TCRAP_Public/101117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, November 17, 2010, Vol. 13, No. 227

                            Headlines



H O N G  K O N G

ANDY'S CONSTRUCTION: Chan and Chua Appointed as Liquidators
BRILLIANT EMPIRE: Court Enters Wind-Up Order
CANDY CREATIONS: First Meetings Slated for November 25
CENTURY MAIN: Creditors Get 4.3% Recovery on Claims
CHANG'S RESTAURANT: William Nicholas Giles Step Down as Liquidator

FRANCE MOULIN: Court to Hear Wind-Up Petition on December 15
FULL BRILLIANT: Court to Hear Wind-Up Petition on December 29
JOE WONG: Court Enters Wind-Up Order
KOALA PRODUCTION: Court Enters Wind-Up Order
NATIONBUILD PACIFIC: Court to Hear Wind-Up Petition on December 29

PHYSICAL PROPERTY: Posts HK$118,000 Net Loss in Q3 2010
RICH ABLE: Creditors' Proofs of Debt Due December 3
RICHGOLD LIMITED: Court to Hear Wind-Up Petition on December 29
SALEMAY COMPANY: Court Enters Wind-Up Order
SHANGHAI COMMERCIAL: Court to Hear Wind-Up Petition on January 5

SONS OF LIGHT: Court to Hear Wind-Up Petition on December 15


I N D I A

D D INTERNATIONAL: CRISIL Places 'B+' Rating on INR110MM Term Loan
JOREHAUT TEA: CRISIL Upgrades Rating on INR150MM LT Loan to 'BB-'
JUPAX VANIJYA: CRISIL Rates .70.00 Million Cash Credit at 'BB-'
KINGFISHER AIRLINES: Net Loss Narrows by 44% to INR230cr in Q2
LIVINGSTONES JEWELLERY: CRISIL Reassigns 'B' Rating to Bank Debt

M R RICE: CRISIL Rates INR95 Million Cash Credit at 'BB'
M R ROLLER: CRISIL Rates INR150 Million Cash Credit at 'BB'
P & G ENTERPRISES: CRISIL Reaffirms 'P4' Rating on INR70MM Debt
SHAKTI MOTORS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
STANDARD AUTO: CRISIL Reaffirms 'BB-' Rating on INR8.5MM Term Loan

TRIVENI ENTERPRISES: CRISIL Rates INR150 Mil. Cash Credit at 'BB'
UNO FEEDS: CRISIL Assigns 'BB-' Rating to INR52.9 Mil. Term Loan
VA HOTELS: CRISIL Assigns 'D' Rating to INR147.5 Million Term Loan


J A P A N

JAPAN AIRLINES: To Sack Up to 250 Pilots and Crews


K O R E A

HYUNDAI ENG'G: Creditors Select Hyundai Group as Preferred Bidder


M A L A Y S I A

LINEAR CORPORATION: Receives Winding-Up Petition From RHB Bank
TALAM CORP: Kerajaan Malaysia Serves Wind-Up Petition Against Unit


N E W  Z E A L A N D

NORTHSOUTH HOSPITALITY: Faces Liquidation From Inland Revenue
WELLINGTON PHOENIX: Club Owner Faces Liquidation From IRD


P H I L I P P I N E

* PHILIPPINES: PDIC Puts 23 Rural Banks Under Receivership


S I N G A P O R E

AI MARINE: Creditors' Proofs of Debt Due December 13
ARMF II: Creditors' Proofs of Debt Due December 12
AUSTIN HILLS: Creditors' Proofs of Debt Due December 13
BATAMIEN PTE: Creditors' Proofs of Debt Due December 7
CENTRE FOR COGNITIVE: Court to Hear Wind-Up Petition on Dec. 3

YKK SINGAPORE: Members' Final Meeting Set for December 10


T A I W A N

XODTEC LED: Chao-Wu Chou Steps Down as COO and Director


X X X X X X X X

* Alvarez & Marsal Expands in Asia
* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


ANDY'S CONSTRUCTION: Chan and Chua Appointed as Liquidators
-----------------------------------------------------------
Mr. Chan Mo Po and Ms. Chua Suk Lin Ivy on November 7, 2010, were
appointed as liquidators of Andy's Construction Company Limited.

The liquidators may be reached at:

         Mr. Chan Mo Po
         Ms. Chua Suk Lin Ivy
         Suites 2205-6 Island Place Tower
         510 King's Road
         North Point, Hong Kong


BRILLIANT EMPIRE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on November 3, 2010,
to wind up the operations of Brilliant Empire Limited.

The official receiver is E T O'Connell.


CANDY CREATIONS: First Meetings Slated for November 25
------------------------------------------------------
Contributories and creditors of Candy Creations Manufacturing
Group Limited will hold their first meetings on November 25, 2010,
at 9:30 a.m., and 10:30 a.m., respectively at John Less Associates
20/F., Henley Building 5 Queen's Road, Central, in Hong Kong.

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


CENTURY MAIN: Creditors Get 4.3% Recovery on Claims
---------------------------------------------------
Century Main Investments Limited, which is in liquidation, will
pay the fourth interim dividend to its creditors on December 3,
2010.

The company will pay 4.3% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


CHANG'S RESTAURANT: William Nicholas Giles Step Down as Liquidator
------------------------------------------------------------------
William Nicholas Giles stepped down as liquidator of Chang's
Restaurant Limited on October 15, 2010.


FRANCE MOULIN: Court to Hear Wind-Up Petition on December 15
------------------------------------------------------------
A petition to wind up the operations of France Moulin Rouge
Dancing Troupe Limited will be heard before the High Court of
Hong Kong on December 15, 2010, at 9:30 a.m.

Chan Muk Lin filed the petition against the company.


FULL BRILLIANT: Court to Hear Wind-Up Petition on December 29
-------------------------------------------------------------
A petition to wind up the operations of Full Brilliant Limited
will be heard before the High Court of Hong Kong on December 29,
2010, at 9:30 a.m.

Head Fame Company Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Ho and Partners
          Office Nos. 1001-1002
          10th Floor, Regent Centre
          No. 88 Queen's Road
          Central, Hong Kong


JOE WONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on November 3, 2010,
to wind up the operations of Joe Wong Studio International
Limited.

The official receiver is E T O'Connell.


KOALA PRODUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on November 3, 2010,
to wind up the operations of Koala Production Limited.

The official receiver is E T O'Connell.


