TCRAP_Public/101123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 23, 2010, Vol. 13, No. 231

                            Headlines


A U S T R A L I A

ALLIED BRANDS: Administrators Seek to Delay Creditors Meeting
BEACONSFIELD MINE: Averts Administration
CHALLENGE AUSTRALIA: Suppliers Still in Limbo After Administration
STORM FINANCIAL: "Secret Alliance" With Macquarie Revealed


C H I N A

BABY FOX: Reports US$263,400 Net Income in Third Quarter
CHINA LOGISTICS: Earns US$1.7 Million in September 30 Quarter
CHINA TEL: Posts US$1.9 Million Net Loss in Sept. 30 Quarter


H O N G  K O N G

ALL SMART: Court to Hear Wind-Up Petition on January 12
AZICO INTERNATIONAL: Court to Hear Wind-Up Petition on December 15
BUSINESS FULL: Court Enters Wind-Up Order
CARESHIP AVIATION: Court Enters Wind-Up Order
CASSIS LIMITED: Court Enters Wind-Up Order

CLIMAX MARKETING: Court Enters Wind-Up Order
COMPASS VENTURES: Court to Hear Wind-Up Petition on December 8
DE COLOUR: Court Enters Wind-Up Order
DICKSON DESIGN: Creditors Get 32.68% Recovery on Claims
DIORVA GARMENTS: Court Enters Wind-Up Order

OPTIMAL TECHNOLOGY: Commences Wind-Up Proceedings
OXON LIMITED: Creditors' Proofs of Debt Due December 15
PACIFIC UNION: Members' Final Meeting Set for December 13
PENTAX VQ: Creditors' Proofs of Debt Due December 14
PRIME ZONE: Members' Final Meeting Set for December 13

PROTRONIC HK: Members' Final Meeting Set for December 8
RYOBOU INTERNATIONAL: Members' Final Meeting Set for December 13
SIEMENS BUILDING: Creditors' Proofs of Debt Due December 10
TECHNO MOTORCYCLE: Creditors' Proofs of Debt Due December 9
TUCK SHING: Members' Final Meeting Set for December 23


I N D I A

GEETANJALI ISPAT: CRISIL Assigns 'D' Rating to INR56.4MM Term Loan
GRAPHITE TRADELINK: CRISIL Rates INR60 Mil. Cash Credit at 'BB-'
JAPTECH INDUSTRIES: CRISIL Assigns 'BB-' Rating to INR48.1MM Loan
KUMAR COTTON: CRISIL Reaffirms 'B+' Rating on INR38 Million Loan
LUCKY YARN: CRISIL Reaffirms 'D' Rating on INR149 Million LT Loan

MARY MATHA: CRISIL Places 'BB' Rating on INR50MM Cash Credit
MEMBRANE FILTERS: CRISIL Assigns 'BB-' Rating to INR12.8MM Loan
NULUX ENGINEERS: CRISIL Rates INR90MM Packing Credit Debt at 'P4'
SHRIKISHAN AND CO: CRISIL Places 'BB+' Rating on INR7.5MM Debt
SUMITA TEX: CRISIL Upgrades Rating on INR260MM Term Loan to 'BB+'

* INDIA: Microfinance Firms Likely to Collapse Amid Clampdown


J A P A N

JAPAN AIRLINES: Reaches Deal With Lenders on JPY284.9BB Loans
PIONEER CORP: S&P Changes Outlook to Positive; Affirms 'B+' Rating


N E W   Z E A L A N D

PLACE ON THE HILL: Investigators Unable to Find Bankrupt Director


S I N G A P O R E

AMARU INC: Posts US$112,400 Net Loss in September 30 Quarter
IBSA SINGAPORE: Creditors' Proofs of Debt Due December 18
IPACS COMPUTER: Creditors Get 0.20% Recovery on Claims
SAMPOERNA PACKAGING: Creditors' Proofs of Debt Due December 18
XN ASIA: Creditors Get 0.653% Recovery on Claims


T A I W A N

QUANTA COMPUTER: Fitch Affirms 'BB' Issuer Default Ratings


X X X X X X X X

* BOND PRICING: For the Week November 15 to November 19, 2010




                            - - - - -


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


ALLIED BRANDS: Administrators Seek to Delay Creditors Meeting
-------------------------------------------------------------
The Sydney Morning Herald reports that administrators for Allied
Brands Ltd on Monday asked the Queensland Supreme Court to delay a
second creditors meeting to January 19 to allow a more thorough
investigation of the food franchisor's affairs.

