TCRAP_Public/101109.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

           Tuesday, November 9, 2010, Vol. 13, No. 221

                            Headlines



A U S T R A L I A

KRISPY KREME: Sumo Salad Founder Says Poor Sites Caused Collapse
PACIFIC FIRST: Auditors Cast Significant Doubt Over Fund
PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Classes
PRIME TRUST: Retirement Villages to Remain in Business


C H I N A

RENHE COMMERCIAL: Moody's Affirms 'Ba2' Corporate Family Rating
RENHE COMMERCIAL: S&P Assigns 'BB' Rating to Senior Unsec. Notes


H O N G  K O N G

ADWIN INDUSTRIES: Osman Mohammed Arab Appointed as New Liquidator
ARTISE PERFORMANCE: Osman Mohammed Arab Appointed as Liquidator
EMPOWER HOLDINGS: Osman Mohammed Arab Appointed as New Liquidator
GOOD HARVEST: Osman Mohammed Arab Appointed as New Liquidator
JOY FORCE: Osman Mohammed Arab Appointed as New Liquidator

KO CHUN: Osman Mohammed Arab Appointed as New Liquidator
LANDWIDE LIMITED: Osman Mohammed Arab Appointed as New Liquidator
LANDWIDE TEXTILES: Osman Mohammed Arab Appointed as New Liquidator
REDCHIP INT'L: Osman Mohammed Arab Appointed as New Liquidator
SOFT-TREK MEDIA: Osman Mohammed Arab Appointed as New Liquidator

SUNWELL METALS: Osman Mohammed Arab Appointed as New Liquidator
UNI-ARTS (HK): Osman Mohammed Arab Appointed as New Liquidator
VICTORY DYEING: Osman Mohammed Arab Appointed as New Liquidator
VICTORY KNITTING: Osman Mohammed Arab Appointed as New Liquidator


I N D I A

GLOBAL CULTURAL: ICRA Assigns 'LBB-' Rating to INR13cr FB Limits
M R DAIRY: CRISIL Upgrades Rating on INR100MM Cash Credit to 'BB-'
MEW ELECTRICALS: CRISIL Puts 'BB+' Rating on INR180MM Cash Credit
POLYBOND ORGANICS: CRISIL Places 'BB+' Rating on INR5MM LT Loan
PRABHU SPONGE: CRISIL Reaffirms 'BB' Rating on INR51.3MM Term Loan

READYMADE STEEL: CRISIL Assigns 'BB' Rating to INR10 Mil. LT Loan
RNS INFRASTRUCTURE: CARE Assigns 'CARE BB' Rating to INR483cr Loan
SRI BALAJI: Fitch Affirms National Long-Term Rating at 'BB-'
STONE AGE: CRISIL Reaffirms 'BB+' Rating on INR27.1MM Term Loan
VIJAY TRANSMISSION: ICRA Rates INR6.45cr Loan at 'LB+'


I N D O N E S I A

GARUDA INDONESIA: Incurs IDR39.51 Billion Loss in Third Quarter
LIPPO KARAWACI: Amendments Won't Affect Moody's 'B1' Rating


J A P A N

DTC ONE: S&P Takes Various Rating Actions on Pass-Through Notes
DTC TRANSACTIONS: Fitch Affirms Ratings on All Rated Notes
JAPAN AIRLINES: To Refinance JPY320 Billion in Debt by March 2011
RESONA HOLDINGS: Mulls JPY600 Billion Share Sale to Repay Bailout


K O R E A

GM DAEWOO: Creditors Roll Over KRW1.13 Tril. Loan by 1 More Month


M A L A Y S I A

STAMFORD COLLEGE: Extraordinary Meeting Set for December 2


N E W  Z E A L A N D

SOUTH CANTERBURY: President Kicked Out of Office by Receivers


P H I L I P P I N E S

PHILIPPINE AIRLINES: Employees File Notice of Strike


S I N G A P O R E

AMANDA GROUP: Court Enters Wind-Up Order
BARANG BARANG: Creditors' Proofs of Debt Due November 18
DOLPHIN LINES: Creditors' Proofs of Debt Due December 6
NCAT 1: Creditors' Proofs of Debt Due December 6
YELLO PTE: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week November 1 to November 5, 2010




                            - - - - -


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A U S T R A L I A
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KRISPY KREME: Sumo Salad Founder Says Poor Sites Caused Collapse
----------------------------------------------------------------
James Thomson at SmartCompany reports that Krispy Kreme Doughnuts
Australia expanded too rapidly and selected extremely poor sites
for its products, Sumo Salad founder Luke Baylis has said in a
withering analysis of the chain's demise.

According to SmartCompany, Mr. Baylis said that while Australian
consumers are generally shifting towards healthier take-away food
options, the market for "fat, greasy food" remains large and it
was Krispy Kreme's expansion strategy that led to its troubles,
and not the healthiness of its food.

SmartCompany notes that while the owners of Krispy Kreme
Australia, who include rich list member John Kinghorn, are hoping
to restructure the chain and bring it out of voluntary
administration in the coming months, Mr. Baylis said a major
rethink on strategy is required to give the chain a point of
difference in the hyper-competitive Australian retail food sector.

"You really need to have a good point of difference," SmartCompany
quoted Mr. Baylis as saying.  "When they started out they had big
donut factories in the suburbs, and they were selling their donuts
by the box, which really gave that feeling that you'd just been to
the factory and got the freshest donuts you could find."

While Mr. Baylis said Krispy Kreme's original cult status was
built on this straight-from-the-factory-to-you feel, the company's
rapid expansion to 50 outlets saw it lose its novelty value,
SmartCompany adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 2, 2010, Krispy Kreme Doughnuts Australia entered voluntary
administration, with the privately owned Australian arm of the
American doughnut giant placed into the hands of Sydney accounting
firm Smith Hancock.  Krispy Kreme Australia spokesman Matt Horan
told the Herald Sun that the company was placed into the
hands of accountancy firm Smith Hancock after a directors meeting
concluded the company was at risk of defaulting on creditors.  The
Herald Sun said that company directors attributed the slide in
company profits to location, sales decline, and high rents and
distribution costs.  Smith Hancock will undertake a review of the
company and its business in Australia over the next month, with
Krispy Kreme stores to remain open during that time.  Once the
administrators have completed their review, unprofitable stores
may be closed or sold off but Mr. Horan has said all employee
entitlements will be paid.

Krispy Kreme Australia, unlike the United States operation, has no
franchise stores and is a wholly owned private company.  Krispy
Kreme Doughnuts first opened in Australia at its Penrith site in
2003, since then expanding to 54 Krispy Kreme outlets employing
660 staff in the seven years since, the highest of any country
outside America.


PACIFIC FIRST: Auditors Cast Significant Doubt Over Fund
--------------------------------------------------------
The Sydney Morning Herald reports that Pacific First Mortgage Fund
reduced its losses to AU$43.8 million for the year ending June 30,
2010, and successfully renegotiated a debt facility with its bank,
but it was not enough to satisfy auditors who said the financial
accounts cast "significant doubt about the group's ability to
continue as a going concern."

The fund reported a AU$407.8 million loss for the prior financial
year when it was controlled by the failed Gold Coast property
financier, City Pacific Ltd.

The Sydney Morning Herald, citing FMF's financial accounts,
discloses impairment losses of AU$72.2 million -- including a
AU$27.7 million write-down of interest receivable on its loans --
was the main contributor to the dismal result.  Nearly
AU$58 million of the impairment losses were from loans with
parties related to City Pacific, according to SMH.

SMH says the fund's new responsible entity, Balmain Trilogy,
admitted the nature of these impairment estimates means actual
losses could be significantly higher.

As at June 30 this year, 33 of the fund's loans were overdue with
principal and interest outstanding totaling AU$369.3 million.  The
auditors cited the recoverability of the fund's AU$141 million
exposure to Martha Cove in Victoria as being of particular
concern.

The losses have reduced the net asset value of the FMF to 43› per
unit.  Investors originally paid $1 each for the 887 million units
on issue, which were frozen in July 2008.  Balmain Trilogy aims to
repay $295 million to unit holders by October 2012.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2010, Pacific First Mortgage Fund avoided an asset fire
sale after Commonwealth Bank of Australia extended an
AU$82 million loan facility for the beleaguered fund.  The new
loan facility expired on June 30, 2010, but will be renewable
every year if CBA remains comfortable with the fund's performance.
Balmain Trilogy's joint chief executive Andrew Griffin said the
bank's decision enhanced the fund's ability to improve recoveries
from its assets and prevented a fire sale of some assets.