NATIONBUILD PACIFIC: Court to Hear Wind-Up Petition on December 29
------------------------------------------------------------------
A petition to wind up the operations of Nationbuild Pacific
Limited will be heard before the High Court of Hong Kong on
December 29, 2010, at 9:30 a.m.

Fu Yin Financial Investment Co. Limited filed the petition against
the company.

The Petitioner's Solicitors are:

          Ford Kwan and Company
          Suite 1219, 12th Floor
          Chinachem Golden Plaza
          77 Mody Road
          Tsimshatsui East, Kowloon


PHYSICAL PROPERTY: Posts HK$118,000 Net Loss in Q3 2010
-------------------------------------------------------
Physical Property Holdings Inc. filed its quarterly report on Form
10-Q, reporting a net loss of HK$118,000 on HK$202,000 of revenue
for the three months ended September 30, 2010, compared with a net
loss of HK$73,000 on HK$171,000 of revenue for the same period in
2009.

The Company had negative working capital of HK$1.28 million and an
accumulated deficit of HK$74.08 million as of September 30, 2010.

The Company's balance sheet at September 30, 2010, showed
HK$10.76 million in total assets, HK$11.01 million in total
liabilities, and stockholders' deficit of HK$250,000.

Mazars CPA Limited, in Hong Kong, expressed substantial doubt
about the Company's ability to continue as a going concern
following the Company's 2009 results.  The independent auditors
noted that the Company had a negative working capital as of
December 31, 2009, and incurred a loss for the year then ended.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?6e77

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on September 21, 1988, under the laws
of the United States of America.


RICH ABLE: Creditors' Proofs of Debt Due December 3
---------------------------------------------------
Rich Able International Investment Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by December 3, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lau Wu Kwai King Lauren
         Yuen Tsz chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


RICHGOLD LIMITED: Court to Hear Wind-Up Petition on December 29
---------------------------------------------------------------
A petition to wind up the operations of Richgold Limited will be
heard before the High Court of Hong Kong on December 29, 2010, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Tong & Tsoi
          Room 3402, 34th Floor
          Bank of America Tower
          12 Harcourt Road
          Central, Hong Kong


SALEMAY COMPANY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on November 3, 2010,
to wind up the operations of Salemay Company Limited.


SHANGHAI COMMERCIAL: Court to Hear Wind-Up Petition on January 5
----------------------------------------------------------------
A petition to wind up the operations of Luen Hing Cardboard Boxes,
Bearing and Printing Factory Limited will be heard before the High
Court of Hong Kong on January 5, 2011, at 9:30 a.m.

Shanghai Commercial Bank Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


SONS OF LIGHT: Court to Hear Wind-Up Petition on December 15
------------------------------------------------------------
A petition to wind up the operations of Sons of Light Limited will
be heard before the High Court of Hong Kong on December 15, 2011,
at 9:30 a.m.

A.S. Watson Group (HK) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Edward Ko & Company
          18th Floor,
          Yue Thai Commercial Building
          No.128 Connaught Road
          Central, Hong Kong


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


D D INTERNATIONAL: CRISIL Places 'B+' Rating on INR110MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of D D International Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR110.0 Million Term Loan          B+/Stable (Assigned)
   INR1710.0 Million Packing Credit    P4 (Assigned)
   INR800.0 Million Letter of Credit   P4(Assigned)

The ratings reflect DDIPL's weak financial risk profile and its
exposure to risks related to volatility in raw material prices and
adverse changes in government regulations in rice industry. These
weaknesses are partially offset by DDIPL's established position in
the basmati rice export market, and healthy growth prospects for
the industry

Outlook: Stable

CRISIL believes that DDIPL's financial risk profile will remain
weak over the medium term due to the company's highly working-
capital-intensive operations.  The outlook may be revised to
'Positive' in case of significant improvement in the company's
capital structure, most likely because of equity infusion, or a
more-than-expected increase in its cash accruals.  Conversely, the
outlook may be revised to 'Negative', in case of any further
deterioration in DDIL's capital structure or pressure on its
profitability.

                      About D D International

DDIL is engaged in the export of basmati rice. The company's rice-
processing unit is located in Karnal (Haryana). Till 2008-09
(refers to financial year, April 1 to March 31), the company was
engaged in grading and sorting of rice, and has commenced milling
of rice from August 2009.  DDIL has a milling capacity of 20
tonnes per hour, which is adequate to meet with DDIL's 50 per cent
installed capacities.  The company exports more than 90 per cent
of its basmati rice production to Middle East countries, primarily
Saudi Arabia and the United Arab Emirates (mainly, Dubai). DDIL
procures its requirements of paddy from local mandis in Punjab and
Haryana.

DDIL reported a profit after tax (PAT) of INR 48 million on net
sales of INR 7,168 million for 2008-09, against a PAT of INR 16
million on net sales of INR4.478 billion for 2007-08.


JOREHAUT TEA: CRISIL Upgrades Rating on INR150MM LT Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term loan of The
Jorehaut Tea Ltd, part of the Jorehaut group, to 'BB-/Stable' from
'B/Stable'.  The upgrade reflects sustained increase in the
group's cash accruals backed by favorable growth in the tea
industry.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Long-Term Loan      BB-/Stable (Upgraded from
                                                  'B/Stable')

The rating, however, continues to reflect the group's small scale
of operations, weak financial risk profile, and exposure to the
cyclicality in the tea industry.  The impact of these weaknesses
is mitigated by the company's moderate business risk profile
backed by its promoters' industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TJTL and The Jorehaut Group Ltd,
together referred to as the Jorehaut group.  This is because the
two companies are under a common management, and TJTL has taken on
lease all four gardens and manufacturing facilities owned by TJGL;
TJTL does not own tea gardens or manufacturing facilities.
Moreover, TJGL has provided corporate guarantee for the INR150
million term loan of TJTL. TJGL had also provided an unsecured
loan of INR273.5 million to TJTL as on March 31, 2009, which
enabled the latter to acquire 49.93% equity stake in TJGL.

Outlook: Stable

CRISIL believes that TJTL will maintain its business risk profile
over the medium term on the back of the promoters' experience in
the tea industry.  The outlook may be revised to 'Positive' if
there is a substantial improvement in TJTL's financial risk
profile marked by improvement in capital structure or better-than-
expected profitability.  Conversely, the outlook may be revised to
'Negative' if the profitability is below expectations, or if the
company undertakes a larger-than-expected debt-funded capital
expenditure program, adversely affecting its financial risk
profile.

