TCRAP_Public/101122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 22, 2010, Vol. 13, No. 230

                            Headlines



A U S T R A L I A

BEACONSFIELD MINE: Minemakers Gives Firm Time to Secure Funds
SAPPHIRE VIII: Fitch Takes Rating Actions on Various Classes


H O N G  K O N G

ARCHCORP DESIGN: Members' Final Meeting Set for December 18
CLEVER LUCK: Commences Wind-Up Proceedings
CLIPPER MOTHERASIA: Members' Final Meeting Set for December 13
COLORAMA PRODUCTIONS: Ray Chan Wai Hung Steps Down as Liquidator
CORAL SEA: Members' Final General Meeting Set for December 17

DEEPHAVEN ASIA: Placed Under Voluntary Wind-Up Proceedings
DIGITAL COMMUNITY: Creditors' Proofs of Debt Due December 23
DVN INTERNATIONAL: Members' Final Meeting Set for December 17
ENVIROPACE LIMITED: Commences Wind-Up Proceedings
FAST PACE: Briscoe and Wong Step Down as Liquidators

GLOBAL UNION: Members' Final Meeting Set for December 13
GODI ENTERPRISES: Osman Mohammed Arab Appointed as New Liquidator
HK INSTITUTE: Creditors' Proofs of Debt Due December 6
HONOUR CENTRAL: Final Meetings Set for December 14
MACLEAY COMPANY: Members' Final Meeting Set for December 14

MEDIPRODUCTS LIMITED: Creditors' Proofs of Debt Due December 3
MF ASIA: Creditors' Proofs of Debt Due December 13
MF ASIA ASSET: Creditors' Proofs of Debt Due December 13
MF SECURITIES: Creditors' Proofs of Debt Due December 13
MING MOU: Members and Creditors Meetings Set for November 24


I N D I A

AIR INDIA: Board Sacks Pawan Arora as AIE Chief Operating Officer
ANAND TEKNOW: ICRA Reaffirms 'LBB-' Rating on INR15cr Term Loan
FORGEPRO INDIA: CRISIL Assigns 'BB' Rating to INR186.5MM LT Loan
GREATWELD STEEL: ICRA Reaffirms 'LBB-' Rating on INR5.33cr Loan
HI-MAC CASTINGS: ICRA Assigns 'LB' Rating to INR2.5cr Bank Debts

JHAMB ENTERPRISES: CRISIL Reaffirms 'B-' Rating on INR101MM Loan
JMJ EDUCATION: ICRA Assigns 'LBB-' Rating to INR10cr Bank Debts
KNOWLEDGE TREE: CRISIL Rates INR160 Million Term Loan at 'B-'
MAGNUM CLOTHING: CRISIL Upgrades Rating on INR3.2MM Loan to 'B-'
P N GADGIL: CRISIL Withdraws 'BB' Rating on INR17.3 Mil. Term Loan

SREENIVAS BUILDTECH: CRISIL Lifts Rating on INR70MM Loan to 'B+'
T S S PROJECTS: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
TADIMETY AROMATICS: ICRA Assigns 'LBB+' Rating to INR3cr Bank Debt


M A L A Y S I A

AXIS INC: Bursa to Delist Securities on November 30
AYER MOLEK: Seeks 4-Month Extension to Submit Regularization Plan
TRANSMILE GROUP: Posts MRY135.11MM Net Loss in Qtr. Ended Sept. 30


N E W   Z E A L A N D

HANOVER FINANCE: Accuses Allied Farmers of Shifting Blame
HANOVER FINANCE: Securities Commission Probe Nearly Completed
STRATEGIC FINANCE: Offers to Buy Loan Book Fall Short


P H I L I P P I N E S

QUEZON POWER: S&P Raises Ratings on Senior Bonds to 'B+'


S I N G A P O R E

LEUN WAH: Creditors Get 0.3776% Recovery on Claims
VALLENT SOFTWARE: Creditors' Proofs of Debt Due December 16




                            - - - - -


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


BEACONSFIELD MINE: Minemakers Gives Firm Time to Secure Funds
-------------------------------------------------------------
Barry FitzGerald at The Sydney Morning Herald reports that the
threat of receivership continues to hang over the Beaconsfield
goldmine in Tasmania and its owner, BCD Resources.

However, according to SMH, fresh hope that BCD can secure new
finance has emerged, prompting its major secured creditor,
Minemakers, to give the company more time to secure enough funds
to keep operating.  SMH relates that BCD has told Minemakers it
has received letters of commitment from several parties prepared
to advance it funds.  Minemakers has agreed to a 48-hour
standstill arrangement, SMH notes.

SMH notes that despite gold prices rising to near record levels,
Beaconsfield is losing money and is expected to do so until at
least the end of the year.  Minemakers, SMH relates, was aware of
that when it agreed last month to provide BCD with up to AU$15
million, convertible into shares at 2 cents each.  But BCD's
creditors' position and cash balance have proven to be
significantly worse than Minemakers had believed was the case, the
SMH relates.

As a result, SMH discloses, Minemakers gave BCD until November 15,
2010 -- now extended by 48 hours -- to come up with a new
financial restructuring plan.  If BCD cannot, Minemakers will call
in its loan, SMH relates.

Receivership could follow, raising the prospect of job losses for
the 200 miners and contractors at the mine, the report adds.