                             About PFMF

Pacific First Mortgage Fund, formerly known as City Pacific First
Mortgage Fund, is an unlisted registered managed investment
scheme.  Historically, the responsible entity of the Fund has been
the ASX listed company City Pacific Limited (City Pacific).
Unit holders in the Fund requisitioned a meeting under s.252B of
the Corporations Act 2001, to consider the removal of City Pacific
and the appointment of Trilogy Funds Management Limited as
responsible entity for the Fund.  The meeting was held on
June 25, 2009.


PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2010-2 Trust.

Issuer: SMART Series 2010-2 Trust

  -- AUD48.0 million Class A-1 Notes, Assigned (P)P-1 (sf)
  -- AUD216.0 million Class A-2 Notes, Assigned (P)Aaa (sf)
  -- AUD6.75 million Class B Notes, Assigned (P)Aa2 (sf)
  -- AUD8.25 million Class C Notes, Assigned (P)A2 (sf)
  -- AUD7.5 million Class D Notes, Assigned (P)Baa1 (sf)
  -- AUD7.5 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD6.0 million Seller Notes are not rated by Moody's.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles and
commercial equipment.  The receivables were originated by
Macquarie Leasing Pty Limited.

"The deal continues the strong revival seen in the Australian ABS
sector throughout 2010", says Ilya Serov, Moody's lead analyst for
the transaction.  "It also represents Macquarie Leasing's second
transaction for the year, after a successful visit into the US
markets in July" adds Serov.

                        Ratings Rationale

In broad terms SMART Series 2010-2 Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie.  The
pool includes a high percentage of novated leases (60%).  Moody's
considers novated leases to have a lower level of risk than other
contract types and this is a positive feature of the transaction.
Similarly to past SMART and other Australian ABS transactions, the
deal includes only a small percentage of non-motor-vehicle
equipment types (9.5%).  In Moody's opinion, motor vehicles
exhibit less pro-cyclical default patterns and, on average, higher
recovery rates.  As a result, Moody's views the SMART 2010-2 Trust
pool as conservatively structured.

In order to fund the purchase price of the revolving portfolio,
the Trust will issue seven classes of notes.  The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 12.0% to
19.9%) and after a pool factor of 10% is reached.  At all other
times, the structure will follow a pro rata repayment profile.

Moody's base case assumptions are a default rate of 1.85% and a
recovery rate of 40%.  These imply an expected (net) loss of 1.1%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.32% and 50-55%
respectively.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, for instance,
Moody's have been provided with detailed vintage and individual
default data for the 1998-2009 period.  In addition, Moody's
observe that Australian auto ABS, and specifically past SMART
transactions, have to date been performing stably.  This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating the SMART Series 2010-2 Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the expected
loss and the Aaa credit enhancement - differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of SMART Series 2010-2 Trust, the Class A-2 Notes
remain strongly investment grade when the default rate rises to
3.70% (double of Moody's assumption of 1.85%).  Similarly, high
investment grade ratings are maintained when the base recovery
rate is stressed from the assumed 40% to 20% (holding other
factors, including the assumed default rate of 1.85% constant).

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


PRIME TRUST: Retirement Villages to Remain in Business
------------------------------------------------------
Mark Bode at Sunshine Coast Daily reports that residents of six
Sunshine Coast retirement villages caught up in a receivership
action have been assured in a series of meetings that it would
remain "business as usual" at the facilities.  The report relates
receiver-manager KordaMentha told nervous residents of three
Hibiscus-branded facilities at Buderim and Sippy Downs that they
had nothing to fear.

According to the report, a KordaMentha representative met with
residents of two Hibiscus-branded facilities at Nambour and Noosa
and the Buderim Gardens Retirement Village.  The report notes that
the owner of the six facilities, Melbourne-based Prime Trust, was
placed in receivership on October 15 with debts of about AU$300
million.

Sunshine Coast Daily was contacted by a concerned relative of a
couple who had the proceeds from the sale of their unit at the
Chancellor Park Retirement Village at Sippy Downs frozen as a
result of the receivership.  The report says that the relative was
outraged that the settlement date for the sale of the AU$260,000
unit had passed without the money being released.  However, the
report relates, her anger turned to relief after being assured the
money had been released and would be immediately transferred to
the couple's account.

Mr. Shepard, the report discloses, said there had been plenty of
interest from potential buyers, but he was focusing on "preserving
the continuity of the business".

State Member for Buderim Steve Dickson said residents were told
there were eight to 10 potential buyers interested in Prime
Trust's portfolio, Sunshine Coast Daily adds.

Prime Trust has 12 retirement villages in Queensland, NSW and
Victoria.


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RENHE COMMERCIAL: Moody's Affirms 'Ba2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed its Ba2 corporate family
and senior unsecured ratings on Renhe Commercial Holdings Co Ltd,
following the company's announcement that it was issuing an
additional US$300 million of its US$ fixed rate bonds due March
2016.

The outlook for all the ratings is negative.

The additional issuance will be subject to the same terms and
conditions as the original issue of US$300 million fixed rate
bonds due March 2016.

The proceeds will be used to finance existing and new projects as
well as for working capital requirements.

"The new issuance will provide additional liquidity to develop
existing and new underground shopping centers," says Kaven Tsang,
a Moody's AVP/ Analyst.

"Once the new bonds have been issued, the company's credit metrics
will weaken, with higher leverage and lower interest coverage,"
adds Tsang.  "But they will remain appropriate for Ba2 rating."

"Renhe's Ba2 ratings continue to reflect its strong track record
in developing and operating underground shopping centers at select
prime commercial locations with zero land cost."

"The ratings also take into account the growing execution risk and
sizable funding requirements associated with the company's
aggressive geographic expansion plans," adds Tsang.

The negative outlook reflects Renhe's likely weaker-than-expected
operating performance following the company's profit warnings
announcement for 1H 2010.  Such negative developments could
pressure its credit metrics and hence its ratings.

Given the negative outlook, a rating upgrade is unlikely.
However, the outlook could return to stable if Renhe can achieve
its full year sales target of no less than RMB9.0-10.0 billion and
maintain an EBITDA margin of 60%-65%, debt/cap below 40% and
EBITDA/interest of over 10x.

Renhe's ratings could be downgraded if the company experiences (1)
a material shortfall in its FY2010 sales of below RMB 7.0 billion;
(2) a larger number of vacancies in underground shopping centers;
(3) a sharp fall in portfolio rentals and in its operating rights'
market values; (4) a decline in its unrestricted cash balance to
below RMB 4 billion; or (5) legal changes that would negatively
impact the favorable conditions for developing underground air
defense shelters for commercial use during peace time.

The key credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/cap above 40%-45% and
EBITDA/interest below 5-7x.

Moody's last rating action on Renhe was taken on 27 August 2010,
when Moody's assigned a Ba2 senior unsecured rating with negative
outlook to the US$ bonds issued by Renhe.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry; ii) capital structure and financial
risk of the company; iii) projected performance of the company
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 of Renhe's core industry; Renhe's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers that can
also function as civilian air defense shelters in times of
conflict.  The projects are built below city commercial centers
and transportation hubs, and are free of land-use premium fees.

As of June 2010, the company was operating four underground
shopping centers in Harbin, Heilongjiang Province, three of which
are interconnected; one in Guangzhou, Guangdong Province; and one
in Shenyang, Liaoning Province, with an aggregate gross floor area
of approximately 238,618 sqm.  It is also provides management
services for one underground shopping center in Zhengzhou, Henan
Province, with an aggregate GFA of 94,180 sqm.

In addition, the company has 29 projects in 22 cities in the PRC
with an aggregated approved GFA of approximately 3,971,660 sqm
that are either under construction or are being held for future
development.


RENHE COMMERCIAL: S&P Assigns 'BB' Rating to Senior Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' issue rating to the additional issue of US$300 million 13%
fixed-rate senior unsecured notes by Renhe Commercial Holdings Co.
Ltd. (BB/Stable/--).

