TCRAP_Public/101115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 15, 2010, Vol. 13, No. 225

                            Headlines



A U S T R A L I A

BEACONSFIELD GOLD: In the Brink of Receivership Again


C H I N A

CHINA ORIENTAL: Fitch Assigns 'BB+' Rating to Senior Notes
CHINA ORIENTAL: Moody's Assigns 'Ba1' Senior Unsecured Rating
GLORIOUS PROPERTY: Moody's Assigns 'B2' Senior Unsec. Bond Rating
HIDILI INDUSTRY: Moody's Affirms 'B1' Corporate Family Rating


H O N G  K O N G

3D-GOLD ENTERPRISES: Creditors' Meeting Set for November 19
3D-GOLD DEVELOPMENT: Creditors' Meeting Set for November 19
3D-GOLD GROUP: Creditors' Meeting Set for November 19
3D-GOLD JEWELLERY: Creditors' Meeting Set for November 19
3D-GOLD JEWELLERY CO: Creditors' Meeting Set for November 19

B D ALUMINIUM: Members' Final Meeting Set for December 6
BEST EXCELSIOR: Creditors' Meeting Set for November 19
CHEUNG'S PLASTIC: Creditors' Meeting Set for November 23
CHINA FORCE: Members' Final Meeting Set for December 6
CHUNG CHUK: Members' Final Meeting Set for December 6

EXPO GLOBAL: Creditors' Meeting Set for November 19
FOREVER RICH: Creditors' Meeting Set for November 19
GENERAL BRIGHT: Creditors' Proofs of Debt Due December 1
GENEVA INTERNATIONAL: Creditors' Meeting Set for November 19
GIANT CHANNEL: Members and Creditors' Meetings Set for November 22

GOLDYEAR DEVELOPMENT: Creditors' Meeting Set for November 19
GRACEHEART CHARITY: Wong Siu Yee Steps Down as Liquidator
HANG FUNG: Creditors' Meeting Set for November 19
HANG FUNG ENTERPRISES: Creditors' Meeting Set for November 19
HENDERSON-MIRAMAR HOTEL: Members' Final Meeting Set for December 7

HEYWOON LIMITED: Members' Final Meeting Set for December 6
HK CHUNG: Members' Final Meeting Set for December 6
HK FOUNDRY: Members' Final Meeting Set for December 7
H.K. ORIENTAL: Members' Final Meeting Set for December 8
HSLC FURNITURE: Members' Final Meeting Set for December 13

UNITED STEP: Creditors' Proofs of Debt Due December 15
VOTARY INVESTMENTS: Creditors' Proofs of Debt Due December 15
WAYES INTERNATIONAL: Creditors' Proofs of Debt Due December 6
WELL FORTUNE: Commences Wind-Up Proceedings
YU ON: Creditors' Proofs of Debt Due December 4


I N D I A

ADVIN TRADEFIN: CRISIL Suspends 'B' Rating on INR95 Million Loan
AKCT CIDAMBARAM: CRISIL Lifts Rating on INR78.8MM LT Loan to 'B+'
HAPPY FORGINGS: CRISIL Reaffirms 'BB+' Rating on INR1.19BB Loan
HOOGHLY ALLOY: CRISIL Reaffirms 'BB+' Rating on INR200MM Credit
MAHADEVA STEEL: CRISIL Reaffirms 'BB-' Rating on INR65MM Term Loan

MODERN PREFAB: CRISIL Lifts Rating on INR33.2MM Term Loan to 'BB-'
PIONEER WINCON: CRISIL Upgrades Rating on INR375MM Debt to 'B+'
SCHRADER DUNCAN: CRISIL Cuts Rating on INR295MM LT Loan to 'BB+'
SHRI DAMODAR: CRISIL Suspends Ratings on Various Bank Facilities
SHRI INDHIRA: CRISIL Lifts Rating on INR70MM Cash Credit to 'B+'

SPICEJET LTD: Maran Acquires Additional 7.68% Stake in SpiceJet
ST COTTEX: CRISIL Reaffirms 'BB+' Rating on INR225MM Demand Loan
TREND SETTERS: CRISIL Upgrades Rating on INR113.8MM Loan to 'B-'


I N D O N E S I A

BEARINGPOINT INC: U.S. Judge Denies Indonesia's Tax Claim
CHANDRA ASRI: Pact Amendments Won't Affect Moody's 'B2' Rating


J A P A N

CAFES 4: Moody's Withdraws Ratings on Two Classes of Certificates
JAPAN AIRLINES: Plans to Hire Daiwa as Stake Sale Adviser
JAPAN AIRLINES: To "Forcibly" Terminate Contract of Crews
SHINSEI BANK: Moody's Downgrades Bank Strength Rating to 'D-'
SOFTBANK CORP: Moody's Affirms 'Ba2' Rating With Positive Outlook

SOFTBANK CORP: S&P Affirms 'BB+' Long-Term Corporate Credit Rating


K O R E A

SSANGYONG MOTOR: Mahindra to Finalize Sale Deal Early Next Year
SSANGYONG MOTOR: Swings to Profit in Q3 Ended September 30


T A I W A N

AMERICAN INT'L: Fubon Financial May Bid For Nan Shan Life




                            - - - - -


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


BEACONSFIELD GOLD: In the Brink of Receivership Again
-----------------------------------------------------
The Beaconsfield gold mine is on the brink of receivership for the
second time in a month, ABC News reports.

According to the report, BCD Resources, formerly Beaconsfield
Gold, first faced receivership last month, when a merger with
Bendigo Mining failed.  ABC News relates that Perth-based
Minemakers Limited came to the rescue with a loan of up to AU$15
million, in return for a majority stake in BCD.

Minemakers, the report notes, has handed over AU$8.5 million so
far, but Managing Director Andrew Drummond now said that the
Beaconsfield mine is losing money faster than expected.

Mr. Drummond, ABC News discloses, said that BCD Resources needs at
least another AU$8 million to get to a patch of higher grade ore.
The report relates Mr. Drummond said his company is not willing to
provide any more cash while the mine continues to lose money.
Another company, in addition to his, must step up to help out BCD,
he added.

Minemakers, ABC News notes, has given BCD until Monday afternoon
to come up with a new restructuring plan, including an extra joint
venture partner.  "Part of the conditions [were that] that if we
thought there was a material change we could ask for our money
back within a certain period and so on," the report quoted Mr.
Drummond as saying.  "We determined there was a material change in
circumstances down there, so we've essentially asked for our money
back and BCD said 'well, apart from that alternative what about if
we get another party in as well?', so we said 'sure, away you go,"
he added, ABC News relates.

If BCD resources does not meet Monday's deadline, it will once
again face receivership and the possible loss of 200 jobs at its
northern Tasmanian mine, the report discloses.

ABC News notes that the company is negotiating with a mining
company that could become an extra joint venture partner.

However, the report adds, financial Analyst Matthew Torenius says
securing another partner is unlikely.

Beaconfield gold mine is located in Beaconsfield, Tasmania,
Australia.


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


CHINA ORIENTAL: Fitch Assigns 'BB+' Rating to Senior Notes
----------------------------------------------------------
Fitch Ratings has assigned an expected 'BB+' rating to China
Oriental Group Company Limited's ('BB+'/Stable) proposed US$
seven-year senior unsecured notes.  The proceeds will be used to
refinance short term borrowings.  The final rating is contingent
upon the receipt of final documents conforming to information
already received.

The issue rating reflects Fitch's view that the proposed new notes
will rank pari passu with China Oriental's existing senior
unsecured debt.

China Oriental's ratings are supported by ArcelorMittal S.A.'s
('BBB'/Negative) increasing operational support, which has been a
key reason for China Oriental's rapid expansion to 11 million
metric tonnes per annum crude steel capacity in 2010 (2007: 4.3
million mtpa).  The agency expects ArcelorMittal to continue
providing operational support to China Oriental as it remains
committed to the Chinese steel market and as the latter is one of
two key integrated steel manufacturing investments in China.

Fitch notes that the staggering and lengthening of debt maturity
with the new senior unsecured notes accords China Oriental the
financial flexibility to make long-term business plans, especially
with regards to the improvement of the company's product mix and
increase in its operating scale.  The company's planned expansion
goes along with the Chinese government's industry policy on
banning construction of new steel plants, which then forces steel
companies to expand via M&A.  "Current steel plant valuations may
be capped by poor industry profitability as the over-capacity
situation puts pressure on steel prices and profit margins.
However, this may change over the next three years as supply side
containment may help bring industry demand and supply into
equilibrium," notes Su Aik Lim, Director in Fitch's Corporates
team.

Factors that constrain China Oriental's ratings are its lack of
product diversification, and the execution risks associated with
its plan to upgrade and diversify its product mix.  In 2009, basic
steel products contributed to over 60% of its revenue.
Nevertheless, the company has plans to increase contribution from
high value-added steel products over the next few years.

The Stable Outlook reflects Fitch's expectation that the company's
strong market position in H-section products and the continual
optimization of its product mix mitigates the risk associated with
the intensely competitive Chinese steel market.  The agency
understands that the announced product mix change and the
temporary production cut in the last two months of 2010 (as a
result of the power supply cut to steel manufacturers in some
Chinese provinces) is short-term in nature and does not affect
China Oriental's rating Outlook.

A prerequisite for any positive rating action would be for the
company to increase the contribution of its high value-added
products to above 70% of total revenue, while maintaining its net
debt/EBITDAR below 1.0x and funds from operation/Gross interest
expenses above 8.0x for at least two consecutive years.  Another
factor supportive of an upgrade would be an increase in the scale
of business in order to achieve annual EBITDA generation of
US$1bn; however, this factor alone would be insufficient in
supporting an upward rating action.

Negative rating triggers include a significant weakening of China
Oriental's strategic and operational ties with ArcelorMittal,
and/or a deterioration of its net debt/EBITDAR to above 1.5x for
two consecutive years and/or FFO/Gross interest expenses falling
below 6.0x.  Also, any material adverse changes in the terms of
the proposed senior unsecured notes, its funding or investment
plans may also result in a negative rating action.


