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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 16, 2010, Vol. 13, No. 226

                            Headlines



A U S T R A L I A

HILTON FABRICS: More Than 40 Employees Lose Jobs As Firm Collapses
HOXIRAM PTY: Ferrier Hodgson Appointed as Receivers and Managers
REVILLA PTY: Ferrier Hodgson Appointed as Receivers and Managers
RIVIERA COVE: Ferrier Hodgson Appointed as Receivers and Managers
SAPPHIRE II: Fitch Affirms Ratings on Four Classes of Notes

SAPPHIRE III: Fitch Affirms Ratings on Six Classes of Notes
SAPPHIRE IX: Fitch Affirms Ratings on Eight Classes of Notes
SAPPHIRE VI: Fitch Affirms Ratings on Four Classes of Notes
SAPPHIRE VII: Fitch Affirms Ratings on 11 Classes of Notes
SAPPHIRE VIII: Fitch Takes Rating Actions on Various Classes

SAPPHIRE X: Fitch Affirms Ratings on Nine Classes of Notes
SAPPHIRE XI: Fitch Affirms Ratings on Eight Classes of Notes
TUSCANY COVE: Ferrier Hodgson Appointed as Receivers and Managers


H O N G  K O N G

INTEGRATED DEVICE: Placed Under Voluntary Wind-Up Proceedings
INTERNATIONAL STANDARD: Creditors' Meeting Set for November 19
KAI HANG: Creditors' Meeting Set for November 19
LUK HOP: Members' Final Meeting Set for December 6
LUMENA RESOURCES: S&P Puts 'BB-' Rating on CreditWatch Negative

MOST HARVEST: Members' Final Meeting Set for December 6
PINE & BAMBOO: Members' Final Meeting Set for December 6
POLTALLOCK LIMITED: Members' Final Meeting Set for December 6
SUMMIT ORIENT: Members' Final Meeting Set for November 23
SUN HUNG: Members' Final Meeting Set for December 6

TOP EARNING: Members' Final Meeting Set for December 6
TOPVAST INTERNATIONAL: Creditors' Proofs of Debt Due December 6
TRANS-OCEAN INSURANCE: Members' Final Meeting Set for December 6
UNITECH NETWORKS: Creditors' Proofs of Debt Due November 19
WAH TAI: Court Enters Wind-Up Order

WAI YAN: Placed Under Voluntary Wind-Up Proceedings
WILLING KNITWEAR: First Meetings Slated for November 30
WINDER INTERNATIONAL: Creditors' Meeting Set for November 19
WING YIP: Creditors' Proofs of Debt Due November 26
WORLD HARVEST: Members' Final Meeting Set for December 6


I N D I A

DHARA PETROCHEMICALS: CRISIL Assigns 'BB-' Rating to INR45MM Debt
DIABETES THYROID: ICRA Assigns 'LBB+' Rating to INR6.9cr LT Loans
ELECTRONIC ENTERPRISES: ICRA Places 'LBB' Rating on INR1.85cr Loan
EVERGREEN DRUMS: ICRA Assigns 'LBB' Rating to INR7cr Term Loan
GHAZIABAD ISPAT: ICRA Assigns 'LBB+' Rating to INR21cr Bank Debts

M. SONS ENTERPRISES: CARE Assigns 'CARE BB' Rating to INR20cr Loan
MACHINO AUTO: ICRA Assigns 'LBB-' Rating to INR18cr Term Loans
MAHAJAN OVERSEAS: CRISIL Assigns 'BB-' Rating to INR24MM Term Loan
MEDPLUS HEALTH: ICRA Reaffirms 'LBB' Rating on INR9.75cr Debts
PARAM ENTERPRISES: ICRA Puts 'LBB+' Rating on INR3.85cr Credit

SATYAM ENTERPRISES: ICRA Reaffirms 'LBB' Rating on INR2.37cr Loans
SHREE BALKRISHNA: CARE Assigns 'CARE BB' Rating to INR9.46cr Loans


J A P A N

CAFES 1: Fitch Downgrades Ratings on Five Classes of Notes
CAFES 3: Fitch Downgrades Ratings on Various Classes of Notes
HARVEST TRUST: Moody's Cuts Rating on Class G Certificates to 'C'


N E W  Z E A L A N D

KIWIBANK LIMITED: Moody's Assigns 'D+' Bank Strength Rating
SAPPHIRE IV: Fitch Takes Rating Actions on Various Classes
SOUTH VINEYARDS: Wins One-Year Reprieve From Creditors


P H I L I P P I N E S

PHILIPPINE AIRLINES: PCCI Backs Labor Dept. Ruling on Spin-off


S I N G A P O R E

COMFORT RESOURCES: Members' First Meeting Set for November 26
DILITHIUM NETWORKS: Court Enters Wind-Up Order
EGG STORY: Court to Hear Wind-Up Petition on November 26
FRASER THERMAL: Creditors' Proofs of Debt Due November 23
GETECH INDUSTRIES: Creditors' Proofs of Debt Due November 26

GLOBAL BRANDS: Creditors' Meetings Set for November 25
GLOBAL BRANDS (FOOTBALL): Creditors' Meetings Set for November 25
NXSPASE PTE: Creditors' Proofs of Debt Due December 13
TEXAS INVESTMENT: Court Enters Wind-Up Order
WEB WEAVER: Court to Hear Wind-Up Petition on November 26


V I E T N A M

VIETNAM NATIONAL: Moody's Assigns 'Ba3' Rating to Senior Notes
VIETNAM SHIPBUILDING: Legislature Rejects Call for Probe


X X X X X X X X

* BOND PRICING: For The Week November 8 to November 12, 2010




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A U S T R A L I A
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HILTON FABRICS: More Than 40 Employees Lose Jobs As Firm Collapses
------------------------------------------------------------------
The Courier reports that more than 40 workers at the Hilton
Fabrics (Ballarat) were told last week they did not have a job to
go back to and they might not receive payment for work they had
already done.

The Courier relates Textile, Clothing and Footwear Union state
secretary Michele O'Neil said the collapse of the business was
"highly suspicious".  "We believe there needs to be a thorough
investigation into the collapse," Ms. O'Neil told The Courier.

According to The Courier, Textile, Clothing and Footwear Union of
Australia industrial officer Karen Douglas said it was
disappointing that the owners had yet to meet with their workers.

The Courier says the workers may be able to receive part of their
entitlements including annual leave through the General Employee
Entitlements and Redundancy Scheme.

"It is unlikely with the sale of all the assets that employees'
entitlements will be met so it will be necessary that they access
GEERS and we are hopeful that all their entitlements will be met,"
The Courier quoted Ms. Douglas as saying.

The Courier relates GS Andrews and Associates insolvency
practitioner Gregory Andrews said he was hopeful that some
interested parties may take over the business, but he wasn't
particularly confident.

Hilton Fabrics (Ballarat) went into receivership in April 2010.
Ms. O'Neil said the company had been purchased under the name of
the wife of the former owner, Angelo Meiorin.

Hilton Fabrics (Ballarat) is engaged in fabric weaving, dyeing and
finishing.


HOXIRAM PTY: Ferrier Hodgson Appointed as Receivers and Managers
----------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Revilla
Pty Limited, Hoxiram Pty Limited and Riviera Cove Pty Limited on
November 10, 2010.  The same were also appointed as Receivers of
Tuscany Cove Pty Limited on November 11, 2010.  The appointment of
Receivers to the Companies has been made by St George Bank
Limited, the holder of fixed and floating charges over the assets
and undertakings of the Companies.

The receivers said they are continuing to operate these hotels in
the ordinary course while an assessment of the financial position
of the venues is undertaken.


REVILLA PTY: Ferrier Hodgson Appointed as Receivers and Managers
----------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Revilla
Pty Limited, Hoxiram Pty Limited and Riviera Cove Pty Limited on
November 10, 2010.  The same were also appointed as Receivers of
Tuscany Cove Pty Limited on November 11, 2010.  The appointment of
Receivers to the Companies has been made by St George Bank
Limited, the holder of fixed and floating charges over the assets
and undertakings of the Companies.

The receivers said they are continuing to operate these hotels in
the ordinary course while an assessment of the financial position
of the venues is undertaken.


RIVIERA COVE: Ferrier Hodgson Appointed as Receivers and Managers
-----------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Revilla
Pty Limited, Hoxiram Pty Limited and Riviera Cove Pty Limited on
November 10, 2010.  The same were also appointed as Receivers of
Tuscany Cove Pty Limited on November 11, 2010.  The appointment of
Receivers to the Companies has been made by St George Bank
Limited, the holder of fixed and floating charges over the assets
and undertakings of the Companies.

The receivers said they are continuing to operate these hotels in
the ordinary course while an assessment of the financial position
of the venues is undertaken.


SAPPHIRE II: Fitch Affirms Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has the affirmed four classes of notes issued by
Sapphire II NZ Series 2005-1 Trust.  The transaction is backed by
pools of non-conforming residential mortgages originated by
Bluestone Mortgages NZ Limited, a wholly-owned subsidiary of
Bluestone Group Pty Limited.

  -- NZD1.7 million Class M notes (NZSPHDT203C9) affirmed at
     'AAsf'; Outlook Stable; Loss Severity Rating revised to
     'LS-1' from 'LS-3';

  -- NZD4.7 million Class BA notes (NZSPHDT204C7) affirmed at
     'Asf'; Outlook Stable; Loss Severity Rating revised to 'LS-1'
     from 'LS-3';

  -- NZD2.5 million Class BZ notes (NZSPHDT205C4) affirmed at
     'BBBsf'; Outlook Stable; Loss Severity Rating revised to
     'LS-2' from 'LS-4'; and

  -- NZD2.5 million Class CA notes (NZSPHDT206C2) affirmed at
     'B+sf'; Outlook Stable; Loss Severity Rating revised to
     'LS-1' from 'LS-3'.

Class AA, Class I and Class MER notes are paid in full.

"Sapphire II NZ Series 2005-1's performance has enjoyed a marked
improvement since June 2009.  Current arrears are low, with 90+
days arrears accounting for only 2.13% of the collateral pool,"
says James Zanesi, Associate Director in Fitch's Structured
Finance team.  "However, some volatility in performance might
arise as the pool is highly concentrated," added Mr. Zanesi.

As of September 2010, the pool had paid down to NZD14.4 million
from the original NZD151.59 m, with 30+ days and 90+ days arrears
being considerably low and amounting to 8.21% and 2.13% of the
collateral pool respectively..  As of the last payment date, the
subordination percentage of the Class A, MA, MZ, BA, BZ and CA
notes had increased considerably.  The Class D notes' carryover
charge-off amounted to NZD292,299, while the notes' stated balance
amounts to NZD1,269,945.  The notes are amortizing on a sequential
basis as there is no step-down trigger in place.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timing and prepayment rates,
with each tranche passing at its respective rating level.


SAPPHIRE III: Fitch Affirms Ratings on Six Classes of Notes
-----------------------------------------------------------
Fitch Ratings has the affirmed six classes of notes issued by
Sapphire III NZ Series 2006-1 Trust, and revised the Outlook to
Negative from Stable on the Class BZ notes.  The transaction is
backed by pools of non-conforming residential mortgages originated
by Bluestone Mortgages NZ Limited, a wholly-owned subsidiary of
Bluestone Group Pty Limited.