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


SAPPHIRE VIII: Fitch Takes Rating Actions on Various Classes
------------------------------------------------------------
This is a correction for a rating action commentary issued on
November 12, 2010.  It amends the Loss Severity ratings on the
Class MA, MZ, BA, BZ and CA notes.  Fitch Ratings has 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 (ISIN AU300SAP9019) affirmed at
     'AAAsf'; Outlook Stable; Loss Severity Rating revised to 'LS-
     2' from 'LS-1';

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

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

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

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

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

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

  -- AUD2.6m Class CA notes (ISIN AU300SAP9084) upgraded to 'B-sf'
     from 'CCCsf'; Outlook Stable; Loss Severity Rating assigned
     at 'LS-3'.

"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 amortising 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.


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


ARCHCORP DESIGN: Members' Final Meeting Set for December 18
-----------------------------------------------------------
Members of Archcorp Design and Construction (HK) Limited will hold
their final meeting on December 18, 2010, at 25/F., Eastern
Commercial Centre, 83 Nam On Street, Shaukeiwan, in Hong Kong.

At the meeting, Seto Sau Kuen Christine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CLEVER LUCK: Commences Wind-Up Proceedings
------------------------------------------
Members of Clever Luck Limited, on November 4, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's creditors held a meeting on November 19, 2010, for
the purposes provided for in Sections 241, 242, 243, 244, 251 and
255A of the Companies Ordinance.

The company's liquidators are:

         Mr. Wong Sun Keung
         Ms. Tsui Mei Yuk Janice
         20/F., Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


CLIPPER MOTHERASIA: Members' Final Meeting Set for December 13
--------------------------------------------------------------
Members of Clipper MotherAsia Limited will hold their final
meeting on December 13, 2010, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


COLORAMA PRODUCTIONS: Ray Chan Wai Hung Steps Down as Liquidator
----------------------------------------------------------------
Ray Chan Wai Hung stepped down as liquidator of Colorama
Productions Limited on November 6, 2010.


CORAL SEA: Members' Final General Meeting Set for December 17
-------------------------------------------------------------
Members of Coral Sea Knitters Limited will hold their final
general meeting on December 17, 2010, at 11:00 a.m., at Office No.
1818, 18/F., Beverley Commercial Centre, 87-105 Chatham Road,
Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Sun Kwong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DEEPHAVEN ASIA: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on November 5, 2010,
creditors of Deephaven Asia Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

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


DIGITAL COMMUNITY: Creditors' Proofs of Debt Due December 23
------------------------------------------------------------
Creditors of Digital Community Chest Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 3, 2010.

The company's liquidator is:

         Yeung Kam Wai
         Room 2102, 21st Floor
         Centre Mark
         287 Queen's Road
         Central, Hong Kong


DVN INTERNATIONAL: Members' Final Meeting Set for December 17
-------------------------------------------------------------
Members of DVN International Investment Limited will hold their
final meeting on December 17, 2010, at 11:00 a.m., at Vavilova
Street, 76-9 Moscow, in Russia.

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


ENVIROPACE LIMITED: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Enviropace Limited, on November 2, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


FAST PACE: Briscoe and Wong Step Down as Liquidators
----------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Fast Pace Far East Limited on November 2, 2010.


GLOBAL UNION: Members' Final Meeting Set for December 13
--------------------------------------------------------
Members of Global Union Investment Limited will hold their final
general meeting on December 13, 2010, at 10:00 a.m., at 5/F., Dah
Sing Life Building, 99-105 Des Voeux Road Central, in Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GODI ENTERPRISES: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------------
Mr. Osman Mohammed Arab on November 5, 2010, was appointed as
liquidator of Godi Enterprises Limited.

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

The liquidators may be reached at:

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


HK INSTITUTE: Creditors' Proofs of Debt Due December 6
------------------------------------------------------
Creditors of Hong Kong Institute of Systems Science 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 8, 2010.

The company's liquidator is:

         Wu Po Lam
         House 3, Sunderland Estate
         No. 1 Hereford Road
         Kowloon Tong, Kowloon
         Hong Kong


HONOUR CENTRAL: Final Meetings Set for December 14
--------------------------------------------------
Members and creditors of Honour Central Consultants Limited will
hold their final meetings on December 14, 2010, at 2:00 p.m., and
2:30 p.m., respectively at Room 3, 8/F., Yue Xiu Building, 160
Lockhart Road, Wan Chai, in Hong Kong.

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


MACLEAY COMPANY: Members' Final Meeting Set for December 14
-----------------------------------------------------------
Members of Macleay Company Limited will hold their final meeting
on December 14, 2010, at 10:00 a.m., at 25/F., Wing On Centre,
111 Connaught Road Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MEDIPRODUCTS LIMITED: Creditors' Proofs of Debt Due December 3
--------------------------------------------------------------
Creditors of Mediproducts Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 3,
2010, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Tong Lap Hong
         Unit 501, 5/F
         Mirror Tower
         61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


MF ASIA: Creditors' Proofs of Debt Due December 13
--------------------------------------------------
Creditors of MF Asia Holding Limited, which is in members'
voluntary 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:

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


MF ASIA ASSET: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------
Creditors of MF Asia Asset Management Hong Kong Limited, which is
in members' voluntary 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:

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


MF SECURITIES: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------
Creditors of MF Securities Hong Kong Limited, which is in members'
voluntary 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:

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


MING MOU: Members and Creditors Meetings Set for November 24
------------------------------------------------------------
Members and creditors of Ming Mou Construction Company Limited
will hold their annual meetings on November 24, 2010, at
2:30 p.m., and 3:00 p.m., respectively at 602 The Chinese Bank
Building, 61-65 Des Voeux Road, Central, in Hong Kong.