CHINA ORIENTAL: Moody's Assigns 'Ba1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to China Oriental Group Company Ltd's proposed US$ notes.

Moody's has also affirmed the company's Ba1 corporate family
rating.  The outlook for the rating is stable.

The proceeds of the issue will be used to pay down short term-
debt, leaving the company's capital structure largely unchanged.

"As the proceeds will be used entirely for debt payments, Moody's
does not expect an increase in China Oriental's debt," says Zou
Jiming, a Moody's analyst.

"In fact, the issuance will improve the company's debt maturity
profile."

                        Ratings Rationale

The Ba1 rating takes into account China Oriental's market position
as the largest H-section steel manufacturer and one of the largest
steel companies in China.

It also takes into account China's fundamental need to expand its
rail networks as well as the redevelopment projects and
urbanization that will generate medium-term demand for the
company's products, despite near-term concerns over a slowdown of
spending in the government's stimulus package.

Moody's considers ArcelorMittal's (Baa3/stable) 29.6% stake in the
company a positive factor for the rating, as its presence could
improve China Oriental's corporate governance, enhance its
steelmaking technology, and raise its manufacturing efficiency.

China Oriental's credit metrics -- adjusted debt/EBITDA of around
2.0x and EBITDA/interest of around 8.0x over the next few years --
are favorable when compared to industry peers.  This credit
profile is supported by management's prudent financial philosophy
and the company's significant operating efficiency.

However, the rating is constrained by the company's low self-
sufficiency in raw materials, which exposes it to rising input
costs and the commodities nature of steel products.

"As the Chinese steel industry consolidates, China Oriental will
be exposed to industry and regulatory risk," says Zou.

"The recently imposed 20% electricity cut at its steel mills in
Tangshan will not impact profits significantly, as the company's
operating leverage is low, and it can shift its manufacturing
capacity to those products that consumes less electricity during
the production process."

The rating outlook is stable, reflecting Moody's expectation that
the company will maintain a prudent approach to acquisitions while
pursuing its growth strategy.

The ratings are unlikely to be upgraded over the next 1 - 2 years.
After that time, upward pressure could emerge, if the company 1)
maintains its prudent approach to acquisitions while expanding its
production capacity and 2) diversifies its product portfolio while
maintaining a competitive cost structure to mitigate margin
pressure.

The financial indicators for an upgrade include adjusted
debt/EBITDA below 1.0-1.5x and EBITDA/interest over 10.0x.
Majority control by ArcelorMittal, as a result of anti-trust
clearance for example, would also be positive for the rating.

Downward rating pressure could emerge, if China Oriental's
financial position weakens, such that total debt/EBITDA increases
above 2.0-2.5x and EBITDA/interest stays below 6.0x over the
cycle.

This weakening could be a result of 1) higher than expected
increase in the cost of raw materials (such as for iron ore and
coking coal), without a corresponding increase in product prices,
or 2) an inability to ramp up planned production capacity and
optimize the product mix, combined with weaker than expected steel
demand in China.

An aggressive dividend policy that drains capital reserves or a
weakening in balance sheet liquidity would also be negative for
the ratings, as would evidence of a reduction in ArcelorMittal's
stake in or its support for China Oriental.

Moody's last rating action on China Oriental was on August 10,
2010, when a Ba1 rating was assigned to its US$550 million senior
notes.

China Oriental Group Company Ltd, a manufacturer of mainly H-
section steel and HR strips/strip products at its mills in Hebei
Province, China, was listed on the Hong Kong Stock Exchange in
2004.  It is 45% controlled by the founder, Mr. Han Jingyuan, and
29.6%-owned by ArcelorMittal.


GLORIOUS PROPERTY: Moody's Assigns 'B2' Senior Unsec. Bond Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 senior
unsecured bond rating on the US$300 million, 13% notes, due 2015,
issued by Glorious Property Holdings Limited.

The definitive rating on this debt obligation confirms the
provisional rating assigned on 18 October 2010.

At the same time, Moody's has affirmed the company's B1 corporate
family rating.  The ratings outlook remains negative.

                        Ratings Rationale

"The B1 corporate family rating reflects the high operating and
financial risk arising from Glorious' rapid growth plan and short
operating track record in the highly volatile Chinese property
market," says Kaven Tsang, a Moody's AVP/Analyst.

"The rating also factors in the volatility of Glorious'
performance due to its reliance on the Shanghai Bay project, which
is to be completed in the next two to three years," says Tsang.

Despite these weaknesses, Glorious has a high-quality land bank
and the majority of its projects are located in the major
districts of first-tier cities, such as Shanghai and Beijing.  Its
high profit margin also offers some buffer against reduced prices
in a down market.

Glorious' bond rating is notched down to B2 due to subordination
risk.  Secured and subsidiary debt to total assets was 33.4% as of
June 30, 2010.  Moody's expects this ratio to stay around 30%
after the bond issue.

The negative outlook reflects Glorious' weak liquidity position as
a result of lower-than-expected sales in the first nine months of
2010, and sizable refinancing needs in the next 12-18 months, and
during a time of increased regulations on lending to property
developers.

Glorious' outlook could revert to stable if the company
strengthens its liquidity profile.  This could be accomplished
with 1) achievement of projected sales and 2) arrangement of long-
term financing to address refunding needs.  At the same time, the
company needs to maintain debt/capitalization at 50-55% or below.

The rating could be downgraded if Glorious' financial position
deteriorates, which could arise from 1) weaker-than-expected sales
performance; 2) aggressive development and/or land acquisitions;
and/or 3) a weakened liquidity position to support its operations.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization rising beyond 55-
60% and/or EBITDA/interest falling under 2-3x.

The last rating action on Glorious was on October 18, 2010, when
Moody's assigned a provisional (P)B2 rating to its proposed bonds.

Glorious Property Holdings Limited is a medium-sized residential
property developer which originated from Shanghai, but has now
expanded to Eastern and Northern China.

It has a land bank of around 18.9 million sqm in gross floor area
distributed in Shanghai, Beijing, Tianjin and several second-tier
cities in China.

Glorious was listed on the Stock Exchange of Hong Kong in 2009.
Its chairman, the major shareholder, owns 65.01%, and has other
major private businesses.


HIDILI INDUSTRY: Moody's Affirms 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investor Service has affirmed the B1 corporate family
rating of Hidili Industry International Development Limited and
the B1 rating for its 5-year 8.625% US$400 million Senior Notes.
These ratings have been removed from their provisional status
following the completion of the bond issuance.  The outlook on the
ratings is stable.

The bond proceeds will be used for capital expenditure,
refinancing and general corporate purposes.

                        Ratings Rationale

The last rating action on Hidili was taken on 18th October, 2010
when Moody's assigned first-time provisional (P)B1 corporate
family rating to the company and to its proposed senior notes.

Hidili is a vertically integrated coal mining enterprise in
southwest China that supplies coking coal products to the domestic
steel industry.  Hidili was listed on the Hong Kong Stock Exchange
in September 2007.  Its major shareholder is Mr. Xian Yang, who
has a 50.7% stake (as of June 30, 2010).


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


3D-GOLD ENTERPRISES: Creditors' Meeting Set for November 19
-----------------------------------------------------------
Creditors of 3D-Gold Enterprises Co Limited will hold their
meeting on November 19, 2010, at 3:30 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


3D-GOLD DEVELOPMENT: Creditors' Meeting Set for November 19
-----------------------------------------------------------
Creditors of 3D-Gold Development Co Limited will hold their
meeting on November 19, 2010, at 3:35 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


3D-GOLD GROUP: Creditors' Meeting Set for November 19
-----------------------------------------------------
Creditors of 3D-Gold Group Limited will hold their meeting on
November 19, 2010, at 3:25 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


3D-GOLD JEWELLERY: Creditors' Meeting Set for November 19
---------------------------------------------------------
Creditors of 3D-Gold Jewellery International Co Limited will hold
their meeting on November 19, 2010, at 3:40 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


3D-GOLD JEWELLERY CO: Creditors' Meeting Set for November 19
------------------------------------------------------------
Creditors of 3D-Gold Jewellery Co Limited will hold their meeting
on November 19, 2010, at 3:45 p.m., for the purposes provided for
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


B D ALUMINIUM: Members' Final Meeting Set for December 6
--------------------------------------------------------
Members of B D Aluminium & Glass Products Limited will hold their
final general meeting on December 6, 2010, at 11:00 a.m., at Room
902, 9th Floor, Bank Centre, 636 Nathan Road, Kowloon, in Hong
Kong.

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


BEST EXCELSIOR: Creditors' Meeting Set for November 19
------------------------------------------------------
Creditors of Best Excelsior Limited will hold their meeting on
November 19, 2010, at 4:15 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


CHEUNG'S PLASTIC: Creditors' Meeting Set for November 23
--------------------------------------------------------
Creditors of Cheung's Plastic Products Factory Limited will hold
their meeting on November 23, 2010, at 9:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wan Chai, in Hong Kong.


CHINA FORCE: Members' Final Meeting Set for December 6
------------------------------------------------------
Members of China Force Corporation Limited will hold their final
meeting on December 6, 2010, at 9:30 a.m., at Rooms 1901-2, Park-
In Commercial Centre, 56 Dundas Street, Kowloon.

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


CHUNG CHUK: Members' Final Meeting Set for December 6
-----------------------------------------------------
Members of Chung Chuk Investment Company Limited will hold their
final general meeting on December 6, 2010, at 09:00 a.m., at 406A
Des Voeux Road West, 7/F Front, in Hong Kong.