Administrators Peter Dinoris and Peter Biazos, of Vincents
Chartered Accountants, said they needed more time to investigate
Allied Brands' business operations before making recommendations
to creditors over the fate of the company, according to SMH.

SMH notes that Mr. Dinoris and Mr. Biazos held a first meeting of
creditors on November 8 and conducted preliminary investigations
into Allied Brands' business.

The administrators, as cited by SMH, said the investigations to
date have revealed the company's affairs are intertwined with
Allied Brands Group, which, in turn, has around 26 subsidiaries
from which numerous inter-company transactions and loans have
ensued.

A second creditors' meeting to determine the fate of Allied Brands
is due by December 1.

But given the size and complexity of the administration generally,
it was in creditors' interests that this be postponed until
January 19, 2011, the administrators said, according to SMH.

"An extension of time will enable us to properly investigate and
understand the business and affairs of ABQ (Allied Brands Ltd)
which in turn will allow us to maximise ABQ's prospects of
continuing in existence and provide more informed recommendations
to creditors at the second meeting," SMH quoted the administrators
as saying.

According to SMH, creditors would be asked to decide whether
Allied Brands should be wound up, be returned to the control of
directors, or execute a deed of company arrangement that includes
a creditors' trust.

Administrators' investigations to date have found around 70
ordinary unsecured creditors, 30 priority unsecured creditors and
four secured creditors together owed around $19 million, SMH adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, SmartCompany said Allied Brands Ltd. was placed in
voluntary administration on October 27, 2010.  Peter Dinoris and
Peter Biazos of Vincents Chartered Accountants have been appointed
as joint administrators, although chief executive Sean Corbin said
not all of the company's subsidiaries have been placed in
administration at this stage.  Allied Brands, which saw its Cookie
Man chain placed in liquidation in September and then last month
lost the Australian franchise rights to the Baskin-Robbins brand,
has only a few remaining brands: Villa & Hut, which founder Franz
Madlener is trying to buy back; Kenny's Cardiology, which is also
close to being sold; and Awesome Water, which is still operating.

Allied Brands's major lender, Westpac, also last month appointed
receivers and managers from McGrath Nicol to two Allied Brands
subsidiaries -- Allied Brands Service and Allied Brands Finance.

                        About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


BEACONSFIELD MINE: Averts Administration
----------------------------------------
Joel Scanlon at AZO Mining reports that Beaconsfield gold mine has
managed to avert being sent into administration as its main money
lender Minemakers threatened to revoke its AU$8.5 million loan.

According to AZO Mining, Minemakers was unhappy with the debt
levels of the Tasmanian mine and wanted restructuring.

AZO Mining notes that the owners of Beaconsfield gold mine, BCD
Resources along with a consortium of shareholders and contractors
have managed to raise AU$6 million in cash to avoid this from
happening.  AZO Mining relates that they will receive shares in
the company in return.

Minemakers, AZO Mining says, shall also get shares in return for
its AU$8.5 million loan.  AZO Mining relates that this would give
it a 45% stake in BCD Resources.

AZO Mining discloses that they expect the mine to start making
money by early 2011 to alleviate the situation.  The loan was
provided after a merger with Bendigo Mining did not materialize as
planned, AZO Mining notes.

AZO Mining relates Bill Colvin, the Chief Executive Officer of BCD
Resources, said that the latest arrangement would end two months
of financial instability after the failed merger.

AZO Mining says that the current deal has saved the jobs of about
200 mine workers and contractors in the mine.  Workforce may still
be reduced to make the mine profitable again, the report adds.

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


CHALLENGE AUSTRALIA: Suppliers Still in Limbo After Administration
------------------------------------------------------------------
Helena Bogle at Farm Weekly reports that Challenge Dairy
Cooperative suppliers are still in limbo after Challenge Australia
Dairy went into voluntary administration last month.  The report
relates that dairy farmers throughout the South West hope the
situation will be resolved this week because they are struggling
to operate under the conditions.

According to Farm Weekly, many co-op suppliers haven't been paid
since CAD went into administration and are waiting to hear from
the milk processor about future arrangements.

Farm Weekly notes that CAD met with the creditors, administrators
and receivers to discuss the current situation.  Farm Weekly
relates that major creditors of the company, apart from the debt
owed to NAB, are CAD's shareholders, Challenge Dairy Co-operative
and QAF limited.