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


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I N D I A
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AIR INDIA: Board Sacks Pawan Arora as AIE Chief Operating Officer
-----------------------------------------------------------------
Air India on Thursday sacked Pawan Arora as the Chief Operating
Officer of its low budget airline, Air India Express, less than
two months after his controversial appointment, The Times of India
reports.

The Times of India, citing official sources, says the state-owned
airline's Board of Directors decided to "dispense with" the
services of Mr. Arora at its meeting which went into the issue of
top level appointments in Air India Express.

The Times of India relates the Board also decided to set up a
committee to study the procedural aspects of Stefan Sukumar's
appointment as the airline's Chief of Training.

Sources said the Board however approved the appointment of
Kamaljeet Rattan as the Chief Information Officer, according to
the Times of India.

The Times of India says controversy broke out over the appointment
of Messrs. Arora and Sukumar in September-end amid reports that
both did not fulfill the minimum requirements for the posts.

The controversy over Mr. Arora's appointment as Air India Express
COO erupted following reports that he had not qualified as the
Flight Operations Instructor in DGCA, The Times of India adds.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ANAND TEKNOW: ICRA Reaffirms 'LBB-' Rating on INR15cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the "LBB-" rating to the INR15.0 crore term
loan and INR14.5 crore cash credit facilities of Anand Teknow Aids
Engineering India Limited.  The long term rating has been
assigned stable outlook.  ICRA has also reaffirmed an "A4" rating
to the INR10.0 crore non fund based facilities of ATA.

The rating reaffirmations takes into account strong growth in
company's revenues in FY10 on back of commencement of
manufacturing operations and long track record of operations in
trading business.  The ratings, however, remain constrained by
modest scale of operations and weak cash flows limiting financial
flexibility.  The company has highly leveraged capital structure
and weak accruals have resulted in weak debt protection and
coverage indicators.  Further successful scale up of new
distributorship remains a key challenge in maintaining growth of
trading business.

ATA is a Pune based private limited company engaged in trading of
machine tools since 1999 and has also set up a steel rolling mill
and galvanizing facility in 2009.  ATA is an authorized
distributor for Grindwell Norton, Lamina Technologies and Siemens.
The company deals in distribution business for cutting/drilling
tools and switchgear of the principal companies.  Further the
company commenced operations at its galvanizing facility in
June 2009 and rolling mill in December 2009 with capacity of 24000
MTPA.


FORGEPRO INDIA: CRISIL Assigns 'BB' Rating to INR186.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of ForgePro India Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR10.00 Million Cash Credit        BB /Stable (Assigned)
   INR186.50 Million Long Term Loan    BB /Stable (Assigned)
   INR25.00 Million Packing Credit     P4+ (Assigned)
   INR25.00 Million Letter of Credit   P4+ (Assigned)
   INR5.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect FIPL's weak financial risk profile, marked by
high gearing, and weak debt protection measures; and its exposure
to risks related to its small scale of operations amid intense
competition in the forgings industry.  These rating weaknesses are
partially offset by the strong support FIPL receives from its
parent, Webb India Pvt Ltd (WIPL, rated 'BBB/Stable/P3+' by
CRISIL) and WIPL's shareholder, Jervis B Webb International
Company, USA (JBW).

Outlook: Stable

CRISIL believes that FIPL will continue to receive strong
financial and operational support from WIPL and JBW. The outlook
may be revised to 'Positive' in case of an upward revision in
CRISIL's ratings on the bank facilities of WIPL, or significant
improvement in FIPL's capital structure and increase in its scale
of operations, along with sustained profitability. Conversely, the
outlook may be revised to 'Negative' in case of a downward
revision in the rating on WIPL, or if FIPL undertakes a large,
debt-funded capital expenditure programme or acquisition.

                        About ForgePro India

Incorporated in 2006, FIPL is a joint venture between WIPL (60 per
cent) and JBW (40 per cent).  It commenced operations in January
2009. FIPL is a 100 per cent export-oriented unit. It manufactures
forgings for various types of conveyors for material handling
systems, and forged components for the automobile and other
sectors.  Currently, the major portion of FIPL's sales is to its
shareholders. WIPL is a material-handling systems integrator,
providing overhead conveyors, baggage-handling systems, aluminium
carbon plant systems, and automated storage and retrieval systems.

FIPL reported a net loss of INR7.2 million on net sales of
INR120.6 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR42.0 million on net sales of
INR8.7 million for 2008-09.


GREATWELD STEEL: ICRA Reaffirms 'LBB-' Rating on INR5.33cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the "LBB-" rating to the INR5.33 crore term
loan and INR5.0 crore cash credit facilities of Greatweld Steel
Grating Private Limited.  The long term rating has been assigned
stable outlook. ICRA has also reaffirmed an "A4" rating to the
INR9.0 crore non fund based facilities of GSGL.