                          About the Group

Set up in 1999 by Mr. I P Poddar, TJTL produces black CTC (crush,
tear, curl) tea, and has annual production capacity of 4 million
kilogrammes.  TJGL owns four gardens spread across 1979 hectares
in Assam. Each garden has a tea manufacturing facility.  The
Poddar family started tea production in TJTL in 2005 by taking all
four gardens and manufacturing facilities of TJGL on lease.
Currently, TJGL does not have any commercial operation.

The Jorehaut group has reported a profit after tax (PAT) of
INR33.6 million on net sales of INR643.6 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR6.5 million on net sales of INR495.0 million for 2008-09.


JUPAX VANIJYA: CRISIL Rates .70.00 Million Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Jupax Vanijya Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR70.00 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects the Jupax group's weak financial risk profile,
marked by high gearing, weak debt protection measures and small
net worth, and its large working capital requirements.  These
strengths are offset by the experience of the group's promoters in
the polymer trading industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Jupax, Hind Polyfabs Pvt Ltd,
Maruti Packagers Pvt Ltd and, Rateria Laminators Pvt Ltd.  This is
because the companies, together referred to as the Jupax group,
are under common management, operate in similar lines of business,
and have operational and financial linkages.

Outlook: Stable

CRISIL believes that the Jupax group will benefit over the medium
term from its promoters' experience in the polymer trading
industry.  The outlook may be revised to 'Positive' if the group
scales up its operations and its operating margins improve
significantly.  Conversely, the outlook may be revised to
'Negative' if the group's revenues decline sharply, or it
undertakes any larger-than-expected debt-funded capital
expenditure, further weakening its financial risk profile.

                          About the Group

The Jupax group began its operations in the 1990s with one of its
companies, Rateria, being appointed as consignee stockist of GAIL
(India) Ltd for eastern India.  The group now has four major
companies.  On an average, the group handles sales of around 2000
tonnes of plastic granules per month.

Jupax was incorporated in 1992 and acquired by the current
promoters in 2000. At the time of acquisition by the Rateria
family, the company did not have any operations.  The promoters
were initially in the business of trading of jute-based hessian
cloth.  In 1996, the promoters began trading in plastic granules
and gradually increased the share of plastic products and exited
the jute business.

The Jupax group reported a profit after tax (PAT) of
INR2.56 million on net sales of INR729.25 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR1.96 million on net sales of INR540.71 million for 2008-09.


KINGFISHER AIRLINES: Net Loss Narrows by 44% to INR230cr in Q2
--------------------------------------------------------------
Kingfisher Airlines reported a 44% drop in net loss for the
June-September quarter to INR230 crore, compared with a net loss
of INR418 crore in the year-ago period, The Economic Times
reports.

The Economic Times discloses that the carrier, which has been
consistently making losses for the past few quarters, posted a 29%
rise in total revenues to INR1,516 crore from INR1,178 crore a
year ago.

In the second quarter, The Economic Times notes, Kingfisher
attributed its loss to technical glitches.  The airline, which had
to ground 12 Airbus A320 aircraft due to engine trouble, suffered
a loss of INR73 crore owing to this.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 12, 2010, Siddharth Philip at Bloomberg News said
Kingfisher Airlines received preliminary approval from lenders for
a debt restructuring plan to cut interest costs and benefit from
rising demand for air travel.

The airline has lost money six years in a row, accumulating net
debt of INR77.2 billion (US$1.74 billion) as of March, according
to data compiled by Bloomberg.  Billionaire founder and Chairman
Vijay Mallya in September said a planned debt revamp would slash
interest costs by as much as 11%, Bloomberg noted.  The central
bank has approved the plan.

According to Bloomberg, State Bank of India Ltd. said November 8
it would approve the debt restructuring program by the end of
December.


LIVINGSTONES JEWELLERY: CRISIL Reassigns 'B' Rating to Bank Debt
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Livingstones Jewellery Pvt Ltd; these facilities
were earlier short-term facilities which were rated 'P4' by
CRISIL.

   Facilities                             Ratings
   ----------                             -------
   INR50.5 Million Post Shipment Credit   B/Stable (Reassigned)
   INR23.0 Million Packing Credit         B/Stable (Reassigned)

The rating reflects LJPL's average financial risk profile, marked
by low cash accruals and large working capital requirements, and
exposure to risks related to a small scale of operations in the
jewellery manufacturing business.  These rating weaknesses are
partially offset by significant improvement in LJPL's topline
growth and profitability over the past year.

Outlook: Stable

CRISIL believes that LJPL will maintain a steady operating income
growth over the medium term, backed by the promoters' experience
in the jewellery manufacturing business.  The outlook may be
revised to 'Positive' if LJPL's financial risk profile improves,
backed by more-than-expected improvement in the company's net cash
accruals and overall working capital management.  Conversely, the
outlook may be revised to 'Negative' if LJPL's liquidity and
profitability deteriorate, leading to significant weakening of the
company's financial risk profile.

                    About Livingstones Jewellery

Set up in 1989 by Mr. Sandip Kothari and Mr. Pankaj Kothari, LJPL
designs and manufactures diamond-studded gold jewellery.  The
company is entirely owned by the members of the Kothari family;
Mr. Sandip Kothari, managing director, manages the day-to-day
operations of the company.  LJPL's manufacturing unit is located
at Santacruz Electronics Export Processing Zone-Special Economic
Zone (SEEPZ-SEZ) in Mumbai (Maharastra).

LJPL reported a profit after tax (PAT) of INR 5 million on net
sales of INR 266 million for 2009-10 (refers to financial year,
April 1 to March 31), against a loss of 3 million on net sales of
INR167 million for 2008-09.


M R RICE: CRISIL Rates INR95 Million Cash Credit at 'BB'
--------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of M.R. Rice & Food Products, part of the MR group.

   Facilities                        Ratings
   ----------                        -------
   INR95 Million Cash Credit         BB/Stable (Assigned)

The rating reflects the vulnerability of the MR group's margins to
volatility in raw material prices, and its small scale of
operations. These weaknesses are partially offset by the group's
comfortable financial risk profile, marked by low gearing, and
healthy debt protection measures and profitability margin.

To arrive at the rating, CRISIL has combined the business and
financial risk profiles of MRRFP and M R Roller Flour Mill,
together referred to as the MR group.  This is because the two
entities are under common management and extend support to each
other in times of distress.'