Jared Palandri, senior manager with administrators PPB (WA), said
CAD owed the co-op AU$3.43 million for milk supply, Farm Weekly
says.

Mr. Palandri said there were still a number of interested parties
looking at acquiring the business, but declined to name them, Farm
Weekly adds.

Challenge Australia Dairy is a Western Australian processor.


STORM FINANCIAL: "Secret Alliance" With Macquarie Revealed
----------------------------------------------------------
The Sydney Morning Herald reports a secret alliance was forged
between Macquarie Bank and Storm Financial Ltd, documents have
revealed.

SMH says revelations about the existence of Macquarie's formal
"alliance document" with Storm raise fresh questions about the
level of the bank's responsibility in the disaster that engulfed
the financial planner.

The issue of bank responsibility in Storm's collapse will be aired
on Wednesday, when the Australian Securities and Investments
Commission makes a statement after almost two years of
investigations into the collapse, SMH discloses.

According to SMH, the December 2004 Macquarie document titled
"Working in alliance" contrasts with statements made by the bank's
chief executive, Richard Sheppard, that there was only an arm's
length relationship between the companies.

SMH relates the 13-page document spells out special conditions
extended to Storm by Macquarie's margin lending division.  These
conditions, SMH notes, included a commitment by Macquarie not to
communicate with Storm clients unless mutually agreed, and
generous margin loan concessions that made the loans more risky.

According to SMH, a spokeswoman for Macquarie said the document
was never signed by the parties.  She said the principal terms of
the relationship had been aired in Macquarie's contributions to a
parliamentary inquiry into Storm last year.

SMH reports that the existence of an "alliance document" was not
revealed to the parliamentary inquiry.  Many of the 1,050 Storm
investors in Macquarie margin loans have complained they never
received a margin call when the market fell sharply in late 2008.

The report notes Mr. Sheppard has denied there were any systemic
issues in Macquarie's response to Storm Financial.  The bank has
refused to follow the path of other banks in adopting a Storm
resolution scheme.

SMH relates a solicitor examining a class action against Macquarie
in relation to Storm, Stewart Levitt, said his clients' argument
was banks had worked with Storm against the customers' interests.
"There was a massive conflict of interest whereby margin lenders'
primary alliance was with Storm, not with their customers."

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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C H I N A
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BABY FOX: Reports US$263,400 Net Income in Third Quarter
--------------------------------------------------------
Baby Fox International, Inc., filed its quarterly report on Form
10-Q, reporting net income of $263,382 on $5.25 million of total
net sales for the three months ended Sept. 30, 2010, compared with
a net loss of $737,971 on $5.35 million of total nets sales for
the same period a year ago.

The Company's balance sheet at Sept. 30, 2010, showed
$12.29 million in total assets, $18.26 million in current
liabilities, $810,160 in long-term debt, and a stockholders'
deficit of $6.78 million.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6efc

                   About Baby Fox International

Shanghai Minhang District, P.R.C.-based Baby Fox International,
Inc., is a Nevada corporation organized on August 13, 2007, by
Hitoshi Yoshida, a Japanese citizen, as a listing vehicle to
acquire Shanghai Baby Fox Fashion Co., Ltd.  The Company is a
growing specialty retailer, developer, and designer of
fashionable, value-priced women's apparel and accessories.  The
Company's products are aimed to target women aged 18 to 40 in
China.  The Baby Fox brand was initially registered in Italy in
May of 2003 and it is promoted as an international brand in China.

Friedman LLP, in Marlton, N.J., expressed substantial doubt about
the Company's ability as a going concern.  The independent
auditors noted of the Company's losses, negative cash flows from
operations and working capital deficiency.


CHINA LOGISTICS: Earns US$1.7 Million in September 30 Quarter
-------------------------------------------------------------
China Logistics Group, Inc., filed its quarterly report on Form
10-Q, reporting net income of $1.7 million on $6.9 million of
sales for the three months ended September 30, 2010, compared with
net income of $253,759 on $5.8 million of sales for the same
period last year.  The increase in net income for the quarter was
mainly due to $1.6 million of other income, partially offset by a
$234,797 reduction in operating income.

Net income totaled $696,060 for the first nine months of 2010
compared to the net income of $3.4 million for the same period of
2009.  The Company reported a loss from operations of $422,687 for
the first nine months of 2010, compared to a loss of $54,335 for
the same period of 2009.