At the meeting, Yu Yu Kin and Cheng Kam Wa Thomas, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EXPO GLOBAL: Creditors' Meeting Set for November 19
---------------------------------------------------
Creditors of Expo Global Limited will hold their meeting on
November 19, 2010, at 2:40 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


FOREVER RICH: Creditors' Meeting Set for November 19
----------------------------------------------------
Creditors of Forever Rich Media Limited will hold their meeting on
November 19, 2010, at 3:10 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


GENERAL BRIGHT: Creditors' Proofs of Debt Due December 1
--------------------------------------------------------
Creditors of General Bright Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 1, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Li Pik Hung
         Unit 4407, 44/F
         Hopewell Centre
         183 Queen's Road East
         Wan Chai, Hong Kong


GENEVA INTERNATIONAL: Creditors' Meeting Set for November 19
------------------------------------------------------------
Creditors of Geneva International Jewellery & Watch Limited will
hold their meeting on November 19, 2010, at 2:30 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


GIANT CHANNEL: Members and Creditors' Meetings Set for November 22
------------------------------------------------------------------
Creditors and members of Giant Channel International Limited will
hold their annual meetings on November 22, 2010, at 11:00 a.m.,
and 11:45 a.m., respectively at Suites 604-5, Kowloon Building,
555 Nathan Road, Kowloon, in Hong Kong.

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


GOLDYEAR DEVELOPMENT: Creditors' Meeting Set for November 19
------------------------------------------------------------
Creditors of Goldyear Development Limited will hold their meeting
on November 19, 2010, at 4:00 p.m., for the purposes provided for
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


GRACEHEART CHARITY: Wong Siu Yee Steps Down as Liquidator
---------------------------------------------------------
Wong Siu Yee stepped down as liquidator of Graceheart Charity
Limited on October 26, 2010.


HANG FUNG: Creditors' Meeting Set for November 19
-------------------------------------------------
Creditors of Hang Fung Development International Co Limited will
hold their meeting on November 19, 2010, at 2:50 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


HANG FUNG ENTERPRISES: Creditors' Meeting Set for November 19
-------------------------------------------------------------
Creditors of Hang Fung Enterprises International Co., Limited will
hold their meeting on November 19, 2010, at 4:05 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at The Boys' & Girls' Clubs Association
of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


HENDERSON-MIRAMAR HOTEL: Members' Final Meeting Set for December 7
------------------------------------------------------------------
Members of Henderson-Miramar Hotel Management Company Limited will
hold their final general meeting on December 7, 2010, at
11:00 a.m., at 15/F., Miramar Tower, 132 Nathan Road, Tsim Sha
Tsui, Kowloon, in Hong Kong.

At the meeting, Man Kwok Leung, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


HEYWOON LIMITED: Members' Final Meeting Set for December 6
----------------------------------------------------------
Members of Heywoon Limited will hold their final meeting on
December 6, 2010, at 11:00 a.m., at Unit Nos. 301-02, 31/F., New
East Ocean Centre, No. 9 Science Museum Road, Tsimshatsui, in
Kowloon.

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


HK CHUNG: Members' Final Meeting Set for December 6
---------------------------------------------------
Members of Hong Kong Chung Chuk Lau Restaurant Limited will hold
their final general meeting on December 6, 2010, at 12:00 p.m., at
406A Des Voeux Road West, 7/F Front, in Hong Kong.

At the meeting, Yu Yu Kin and Cheng Kam Wa Thomas, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK FOUNDRY: Members' Final Meeting Set for December 7
-----------------------------------------------------
Members of Hong Kong Foundry Association Limited will hold their
final general meeting on December 7, 2010, at 2:30 p.m., at 29th
Floor, Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong
Kong.

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


H.K. ORIENTAL: Members' Final Meeting Set for December 8
--------------------------------------------------------
Members of H. K. Oriental Orchid Association Limited will hold
their final general meeting on December 8, 2010, at 10:00 a.m., at
Flat A, 1st Floor, Hing Yip Building, 144 Kau Yuk Road, Yuen Long,
N. T.

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


HSLC FURNITURE: Members' Final Meeting Set for December 13
----------------------------------------------------------
Members of HSLC Furniture Limited will hold their final general
meeting on December 13, 2010, at 10:00 a.m., at 24th Floor,
Prosperous commercial Building, 54-58 Jardine's Bazaar, Causeway
Bay, in Hong Kong.

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


UNITED STEP: Creditors' Proofs of Debt Due December 15
------------------------------------------------------
Creditors of United Step Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 15, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 1, 2010.

The company's liquidators are:

         Andrew C. C. Ma
         Felix K. L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


VOTARY INVESTMENTS: Creditors' Proofs of Debt Due December 15
-------------------------------------------------------------
Creditors of Votary Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 15, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 1, 2010.

The company's liquidators are:

         Andrew C. C. Ma
         Felix K. L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


WAYES INTERNATIONAL: Creditors' Proofs of Debt Due December 6
-------------------------------------------------------------
Creditors of Wayes International Trading Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 5, 2010.

The company's liquidator is:

         Chen Peijun
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


WELL FORTUNE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Well Fortune Limited on October 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Yu Tak Yee Beryl
         Choi Tze Kit Sammy
         15/F, Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


YU ON: Creditors' Proofs of Debt Due December 4
-----------------------------------------------
Creditors of Yu On Commodities Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 4, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 25, 2010.

The company's liquidator is:

         Cheung Lo Yau
         11/F., V Heun Building
         138 Queen's Road
         Central, Hong Kong


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


ADVIN TRADEFIN: CRISIL Suspends 'B' Rating on INR95 Million Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Advin
Tradefin Pvt Ltd.  This is because Advin has not been providing
information on its operations and financials to CRISIL. The
suspension of ratings reflects CRISIL's inability to maintain a
valid rating in the absence of information from Advin.

   Facilities                        Ratings
   ----------                        -------
   INR95.0 Million Term Loan         B/Stable (Suspended)
   INR15.0 Million Cash Credit       B/Stable (Suspended)
   INR5.0 Million Letter of Credit   P4 (Suspended)

Incorporated in 1995, Advin was implementing a project for
manufacturing 20-denier mono-dyed yarn.  The company is promoted
by Mr Ashok Biyani and Mr Arvind Biyani.  The proposed plant was
to be located at Silvassa, and was to have an overall capacity to
manufacture 2400 tonnes of yarn per annum.  The total cost of the
project was estimated to be INR180.0 million.


AKCT CIDAMBARAM: CRISIL Lifts Rating on INR78.8MM LT Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facility of
AKCT Cidambaram Cotton Mill Pvt Ltd, which is part of the AKCT
group, to 'B+/Stable' from 'B/Stable', while reaffirming the
rating on the short-term facility at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR78.80 Million Long-Term Loan    B+/Stable (Upgraded from
                                                 'B/Stable')

   INR90.00 Million Cash Credit       B+/Stable (Upgraded from
                                                 'B/Stable')

   INR7.50 Million Bank Guarantee     P4 (Reaffirmed)

The upgrade reflects improvement in the AKCT group's business risk
profile, marked by healthy growth in revenues and cash accruals,
and the consequent improvement in the group's capital structure.
Furthermore, the group does not have any major capital expenditure
(capex) plan for the medium term.  CRISIL therefore believes that
the AKCT group's capital structure will improve further over the
medium term.

The ratings reflect the AKCT group's large working capital
requirements, marked by high bank limits utilization and inventory
holding period, low capacity utilization levels because of acute
power shortage in Tamil Nadu, and exposure to supplier
concentration risks.  These rating weaknesses are offset by the
group's long-standing presence in the textile market and
promoters' experience in the textile business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ACCMPL and Shri Indhira Cotton Mills
Pvt Ltd, together referred to as the AKCT group. This is because
both the companies have common promoters, are in the same line of
business and have fungible funds.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit over
the medium term from its long-standing presence in the polyester
yarn business.  The outlook may be revised to 'Positive' if the
group improves its financial risk profile, supported by a healthy
capital structure, or if it improves its operating margin
significantly on back of increased diversification in its product
profile.  Conversely, the outlook may be revised to 'Negative' if
the group fails to stabilize operations of its agricultural
commodities trading business, thereby weakening its liquidity,
extends sizeable funding support to associated entities, or
undertakes larger-than-expected debt-funded capex programme,
thereby weakening its capital structure.

                          AKCT Cidambaram

Set up in 2006, ACCMPL currently manufactures pure polyester yarn.
Based in Thiruvannamalai (Tamil Nadu), the company has 39,744
spindles.  The company manufactured cotton yarn till 2008-09
(refers to financial year, April 1 to March 31). ACCMPL has taken
10,896 spindles on lease from Shri Indhira for annual lease rental
of INR0.3 million.  ACCMPL manufactures polyester yarn of 40s and
60s counts.

Shri Indhira was set up in 1956 by Mr. A K C T Chidambaram, the
son-in-law of the late Mr. Raja Sir Annamalai Chettiar.
Previously, the company manufactured cotton yarn; it shifted to
synthetic yarn on account of significant volatility in cotton
prices and supply.  Shri Indhira currently manufactures polyester
yarn of counts ranging from 40s to 60s.  The company has ventured
into the business of trading in agricultural commodities such as
spices, chilli, and coffee; revenue contribution from this
business division, however, is expected to be minimal.

Presently, the operations of both companies are managed by Mr. A L
Chidambaram, the grandson of Mr. AKCT Chidambaram.

The AKCT group reported a profit after tax of INR16.0 million on
net sales of INR583.0 million for 2009-10, against a net loss of
INR5.4 million on net sales of INR417.9 million for 2008-09.


HAPPY FORGINGS: CRISIL Reaffirms 'BB+' Rating on INR1.19BB Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Happy Forgings Ltd
continue to reflect HFL's average financial risk profile marked by
high gearing and modest debt protection metrics; susceptibility to
slowdown in commercial vehicle (CV) segment; and customer
concentration in revenue profile.  These rating weaknesses are
partially offset by HFL's moderate business risk profile, marked
by established position in the forged automotive components
market, and healthy operating efficiencies.