Outlook: Stable

CRISIL believes that the MR group's business will continue to
benefit over the medium term from its geographical location; being
located in north-east India, the group faces low competition and
gets monetary incentives from the central and state government.
Further, it has a comfortable financial risk profile.  The outlook
may be revised to 'Positive' in case the MR group's revenues and
profitability increase, or the group manages its working capital
more efficiently, leading to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if the group's operating
margin deteriorates, or if it undertakes any large, debt-funded
capital expenditure (capex) program, impacting its financial risk
profile.

                          About the Group

MRRFP manufactures maida based ready to fry pellets.  For this, it
has an installed capacity of 20 tonnes per day (tpd).  It is also
into polishing of rice and processing of soya de-oiled-cakes and
pea dal with installed capacities of 60 tpd, 10 tpd and 60 tpd,
respectively. MRRFP commenced operations in 2009-10 (refers to
financial year, April 1 to March 31) and registered a turnover of
INR170 million over the year.  The firm plans to increase the
installed capacity of its gold finger manufacturing and soya de-
oiled-cakes processing unit by 10 tpd in the near term.

Established in 2004, MRRFM manufactures ground wheat products such
as atta, maida and suji.  The firm has a manufacturing plant in
Imphal (Manipur), with an installed capacity of 60 tpd. The plant
is currently operating at 100 per cent capacity.  The firm
procures wheat from the open market on spot payment.  The firm
plans to increase the installed capacity of its flour mill to 100
tpd.

The day-to-day operations of the group are looked after by its
promoter Mr. Mahendra Kumar Jain.  The firm sells its products
under the brand Om.

The MR group reported a profit after tax (PAT) of INR44.5 million
on net sales of INR577.9 million for 2009-10, against a PAT of
INR28.2 million on net sales of INR245.2 million for 2008-09.


M R ROLLER: CRISIL Rates INR150 Million Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of M.R. Roller Flour Mill, part of the MR group.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit         BB/Stable (Assigned)

The rating reflects the vulnerability of the MR group's margins to
volatility in raw material prices, and its small scale of
operations.  These weaknesses are partially offset by the group's
comfortable financial risk profile, marked by low gearing, and
healthy debt protection measures and profitability margin.

To arrive at the rating, CRISIL has combined the business and
financial risk profiles of MRRFM and M R Rice & Food Products,
together referred to as the MR group.  This is because the two
entities are under common management and extend support to each
other in times of distress.

Outlook: Stable

CRISIL believes that the MR group's business will continue to
benefit over the medium term from its geographical location; being
located in north-east India, the group faces low competition and
gets monetary incentives from the central and state government.
Further, it has a comfortable financial risk profile.  The outlook
may be revised to 'Positive' in case the MR group's revenues and
profitability increase, or the group manages its working capital
more efficiently, leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
group's operating margin deteriorates, or if it undertakes any
large, debt-funded capital expenditure (capex) program, impacting
its financial risk profile.

                          About the Group

Established in 2004, MRRFM manufactures ground wheat products such
as atta, maida and suji.  The firm has a manufacturing plant in
Imphal (Manipur), with an installed capacity of 60 tpd.  The plant
is currently operating at 100% capacity.  The firm procures wheat
from the open market on spot payment.  The firm plans to increase
the installed capacity of its flour mill to 100 tpd.

MRRFP manufactures maida based ready to fry pellets. For this, it
has an installed capacity of 20 tonnes per day (tpd).  It is also
into polishing of rice and processing of soya de-oiled-cakes and
pea dal with installed capacities of 60 tpd, 10 tpd and 60 tpd,
respectively.  MRRFP commenced operations in 2009-10 (refers to
financial year, April 1 to March 31) and registered a turnover of
INR170 million over the year.  The firm plans to increase the
installed capacity of its gold finger manufacturing and soya de-
oiled-cakes processing unit by 10 tpd in the near term.

The day-to-day operations of the group are looked after by its
promoter Mr. Mahendra Kumar Jain. The firm sells its products
under the brand Om.

The MR group reported a profit after tax (PAT) of INR44.5 million
on net sales of INR577.9 million for 2009-10, against a PAT of
INR28.2 million on net sales of INR245.2 million for 2008-09.


P & G ENTERPRISES: CRISIL Reaffirms 'P4' Rating on INR70MM Debt
---------------------------------------------------------------
CRISIL's rating on P & G Enterprises Pvt Ltd's bank facilities
continues to reflect PGEPL's weak financial risk profile marked by
large working capital requirements and a low net worth, and its
small scale of operations in the leather garment export industry.
These rating weaknesses are partially offset by PGEPL's
established track record in the leather garments export segment,
and its strong relationships with customers.

   Facilities                               Ratings
   ----------                               -------
   INR150.0 Million Export Packing Credit   P4 (Reaffirmed)
   INR70.0 Million Bill Discounting         P4 (Reaffirmed)
   INR16.0 Million Letter of Credit         P4 (Reaffirmed)

Update

PGEPL's revenues declined by about 8 per cent year-on-year in
2009-10 (refers to financial year, April 1 to March 31), primarily
because of weak demand in the first half of the year.  Moreover,
the company was not sanctioned additional limits by its bankers
when the demand revived, as a result of which it had to forego
orders of about INR100 million to INR120 million.  CRISIL,
however, expects PGEPL to report a higher topline growth in the
current year, backed by provisional sales of INR360 million till
August 2010, and orders in hand of around INR700 million.

PGEPL's operating margin improved marginally to about 7.6 per cent
in 2009-10, as against 6.5% in 2008-09.  This can be essentially
attributed to the increasing demand in the export markets. Also,
the company's operating margin was lower in 2008-09 because of
some rejections of material.  PGEPL is expected to maintain an
operating margin of about 8% in 2010-11.

PGEPL's gearing as on March 31, 2010, is estimated at 3.15 times,
primarily as its operations continue to be working capital
intensive, with high inventory requirements. The company, however,
managed funding it partially with a high creditor period at the
year end.  PGEPL has invested about INR5 million in plant and
machinery at a new rented manufacturing facility in Gurgaon
(Haryana).  The company has no major capital expenditure plans in
the near term.  PGEPL has no long-term debt and the gearing levels
are expected at 3 to 3.5 times over the medium term because of the
high working capital intensity of its operations.

PGEPL is estimated to report a profit after tax (PAT) of
INR6.4 million on net sales of INR445.9 million for 2009-10, as
against a PAT of INR5.9 million on net sales of INR482.2 million
for 2008-09.