The Company's balance sheet at September 30, 2010, showed
$8.2 million in total assets, $6.4 million in total liabilities,
and stockholders' equity of $1.8 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Lake & Associates CPA's LLC expressed substantial doubt about the
Company's ability to continue as a going concern, based on the
Company's recurring losses from operations, limited working
capital, an accumulated deficit and the Company's ability to pay
disgorgement to the Securities and Exchange Commission if it
prevails in its case against the Company.

The Securities and Exchange Commission is seeking disgorgement
from the Company of $1,078,490 and this amount has not been
accrued as of December 31, 2009.  The SEC's motion alleged that as
a result of a fraudulent arrangement between the Company and Mr.
David Aubel, previously the Company's largest shareholder and
formerly a consultant to the Company, he was permitted to convert
his loans to the Company's common stock at $0.01 per share which
allowed the Company to benefit by writing off $931,000 in debt it
owed to Mr. Aubel.

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

               http://researcharchives.com/t/s?6f24

                      About China Logistics

Based in Shanghai, China Logistics Group, Inc. (OTC BB: CHLO) is a
Florida corporation doing business in China through its 51%
ownership in its subsidiary Shandong Jiajia International Freight
& Forwarding Co., Ltd.  Established in 1999, Shandong Jiajia is an
international freight forwarder and logistics manager located in
China.  Shandong Jiajia acts as an agent for international freight
and shipping companies.  It sells cargo space and arranges land,
maritime, and air international transportation for clients seeking
primarily to export goods from China.

Shandong JiaJia has branch offices in major seaport cities in
China including Shanghai, Qingdao, Xiamen, and Lianyungang.


CHINA TEL: Posts US$1.9 Million Net Loss in Sept. 30 Quarter
------------------------------------------------------------
China Tel Group Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $1.93 million on $270,298 of revenues for
the three months ended Sept. 30, 2010, compared with a net loss of
$12.29 million on $258,528 of revenues for the same period a year
ago.

The Company's balance sheet at Sept. 30, 2010, showed
$8.69 million in total assets, $9.84 million in total liabilities,
and a stockholders' deficit of $1.14 million.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6ef3

Mendoza Berger & Company, LLP, in Irvine, Calif., 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 has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

                         About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.


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


ALL SMART: Court to Hear Wind-Up Petition on January 12
-------------------------------------------------------
A petition to wind up the operations of All Smart Enterprises
Limited will be heard before the High Court of Hong Kong on
January 12, 2011, at 9:30 a.m.

Citydragon Resources Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Lam & Co.
          Room A, 19th Floor
          Harbour Commercial Building
          Nos. 122-124 Connaught Road
          Central, Hong Kong


AZICO INTERNATIONAL: Court to Hear Wind-Up Petition on December 15
------------------------------------------------------------------
A petition to wind up the operations of Azico International
(Hong Kong) Limited will be heard before the High Court of
Hong Kong on December 15, 2010, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company.

The Petitioner's Solicitors are:

          Stephen Mok & Co.
          21st Floor, Gloucester Tower
          The Landmark
          No. 15 Queen's Road
          Central, Hong Kong


BUSINESS FULL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on November 5, 2010,
to wind up the operations of Business Full Enterprises Limited.

The company's liquidator is:

          Mat Ng
          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


CARESHIP AVIATION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on November 10, 2010,
to wind up the operations of Careship Aviation Limited.

The official receiver is E T O'Connell.


CASSIS LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on November 2, 2010,
to wind up the operations of Cassis Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CLIMAX MARKETING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on September 28,
2010, to wind up the operations of Climax Marketing Company
Limited.

The company's liquidator is Bruno Arboit.


COMPASS VENTURES: Court to Hear Wind-Up Petition on December 8
--------------------------------------------------------------
A petition to wind up the operations of Compass Ventures Group
Limited will be heard before the High Court of Hong Kong on
December 8, 2010, at 9:30 a.m.

Samuel Bar-Or filed the petition against the company.

The Petitioner's Solicitor is:

          DLA Piper Hong Kong
          17th Floor, Edinburgh Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


DE COLOUR: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 17,
2010, to wind up the operations of De Colour Ad Limited.

The company's liquidator is Bruno Arboit.


