Set for November 30
----------------------------------------------------------
Shareholders of Yuen's company Limited will hold their final
meeting on November 30, 2010, at 9:05 a.m., at Room 1410, 14/F,
Harbour Centre, 25 Harbour Road, Wanchai, in Hong Kong.

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


YUEN & SONS: Members' Final Meeting Set for November 30
-------------------------------------------------------
Shareholders of Yuen & Sons Investments Company Limited will hold
their final meeting on November 30, 2010, at 9:00 a.m., at Room
1410, 14/F, Harbour Centre, 25 Harbour Road, Wanchai, in Hong
Kong.

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


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ALAM TANNERY: CRISIL Reaffirms 'BB-' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Alam Tannery Pvt Ltd to 'Stable' from 'Negative'
while reaffirming the rating at 'BB-'.  CRISIL has upgraded its
rating on the short-term bank facilities to 'P4+' from 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR85 Mil. Foreign Bills Purchased/   BB-/Stable (Reaffirmed;
             Foreign Bills Discounting           Outlook Revised
                                                 from 'Negative')

   INR180 Million Packing Credit         BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative')

   INR85 Mil. Export Bill Negotiation    BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative')

   INR23 Million Proposed LT Facility    BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                from 'Negative')

   INR22 Million Term Loan               BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative')

   INR25 Million Letter of Credit        P4+ (Upgraded from 'P4')

The ratings reflect improvement in Alam Tannery's operating margin
by diversifying into higher value-added products, and the
company's ability to withstand economic recession in its key
markets.

The ratings, however, continue to reflect Alam Tannery's exposure
to risks relating to the working-capital-intensive nature of the
leather industry, small scale of operations, and intense
competition.  These weaknesses are partially offset by Alam
Tannery's comfortable financial risk profile marked by moderate
net worth, low gearing and average debt protection measures, and
the benefits that the company derives from the experience of its
promoters in the leather industry.

Outlook: Stable

CRISIL believes that Alam Tannery will maintain its business risk
profile over the medium term, supported by its established
presence in the leather upholstery industry. The outlook may be
revised to 'Positive' if the company's revenues increase
substantially backed by stable operating margin.  Conversely, the
outlook may be revised to 'Negative' if Alam Tannery's capital
structure deteriorates significantly, most likely because of debt-
funded capital expenditure, or if its working capital requirements
increase considerably.

                        About Alam Tannery

Alam Tannery traces its origins to the early 1920s when
Mr. Mohammed Hanif set up a raw hide and skin trading centre in
North Bihar.  In 1962, the promoter family set up a partnership
firm, Maqbul Alam & Co, which began operations by exporting dry
salted skin and wet blue leather to the European markets. In 1970,
the promoters shifted to Kolkata.  Alam Tannery was set up by Mr.
Maqbul Alam (son of Mr. Hanif).  The company has two tannery
units, and currently manufactures leather sofa and chair covers.
It markets its products in the UK, South Africa, Germany, Poland,
Hungary and Australia.

For 2009-10 (refers to financial year, April 1 to March 31), Alam
Tannery reported a profit after tax (PAT) of INR11.9 million on
net sales of INR459.7 million, as against a PAT of INR32.4 million
on net sales of INR459.4 million for 2008-09.


CINEVISTAAS LTD: Fitch Assigns 'BB-' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Cinevistaas Ltd. a National
Long-term rating of 'BB-(ind)'.  The Outlook is Stable.  The
agency has also assigned ratings to Cinevistaas' bank facilities:

  -- INR38.7 million long-term loans: 'BB-(ind)';
  -- INR110.9 million fund-based working capital limits:
     'BB-(ind)'; and
  -- INR15 million non-fund based limits: 'F4(ind)'.

Cinevistaas' ratings are constrained by the high concentration
risk as its revenues accrue from four serials; consequently any
cancellation could result in substantial earnings volatility.  The
risks are partly offset by the company's growing product pipeline
and demonstrated ability to get new serials on air.  Despite the
contract not being extended for one of its largest serials in FY11
due to lower popularity, Cinevistaas has been able to maintain
revenues due to the timely introduction of new serials.  Fitch
notes that with its entry into the southern regional channel Sun
TV in FY11, the company is exposed to market volatility as the
revenues from its 'Seethe' and 'Mane Maglu' serials vary with the
viewership levels.  However, existing serials are on a fixed-price
basis, which partly offsets these risks.

The ratings are also constrained by the limited track record of
its three serials telecasted in FY11 and liquidity pressures
during FY10 and H111, due to the long payment period of its
customers.  Consequently, the company resorted to overdrawing its
bank overdraft limits during FY10 and H111.  However, Fitch notes
that the receivables period has since improved (FY10: 136 days,
FY09: 180 days), resulting in improved liquidity from Q410
onwards.  The company also expects to receive a one-time inflow
from the tax authorities which should improve its liquidity in
H211.  Fitch has excluded the legacy receivables from its analysis
as these dues span multiple years and carry a low likelihood of
recovery.  The ratings are further constrained by the refinancing
risk, with INR4.8m of loans payable during FY11, as well as by the
additional loans taken in FY11 to fund the production of the
regional serials with Sun TV.

The ratings reflect the three-decade long track record of
Cinevistaas' sponsors in the media industry and the past track
record (three years) of long-running serials.  The company
benefits from its diverse revenue streams across multiple channels
and regions.