  -- NZD18.4m Class A notes (NZSPHDT301C1) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2 'from
      'LS-1';

  -- NZD7.4m Class MA notes (NZSPHDT302C9) affirmed at 'AA+sf'
     from 'AA'; Outlook Stable; Loss Severity Rating 'LS-3';

  -- NZD7.7m Class MZ notes (NZSPHDT303C7) affirmed at 'A+sf' from
     'A'; Outlook Stable, Loss Severity Rating 'LS-3';

  -- NZD7.1m Class BA notes (NZSPHDT304C5) affirmed at 'BBBsf';
     Outlook Stable, Loss Severity Rating 'LS-3';

  -- NZD5.0m Class BZ notes (NZSPHDT305C2) affirmed at 'BBsf';
     Outlook revised to Negative from Stable, Loss Severity Rating
     'LS-3'; and

  -- NZD1.7m Class CA notes (NZSPHDT306C0) affirmed at 'B-sf';
     Outlook Negative, Loss Severity Rating revised to 'LS-4' from
     'LS-3'.

The Class I and Class MER notes are paid in full.  Class MER notes
have paid in full in April 2010.

"The available income in Sapphire III NZ Series 2006-1 has been
sufficient to cover losses.  There are currently no charge-offs on
the outstanding notes," says James Zanesi, Associate Director in
Fitch's Structured Finance team.  "However, the current level of
arrears is significant.  This might impact future performance,"
added Mr. Zanesi.

As of September 2010, the pool had paid down to NZD48.8m from the
original NZD241.7 million, with 30+ days and 90+ days arrears
being significantly high, amounting to 23.44% and 13.07% of the
collateral pool respectively.  The transaction's performance has
been deteriorating since February 2008.  As of the last payment
date, the subordination percentage of the Class A, MA, MZ, BA, BZ
and CA notes had however increased considerably.  The Class CZ and
Class D notes currently provide subordination for NZD1.3 million
and NZD3.9 million respectively.  The notes are amortizing on a
sequential basis, as the 90+ days arrears are currently higher
than 8.0%.

Fitch has maintained the Outlook Negative on the Class CA notes
and revised the Outlook from Stable to Negative on the Class BZ
notes due to concerns in regards to the future impact from high
delinquencies.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timing and prepayment rates,
with each tranche passing at its respective rating level.


SAPPHIRE IX: Fitch Affirms Ratings on Eight Classes of Notes
------------------------------------------------------------
Fitch Ratings has the affirmed eight classes of notes issued by
Sapphire IX Series 2006-1 Trust, as detailed below.  The
transaction is backed by a pool of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

  -- AUD85.3m Class AA notes (AU300SAPA010) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- AUD11.0m Class AM notes (AU300SAPA028) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD7.3m Class AZ notes (AU300SAPA036) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD9.4m Class MA notes (AU300SAPA044) affirmed at 'AAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD8.0m Class MZ notes (AU300SAPA051) affirmed at 'A+sf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD7.8m Class BA notes (AU300SAPA069) affirmed at 'BBB+sf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD7.5m Class BZ notes (AU300SAPA077) affirmed at 'BBsf';
     Outlook Negative; Loss Severity Rating 'LS-3'; and

  -- AUD2.3m Class CA notes (AU300SAPA085) affirmed at 'B-sf';
     Outlook Negative; Loss Severity Rating 'LS-4';

"Sapphire IX Series 2006-1's performance and available income have
remained largely unchanged over the last yea," says James Zanesi,
Associate Director in Fitch's Structured Finance team.  "The
current credit enhancement of the rated notes ranges from 1.5x to
7x of the original credit enhancement," added Mr. Zanesi.

As of September 2010, the pool had paid down to AUD141.7m from the
original AUD604.6 million, with 30+ days and 90+ days arrears
amounting to 14.97% and 7.88% of the collateral pool respectively.
The transaction's performance has remained stable over the last
year, with available income being sufficient to cover losses.  As
of the last payment date, the subordination percentage of the
Class A, MA, MZ, BA, BZ and CA notes has increased considerably.
Class D and Class CZ notes provide subordination to the rated
notes for AUD 3.0m and AUD 5.2m respectively.  Currently the notes
are amortizing on a pro-rata basis.  The current level of 90+ days
arrears is below the 8% condition for the step-down trigger.

A cash flow analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timing and
prepayment rates, with each tranche passing at its respective
rating level.


SAPPHIRE VI: Fitch Affirms Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has the affirmed four classes of notes issued by
Sapphire VI Series 2004-2 Trust, as detailed below.  The
transaction is backed by a pool of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

  -- AUD8.5m Class M notes (AU300SAP7047) affirmed at 'AAsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-3' from
     'LS-2';

  -- AUD9.0m Class BA notes (AU300SAP7054) affirmed at 'A-sf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD4.6m Class BZ notes (AU300SAP7062) affirmed at 'BBB-sf';
     Outlook Stable; Loss Severity Rating 'LS-3'; and

  -- AUD2.8m Class CA notes (AU300SAP7070) affirmed at 'B+sf';
     Outlook Stable; Loss Severity Rating revised to 'LS-3' from
     'LS-4'.

Classes AA, AM and AZ notes are paid in full.

"Sapphire VI Series 2004-2 Trust has enjoyed considerable excess
income, which has been sufficient to cover all losses incurred to
date," says James Zanesi, Associate Director in Fitch's Structured
Finance team.  "The current level of subordination provides
considerable credit enhancement, especially for the most senior
notes," added Mr. Zanesi.

As of September 2010, the pool has paid down to AUD28.1 million
from the original AUD298.6 million.  As of September, 30+ days and
90+ days amounted to 13.50% and 6.67% of the collateral pool
respectively.  The current level of arrears is slightly higher
than what was recorded in the same period last year.  As of the
last payment date, the subordination percentage of Classes M, BA,
BZ and CA notes has increased substantially, with the unrated
Class D turbo note accumulating to AUD1.8 million.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of the Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timing and prepayment rates,
with each tranche passing at its respective rating level.


SAPPHIRE VII: Fitch Affirms Ratings on 11 Classes of Notes
----------------------------------------------------------
Fitch Ratings has the affirmed 11 classes of notes issued by
Sapphire VII Series 2005-1E Trust, as detailed below.  The
transaction is backed by a pool of non-conforming residential
mortgages originated by Bluestone Group Pty Limited.

  -- EUR12.5m Class A1 notes (XS0223701540) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- AUD12.5m Class A2 notes (AU300SAP8011) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- EUR6.6m Class MA1 notes (XS0223702274) affirmed at 'AA+sf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD3.2m Class MA2 notes (AU300SAP8029) affirmed at 'AA+sf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- EUR6.2m Class MZ1 notes (XS0223702357) affirmed at 'AA-sf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD2.7m Class MZ2 notes (AU300SAP8037) affirmed at 'AA-sf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- EUR3.8m Class BA1 notes (XS0223702514) affirmed at 'BBBsf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD6.3m Class BA2 notes (AU300SAP8045) affirmed at 'BBBsf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD7.7m Class BZ notes (AU300SAP8052) affirmed at 'BBsf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD501,530 Class CA notes (AU300SAP8060) affirmed at 'Bsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-5' from
      'LS-4'; and

  -- Sapphire VII Series 2005-1E Currency Swap Obligation affirmed
     at 'BBBsf'; Outlook Stable.

"Sapphire VII Series 2005-1E has experienced a considerable
improvement in performance over the last two years" says James
Zanesi, Associate Director in Fitch's Structured Finance team.
"The current level of subordination provides considerable credit
enhancement, especially for the most senior notes." added Mr.
Zanesi.

As of September 2010, the pool had paid down to AUD81.5 million
from the original AUD601.9 million.  30+ days and 90+ days arrears
amounted to 7.73% and 2.58% of the collateral pool respectively.
The portion of delinquent loans has been decreasing since December
2008.  As of the last payment date, the subordination percentage
of Classes A, M, BA, BZ and CA notes has increased substantially,
with the Class D turbo note accumulating to AUD3.6m, which has
been used to repay the Class CA notes.  Currently the notes are
amortizing sequentially.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timings and prepayment rates,
with each tranche passing at its respective rating level.

Sapphire VII Series 2005-1E Currency Swap Obligation represents
the currency swap payment obligations to the currency swap
provider.  The rating is based on the agency's assessment that the
currency swap payment obligations rank equally with the Class BA1
notes.  Consequently, the credit profile of the currency swap
obligations is consistent with the rating of the notes.


SAPPHIRE VIII: Fitch Takes Rating Actions on Various Classes
------------------------------------------------------------
Fitch Ratings has the upgraded one and affirmed seven classes of
notes issued by Sapphire VIII Series 2005-2 Trust, as detailed
below.  The transaction is backed by a pool of non-conforming
residential mortgages originated by Bluestone Group Pty Limited.

  -- AUD7.3m Class AA notes (AU300SAP9019) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-1';

  -- AUD2.2m Class AM notes (AU300SAP9027) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD1.5m Class AZ notes (AU300SAP9035) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-4' from
     'LS-3';

  -- AUD18.1m Class MA notes (AU300SAP9043) affirmed at 'AA+sf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-3';

  -- AUD15.3m Class MZ notes (AU300SAP9050) affirmed at 'A+sf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-3';

  -- AUD14.0m Class BA notes (AU300SAP9068) affirmed at 'BBBsf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-3';

  -- AUD12.9m Class BZ notes (AU300SAP9076) affirmed at 'BB-sf';
     Outlook Stable; Loss Severity Rating revised to 'LS-2' from
     'LS-3'; and

  -- AUD2.6m Class CA notes (AU300SAP9084) upgraded to 'B-sf' from
     'CCCsf'; Outlook Stable; Loss Severity Rating assigned at
     'LS-2'.

"Sapphire VIII Series 2005-2 has experienced a considerable
improvement in available income and performance since June 2009,"
says James Zanesi, Associate Director in Fitch's Structured
Finance team.  "The unrated notes provide a considerable level of
subordination for the Class CA notes," added Mr. Zanesi.

As of September 2010, the pool had paid down to AUD81.5 million
from the original AUD503.7 million.  30+ days and 90+ days arrears
amounted to 13.73% and 5.19% of the collateral pool respectively.
As of the last payment date, the subordination percentage of the
Class A, MA, MZ, BA, BZ and CA notes had increased substantially,
with the Class D turbo note increasing to AUD3.0 million.  The
Class CA notes have credit enhancement provided by AUD4.7 million
and AUD3.0 million of Class CZ and Class D notes.  Currently the
notes are amortizing on a pro-rata basis.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timings and prepayment rates,
with each tranche passing at its respective rating level.


SAPPHIRE X: Fitch Affirms Ratings on Nine Classes of Notes
----------------------------------------------------------
Fitch Ratings has the affirmed nine classes of notes issued by
Sapphire X Series 2007-1 Trust, and has withdrawn the rating of
the MER notes, as detailed below.  The transaction is backed by a
pool of non-conforming residential mortgages originated by
Bluestone Group Pty Limited.