   Facilities                              Ratings
   ----------                              -------
   INR835.0 Million Cash Credit Limit      BB+/Stable (Reaffirmed)
   INR1194.6 Million Term Loan             BB+/Stable (Reaffirmed)
   INR50.0 Million Standby Line of Credit  BB+/Stable (Reaffirmed)
   INR560.4 Million Proposed LT Bank       BB+/Stable (Reaffirmed)
                       Loan Facility
   INR50.0 Million Bill Discounting        P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that HFL's operating efficiency will remain
healthy over the medium term, supported by increasing scale of
operations and entry into high-value-added product segment.  The
outlook may be revised to 'Positive' if there is more-than-
expected improvement in HFL's operating income and profitability,
or equity infusion leading to significant improvement in its
capital structure.  Conversely, the outlook may be revised to
'Negative' if the company is unable to profitably grow its new
businesses, leading to pressure on financial risk profile,
particularly liquidity, or if the company undertakes large, debt-
funded capital expenditure programme before operations at its
recently-added capacities stabilize.

                        About Happy Forgings

HFL was established in 1979 by Mr. Paritosh Kumar Garg (currently
the chief managing director) and his father, Mr. Channan Ram Garg.
HFL manufactures forged automotive components (mainly for end-use
by CV manufacturers) at its hammer-and-press units at its plant in
Ludhiana.  The company has customers from across 26 cities in 11
states in India.  HFL sells directly to original equipment
manufacturers (OEMs) such as Eicher Motors Ltd, Punjab Tractors
Ltd (Punjab Tractors), Swaraj Mazda Ltd, Indo Farm Tractors &
Motors Ltd, and Tractors and Farm Equipment Limited (TAFE, rated
'AA+/FAAA/Stable/P1+' by CRISIL).  HFL also supplies to auto
ancillary units (Tier 1 suppliers) such as Graziano Transmission
(I) Pvt Ltd (Graziano, an Oerlikon/Fairfield group company), which
contributed around 35 per cent to HFL's sales in 2009-10 (refers
to financial year, April 1 to March 31), Bharat Gears Ltd (Bharat
Gears, rated 'BBB+/Stable/P2'), Punjab Bevel Gears Ltd, and
Automotive Axels Ltd. HFL has more than 50 competitors across
India, producing similar forged components with hammers and
medium-scale presses of up to 5000 tonnes per annum (tpa)
capacity. HFL is wholly owned by the Garg family and other Garg-
family-owned companies.

HFL reported a profit after tax (PAT) of INR31.1 million on net
sales of INR1222.1 million for 2009-10, against a PAT of INR55.7
million on net sales of INR1287.6 million for 2008-09.


HOOGHLY ALLOY: CRISIL Reaffirms 'BB+' Rating on INR200MM Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Hooghly Alloy & Steels
Co. Pvt Ltd continues to reflect the company's modest scale of
operations coupled with limited vertical integration vis-…-vis
other integrated players, and susceptibility of earnings to
cyclicality in steel prices.  These weaknesses are partially
offset by the benefits that HASCPL derives from its promoters'
experience in the steel industry, and established relationships
with customers.

   Facilities                         Ratings
   ----------                         -------
   INR200.0 Million Cash Credit       BB+/Stable (reaffirmed)

Outlook: Stable

CRISIL believes that HASCPL will maintain its stable business risk
profile over the medium term, supported by the experience of its
promoters in the steel industry.  The outlook may be revised to
'Positive' if the company's revenues and profitability increase
substantially while maintaining or improving its debt protection
measures.  Conversely, the outlook may be revised to 'Negative' if
there is a decline in offtake or low capacity utilization leading
to deterioration in operating margin, or if it takes on larger-
than-expected debt to fund the capital expenditure programmes.

Update

HSCPL's net sales for 2009-10 (refers to financial year, April 1
to March 31) were similar to its 2008-09 levels, primarily because
of weak global economic recovery thereby impacting its offtake
from the customers.  The offtake, however, improved in the second
half of 2009-10 aided by gradual improvement in the demand; the
sales in the second half accounted for 60 per cent of the total
net sales in 2009-10. The operating margin in 2009-10 declined to
4 per cent vis-a-vis 5.1 per cent in 2008-09, primarily on account
of increase in the power cost and raw material prices in the
region. Its liquidity continues to remain adequate, with average
bank limit utilisation of around 63 per cent for the period
between July 2009 and June 2010.  The company has serviced its
term debt obligations during 2009-10 on time, and the cash
accruals for 2010-11 are expected to be adequate to meet its term
debt commitments for the year.  During the year, the company has
changed its bankers to State bank of India from Bank of Baroda.

For 2009-10, HASCPL reported a profit after tax (PAT) of
INR14.3 million on net sales of INR1.1 billion (provisional
figures), as against a PAT of INR10.5 million on net sales of
INR1.1 billion for the preceding year.

                        About Hooghly Alloy

Set up in 2006 by the Agarwal family, HASCPL manufactures steel
ingots and structurals.  The entire shareholding of HASCPL is held
by promoters and their family and friends. Mr. Prem Kumar Agarwal
is the managing director.  Its production facilities at Hooghly
(West Bengal) have an ingots production capacity of 39,000 tonnes
per annum (tpa), and a rolling capacity of 60,000 tpa.  The
company has signed a memorandum of understanding with Steel
Authority of India Ltd for supply of raw materials such as
billets, blooms and DSP slabs and is registered with Simplex
Infrastructures Ltd, Tantia Construction Ltd and Indian Oil
Corporation Ltd for supply of structure steels.


MAHADEVA STEEL: CRISIL Reaffirms 'BB-' Rating on INR65MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahadeva Steel Mills
Pvt Ltd continue to reflect Mahadeva's small scale of operations,
relatively small net worth, marginal market share, and
vulnerability to cyclicality in the steel industry.  The impact of
these weaknesses is mitigated by Mahadeva's comfortable business
risk profile, marked by promoters' experience and established
relationships with customers and suppliers in the steel industry.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB-/Stable (Reaffirmed)
   INR65.0 Million Term Loan           BB-/Stable (Reaffirmed)
   INR6.5 Million Proposed LT Bank     BB-/Stable (Reaffirmed)
                     Loan Facility
   INR8.5 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Mahadeva will continue to benefit over the
medium term from promoters' industry experience and established
relationships with customers and suppliers in the steel industry.
The outlook may be revised to 'Positive' if Mahadeva strengthens
its business risk profile, most likely by increasing diversity in
its revenue profile, and maintains its operating margin at current
level.  Conversely, the outlook may be revised to 'Negative' if
Mahadeva's financial risk profile deteriorates considerably on
account of larger than expected debt-funded capital expenditure
(capex).

Update

Mahadeva's turnover for 2009-10 (refers to financial year, April 1
to March 31) was at INR306.8 million; an increase of about 60 per
cent over 2008-09 which was mainly due to the increase in capacity
by 24,000 tonnes per annum (tpa) and it became operational in
October 2009.  The company is manufacturing intricate door and
window profiles in the expanded capacities.

The gearing of the company in 2009-10 at 1.64 times was higher
than CRISIL's expectation mainly because of new term loans taken
for the capacity enhancement project. The company does not have
any major capex plan over the medium term.

Its liquidity is likely to remain stretched, and accruals are
expected to be barely sufficient to meet its debt obligation over
the medium term.

Mahadeva reported, on provisional basis, a profit after tax (PAT)
of INR2.6 million on net sales of INR306.8 million for 2009-10; it
reported a PAT of INR2.1 million on net sales of INR191.5 million
for 2008-09.

                        About Mahadeva Steel

Mahadeva was set up in 1994 as a partnership firm, Mahadeva
Industries, by Mr. Prem Kumar Gupta and family.  It was
reconstituted as a private limited company in 2002.  Since
inception, the company has been manufacturing structural steel
products, such as angle bars, channel bars, round bars, and flat
bars.  Its manufacturing units in Hoogly (West Bengal) have the
capacity to produce 6000 tpa of steel products.  The company made
fresh capacity addition of 24,000 tpa, which commenced operations
in October 2009.


MODERN PREFAB: CRISIL Lifts Rating on INR33.2MM Term Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Modern
Prefab Systems (P) Ltd to 'BB- /Stable/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Cash Credit        BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR33.2 Million Term Loan           BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR150.0 Million Bank Guarantee/    P4+ (Upgraded from 'P4')
                  Letter of Credit

The rating upgrade reflects improvement in Modern Prefab's working
capital management and financial flexibility, driven by
enhancement in working capital limit of the company by INR20
million in 2009-10 (refers to financial year, April 1 to
March 31).  The company's financial risk profile has also
benefited from conversion of interest-bearing unsecured loans of
INR12 million into equity capital in 2010-11; the equity infusion
has improved the company's gearing to lower-than-expected level.
Paid-up capital of Modern Prefab has increased to INR40 million as
on October 28, 2010 from INR28 million as on March 31, 2010.  The
debt coverage indicators have improved because of lower interest
expense (as the unsecured loans were interest bearing), increased
cash accruals, and reduced borrowings.

The ratings reflect Modern Prefab's weak financial risk profile,
marked by small net worth, and high gearing and weak debt
protection metrics (despite the improvement in both), working-
capital-intensive operations, small scale of operations, and
vulnerability of its operating margin to volatility in raw
material prices.  These rating weaknesses are partially offset by
Modern Prefab's promoters' experience in the metal fabrication
industry.

Outlook: Stable

CRISIL believes that Modern Prefab's financial risk profile will
remain weak over the medium term as its gearing is expected to
remain high gearing because of its working-capital-intensive
operations.  The outlook may be revised to 'Positive' if Modern
Prefab improves its financial risk profile, most likely by
generating more-than-expected cash accruals by increasing its
scale of operations.  Conversely, the outlook may be revised to
'Negative' if the company's working capital management
deteriorates, thereby weakening its liquidity, or if it undertakes
a large, debt-funded capital expenditure programme.