Cinevistaas faced significant losses in FY06 as its first movie
venture 'Garv' performed poorly.  The company has since chosen to
retain its TV-focus, and consequently, Fitch has not factored
further investments into film production.  The company's margins
have come under pressure due to the increase in production costs
over the past few years, with gross margins falling to 21.9% in
FY10 (FY08: 44%, FY09: 19.4%).  The agency expects margins to
remain stable over the short- to medium-tem, supported by the
large number of entertainment channels, and consequent strong
demand for content.  Studio rentals (a small proportion of
revenues), which contributed significantly to EBITDA until FY08
(28% of EBITDA), reduced substantially through FY09 and FY10.  The
management invested INR12m over FY09-FY10 for upgrading its
studios, and expects these rentals to rebound from FY11, which
will support margins and liquidity over the medium-term.  The
company expects to receive around INR20m of lease rentals during
FY11.

Negative rating triggers include cancellation of any Cinevistaas'
existing serials, volatility or decline in revenues linked to
television rating points, deterioration in liquidity (either
through longer receivables or less than expected rental income
from studios) and a debt/EBITDAR of beyond 5x on a sustained
basis.

Established in 1982, Cinevistaas is primarily focused on creating
Hindi language content for general entertainment channels,
although it has recently diversified into producing content for
southern regional channels.  'Dil Mil Gaye' on Star One channel is
its most popular show.  In Q1FY11, Cinevistaas' revenues declined
to INR112.4 million (Q1FY10: INR148.5 million), mainly due to the
lower number of serials aired and one-time sale of movie rights,
with EBITDAR margins of 7.7% (Q1FY10: 8.6%) and annualized debt/
EBITDAR of 4.4x (Q1FY10: 2.9x).  In FY10, its revenues declined to
INR474 million (FY09: INR565 million) mainly due to serials taken
off air, with EBITDA margins of 9.7% (FY09: 8.1%) and debt/EBITDA
of 3.8x (FY08: 3.77x).


CITY UNION: Fitch Gives Positive Outlook; Affirms 'D' Rating
------------------------------------------------------------
Fitch Ratings has revised India's City Union Bank Ltd.'s Outlook
to Positive from Stable.  The agency has simultaneously affirmed
CUB's National Long-term Rating at 'A(ind)', Individual Rating at
'D' and Support Rating at '5'.  The agency has also affirmed CUB's
INR400m lower tier 2 subordinated debt programme at 'A(ind)'.

The Outlook revision reflects CUB's sustained profitability,
strong capitalization and greater emphasis on risk management
practices, which if maintained through the current growth phase
could result in an upgrade of the National Long-term rating.  The
Individual rating also reflects the bank's regional concentration
and relatively small franchise, which has potential to somewhat
pressure deposit funding costs; while the bank has managed these
vulnerabilities well, any significant deterioration in asset
quality could lead to negative action with respect to the Outlook
on the National Long-term rating, or potentially even trigger a
downgrade.

CUB has been able to contain the deterioration in its asset
quality in the wake of the economic slowdown.  In FY10, its gross
NPL declined to 1.4% (FY09: 1.8%) and the proportion of
restructured assets (about 7% in FY09 - a major concern) declined
to about 3.2%.  Slippages from its restructured accounts into NPLs
have thus far been limited.

CUB reported a strong capital adequacy ratio of 13.5% in FY10
(tier 1: 12.4% - entirely core).  The management raised INR480m of
equity in FY10 through a rights issue, and has a mandate to raise
an additional INR3bn through a qualified institutional placement
(QIP).  The bank's internal accruals, along with equity infusion
from a potential QIP, are expected to keep bank's capitalization
at healthy levels over the near-term, which includes a targeted
tier 1 capital ratio of above 10%, notwithstanding expectations of
fairly strong loan growth in future.

CUB's return on assets (FY10:1.47%, Q1FY11: 1.52%) remained higher
than the banking system medium (FY10: 1.03% Q1FY11: 1.13%), driven
by its wider net interest margins and lower operational cost
structure.  The bank's NIMs have remained stronger in spite of
higher cost of funds (partly due to low proportion of current and
savings account deposits) as the bank lends largely to high-
yielding small and medium enterprises.  Nevertheless, the
increasing interest rate environment is expected to put pressure
on CUB's NIMs, although the bank's large proportion of floating
rate-based working capital loans helps cushion some of the
interest rate volatility impact on the NIMs.

The banks liquidity position remains satisfactory.  A majority of
its advances are of short- and mid-term tenure which helps it to
manage asset liability duration.  The gaps in its asset liability
tenure remains reasonable, which the agency believes, the bank
should be able to manage through refinancing.

The rating on the lower tier 2 subordinated debt programme is the
same as the bank's National Long-term rating, which is consistent
with applicable local criteria.

CUB is a private bank based in Tamil Nadu.  The bank's
shareholding is diversified, and its shares have been listed on
local bourses since 1998.  CUB lends primarily to SMEs through its
222 branches.


GEE PEE: CRISIL Assigns 'BB+' Rating to INR220MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Gee Pee Infotech Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR220.0 Million Cash Credit Limit       BB+/Stable (Assigned)
   INR30.0 Million Standby Line of Credit   BB+/Stable (Assigned)

The rating reflects GPIPL's average financial risk profile marked
by high bank limit utilisation, small net worth, and moderate debt
protection metrics.  The ratings also reflect the vulnerability of
the company's business risk profile to intense competition in
mobile handset business and the vulnerability of its operating
margin to any significant decline in mobile handset prices.  These
rating weaknesses are partially offset by GPIPL's promoters'
experience in the mobile distribution business and the benefits
the company is likely to reap from the significant growth expected
in the mobile handset market in medium term, leading to healthy
revenue growth for the company.