  -- AUD146.0m Class AA notes (AU3FN0001939) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- AUD23.3m Class AM notes (AU3FN0001947) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD12.2m Class AZ notes (AU3FN0001954) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD19.6m Class MA notes (AU3FN0001962) affirmed at 'AAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD13.6m Class MZ notes (AU3FN0001970) affirmed at 'A+sf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD12.6m Class BA notes (AU3FN0001988) affirmed at 'BBB+sf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD13.8m Class BZ notes (AU3FN0001996) affirmed at 'BB-sf';
     Outlook Negative; Loss Severity Rating 'LS-3';

  -- AUD6.6m Class CA notes (AU3FN0002002) affirmed at 'B-sf';
     Outlook Negative; Loss Severity Rating revised to 'LS-3' from
     'LS-4';

  -- MER notes affirmed at 'AAA'; Outlook Stable; Rating
     Withdrawn.

  -- Class I notes have were been paid in full in August 2010.

"Sapphire X Series 2007-1's performance and available income have
remained largely unchanged over the last year," says James Zanesi,
Associate Director in Fitch's Structured Finance team.  "The
available income has been sufficient to pay for losses and
interest on both rated and unrated notes," added Mr. Zanesi.

As of September 2010, the pool had paid down to AUD238.8 million
from the original AUD634.6 million, with 30+ days and 90+ days
arrears amounting to 15.13% and 7.57% of the collateral pool
respectively.  As of the last payment date, the subordination
percentage of the Class A, MA, MZ, BA, BZ and CA notes had
increased considerably.  The Class D and Class CZ notes provide
subordination to the rated notes for AUD 4.8 million and AUD 5.5
million respectively.  The notes are currently amortizing on a
pro-rata basis.  The current level of 90+ days arrears is below
the 8% condition for the step-down trigger.

Fitch has maintained the Outlook Negative on the Class BZ and
Class CA notes as the transaction is expected to experience
further stress due to increasing interest rates.  Fitch has
withdrawn the rating on the Class MER notes.

A cash flow analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timing and
prepayment rates, with each tranche passing at its respective
rating level.


SAPPHIRE XI: Fitch Affirms Ratings on Eight Classes of Notes
------------------------------------------------------------
Fitch Ratings has the affirmed eight classes of notes issued by
Sapphire XI Series 2007-2 Trust.  The transaction is backed by a
pool of non-conforming residential mortgages originated by
Bluestone Group Pty Limited.

  -- AUD54.0m Class AA notes (AU3FN0004404) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- AUD21.6m Class AM notes (AU3FN0004412) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- AUD15.4m Class AZ notes (AU3FN0004420) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD12.6m Class MA notes (AU3FN0004438) affirmed at 'AAsf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD13.5m Class MZ notes (AU3FN0004446) affirmed at 'Asf';
     Outlook Stable; Loss Severity Rating 'LS-3';

  -- AUD10.1m Class BA notes (AU3FN0004453) affirmed at 'BBBsf';
     Outlook Negative; Loss Severity Rating 'LS-3';

  -- AUD5.0m Class BZ notes (AU3FN0004461) affirmed at 'BBsf';
     Outlook Negative; Loss Severity Rating 'LS-4'; and

  -- AUD6.8m Class CA notes (AU3FN0004479) affirmed at 'Bsf';
     Outlook Negative; Loss Severity Rating 'LS-3'.

"Sapphire XI Series 2007-2 has experienced a strong deterioration
in performance over the last year," says James Zanesi, Associate
Director in Fitch's Structured Finance team.  "As of September
2010, this is the only Australian transaction from the Sapphire
programme with an outstanding charge-off," added Mr. Zanesi.

As of September 2010, the pool had paid down to AUD145.6m from the
original AUD400.1m, with 30+ days and 90+ days arrears amounting
to 23.47% and 11.47% of the collateral pool respectively.  The
performance has deteriorated significantly since October 2009.
However, as of the last payment date, the subordination percentage
of the Class A, MA, MZ, BA, BZ and CA notes had increased
considerably.  The Class D notes' charge-off amounted to
AUD1,196,527 as at October 2010.  The Class D notes' stated
balance amounts to AUD2,115,490.  The notes are currently
amortising on a sequential basis as there are charge-offs
outstanding, with 90+ days arrears being higher than 8.0%.

Fitch has maintained the Outlook Negative on the Class BA, Class
BZ and Class CA notes, as the current level of arrears is high and
is expected to worsen due to increasing interest rates.
A cash flow analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timing and
prepayment rates, with each tranche passing at its respective
rating level.


TUSCANY COVE: Ferrier Hodgson Appointed as Receivers and Managers
-----------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Revilla
Pty Limited, Hoxiram Pty Limited and Riviera Cove Pty Limited on
November 10, 2010.  The same were also appointed as Receivers of
Tuscany Cove Pty Limited on November 11, 2010.  The appointment of
Receivers to the Companies has been made by St George Bank
Limited, the holder of fixed and floating charges over the assets
and undertakings of the Companies.

The receivers said they are continuing to operate these hotels in
the ordinary course while an assessment of the financial position
of the venues is undertaken.


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


INTEGRATED DEVICE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on October 22, 2010,
creditors of Integrated Device Technology Asia Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


INTERNATIONAL STANDARD: Creditors' Meeting Set for November 19
--------------------------------------------------------------
Creditors of International Standard Jewellery & Gems Laboratory
Limited will hold their meeting on November 19, 2010, at 3:55
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.


KAI HANG: Creditors' Meeting Set for November 19
------------------------------------------------
Creditors of Kai Hang Jewellery Co., Limited will hold their
meeting on November 19, 2010, at 4:10 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.


LUK HOP: Members' Final Meeting Set for December 6
--------------------------------------------------
Members of Luk Hop Investment Company Limited will hold their
final general meeting on December 6, 2010, at 10:00 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.


LUMENA RESOURCES: S&P Puts 'BB-' Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Rating Services said that it had placed its
'BB-' long-term corporate rating on Lumena Resources Corp. and the
'BB-' issue rating on the company's senior unsecured notes on
CreditWatch with negative implications.

"S&P placed the ratings on CreditWatch following Lumena's
announcement on Nov. 7, 2010, that it had made an offer to the
shareholders of Sino Polymer New Materials Co. Ltd. to acquire up
to 95% equity interest in the company, which is valued at US$1.50
billion.  In S&P's view, the proposed transaction could provide
additional revenue sources to the enlarged Lumena group and its
equity base.  The size of the transaction brings significant
uncertainties, however, in terms of integration and funding
arrangements," said Standard & Poor's credit analyst Ryan Tsang.

Lumena currently aims to issue new shares to satisfy 90% of the
consideration, but it has yet to finalize how it will settle the
remaining 10% (up to Chinese renminbi 1 billion) with cash.
Lumena is considering different funding plans, which will have
various effects on its financials metrics.  Lumena held about
RMB670 million in cash at the end of June 2010.  Mr. Suo Lang Duo
Ji, a non-executive director and chairman of Lumena, is the
largest shareholder of both companies and will remain so for the
enlarged group.

Sino Polymer's profitability was weak in 2007-2008, and a
revaluation loss also affected its 2009 performance.  The company
has yet to establish a performance track record.  While the
transaction could be viewed as a vertical integration and part of
Lumena's drive to be a specialty material producer, it is likely
to take time for the company to see material synergies from the
strategy.  The enlarged group's profit is likely to benefit from
Sino Polymer's recent strong performance, but the sustainability
of its profitability remains to be tested.

"Lumena and Sino Polymer both have good margins and are among the
leading players in their niche sectors in China.  Nevertheless,
S&P expects their exceptional margins to attract strong
competition, which could lead to margin erosion.  Sino Polymer's
main product, polyphenylene sulfide, is technology demanding.  The
company has just two existing patents, which may not be adequate
to provide sustainable growth momentum.  While 16 patents are
pending approval, it will take a while for them to come on line,"
said Mr. Tsang.

S&P understand that Lumena has sought legal opinions on the
possibility of the proposed transaction triggering covenants in
its bond, which could accelerate bond repayments.  As far as S&P
understand from the company, the proposed transaction, in its
current form, will not breach any covenant.


MOST HARVEST: Members' Final Meeting Set for December 6
-------------------------------------------------------
Members of Most Harvest Investment Limited will hold their final
general meeting on December 6, 2010, at 10:00 a.m., at Unit 402,
4/F., Malaysia Building, No. 50, Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Chan Chi Bor and Li Fat chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PINE & BAMBOO: Members' Final Meeting Set for December 6
--------------------------------------------------------
Members of Pine & Bamboo Restaurant 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.


POLTALLOCK LIMITED: Members' Final Meeting Set for December 6
-------------------------------------------------------------
Members of Poltallock Limited will hold their final general
meeting on December 6, 2010, at 10:00 a.m., at 38th Floor, Tower
One, Lippo Centre, 89 Queensway, in Hong Kong.

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


SUMMIT ORIENT: Members' Final Meeting Set for November 23
---------------------------------------------------------
Members of Summit Orient Limited will hold their final general
meeting on November 23, 2010, at 10:30 a.m., at Rooms 201-5 China
Insurance Group Building, 141 Des Voeux Road, Central, in Hong
Kong.

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


SUN HUNG: Members' Final Meeting Set for December 6
---------------------------------------------------
Members of Sun Hung Cheung Hing Restaurant Limited will hold their
final general meeting on December 6, 2010, at 11:00 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.


TOP EARNING: Members' Final Meeting Set for December 6
------------------------------------------------------
Members of Top Earning Limited will hold their final general
meeting on December 6, 2010, at 10:30 a.m., at Unit 402, 4/F.,
Malaysia Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Chan Chi Bor and Li Fat chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TOPVAST INTERNATIONAL: Creditors' Proofs of Debt Due December 6
---------------------------------------------------------------
Creditors of Topvast International 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


TRANS-OCEAN INSURANCE: Members' Final Meeting Set for December 6
----------------------------------------------------------------
Members of Trans-Ocean Insurance Company Limited will hold their
final meeting on December 6, 2010, at 10:30 a.m., at 35th Floor,
One Pacific Place, 88 Queensway, in Hong Kong.

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


UNITECH NETWORKS: Creditors' Proofs of Debt Due November 19
-----------------------------------------------------------
Creditors of Unitech Networks Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 19, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Kin Hang Danvil
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Kowloon


WAH TAI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on November 3, 2010,
to wind up the operations of Wah Tai Transportation Co. Limited.

The official receiver is E T O'Connell.


WAI YAN: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on October 23, 2010,
creditors of Wai Yan Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Liu Chi Tat Stephen
         Kwan Pak Kong
         Rm. 1304, C C Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


WILLING KNITWEAR: First Meetings Slated for November 30
-------------------------------------------------------
Contributories and creditors of Willing Knitwear Factory Limited
will hold their first meetings on November 30, 2010, at
10:30 a.m., and 11:30 a.m., respectively at the official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, in Hong Kong.

At the meeting, E T O'Connell, the company's official receiver and
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


WINDER INTERNATIONAL: Creditors' Meeting Set for November 19
------------------------------------------------------------
Creditors of Winder International Limited will hold their meeting
on November 19, 2010, at 3:50 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.


WING YIP: Creditors' Proofs of Debt Due November 26
---------------------------------------------------
Wing Yip Company Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 26, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         John J. Toohey
         Mr. Rainier Hok Chung Lam
         22/F, Prince's Building
         10 Chater Road
         Central, Hong Kong


WORLD HARVEST: Members' Final Meeting Set for December 6
--------------------------------------------------------
Members of World Harvest Development Limited will hold their final
general meeting on December 6, 2010, at 10:00 a.m., at Rooms 1008-
1012, 10th Floor, K. Wah Centre, 191 Java Road, North Point, in
Hong Kong.