DICKSON DESIGN: Creditors Get 32.68% Recovery on Claims
-------------------------------------------------------
Dickson Design Services Limited, which is in liquidation, declared
the preferential dividend to its creditors on November 19, 2010.

The company paid 32.68% for ordinary claims.

The company's liquidator is:

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


DIORVA GARMENTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on October 7, 2010,
to wind up the operations of Diorva Garments Limited.

The company's liquidator is Bruno Arboit.


OPTIMAL TECHNOLOGY: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Optimal Technology Limited, on November 5, 2010, passed
a resolution 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


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

The company commenced wind-up proceedings on November 2, 2010.

The company's liquidator is:

         Lam Yat Chung
         9A, Crawford Tower
         99 Jervois Street
         Sheung Wan
         Hong Kong


PACIFIC UNION: Members' Final Meeting Set for December 13
---------------------------------------------------------
Members of Pacific Union Management Limited will hold their final
general meeting on December 13, 2010, at 10:30 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.


PENTAX VQ: Creditors' Proofs of Debt Due December 14
----------------------------------------------------
Creditors of Pentax VQ Co., Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 14, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Darach Eoghan Haughey
         Lai Kar Yan Derek
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


PRIME ZONE: Members' Final Meeting Set for December 13
------------------------------------------------------
Members of Prime Zone Investments Limited will hold their final
meeting on December 13, 2010, at 10:00 a.m., at 3rd Floor, One
Island East, 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Chan On Ki and Wong Yuk Ying, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PROTRONIC HK: Members' Final Meeting Set for December 8
-------------------------------------------------------
Members of Protronic HK Limited will hold their final meeting on
December 8, 2010, at 10:00 a.m., at 4407, 44/F., Hopewell Centre,
183 Queen's Road East, Wan Chai, in Hong Kong.

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


RYOBOU INTERNATIONAL: Members' Final Meeting Set for December 13
----------------------------------------------------------------
Members of Ryobou International Limited will hold their final
general meeting on December 13, 2010, at 11:00 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.


SIEMENS BUILDING: Creditors' Proofs of Debt Due December 10
-----------------------------------------------------------
Creditors of Siemens Building Technologies (Hong Kong/China)
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by December 10, 2010, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on October 29, 2010.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


TECHNO MOTORCYCLE: Creditors' Proofs of Debt Due December 9
-----------------------------------------------------------
Creditors of Techno Motorcycle Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 9, 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:

         Lau Chung Sun
         Unit 901, 9th Floor
         Omega Plaza, 32 Dundas Street
         Kowloon, Hong Kong


TUCK SHING: Members' Final Meeting Set for December 23
------------------------------------------------------
Members of Tuck Shing Fat Company Limited will hold their final
general meeting on December 23, 2010, at 12:00 p.m., at 10/F.,
Dawning House, No. 145-6 Connaught Road Central, in Hong Kong.

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


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GEETANJALI ISPAT: CRISIL Assigns 'D' Rating to INR56.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Geetanjali Ispat and Powers
Pvt Ltd's bank facilities.  The rating reflects delay by GIPL in
servicing its term loan; the delay has been caused by GIPL's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR65.5 Million Cash Credit Limit   D (Assigned)
   INR56.4 Million Term Loan           D (Assigned)

GIPL's weak financial risk profile is marked by weak debt
protection metrics, moderate gearing, and small net worth. The
company's margins are vulnerable to volatility in raw material
price fluctuations.

Set up in 2003 by Mr. S R Sahoo, GIPL manufactures sponge iron and
ingots at its facilities in Bilaspur (Chhattisgarh).  The company
commenced commercial production in June 2005 and ingots in
October 2009.  The plant has an annual capacity of producing
around 100 tonnes per day of sponge iron and around 70 tonnes per
day of ingots.


GRAPHITE TRADELINK: CRISIL Rates INR60 Mil. Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Graphite Tradelink
Pvt Ltd's cash credit facility.

   Facilities                   Ratings
   ----------                   -------
   INR60 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects Graphite Tradelink's exposure to small scale
of operations and geographical and customer concentration in
revenues, and expected decline in its financial risk profile over
the medium term.  These rating weaknesses are partially offset by
Graphite Tradelink's moderate business risk profile backed by its
promoters' industry experience.