Outlook: Stable

CRISIL believes that GPIPL's operating income will increase over
the short to medium term, supported by the healthy growth in
demand for mobile phones in India, and the company's plans of
expanding distribution network in new areas.  The outlook may be
revised to 'Positive' if GPIPL strengthens its market position
through significant growth in its revenues and profitability,
leading to larger-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' if there is a significant
pressure on GPIPL's revenues and profitability, leading to
deterioration in its financial risk profile, or if the company
undertakes large, debt-funded capital expenditure programme,
leading to deterioration in its debt protection indicators.

                       About Gee Pee Infotech

Incorporated in 1994 and promoted by Mr. Bijay Agarwal (second-
generation entrepreneur), GPIPL trades in mobile phones.  Based in
Kolkata, the company imports cell phones from various
manufacturers in China and sells them under the Gee Pee brand in
India.  Most of GPIPL's handsets are priced between INR1499 and
INR5000.  The day-to-day operations are managed by Mr. Agarwal.
The company is present across 17 states, with a distribution
network comprising around 15 primary dealers and more than 100
secondary distributors.

GPIPL reported a profit after tax (PAT) of INR26.1 million on net
sales of INR3025.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9.4 million on net sales
of INR1404.9 million for 2008-09.


KRANS PROJECTS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Krans Projects Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         BB/Stable (Assigned)
   INR50.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect KPPL's exposure to risks related to tender-
driven business, limited project diversity, geographically
concentrated revenue profile, small net worth, and large working
capital requirements.  These rating weaknesses are partially
offset by KPPL's moderate financial risk profile marked by healthy
gearing and debt protection metrics, and established position of
its promoters in the construction industry.

Outlook: Stable

CRISIL believes that KPPL will maintain its healthy capital
structure and benefit from its moderate order book over the medium
term.  The outlook may be revised to 'Positive' if KPPL increases
its scale of operations substantially and diversifies its revenue
profile, while increasing its profitability.  Conversely, the
outlook may be revised to 'Negative' if the company's
profitability deteriorates steeply, or if it undertakes a large,
debt-funded capital expenditure programme, weakening its financial
risk profile.

                        About Krans Projects

Established in September 2008, KPPL acquired the business of K
Ranga Rao (KRR), the sole proprietorship firm of Mr. K Ranga Rao
(KPPL's promoter).  KRR has been executing orders for South
Central Railway (SCR) works since 1983; after commencement of
operations, KPPL diversified into executing projects as a special-
class contractor for the irrigation, and roads and buildings
department of the Government of Andhra Pradesh.

KPPL reported a profit after tax (PAT) of INR13 million on net
sales of INR273 million for 2009-10 (refers to financial year,
April 1 to March 31).


LANCO BUDHIL: CRISIL Reaffirms 'BB' Rating on INR3.35BB LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term loan of Lanco Budhil Hydro Power
Pvt Ltd (Lanco Budhil, formerly, Lanco Green Power Pvt Ltd)
continues to reflect Lanco Budhil's exposure to project-
implementation-related risks, which have resulted in significant
commissioning delays, and hydrology risks.

   Facilities                 Ratings
   ----------                 -------
   INR3350 Million LT Loan    BB/Negative (Reaffirmed)

The rating also factors in the company's weak financial risk
profile.  These weaknesses are partially offset by the strong
financial and operational support that Lanco Budhil receives from
its parent, Lanco Infratech Ltd (LITL; rated 'A-/Positive/P2+' by
CRISIL).

Lanco Budhil's project is expected to commence commercial
operations in January 2011 after a delay of about 18 months.  This
has resulted in an increase in the project cost to INR5.36 billion
from the budgeted cost of INR4.18 billion. LITL has funded the
cost overrun by way of unsecured loans, and is also servicing the
debt on behalf of Lanco Budhil.

Outlook: Negative

The 'Negative' outlook factors in the significant delay by Lanco
Budhil in commissioning its project.  The rating could be
downgraded in case of delay in commencing commercial operations
beyond the revised date, or in case of a change in LITL's stance
in supporting Lanco Budhil.  Conversely, the outlook could be
revised to 'Stable' if Lanco Budhil completes the project without
any further time or cost overruns.

                        About Lanco Budhil

Lanco Budhil was incorporated in 2002.  The company is
implementing a hydroelectric power project across the Budhil
nullah, which is a major tributary of the River Ravi.  The project
site is in the Chamba district of Himachal Pradesh.  Lanco Budhil
has entered into a 35-year power purchase agreement with PTC India
Ltd for complete offtake of energy generated by the project.


LANCO MANDAKINI: CRISIL Reaffirms 'BB+' Rating on INR4.16B LT Loan
------------------------------------------------------------------
CRISIL's rating on the long-term loan of Lanco Mandakini Hydro
Energy Pvt Ltd (LMHEPL; formerly, Lanco Hydro Energies Pvt Ltd)
continues to reflect LMHEPL's exposure to risks related to project
implementation and hydrology.

   Facilities                 Ratings
   ----------                 -------
   INR4.16 Billion LT Loan    BB+/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile. These weaknesses are partially offset by the support
LMHEPL receives from its parent, Lanco Infratech Ltd (rated 'A-
/Positive/P2+' by CRISIL).