At the meeting, Fan Sai Yee, the company's liquidators, will give
a report on the company's wind-up proceedings and property
disposal.


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


DHARA PETROCHEMICALS: CRISIL Assigns 'BB-' Rating to INR45MM Debt
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Dhara
Petrochemicals Pvt Ltd's bank facilities, which is part of the
DPPL and DI combine.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash credit         BB-/Stable (Assigned)
   INR45.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect combine's average financial risk profile,
marked by small net worth and modest debt protection metrics, and
small scale of operations. These rating weaknesses are partially
offset by experience of combine's promoters in the polymer trading
business.

DPPL was set up in January 2010 by Mr. Gaurav Thanky.  The company
trades in plastic polymers. Mr. Gaurav Thanky initially commenced
the polymer trading business by establishing a firm named Dhara
Industries (DI) in 2001.  All the liabilities and assets of DI
have been transferred to DPPL with effect from April 1, 2010.
Going forward, all operations will be conducted in DPPL itself,
while DI will cease to be operational.  CRISIL has combined the
business and financial risk profiles of DPPL and DI for the past
years for arriving at the ratings of DPPL.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit from its
promoters' experience in the polymer trading business over the
medium term.  However, its financial risk profile is expected to
remain constrained due to its low networth and its relatively
large working capital requirements.  The outlook may be revised to
'Positive' if the company's receivables cycle and its debt
protection metrics improve significantly.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates materially further as a result of large
incremental working capital funding requirements.

                      About Dhara Petrochemicals

DPPL was set up in January 2010 by Mr. Gaurav Thanky.  The company
trades in plastic polymers.  These granules are engineering
polymers with multiple industrial applications across automotive,
appliances, electrical, stationary, and pump industry.  Mr. Gaurav
Thanky initially commenced the polymer trading business by setting
up DI in 2001.

DPPL reported a profit after tax (PAT) of 0.34 million on net
sales of INR 65.9 million in 2009-10 and DI reported a PAT of
INR4.0 million on net sales of INR209.9 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR1.9 million on net sales of INR175.8 million for 2008-09.


DIABETES THYROID: ICRA Assigns 'LBB+' Rating to INR6.9cr LT Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR 6.90 crore long-term
fund based bank facilities of Diabetes Thyroid Hormone Research
Institute Private Limited.  The outlook on the long term rating is
stable.

The rating assigned by ICRA is constrained on account of limited
financial flexibility of the institute as is reflected by its weak
capital structure, limited net worth and considerable dependence
on funding support from its promoters.  The rating is also
constrained on account of limited track record of the institute in
conducting clinical trials, which is currently the main revenue
source.  While the rating derives comfort from the involvement of
Dr Sunil M Jain, who apart from being the main consultant of the
institute, is also a promoter of the institute; however relatively
low presence of second line of management and consultants in the
institute for business continuity is a constraining factor. The
rating also derives comfort from the established presence of the
institute in treatment of diabetes and related diseases; strong
growth in revenue and profits driven by clinical trial activities;
positive outlook on diabetes related clinical trials in India and
demonstrated track record of the profitable operations of the
institute.  While assigning the rating ICRA has also taken a note
of the institute's sole dependence on single facility at Indore,
which poses geographical concentration risks; and reputational
risks involved in clinical trials business, which accounted for
almost 85% of the income during FY 2009-10. The debt levels of the
institute, a part of which is accounted by interest bearing
unsecured loans from the promoters; have increased considerably
following the acquisition of new premises in FY 2009-10. While
this will enable the institute to offer additional services to its
patients and provide alternate revenue streams to institute;
however, the ability of the institute to improve its revenue and
maintain its profitability, will remain crucial for its debt
servicing and hence are going to be the key rating sensitivities
in future.  The company has not firmed up any major capital
expenditure programme, the scale of any future capital expenditure
programme and funding thereof will also be a key rating
sensitivity.

                       About Diabetes Thyroid

The company was initially incorporated as M.P. Finlease Private
Limited in May 1996 and during December 2004, the business of the
company was changed from financing activities to medical
consultation activities and its name was changed to Diabetes
Thyroid Hormone Research Institute Private Limited.  The Institute
is promoted and driven by Dr. Sunil M Jain and is dedicated
towards Diagnosis and treatment of Thyroid and other Hormonal
Disorders.  From FY 2006-07 onwards, it started conducting
Clinical Drug Trials (Phase II and Phase III), and during FY 2009-
10 almost 85% of the revenues were derived from clinical trial
activities.  As per the provisional financial statements of FY
2009-10, the institute reported an Operating Income (OI) of
INR64 crore with an operating profit of INR2.0 crore; as against
an OI of INR2.88 crore, operating profit of INR0.99 crore and net
profit of INR0.69 crore in preceding  year.


ELECTRONIC ENTERPRISES: ICRA Places 'LBB' Rating on INR1.85cr Loan
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 1.85 crore, long-term
fund-based facilities, INR 1.15 crore proposed long-term fund-
based facilities, INR3 crore non-fund-based limits and INR 2 crore
proposed non-fund-based limits of Electronic Enterprises (I)
Private Limited.  The outlook on the rating is "stable".

The rating favorably factors in the background of promoters and
their vast experience in the business, entry barriers in the form
of established sales network and long relationships with
principals overseas. The rating also factors in the comfortable
financial risk profile with modest leverage levels (0.52 times as
on March 31, 2010).  Demand drivers for company's products are
expected to be supported by GoI's thrust on basic sciences and
higher research allocation.  However, EEIPL's scale of operations
is expected to remain in line with past due to commission based
income and relatively small market size to cater for its products.

The rating is also constrained by exposure to foreign exchange
fluctuations for its import and re-sale business and risk
of liability for product defect which the company has to bear for
its import and re-sale and its manufacturing businesses. ICRA also
notes that for its agency and import and re-sale businesses, EEIPL
has to depend on imported equipment in sensitive area of nuclear
applications, hence business is vulnerable to supply disruptions.
Also availability of trained power is an issue, hence retention of
existing work force is critical to lend continuity to its
business.

                     About Electronic Enterprises

Electronic Enterprises, a partnership firm was established on
April 1, 1974. The partnership firm was converted into a
private limited company with effect from April 1, 1996 under the
name, Electronic Enterprises (India) Pvt. Ltd.  EEIPL is promoted
by Mr. A.P. Wagle, Mr. R.B. Thosar and Mr. A. A. Patankar having
advanced degrees in engineering disciplines and considerable
professional experience with reputed organisations/institutes.
The company acts as representatives of manufacturers of
electronic, nuclear instruments and systems from USA, UK, Germany,
Russia, Japan, France, etc.  Major customers are government
organisations such as BARC, other Defence organisations,
Universities, Department of Science & Technology and Research
Institutes.  EEIPL also has a manufacturing division serving a
similar client base, manufacturing facility is located in Mumbai.
It has six branch offices at Mumbai, Hyderabad, Bangalore,
Kolkata, Delhi and Kota.

Recent results

As per audited results for FY 2010, EEIPL reported a profit after
tax of INR 0.54 crore (over INR 0.26 crore in FY 2009) over an
operating income of INR 9.34 crore (over INR 8.43 crore in FY
2009).


EVERGREEN DRUMS: ICRA Assigns 'LBB' Rating to INR7cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR7.00 crore term loan
and INR10.50 crore cash credit (CC) limits of Evergreen Drums &
Cans Private Limited.  The outlook on the long-term rating is
stable.  ICRA has also assigned an 'A4' rating to the INR21.29
crore non fund based (NFB) limits of EDCPL2.  There is one-way
changeability to the extent of INR2.0 crore from the NFB to the CC
facility, for which ICRA has assigned an LBB rating.

The ratings take into consideration EDCPL's relatively small scale
of operations, adverse financial profile characterized by low net
profits, depressed levels of coverage indicators and pressure on
liquidity due to high working capital intensity of the business.
Currently, EDCPL is engaged in the manufacturing of steel drums
and tin cans.  Going forward, the company plans to set up
facilities for the production of 210 litre metal drums and barrels
at its existing unit at Chittoor district, Andhra Pradesh (A.P.).
Until the successful commissioning and stabilization of this new
facility, the company remains exposed to project related risks.
In addition, the fragmented and competitive nature of the can
manufacturing industry and limited bargaining power of EDCPL vis-
…-vis both customers as well as suppliers adversely impact the
company's operating profitability.  The ratings also factor in the
experience of the promoters in the industry, significant increase
in revenue over the last five years, established relationship with
its reputed client base and positive demand outlook of the metal
packaging industry. ICRA also notes that location of the company's
manufacturing facilities in proximity to EDCPL's major customer
base reduces outward freight cost to an extent.

                       About Evergreen Drums

Incorporated in 1996, EDCPL has been promoted by the Kolkata-based
Jhunjhunwala family.  The company is engaged in the manufacturing
of Open Top Sanitary (OTS) cans and steel drums.  The company has
manufacturing facilities in the states of West Bengal and Andhra
Pradesh.

Recent Results

For the year ended FY 2010, the company reported a net profit
after tax (PAT) of INR0.65 crore on the back of net sales of
INR49.01 crore as against a PAT of INR0.74 crore on net sales of
INR 35.12 crore in FY 2009.


GHAZIABAD ISPAT: ICRA Assigns 'LBB+' Rating to INR21cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned the long-term rating of "LBB+" to the
INR21.00 crore fund-based facilities of Ghaziabad Ispat Udyog
Limited.  The long term rating carries a stable outlook.

The rating takes into account GIUL's experienced management, its
established relations with key customers and extension of its
product portfolio through the current expansion program, as well
as healthy operating margins of GIUL.  The rating is, however,
constrained by the highly competitive nature of the steel forging
industry, susceptibility of GIUL's earnings to the fluctuations in
raw material prices and volatility in foreign exchange rates.  The
rating also factors in the working capital intensive nature of
GIUL's business and its on-going capital expenditure programme,
which has resulted in moderate debt coverage indicators as
reflected by gearing of 1.89 times and NCA/Total Debt of 4% as on
March 31, 2010.  Going forward, company's ability to successfully
implement its on-going capital expenditure programme while
maintaining its profitability along with working capital intensity
will be amongst the key rating sensitivities.

                       About Ghaziabad Ispat

Started in 1971 by Mr. Sudhir Agarwal as a partnership firm,
Ghaziabad Ispat Udyog Limited was converted into a public company
in July 2006.  The company has been manufacturing variety of steel
forging, including alloy steel, carbon steel forgings etc from its
facility located at Ghaziabad.  It caters to the sub-5 MT category
from the current facility while it has plans to cater to the 5-
10MT category from the new facility which is located in
Sikandrabad.  The company caters to heavy engineering industry and
has offered its products to BHEL, Railways etc.  The registered
office of the company is in Bulandshahr, Ghaziabad.


M. SONS ENTERPRISES: CARE Assigns 'CARE BB' Rating to INR20cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' RATINGS to bank facilities of
M. Sons Enterprises Pvt Ltd.