Outlook: Stable

CRISIL believes that Graphite Tradelink will maintain its moderate
business risk profile over the medium term backed by its moderate
presence in the men's apparel segment in West Bengal.  However,
the company's financial risk profile is expected to remain under
pressure over the medium term on account of its small net worth
and limited financial flexibility.  The outlook may be revised to
'Positive' in case of considerable improvement in the company's
financial risk profile driven by a more-than-expected increase in
its net margin and revenues.  Conversely, the outlook may be
revised to 'Negative' in case of significant debt-funded capital
expenditure or acquisitions or in case of any diversification into
unrelated businesses.

                      About Graphite Tradelink

Set up as a proprietorship concern, Skyline Garments, in 2006, and
reconstituted as a closely held company with the current name in
June 2010 by Mr. Arnab Ghosh and Mr. Debdulal Sarkar, Graphite
Tradelink manufactures garments for men under the Skyline brand.
The company has capacity of around 80,000 pieces per month with
manufacturing facilities in Sodepur and Behala (West Bengal).


JAPTECH INDUSTRIES: CRISIL Assigns 'BB-' Rating to INR48.1MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of M/s. Japtech Industries.

   Facilities                          Ratings
   ----------                          -------
   INR62.50 Million Cash Credit        BB-/Stable (Assigned)
   INR48.10 Million Long-Term Loan     BB-/Stable (Assigned)
   INR14.40 Million Proposed LT Bank   BB-/Stable (Assigned)
            Loan Facilities
   INR20.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect JAP's exposure to risks related to customer
concentration in revenue profile. The impact of this rating
weakness is mitigated by the benefits that JAP derives from its
promoters' experience in the auto sheet metal press parts
business, and healthy demand outlook for automobile components.

Outlook: Stable

CRISIL believes that JAP will continue to benefit from its
promoters' experience in the automobile components industry and
healthy customer relationships. The outlook may be revised to
'Positive' if JAP improves its financial risk profile, mostly
likely because of higher-than-expected growth in revenues and
earnings, while maintaining its gearing and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
JAP's debt protection metrics deteriorate materially because of
lower-than-expected revenues and earnings, or larger-than-
expected, debt-funded capital expenditure.

                      About Japtech Industries

Set up in 1988 as a partnership firm by the Pune (Maharashtra)-
based Agarwal family, JAP manufactures auto sheet metal press
parts. The firm has a diverse product portfolio of around 550
components used in different types of vehicles.  JAP's clientele
includes auto companies such as Tata Motors Ltd (Crisil rated AA-
/Stable/P1+), Asia Motor Works Ltd, and Tata Marcopolo Motors Ltd,
besides major tier 1 auto ancillary companies such as Tata
Johnsons Controls Automotive Ltd (Crisil rated AA-/Stable) and
Autocomp Corporation Panse Pvt Ltd. JAP has six manufacturing
units located in and around Pune, and one unit at Jamshedpur
(Jharkhand).

JAP reported a profit after tax (PAT) of INR21.7 million on net
sales of INR794.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.6 million on net sales
of INR498.3 million for 2008-09.


KUMAR COTTON: CRISIL Reaffirms 'B+' Rating on INR38 Million Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'B+/Stable' on the bank
facilities of Kumar Cotton Mills Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR38.0 Million Long-Term Loan    B+/Stable (Reaffirmed)
   INR70.0 Million Cash Credit       B+/Stable (Reaffirmed)
   INR3.0 Million Proposed LT Bank   B+/Stable (Reaffirmed)
                     Loan Facility

The rating continues to reflect Kumar Cotton's weak financial risk
profile, marked by high gearing, low net worth, and weak debt
protection measures; exposure to risks relating to intense
competition in the grey fabric dyeing industry; and large working
capital requirements.  These weaknesses are, however, partially
offset by the benefits that Kumar Cotton derives from its
promoters' experience in the dyeing and printing industry.

CRISIL believes that Kumar Cotton's business and financial risk
profile will continue to remain weak over the medium term, as a
result of its small scale of operations and intense competition.
The outlook may be revised to 'Positive' if the company's revenues
and operating profitability increase significantly with the
addition of new hosiery line, or if the company's net worth
improves significantly on the back of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
the company's profitability declines significantly or if the
company undertakes larger than expected debt funded capex which
leads to deterioration in its capital structure and debt
protection measures.