The terms and conditions of the additional notes will be the same
as those of the outstanding senior unsecured notes that Renhe
issued on Sept. 10, 2010.  The proceeds will be used for potential
project acquisitions, new project development, and general working
capital purposes.

As at Sept. 30, 2010, the company had cash and equivalents of
about RMB7 billion.  S&P believes the company is on track to
achieve S&P's base-line expectation of no less than RMB6 billion
in sales for full-year 2010, and its profitability is likely to
remain stable.  S&P believes the company has the flexibility to
adjust its mix of rental and transfer of operating rights to
achieve this target.  Including the additional notes, the company
has US$900 million in senior unsecured notes outstanding.  S&P
don't expect the company's ratio of total adjusted debt to EBITDA
to be more than 3x for 2010 based on S&P's base-line projections
for its presales in 2010.

The rating on Renhe reflects high regulatory risks, the company's
low recurring income, and its short track record as a publicly
listed company.  In addition, S&P believes Renhe's financial risk
management is under-tested and its growth plan is ambitious,
comprising mostly greenfield development projects.  These
weaknesses are tempered by the prime location of Renhe's existing
and potential projects, the company's high profitability, and the
high growth potential stemming from its exposure to growing
consumerism in China.


================
H O N G  K O N G
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ADWIN INDUSTRIES: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------------
Mr. Osman Mohammed Arab on October 5, 2010, was appointed as
liquidator of Adwin Industries Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


ARTISE PERFORMANCE: Osman Mohammed Arab Appointed as Liquidator
---------------------------------------------------------------
Mr. Osman Mohammed Arab on October 20, 2010, was appointed as
liquidator of Artise Performance Platform Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


EMPOWER HOLDINGS: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------------
Mr. Osman Mohammed Arab on October 8, 2010, was appointed as
liquidator of Empower Holdings Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


GOOD HARVEST: Osman Mohammed Arab Appointed as New Liquidator
-------------------------------------------------------------
Mr. Osman Mohammed Arab on October 7, 2010, was appointed as
liquidator of Good Harvest Textiles Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


JOY FORCE: Osman Mohammed Arab Appointed as New Liquidator
----------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Joy Force Limited (Formerly know as Linguaphone
Institute (Hong Kong) Limited).

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


KO CHUN: Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Ko Chun Hing Dyeing & Finishing Factory Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


LANDWIDE LIMITED: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Landwide Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


LANDWIDE TEXTILES: Osman Mohammed Arab Appointed as New Liquidator
------------------------------------------------------------------
Mr. Osman Mohammed Arab on October 5, 2010, was appointed as
liquidator of Landwide Textiles Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


REDCHIP INT'L: Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Redchip International Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SOFT-TREK MEDIA: Osman Mohammed Arab Appointed as New Liquidator
----------------------------------------------------------------
Mr. Osman Mohammed Arab on October 20, 2010, was appointed as
liquidator of Soft-trek media (HK) Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SUNWELL METALS: Osman Mohammed Arab Appointed as New Liquidator
---------------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Sunwell Metals Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


UNI-ARTS (HK): Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------------
Mr. Osman Mohammed Arab on October 12, 2010, was appointed as
liquidator of Uni-Arts (Hong Kong) Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


VICTORY DYEING: Osman Mohammed Arab Appointed as New Liquidator
---------------------------------------------------------------
Mr. Osman Mohammed Arab on October 5, 2010, was appointed as
liquidator of Victory Dyeing Factory Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


VICTORY KNITTING: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------------
Mr. Osman Mohammed Arab on October 5, 2010, was appointed as
liquidator of Victory Knitting Factory Limited.

Mr. Osman Mohammed Arab replaces Mr. Chen Yung Ngai Kenneth who
stepped down as the company's liquidator.

The liquidators may be reached at:

         Mr. Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


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GLOBAL CULTURAL: ICRA Assigns 'LBB-' Rating to INR13cr FB Limits
----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR13 crores fund based
limits of Global Cultural and Education Foundation.  The outlook
on the long term rating assigned is stable.

The assigned ratings takes into account the execution risks
associated with the planned school, limited track record of the
promoters in the education sector and competition from other
established schools in the vicinity which can impact the ability
of the school to attract adequate number of students especially
in the initial years of operation.  ICRA has however drawn comfort
from the established brand name of "G D Goenka" in the field of
education, the strong demand outlook for educational institutes
and the favorable location of the school.  Further, the rating
draws comfort from the limited funding risk as the bulk of the
equity from the promoter has already been infused and required
debt is tied up.  The ability of the promoters to complete the
construction of the school with in stipulated time and to employ
good faculty members thereby attracting students will be the key
rating drivers going forward.

Global Cultural and Education Foundation is established in 2008
with the objective of providing technical and non-technical
education through establishment of schools and other educational
institutions.  The Society is also formed to open hospital and
diagnostic centers in the near future.  The society as its first
venture is opening up a School with the brand name of G D Goenka
Public School (GDGPS) in Greater Noida.  The society has entered
into an agreement with G D Goenka World School (GDGWS) to use
their brand for running the school at Greater Noida under the
guidance and at par with the standards of the other G D Goenka
Schools in technical, pre opening, academic and operational
matters.


M R DAIRY: CRISIL Upgrades Rating on INR100MM Cash Credit to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of M R Dairy
Products Pvt Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB-/Stable (Upgraded from
                                                  'B+/Stable')

The rating upgrade has been driven by the improvement in MR
Dairy's business risk profile, reflected in its more-than-expected
revenues in 2009-10 (refers to financial year, April 1 to
March 31).  CRISIL believes that MR Dairy will maintain its
revenue growth over the medium term.

The ratings reflect MR Dairy's weak financial risk profile marked
by high gearing, and low net cash accruals to total debt and
interest coverage ratios in 2009-10, geographically concentrated
revenue profile, and working-capital-intensive operations.  These
rating weaknesses are partially offset by MR Dairy's promoters'
experience in trading in dairy products.

Outlook: Stable

CRISIL believes that MR Dairy will maintain its business risk
profile, supported by its established regional market position and
strong relationships with vendors and customers, and generate
healthy revenue growth over the medium term.  The outlook may be
revised to 'Positive' if MR Dairy increases the diversification of
its revenue profile and scales up its operations, while improving
its margins.  Conversely, the outlook may be revised to 'Negative'
if the company's capital structure deteriorates considerably
because of larger-than-expected debt-funded capital expenditure or
pressure on margins.

                          About M R Dairy

MR Dairy was set up in 1997 by Mr. Mani Mohan Dey.  The company
trades primarily in skimmed milk powder.  It operates in West
Bengal. The promoters have been in the business of trading in
skimmed milk powder and other dairy products since the early
1950s.

MR Dairy, on provisional basis, reported a profit after tax (PAT)
of INR5.3 million on net sales of INR960.6 million for 2009-10; it
reported a PAT of INR2.4 million on net sales of Rs721.9 million
for 2008-09.


MEW ELECTRICALS: CRISIL Puts 'BB+' Rating on INR180MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to MEW
Electricals Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR180.0 Million Cash Credit        BB+/Stable (Assigned)
   INR36.0 Million Letter of Credit    P4+ (Assigned)
   INR12.2 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect MEW's average financial risk profile, marked
by high gearing, small net worth, and average debt protection
metrics, low operating margin, and exposure to intense competition
in the electrical products market.  These rating weaknesses are
partially offset by experience of MEW's promoters in trading and
manufacturing of winding wires and reputed client base serviced
through established distribution network.

Outlook: Stable

CRISIL believes that MEW will maintain its moderate business risk
profile on the back of established industry track record and
moderate revenue growth. The outlook may be revised to 'Positive'
if the company's scale of operations increases significantly,
while improving its profitability and maintaining its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes any large debt-funded capital
expenditure plan, materially deteriorating its debt protection
metrics or its capital structure.

                        About MEW Electricals

Set up in 1989, MEW (formerly, Mahesh Enamelled Wires Pvt Ltd),
was reconstituted as a closely-held public limited company in
2010. It manufactures enamelled copper winding wire, copper bus
bars, and rods.  While around 70% of the company's revenues are
contributed by sale of copper bus bars and rods under the brand
name RR Copper, around 20% is generated from the sales of
enamelled copper winding wire.  The company also trades in various
power outlet accessories under the brand name RR Eubiq, which
contributes around 10 per cent of the company's operating income.