                         About Modern Prefab

Set up in 1996 by Mr. Subhash Kapoor as a partnership firm, Modern
Prefab was reconstituted as a private limited company in 1997.
Modern Prefab manufactures prefabricated modular re-locatable
shelters, pre-engineered building roofing, wall cladding systems,
heavy-duty inter-locking concrete pavers, polyurethane foam (PUF)
panels, and other building materials.

The company caters to the defence and paramilitary forces,
government institutions, and private players. Currently, Mr.
Aditya Kapoor (son of Mr. Subhash Kapoor) and Mr. Jagdeep Mathur
(business associate of Mr. Subhash Kapoor) are responsible for the
overall management of the company, while Mr. Subhash Kapoor is
partially active in the business operations. The company's
fabrication unit is in Manesar (Haryana).

Modern Prefab reported profit after tax (PAT) of INR3.9 million on
net sales of INR640.0 million for 2009-10, against a PAT of INR2.4
million on net sales of INR423.0 million for 2008-09.


PIONEER WINCON: CRISIL Upgrades Rating on INR375MM Debt to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Pioneer Wincon Pvt Ltd to 'B+/Stable' from 'B-/Stable', while
reaffirming the rating on the short-term facility at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR375.00 Million Cash Credit        'B+/Stable' (Upgraded from
                                                     'B-/Stable')
   INR200.00 Million Letter of Credit   'P4'(Reaffirmed)

The upgrade reflects the improvement in PWPL's business risk
profile, driven by sizeable orders of around INR2.00 billion which
is expected to be executed over the medium term.  The upgrade also
reflects CRISIL's belief that PWPL's profitability will improve
over the medium term with the company's entry into the business of
manufacturing 750-kilowatt (kW) wind turbine generators.

The ratings reflect PWPL's weak financial risk profile marked by
high gearing and small net worth, working-capital-intensive
operations, and susceptibility to volatility in commodity prices.
These rating weaknesses are partially offset by PWPL's healthy
market position in the small wind turbine segment and the industry
experience of its promoters.

Outlook: Stable

CRISIL believes that PWPL will maintain its business risk profile,
supported by its established market position in the small wind
turbines segment and its sizeable order book.  The outlook may be
revised to 'Positive' if fresh equity infusion or significant and
sustained increase in profitability and cash accruals leads to
improvement in PWPL's financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
larger-than-expected debt-funded capital expenditure, weakening
its capital structure, or experiences delays in receivables or
increase in inventory levels, leading to lower-than-expected
profitability and weak debt protection metrics.

                         About Pioneer Wincon

PWPL, promoted by the Pioneer Asia group, Sivakasi (Tamil Nadu),
was set up in 1996.  PWPL manufactures windmills in the 250-kW
segment, and also undertakes turnkey projects for setting up
windmills.  The company has recently started undertaking turnkey
projects for setting up 750-kW segments.

For 2009-10 (refers to financial year, April 1 to March 31), PWPL
reported a net profit of INR4.75 million on net sales of INR1.35
billion; it reported a net loss of INR34.26 million on net sales
of INR895.39 million for 2008-09.


SCHRADER DUNCAN: CRISIL Cuts Rating on INR295MM LT Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Schrader Duncan Ltd to 'BB+/Negative/P4+' from 'BBB-/Stable/P3'.

   Facilities                          Ratings
   ----------                          -------
   INR130.0 Million Cash Credit        BB+/Negative (Downgraded
                                              from BBB-/Stable)

   INR295.0 Million Long Term Loan     BB+/Negative (Downgraded
                                              from BBB-/Stable)

   INR50.0 Million Letter of Credit    P4+ (Downgraded from P3)

   INR5.0 Million Bank Guarantee       P4+ (Downgraded from P3)

The downgrade reflects CRISIL's belief that Schrader Duncan's
financial risk profile will deteriorate over the near term because
of delays in stabilization of operations at its recently shifted
manufacturing facilities.  The downgrade also factors in the
recent lowering by Standard & Poor's (S&P) of its issue-level
ratings on Schrader Duncan's ultimate parent, Tomkins Plc's senior
unsecured debt facility to 'B' from 'BBB/Watch Negative'.  The
downward revision by S&P reflects the increase in Tomkins's
gearing because of leveraged buyout by Onex Corp and Canada
Pension Plan Investment Board.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Schrader Duncan and its wholly owned
subsidiary, Associate Polymers Ltd.

The ratings reflect the expected weakening in Schrader Duncan's
financial risk profile because of the expected decline in
profitability over the near term on account of inventory
accumulation and delays in stabilization of manufacturing
operations.  This rating weakness is partially offset by Schrader
Duncan's established position in the tyre valve market.  The
company has recently sold its earlier plant's land plot in Mumbai
for INR480 million to Kalpatru Ltd. Schrader Duncan will finalise
the use of proceeds from the land sale over the next one month.

Outlook: Negative

CRISIL believes that Schrader Duncan's financial risk profile will
deteriorate over the medium term because of delays in
stabilisation of operations at its recently shifted manufacturing
facilities.  The rating may be downgraded if Schrader Duncan's
liquidity and gearing does not improve significantly despite the
receipt of proceeds from the land sale.  Conversely, the outlook
may be revised to 'Stable' if Schrader Duncan's prevents its
profitability from declining and reduces its debt levels beyond
expectations, thereby improving its financial risk profile.

                       About Schrader Duncan

Schrader Duncan, incorporated in 1962, was promoted as a joint
venture between Schrader Bridgeport International (a wholly owned
subsidiary of Tomkins), and the Duncan group (managed by the
Goenka family). Schrader Duncan is primarily into manufacture of
automotive tyre valves and pneumatic products such as air
cylinders, valves, and accessories.  Schrader Bridgeport
International holds owns around 50% of Schrader Duncan's equity
shares, while 24.5% is owned by the Goenka family through their
group companies Cosmopolitan Investments Ltd and Oriental Carbon
and Chemicals Ltd.

Schrader Duncan reported, on consolidated basis, a profit after
tax (PAT) of INR 7 million on net sales of INR 565 million for
2009-10, against a PAT of INR11 million on net sales of
INR522 million for 2008-09.


SHRI DAMODAR: CRISIL Suspends Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has suspended its ratings on the above-mentioned facilities
of Shri Damodar Yarn Manufacturing Pvt Ltd.  This is because the
Shri Damodar Yarn has not been providing information on its
operations and financials to CRISIL.  The suspension of ratings
reflects CRISIL's inability to maintain a valid rating in the
absence of information from Shri Damodar Yarn.

   Facilities                          Ratings
   ----------                          -------
   INR135.0 Million Term Loan          B+/Negative (Suspended)
   INR59.0 Million Cash Credit         B+/Negative (Suspended)
   INR73.5 Million Proposed LT Bank    B+/Negative (Suspended)
                   Facility
   INR10.0 Million Packing Credit      P4 (Suspended)
   INR7.5 Million Bills Discounting    P4 (Suspended)
   INR10.0 Million Letter of Credit    P4 (Suspended)
   INR5.0 Million Bank Guarantee       P4 (Suspended)

Incorporated in 1984, Shri Damodar Yarn primarily processes
synthetic yarn.  The company, promoted by Mr. Arvind Biyani, has
manufacturing units at Sarigam and Vapi (Gujarat), and Tarapur
(Maharashtra).  During 2006-07 (refers to financial year, April 1
to March 31), three group companies (Arnar Synthetics Pvt. Ltd.,
Shri Damodar Silk Mills Pvt. Ltd., Aman Synthetics Pvt. Ltd.)
engaged in the similar line of business were amalgamated with Shri
Damodar Yarn.


SHRI INDHIRA: CRISIL Lifts Rating on INR70MM Cash Credit to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facility of
Shri Indhira Cotton Mills Pvt Ltd, which is part of the AKCT
group, to 'B+/Stable' from 'B/Stable', while reaffirming the
rating on the short-term facility at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR70.00 Million Cash Credit      B+/Stable (Upgraded from
                    'B/Stable')
   INR7.50 Million Bank Guarantee    P4 (Reaffirmed)

The upgrade reflects improvement in the AKCT group's business risk
profile, marked by healthy growth in revenues and cash accruals,
and the consequent improvement in the group's capital structure.
Furthermore, the group does not have any major capital expenditure
(capex) plan for the medium term.  CRISIL therefore believes that
the AKCT group's capital structure will improve further over the
medium term.

The ratings reflect the AKCT group's large working capital
requirements, marked by high bank limits utilization and inventory
holding period, low capacity utilization levels because of acute
power shortage in Tamil Nadu, and exposure to supplier
concentration risks.  These rating weaknesses are offset by the
group's long-standing presence in the textile market and
promoters' experience in the textile business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shri Indhira and AKCT Cidambaram Cotton
Mills Pvt Ltd, together referred to as the AKCT group.  This is
because both the companies have common promoters, are in the same
line of business and have fungible funds.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit over
the medium term from its long-standing presence in the polyester
yarn business.  The outlook may be revised to 'Positive' if the
group improves its financial risk profile, supported by a healthy
capital structure, or if it improves its operating margin
significantly on back of increased diversification in its product
profile.  Conversely, the outlook may be revised to 'Negative' if
the group fails to stabilize operations of its agricultural
commodities trading business, thereby weakening its liquidity,
extends sizeable funding support to associated entities, or
undertakes larger-than-expected debt-funded capex programme,
thereby weakening its capital structure.

                         About Shri Indhira

Shri Indhira was set up in 1956 by Mr. A K C T Chidambaram, the
son-in-law of the late Mr. Raja Sir Annamalai Chettiar.
Previously, the company manufactured cotton yarn; it shifted to
synthetic yarn on account of significant volatility in cotton
prices and supply.  Shri Indhira currently manufactures polyester
yarn of counts ranging from 40s to 60s.  The company has ventured
into the business of trading in agricultural commodities such as
spices, chilli, and coffee; revenue contribution from this
business division, however, is expected to be minimal.