                               Amount
   Facilities                 (INR cr.)     Ratings
   ----------                 ---------     -------
   Bank Lines (Term Loan)       5.33        LBB- (Stable)
   Bank Lines (Cash Credit)     5.00        LBB- (Stable)
   Bank Lines (Non Fund Based)  9.00        A4

The rating reaffirmation takes into account strong revenue growth
since inception, reputed client base and in house availability of
key raw material and galvanizing facility through Group Company.
The rating, however, continues to remain constrained by moderate
scale and limited track record of operations, leveraged capital
structure and limited accruals stretching the liquidity profile.
Further the operations remain vulnerable to commodity price
movement with limited ability to pass on raw material price rises.

GSGL is a Pune based private limited company set up by Mr.Rakesh
Ranjan in 2006-07.  It is engaged in manufacturing of electro
forged mild steel gratings. Gratings are industrial floorings,
used mainly in petrochemical and power plants.  The company has a
capacity to manufacture 15000 tonnes per annum (TPA) of gratings
with manufacturing facilities located near Pune.


HI-MAC CASTINGS: ICRA Assigns 'LB' Rating to INR2.5cr Bank Debts
----------------------------------------------------------------
ICRA has assigned an "LB" rating to the INR2.50 crores fund-based
limits and INR10.25 crores term loan facility of Hi-Mac Castings
Private Limited.

The ratings are constrained by unsatisfactory debt servicing track
record of the company; modest scale of operations; limited track
record of the commercial operations and weak financial risk
profile characterized by losses in initial years of its operations
leading to adverse capital structure.  The ratings also take into
account vulnerability of the company's profitability to the
cyclicality associated with the steel and automobile industry and
the high working capital intensity of the business which exerts
pressure on the liquidity position of the company.  The ratings
however take comfort from the reputed customer base comprising of
major auto component manufacturers and insulator/ electrical
companies and favorable demand outlook for the domestic automobile
industry.

Hi-Mac Casting Private Limited was incorporated in the year
2006-07 by the Radhe group.  The company manufactures Ductile
Iron/Cast Iron Castings from its plant based in Rajkot, Gujarat.
It has been setup with an installed capacity of 7200 MTPA and has
started commercial production from December 2008.  The total
project costs for setting the unit was INR 16.92 crores, which has
been funded through INR11.02 crores term loans, INR3.51 crores of
equity capital and the remaining by way of unsecured loans from
the promoters.  HCPL is a TS-16949:2009 certified company.

Recent Results

For the year FY 10, the company reported an operating income of
INR4.80 crores and net loss of INR2.16 crores.


JHAMB ENTERPRISES: CRISIL Reaffirms 'B-' Rating on INR101MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jhamb Enterprise
Pvt Ltd continue to reflect JEPL's weak financial risk profile,
marked by high gearing, and exposure to risks relating to
competitive pressures and unfavorable changes in government policy
on minimum support prices.  These weaknesses are partially offset
by the benefits that the company derives from its status as
exclusive supplier to the Malwa group of companies, which helps
mitigate demand/inventory risks.

   Facilities                           Ratings
   ----------                           -------
   INR170.0 Million Cash Credit Limit   B-/Stable (Reaffirmed)
   INR101.0 Million Term Loan           B-/Stable (Reaffirmed)
   INR30.0 Million Letter of Credit     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that JEPL's operating income will grow over the
medium term on the back of established relationships with the
Malwa group.  However, JEPL's capital structure is expected to
remain weak, given its proposed debt funded diversification into
the dairy business.  The outlook may be revised to 'Positive' if
significant increase in profitability/ cash accruals leads to
improvement in JEPL's capital structure.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure, and its operating margins
deteriorate substantially over the medium term.

Update

JEPL's net sales is estimated to decline to INR1.89 billion in
2009-10 (refers to financial year, April 1 to March 31) from
INR1.98 billion in 2008-09 because of the lower sale of ginned
cotton to the Malwa group of companies during the year.  The
company, however, has increased its sale of raw wool, acrylic, and
viscose to INR680 million in 2009-10, from INR150 million in
2008-09. JEPL's operating margin declined marginally to 0.5 per
cent in 2009-10 from 0.6 per cent in 2008-09.

During 2009-10, JEPL undertook a capex programme of around INR6
million for setting up four oil expellers.  The capex was financed
out of funds infused by the promoters.  During the year, the
promoters infused INR5 million as equity capital and INR20 million
as unsecured loans (at an interest rate of 12 per cent per annum)
into the company.  Though the gearing declined in 2009-10 from
2008-09 levels, it was still high at 5.35 times as on March 31,
2010, because of the low net worth base INR50 million as on this
date, and high debt in the capital structure (93 per cent of the
debt was short-term in nature).  JEPL plans to undertake capex of
INR40 million (to be funded by bank loans of INR28 million) in FY
2010-11 for setting up a dairy; its gearing is expected to remain
high in the range of 4 to 5 times over this period because of
incremental working capital requirements.