                                Amount
   Facilities                  (INR cr)      Ratings
   ----------                  --------      --------
   Long-term Bank Facilities      20         'CARE BB' Assigned
   Short-term Bank Facilities     20         'PR4' Assigned

Rating Rationale

The ratings are constrained by MSE's stretched liquidity position
as reflected in very high utilisation of working capital limits,
small scale of operations, low profitability margins primarily due
to majority of sales in the wholesale segment and vulnerability of
margins to volatility in gold prices.  However, the ratings draw
comfort from experienced promoters, long track record of
operations and a low debt-equity ratio.  Going forward, MSE's
ability to scale up its retail presence so as to increase
profitability margins and manage working capital requirements
effectively shall be the key rating sensitivities.

M. Sons Enterprises Private Limited is engaged in the business of
retailing and wholesaling of primarily gold jewellery.  The
company has been carrying out retail sales through its store in
Lajpat Nagar, New Delhi (owned by MSE) which has been running
since the year 1995.  In August 2009, another store was opened in
Hauz Khas, Delhi, with a view to expand the retail presence.

During FY10, on a total operating income of INR309.07 crore MSE
earned PAT of INR2.17 crore.  During Q1FY11, MSE achieved gross
sales of INR55.96 crore and PAT of INR0.84 crore.


MACHINO AUTO: ICRA Assigns 'LBB-' Rating to INR18cr Term Loans
--------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR 18.0 crore long-
term, fund based bank facilities of Machino Auto Comp Private
Limited.  ICRA has also assigned an "A4" rating to the short-term,
non-fund based bank facilities of the company.  The outlook on the
long-term rating is 'stable'.

                           Amount
   Facilities             (INR cr)         Ratings
   ----------              -------         -------
   Term loans               15.0           LBB- (Stable)
   Cash Credit               3.0           LBB- (Stable)
   Non-fund based limits    22.7           A4

The ratings take into consideration MACPL's small scale of
operations and high product concentration risk with current
supplies being restricted to three models belonging to the
Volkswagen group.  The company being a start-up unit has limited
track record of operations and its manufacturing facility at Pune
is still under construction.  The company is currently working for
supplies to three vehicle models -- including one from Skoda Auto
India Private Limited (Skoda) and two recently launched models by
the Volkswagen India Private Limited (Volkswagen); and is also
to begin supplies to one soon to be launched model for Mahindra
and Mahindra Limited.  In the event these models are unable to
register volumes expected by the company, MACPL's budgeted IRR and
payback period may be adversely impacted.

Of the total project cost of INR 20 crore, MACPL has borrowed
INR15 crore from banking system with the balance being infused by
promoters (INR0.5 crore as equity and INR 4.5 crore in the form of
12 year, cumulative preference shares of the company) resulting in
high financial leverage.  Further, ICRA expects MACPL's financial
risk profile to remain weak during the gestation phase and may
witness further deterioration in the event of debt funded capex by
the company.  The ratings however factor in MACPL's 100% share of
business with the original equipment manufacturers for the parts
being supplied by it.  Further, the company benefits from being a
part of Machino Group with experienced promoters and limited raw
material procurement risk, since the same is sourced from group
company -- Machino Polymers Limited.

                        About Machino Auto

Incorporated in 2008, MACPL is a part of Machino group of
companies.  The group has presence in various businesses like
mixing of propylene compounds, manufacture of moulded plastic
components, vehicle dealership, investments into real estate etc.
Major companies in the conglomerate are MPL (rated BBB+/stable/A2+
by ICRA) engaged in the manufacture of polypropylene compounds and
Machino Plastic Limited which manufactures injection moulded
plastic components like instrument panels, front grills etc.


MAHAJAN OVERSEAS: CRISIL Assigns 'BB-' Rating to INR24MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Mahajan Overseas Pvt Ltd's, which is part of the
Mahajan group.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR20.0 Million Overdraft Facility     BB-/Stable (Assigned)
   INR24.0 Million Term Loan              BB-/Stable (Assigned)
   INR75.0 Million Export Packing Credit  P4+ (Assigned)
   INR15.0 Million Bill Discounting       P4+ (Assigned)
   INR40.0 Million Letter of Credit       P4+ (Assigned)
   INR2.5 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect the Mahajan group's weak financial risk
profile, marked by high gearing, below-average debt protection
metrics, and small net worth; the ratings also reflect the group's
small scale of operations and exposure to risks related to intense
competition in the home textile industry.  These rating weaknesses
are partially offset by the Mahajan group's established track
record in the home textile segment and established customer base.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MOPL, its wholly owned subsidiary
Mahajan USA Ltd and Mahajan Overseas Ltd, Hongkong.  MUSL carries
out marketing of MOPL's products in USA, UK and Canada through its
subsidiary Mahajan UK Ltd and branch office Mahajan Canada Ltd.

Outlook: Stable

CRISIL believes that the Mahajan group will benefit from its
established customer base over the medium term.  The outlook may
be revised to 'Positive' if the group generates more-than-expected
cash accruals leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
there is slowdown in demand for the group's products in the
overseas market or if the group's profitability declines
significantly leading to deterioration in its financial risk
profile.

                       About Mahajan Overseas

Incorporated in 1981, MOPL manufactures and exports home textiles.
Its product range includes cushion, kitchen linen, table linen,
quilts, and floor coverings.  Its plant at Panipat (Haryana) has
capacity to manufacture 1 million units per month with an in-house
yarn and fabric processing facility.  Around 75 per cent of MOPL's
revenue are derived from exports (majority being to Canada) while
the remainder is from job-work for domestic customers.

The company has a subsidiary in the US for carrying out marketing
of its products in the overseas market.  It has floated another
subsidiary in Hongkong in 2008-09 by the name of Mahajan Overseas
Ltd for sourcing fabric from Hongkong and China.  The Mahajan
group is estimated to report a profit after tax (PAT) of INR1.4
million on net sales of INR437 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of INR1.9
million on net sales of INR492 million for 2008-09. The group
suffered losses in 2008-09 because of losses in MUSL due to global
meltdown.


MEDPLUS HEALTH: ICRA Reaffirms 'LBB' Rating on INR9.75cr Debts
--------------------------------------------------------------
ICRA has reaffirmed the Long Term Rating assigned to the INR 9.75
crore fund based facilities of MedPlus Health Services Private
Limited at "LBB".  The outlook on the assigned rating is Stable.

The rating reaffirmation factors in the established brand of
Medplus, healthy growth in operations, and strengths derived from
the professional management of the company.  Further, the rating
action also factors in the fact that the bulk of the company's
operations have been funded through equity which is reflected in a
low gearing of 0.17 times.  However the ratings are constrained by
the poor track record of profitability with company reporting
losses at the PAT level in FY 2010 as well as in the previous two
years.  Losses coupled with high working capital intensity,
arising mainly out of liberal credit terms extended to customers
have resulted in negative cash flows from operations as well
stretched liquidity position for the company.  MedPlus makes its
entire sales to two associate companies namely Optival Health
Solutions Private Limited and Ritemed Pharma Retail Private
Limited which results in significant client concentration risk.

                           About MedPlus

MedPlus was promoted by Mr. Madhukar Reddy in November 2006.
MedPlus is a wholesale distributor of pharmaceutical and other
healthcare products.  The company deals in nearly 30,000 products
manufactured by about 500 pharmaceutical companies.  MedPlus had
introduced the concept of Integrated Health Centers (IHCs) whereby
pharmacy, diagnostic labs and family clinic are all combined under
one roof. The company has a 100% subsidiary named MedPlus Pathlabs
Private Limited (MPPL) which is involved in Clinical Reference Lab
(CRL) and diagnostic business.  The company also has subsidiaries
which are involved in direct procurement of medicines (stockist
and contract manufacturing).


PARAM ENTERPRISES: ICRA Puts 'LBB+' Rating on INR3.85cr Credit
--------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR3.85 crore cash
credit facilities and INR15.00 crore non fund based bank
facilities of Param Enterprises Private Limited.  The outlook on
the rating is Stable.  The rating for the long term non fund based
facilities is interchangeable with the short term, for which ICRA
has assigned an A4+ rating.

The ratings reflect the low scale of operations of PEL at present,
high client concentration risk with company's entire revenue being
dependent on the Indian Railways (IR) which also leads to large
volatility in revenues and cash flows, low level of operating
profitability in the business due to IR awarding projects to the
lowest bidder and the high working capital requirements in
business which puts pressure on the liquidity position of the
company.  The ratings also reflect the conservative capital
structure of the company, a healthy order book, and its
established position in the railway signalling contract business
in Eastern India.  ICRA also notes that PEL has in the past signed
Memorandum of Understanding (MoU) with a number of leading global
signalling equipment manufacturers and shares a good working
relationship with them.

                     About Param Enterprises

M/s Param Enterprises Private Limited was incorporated in 1989.
PEL supplies and installs signalling systems for Indian Railways
on a turnkey basis.  The company undertakes the drawing and
designing of such systems as well.  Currently the company is also
involved with supplying and installing modern signalling systems
that include Automatic Panel Interlocking, Electronic
Interlocking, Route Relay Interlocking, Solid State Interlocking
and Audio Frequency Track Circuiting.

Recent Results

PEL registered a profit after tax of INR0.50 crore in 2009-10 on
the back of net sales of INR25.14 crore.  In the year 2008-2009,
the company registered a profit after tax of 0.54 crore on the
back of net sales of INR32.40 crore.


SATYAM ENTERPRISES: ICRA Reaffirms 'LBB' Rating on INR2.37cr Loans
------------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating assigned to the INR 2.37
crore term loans of Satyam Enterprises.  ICRA has also reaffirmed
LBB and A4 ratings to the INR 10.78 crore proposed limits of
Satyam.  ICRA has also reaffirmed A4 rating assigned to the
Rs. 31.80 crore short-term fund based limits and to the INR 0.05
crore short-term non-fund based limits.  ICRA has also assigned a
"stable" outlook on the long-term rating.

The re-affirmation of ratings take into account relatively small
size of operations of the company, high level of fragmentation in
guar gum exports business, agro-climatic risks related to guar
seed production, vulnerability of its profitability to the
partial/complete withdrawal of various export incentives extended
by GoI and volatility in foreign currency exchange rates.  The
ratings are also constrained by high financial risk profile
characterised by high gearing, low coverage indicators and high
working capital intensity.  However, the ratings favorably factor
in the long and established presence of Satyam in the manufacture
and export of guar gum powder and geographical diversification of
revenues of the firm.

                      About Satyam Enterprises

Satyam Enterprises was promoted as a partnership concern between
Mr. Ramesh Singhal and Mr. Anand Sharda in 1981.  Initially, the
firm was involved in exports of Guar Gum.  Later in 1987, the firm
entered into the business of manufacturing of guar gum powder and
set up the plant with a capacity of 3000 metric tones per annum
(MTPA) at Jodhpur.  The firm has gone through two capacity
expansions, one in 1991 when the capacity was expanded
to 6000 MTPA and again in 1997, during which year a new plant with
a capacity of 6000 MTPA was commissioned at a site adjacent to the
existing site.  Total capacity of these two units of Satyam is now
12000 MTPA.  The firm offers a variety of guar gum powder for
specific application as per customer's requirement.  During
2009-10, the firm has also set up a unit to produce Korma (cattle
feed) with a capacity around 6000 MTPA.

During 2009-10, Satyam reported net sales and profit after tax of
INR 54.56 crore and INR 0.39 crore respectively.