MEW reported a profit after tax (PAT) of around INR37 million on
net sales of about INR1480 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR685 million for 2008-09.


POLYBOND ORGANICS: CRISIL Places 'BB+' Rating on INR5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Polybond
Organics Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR5.00 Million Long Term Loan     BB+/Stable (Assigned)
   INR40.00 Million Cash Credit       BB+/Stable (Assigned)
   INR80.00 Million Bill Purchase-    P4+ (Assigned)
             Discounting Facility
   INR70.00 Million Letter of Credit  P4+ (Assigned)
   INR20.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect POPL's average financial risk profile marked
by a small net worth, exposure to supplier concentration risks,
and susceptibility to volatility in foreign exchange rates.  These
rating weaknesses are partially offset by POPL's efficient working
capital management, sizeable order book, and experience of its
promoters in the business of installation of roofs and ceilings
for infrastructure projects.

Outlook: Stable

CRISIL believes that POPL will maintain a stable credit risk
profile over the medium term on back of its sizeable order book
and promoters' industry experience.  The outlook may be revised to
Positive, if there is any equity infusion resulting in significant
improvement in POPL's capital structure and if POPL improves its
business profile, on back of sustained scalability of its
operations.  Conversely, the outlook may be revised to 'Negative',
in case of any delays in execution of POPL's orders, leading to
lower-than-expected revenue growth and operating margin, or if the
company undertakes any large, debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile.

                      About Polybond Organics

POPL was set up in 1993 as a trading agency, dealing in insulation
materials, and adhesives. The company diversified into the
business of installing aluminium roofs, ceilings, and claddings
for commercial buildings (mainly airports) in 2003.  POPL is
managed by Mr. Dinesh Baliga and his brothers.  The company has a
current order book of INR1,319.8 million; the orders are for
installation of roofs and ceilings at various airports.

POPL reported, on provisional basis, a profit after tax (PAT) of
INR14.15 million on net sales of INR412.40 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR8.52 million on net sales of INR242.10 million for 2008-09.


PRABHU SPONGE: CRISIL Reaffirms 'BB' Rating on INR51.3MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Prabhu Sponge Pvt Ltd
continues to reflect PSPL's marginal market share, its
vulnerability to cyclicality in the steel industry, and the
pressure on its operating margin due to non-integrated nature of
operations.  These weaknesses are partially offset by PSPL's
average business risk profile, marked by the experience of its
promoters in the sponge iron industry and its proximity to raw
material suppliers and the finished goods market.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR51.3 Million Term Loan          BB/Stable (Reaffirmed)
   INR28.7 Million Proposed Long      BB/Stable (Reaffirmed)
         Term Bank Loan Facility

Outlook: Stable

CRISIL believes that PSPL will maintain its average business risk
profile, backed by its promoters' experience in the industry and
its proximity to raw material suppliers and the finished goods
market.  The outlook may be revised to 'Positive' if PSPL achieves
more-than-expected revenues and profitability, or is able to
integrate its operations further.  Conversely, the outlook may be
revised to 'Negative' in case the company's operating margin
deteriorates on account of low capacity utilization, or its
capital structure deteriorates due to a large, debt-funded capital
expenditure programme.

                         About Prabhu Sponge

Incorporated in 2002, PSPL manufactures sponge iron. Its facility
at Rajgangpur (Orissa) has four kilns, with a capacity of 48,000
tonnes of sponge iron per annum.  The company is managed by Mr.
Pradeep Saraf, Mr. Mohan Lal Agarwal, Mr. Natwar Agarwal, Mr.
Sunil Kumar Poddar, and Mr. Hari Mohan Marda.

PSPL reported a net loss of INR3.13 million on net sales of
INR357.82 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of  INR14.64 million on net sales of
INR334.68 million for 2008-09.


READYMADE STEEL: CRISIL Assigns 'BB' Rating to INR10 Mil. LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Readymade Steel India Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        BB/Stable (Assigned)
   INR10.0 Million Long Term Loan     BB/Stable (Assigned)
   INR20.0 Million Letter of Credit   P4+ (Assigned)
                 and Bank Guarantee

The ratings reflect the extensive experience of RSIL's promoters
in the steel industry and its established presence in the pre-
fabricated products required by construction industry.  The rating
also reflects the company's established relationship with esteemed
clientele and strong revenue visibility.  These rating strengths
are partially offset by risks associated with stretched working
capital cycle and vulnerability to a slowdown in the offtake by
the end-user industry.

Outlook: Stable

CRISIL believes that RSIL will maintain its business risk profile
over the near term on the back of its extensive experience of
RSIL's promoters in the steel industry coupled with strong order
book and esteemed clientele.  The outlook may be revised to
'Positive' in case RSIL generates higher-than-expected revenues
and net cash accruals, while significantly improving its debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' in case of significantly lower than expected growth in
revenues and net cash accruals or substantially lower than
expected contribution of long term funds to the net working
capital, resulting in deterioration of debt protection indicators,
or in case of a large, debt-funded capital expenditure program.

                       About Readymade Steel

RSIL was established in 2006 as a joint venture company between
Mr. Anil Agrawal (25% share), Krishna Triveni Ltd., a Bangalore
based Co. (25% share) and CSC Holdings Limited (CSCHL), a leading
Singapore based geotechnical engineering company, (50%). In 2007,
Mr. Agrawal bought-out the stake of the other two partners and
inducted Ms. Krishna Devi Agrawal, his mother as one of the
shareholders.

RSIL is one of the early entrants in the domestic construction
industry to venture into the area of pre-fabricated column and
beams cages for a faster and hassle-free construction. The
company's clientele comprises reputed companies like Larsen &
Toubro Ltd., Nagarjuna Constructions, Shree Ram Urban
Infrastructure Ltd., Monorail project in Mumbai.

RSIL reported a profit after tax (PAT) of INR10.25 million on net
sales of INR323.74 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 1.1 million on net
sales of INR26.07 million for 2008-09.


RNS INFRASTRUCTURE: CARE Assigns 'CARE BB' Rating to INR483cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' rating rating to the bank facilities of
RNS Infrastructure Ltd.

                                  Amount
   Facilities                   (INR cr)        Ratings
   ----------                    --------       -------
   Long-term Bank Facilities      483.0         CARE BB

Rating Rationale

The above rating is constrained by RNS' declining revenues in the
past three years, volatile input prices, volatile profit margins,
high average collection period, reliance on a single order which
constitutes about 80% of the total order book and execution of
which is at a very nascent stage, and working capital intensive
nature of the industry.  However, the ratings draw strength from
the long track record of the company, the experience of the
promoters and management in construction business, comfortable
capital structure and thrust being given by the Government towards
infrastructure development.

Going forward, timely execution of ongoing projects, ability to
manage working capital effectively, steady flow of orders,
achieving bookings in case of its residential units,
containment of operating costs and timely receipt of contract
proceeds will be the key rating sensitivities.

                      About RNS Infrastructure

RNS was incorporated as a partnership firm in March 1961 under the
name of R N Shetty & Company.  In February 2006, it became a
public limited company and the name was changed to RNS.  It
belongs to the R.N. Shetty Group in Karnataka with over four
decades of experience and varied interests in construction,
infrastructure, power projects, hotels, automobile ventures and
educational institutions.  RNS is currently engaged in execution
of irrigation projects, power projects, dams, reservoirs, highways
& bridges, tunnels and earthwork for railways.  In 2006, the
company ventured into real estate development business with its
maiden project called  'RNS Shanti Nivas' in Yeshwantpur,
Bangalore.  The project is still under implementation.

RNS earned PBILDT of INR40.9 crore (Rs.25.9 crore in FY09) and PAT
(after deferred tax) of INR21.2 crore (Rs.6.7 crore in FY09) on
net sales of INR114.0 crore (Rs.175.2 crore in FY09) in
FY10.  GCA level stood at a moderate level of INR28.0 crore in
FY10.


SRI BALAJI: Fitch Affirms National Long-Term Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed India's Sri Balaji Logs Products Pvt.
Ltd.'s National Long-term rating at 'BB-(ind)' with a Stable
Outlook.  The agency has also affirmed the ratings on Balaji Log's
bank loans:

  -- INR450 million cash credit limits (enhanced from INR270
     million): 'BB-' (ind)/F4(ind)'; and

  -- INR630 million non-fund based loans (enhanced from INR380
     million): 'F4(ind)'.