                       About P & G Enterprises

Incorporated in 1989, PGEPL is an export-oriented unit,
manufacturing and exporting leather garments and home-furnishing
products. About 90 per cent of the company's revenues comes from
the garments segment and the balance from home furnishings.  The
company's plants at Manesar (Haryana) and Okhla (Delhi) have a
combined capacity of manufacturing 2800 pieces per day.  It had
invested about INR10 million in refurbishment and some replacement
of machines in the existing set up, and thus its manufacturing
capacity has been enhanced from the earlier 2000 pieces per day.
PGEPL also has its own tanneries in South India, where it
processes raw leather.


SHAKTI MOTORS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shakti Motors Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR50.00 Million Cash Credit             BB/ Stable (Assigned)
   INR15.00 Million Proposed Cash Credit    BB/ Stable (Assigned)
   INR32.50 Million Letter of Credit and    P4+ (Assigned)
                          Bank Guarantee

The ratings reflect SMPL's weak financial risk profile, marked by
highly leveraged capital structure, small net worth and weak debt
protection measures, low bargaining power with its principal and
intense competition in the automotive dealership market, and its
small scale of operations, with geographical concentration in its
revenue profile.  The weaknesses are partially offset by the
SMPL's established regional market position.

Outlook: Stable

CRISIL expects SMPL to maintain its established regional market
position in the Sirsa and Fatehbad regions of Haryana.  The
company's financial risk profile will, however, remain constrained
by its weak capital structure.  The outlook may be revised to
'Positive' in case of improvement in capital structure or
significant improvement in the volumes and operating margin.
Conversely, the outlook may be revised to 'Negative' if SMPL's
financial risk profile weakens further due to any large, debt-
funded capital expenditure (capex) or if its cash accruals
decline.

                        About Shakti Motors

Incorporated in 1999 by Mr. O P Makkar, SMPL is an authorised
dealer of Maruti Suzuki India Ltd (Maruti) passenger cars in the
Sirsa and Fatehbad territories of Haryana.  In 2004, the company
was taken over by Mr Makkhan Lal Singhla.  At present, SMPL is the
sole dealer of Maruti passenger cars in Sirsa and Fatehbad.  The
company also has a selling point in Sirsa.  Each showroom has an
attached workshop; the company also has a warehouse near Sirsa.
In 2010, around 64% sales were made from the showroom in Sirsa,
while 36% revenue contribution was from the new dealership at
Fatehbad.

SMPL reported a profit after tax (PAT) of INR5.02 million on net
sales of INR877.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.52 million on net
sales of INR460.4 million for 2008-09.


STANDARD AUTO: CRISIL Reaffirms 'BB-' Rating on INR8.5MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Standard Auto Agencies
continue to reflect Standard Auto's weak financial risk profile
marked by a high total outside liabilities to net worth ratio, and
moderate scale of operations. These rating weaknesses are
partially mitigated by Standard Auto's well-established market
position as the largest dealer of vehicles of Maruti Suzuki India
Ltd (MSIL, rated 'AAA/Stable/P1+' by CRISIL) in Jabalpur (Madhya
Pradesh [MP]) and promoters' extensive experience in the
automotive dealership business.

   Facilities                            Ratings
   ----------                            -------
   INR8.5 Million Term Loans             BB-/Stable (Reaffirmed)
   INR20 Million Cash Credit             BB-/Stable (Reaffirmed)
   INR70 Million Inventory Funding       BB-/Stable (Reaffirmed)
   INR10 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Standard Auto will maintain its business risk
profile over the medium term, supported by its promoters'
extensive experience in the automotive dealership business.  The
firm's financial risk profile is expected to remain weak because
of small net worth and high gearing.  A significant increase in
net worth, resulting in stronger debt protection metrics and
improved capital structure, may lead to the outlook being revised
to 'Positive'. Conversely, a decline in profitability or increase
in debt levels may lead to the outlook being revised to
'Negative'.

                         About Standard Auto

Standard Auto was established as a dealer of Yamaha Motors Ltd's
vehicles in 1986 by Mr. Deepak Arora.  The firm obtained the
dealership of MSIL in 2004 at Jabalpur and surrendered the
dealership of Yamaha Motors Ltd in 2008.  Currently, Standard Auto
is in the business of sales and servicing of MSIL's vehicles.  The
firm has a showroom and service centres at Napier Town in
Jabalpur, with an extension counter in Narsinghpur (MP).

For 2009-10 (refers to financial year, April 1 to March 31),
Standard Auto reported a net profit of INR9.30 million on net
sales of INR1.04 billion, against a net profit of INR9.30 million
and net sales of INR900.10 million in 2008-09.


TRIVENI ENTERPRISES: CRISIL Rates INR150 Mil. Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Triveni Enterprises.

   Facilities                        Ratings
   ----------                        -------
   INR150.00 Million Cash Credit     BB/Stable (Assigned)

The rating reflects the susceptibility of TE's operating margin to
volatility in steel prices and intense competition in the steel
industry, and its below-average financial risk profile, marked by
high gearing and weak debt protection metrics.  These weaknesses
are partially offset by the TE's established market position and
the promoters' experience in trading of steel products.

Outlook: Stable

CRISIL believes that TE will benefit over the medium term from the
longstanding experience of its promoters in the trading of steel
products.  The outlook may be revised to 'Positive' in case of
significant improvement in the capital structure and
profitability, on a sustainable basis.  Conversely, the outlook
may be revised to 'Negative' in case of any large, debt-funded
capital expenditure program, sharp decline in the operating
margin, or significant withdrawals by the proprietor.

                      About Triveni Enterprises

Established in 1972 as a sole proprietorship, Bangalore-based TE
was converted into a partnership firm in 1997.  The firm is an
authorized dealer of products manufactured by Steel Authority of
India Ltd and Rashtriya Ispat Nigam Ltd -- (CRISIL rating P1+).
TE has also diversified into wind power and steel fabrications.

TE reported a profit after tax (PAT) of INR7 million on net sales
of INR2632 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR11 million on net sales of
INR2,357 million for 2008-09.


UNO FEEDS: CRISIL Assigns 'BB-' Rating to INR52.9 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Uno Feeds.