                      About Jhamb Enterprise

Set up in 1992 by Mr. Prem Sagar Jhamb, JEPL gins and presses
cotton. It is the sole purchasing agent for cotton for the Malwa
group, which includes Malwa Cotton Spinning Mills Ltd, Malwa
Industries Ltd, and Oswal Knit India Ltd.  The company also trades
in items such as acrylic, viscose, cotton seeds, yarn, and fabric.
It's manufacturing unit at Fazilka (Punjab) gins cotton and
extracts oil from cotton seeds, while its unit at Ludhiana
(Punjab) manufactures warp-knitted fabric.

JEPL reported a profit after tax (PAT) of INR0.05 million on net
sales of INR1.98 billion for 2008-09, as against a PAT of INR2
million on net sales of INR1.96 billion for 2007-08.


JMJ EDUCATION: ICRA Assigns 'LBB-' Rating to INR10cr Bank Debts
---------------------------------------------------------------
ICRA has assigned "LBB-" rating to the INR10.0 crore bank
facilities of JMJ Education Society.  The outlook on the long-term
rating is stable.

The LBB- rating is primarily constrained by the delays in debt
servicing in the recent past. The rating is also constrained by
the trust's dependence on two of its main institutes for the bulk
of its revenues -- Acharya Institute of Technology and Acharya
Institute Of Management Studies.  The rating is further
constrained by the highly competitive environment in education
segment in the state which has resulted in increased vacancy
levels in a few courses and also by the current capital
expenditure plans of the society for setting up infrastructure for
its new colleges due to which the profitability and coverage
indicators may deteriorate in the medium term.  However, the
rating draws comfort from the established presence of the
society's institutes in Bangalore, the stable fees based income
for the society, diverse presence across the education spectrum by
offering varied diploma, graduate and post-graduate courses and by
the moderate gearing level and adequate debt protection indicators
as on March 31, 2010.

The JMJ Education Society is a charitable and non-profitable
organization situated in Soldevanahalli, Hesaraghatta Main Road,
Bangalore and is engaged in the field of education for the past
two decades.  The society was founded in 1990.  The society offers
academic programs in diverse fields such as Engineering,
Management, Information Technology, Biotechnology, Teacher
Training, Fashion & Apparel Design, Journalism, Mass
Communication, Economics, English, Pharmacy, Nursing, etc.
The JMJ society runs 10 educational institutes, 7 research
centers, and 6 hostels for boys and girls.  These institutes are
spread over 120 acres of land in the outskirts of Bangalore. The
society offers 34 post graduate, 20 Graduate, 17 Diploma, 4 Post
Diploma & 4 pre university college Programs through its institutes
and research centers.


KNOWLEDGE TREE: CRISIL Rates INR160 Million Term Loan at 'B-'
-------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the term loan of
Knowledge Tree Infrastructure Ltd.

   Facilities                      Ratings
   ----------                       -------
   INR160.0 Million Term Loan      B-/Negative (Assigned)

The rating reflects KTIL's weak financial flexibility because of
its negative net worth and small scale of operations insufficient
to support future growth constraining the business risk profile of
the company.  These rating weaknesses are partially offset by
KTIL's promoters' experience in the real estate industry.

Outlook: Negative

CRISIL believes that KTIL's financial flexibility will remain
constrained as its net worth is likely to remain negative and its
cash accruals inadequate vis-a-vis its large debt obligations in
2010-11 (refers to financial year, April 1 to March 31).  The
rating may be downgraded if KTIL delays in repaying its debt or if
its capital structure deteriorates because of debt-funded capital
expenditure.  Conversely, the outlook may be revised to 'Stable'
if the company's financial risk profile, particularly cash
accruals, improves, driven by prudent asset utilization and
improvement in capital structure.

                       About Knowledge Tree

KTIL was established in 2007 by Ansal Properties & Infrastructure
Ltd (APIL) as a wholly owned subsidiary.  In March, 2010, APIL
sold its shareholding in KTIL to other companies of the Ansal
group.  KTIL constructs and develops buildings and leases those
out to educational institutions.

For 2009-10, KTIL reported a net loss of INR5.2 million on net
revenues of INR5.0 million, against a net loss of INR4.2 million
on net revenues of INR5.0 million for the previous year.


MAGNUM CLOTHING: CRISIL Upgrades Rating on INR3.2MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Magnum
Clothing Pvt. Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                          Ratings
   ----------                          -------
   INR3.2 Million Long-Term Loan       B-/Stable (Upgraded from D)
   INR30.0 Million Packing Credit      P4 (Upgraded from P5)
   INR100.0 Million Bill Purchase      P4 (Upgraded from P5)
             Discounting Facility
   INR30.0 Million Letter of Credit    P4 (Upgraded from P5)
   INR5.0 Million Post-Shipment        P4 (Upgraded from P5)
                         Credit

The upgrade reflects timely servicing of debt by MCPL over the six
months through September 2010, following an improvement in
liquidity.  CRISIL believes that MCPL's cash accruals over the
medium term will be sufficient to meet the company's maturing debt
obligations.  The upgrade also reflects CRISIL's belief that
MCPL's business risk profile will improve with the enhancement in
the company's scale of operations because of the new unit set up
in May 2010, as well as the unit proposed to be set up in the
latter half of 2010-11 (refers to financial year, April 1 to
March 31).

The ratings reflect MCPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and exposure to
risks related to volatility in raw material prices and foreign
exchange rates, and intense competition in the garments export
market.  These rating weaknesses are partially offset by MCPL's
established relationships with its key customers, and promoter's
experience in the garments exports business.