Set up in 2006, ACCMPL currently manufactures pure polyester yarn.
Based in Thiruvannamalai (Tamil Nadu), the company has 39,744
spindles. The company manufactured cotton yarn till 2008-09
(refers to financial year, April 1 to March 31). ACCMPL has taken
10,896 spindles on lease from Shri Indhira for annual lease rental
of INR0.3 million. ACCMPL manufactures polyester yarn of 40s and
60s counts.

Presently, the operations of both companies are managed by Mr. A L
Chidambaram, the grandson of Mr. AKCT Chidambaram.

The AKCT group reported a profit after tax of INR16.0 million on
net sales of INR583.0 million for 2009-10, against a net loss of
INR5.4 million on net sales of INR417.9 million for 2008-09.


SPICEJET LTD: Maran Acquires Additional 7.68% Stake in SpiceJet
---------------------------------------------------------------
Sun TV Network Ltd Chief Kalanithi Maran and his firm, KAL Airways
Pvt. Ltd, on November 11, 2010, purchased an additional 7.68%
stake in SpiceJet Ltd. through an off-market transaction,
livemint.com reports.

Following this transaction, livemint.com notes, Mr. Maran's and
his associate company's combined stake in SpiceJet rises to 66.2%.

Meanwhile, livemint.com reports that Mr. Maran will induct at
least five more directors on to the airline's board at the
November 15 meeting and at least two of the existing directors
will tender their resignations, according to two SpiceJet
executives.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2010, Mr. Maran and his unlisted aviation Kal Airways
have agreed to buy 37.7% in SpiceJet Ltd and will make an open
offer for a further 20%.  Mr. Maran will buy the stake from US
investor Wilbur Ross and Royal Holdings Services Ltd, owned by the
Kansagra family, for INR47.25 a share for a total consideration of
about INR7.39 billion.  Mr. Maran will buy 30.23% from Ross, who
holds stake through foreign currency convertible bonds, and 7.49%
from the Kansagra family.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company. The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts. Out of the eight new aircraft inducted,
two were Boeing 737-900.

                              *   *   *

Walker, Chandiok & Co Chartered Accountants, raised doubt about
Spicejet Ltd's ability to continue as a going concern. The
auditors said the Company's accumulated losses, as of March 31,
2010, amounted to INR8,223.75 million, as against the Company's
share capital and reserves of INR4,801.98 million.


ST COTTEX: CRISIL Reaffirms 'BB+' Rating on INR225MM Demand Loan
----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of S.T. Cottex Exports Pvt Ltd to 'Stable' from
'Positive', while reaffirming the rating at 'BB+'.  The rating on
the short-term facility has been reaffirmed at 'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR225.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Positive')

   INR225.0 Million Working Capital      BB+/Stable (Reaffirmed;
                    Demand Loan                  Outlook Revised
                                                 from 'Positive')

   INR638.5 Million Term Loan            BB+/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Positive')

   INR5.0 Million Letter of Credit       P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee         P4+ (Reaffirmed)

The revision in the outlook reflects expected weakening in ST's
financial risk profile over the medium term because of weakening
in its capital structure as a result of the company's ongoing,
aggressively debt-funded capital expenditure (capex) programme.
The capex of about INR820 million is being funded in a debt-to-
equity ratio of about 3 times.  The financial risk profile,
particularly liquidity, of the company is expected to face
additional pressures from its increasing working capital
requirements because of increase in cotton prices and in the
company's capacity.  ST's financial risk profile is expected to
remain moderate for its rating category.

The ratings continue to reflect ST's below-average financial risk
profile marked by weak capital structure and inadequate debt
protection indicators, and the company's susceptibility to
volatility in cotton prices. ST is also faced with significant
risks associated with its large, ongoing capex.  These rating
weaknesses are partly offset by ST's healthy operating income
growth, driven by capacity addition and increase in export sales.

Outlook: Stable

CRISIL believes that ST will maintain its business risk profile
over the medium term, supported by the increase in its scale of
operations and good business prospects for the cotton yarn
segment.  The company's financial risk profile is expected to be
under pressure over the medium term because of its aggressively
debt-funded capex programmes.  The outlook may be revised to
'Positive' if ST significantly improves its capital structure,
primarily through fresh equity infusion.  Conversely, the outlook
may be revised to 'Negative' if the company faces significant cost
or time overrun in its ongoing capex, thereby weakening its
financial risk profile further.

                         About S.T. Cottex

ST, promoted by Mr. Prem Gupta in 2000-01 (refers to financial
year, April 1 to March 31), manufactures cotton yarn and has an
installed capacity of 86,000 spindles.  ST began operations by
manufacturing cotton and polyester/cotton yarn.  Since 2006-07,
the company has been manufacturing only cotton yarn.  In October
2010, ST also started manufacturing acrylic yarn.  It has
gradually moved from being a supplier in the Indian market to an
exporter, with over 70 per cent of its revenues coming from
exports to countries including Bangladesh, Taiwan, Korea, and
Egypt through international dealers.  Apart from the recently
completed INR180-million capex on setting up the acrylic yarn
plant (8000 spindles), the company has undertaken a INR200-million
capex towards setting up an open-end plant (10,000 spindles) and
INR820-million capex on installing additional 35,000 spindles for
its cotton yarn division. The total capex will be spread over the
next 18 months and is being funded in a debt-to-equity ratio of
about 3 times.

ST reported a profit after tax (PAT) of INR55.90 million on net
sales of INR1.93 billion for 2009-10; it reported a PAT of
INR44.62 million on net sales of INR1.81 billion for 2008-09.


TREND SETTERS: CRISIL Upgrades Rating on INR113.8MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Trend
Setters International to 'B-/P4' from 'D/P5', while assigning a
'Stable' outlook to its long term ratings.

   Facilities                              Ratings
   ----------                              -------
   INR113.8 Million Term Loan#        B-/ Stable (Upgraded
                                                        from 'D')
   INR 70.0 Million Bill Discounting*  P4 (Upgraded from 'P5')
   INR 70.0 Million Export Packing Credit* P4 (Upgraded from 'P5')
   INR 30.0 Million Letter of Credit**  P4 (Upgraded from 'P5')
   INR  2.5 Million Bank Guarantee**  P4 (Upgraded from 'P5')

    # Includes proposed limit of Rs.108.7 Million
    * Export Packing Credit and Bill Discounting limits are wholly
      interchangeable
   ** Letter of Credit and Bank Guarantee limits are wholly
      interchangeable

The rating upgrade reflects the timely repayment of debt
obligations by TSI over the last six months.  The upgrade also
reflects CRISIL's belief that TSI's accruals over the medium term
will be sufficient to meet the firm's maturing debt obligations
over the corresponding period.

The ratings reflect TSI's weak working capital management, marked
by high inventory level, weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and its small scale of operations in a highly competitive
industry.  These weaknesses are partially offset by TSI's strong
clientele, comprising leading international brands, and the
experience of its promoters in the readymade garments business.

Outlook: Stable

CRISIL believes that TSI will benefit over the medium term from
increasing business from the US market, resulting in greater
revenue diversification.  TSI's financial flexibility is, however,
expected to remain stretched over the near term on account of its
small net worth and large inventory.  The outlook may be revised
to 'Positive' if the firm is able to scale up its operations while
maintaining its operating margin and reducing its inventory.
Conversely, the outlook may be revised to 'Negative' if TSI fails
to manage its working capital efficiently, resulting in weak
liquidity.

                        About Trend Setters

Set up in 1981 as a partnership firm, TSI manufactures and exports
readymade garments for women and children.  Around 95% of TSI's
manufactured garments are exported to Europe, mainly to reputed
retail chains.

TSI's plant in Manesar (Haryana) has an annual manufacturing
capacity of about 2 million garment pieces.  The firm outsources
its printing, dyeing, and stitching activities to processing mills
in the region. TSI also outsources additional manufacturing duties
to external job workers in the peak demand season.

TSI reported a profit after tax (PAT) of INR2.0 million on net
sales of INR305.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR378.0 million for 2008-09.


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


BEARINGPOINT INC: U.S. Judge Denies Indonesia's Tax Claim
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Robert F. Gerber issued a
ruling on Nov. 5 rejecting the government of Indonesia's proofs of
claim against BearingPoint Inc. based on about $4 million in taxes
that weren't paid by a BearingPoint subsidiary in Indonesia.

Mr. Rochelle relates that although Judge Gerber assumed that the
BearingPoint parent company was liable for taxes owing by the
non-bankrupt Indonesian subsidiary, he denied the claims based on
what he called the longstanding common law doctrine know as the
"Revenue Rule."  Judge Gerber said that "it has long been a
general rule that one sovereignty may not maintain an action in
the courts of another state for the collection of a tax claim."
Judge Gerber said that Indonesia's "eloquent pleas for fairness"
can't overcome a rule of common law establish by the U.S. Supreme
Court.

John DeGroote, the liquidating trustee in the bankruptcy cases of
BearingPoint and its affiliates, moved to disallow two claims
filed by the Republic of Indonesia, in the amounts of $389,000 and
$3.5 million.

A copy of Judge Gerber's decision, dated November 5, 2010, is
available at http://is.gd/gV77Ofrom Leagle.com.

                      About BearinPoint Inc.

BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection (Bankr. S.D.N.Y., Case No.
09-10691) on February 18, 2009.  The Debtors' legal advisor was
Weil, Gotshal & Manges, LLP.  Their restructuring advisor was
AlixPartners LLP, and their financial advisor and investment
banker was Greenhill & Co., LLC.  Jeffrey S. Sabin, Esq., at
Bingham McCutchen LLP represented the Creditors' Committee.
Garden City Group served as claims and notice agent.

BearingPoint disclosed total assets of $1.655 billion and debts of
$2.201 billion as of December 31, 2008.

On the petition date, BearingPoint filed a Chapter 11 plan of
reorganization negotiated with lenders prepetition.  BearingPoint,
however, changed course and pursued a sale of its units, after
determining that creditor recoveries would be maximized through
sales of the businesses.