   Facilities                          Ratings
   ----------                          -------
   INR40.00 Million Cash Credit        BB-/Stable (Assigned)
   INR52.90 Million Term Loan          BB-/Stable (Assigned)
   INR20.00 Million Key Loan           P4+ (Assigned)

The ratings reflect Uno's weak financial risk profile, marked by
high gearing, weak debt protection measures, and the
susceptibility of its operating margin to volatility in raw
material prices, intense market competition, and small scale of
operations.  These weaknesses are partially offset by the
established experience of Uno's promoters in the fish culture and
fish trading business.

Outlook: Stable

CRISIL believes that Uno will benefit over the medium term from
the demand for the floating form of fish feed and its promoters'
experience.  The outlook may be revised to 'Positive' if Uno
significantly increases its scale of operations, and stabilizes
operations at the proposed facilities, or if the firm diversifies
its revenue profile, while increasing its profitability.
Conversely, the outlook may be revised to 'Negative' if Uno's
profitability deteriorates sharply, or it faces cost or time
overruns in the implementation of the proposed facilities, or its
partners withdraw significant capital, weakening its financial
risk profile.

                          About Uno Feeds

Uno, a partnership firm, was registered in 2007, but started
commercial operations in August 2008.  The firm manufactures
floating fish feed in pellet form.  The firm began with a capacity
of 1000 tonnes per annum (tpa), which has now been increased to
2500 tpa.  It is implementing a large capital expenditure for
expanding its production capacity to about 8000 tpa, which is
expected to be operational by January 2011.  The firm, based in
Bhimavaram (Andhra Pradesh), is promoted by, Mr. Radha Krishna
Murthy and Mr. Narasimha Rao and their families.

Uno reported a profit after tax (PAT) of INR3 million on net sales
of INR349 million for 2009-10 (refers to financial year, April 1
to March 31), against net loss of INR0.04 million on net sales of
INR127 million for 2008-09.


VA HOTELS: CRISIL Assigns 'D' Rating to INR147.5 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' ratings to the bank facilities of VA
Hotels Pvt Ltd.  The ratings reflect instance of delay by VAHPL in
servicing its debt; the delays are on account of the company's
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR5.0 Million Cash credit       D (Assigned)
   INR147.5 Million Term Loan       D (Assigned)

VAHPL's track record of operations is limited, and its business is
vulnerable to cyclicality in the hotel industry. These weaknesses
are partially offset by the extensive experience of the company's
promoters in the hospitality industry.

VA Hotels Pvt Ltd., incorporated in Hyderabad in 2005, operates a
three-star hotel under the name Fortune Park Vallabha.  The hotel
was set up under an operational agreement with Fortune Park Hotels
Ltd.  It has 68 rooms, and includes a restaurant, banquet hall,
lounge and others facilities.  Commercial operations of the hotel
began in February 2010.

VAHPL provisionally reported a loss before tax of INR26 million on
net sales of INR12 million for 2009-10 (refers to financial year,
April 1 to March 31). 2009-10 was the first year of operation for
the company.


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


JAPAN AIRLINES: To Sack Up to 250 Pilots and Crews
--------------------------------------------------
Kyodo News reports that Japan Airlines Corp. said Monday it will
terminate the contracts of up to 250 pilots and cabin attendants
after its voluntary retirement programs failed to achieve the
company's job reduction target.

According to Kyodo News, the decision by JAL and its bankruptcy
administrator, the state-backed Enterprise Turnaround Initiative
Corp. of Japan, was made at a time when the airline is trying to
obtain court approval for its restructuring plans by the end of
this month.

JAL said it had been trying to get around 270 people -- 130 pilots
and 140 cabin attendants -- to voluntarily retire from Oct. 26 to
Nov. 9, but only managed to get 20 pilots and 50 cabin attendants
to apply, Kyodo News relates.

Kyodo News relates JAL said that in addition to the 250 contract
terminations, the airline also plans to dismiss about 50 pilots
and cabin attendants who are currently on leave.

"We are in a very difficult situation with regard to carrying out
further steps to implement our restructuring plan," JAL said in a
statement. "We have reached the decision that we have no choice
but to dismiss personnel to achieve an appropriate size of
workforce."

The airline, Kyodo News notes, said it has informed its labor
unions of the plan and will continue to accept voluntary
retirement applications before the pilots and cabin attendants
targeted for forcible dismissal leave in and after December.

                       About Japan Airlines

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

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

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


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


HYUNDAI ENG'G: Creditors Select Hyundai Group as Preferred Bidder
-----------------------------------------------------------------
Creditors of Hyundai Engineering & Construction Co. on Tuesday
selected Hyundai Group as the preferred bidder for a major stake
in the company, Yonhap News Agency reports, citing main creditor
Korea Exchange Bank.

KEB, state-run Korea Finance Corp., Woori Bank and other creditor
banks have been pushing to find a buyer for the 34.88% stake in
the builder, estimated to fetch up to KRW4 trillion, Yonhap says.

"Creditors picked the Hyundai Group consortium as the final
priority bidder in a fair and transparent manner," Yonhap quotes a
KEB official as saying in a press conference.

According to Yonhap, local brokerage Tong Yang Securities Co. has
joined Hyundai Group in the takeover deal as a financial investor
to provide funds.

Yonhap notes that creditor banks plan to sign a preliminary deal
with Hyundai Group by the end of this month and seal a final
contract by year-end.

As reported in the Troubled Company Reporter-Asia Pacific on
September 27, 2010, Bloomberg News said Hyundai Engineering &
Construction Co. creditors set a Nov. 12 deadline for the
submission of main bids in buying a stake worth US$2.3 billion in
South Korea's biggest builder.  Hyundai Group has said it plans to
bid for a stake in the builder which was its predecessor's
flagship before falling into the hands of creditors in 2001.
Bloomberg, citing The Wall Street Journal, further noted that
Hyundai Motor Group, also previously part of the old Hyundai
Group, may make a rival offer.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

Hyundai Engineering has been under creditors' control.  In August
2001, Hyundai Group was split into three -- Hyundai Motor, Hyundai
Heavy Industries and one which retained the name, Hyundai Group --
while the remaining businesses were taken over by creditors.


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

LINEAR CORPORATION: Receives Winding-Up Petition From RHB Bank
--------------------------------------------------------------
Linear Corporation Berhad said that winding-up petitions were
served against the company and its subsidiary LCI Global Sdn. Bhd.
(formerly known as Linear Cooling Industries Sdn. Bhd.) by RHB
Bank Berhad on November 11, 2010.  The winding-up petitions have
been fixed for hearing on December 13, 2010.