                        About Kumar Cotton

Set up in 1990 as a private limited company, Kumar Cotton is in
the business of dyeing of grey fabrics.  The company also
undertakes job work of dyeing fabrics from local textile companies
and has an installed capacity of dyeing 30 million meters per
annum.  The company is also expanded its capacity by adding a new
hosiery line with an annual capacity of around 6 million meters
per annum at an estimated cost of around INR100 million; it is
expected to be in operation by end of October 2010.  The company
is managed by Mr. Rajendraprasad Agarwal, who has a vast
experience of around 30 years in the textile industry.

Kumar Cotton reported a net profit of INR1.7 million on net sales
of INR533.5 million for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR2.4 million on net sales of
INR335.6 million for 2008-09.


LUCKY YARN: CRISIL Reaffirms 'D' Rating on INR149 Million LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lucky Yarn Tex India
Ltd continue to reflect delays by LYTIL in servicing its term loan
obligations; the delays have been caused by LYTIL's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR149.0 Million Long-Term Loan     D (Reaffirmed)
   INR40.0 Million Cash Credit         D (Reaffirmed)
   INR3.3 Million Bank Guarantee       P5 (Reaffirmed)
   INR20.0 Million Letter of Credit    P5 (Reaffirmed)

LYTIL has a weak financial risk profile marked by high gearing and
weak debt protection measures and is exposed to risks relating to
small scale of operations and the fragmented nature of the cotton
yarn and fabrics industry. The company, however, benefits from the
extensive experience of its promoters in the same industry.

                         About Lucky Yarn

Set up in September 2006 by Mr. G. Rajamanickam, LYTIL
manufactures hank yarn, hosiery yarn, and grey fabric.  The
company's facility at Thiruchengodu (Tamil Nadu) has a capacity of
26,000 spindles and 34 power looms.  Its spinning division started
commercial operations in October 2008.

LYTIL posted a profit after tax (PAT) of INR8.80 million on net
sales of INR228.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.12 million on net
sales of INR53.0 million for 2008-09.


MARY MATHA: CRISIL Places 'BB' Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Mary Matha Construction Company.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Cash Credit        BB/Stable (Assigned)
   INR300.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect small scale of operations, its working-
capital-intensive operations, and its exposure to risks related to
intense competition in the civil construction industry.

These weaknesses are partially offset by the company's above-
average financial risk profile, marked by average gearing and
robust debt protection measures, and the extensive experience of
MMCC's promoters in the civil construction business.

Outlook: Stable

CRISIL believes that MMCC will continue to benefit over the medium
term from its healthy order book position and established customer
relationships. The outlook may be revised to 'Positive' if MMCC
diversifies its revenue profile while maintaining its operating
margin. Conversely, the outlook may be revised to 'Negative' if
MMCC's profitability declines, or if the firm contracts a larger-
than-expected debt-funded capital expenditure.

                         About Mary Matha

Set up in 1999 as a partnership firm, MMCC undertakes civil
construction activities primarily in Kerala.  MMCC is a
specialized player in executing projects, primarily related to
water treatment plants, water storage tanks, and harbours.  It
also undertakes projects related to roads, bridges and canals.
The firm is a Class A contractor for Water Resources Department
(Kerala) and Irrigation Department of Kerala.

MMCC reported a profit after tax (PAT) of INR12 million on net
sales of INR250 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR16 million on net sales
of INR366 million for 2008-09.


MEMBRANE FILTERS: CRISIL Assigns 'BB-' Rating to INR12.8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Membrane
Filters (India) Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR103.00 Million Cash Credit       BB-/Stable (Assigned)
   INR12.80 Million Term Loan          BB-/Stable (Assigned)
   INR1.20 Million Proposed LT Bank    BB-/Stable (Assigned)
                                       Loan Facility
   INR113.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect MFIPL's less-than-adequate liquidity because
of large working capital requirements resulting from delays in
collection of receivables from the government sector, and expected
pressure on the company's financial risk profile because of large
working capital requirements. The ratings also factor in the
company's limited track record in delivering large-scale orders,
and client concentration in its revenue profile. These rating
weaknesses are partially offset by MFIPL's sizeable order book,
and its promoter's experience in the water filter segment.

Outlook: Stable

CRISIL believes that MFIPL's credit risk profile will remain
constrained over the medium term by its working capital
requirements. However, pressure on MFIPL's liquidity is mitigated
by concrete credit terms and receipt of advance money for its
ongoing project for the Government of Bihar (GoB).  MFIPL will
also continue to benefit from its promoter's industry experience
and its sizeable order book.  The outlook may be revised to
'Positive' if MFIPL increases its cash accruals and manages its
working capital efficiently, resulting in an improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile and liquidity deteriorate,
most likely because of large incremental working capital
requirements or substantial debt-funded capex.