The affirmation reflects Balaji Logs' consistent financial
performance over FY09-FY10.  While the company registered a
substantial revenue growth of 33.6% (yoy) during FY10 (end-March
2010), its EBITDAR margin decreased to 3.9% during the year (FY09:
4.8%).  Balaji Logs' net leverage (net debt/EBITDAR) increased to
5.1x at FYE10 (FYE09: 4.5x) on account of higher cash credit
requirements.  The ratings also reflect the continued support from
the company's promoters through regular equity infusions for
working capital and capex requirements.

Positive rating triggers include an improvement in Balaji Logs'
business risk profile - stemming from the diversification into the
manufacture of veneer and plywood, or a sustained improvement in
its profitability and cash flows.  Negative rating trigger include
any deterioration in the company's debt protection measure (net
adjusted debt/EBITDAR) to above 6x along with a significant
reduction in EBITDAR margins.

In FY10, Balaji Log's revenues improved to INR2017.6m (FY09:
INR1509.7m) and total debt increased to INR424.4m (FY09:
INR328.2m) on account of additional cash credit facilities.  The
company reported a negative free cash flow of INR148.4m in FY10.
Fitch expects Balaji Log's FCF to stay negative over the short- to
medium-term due to the increasing working capital requirements,
which would lead to a negative cash flow from operations.


STONE AGE: CRISIL Reaffirms 'BB+' Rating on INR27.1MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Stone Age Ltd continue
to reflect SAL's weak financial risk profile marked by high
gearing, working-capital-intensive operations, and small scale of
operations in the fragmented stone processing industry. These
weaknesses are partially offset by SAL's improving operating
efficiency and established customer base.

   Facilities                              Ratings
   ----------                              -------
   INR27.1 Million Term Loan               BB+/Stable (Reaffirmed)
   INR78.0 Million Overdraft Facility      BB+/Stable (Reaffirmed)
   INR72.0 Million Export Packing Credit   P4+ (Reaffirmed)
   INR30.0 Million Bills Discounting       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SAL will continue to benefit from its
established customer base over the medium term.  The outlook may
be revised to 'Positive' in case of a substantial increase in the
company's cash accruals, leading to an improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if SAL's profitability declines due to increase in the
value of the Indian rupee, or in case it undertakes a fresh, debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

Update

Despite the slowdown in the housing market in Europe, there was a
13 per cent year-on-year growth in SAL's volumes during 2009-10
(refers to financial year, April 1 to March 31).  The company's
sales for the year in value terms, however, have been lower than
CRISIL's expectations because of lower sales realizations.  This
was partially due to the strengthening of the Indian rupee against
the euro and the US dollar, leading to translational loss because
of lack of hedging.  The company has booked revenues of INR200
million in the first five months of 2010-11, and currently has a
two-month order book of INR120 million.  SAL's operating
profitability has been in line with CRISIL's expectations,
although lower than 2008-09 (15 per cent) due to lower sales
realisations.

SAL's gross current assets were high in the range of 250 to 300
days, indicating high working-capital intensity. Its debtors as on
March 31, 2010, were high at INR140 million due to higher sales of
stones after the holiday season (December); debtors outstanding as
on September 30, 2010, were around INR120 million  The company had
debtors of INR6.6 million overdue for more than six months as on
March 31, 2010 (Rs.18.3 million as on March 31, 2009).  The
company's liquidity, however, continues to remain adequate with
moderate bank limit utilisation in the range of 80 to 85 per cent.
SAL's estimated net cash accruals of around INR30 million during
2010-11 is expected to be sufficient to meet its term loan
obligations of INR6 million during the year.

SAL reported a profit after tax (PAT) of INR15 million on net
sales of INR365 million for 2009-10, as against a PAT of INR24
million on net sales of INR400 million for 2008-09.

                          About Stone Age

Incorporated in 1991, SAL processes and exports mainly sandstone
and limestone used in construction activity.  The company has a
100 per cent export-oriented unit at Jaipur (Rajasthan) with a
capacity to produce 782,981 square metres per annum of stone.  It
has a facility to cut, calibrate, polish, and package stones.  It
procures raw stone from quarries in Rajasthan and Madhya Pradesh.
It mostly sells to distributors/builders in the UK, Germany,
France, Spain, Italy, and the US.


VIJAY TRANSMISSION: ICRA Rates INR6.45cr Loan at 'LB+'
------------------------------------------------------
ICRA has assigned "LB+" rating to fund based working capital
limit, aggregating to INR6.45 crore, and term loan, aggregating to
INR10.45 Crore, of Vijay Transmission Private Limited.

The rating is constrained by the relatively short track record of
the company's operations, currently high level of leveraging and
pressures on liquidity resulting from high working capital
intensity of operations which has resulted in irregularities in
debt servicing in the recent past.  The rating also factors in the
small scale of the company's operations, low profitability levels,
competitive pressures from major players and the susceptibility of
its profits to escalation in raw material prices, given the
'fixed price' nature of most of the supply contracts.  Also,
ability to ensure timely execution of orders remains critical to
its profitability. ICRA notes that the current order book position
remains modest at -INR32 crore as on August 31, 2010, which is
approximately 0.92 time of the revenues recorded in FY 2010,
thus, the company's ability to build up order book  remains
critical  to  its growth.  The rating, however, favorably factors
in the approved vendor status enjoyed by the company from various
power utilities and favorable demand prospects of power
transmission infrastructure in the medium to long term given the
high investments slated in the power sector.  ICRA also draws
comfort from the fact that both term loan and working capital
facilities are supported by the corporate guarantee of the
parent.

                      About Vijay Transmission

Vijay Transmission Private Limited is a private limited company
and was incorporated on December 14, 2006.  The company is a
subsidiary of Vicksons Steel Private Limited and its main
business is galvanising and/or fabrication of transmission towers
and other structural items and allied activities.  The company has
three fully equipped fabrication shops (Mass, Prototype & Special
Structures) in Raipur to undertake fabrication work upto 18000
MTPA.  At the same location VTPL also has a hot dip galvanizing
furnacee of 18000 MTPA capacity.

For FY 2010, VTPL reported profit after tax of INR 0.34 crore on
an operating income of INR34.85 crore.


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


GARUDA INDONESIA: Incurs IDR39.51 Billion Loss in Third Quarter
---------------------------------------------------------------
Garuda Indonesia suffered IDR39.51 billion in losses in the third
quarter of this year as it focused on developing flight routes,
ANTARA News reports citing Sahala Lumban Gaol, a member of
Garuda's board of commissioners.

"The Garuda losses were very much caused by its aggressiveness in
developing flight routes," ANTARA quoted Sahala as saying.
Sahala, ANTARA relates, said Garuda had difficulties competing
with foreign airlines in developing flights particularly to
foreign destinations.

"When we (Garuda) resumed flight routes to foreign destinations it
turned out that the number of international passengers declined.
Almost all airlines saw a decline in the number of their
passengers in 2010," Sahala told ANTARA News.

Sahala said that in 2010, Garuda resumed its international flights
to Brisbane, Taipei and Amsterdam.  However, Sahala added, the
resumption of flight routes proved ineffective because it did not
accord with the need for crew members and the number of planes.

ANTARA News notes that Sahala was after all optimistic that the
national flag carrier would post a net profit of about Rp170
billion at the end of this year on the back of bright prospects
for the domestic market.

The Troubled Company Reporter-Asia Pacific reported on Aug. 11,
2010, that Garuda Indonesia had completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina,
in the airline's latest move to help ease its debt burden.
Garuda has also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.

Garuda received IDR1 trillion from the government in 2006 to help
it keep flying and has been negotiating with bondholders since
2007 over notes that weren't redeemed, according to Bloomberg
News.

                      About Garuda Indonesia

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


LIPPO KARAWACI: Amendments Won't Affect Moody's 'B1' Rating
-----------------------------------------------------------
Moody's Investors Service sees no immediate impact on the B1
corporate family rating and senior unsecured bond rating on PT
Lippo Karawaci Tbk, or their stable outlook, following the
company's announcement that it proposes to amend certain covenants
of its US$ notes due 2015.