The company is indebted to RHB Bank for MYR2,335,482.06 together
with interest at the rate of 3.5% per annum above the petitioner's
Base Lending Rate with monthly rest from September 1, 2009, until
the date of full settlement and cost of MYR225.00.

The amount is derived from a Judgment dated December 28, 2009,
obtained by RHB against the Company and its wholly owned
subsidiary LCI Global in respect of Pulau Pinang High Court Suit
No. 22-697-2009.  The subsidiary had defaulted in the unsecured
banking facilities comprising overdraft and trade financing.

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

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

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


TALAM CORP: Kerajaan Malaysia Serves Wind-Up Petition Against Unit
------------------------------------------------------------------
Talam Corporation Berhad disclosed that a winding-up petition was
served on United Axis Sdn Bhd, a wholly owned subsidiary of the
Company, by Kerajaan Malaysia of Kompleks Bangunan Kerajaan on
November 12, 2010.  The winding-up petition was filed on Oct. 29,
2010, in Kuala Lumpur High Court.

The total amount claimed under the petition is MYR7,923,923.21
being the judgment sum inclusive of interest and costs.

United Axis had defaulted payment of the income tax payable for
years of assessment 2000 to 2006 inclusive of penalties.

The Company is concurrently negotiating with the petitioner for an
amicable settlement.

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

                          About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.


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


NORTHSOUTH HOSPITALITY: Faces Liquidation From Inland Revenue
-------------------------------------------------------------
Karen Goodger at The Nelson Mail reports that NorthSouth
Hospitality Management, formerly Maxlam Hospitality Management,
and five other companies involving former Hospitality Association
Nelson branch president Paul Max are facing liquidation.

The Nelson Mail relates Mr. Max said some companies within the
large group of businesses he managed had not kept up with Inland
Revenue requirements.

Mr. Max, according to The Nelson Mail, said the affected companies
had sourced extra professionals and staff who were "working around
the clock" to sort the problem.

The case was called in the High Court in Auckland last week and
has been adjourned until February 4, The Nelson Mail notes.

"I am confident that by the next hearing date in February I will
have resolved the issues and satisfied the IRD," the Nelson Mail
quoted Mr. Max as saying.  "In the meantime, it's business as
usual and I have no specific plans to change my operations or
investment strategies."

The five other companies are Ocean Lodge 1995, The Bishop, The
Tavern, Three Stores and The Garter.


WELLINGTON PHOENIX: Club Owner Faces Liquidation From IRD
---------------------------------------------------------
The New Zealand Herald reports that Wellington Phoenix chief
executive Nathan Greenham has moved to guarantee the future of the
A-League soccer club after Inland Revenue filed court papers
seeking NZ$3.58 million in unpaid taxes from club owner Terry
Serepisos.

The NZ Herald, citing the Dominion Post, says that Inland Revenue
has applied to liquidate five companies, including Century City
Football, which owns the club, which is reported to owe NZ$1.5
million in PAYE tax deductions, GST, and KiwiSaver contributions.

According to the NZ Herald, formal proceedings to apply for
liquidation were filed with the High Court last month and the
application will be heard on December 13.

Mr. Serepisos acknowledged he had a tax liability but expected it
to be resolved in the next few weeks, the NZ Herald notes.

Mr. Greenham said Tuesday he was "absolutely" confident the future
of the club was not in jeopardy despite Mr. Serepisos' latest
financial concern.

The NZ Herald notes that in September, ACC moved to liquidate the
football team for NZ$261,000 in outstanding payments.  The NZ
Herald notes that Wellington and Hutt city councils have
substantial outstanding rates claims against properties owned by
Mr. Serepisos.  Last month, he reached an out-of-court deal to
settle NZ$8.95 million owed to Canterbury Mortgage Trust, the NZ
Herald adds.

Mr. Greenham, according to the NZ Herald, said the players and
fans of the club had nothing to worry about.

"I can assure you, as I have done already, that the long-term
future of the club is secure and that comes from conversations
I've had from the senior guys at the A-League, as well," he said.

The club had been exploring different ownership models to relieve
some of the financial strain on Mr. Serepisos.

Wellington Phoenix FC is a professional football team based in
New Zealand.


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


* PHILIPPINES: PDIC Puts 23 Rural Banks Under Receivership
----------------------------------------------------------
Ted P. Torres at The Philippine Star reports that the Philippine
Deposit Insurance Corp. has placed a total of 23 banks under
receivership as of end October 2010.  According to The Star, it is
equivalent to 59 head offices and branches of rural banks
throughout the country.

According to the report, 81,238 bank accounts are affected with
deposit liabilities worth PHP2.7 billion.

The report notes that the estimated insured deposits were placed
at PHP2.5 billion while insured deposits paid so far amounted to
PHP408 million.  The PDIC insures deposits worth PHP500,000.

Last year, The Star notes, the total number of banks closed
reached 31.  The Star relates 25 banks were padlocked in 2008.

In 1999, the report recalls, government shut the doors of
33 banks with assets worth PHP3.5 billion and liabilities worth
PHP4.8 billion.

Available data shows that the estimated realizable value of assets
(ERVA) of the 492 banks under receivership and liquidation with
the PDIC was placed at PHP31.94 billion end 2008, the report says.

The Star relates unconfirmed reports indicate that there were few
takers for the troubled banks thus resulting in huge losses to the
government.  As long as government fails to dispose of the closed
bank assets, it will have to shoulder all costs pertaining to its
closure and liabilities to the banking public, the report notes.

Last year, the report notes, the PDIC formed a help desk to entice
troubled banks to place itself under electronic auction.  The help
desk will also collate under secrecy the interested buyers of
banks held under receivership for sale, the report relates.

Unfortunately, The Philippines Star discloses, nothing has been
consummated as the distressed banks "priced themselves too high"
or set a high premium on foreclosed or troubled state.

The report notes closed banks also result in losses for bank
depositors if their deposits exceed the insured limit.

The Philippine Star notes that there are a roughly 600 rural and
cooperative banks accounting for the total of 2,195 rural bank
head offices and branches as of June 2010, with only 64 located
within the National Capital Region.