Outlook: Stable

CRISIL believes that LMHEPL will continue to face significant
project completion challenges over the medium term. The outlook
may be revised to 'Positive' if the company manages to implement
the project ahead of schedule and well within the estimated cost.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in the project.

                       About Lanco Mandakini

LMHEPL was incorporated in 2006 for the implementation of two run-
of-the-river hydroelectric projects of 76 megawatts (MW) each, on
the River Mandakini in the Rudraprayag district of Uttarakhand.
Currently, the company is implementing the Phata Byung Hydro
Electric Power Project.  The plant is expected to start operations
in 2012-13 (refers to financial year, April 1 to March 31).  The
other project, Rambara Hydro Electric Power Project, will be
undertaken on receipt of all statutory clearances and approvals.
The projects were allotted to the Lanco group by the Government of
Uttarakhand in February 2006. LMHEPL has entered into a 25-year
power purchase agreement with National Energy Trading and Services
Ltd (rated 'BBB+/Stable/P2') for complete offtake of the power it
generates.


LANCO TEESTA: CRISIL Reaffirms 'BB+' Rating on INR24-Bln LT Loan
----------------------------------------------------------------
CRISIL's rating on the term loan of Lanco Teesta Hydro Power Pvt
Ltd (Lanco Teesta, formerly, Lanco Energy Pvt Ltd) continues to
reflect Lanco Teesta's exposure to project implementation risks on
account of its project's large scale and the long commissioning
period involved, and to risks relating to hydrology, single-site
concentration, and weak counterparty with Maharashtra State
Electricity Distribution Company Ltd being its sole offtaker.  The
rating also factors in the company's weak financial risk profile.
These weaknesses are partially offset by the support that Lanco
Teesta receives from its parent, Lanco Infratech Ltd (rated 'A-
/Positive/P2+' by CRISIL), and by the long-term, fixed-price
nature of its power purchase agreement (PPA) with MSEDCL, which
lends stability to the company's revenue profile.

   Facilities                     Ratings
   ----------                     -------
   INR24 Billion Long-Term Loan   BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Lanco Teesta will continue to be exposed to
significant risks relating to the implementation of its 500-
megawatt (MW) hydroelectric (hydel) project, Teesta VI.  The
outlook may be revised to 'Positive' if the company commissions
the project as per the revised schedule, and without contracting
more debt than what was originally planned.  Conversely, the
outlook may be revised to 'Negative' if there is significant delay
in commissioning the plant beyond the revised date, or if Lanco
Teesta contracts more debt to fund cost overruns of the project.

                        About Lanco Teesta

Lanco Teesta was incorporated in 2000.  The company is
implementing a 500-MW (4x125 MW) hydel project, Teesta VI, on the
Teesta River in Sikkim. Lanco Teesta has entered into a 25-year
PPA with MSEDCL for sale of electricity at the rate of INR2.32 per
unit.  The plant is likely to be commissioned in November 2012 as
against the original commercial operation schedule of March 2012.
The eight-month delay is primarily on account of delays in land
acquisition, and has resulted in a cost overrun of INR970 million,
taking the overall cost of the project to INR30.97 billion. The
cost overrun will be funded by the promoters.


RANGOLI INTERNATIONAL: Fitch Assigns 'BB+' National LT Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Rangoli International Private
Limited a National Long-term rating of 'BB+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to RIPL's bank
loans:

  -- INR890 million fund-based working capital limits:
     'BB+(ind)'/'F4(ind)'; and

  -- INR352 million non-fund based working capital limits:
     'BB+(ind)'/'F4(ind)'.

RIPL's ratings benefit from the management's experience in the
domestic textile industry (since 2004) and its ability to grow
revenues significantly to INR3,413 million in FY10 (financial year
ending-March 2010) from INR251 million in FY07.

The ratings are constrained by the company's low profitability on
both operating EBITDA and net income levels.  RIPL's low margins
are partly a result of a volume-driven commoditized business
model, exposed to basic garments with large orders per style,
requiring less designing skills.  Until FY10, RIPL had a
manufacturing capacity of 1.65m garments annually, and therefore
outsourced most of its production to fabricators and job workers.
After the commencement of a new 1.1m garments per year
manufacturing unit in Gurgaon in April 2010, the mix of in-house
manufacturing should increase to up to 30% of overall production.
This should translate into margin benefit over the near-term.

Rating constraints also include exposure to forex risk (mainly INR
appreciation vs. US$) and customer concentration risk with a
single buyer (Jamlu General Trading Company), accounting for 27%
of the total sales in FY10.  RIPL almost fully utilizes its
working capital bank lines, thereby lowering the liquidity
cushion.  Furthermore, the company obtained additional bank limits
in FY11 to support expanded operations and higher volumes.  Though
its leverage and gearing ratios improved in FY10, they are likely
to increase with higher working capital needs over the near-term.
Leverage can be volatile, depending upon the company's ability to
manage its working capital cycle.

Negative rating triggers include RIPL's inability to pass on rise
in input and other costs to end-customers and any adverse forex
movements, which would deteriorate its profitability, leverage and
coverage metrics.  Positive rating triggers include a significant
and sustained improvement in RIPL's operating EBITDA margins and
efficient management of working capital cycle.

RIPL is a Delhi-based manufacturer and exporter of readymade
garments.  The company derives its revenues entirely from exports,
and its buyers are mostly trading companies in Middle East
countries and Hong Kong.  It also engages in trading diamonds
(10%-15% of overall sales).  In FY10, the company reported net
sales of INR3,413m, EBITDA of INR143.1m and net debt/EBITDA of
1.6x.