Among other things, the proposed amendments will allow, first, the
company to invest in permitted businesses aggregating to no more
than US$375 million before November 30, 2011, with proceeds from
any rights issues or any issuance of the company's shares.  The
company can also use any of the remaining proceeds to pay
dividends of up to US$15 million per annum.

Second, they will allow the company or any of its subsidiaries to
raise debt to refinance its existing debt.

"The first amendment will only allow LK to make the investments
and pay dividends with proceeds from an equity issue, hence there
will be limited impact on the company's debt and leverage
positions," says Kaven Tsang, a Moody's AVP/Analyst.

"Moody's also understands that the company will invest the
proceeds in areas that are consistent with its business strategy,
thereby mitigating the associated execution risk," adds Tsang.

However, the ratings or their outlook will be reassessed if LK
invests in projects that deviate from its original plan, and that
lead to the incurrence of material new debt or execution
uncertainty.

The second amendment is a technical change that allows LK some
flexibility with regard to refinancing, and will not have material
impact on its credit and rating profiles.

The last rating action on LK was taken on April 9, 2010 when
Moody's assigned a B1 senior unsecured rating to the US$ bonds
issued by Sigma Capital Pte. Ltd., which were guaranteed by LK.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,652 ha as of
December 2009.  Since 2004, the company has diversified into
healthcare, hospitality, and infrastructure.  Recurring income
continues to grow, and represented around 50% of total revenue
over the past two to three years.


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


DTC ONE: S&P Takes Various Rating Actions on Pass-Through Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had taken various
rating actions on DTC One SPC JPY6.09 billion apartment loan-
backed pass-through notes (DTC1), DTC Two Funding Ltd. JPY18.9
billion mortgage-backed pass-through notes class A-E, J, and X due
2035 (DTC2), and DTC Three Funding Ltd. JPY17.312 billion
apartment loan backed RMBS (DTC3).

In the transactions, the underlying assets are residential
apartment mortgage-loans that were originated by New Century
Finance Co. Ltd. (The name of the company was changed to Lehman
Brothers Commercial Mortgages on Dec. 1, 2007), a subsidiary of
Lehman Brothers Tokyo Branch.  The mortgage-loans were extended to
finance the construction costs and miscellaneous expenses of newly
constructed apartments built by Daito Trust Construction Co. Ltd.

In the transactions, the rent from the apartment properties is the
primary source to repay the underlying loans.  Thus, in addition
to the historical delinquency and default from the underlying
loans, the actual amount of rent as of now and the amount that S&P
expects it to be going forward needs to be incorporated in S&P's
rating analysis.  The apartment properties are currently master-
leased by Daito Building Management Co. Ltd., a 100% subsidiary of
Daito Trust Construction Co. Ltd. Standard & Poor's acquired the
historical data of the master lease payment made by Daito Building
Management for each property and used the data for the rating
analysis.

In accordance with the data, the current aggregated rent from the
properties in each transaction is below S&P's initial forecast.
On the other hand, the credit enhancement for each note in the
transactions has increased since the closing.  Standard & Poor's
believes that the effect of the increased credit enhancement is at
least equal to or more than the negative impact caused by the
lower rent.  Besides, the pace of the rent decrease has been
moderate and S&P believes that it is unlikely for the pace to
accelerate suddenly in the near future.  In addition, up to the
end of September 2010, only one default has occurred from the
underlying loans of the three transactions.  As a result, S&P
raised or affirmed all notes issued under the transactions.

Regarding classes A-1 and A-2 of DTC3, S&P lowered the ratings to
'AA (sf)' on April 15, 2009, given that a replacement advancing
agent had not been found since the commencement of the Civil
Rehabilitation Proceedings of Lehman Brothers Tokyo Branch, which
had acted as the advancing agent before then.  As of now, the
transaction still lacks an advancing agent.  However, S&P does not
believe that the potential liquidity constraint that the
transaction would suffer in such an event as a servicer
replacement has worsened, given that the transaction's interest
reserve has not amortized and that the outstanding amount of the
loan pool has decreased since the rating action.  This is
incorporated in the affirmation of the rating on classes A-1 and
A-2, in addition to the aforementioned credit analysis.

                          Ratings Raised

  DTC One SPC JPY6.09 bil apartment loan-backed pass-through notes

      Class    To          From       Initial issue amount
      -----    --          ----       --------------------
      C        AA- (sf)    A (sf)     JPY0.18 bil.
      D        BBB+ (sf)   BBB (sf)   JPY0.32 bil.

         DTC Two Funding Ltd. JPY18.9 bil mortgage-backed
          pass-through notes class A-E, J and X due 2035

      Class    To          From       Initial issue amount
      -----    --          ----       --------------------
      B        AAA (sf)    AA (sf)    JPY0.47 bil.
      C        AA+ (sf)    A (sf)     JPY0.28 bil.
      D        A (sf)      BBB (sf)   JPY0.38 bil.
      J        A (sf)      BBB (sf)   JPY8.69 bil.

  DTC Three Funding Ltd. JPY17.312 bil apartment loan backed RMBS

      Class    To          From       Initial issue amount
      -----    --          ----       --------------------
      C        AA- (sf)    A (sf)     JPY0.54 bil.
      D        BBB+ (sf)   BBB (sf)   JPY0.69 bil.

                        Ratings Affirmed

  DTC One SPC JPY6.09 bil apartment loan-backed pass-through notes

            Class     Rating     Initial issue amount
            -----     ------     --------------------
            A-1       AAA (sf)   JPY0.5 bil.
            A-2       AAA(sf)    JPY4.4 bil.
            A-3       AAA (sf)   JPY20 mil.
            B         AA (sf)    JPY0.32 bil.
            E         BB (sf)    JPY0.35 bil.
            X         AAA(sf)    N/A

                   * Class X is interest only.

   DTC Two Funding Ltd. JPY18.9 bil mortgage-backed pass-through
                 notes class A-E, J and X due 2035

            Class     Rating     Initial issue amount
            -----     ------     --------------------
            A         AAA (sf)   JPY7.56 bil.
            E         BB (sf)    JPY0.85 bil.
            X         AAA(sf)    N/A

                   * Class X is interest only.

  DTC Three Funding Ltd. JPY17.312 bil apartment loan backed RMBS

            Class     Rating     Initial issue amount
            -----     ------     --------------------
            A-1       AA (sf)    JPY8.22 bil.
            A-2       AA (sf)    JPY5.61 bil.
            B         AA (sf)    JPY0.87 bil.
            E         BB (sf)    JPY0.776 bil.
            X         AAA(sf)    N/A

                   * Class X is interest only.


DTC TRANSACTIONS: Fitch Affirms Ratings on All Rated Notes
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of all rated notes from
eight DTC transactions, except interest-only Class X notes in six
transactions.  All transactions are securitizations of the
mortgage loans backed by multi-family apartment properties.  The
full list of rating actions is shown at the end of this
commentary.

The affirmations reflect Fitch's view of the credit enhancement
available to each class of notes and the transaction performance
including the property pool performance through on-site visits of
the sample properties.

The transactions have been showing good credit performance to
date, with no delinquencies or defaults in six transactions and
only one in each of the other two.  Prepayment speeds have in
general been faster than the agency's initial expectations.

On the other hand, Fitch has not been able to conduct a detailed
review of the performance of the collateral properties since the
bankruptcy of Lehman Brothers Japan Inc., which had provided the
data to the agency.

In order to offset the lack of performance data, as was the case
at the time of the previous review in December 2009, Fitch visited
collateral properties backing about 70 loans.  On-site reviews of
property management, including the physical condition of the
properties and tenant occupancy, were conducted.  Along with the
latter review, Fitch has over the last 12 months visited
collateral properties for 273 outstanding loans (accounting for
34% of the total loan balance at end-September 2010).  In
addition, the agency has conducted web-based research on the
operating performance for the sample properties.

Fitch believes that there has been no significant deterioration in
the performance of the individual property pools.  The agency does
not expect the transactions to be negatively affected by any
significant deterioration in the near-term, based on its
investigation into the collateral properties and its view of
various factors including the quality and age of the collateral
properties, the granularity of each pool and available credit
enhancement.

The ratings on the interest-only class X notes in six
transactions, which address the likelihood of receiving interest
as per the transaction documentation, have been withdrawn.