On December 22, 2009, the Bankruptcy Court entered an order
confirming the Debtors' Modified Second Amended Joint Plan Under
Chapter 11 of the Bankruptcy Code, dated December 17, 2009.  On
December 30, 2009, the Debtors satisfied the conditions precedent
to the effectiveness of the Plan and on December 31, 2009, a
Notice of Effective Date of the Plan was filed with the Bankruptcy
Court.  John DeGroote was appointed as liquidating trustee under
the Plan.


CHANDRA ASRI: Pact Amendments Won't Affect Moody's 'B2' Rating
--------------------------------------------------------------
Moody's Investors Service sees no impact on the B2 corporate
family rating on PT Chandra Asri and the B2 rating on its
guaranteed senior secured US$ bonds due 2015 following its
announcement of proposed amendments to certain covenants for its
US$ bonds.

Accordingly, the ratings remain on review for possible upgrade, an
action which was initiated by Moody's subsequent to Chandra Asri's
earlier announcement of a proposed merger with its Jakarta-listed
sister company PT Tri Polyta.

The proposed amendments will, in summary, 1) lower the Fixed
Charge Coverage Ratio -- one of the debt incurrence tests -- to
3.0x from 3.5x; 2) reduce the required sum in the Interest Reserve
Account; 3) allow investment in a LPG storage facility at a
maximum of US$20 million; and 4) allow the release of a portion of
land from the security package on which the LPG storage facility
would be built.

"While the proposed amendments provide more latitude to Chandra
Asri, or the future merged entity, in terms of funding and
investments, this higher degree of flexibility is also unlikely to
disadvantage bondholders materially when compared with the
original covenants," says Renee Lam, a Moody's VP/Senior Analyst.

The proposed Fixed Charge Coverage Ratio at 3.0x and maintenance
of one semi-annual interest payment in the Interest Reserves
Account are not dissimilar in nature from other single-B rated
issuers' high-yield debt covenants.

Furthermore, Moody's understands the land to be released from the
security package accounts for approximately 5% -- in terms of area
-- of Chandra Asri's current land holdings of 120 hectares.
Therefore, the exclusion of this asset from the securities should
have a limited impact on the degree of protection over the bonds.

Moody's will continue its review of Chandra Asri -- in relation to
the proposed merger with TPI -- and will consider 1) Temasek's
involvement and role in the merged entity, and the resulting
credit implications; 2) the operating profile of the merged
entity; 3) the projected financial profile, including the capital
investment plans, of the combined entity; and 4) the degree of
support from major lenders to the merged entity.

The last rating action with respect to Chandra Asri was taken on
September 27, 2010, when its B2 ratings were placed on review for
possible upgrade.

PT Chandra Asri, based in Jakarta, is the largest petrochemicals
company in Indonesia.  At 30 June 2010, it had an olefins
production capacity comprising 600,000 tpa of ethylene, 320,000
tpa of propylene, 280,000 tpa of py-gas, and 220,000 tpa of crude
C4.  The company also operates two polyethylene production trains,
with a combined production capacity of 320,000 tpa.


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


CAFES 4: Moody's Withdraws Ratings on Two Classes of Certificates
-----------------------------------------------------------------
Moody's Japan K.K has withdrawn the ratings for the Class C and
Class D trust certificates issued by Cafes 4 for business reasons.

The complete rating actions follow:

Deal Name: Cafes 4

  -- Class: Class A through D and Class X trust certificates

  -- Class C, Ca (sf) rating withdrawn; previously, downgraded to
     Ca (sf) from B1 (sf) on September 16, 2010

  -- Class D, C (sf) rating withdrawn; previously, downgraded to C
      (sf) from Caa2 (sf) on September 16, 2010

  * Issue Amount (initial): Approximately JPY7.0 billion

  * Dividend: Floating

  * Transfer Date of Trust Certificates: July 28, 2008

  * Final Maturity Date: November 2011

  * Underlying Asset (initial): A non-recourse loan extended to a
    borrower

  * Originator: Cr‚dit Agricole Corporate and Investment Bank,
    Tokyo Branch (initially, Calyon, Tokyo Branch, the "Seller")

  * Arranger: Cr‚dit Agricole Securities Asia BV, Tokyo branch
    (initially, Calyon Capital Markets Asia B.V., Tokyo Branch)

  * Asset Trustee: DB Trust Company Limited

Cafes 4, effected in July 2008, represents the securitization of a
non-recourse loan.

The Seller entrusted the loan to the Asset Trustee, and in turn
received the Class A through D and X trust certificates.  The
Seller sold the trust certificates to investors.  The Class A
through D and X trust certificates are rated by Moody's.

In this transaction, principal and dividend payments will be made
on a sequential basis.

Although the loan defaulted in October 2009 and was placed in
collections by the special servicer, the Class A (A3 (sf)) and B
(Ba1 (sf)) trust certificates have already been redeemed, since
all recovery activities on the loan were completed on Sept. 15,
2010 after the sale of the collateral property.

                         Rating Rationale

Moody's Japan K.K has withdrawn the credit ratings for its own
business reasons.


JAPAN AIRLINES: Plans to Hire Daiwa as Stake Sale Adviser
---------------------------------------------------------
Japan Airlines Corp. plans to hire Daiwa Securities Group Inc. to
help raise about JPY50 billion (US$608 million) as it reorganizes
operations in bankruptcy protection, Bloomberg News reports citing
two people with knowledge of the matter.

One of the people, who decline to be identified as details of the
plan aren't public, told Bloomberg that the carrier aims to sell
common or preferred shares to corporate investors by March 31,
2011.

Daiwa ranks fifth in equity underwriting in Japan this year, down
from second in 2009, according to data compiled by Bloomberg.  The
Tokyo-based brokerage is third in advising on mergers and
acquisitions in 2010, the same as last year, Bloomberg adds.

                        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)


JAPAN AIRLINES: To "Forcibly" Terminate Contract of Crews
---------------------------------------------------------
Kyodo News, citing sources, reports that Japan Airlines Corp. said
Friday it will forcibly terminate the contracts of pilots and
cabin attendants after failing to meet its downsizing goals under
an additional voluntary retirement program.

According to Kyodo News, the decision by JAL and its bankruptcy
administrator, the state-backed Enterprise Turnaround Initiative
Corp. of Japan, will be announced soon.

Kyodo News says JAL has already picked which pilots and flight
attendants to ax and will hand the list over to the labor unions.
The employees will officially be informed of their termination by
the end of the month, Kyodo News notes.

The decision, according to Kyodo News, has drawn fire from some of
the labor unions, which may go on strike or resort to legal action
to revoke it.

Kyodo News discloses that JAL's rehabilitation plans entail
cutting 16,000 jobs from the JAL group by next March.  While the
1,500 jobs subject to the previous voluntary retirement program
included 370 pilots and 610 cabin attendants, only 240 pilots and
470 cabin attendants applied.

Kyodo News says on Oct. 26, JAL began to solicit voluntary
retirement applications from some 270 pilots and cabin attendants
to make up for the shortfall.  That program ended November 9, some
100 applications short of its target, the report notes.

The carrier considers it imperative to cut jobs in order to
qualify for badly needed loans from its creditor banks, Kyodo News
adds.

                        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)


SHINSEI BANK: Moody's Downgrades Bank Strength Rating to 'D-'
-------------------------------------------------------------
Moody's Japan K.K. has downgraded Shinsei Bank Limited's bank
financial strength rating to D- from D+, its base line credit
assessments to Ba3 from Ba1, the long-term senior unsecured and
deposit ratings to Baa3 from Baa1, the bank's senior subordinated
debt to Ba1 from Baa2, its junior subordinated debt to Ba2 from
Baa3, and the non-cumulative Tier 1 preferred securities issued by
its wholly owned subsidiaries to B3 from B1.

Moody's has downgraded the bank's short-term deposit rating to P-3
from P-2.

The outlook for the BFSR and the non-cumulative Tier 1 preferred
securities rating is negative, while that for the bank's supported
ratings is stable.

These actions conclude the review initiated on May 11, 2010.

                         Rating Rationale

These downgrades reflect Moody's view that Shinsei Bank's
fundamental credit profile (represented by its BFSR) will continue
to face considerable challenges in its quest to stabilize earnings
and execute its management plan, in light of not only the bank's
limited franchise (in particular), but also because of the severe
operating environment for the consumer finance industry.

Moody's also believes that the bank's ability to raise a
meaningful amount of capital over the short term is limited, and
that it will need a considerable amount of time to restore its
capital base.

On the other hand, the bank's deposit ratings, senior unsecured
ratings, as well as the senior and junior subordinated ratings
reflect Moody's view of the continuing high likelihood of systemic
support being provided to Shinsei in the event of stress.  For
this reason, these ratings carry a stable outlook.

In the wake of a second year of large net losses, Shinsei has
reshuffled its management team and announced a new (three-year)
medium-term management plan, according to which the bank will
rebuild its customer franchise in Japan and stabilize its earnings
base.

However, because of the severe competition in the domestic
wholesale and retail banking businesses and Japan's weak recovery
in economy, the bank will find doing so within a reasonable amount
of time quite a challenge, in Moody's view.

In addition, the consumer finance business, one of Shinsei's core
business areas, will remain under pressure not only because of the
ongoing burden associated with overpaid interest claims, but also
because of the effect of the full implementation of the revised
Money Lending Business Law.

Thus, Moody's is concerned that any sudden deterioration in the
operating environment, with no clear signs of stabilization in the
market, will cast a shadow on the bank's future earnings
stability.

Despite sizable losses, the bank maintained a total capital
adequacy ratio of 8.35% and a Tier 1 capital ratio of 6.35% in FYE
3/2010 -- attributable to significant reductions in its risk-
weighted assets.

Nevertheless, Moody's believes that, because of the bank's limited
flexibility to raise capital in the current market environment,
and its volatile earnings structure, Shinsei's current level of
capital is inadequate and less competitive compared with other D+
BSFR rated banks.