S RAJIV: CRISIL Reassigns 'B' Rating to INR15MM Packing Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the post-shipment
credit facility and Packing credit facility of S. Rajiv & Co;
these facilities were earlier short-term facilities, which were
rated 'P4' by CRISIL.

   Facilities                           Ratings
   ----------                           -------
   INR75 Million Post-Shipment Credit   B/Negative (Reassigned)
   INR15 Million Packing Credit         B/Negative (Reassigned)

The ratings continue to reflect SRC's weak financial risk profile
marked by low networth and weak debt protection metrics, small
scale of operations, and customer concentration in its revenue
profile. These weaknesses are partially offset by the benefits
that the firm derives from its promoters' experience in the
diamond cutting and polishing business.

Outlook: Negative

CRISIL believes that SRC would face pressure on its liquidity
because of the high levels of receivables, and that the firm's
financial risk profile will remain weak due to its low net worth.
The rating may be downgraded if there is a significant decline in
the firm's revenues, coupled with increased receivables and
inventory holdings.  Conversely, the outlook may be revised to
'Stable' if SRC is able to reduce its level of receivables and
increase its revenues, while maintaining its profitability and
cash accruals.

                          About S. Rajiv

Set up in 1972 as a partnership firm by Mr. Ramniklal Jhaveri, SRC
manufactures and trades in polished diamonds.  The firm trades in
diamonds of sizes ranging from 2 pointers to 100 pointers.
Currently, the firm has three active partners, Mr. Shreyash
Jhaveri, Mr. Rasesh Jhaveri, and Mr. Rahul Jhaveri.

SRC, on a provisional basis, reported a profit after tax (PAT) of
INR1.9 million on net sales of INR325 million for 2009-10 (refers
to financial year, April 1 to March 31), as against a PAT of
INR2.2 million on net sales of INR240 million for 2008-09.


SIDHI VINAYAK: CRISIL Assigns 'C' Rating to INR45MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Sidhi Vinayak Rice Mills (SVRM, part of the Mahavir Foods group).

   Facilities                        Ratings
   ----------                        -------
   INR10.00 Million Cash Credit      C (Assigned)
   INR45.00 Million Term Loan        C (Assigned)
   INR60.00 Million Packing Credit   P4 (Assigned)

The ratings reflect the Mahavir Foods group's weak liquidity, as
reflected in delays in debt repayments, continuous overdrawing in
limits in the past till August by the firm, and the currently
overdrawn fund-based facilities by its group firm, Mahavir Foods.

The ratings also reflect the Mahavir Foods group's weak financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics; small scale of operations; exposure to
adverse regulatory changes; and the susceptibility of its margins
to fluctuations in raw material prices and climatic changes. These
weaknesses are partially offset by the experience of the group's
promoters in rice business and its strong revenue growth.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SVRM and Mahavir Foods, together
referred to as the Mahavir Foods group.  This is because both the
entities are in the same line of business, have strong operational
and financial linkages, including fungible funds, and are under a
common management.

                       About Sidhi Vinayak

Set up in 1998 as a partnership firm by Mr. Suresh Garg and Mr.
Amit Garg, Mahavir Foods Mills processes and sells par-boiled
basmati rice, primarily in the export market. The firm has a
milling capacity of 2 tonnes per hour (tph), and grading and
sorting capacity of around 6 tph.

SVRM, set up in 2008 at Taraori, Karnal, has a milling capacity of
6 tph and a grading and sorting capacity of 9 tph. The unit
commenced sorting operations in February 2009; the milling unit
started operations in 2009-10 (refers to financial year, April 1
to March 31).

The Mahavir Foods group reported a profit after tax (PAT) of
INR4.0 million on net sales of INR1140.0 million for 2009-10,
against a PAT of INR1.3 million on net sales of INR537.0 million
for 2008-09.


TIRTHAK PAPER: CRISIL Assigns 'BB-' Rating to INR100MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Tirthak Paper Mill Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR100.0 Million Cash Credit    BB-/Stable (Assigned)
                       Facility
   INR100.0 Million Proposed LT    BB-/Stable (Assigned)
             Bank Loan Facility
   INR50.0 Million Proposed ST     P4+ (Assigned)
            Bank Loan Facility

The ratings reflect Tirthak's moderate financial risk profile,
marked by high gearing, small net worth and moderate debt
protection metrics; incremental working capital requirements; and
small scale of operations in the intensely competitive paper
industry. These weaknesses are partially offset by Tirthak's
favourable business prospects, driven by healthy industry demand.

Outlook: Stable
CRISIL believes that Tirthak will maintain its business risk
profile on the back of robust growth in sales of its duplex paper
board.  The outlook may be revised to 'Positive' if the company
improves its operating margin, resulting in more-than-expected
cash accruals and improved capital structure.  Conversely, the
outlook may be revised to 'Negative' in case the company
undertakes a large, debt-funded capital expenditure, or its
working capital management deteriorates, leading to pressure on
its debt protection measures.

                        About Tirthak Paper

Tirthak, established as a private limited company in January 2006
by Mr. Kiritbhai Fultaria, started commercial operations in March
2007. The company manufactures duplex board in the 230 to 450
grammage per square meter (gsm) range.  Its manufacturing facility
in Morbi (Gujarat) started operations with a capacity of 24,000
tonnes per annum (tpa); however, over the past three years,
Tirthak has expanded its existing unit and established a new unit.
Currently, it has a total capacity of 67,500 tpa: unit I 36,000
tpa and unit II 31,500 tpa.