SHREE BALKRISHNA: CARE Assigns 'CARE BB' Rating to INR9.46cr Loans
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' to the bank facilities of
Shree Balkrishna Exports.

                                Amount
   Facilities                  (INR cr)      Ratings
   ----------                  --------      -------
   Long-term Bank Facilities      9.46       CARE BB Assigned
   Short-term Bank Facilities     7.20       PR4 Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of SBE as on March 31,
2010.  The rating may undergo a change in cash of withdrawal of
capital or unsecured loans brought in by the partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The ratings are constrained by small size of operation of the
firm, strong competition from a large number of players in
unorganised and organised sectors, closely-held nature of the
partnership firm and instances of delay in debt servicing in the
past, Nevertheless, the ratings derive strength from the vast
experience of the partners in the diamond business Further, the
ratings take into cognizance diversified presence of SBE across
the globe.

Ability of SBE to increase turnover and improve profitability
given the recovery in the global economies is the key rating
sensitivity.

M/s Shree Balkrishna Export was established in 1999 as a
partnership firm to process and export small-to-medium sized
diamonds in round, princess, buggets and marquise cuts.  SBE is
managed by seven partners, all family members and close relatives.
The firm has two manufacturing facilities in Surat.  SBE also
outsources the processing of small sized diamonds to manufacturing
units in Surat and Ahmedabad.  In 2006, SBE set up one windmill in
Dhulia and has entered into a two-year renewable contract with
Suzlon under which SBE will earn a fixed income every year.


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


CAFES 1: Fitch Downgrades Ratings on Five Classes of Notes
----------------------------------------------------------
Fitch Ratings has the downgraded five classes and affirmed two
classes of Cafes 1 Trust's trust beneficiary interests due May
2018, and simultaneously withdrawn the rating on the dividend-only
Class X TBIs.  The transaction is a Japanese single-borrower type
CMBS securitization.  The rating actions are as listed below:

  -- JPY2.34bn* Class A-1 TBIs affirmed at 'AAAsf'; Outlook
     Stable;

  -- JPY29.33bn* Class A-2 TBIs affirmed at 'AAAsf'; Outlook
     Stable;

  -- JPY6.4bn* Class B TBIs downgraded to 'Asf' from 'AAsf';
     Outlook Stable;

  -- JPY3.0bn* Class C-1 TBIs downgraded to 'BBBsf' from 'Asf';
     Outlook Stable;

  -- JPY3.4bn* Class C-2 TBIs downgraded to 'BBBsf' from 'Asf';
     Outlook Stable;

  -- JPY1.0bn* Class D-1 TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable; and

  -- JPY5.6bn* Class D-2 TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable.

  * as of November 11, 2010

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

The rating actions are the result of Fitch's analysis of the
transaction, including an analysis of the submarket office
conditions and the recent cash flow performance of the underlying
property.  The existing lease on the property remains intact and
actual cash flow performance remains in line with the agency's
initial expectations.  However, Fitch has incorporated in its
review recent trends in rent levels and occupancy ratios in office
markets with similar characteristics, which has resulted in
downward revisions to its cash flow assumptions.  Combined with
the agency's cap rate assumptions, the value adopted for this
review was 26% lower than the initial valuation - an 11% drop from
the value adopted at the previous review in October 2009.  This is
the primary driver of the downgrade of five TBI classes.  At the
loan and property level, principal redemption from amortization
has been proceeding as scheduled, and transaction structures that
mitigate tenant concentration risk continue to be in place.

The Stable Outlooks on all classes reflect the fact that further
negative rating actions are not expected over the next few years.
This is given the conservative property valuation currently
adopted, together with the stable status of the existing lease.

The rating on the dividend-only Class X TBIs, which addresses the
likelihood of receiving dividends while principal on the related
TBIs remain outstanding, has been withdrawn.  For additional
information, please refer to the commentary, entitled "Fitch
Revises Practice for Rating IO and Pre-Payment Related Structured
Finance Securities", dated 23 June 2010.

Fitch assigned ratings to this transaction in July 2006.  The
transaction is a securitization of a loan backed by a condominium-
ownership interest to a class A office located in Chuo-ku, Tokyo.


CAFES 3: Fitch Downgrades Ratings on Various Classes of Notes
-------------------------------------------------------------
Fitch Ratings has the downgraded classes A and F trust beneficiary
interest from Cafes 3 Trust due August 2014.  The agency has
affirmed the ratings of classes B to E TBIs.  The transaction is a
Japanese multi-borrower type CMBS securitization.  The details of
the rating actions are:

  -- JPY11.73bn* Class A TBIs downgraded to 'Asf' from 'AAAsf';
     Outlook Stable;

  -- JPY2.79bn* Class B TBIs affirmed at 'Asf'; Outlook Stable;

  -- JPY2.22bn* Class C TBIs affirmed at 'BBBsf'; Outlook
     Negative;

  -- JPY1.76bn* Class D TBIs affirmed at 'Bsf'; Outlook Negative;

  -- JPY0.52bn* Class E TBIs affirmed at 'CCCsf'; Recovery Rating
     of 'RR4'; and

  -- JPY0.15bn* Class F TBIs downgraded to 'CCsf' from 'CCCsf';
     Recovery Rating revised to 'RR6' from 'RR5'.

  * as of 11 November 2010

Fitch has downgraded the class A TBIs following the deferral of
dividend (interest) payment on this class.  The agency believes
that securities that have deferred interest payments, or are
expected to defer such payments are not commensurate with ratings
of above the 'Asf' category, regardless of the possibility of the
ultimate repayment of interest by legal final maturity (please see
"Criteria for Rating Caps in Global Structured Finance
Transactions", published in June 2010 for further details).

On the November 10, 2010, payment date, no dividends were paid to
any class; these payments have been deferred due to a shortfall of
available funds to be allocated to the dividend payment.  Although
JPY5bn was collected as principal from the underlying defaulted
loans, these funds were allocated to the TBIs principal repayment
on the latest payment date.  Under the transaction structure,
dividend and related expenses, including the special servicing
fee, are paid from funds collected as interest or default interest
from the underlying loans.  In this case, the transaction parties
have opted to recognize all collections from defaulted loans as
loan principal repayment, rather than as the collection of default
interest.  This has resulted in a shortfall of cash flow to pay
dividends, despite actual collections from the underlying loans
being sufficient to pay the dividends on class A.

According to the transaction documents, the occurrence of a
dividend payment deferral on class A TBIs constitutes a 'Waterfall
Modification Event'.  From the next payment date in February 2011,
the payment waterfall structure will be modified so that any cash
collected from the underlying loans, performing or defaulted, will
be applied first to the dividend payment to the class A TBIs and
then allocated to the repayment of class A TBI principal until
paid in full.  Taking the modified waterfall into account, Fitch
will carefully review the deferral status of class A TBIs,
especially with regards to the possibility of future dividend
deferrals, and will take further rating actions as necessary.
Fitch expects ultimate payment of principal and dividends on the
class A TBIs.

Fitch has downgraded the class F TBIs to reflect the progress of
work-out activities of one defaulted loan.  The loan, backed by
two office properties, defaulted in October 2009 and the servicer
has implemented property disposition activities.  However, no
property disposition has occurred to date.  The servicer has now
lowered the expected recovery amount and as a result, Fitch
believes that a loss on the class F TBIs is now probable.

The affirmations of classes B to E TBIs reflect that the
performance of the remaining loans is generally in line with
Fitch's expectations and also take into account the effects of the
modified waterfall.

This transaction was originally is a securitization of seven non-
recourse loans extended to six borrowers and four TMK (Tokutei
Mokuteki Kaisha) specified bonds, which were originally ultimately
backed by 20 commercial properties.  To date, two underlying loans
extended to one borrower and one another loan have been repaid,
with the transaction currently secured by four non-recourse loans
and four TMK bonds backed by 14 properties.


HARVEST TRUST: Moody's Cuts Rating on Class G Certificates to 'C'
-----------------------------------------------------------------
Moody's Japan K.K has downgraded to C (sf) from Ca (sf) its rating
on the Class G trust certificate issued by Harvest Trust and has
placed the Class C through F trust certificates under review for
possible downgrade.

The complete rating actions follow.

  -- Class C, Baa2 (sf) placed under review for possible
     downgrade; previously on June 2, 2009 downgraded to Baa2 (sf)
     from A2 (sf)

  -- Class D, Ba2 (sf) placed under review for possible downgrade;
     previously on June 2, 2009 downgraded to Ba2 (sf) from Baa2
      (sf)

  -- Class E, Ba3 (sf) placed under review for possible downgrade;
     previously on June 2, 2009 downgraded to Ba3 (sf) from Baa3
      (sf)

  -- Class F, B3 (sf) placed under review for possible downgrade;
     previously on June 2, 2009 downgraded to B3 (sf) from B2 (sf)

  -- Class G, downgraded to C (sf) from Ca (sf); previously on
     June 2, 2009 downgraded to Ca (sf) from Caa3 (sf)

Deal Name: Harvest Trust

  *  Class: Class A through G trust certificates

  * Issue Amount (initial): JPY 53.3 billion

  * Dividend: Floating

  * Issue Date (initial): September 28, 2007

  * Final Maturity Date: October, 2012

  * Underlying Asset (initial): Eight non-recourse loans and three
    specified bonds and cash

  * Originator/Entrustor: Shinsei Bank, Limited

  * Arranger: Shinsei Securities Co., Ltd.

Harvest Trust, effected in September 2007, represents the
securitization of eight non-recourse loans and three specified
bonds, with all 11 hereinafter referred to as "the loans."

The Originator entrusted the loans to the Asset Trustee, and
received the Class A through G trust certificates, which it then
sold to investors.  The trust certificates are rated by Moody's.

In this transaction, modified pro-rata principal payments are to
be made at maturity, as are prepayments resulting from the sale of
the underlying properties or refinancing of the loans.

Sequential payments from the most senior class are applied in the
event of amortization of the loans; recovery collection, in the
event of default; and fast pay, in the event of a breach of the
DSCR trigger.

The losses incurred by defaulting loans are allocated in reverse
sequential order from the most subordinate class of the trust
certificates.

Four of the loans have been paid down in full so far, and special
servicing for two of the defaulted loans has been completed, one
of which incurred a loss on the remaining principal balance as a
result of the special servicing.

Currently, five loans, which are backed by office, residential,
and retail properties in Tokyo and its surrounding areas as well
as in Osaka, are under special servicing.

                        Rating Rationale

The current rating action and review reflect these factors:

(1) In light of the progress in special servicing thus far,
    recovery of the remaining five loans under special servicing
    may well be lower than Moody's recovery assumptions at the
    last rating action (June 2009).

(2) Thus, losses on the remaining loan balances of the specially
    serviced loans are highly likely.

In its analysis of the Class C through F trust certificates,
Moody's will examine the special servicer's plans as well as the
occupancy rates and cash flow of the properties.  Moody's will
decide on the ratings after reviewing its recovery assumptions for
the properties.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.


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


KIWIBANK LIMITED: Moody's Assigns 'D+' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has assigned Aa3 / Prime-1 ratings to
the long- and short-term deposit and issuer ratings of Kiwibank
Limited.  A Bank Financial Strength Rating of D+ was also
assigned.  The outlook for all the ratings is Stable.