As noted above, Fitch has not received any recent performance data
on the underlying collateral property pools.  Fitch has been
advised that negotiations among transaction parties to obtain the
performance data have been continuing, and the agency continues to
view the current situation of the protracted negotiations with
concern.  As the agency expects the importance of the underlying
data to increase in the future, Fitch will continue to closely
monitor developments.

The full list of rating actions is.

DTC One Special Purpose Company:

  -- JPY215 million* Class A-1 notes affirmed at 'AAAsf';
     Outlook Stable

  -- JPY1,894 million* Class A-2 notes affirmed at 'AAAsf';
     Outlook Stable

  -- JPY9 million* Class A-3 notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY320 million* Class B notes affirmed at 'AAsf'; Outlook
     Stable

  -- JPY180 million* Class C notes affirmed at 'Asf'; Outlook
     Stable

  -- JPY320 million* Class D notes affirmed at 'BBBsf'; Outlook
     Stable

  -- JPY350 million* Class E notes affirmed at 'BBsf'; Outlook
     Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Two Funding Limited:

  -- JPY3,181 million* Class A notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY470 million* Class B notes affirmed at 'AAsf'; Outlook
     Stable

  -- JPY280 million* Class C notes affirmed at 'Asf'; Outlook
     Stable

  -- JPY380 million* Class D notes affirmed at 'BBBsf'; Outlook
     Stable

  -- JPY850 million* Class E notes affirmed at 'BBsf'; Outlook
     Stable

  -- JPY4,311 million* Class J notes affirmed at 'BBBsf'; Outlook
     Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Three Funding Limited:

  -- JPY3,991m* Class A-1 notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY2,724m* Class A-2 notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY870m* Class B notes affirmed at 'AAsf'; Outlook Stable

  -- JPY540m* Class C notes affirmed at 'Asf'; Outlook Stable

  -- JPY690m* Class D notes affirmed at 'BBBsf'; Outlook Stable

  -- JPY776m* Class E notes affirmed at 'BBsf'; Outlook Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Four Funding Limited:

  -- JPY6,200m* Class A-1 notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY3,100m* Class A-2 notes affirmed at 'AAAsf'; Outlook
     Stable

  -- JPY780m* Class B notes affirmed at 'AAsf'; Outlook Stable

  -- JPY780m* Class C notes affirmed at 'Asf'; Outlook Stable

  -- JPY780m* Class D notes affirmed at 'BBBsf'; Outlook Stable

  -- JPY628m* Class E notes affirmed at 'BBsf'; Outlook Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Five Funding Limited:

  -- JPY9,454m* Class A notes affirmed at 'AAAsf'; Outlook Stable

  -- JPY793m* Class B notes affirmed at 'AAsf'; Outlook Stable

  -- JPY793m* Class C notes affirmed at 'Asf'; Outlook Stable

  -- JPY793m* Class D notes affirmed at 'BBBsf'; Outlook Stable

  -- JPY663m* Class E notes affirmed at 'BBsf'; Outlook Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Six Funding Limited:

  -- JPY14,368m* Class A notes affirmed at 'AAAsf'; Outlook Stable

  -- JPY1,200m* Class B notes affirmed at 'AAsf'; Outlook Stable

  -- JPY1,260m* Class C notes affirmed at 'Asf'; Outlook Stable

  -- JPY1,000m* Class D notes affirmed at 'BBBsf'; Outlook Stable

  -- JPY1,100m* Class E notes affirmed at 'BBsf'; Outlook Stable

  -- Class X notes (interest-only), rating of 'AAAsf' with a
     Stable Outlook has been withdrawn.

DTC Seven Funding Limited:

  -- JPY17,139m* Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY1,200m* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY1,060m* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY890m* Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY781m* Class N notes affirmed at 'BBBsf'; Outlook Stable

DTC Eight Funding Limited:

  -- JPY26,234m* Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY1,780m* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY1,620m* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY1,210m* Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY240m* Class E notes affirmed at 'BBsf'; Outlook Stable
  -- JPY1,754m* Class N notes affirmed at 'BBBsf'; Outlook Stable

  * as of November 2, 2010


JAPAN AIRLINES: To Refinance JPY320 Billion in Debt by March 2011
-----------------------------------------------------------------
Chan Sue Ling at Bloomberg News reports that Japan Airlines Corp.
aims to refinance JPY320 billion (US$4 billion) in debt as early
as March, after six-month operating profit surpassed the carrier's
full-year target.

"The institutions we're talking to are those that have
supported us in the past," Bloomberg quoted President Masaru
Onishi as saying in an interview in Brunei.  "We hope to convince
them by March under the best-case scenario."

Bloomberg says Mr. Onishi is looking for more financial support
while cutting routes, eliminating jobs and retiring planes to
revive a carrier that racked up losses in three of the previous
four years.  The Tokyo-based airline, also known as JAL, last
month said it was seeking JPY50 billion to add to the
JPY350 billion in capital the state-backed Enterprise Turnaround
Initiative Corp. of Japan agreed to supply, the report notes.

The additional funds are being sought from "multiple"
institutions to buffer the carrier against any slowdown in the
industry, Mr. Onishi said, declining to name the prospective
lenders because talks are ongoing, according to Bloomberg.

Mr. Onishi, Bloomberg notes, also said the airline industry's
"volatility" would prevent JAL from raising its full-year profit
forecast after six-month earnings surpassed the forecast for
annual operating income by almost 60 percent.

JAL's four biggest lenders at the end of March 2009 were
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial
Group Inc., Mizuho Financial Group Inc. and the Development Bank
of Japan.

                        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)


RESONA HOLDINGS: Mulls JPY600 Billion Share Sale to Repay Bailout
-----------------------------------------------------------------
Shigeru Sato and Shingo Kawamoto at Bloomberg News report that
Resona Holdings Inc. plans to repay as much as JPY900 billion
(US$11 billion) of government bailout funds using proceeds from a
share sale and internal reserves.

Bloomberg says the Tokyo-based bank on November 5, 2010,
registered to sell as much as JPY600 billion of common stock over
the next year, according to an exchange filing.  It plans to use
money from the sale, plus JPY300 billion of reserves, to buy back
preferred stock from the government and retire the shares to avoid
potential dilution, Bloomberg notes.

The bank, the second-worst performer on the Topix Banks Index this
year, is under pressure to repay a 2003 bailout to regain
independence and compete with its bigger rivals, according to
Bloomberg.

Bloomberg relates the bank plans to hire Nomura Holdings Inc. and
Bank of America Corp.'s Merrill Lynch & Co. unit to underwrite the
shares.  Resona owes JPY1.7 trillion to the government, including
JPY1.4 trillion of preferred shares that Chairman Eiji Hosoya aims
to buy back over the next six years, the report adds.

                       About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


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


GM DAEWOO: Creditors Roll Over KRW1.13 Tril. Loan by 1 More Month
-----------------------------------------------------------------
The Korea Development Bank said Monday that creditors of GM Daewoo
Auto & Technology Co. have agreed to roll over KRW1.13 trillion
(US$1.02 billion) in maturing loans to the automaker by one
additional month, Yonhap News Agency reports.

KDB, the main creditor of the Korean unit of U.S. carmaker General
Motors Co., said creditors have decided to extend the maturity of
the loan until Dec. 8 amid ongoing negotiations over GM Daewoo's
turnaround plan, according to the news agency.

Yonhap News says creditors have rolled over the loan since April,
but they are threatening to retrieve it unless the U.S. automaker
shows its commitment to ensuring GM Daewoo's future, including a
transfer of key technologies and guarantees for GM Daewoo's future
sales volumes.

                          About GM Daewoo

GM Daewoo Auto & Technology is a South Korean-based automobile
manufacturer.  GMDAT is a subsidiary of US-based General Motors
Company.

GM Daewoo suffered a cash squeeze since early 2009 as the 2008
global crisis troubled the company's vehicle sales.  The Korea
Development Bank has been negotiating with General Motors on GM's
injection of fresh cash into the embattled unit and other ways of
keeping it afloat, including a transfer of key auto technologies,
shareholder rights and a dispatch of officials to oversee the
subsidiary's finances.  The lender is considering retrieving the
loans from GM Daewoo if both sides fail to reach agreement on the
turnaround plan.