Tirthak reported a profit after tax (PAT) of INR18.2 million on
net sales of INR563.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR17.2 million on
net sales of INR546 million for 2008-09.


VAMSHI INDUSTRIAL: CRISIL Reaffirms 'BB+' Rating on INR431.3M Loan
------------------------------------------------------------------
CRISIL's rating on Vamshi Industrial Power Ltd's long-term loan
continues to reflect VIPL's exposure to project-implementation,
hydrology, and counter-party risks.  These weaknesses are
partially offset by the financial and operational support that
VIPL receives from its parent Lanco Infratech Ltd (LITL; rated 'A-
/Positive/P2+' by CRISIL).

   Facilities                   Ratings
   ----------                   -------
   INR431.3 Million LT Loan     BB+/Negative (Reaffirmed)

One unit of the project, with 5-megawatt (MW) capacity at
Drinidhar (Himachal Pradesh), has been shut down since August 2010
following an accident, and is expected to be restored by December
2010. The other 5-MW unit is now expected to commence operations
by December 2010, after a delay of more than 30 months. LITL has
funded the cost overrun by way of unsecured loans and additional
equity infusion, and is also servicing the debt on behalf of VIPL.

Outlook: Negative

The 'Negative' outlook reflects CRISIL's belief that the further
delay expected in commencement of commercial operations at VIPL's
ongoing project at Upper Khauli, and the suspension of operations
at Drinidhar following an accident, will result in an adverse
impact on the company's debt servicing ability.  The rating could
be downgraded if VIPL fails to commence commercial operations
within the expected timelines and revised cost, or if its
operating efficiency is lower than expected, leading to
deterioration in the company's financial risk profile.
Conversely, the outlook may be revised to 'Stable' if VIPL's
ongoing project commences commercial operations earlier than
expected without further cost overrun, its Drinidhar unit is
restored as per schedule, and if the company's operating
efficiency is higher-than expected.

                      About Vamshi Industrial

VIPL, incorporated in 2002, was acquired by the Lanco group in
2005. In March 2010, the company commissioned a 5-MW hydroelectric
project in Drinidhar, across the Brahl Khad stream; it is setting
up another hydroelectric project of similar capacity in Upper
Khauli, across the Khauli Khad stream in the Kangra district of
Himachal Pradesh.  Both the streams are tributaries of the Beas
River. VIPL has signed a 40-year power purchase agreement with
Himachal Pradesh State Electricity Board, to which it supplies
power at the rate of INR2.95 per unit.


WINDLASS ENGINEERS: CRISIL Lifts Rating on INR44.6MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Windlass
Engineers & Services Pvt Ltd (WESPL; part of the Windlass group)
to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR44.60 Million Term Loan          BB-/Stable (Upgraded from
                                                   'B+/Stable')
   INR47.90 Million Export Packing     P4+ (Upgraded from 'P4')
                    Credit*
   INR20.00 Million Bill Discounting   P4+ (Upgraded from 'P4')
   INR7.50 Million Standby Line of     P4+ (Upgraded from 'P4')
                            Credit
   INR5.00 Million Letter of Credit    P4+ (Upgraded from 'P4')
   INR5.00 Million Bank Guarantee      P4+ (Upgraded from 'P4')

The upgrade has been driven by increase in revenues of WESPL,
WESPL's healthy operating margin, strong profitability of WESPL's
group entity Windlass Steelcrafts, and strong improvement in the
Windlass group's overall capital structure.  WESPL's revenues
increased to INR162 million in 2009-10 (refers to financial year,
April 1 to March 31) from INR93 million in 2008-09; its operating
profitability was 25 per cent for the same year.  WSC maintained a
strong operating margin of over 35 per cent in 2009-10.  These
factors resulted in more-than-expected cash accruals and stronger-
than-expected debt protection metrics for the Windlass group.
Also, the fact that there was equity infusion of INR29 million in
WESPL, led to a significant improvement in the group's capital
structure in 2009-10. with the group's net worth increased to
INR91.8 million and gearing improved to 3 times as on March 31,
2010 from INR46.5 million and 5.8 times respectively as on
March 31, 2009.  The upgrade also reflects CRISIL's belief that
the Windlass group, benefiting from increase in WESPL's revenues,
will maintain healthy profitability over the medium term.

The rating reflects the Windlass group's small scale of operations
in the steel craft and oil field equipment industries, weak
financial risk profile marked by small net worth (despite the
increase), high gearing (despite the improvement), below-average
debt protection measures (despite the improvement), and working-
capital-intensive operations.  The ratings also factor in WESPL's
susceptibility to volatility in crude oil prices and to
uncertainties in the business environment.  These rating
weaknesses are partially offset by the Windlass group's promoters'
extensive industry experience, the group's established
distribution network in steelcraft business, and its diversified
business profile (through WESPL).

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of WSC and WESPL.  This is because the two
entities, together referred to as the Windlass group, have common
ownership and management, shared premises, and fungible funds,
despite the absence of business linkages between them.  In 2008-
09, the partners in WSC withdrew INR38 million from the firm, and
invested the money in WESPL as interest-bearing unsecured debt,
which was partly converted into equity in 2009-10.