Outlook: Stable

CRISIL believes that MCPL will maintain a stable business risk
profile over the medium term, driven by recovery in export demand.
The outlook may be revised to 'Positive' if the company
significantly improves its margins and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection measures deteriorate because of large
debt-funded capex or sharp decline in profitability.

                        About Magnum Clothing

Set up in 1987 by Mr. Chandra Prakash Singhee, MCPL manufactures
garments for women and children.  Based in Chennai (Tamil Nadu),
the company has an annual capacity of around 4 million pieces.
About 75 per cent of MCPL's sales are to a UK-based associate
entity, Udare Ltd, which acts as a marketing agent for MCPL.

MCPL reported a profit after tax (PAT) INR6.65 million on net
sales of INR556.7 million for 2009-10, against a loss of INR38.4
million on net sales of INR455.9 million for 2008-09.


P N GADGIL: CRISIL Withdraws 'BB' Rating on INR17.3 Mil. Term Loan
------------------------------------------------------------------
CRISIL has placed its 'BB/Stable/P4+' ratings on the cash credit
and bank guarantee facilities of P N Gadgil & Co under 'Notice of
Withdrawal' for 90 days on PNG's request.  CRISIL placed the
ratings under notice of withdrawal after receiving a no-objection
certificate from PNG's banker, Bank of Maharastra.  The ratings
will be withdrawn at the end of the notice period.

   Facilities                            Ratings
   ----------                            -------
   INR17.30 Million Term Loan            BB/Stable (Withdrawn)

   INR350.00 Million Overdraft/Cash      BB/Stable (Placed under
   Credit/Working Capital Demand Loan    'Notice of Withdrawal')

   INR125.00 Million Bank Guarantee      P4+ (Placed under 'Notice
                                              of Withdrawal')

To arrive at its ratings, CRISIL had combined the business and
financial risk profiles of PNG and P N Gadgil (Silver).  This is
because the two firms, together referred to as the PNG group, have
common owners and senior management, centralised operations,
shared showroom space in the jewellery business, and fungible cash
flows.

CRISIL has withdrawn its rating on PNG's term loan as the facility
has been fully repaid.

Outlook: Stable

CRISIL believes that the PNG group's financial risk profile will
remain under pressure over the medium term because of its working-
capital-intensive operations.  The outlook may be revised to
'Positive' if there is a significant improvement in the group's
financial risk profile, most likely driven by continued healthy
profitability and retention of profits.  Conversely, the outlook
may be revised to 'Negative' if the partners in the group continue
to withdraw sizeable capital, leading to more-than-expected
pressure on the group's financial risk profile.

                          About the Group

PNG was set up by Mr. Anant Ganesh Gadgil, Mr. Laxman Gadgil, and
Mr. Vishwanath Gadgil in 1958 in Pune (Maharashtra), with a
showroom on Laxmi Road.  PNG now operates six showrooms - five in
Pune and one in Nashik.  While PNG is in the gold business and PN
Gadgil (Silver) is in the silver business.

The PNG group was set up in 1832 by Mr. Ganesh Narayan Gadgil and
Mr. Purushottam Narayan Gadgil, through its first store
Purushottam Narayan Gadgil and Company at Sangli (Maharashtra).


SREENIVAS BUILDTECH: CRISIL Lifts Rating on INR70MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Sreenivas
Buildtech (I) Pvt Ltd to 'B+/Stable' from 'D'.

   Facilities                        Ratings
   ----------                        -------
   INR70.00 Million Long-Term Loan   B+/Stable (Upgraded from 'D')

The rating upgrade reflects timely servicing of debt by Sreenivas
Buildtech over the 12 months through March 2010, following an
improvement in its liquidity and increased customer bookings for
its real estate projects.  The upgrade also reflects CRISIL's
belief that Sreenivas Buildtech's cash accruals over the medium
term will be sufficient to meet the company's maturing debt
obligations.

The rating reflects Sreenivas Buildtech's exposure to risks
related to the implementation of its ongoing project and its small
scale of operations. These weaknesses are partially offset by the
company's established position in the construction business in
Puducherry, and moderate financial risk profile marked by moderate
gearing levels.

Outlook: Stable

CRISIL believes that Sreenivas Buildtech will continue to benefit
over the medium term from its established position in the
construction business in Puducherry.  The outlook may be revised
to 'Positive' if the company receives substantial bookings from
customers for its project, and completes the project earlier than
expected.  Conversely, the outlook may be revised to 'Negative' in
case of time or cost overruns in the project, or if the company's
liquidity deteriorates because of delays in customer advances.

                     About Sreenivas Buildtech

Set up in 2000 by Mr. R Venugopal, Sreenivas Buildtech undertakes
residential real estate projects. The company has executed around
eight real estate projects in Puducherry over the past decade.
Sreenivas Buildtech is currently undertaking a residential-cum-
commercial real estate project at Ariyankuppam (Puducherry).  The
project cost, estimated at INR570 million, is to be substantially
funded out of customer advances and a debt component of INR125
million. The project is expected to be completed by December 2012.

Sreenivas Buildtech reported a profit after tax (PAT) of INR24.6
million on net sales of INR240.4 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR22.3
million on net sales of INR203.3 million for 2008-09.