The negative outlook for the BFSR reflects Moody's ongoing
concerns that there remains a risk of additional losses arising
from Shinsei's legacy portfolio (of domestic real estate loans and
real estate non-recourse finance, for example) and from its
overseas securitization products although Shinsei has already
recorded losses and made provisions for these portfolios and
products during and prior to the FYE 3/2010.  The outlook also
reflects Moody's view that Shinsei Bank's earnings may continue to
face pressure from both the consumer finance business as well as
the wholesale business, given severe competition and Japan's weak
economy.

Still, although full implementation of the MLBL will likely have
an adverse effect on the bank's top-line revenue and the
profitability of its consumer finance business, the risk of
further large losses due to overpaid interest claims in the bank's
consumer finance businesses is mitigated, given the protection
afforded by the indemnification provided by General Electric
Company (Aa2, Stable) to Shinsei Financial.

Further negative pressure on the ratings could emerge if the
earnings of the bank's Institutional Group and the Markets and
Investment Banking Group fail to stabilize or if earnings from its
consumer finance business deteriorate significantly.  Further
deterioration to its capital base will also negatively affect the
rating.

Stabilisation of the BFSR outlook could emerge if Shinsei Bank can
achieve stable revenue streams from its Individual, Institutional
and Markets and Investment Banking Groups and there emerges clear
evidence that its new strategic plan is working in a sustainable
manner.

Moody's last rating action with respect to Shinsei Bank was taken
on May 11, 2010, when the bank's long-term ratings were downgraded
and placed under review for further possible downgrade.

Shinsei Bank, Limited, headquartered in Tokyo, had consolidated
total assets of approximately JPY10 trillion as of September 30,
2010.


SOFTBANK CORP: Moody's Affirms 'Ba2' Rating With Positive Outlook
-----------------------------------------------------------------
Moody's Japan K.K. has affirmed SOFTBANK CORP's Ba2 issuer rating
with positive outlook after Softbank's announcement that it will
acquire the preferred stock and stock acquisition rights
previously issued to the Vodafone Group and a subordinated loan
from Vodafone.

The affirmation is based on Moody's expectation that Softbank
can -- despite the cash outflow occurring because of the
JPY412.5 billion transaction agreed with Vodafone -- continue to
improve its financial flexibility and leverage over the next few
years.

The preferred stock and stock acquisition rights were originally
issued by Softbank's consolidated subsidiary, BB Mobile Corp, to
Vodafone in connection with the acquisition of Vodafone K.K. (now
SOFTBANK MOBILE Corp, or SBM) and a subordinated loan held by SBM
from Vodafone.

Moody's acknowledges that the prospective deal can raise
Softbank's leverage, but the company is likely to mitigate the
effects of this development and then lower leverage over time
because of improved earnings.

Accordingly, Moody's assumes that adjusted Debt/EBITDA will fall
to less than 3x within two years from 3.5x in FYE 3/2010.

Moody's also sees the planned transaction as part of efforts to
refinance debt related to the acquisition of Vodafone K.K.
Specifically, Softbank will be able to avoid future dilution risk
in regard to Softbank Mobile as well as possible high dividend and
interest payments.

Furthermore, the resulting simplification of the mobile business'
capital structure will ease refinancing of the WBS loan.

In 2006, Softbank raised long-term funds of about JPY1.37 trillion
-- through SBM's whole business securitization scheme -- to
refinance a bridge loan of around JPY1.17 trillion for its
leveraged buy-out of Vodafone K.K.

Cash flow from the mobile business is to be used solely to service
SBM's debt, and Softbank expects no contribution from its cash
flow.

But, by refinancing the WBS loan, Softbank could subsequently
allow cash flow from the mobile business to be distributed to the
whole group.

In this context, Moody's believes that improved profitability and
declining leverage -- as driven by the mobile business -- have
already increased the possibility of refinancing for the WBS loan.

The last rating action with respect to Softbank was on March 24,
2010, when Moody's changed the outlook from stable to positive.

SOFTBANK CORP, headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution, networking and publishing.


SOFTBANK CORP: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit and long-term debt ratings on Softbank Corp.
The outlook remains stable.  The action follows Softbank's
announcement that it will purchase, at a price of
JPY412.5 billion, preferred stock, stock acquisition rights, and
subordinated loans issued by consolidated subsidiaries to U.K.-
based Vodafone Group PLC (A-/Negative/A-2) when Softbank acquired
Vodafone's mobile phone operation in Japan.  The payment is
scheduled to be made in two installments, which could ease the
company's financial burden to an extent.  In addition, Softbank
maintains solid operating and financial performance and strong
cash flow generating ability of its businesses, even when its
Mobile Communications segment is excluded.  As such, Standard &
Poor's believes the negative effects of this deal are likely to
remain at a level the current ratings can absorb.

Softbank is due to acquire preferred stock and stock acquisition
rights issued by BB Mobile Corp. to Vodafone, as well as principal
and interest accumulated on subordinated loans borrowed by another
consolidated subsidiary, SOFTBANK MOBILE Corp., from Vodafone.
The total acquisition cost is high at JPY412.5 billion, which
undermines Softbank's financial base temporarily.  Standard &
Poor's has separated Softbank's Mobile Communications segment from
other segments when S&P analyze its financial profile.
Consequently, the preferred stock purchase creates a new financial
burden for Softbank.  The payment is scheduled to be made in two
installments--JPY212.5 billion in December 2010 and JPY200 billion
in April 2011.  Softbank is likely to use funds at hand for the
first payment.  Standard & Poor's considers that the company may
finance a portion of the payments with debt, so as to maintain its
liquidity.  Despite this, S&P's view is that Softbank's financial
base is likely to improve quickly, absorbing the financial burden
created by the purchase, based on these:

Softbank has improved the financial base of its businesses, even
when excluding the mobile business, supported by their steady
operating and financial performance and solid cash flow.
The company's funding conditions have improved considerably in the
past year.

Softbank raised capital to acquire Softbank Mobile through a whole
business securitization.  Standard & Poor's recognizes that the
cash flow generated from the mobile phone business will be
prioritized as repayment funds for the WBS transaction.  As a
result, cash flows generated from Softbank Mobile will not benefit
the company as long as the securitization transaction exists.
Although advantages such as stronger collaboration and synergy
effects between the Mobile Communications operations and
Softbank's other businesses are incorporated into S&P's business
risk profile analysis, Standard & Poor's believes that the rating
analysis of Softbank requires segregation of the financial
profiles of the mobile business and other businesses.  However,
given the solid operating performance of the mobile business and
progress in repayment of the WBS loans, S&P considers that
Softbank may replace the existing WBS loans with other refinancing
options.  Standard & Poor's recognizes that the deal announced
yesterday is the first step in carrying out the company's
refinancing plan and believes that Softbank may implement
refinancing in the next few years.  Based on this, S&P will put
increased emphasis on Softbank's consolidated financial results in
S&P's analysis of the company's financial profile in coming years.
S&P is of the opinion that its ratings on Softbank's WBS
transactions are likely to be unaffected by this deal.

The outlook is stable.  Standard & Poor's would consider a
downgrade if one of these occur: 1) the competitive environment
for the domestic telecommunication industry deteriorates rapidly,
2) the competitiveness and profitability of the Mobile
Communications and other segments rapidly deteriorate, or 3) the
company's financial improvement is overly delayed or becomes
increasingly less likely, due to increased capital expenditures or
other reasons.  Conversely, S&P may raise the rating if
improvement in the company's financial profile is highly likely to
continue.  This would require Softbank to draw up and implement a
refinancing plan.


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


SSANGYONG MOTOR: Mahindra to Finalize Sale Deal Early Next Year
---------------------------------------------------------------
The Economic Times reports that Indian Ambassador for Korea Skand
R. Tayal said Thursday that Mahindra & Mahindra Ltd. should seal
the deal to acquire Ssangyong Motor Co. for around $400 million to
$500 million by early next year.

"Mahindra and Mahindra has been shortlisted as the preferred
bidder for Ssangyong.  This deal should go through in a couple of
months," Ambassador Tayal told reporters on the margins of the G20
Summit, according to The Economic Times.

Mahindra entered into an agreement with Ssangyong Motor in August
to acquire a majority stake in the South Korean sport utility
vehicle maker and expand its business in international markets.

                        About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


SSANGYONG MOTOR: Swings to Profit in Q3 Ended September 30
----------------------------------------------------------
Ssangyong Motor Co. said Friday it swung to the black in the third
quarter from a loss a year earlier on increased vehicle sales,
TradingMarkets.com reports.

The Company said net profit reached KRW68.8 billion in the July-
September period, compared with a loss of KRW89.7 billion during
the same period in 2009, according to TradingMarkets.com.

TradingMarkets.com says Ssangyong Motor, which has been under
court bankruptcy protection since February last year, is reducing
losses on the back of rising demand for its vehicles.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


===========
T A I W A N
===========


AMERICAN INT'L: Fubon Financial May Bid For Nan Shan Life
---------------------------------------------------------
Janet Ong at Bloomberg News reports that Fubon Financial Holding
Co. may bid for American International Group Inc.'s Taiwan life-
insurance unit after the island's regulators blocked a
$2.15 billion sale to a group led by Primus Financial Holdings
Ltd. two months ago.

"We will participate in the process when it is up for sale,"
Victor Kung, president of Taipei-based Fubon, the island's second-
biggest financial services company, told Bloomberg.  "As far as we
know, the process hasn't started yet."

According to Bloomberg, Taiwan's Financial Supervisory Commission
on Aug. 31 rejected an application to buy AIG's Nan Shan Life
Insurance Co. by a group including Primus and China Strategic
Holdings Ltd., citing concerns over its financial capability and
long-term commitment to operate the business.  Bloomberg says AIG
has been trying for more than a year to complete what's expected
to be its second-biggest disposal since the September 2008 U.S.
government bailout.

AIG said Nov. 5 it expects to complete the sale of Nan Shan within
a year, Bloomberg adds.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.



                             *********

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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