                        Ratings Rationale

"Kiwibank's Aa3 rating reflects the strong credit profile of
New Zealand Post, which provides a guarantee to Kiwibank" says
Daniel Yu, an Analyst at Moody's Sydney office.

"New Zealand Post is fully-owned by the New Zealand government.
Moody's believe that there is a high potential for support, as
evidenced by an uncalled capital facility provided by the
government, for the express purpose of supporting Kiwibank's
financial position" adds Yu.

Kiwibank's BFSR of D+ equates to a baseline credit assessment of
Baa3 and reflects the bank's low risk loan book, strong franchise
and solid asset quality.  However, the bank is facing
profitability challenges as a result of declining margins and is
dependent on capital support from its parent, to accommodate its
rapid rate of growth.

The payment obligations of Kiwibank benefit from a deed poll
guarantee provided by its parent, New Zealand Post Limited, a
State-Owned Enterprise.  The benefits of this guarantee are
incorporated in Kiwibank's long-term deposit and issuer ratings,
which are lifted six notches above its baseline credit assessment,
which assesses its stand-alone credit profile.

Formed in 2001, Kiwibank has grown rapidly over the past nine
years to establish a strong franchise which has been built upon a
focused customer service and competitive pricing proposition.  The
bank maintains good representation throughout New Zealand by
leveraging off its parent's retail network of PostShops, which
also act as bank branches.  This has assisted the bank in
achieving growth rates well in excess of system.

Predominantly a mortgage lender, Kiwibank's sound asset quality is
reflective of its low risk loan portfolio -- residential mortgages
have demonstrated low loss rates over time and continue to perform
relatively well in the current economic environment.  Increased
arrears are expected as subdued domestic and international growth
continue to pressure households and businesses, and as the
relatively unseasoned portfolio continues to mature.  However, the
bank's strict underwriting standards and use of mortgage insurance
on higher loan to value lending will minimise any potential losses
on the portfolio.

From a funding perspective, Kiwibank is largely funded by customer
deposits, although the bank has taken steps to diversify this
profile, for example raising A$250m of term debt in October 2009.

Whilst it creates a reliable source of funding, the bank's large
deposit base has hurt margins, which continue to be pressured by
intense competition.  Kiwibank adopts a price led strategy which
has been successful in attracting customers, but at the expense of
lower margins.  During FY2010, the Net interest margin declined
sharply and was the main driver of the decline in profitability.
Moody's expect margin compression to continue as competition is
likely to remain high.  The bank has identified a number of
initiatives to address ongoing profitability pressures.  This
includes targeting growth in business banking, accessing
competitively priced funding through the wholesale market, as well
as introducing new deposit products to attract funds.

Capital coverage is also sound for the bank with its Tier 1 ratio
standing at 9.8% at FY2010, which includes a NZ$150m preference
share issuance in May 2010.  Moody's note that the bank's internal
capital generation (through retained profits) has been inadequate
to support its rapid rate of growth.  As a result Kiwibank has
relied extensively on New Zealand Post for capital support, which
has provided capital assistance each year.  Moody's expect this
trend to continue, at least until the bank improves its
profitability to accommodate its strong growth.

The bank has also focused resources on improving it banking
systems which will be important in supporting future growth
aspirations.

The stable outlook reflects Moody's expectation that government
support for New Zealand Post is likely to remain high, which
underpins the guarantee it provides to Kiwibank.  Any change in
government policy that impacts support could provide positive or
negative pressure on the rating.

Kiwibank is headquartered in Wellington, New Zealand.  It reported
total assets of NZ$12,238million (approximately US$8,380million)
as at 30 June 2010


SAPPHIRE IV: Fitch Takes Rating Actions on Various Classes
----------------------------------------------------------
Fitch Ratings has the downgraded two and affirmed five classes of
notes issued by Sapphire IV NZ Series 2007-1 Trust.  The
transaction is backed by pools of non-conforming residential and
commercial mortgages originated by Bluestone Mortgages NZ Limited,
a wholly-owned subsidiary of Bluestone Group Pty Limited
(Bluestone).

  -- NZD56.1m Class AA notes (NZSPHDT401C9) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-1';

  -- NZD23.1m Class AZ notes (NZSPHDT402C7) affirmed at 'AAAsf';
     Outlook Stable; Loss Severity Rating 'LS-2';

  -- NZD5.3m Class MA notes (NZSPHDT403C5) affirmed at 'AAsf',
     Outlook Stable; Loss Severity Rating 'LS-4';

  -- NZD6.0m Class MZ notes (NZSPHDT404C3) affirmed at 'Asf';
     Outlook Stable; Loss Severity Rating 'LS-4';

  -- NZD8.0m Class BA notes (NZSPHDT405C0) downgraded to 'BBB-sf'
     from 'BBBsf'; Outlook Negative; Loss Severity Rating 'LS-3';

  -- NZD8.5m Class BZ notes (NZSPHDT406C8) downgraded to 'CCCsf'
     from 'Bsf'; Loss Severity Rating assigned at 'RR-3'; and

  -- NZD3.1m Class CA notes (NZSPHDT407C6) affirmed to 'CCCsf';
     Recovery Rating revised to 'RR-4' from 'RR-2'.

"Sapphire IV NZ Series 2007-1 has been performing poorly.
Available income has been limited, with the Class D and Class CZ
notes being fully charged off, and the Class CA notes having carry
forward charged-offs of NZD4.7 million," says James Zanesi,
Associate Director in Fitch's Structured Finance team.  "Moreover,
delinquencies are considerably high, with 90+ days arrears
amounting to 9.94% of the collateral balance," added Mr. Zanesi.

As of September 2010, the pool had paid down to NZD110.5 million
from the original NZD249.74 million.  The notes are amortizing on
a sequential basis, the 90+ days arrears being currently higher
than 8.0%, and there are charge-offs outstanding.  30+ days and
90+ days arrears are significantly high and amount to 20.26% and
9.94% of the collateral pool respectively.  As of the last payment
date, the subordination percentage of the Class A, MA, MZ, BA, BZ
and CA notes had not increased considerably.  The Class CZ and D
notes do not currently provide any level of subordination, as they
have been fully charged-off for NZD6.7 million and NZD868,194
respectively.

Fitch's view is that given the low credit enhancement of the Class
BZ notes (3.07%), a charge-off is likely depending on the impact
of the current 90+ days arrears.  The Class BA notes have been
downgraded to 'BBB-sf' from 'BBBsf' as an eventual increase in
interest rates might affect the transaction's performance and in
turn Class BA's credit profile.  Fitch has decided to maintain the
Outlook Negative on the Class BA notes due to the concerns on the
high level of 90+ days arrears and the low available income
generated by the collateral pool.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timings and prepayment rates.


SOUTH VINEYARDS: Wins One-Year Reprieve From Creditors
------------------------------------------------------
Creditors of South Vineyards, the company behind stalled biblical
film Kingdom Come, have approved a scheme that will give them
NZ$1 million of the almost NZ$6 million they are owed in exchange
for a one-year moratorium on debt collection against the company,
Otago Daily Times reports.

Otago Daily Times relates in July donations from the United States
staved off liquidation for the company.  Creditors agreed to the
plan and liquidation proceedings were adjourned.

The High Court at Wellington recently approved the scheme.

According to Otago Daily Times, the company hopes to come up with
more money to repay the balance to creditors and complete the
film.

The film, about the life of Jesus, was to have been filmed in
New Zealand.  Falstone, in the Waitaki District, was to have
become Capernaum, a 3,000-year-old fishing village, and South
Canterbury's Lake Benmore becoming the Sea of Galilee.


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


PHILIPPINE AIRLINES: PCCI Backs Labor Dept. Ruling on Spin-off
--------------------------------------------------------------
The Philippine Chamber of Commerce and Industry said Monday it
supports the Department of Labor and Employment's decision to
allow Philippine Airlines to spin off its non-core businesses that
in the process will affect 2,600 employees, GMANews.TV reports.

GMANews.TV relates PCCI president Francis Chua said that DOLE's
decision is "sound," increasing the severance benefits of the PAL
employees involved.

GMANews.TV says the employees also gained the option to apply with
third-party service providers that the flag carrier has tapped for
its non-core operations.

"The decision of [Labor] Secretary Rosalinda Baldoz is laudable
because it would not directly affect the economy in terms of
adding burden to the country's unemployment," GMANews.TV quoted
Mr. Chua as saying in a statement.

According to GMANews.TV, the PCCI also urged the Labor Department
to ensure that the employees will be hired by the service
providers with a view to getting permanent positions and not on
contractual basis as feared by the Philippine Airlines Employees
Association (PALEA) -- PAL's ground crew union.

                     About Philippine Airlines

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

                           *     *     *

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

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


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


COMFORT RESOURCES: Members' First Meeting Set for November 26
-------------------------------------------------------------
Members of Comfort Resources Pte Ltd will hold their fist meeting
on November 26, 2010, at 3:00 p.m., at The URA Centre, East Wing,
45 Maxwell Road #06-11, in Singapore 069118.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Officec
          The URA Centre (EastWing)
          45 Maxwell Road #06-11
          Singapore 069118


DILITHIUM NETWORKS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on October 29, 2010,
to wind up the operations of Dilithium Networks Pte Ltd.

The company's liquidator is:

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


EGG STORY: Court to Hear Wind-Up Petition on November 26
--------------------------------------------------------
A petition to wind up the operations of Egg Story Creative
Production Pte Ltd will be heard before the High Court of
Singapore on November 26, 2010, at 10:00 a.m.

Fujitsu Asia Pte Ltd filed the petition against the company on
October 29, 2010.

The Petitioner's solicitors are:

          Messrs Lee & Lee
          5 Shenton Way
          #07-00 UIC Building
          Singapore 068808


FRASER THERMAL: Creditors' Proofs of Debt Due November 23
---------------------------------------------------------
Creditors of Fraser Thermal Technology Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by November 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


GETECH INDUSTRIES: Creditors' Proofs of Debt Due November 26
------------------------------------------------------------
Creditors of Getech Industries Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by Nov. 26,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


GLOBAL BRANDS: Creditors' Meetings Set for November 25
------------------------------------------------------
Global Brands Group Holdings Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
November 25, 2010, at 12:30 p.m., at 7 Temasek Boulevard, The
Penthouse, #44-01 Suntec Tower One, in Singapore 038987.

Agenda of the meeting include:

   a. receiving a statement of the Company's affairs together with
      a list of creditors and the estimated amounts of their
      claims;

   b. to determine by the majority of the creditors in number and
      value present in person or by proxy and voting at the
      meeting that Section 11(1) paragraphs (a) and (c) of the
      Companies Act, Cap. 50 in relation to disqualification of
      liquidators shall not apply;

   c. appointing liquidator(s);

   d. appointing a Committee of Inspection of not more than 5
      members, if thought fit;

   e. resolving that the books, records and documents of the
      Company and those of the liquidator(s) may be disposed of
      upon the dissolution of the Company pursuant to Section
      320(3) of the Companies Act, Cap. 50;

   f. that the liquidator's remuneration be based on their normal
      scale rates and be paid out of the Company's assets; and

   g. discuss other business.


GLOBAL BRANDS (FOOTBALL): Creditors' Meetings Set for November 25
-----------------------------------------------------------------
Global Brands (Football) Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on November 25,
2010, at 11:30 a.m., at 7 Temasek Boulevard, The Penthouse, #44-01
Suntec Tower One, in Singapore 038987.