Outlook: Stable

CRISIL believes that the Windlass group's scale of operations will
remain small and its financial risk profile will remain weak over
them medium term.  The outlook may be revised to 'Positive' if
there is substantial increase in the group's scale of operations,
and improvement in its financial risk profile, driven most likely
by fresh equity infusion.  Conversely, the outlook may be revised
to 'Negative' if the groups' financial risk profile weakens
because of more-than-expected withdrawal of capital by the
partners in WSC, or significant pressure on WESPL's revenues and
cash accruals because of any slowdown in its end-user industries.

                           About the Group

Set up in 1943 by the late Mr. V P Windlass, WSC manufactures
replicas of swords, bayonets, daggers, sabres, and other
historical arms and armour.  The firm is the flagship entity of
the Windlass group, and the official contractor to the United
States Marine Corps for ceremonial swords; it also supplies its
products for movie productions.  WESPL and WSC share common
premises at Dehradun (Uttarakhand).

WESPL, promoted by the Windlass family, was incorporated in 2007.
It manufactures a variety of oil-field equipment, catering mainly
to the oil exploration industry. Its product portfolio consists of
blow out preventer control units, hammer unions, high-pressure
test units, gaskets, and spools.

The Windlass group reported a profit after tax (PAT) of INR57
million on net sales of INR325 million for 2009-10, against a PAT
of INR53 million on net sales of INR286 million for 2008-09. For
2009-10, WSC reported a PAT of INR38 million on net sales of
INR163 million, against a PAT of INR50 million on net sales of
INR195 million for 2008-09.


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


JAPAN AIRLINES: Union Files Suit to Stop Forcible Retirement
------------------------------------------------------------
Kyodo News reports that a group of 87 members of a union chiefly
comprising pilots and co-pilots at Japan Airlines Corp filed a
lawsuit with the Tokyo District Court Thursday, seeking an
injunction to stop the company encouraging them to voluntarily
retire.

Kyodo News relates that the plaintiffs, who are members of the JAL
Flight Crew Union, said JAL has kept some of its members off their
flight duties since October so they could attend interviews with
their supervisors over the retirement.

The plaintiffs, according to Kyodo News, argue that the company is
effectively enforcing retirement and such moves cause the
plaintiffs' mental suffering.  According to Kyodo News, union
leader Tatsuya Ugachi said painful reforms may be necessary for
JAL to rehabilitate itself but no unlawful acts must be done.

Kyodo News relates JAL said it needs to downsize its business
scale in line with its rehabilitation plan and will continue
seeking the understanding of its employees over the current
management situation.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


HO HUP CONSTRUCTION: M&A Securities Appointed as Principal Adviser
------------------------------------------------------------------
Ho Hup Construction Company Berhad disclosed that M&A Securities
Sdn Bhd has been appointed as principal adviser of the Company in
relation to the Proposed Regularization Plan.

                          About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


LINEAR CORPORATION: Sunline Serves Wind-Up Petition Against Unit
----------------------------------------------------------------
Linear Corp. disclosed that a winding-up petition was served on
LCI Global Sdn. Bhd., a wholly-owned subsidiary of the Company, by
Sunline M & E Services Sdn. Bhd. on November 2, 2010.

LCISB has received a petition of debts as at June 21, 2010,
totalling MYR865,978.53 consisting of MYR756,053.30 being the
judgment sum and MYR109,700.23 being interest at 8% per annum and
MYR225.00 being cost.

On June 28, 2010, LCISB received a Kuala Lumpur High Court
Statutory Notice of Demand pursuant to Section 218 of the
Companies Act 1965.

LCISB will engage a legal adviser to attend to the Petition.

There is no financial and operational impact on the Group. LCISB
is taking urgent steps to resolve the matter amicably and
negotiate a deferred payment plan that will be acceptable to the
Petitioner.

The winding up petition has been fixed for hearing on December 9,
2010.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


LINEAR CORPORATION: Default Notice Served on LCI Global
-------------------------------------------------------
Notice Pursuant to Section 218 of The Companies Act 1965 has been
served on LCI Global Sdn. Bhd. (formerly known as Linear Cooling
Industries Sdn. Bhd.), a wholly owned subsidiary of Linear Corp.
by solicitors for The Net Planet (Malaysia) Sdn. Bhd.

The debt of MYR2,383,347.97, which has been disputed by LCISB,
owing to The Net Planet (Malaysia) Sdn. Bhd. is with regard to
balance outstanding of Non Trade Nature with LCISB.  The debts are
unsecured and LCISB will challenge the debts in Court.

There is no financial and operational impact on the Group.  LCISB
is seeking legal recourse against The Net Planet (Malaysia) Sdn.
Bhd. with regard to the 218 Notice.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


OCI BERHAD: Posts MYR1.23MM Net Loss in Qtr Ended September 30
--------------------------------------------------------------
OCI Berhad reported a net loss of MYR1.23 million for the first
quarter ended September 30, 2010, compared with a net loss of
MYR1.16 million in the same period in 2009.

For the first quarter, the company recorded MYR1.98 million of
total revenues, a decrease from the revenues of MYR2.67 million
recorded in the same quarter of 2009.

As of September 30, 2010, the company's balance sheet showed
MYR22.39 million in total assets and MYR73.48 million in total
liabilities, resulting in a MYR51.09 million shareholders'
deficit.