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


STAMFORD COLLEGE: Extraordinary Meeting Set for December 2
----------------------------------------------------------
Stamford College Berhad will hold an Extraordinary General Meeting
on December 2, 2010, at 10:00 a.m. at Tiara Intan Room, Mezzanine
Floor, Hotel Singgahsana, Persiaran Barat, Off Jalan Sultan, 46760
Petaling Jaya, in Selangor Darul Ehsan.

At the meeting, the Company's shareholders will be asked to
approve the proposed ratification of the diversification of the
business of SCB and its subsidiary companies into manufacturing of
low alloyed, alloyed and long steel products.

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it 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
December 31, 2008, 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
====================


SOUTH CANTERBURY: President Kicked Out of Office by Receivers
-------------------------------------------------------------
South Canterbury Finance Limited President-for-Life Allan Hubbard
has been told to leave the company's office and has been locked
out by the receivers, The Timaru Herald reports.  The report
relates that the move is understood to be at the order of
McGrathNicol, the company managing SCF's receivership.

Mr. Hubbard's wife, Jean, confirmed in a brief conversation with
The Timaru Herald that they had been asked to leave following the
company's receivership at the end of August.

According to the report, Mrs. Hubbard said neither she nor her
husband had been working the long hours, such as from 6:00 a.m.,
which they had at HC Partners when SCF was at its peak "at least,
not to the extent of that -- we are working quite reasonable
hours".  The report relates that the couple had been working in
SCF's boardroom, which "hasn't been used because they haven't been
holding meetings there lately".

While the ultimatum had been set weeks ago, the report notes, Mrs.
Hubbard said neither of them knew where they would work now they
were no longer allowed in the premises of the company Mr. Hubbard
was once the face of.

It is unclear if the receivers have ordered anyone else from the
premises and declined to give them a key to the new locks, the
report notes.

                      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.


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


PHILIPPINE AIRLINES: Employees File Notice of Strike
----------------------------------------------------
The Philippine Daily Inquirer reports that Philippine Airlines
employees have filed a formal notice to go on strike to protest
the company's insistence to cut 2,600 jobs despite its improving
financial condition.

The Philippine Daily Inquirer relates that in a statement late
Friday, PAL Employees' Association said the notice before the
Department of Labor and Employment was a bid to stop what the
union called a mass "contractualization" of work.

According to the Inquirer, the union also accused the airline
management of negotiating directly with individual employees
instead of coursing its concerns to the union leadership.

The inquirer relates PAL spokesperson Cielo Villaluna said the
airline's legal department would be responding to Palea's
allegations in the proper legal forums.  Ms. Villaluna dismissed
the union's move as a "strategy to delay implementation of the
flag carrier's spin-off program that had already been recognized
by DoLE," the Inquirer reports.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


AMANDA GROUP: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on October 29, 2010,
to wind up the operations of Amanda Group Holdings Pte Ltd.

Bangkok Bank Public Company Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


BARANG BARANG: Creditors' Proofs of Debt Due November 18
--------------------------------------------------------
Creditors of Barang Barang Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by November 18, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cameron Duncan
         Korda Mentha Pte Ltd
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


DOLPHIN LINES: Creditors' Proofs of Debt Due December 6
-------------------------------------------------------
Creditors of Dolphin Lines Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 6,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


NCAT 1: Creditors' Proofs of Debt Due December 6
------------------------------------------------
Creditors of NCAT 1 Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 6,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Pheng Cheong Martin
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


YELLO PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on October 29, 2010,
to wind up the operations of Yello Pte Ltd.

Syndacast Company Limited formerly known as Admax Plus Company
Limited filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


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


* BOND PRICING: For the Week November 1 to November 5, 2010
-----------------------------------------------------------

Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.06
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.02
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.68
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.77
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.80
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      60.75
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.79
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      67.09
NEW S WALES TREA         0.50    09/14/2022   AUD      53.73
NEW S WALES TREA         0.50    10/07/2022   AUD      53.40
NEW S WALES TREA         0.50    10/28/2022   AUD      56.64
RESOLUTE MINING         12.00    12/31/2012   AUD       1.38
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      53.75

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      56.25


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      43.00


  INDIA
  -----

EX-IM BK OF INDIA        6.35    06/19/2013   INR      22.39
EX-IM BK OF INDIA        6.35    06/19/2013   INR      22.28
EX-IM BK OF INDIA        6.31    08/05/2013   INR      21.20
EX-IM BK OF INDIA        6.08    09/22/2013   INR      20.12
EX-IM BK OF INDIA        9.04    01/29/2014   INR      19.71
EX-IM BK OF INDIA        7.65    01/12/2016   INR      10.38
EX-IM BK OF INDIA        7.65    01/16/2016   INR      10.34
EX-IM BK OF INDIA        7.60    01/20/2016   INR      10.29
EX-IM BK OF INDIA        8.21    03/17/2016   INR      10.04
EX-IM BK OF INDIA        9.85    03/15/2017   INR       9.47
EX-IM BK OF INDIA        8.66    08/05/2017   INR      11.10
EX-IM BK OF INDIA        8.40    09/12/2017   INR       9.06
L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.43
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.04
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.03
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.12
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.58
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.10
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.78
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.58
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.50
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.53


  INDONESIA
  ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      68.00


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      72.90
AIFUL CORP               1.22    04/20/2012   JPY      69.91
AIFUL CORP               1.63    11/22/2012   JPY      57.90
AIFUL CORP               1.74    05/28/2013   JPY      53.90
AIFUL CORP               1.99    10/19/2015   JPY      43.91
CSK CORPORATION          0.25    09/30/2013   JPY      71.06
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.71
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.50
SHINSEI BANK             5.62    12/29/2049   GBP      74.35
TAKEFUJI CORP            9.20    04/15/2011   USD      14.50
TAKEFUJI CORP            4.00    06/05/2022   USD      14.81


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.70
CRESENDO CORP B          3.75    01/11/2016   MYR       1.20
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
DUTALAND BHD             6.00    04/11/2013   MYR       0.46
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.12
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.14
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.05
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.10
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.53
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.18
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.55
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.96
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.00
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.87
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.58
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.20


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      38.26
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      65.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      72.27
FLETCHER BUI             8.50    03/15/2015   NZD       7.40
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.07
INFRATIL LTD             8.50    09/15/2013   NZD       7.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.05
INFRATIL LTD            10.18    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.31
MARAC FINANCE           10.50    07/15/2013   NZD       1.05
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      64.92
SKY NETWORK TV           4.01    10/16/2016   NZD       5.70
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.67
ST LAURENCE PROP         9.25    07/15/2010   NZD      59.30
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.09
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.35
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   NZD      32.50
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.85
WBL CORPORATION          2.50    06/10/2014   SGD       1.85



SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      49.81
HOPE KOD 1ST             8.50    06/30/2012   KRW      31.02
HOPE KOD 2ND            15.00    08/21/2012   KRW      34.65
HOPE KOD 3RD            15.00    09/30/2012   KRW      31.56
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.24
HOPE KOD 6TH            15.00    03/10/2013   KRW      33.68
IBK 2008/12 ABS         25.00    06/24/2011   KRW      57.31
IBK 2009/13 ABS         25.00    02/03/2012   KRW      54.77
IBK 2009/16 ABS         25.00    09/24/2012   KRW      48.63
IBK 2009/17 ABS         25.00    12/29/2012   KRW      61.43
KB 10TH SEC SPC         23.00    01/03/2011   KRW      67.78
KB 10TH SEC SPC         20.00    01/03/2011   KRW      64.42
KB 11TH SEC SPC         20.00    07/03/2011   KRW      70.18
KB 12TH SEC SPC         25.00    01/21/2012   KRW      53.92
KB 13RD SEC SPC         25.00    07/02/2012   KRW      44.19
KB 14TH SEC SPC         23.00    01/04/2013   KRW      41.05
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.98
NACF-14 ABS SPS         25.00    01/15/2011   KRW      63.80
NACF-15 ABS SPS         25.00    03/18/2011   KRW      62.21
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      41.22
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      74.95
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      70.24
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.77
SINBO 2ND ABS           15.00    08/26/2013   KRW      30.02
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.66
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.52
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      11.58


VIETNAM
--------

VDB BOND                 8.40    01/12/2012   VND       9.80
VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                             *********

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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