Agenda of the meeting include:

   a. receiving a statement of the Company's affairs together with
      a list of creditors and the estimated amounts of their
      claims;

   b. to determine by the majority of the creditors in number and
      value present in person or by proxy and voting at the
      meeting that Section 11(1) paragraphs (a) and (c) of the
      Companies Act, Cap. 50 in relation to disqualification of
      liquidators shall not apply;

   c. appointing liquidator(s);

   d. appointing a Committee of Inspection of not more than 5
      members, if thought fit;

   e. resolving that the books, records and documents of the
      Company and those of the liquidator(s) may be disposed of
      upon the dissolution of the Company pursuant to Section
      320(3) of the Companies Act, Cap. 50;

   f. that the liquidator's remuneration be based on their normal
      scale rates and be paid out of the Company's assets; and

   g. discuss other business.


NXSPASE PTE: Creditors' Proofs of Debt Due December 13
------------------------------------------------------
Creditors of Nxspase Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 13,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


TEXAS INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on October 29, 2010,
to wind up the operations of Texas Investment Holdings Pte Ltd.

EQ Management (Singapore) Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


WEB WEAVER: Court to Hear Wind-Up Petition on November 26
---------------------------------------------------------
A petition to wind up the operations of Web Weaver Fusion Pte Ltd
will be heard before the High Court of Singapore on November 26,
2010, at 10:00 a.m.

Yiin Su Mey filed the petition against the company on November 1,
2010.

The Petitioner's solicitors are:

          Messrs Guan Teck & Lim
          138 Robinson Road
          #14-01/02 The Corporate Office
          Singapore 068906


=============
V I E T N A M
=============


VIETNAM NATIONAL: Moody's Assigns 'Ba3' Rating to Senior Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to the proposed senior unsecured US$ notes issuance of Vietnam
National Coal and Mineral Industries Holding Corporation Limited.

The outlook for the rating is negative, in line with the negative
outlook for Vietnam's sovereign ratings.

The provisional status of the bond rating will be removed upon
completion of the issuance, and Moody's satisfactory review of the
final terms and conditions.

                        Ratings Rationale

The Ba3 rating of Vinacomin takes into account: 1) its underlying
credit strength or Baseline Credit Assessment of 15, which equates
to the B2 level on Moody's Global Rating Scale, and 2) two notches
of uplift to reflect Moody's view that its parent, the Government
of Vietnam (Ba3/negative), is likely to provide support to the
company in a distress situation under Moody's Joint Default
Analysis approach for Government-Related Issuers.

"The high level of support reflects Vinacomin's close links with
the Government of Vietnam, given the latter's 100% ownership and
Vinacomin's own policy role in natural resources development and
coal supply management.  Both areas are considered essential to
Vietnam's economic development," says Alan Greene, a Moody's Vice
President and Senior Credit Officer.

"Moreover, Vinacomin's BCA benefits from a highly supportive
regulatory and political environment, and it enjoys a position as
a domestic monopoly.  These characteristics together result in a
strong financial profile and proven access to domestic funding for
its large mineral expansion projects," adds Greene, also Moody's
Lead Analyst for Vinacomin.

However, the BCA also recognizes the largely debt-funded nature of
Vinacomin's capex program, including two bauxite/alumina projects,
and its move into power generation.  These programs are likely to
result in Moody's adjusted debt/EBITDA for the Group exceeding
4.0x by 2011.

Furthermore, over the next 3 to 5 years, Vinacomin is increasingly
likely to forgo its lucrative coal exports business in order to
support growing domestic power generation needs, and this may
adversely affect its profit margins.

"There are also concerns over the standard, quality and timeliness
of Vinacomin's consolidated financial reporting, and emerging
market risks from operating in Vietnam," says Greene.

"In addition, there is limited clarity regarding strategic
direction and the extent of legal and structural subordination
risk within its complex group structure," comments Greene.

The bond issuing entity is the ultimate holding company of the
Group.  Under the new Group structure, the ultimate holding
company generated some 80% of the group net revenue and
contributed some 70% of the consolidated group profit after tax in
2009.

Moody's has not notched the bond rating in spite of the high
proportion of existing indebtedness which is secured.  As
Vietnam's legal regime is evolving and not transparent, and given
Vinacomin's position as one of the government's flagship
companies, the government itself may control any debt
restructuring and prioritize claims to suit the needs of the
country and company.

In such a situation, the separation between different classes of
debt is not quantifiable.

The negative outlook is in line with the outlook on the sovereign
rating.  Moody's considers that any positive rating movement for
Vinacomin's final rating is unlikely without first a commensurate
change in the Government of Vietnam's rating.

A downgrade in the Government of Vietnam's rating would trigger a
downgrade for Vinacomin.  Furthermore, Vinacomin's final rating is
sensitive to any changes in the support level assigned by Moody's.
A material reduction in shareholding by the government, or any
perceived scale back in operational involvement may result in a
reassessment of the support level and hence impact the rating.

Given the high level of support, Vinacomin's Ba3 rating is
resilient to the deterioration of its BCA.

Vinacomin is the largest coal producer in Vietnam, accounting for
over 95% of total domestic coal production.  The company is also
engaged in power generation, mineral exploration and smelting, and
other operations related to its core coal and minerals business.

Vinacomin was established by the merger between Vietnam National
Coal Group and Vietnam Mineral Corporation on 26 December, 2005.

Wholly owned by the Government of Vietnam, it became a single
member, limited liability corporation in June 2010.  As a result
of this, certain subsidiaries were transformed into divisions of
the parent company and the name of the overall group changed from
Vietnam National Coal-Mineral Industries Group to Vietnam National
Coal and Mineral Industries Holding Corporation Limited.


VIETNAM SHIPBUILDING: Legislature Rejects Call for Probe
--------------------------------------------------------
The Associated Press reports that Vietnam's legislature has
rejected a lawmaker's rare call to investigate senior government
leaders in a scandal involving state-run shipbuilder Vietnam
Shipbuilding Industry Group, or Vinashin, that resulted in
billions of dollars of debt.

The AP relates that the National Assembly, dominated by lawmakers
from the ruling Communist Party, has long been considered a rubber
stamp and has never called for an investigation of the government,
but has recently become increasingly vocal about the government's
performance.

In a bold move earlier this month, The Associated Press notes,
Nguyen Minh Thuyet, vice chairman of the National Assembly's
Culture and Education Committee, demanded that a panel be formed
to investigate the shipbuilding scandal.

According to the AP, Thuyet, a Communist Party member, wanted an
investigation into whether any Cabinet members were responsible
for the losses of Vinashin, and then a vote of no confidence in
the prime minister and any ministers deemed linked to the scandal,
state media have reported.

Thuyet, in a debate broadcast live on national television, also
demanded that those under investigation be temporarily suspended
from their positions, the AP adds.

The AP reports that Tuoi Tre (Youth) newspaper said after
"thorough consideration," the assembly's Standing Committee did
not see the need for the establishment of the committee since
relevant Communist Party, government agencies and police are still
working on the case.

The case, according to the AP, centers on Vinashin, which was
brought near to bankruptcy by a series of ill-advised deals that
allegedly contravened state regulations.  Seven Vinashin
executives including its chairman have been arrested since August
in a widening investigation into mismanagement, the AP notes.

The AP relates Vinashin doesn't have enough funds for some
projects after its customers and lenders were hit by the global
recession that started in 2008.  The company also over-diversified
its business activities and hasn't managed its cash flow and debt,
the AP adds.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* BOND PRICING: For The Week November 8 to November 12, 2010
------------------------------------------------------------

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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.06
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.23
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.54
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.63
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.24
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      52.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.83
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.46
NEW S WALES TREA         0.50    09/14/2022   AUD      52.83
NEW S WALES TREA         0.50    10/07/2022   AUD      52.65
NEW S WALES TREA         0.50    10/28/2022   AUD      52.49
NEW S WALES TREA         0.50    11/18/2022   AUD      54.77
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.19
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      65.43
RESOLUTE MINING         12.00    12/31/2012   AUD       1.43
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.40
TREAS CORP VICT          0.50    08/25/2022   AUD      53.09

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      58.02


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      37.66


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.45
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.14
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.11
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.30
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.65

PUNJAB INFRA DB          0.40    10/15/2029   INR      17.17
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.84
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.64
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.56
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.58
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43

  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/13     IDR      45.25


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      72.90
AIFUL CORP               1.22    04/20/2012   JPY      69.91
AIFUL CORP               1.63    11/22/2012   JPY      57.90
AIFUL CORP               1.74    05/28/2013   JPY      53.90
AIFUL CORP               1.99    10/19/2015   JPY      43.91
CSK CORPORATION          0.25    09/30/2013   JPY      70.78
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.03
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      60.51
SHINSEI BANK             5.62    12/29/2049   GBP      74.22
TAKEFUJI CORP            9.20    04/15/2011   USD      14.50
TAKEFUJI CORP            4.00    06/05/2022   USD      14.89


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.65
CRESENDO CORP B          3.75    01/11/2016   MYR       1.14
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
DUTALAND BHD             6.00    04/11/2013   MYR       0.48
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.17
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.05
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.06
NEW PANTAI EXPRE         2.00    06/24/2011   MYR       0.06
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.94
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.00
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.88
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.34
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34


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

ALLIED FARMERS           9.60    11/15/2011   NZD      50.42
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.28
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.07
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.40
INFRATIL LTD            10.18    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.31
MARAC FINANCE           10.50    07/15/2013   NZD       1.05
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      66.48
SKY NETWORK TV           4.01    10/16/2016   NZD       5.70
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.73
ST LAURENCE PROP         9.25    07/15/2010   NZD      59.30
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.09
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.70
VECTOR LTD               8.00    10/15/2014   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   NZD      34.75
SENGKANG MALL            4.88    11/20/2012   SGD       1.01
UNITED ENG LTD           1.00    03/03/2014   SGD       1.85
WBL CORPORATION          2.50    06/10/2014   SGD       1.86


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      50.89
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      12.28
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.50
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.55
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.55
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.36
HOPE KOD 6TH            15.00    03/10/2013   KRW      30.65
IBK 2008/12 ABS         25.00    06/24/2011   KRW      42.75
IBK 2009/16 ABS         25.00    09/24/2012   KRW      62.68
IBK 2009/17 ABS         25.00    12/29/2012   KRW      65.08
KB 10TH SEC SPC         20.00    01/03/2011   KRW      42.75
KB 11TH SEC SPC         20.00    07/03/2011   KRW      62.68
KB 12TH SEC SPC         25.00    01/21/2012   KRW      65.08
KB 13RD SEC SPC         25.00    07/02/2012   KRW      44.19
KB 14TH SEC SPC         23.00    01/04/2013   KRW      41.05
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      57.98
NACF-14 ABS SPS         25.00    01/15/2011   KRW      63.80
NACF-15 ABS SPS         25.00    03/18/2011   KRW      62.21
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      41.22
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      74.95
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      70.24
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.46
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.19
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.17
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.03
SINGOK ABS               7.50    06/18/2011   KRW      52.04
SINGOK NS ABS            7.50    06/18/2011   KRW      52.12
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      11.60


THAILAND
--------
THAILAND GOVT            0.75    01/04/2022   THB      72.83


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

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

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





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