                         About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


RAMUNIA HOLDINGS: Provisional Liquidator Appointed to Three Units
-----------------------------------------------------------------
Ramunia Holdings Berhad appointed Mr. Wong Soon Fong as
provisional liquidator to wind-up three of the Company's
subsidiaries by way of creditors' voluntary winding-up:

The three subsidiaries are:

   -- RISL Engineering Sdn. Bhd.;
   -- Asian Tubular Sdn. Bhd.; and
   -- MS Herkules Sdn. Bhd.

Ramunia holds 70% and 90% of the paid up share capital in ATSB and
MSHSB respectively.  RISLSB is a wholly owned subsidiary within
the Ramunia Group.

The Creditors' voluntary winding-up of RISLSB, ATSB and MSHSB are
not expected to have material effect on the share capital, net
assets per share, gearing, earnings per share and substantial
Shareholders' shareholdings in Ramunia.

None of the Directors or major shareholders of Ramunia and persons
connected to them have any interest, direct or indirect, in the
creditors' voluntary winding-up.

The Company's board of directors is of the opinion that the
creditors' voluntary winding-up of the subsidiaries is in the best
interest of the Company.

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


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


E-GAS LTD: Liquidators Receive Offers for Business
--------------------------------------------------
The liquidators of retail gas provider E-Gas are confident they
can sell the business after receiving a number of offers, the New
Zealand Press Association reports.

According to NZPA, E-Gas Ltd, E-Gas Services Ltd and E-Gas 2000
Ltd went into voluntary administration on October 18 and the joint
liquidators are Stephen Tubbs, Brian Mayo Smith and Jeff Hart of
BDO Chartered Accountants.

NZPA relates the liquidators had earlier signaled they were
running a tender process to find a buyer of E-Gas's business,
including its customer base.

"Given the interest in the business, we are confident of achieving
a trade sale in the near future," NZPA quoted Mr. Hart as saying.

According to NZPA, Mr. Hart said the liquidators were working to
ensure that the offers provided customers with certainty of
supply.

NZPA, citing liquidators' first report, discloses that Multi Gas
(NZ) Ltd was a secured creditor owed NZ$3.45 million and there
were secured creditors owed NZ$6.428 million.  The report did not
give an estimate of assets.

E-Gas is a private and independent gas retailer in New Zealand.
The company retails natural gas to more than 7,000 gas consumers
in the North Island.


LIBERTY NZ: S&P Affirms Ratings on All Subprime RMBS Deals
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on all
classes of subprime and nonconforming residential mortgage-backed
securities issued by the trustee of Liberty NZ Series 2005-1
Trust.  The rating affirmations reflect S&P's view that the rated
notes are adequately supported to withstand stresses that are
commensurate with the current rating levels.  Although the credit
enhancements as a percentage of the outstanding balance have built
up as the portfolio amortized, in S&P's opinion, the current
portfolio composition remains susceptible to tail-end risk as it
becomes more concentrated to fewer number of borrowers.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time, where S&P has conducted a rating review that does
not result in a rating change.

The affirmations follow a review of the performance of the
transaction and its underlying loan portfolio.  As at Aug. 31,
2010, the remaining portfolio balance is just over NZ$19 million
(11% of the original portfolio balance), and the loans are well-
seasoned (the current weighted-average loan seasoning is 4.9
years).  However, the portfolio is exposed to significant borrower
concentration, where the largest loan comprises over 15% of the
portfolio's outstanding balance, and the top-five loans comprise
24% of the outstanding balance.  Furthermore, approximately 26% of
the outstanding portfolio are low documentation loans and about
28% comprise loans to self-employed borrowers.  In addition, by
current balance, about 21.3% of loans have a loan-to-value ratio
exceeding 80%.

The portfolio's arrears levels have improved since June 2009,
consistently remaining below the industry's declining arrears
average.  Currently there are no loans in arrears.  Although
approximately NZ$8 million of loans have defaulted as at Aug. 31,
2010, the actual current losses are less than NZ$0.62 million, all
of which have been covered by excess spread.  To date, there have
been no charge-offs to any notes, which would not occur until the
NZ$1.6 million (capped) reserve is depleted.

The principal is being repaid on a pro-rata basis due to the step-
down tests having been met.  However, if performance were to
deteriorate, the transaction would revert to sequential payments.
Both of these payment structures have been modeled in S&P's
analysis.  The annualized prepayment rate has been volatile from
period to period, and has slowed--peaking at 66.8% in quarter
ended Sept. 30, 2007, and reaching a bottom of just over 7.9% as
at June 30, 2010.  S&P expects prepayment volatility to continue
as the portfolio balance diminishes.

                        Ratings Affirmed

                 Liberty NZ Series 2005-1 Trust

                       Class    Rating
                       -----    ------
                       A        AAA (sf)
                       B        BBB+ (sf)
                       C        BB (sf)


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


BANCO DE ORO: S&P Assigns 'BB-' Rating to Senior Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
unsolicited 'BB-' issue rating to the senior unsecured notes by
Banco De Oro Unibank Inc. (unsolicited ratings BB-/Stable/B).

The notes have these features:

  -- They constitute unsecured and unsubordinated obligations of
     the bank.

  -- They rank pari passu with all of the bank's unsecured and
     unsubordinated obligations.

  -- They rank ahead of all subordinated debt issues.

  -- They mature on April 22, 2016.

  -- BDO has the option to redeem the notes if it has or will
     become obliged to pay additional amounts on account of a
     change in tax laws that require the issuer to deduct tax.

  -- The notes are listed on the Singapore Exchange.

BDO will use the proceeds from the notes to support its business
expansion and for general banking and re-lending purposes.



                             *********

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.





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