T S S PROJECTS: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to T S S Projects
and Industries Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR20 Million Cash Credit               B/Stable (Assigned)
   INR230 Million Export Packing Credit    P4 (Assigned)
   INR80 Million Foreign Letter of Credit  P4 (Assigned)

The ratings reflect TSSPL's limited visibility of revenues for the
long-term and weak financial risk profile marked by high gross
current assets, weak interest coverage ratio, and a small net
worth.  These rating weaknesses are partially offset by TSSPL's
promoters' experience in executing projects on a turnkey basis.

Outlook: Stable

CRISIL believes that TSSPL will continue to benefit from its
promoters' experience of executing projects on a turnkey basis,
over the medium term.  The outlook may be revised to 'Positive' if
TSSPL strengthens its business risk profile by enhancing revenue
visibility and geographical diversity in its revenue base, and by
adding stability to its operating margin.  Conversely, any large,
additional debt-funded capital expenditure or acquisition, leading
to deterioration in the company's financial risk profile, may lead
to a revision in outlook to 'Negative'.

TSSPL, located in Hyderabad, installs manufacturing plants on a
turnkey basis in Iran and Saudi Arabia and trades in sodium
methoxide.  The company, led by Mr. H Ramesh, a first-generation
entrepreneur, owns the TSS group, which includes six other
companies.

                        About T S S Projects

TSSPL reported a profit after tax (PAT) of INR20.6 million on net
sales of INR557.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.7 million on net sales
of INR252.2 million for 2008-09.


TADIMETY AROMATICS: ICRA Assigns 'LBB+' Rating to INR3cr Bank Debt
------------------------------------------------------------------
ICRA has assigned an "LBB+" rating with stable outlook to the
INR3 crore working capital fund based facilities and INR2.6 crore
Term Loan of Tadimety Aromatics Private Limited.  ICRA has also
assigned the rating of "A4+" to the INR1.5 crore non-fund based
bank facilities of TAPL.

The ratings reflect TAPL's established position as an aroma
chemical manufacturer in the flavors & fragrance industry, its
reputed and diversified clientele and its wide product portfolio.
However, the ratings are constrained by its modest scale of
operations, its product concentration in Rose Crystals and its
relatively high gearing level on account of debt funded capital
expenditure.  The ratings are further impacted by the competitive
nature of the industry, TAPL's vulnerability to adverse movement
in foreign exchange and product liability claims.

Recent Results

In 2009-10, TAPL has earned a net profit of INR0.54 crore on an
operating income of INR11.74 crore as compared to a net profit of
INR0.35 crore on an operating income of INR6.02 crore in 2008-09.

Incorporated in 1995 as a private limited company, TAPL is engaged
in the manufacturing and sales of aroma chemicals and compounds.
In 2008, TAPL has commissioned a new manufacturing facility at
Hirehally Industrial Area near Bangalore.  The company
manufactures wide variety of aroma chemicals and ingredients and
is one of the largest producers of Rose Crystals using
Benzaldehyde route.  The company supplies its products in domestic
as well as international market.


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


AXIS INC: Bursa to Delist Securities on November 30
---------------------------------------------------
Bursa Malaysia Securities Berhad will delist the securities of
Axis Incorporation Berhad on November 30, 2010, after the Company
failed to comply with the extended timeframe granted by Bursa
Securities until November 16, 2010, to submit the regularization
plan to Bursa Securities for approval.

The Company's securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities.  It is not mandatory for
the securities of a company which has been de-listed to be
withdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold their
securities in the form of physical certificates can withdraw these
securities from their Central Depository System accounts with
Bursa Depository, at anytime after the securities of the company
are de-listed from the Official List of Bursa Securities.  This
can be effected by the shareholders submitting an application form
for withdrawal in accordance with the procedures prescribed by
Bursa Depository.

Upon the de-listing, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with the company's corporate
restructuring and its shareholders can still be rewarded by the
Company's performance.  However, the shareholders will be holding
shares which are no longer quoted and traded on Bursa Securities.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


AYER MOLEK: Seeks 4-Month Extension to Submit Regularization Plan
-----------------------------------------------------------------
MIMB Investment Bank Berhad, on behalf of The Ayer Molek Rubber
Company Berhad, said that it is seeking an extension of time from
Bursa Securities of up to four months to submit an application to
the Securities Commission for AMolek's regularization plan.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party.  It operates solely in the
domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


TRANSMILE GROUP: Posts MRY135.11MM Net Loss in Qtr. Ended Sept. 30
------------------------------------------------------------------
Transmile Group Bhd reported a net loss of MYR135.11 million on
revenues of MYR50.66 million in the quarter ended September 30,
2010, compared with a net loss of MYR15.02 million on
MYR30.51 million of revenues in the same quarter in 2009.

As of September 30, 2010, the Company had MYR486.29 million in
total assets and MYR595.86 million in total liabilities, resulting
in total shareholders' deficit of MYR109.57 million.

The company's balance sheet as of September 30, 2010, also showed
strained liquidity with MYR337.17 million in total current assets
available to pay MYR595.79 million in total current liabilities.

A full-text copy of the Company's Quarterly Results is available
for free at:

                http://ResearchArchives.com/t/s?6f21

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


HANOVER FINANCE: Accuses Allied Farmers of Shifting Blame
---------------------------------------------------------
The National Business Review reports that Hanover Finance has
accused Allied Farmers of blaming others for its own
mismanagement, failing to deliver promises to shareholders and
forcing Matarangi Beach Estates into receivership.