The banks closed this year are: Apex Rural Bank (Bulacan) Inc.;
Rural Bank of Laoac (Pangasinan) Inc.; Rural Bank of Ivisan
(Capiz); EuroCredit Community Bank (A Rural Bank); Bani Rural Bank
(Pangasinan) Inc.;

BMS Rural Bank Inc.; Cooperative Bank of Camarines Sur; Rural Bank
of Ozamiz City Inc.; Cooperative Bank of Nueva Ecija; Rural Bank
of Bangued (Abra) Inc.; Rural Bank of San Antonio (Zambales) Inc.;
Penafrancia Savings and Loan Association;

Rural Bank of Saint Joseph (Baras) Inc.; Rural Bank of Isulan
(Sultan Kudarat); Rural Bank of Milaor Inc.; Rural Bank of Pitogo
(Quezon); Rural Bank of San Antonio de Padua (Laguna); Rural Bank
of Sta. Cruz (Marinduque);

Cooperative Bank of Lanao del Norte; Rural Bank of Ayungon (Negros
Oriental); Rural Bank of Lagonoy (Camarines Sur); Rural Bank of
Hinigaran (Negros Occ.); and the Assemblyman Rafael B. Legaspi
Rural Bank of Aklan Inc.


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


AI MARINE: Creditors' Proofs of Debt Due December 13
----------------------------------------------------
Creditors of AI Marine Pte Ltd, which is in compulsory
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 liquidator is:

          Woon Chin Gee Ivan
          c/o M/s Wee Hui Pheng & Co
          1 Coleman Street
          #06-10, The Adelphi
          Singapore 179803


ARMF II: Creditors' Proofs of Debt Due December 12
--------------------------------------------------
Creditors of ARMF II Kashiwa (S) Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by Dec. 12,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


AUSTIN HILLS: Creditors' Proofs of Debt Due December 13
-------------------------------------------------------
Creditors of Austin Hills Country Resort Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by December 13, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


BATAMIEN PTE: Creditors' Proofs of Debt Due December 7
------------------------------------------------------
Creditors of Batamien Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by December 7, 2010, to
be included in the company's dividend distribution.

The company's liquidator is:

          Maurice Simon Zonnequin
          c/o 1 Coleman Street #06-10
          The Adelphi
          Singapore 179803


CENTRE FOR COGNITIVE: Court to Hear Wind-Up Petition on Dec. 3
--------------------------------------------------------------
A petition to wind up the operations of Centre for Cognitive
Technologies Pte Ltd will be heard before the High Court of
Singapore on December 3, 2010, at 10:00 a.m.

The Petitioner's solicitors are:

          M/s S H Koh & Coof
          10 Anson Road #23-08A
          International Plaza
          Singapore 079903


YKK SINGAPORE: Members' Final Meeting Set for December 10
---------------------------------------------------------
Members of YKK Singapore Pte Ltd will hold their final meeting on
December 10, 2010, at 10:00 a.m., at 25 International Business
Park #04-22/26 German Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


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


XODTEC LED: Chao-Wu Chou Steps Down as COO and Director
-------------------------------------------------------
Chao-Wu Chou on November 10, 2010, resigned as chief operating
officer and director of Xodtec LED Inc. for personal reasons.  The
resignation of Mr. Chou did not stem from any disagreement with
the Company.

Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc.  On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.

The Company's balance sheet at August 31, 2010, showed
$1.7 million in total assets, $3.1 million in total liabilities,
and a stockholders' deficit of $1.4 million.


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


* Alvarez & Marsal Expands in Asia
----------------------------------
Alvarez & Marsal, a leading independent global professional
services firm specializing in performance improvement, turnaround
management and business advisory services, has named Thomas L.
Jones, an Alvarez & Marsal managing director, and Oliver Stratton,
former head of Bain & Company's Hong Kong office, co-heads of the
firm's business in Asia. Mr. Jones and Mr. Stratton are based in
Hong Kong.

The continued expansion of Alvarez & Marsal's offering in Asia is
indicative of the growth in demand for performance improvement
expertise from Asian businesses, multinationals and financial
investors alike, as well as the growing needs of Alvarez &
Marsal's existing client base, many of whom have significant
operating footprints in the region.

"Companies and investors want to capture the growth opportunities
in Asia and also boost the operational performance of their
organizations and portfolio companies in order to remain
competitive in today's changing global economy," said Tony Alvarez
II, co-CEO of Alvarez & Marsal.  "Our unique ability to integrate
financial and operational expertise will address these needs. Tom
and Olly are highly regarded for their work advising regional and
global organizations on complex operational and financial matters.
Their combined leadership experience offers a powerful base upon
which we intend to grow our existing presence and best serve
companies doing business in the region."

Alvarez & Marsal has an existing Asian practice with a strong
track record of offering restructuring, dispute analysis and
forensic accounting services to a variety of clients in the
region.

With more than 30 years of experience in financial services, Mr.
Jones is a managing director at Alvarez & Marsal, where, since
October 2008, he has been the head of Asia on the Lehman Brothers
bankruptcy case.  Over the past two years, he has overseen the
recovery of Lehman's assets in Asia, achieving one of the highest
recovery rates globally.

Mr. Jones began his career at JP Morgan, and, during his 20 years
there, led the financings for many of JP Morgan's first leveraged
buyouts, including its first private equity investment. He then
served as head of corporate lending for the U.S. and became a
member of the firm's credit policy committee.  After he joined the
Mergers and Acquisition Department, Mr. Jones became head of four
industry groups -- telecommunications, media, high-tech and
aerospace / defense, with responsibility for both investment
banking and mergers and acquisitions.  He later was a managing
director in the Telecom Groups at Salomon Brothers and Credit
Suisse First Boston. Mr. Jones is also a past advisory board
member of Alvarez & Marsal.

Mr. Stratton joins Alvarez & Marsal with more than 20 years of
experience in consulting and private equity in Asia, focusing on
business strategy, performance improvement, operational
turnarounds and mergers and acquisitions, including transaction
due diligence and post-merger integration.  Mr. Stratton spent two
decades with Bain & Company, where he helped to establish Bain's
offices in Hong Kong and Seoul, and also served as head of the
Hong Kong office for five years.  Prior to joining Alvarez &
Marsal, Mr. Stratton served as a managing director with Candover
where he established the firm's private equity business in Asia
while also supporting European-based portfolio companies expanding
their businesses into Asia.

                      About Alvarez & Marsal

A leading independent global professional services firm, Alvarez &
Marsal draws on its deep operational and turnaround heritage to
help companies across the industry spectrum improve operating and
financial performance as well as navigate challenging business,
litigation and tax matters with speed and unmatched quality.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                             *********

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

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

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


                            *********


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

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

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

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

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


                 *** End of Transmission ***