Citing Hanover's statement authorized by Hanover Finance director
David Henry, NBR relates the company said the Allied board had
failed to fulfill their obligations made to investors after taking
over the assets of Hanover last December.

"It is with regret that we have for nearly 12 months now seen the
continued deterioration of the value of the assets transferred
whilst under the management and ownership of Allied," the
statement said.

"Noticeably the promises and commitments made by Allied have
failed to materialize, and these assets seem to have been sold
with urgency to meet the distress in Allied's own financial
position with the obvious adverse consequence to the former
Hanover investors."

Since December Allied Farmers has written the value of the Hanover
loan book from $396 million to $95 million, while posting a loss
of $77.6 million for the year to June 30.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.  Chairman David Henry
said the Allied Farmers' proposal would exchange investors Hanover
Finance's secured deposits and subordinated notes, United
Finance's secured deposits, and Hanover Capital bonds for listed
shares in Allied Farmers issued at market value.

Hanover Finance said in November 2009 that it is no longer likely
to fully repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market.
Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to the New Zealand
Herald.

In December 2009, Hanover investors voted in favor of the Allied
Farmers proposal.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


HANOVER FINANCE: Securities Commission Probe Nearly Completed
-------------------------------------------------------------
The Securities Commission said it has nearly completed its
investigation into Hanover Finance Limited, United Finance Limited
and Hanover Capital Limited.  The commission said the
investigation has been complex and involves a team including
investigators, forensic accountants, financial analysts and
lawyers.

"Commission members, who have been kept informed of progress of
the investigation, will meet before Christmas to decide whether
criminal charges will be laid against directors of the companies,"
the commission said in a statement.

"Although no decision has yet been made, it is likely any charges
will be laid in the New Year," the commission said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.  Chairman David Henry
said the Allied Farmers' proposal would exchange investors Hanover
Finance's secured deposits and subordinated notes, United
Finance's secured deposits, and Hanover Capital bonds for listed
shares in Allied Farmers issued at market value.

Hanover Finance said in November 2009 that it is no longer likely
to fully repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market.
Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to the New Zealand
Herald.

In December 2009, Hanover investors voted in favor of the Allied
Farmers proposal.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


STRATEGIC FINANCE: Offers to Buy Loan Book Fall Short
-----------------------------------------------------
Tim Hunter at BusinessDay.co.nz reports that receivers for
Strategic Finance, which owes debenture holders NZ$367.8 million,
have confirmed their gloomy prognosis of last month with an
estimated recovery of 12 to 35 cents in the dollar, before costs.

BusinessDay.co.nz relates receivers John Fisk and Colin McCloy of
PricewaterhouseCoopers said in their six monthly report filed with
the Companies Office last week that efforts to sell Strategic's
loan book yielded no satisfactory bids and the best option was to
continue managing the loans themselves.

According to BusinessDay.co.nz, the loans were unattractive to
buyers because so many were second mortgages and often went
through Strategic Nominees or Strategic Nominees Australia, which
meant there were co-participants in the lending.

The receivers, BusinessDay.co.nz notes, said the requirement to
work with directors of those companies and other investors, "has
added an additional level of complexity to the receivership."

Directors of the two companies are Kerry Finnigan, Jock Hobbs,
Graham Jackson and Marc Lindale. Co-participants in the nominee
companies are likely to include corporate financier Bank of
Scotland International, BusinessDay.co.nz discloses.

BusinessDay.co.nz says debenture holders have so far received 2
cents in the dollar, representing a total of NZ$7.4 million, paid
out in September.

BusinessDay.co.nz relates receivers said they were committed to
distribute money as it was recovered, but there was considerable
uncertainty over when the next payment would be.  A further report
would be made by January 29, they said.

                       About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ends the moratorium arrangement that has
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone payment on January 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


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


QUEZON POWER: S&P Raises Ratings on Senior Bonds to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its issue rating on the
US$215 million senior secured bond (US$136.5 million outstanding
as at Sept. 30, 2010) issued by Quezon Power (Philippines) Ltd.
Co. to 'B+' from 'B'.  The outlook on the issue rating is stable.

Standard & Poor's raised the rating on Quezon's bonds to reflect
the improving credit profile of Manila Electric Co.
(B+/Stable/--), which buys all of Quezon's power output.  The
rating also reflects the stability of Quezon's operations.

"S&P expects Quezon to maintain its operating stability.  The
utility's low operating costs make it highly competitive.  It also
ensures that Quezon is a preferred dispatcher of electricity in
the Philippines' liberalized wholesale electricity market," said
Standard & Poor's credit analyst Allan Redimerio.


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


LEUN WAH: Creditors Get 0.3776% Recovery on Claims
--------------------------------------------------
Leun Wah Electric Company (Private) Limited will declare the third
and final dividend to creditors on November 24, 2010.

The company will pay 0.3776% to the received claims.

The company's liquidator is Tam Chee Chong.


VALLENT SOFTWARE: Creditors' Proofs of Debt Due December 16
-----------------------------------------------------------
Creditors of Vallent Software System (S) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 16, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



                             *********

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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