                       About Membrane Filters

MFIPL assembles water purifiers, and designs and manufactures
membranes used in water purifiers.  The company assembles water
purifiers of 16 variants, with capacities ranging from 100 litres
per hour (lph) to 2000 lph.  These filters do not require power,
but use cartridges and membranes for filtration.  MFIPL caters
primarily to the government and institutional sectors. Its current
manufacturing unit in Pune (Maharashtra) is located on rented
premises.  The company is setting up a unit on its own land, at a
total capex of INR55 million. MFIPL, through its joint venture
with Pratibha Industries Ltd (PIL), is currently executing a
INR1.58-billion dinking water project for GoB. MFIPL's share of
the order is INR775 million, and the project is expected to be
completed by September 2011.

MFIPL reported a profit after tax (PAT) of INR5.0 million on net
sales of INR58.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR42.7 million for 2008-09.


NULUX ENGINEERS: CRISIL Rates INR90MM Packing Credit Debt at 'P4'
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facility of Nulux
Engineers.

   Facilities                              Ratings
   ----------                              -------
   INR90.0 Million Export Packing Credit   P4 (Assigned)

The rating reflects Nulux's average financial profile marked by
large working capital requirements and small net worth, and small
scale of operations.  These rating weaknesses are partially offset
by Nulux's established market position in the machine tools
trading segment in African market and its efficient inventory
management.

Nulux was established as a partnership firm by Late Mr. Krishanlal
Puri in 1977.  His son, Mr. Dinesh Puri joined the firm in 1981.
The firm trades in various machine tools and products such as
diesel engines, grinding mills, water pumps, and alternators.  The
firm also undertakes certain value-addition activities such as
testing, painting, and packaging of spare parts.  In 2010, the
firm started a new vertical of trading in household goods such as
refrigerators and fans.

Nulux procures products from suppliers in India and countries such
as China, Japan, and Thailand and exports it to Africa. The
company derives a large proportion of its sales from Krishan
Nigeria Ltd (KNL) & Nulux Nigeria Ltd (NNL), group companies based
in Nigeria.

Nulux reported a profit after tax (PAT) of INR8.7 million on net
sales of INR225.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR190.7 million for 2008-09.


SHRIKISHAN AND CO: CRISIL Places 'BB+' Rating on INR7.5MM Debt
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Shrikishan and Company.

   Facilities                       Ratings
   ----------                       -------
   INR7.5 Million Cash Credit       BB+/Stable (Assigned)
   INR120 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect the segmental and geographic concentration in
SKC's revenue profile, and its small scale of operations and net
worth.  These weaknesses are partially offset by SKC's comfortable
financial risk profile, marked by healthy debt protection metrics
and low gearing.

Outlook: Stable

CRISIL expects SKC to benefit over the medium term from its
promoters' established presence in the civil construction industry
and its strong order book position. The outlook may be revised to
'Positive' if SKC strengthens its business risk profile by
increasing the diversification of its revenue profile. Conversely,
the outlook may be revised to 'Negative' in case of any large,
debt-funded capital expenditure or acquisition plan, or
significant withdrawals of capital, leading to deterioration in
the firm's liquidity and consequently, its financial risk profile.

                    About Shrikishan and Company

SKC, set up in 1994 by Mr. Sushil Agrawal, undertakes civil
construction work.  While the firm has undertaken a few bridge and
canal construction projects, 90 per cent of its revenues are
derived from road construction.  The firm undertakes civil
construction activities in Chhattisgarh and Orissa.  The firm is
registered with the Government of Chhattisgarh as an A5 class
contractor and with the Government of Orissa as a Special class
contractor.  The day-to-day operations of the firm are looked
after by Mr. Sushil Agrawal, who has around 20 years' experience
in civil construction.  SKC plans to purchase construction
equipment of INR30 million to INR40 million over the medium term,
to be funded through an equipment finance loan equal to 90 per
cent of equipment cost.

SKC's profit after tax (PAT) and net sales are estimated to be
INR19.5 million and INR380.9 million respectively for 2009-10,
against a PAT of INR34.9 million on net sales of INR718.7 million
reported for 2008-09.


SUMITA TEX: CRISIL Upgrades Rating on INR260MM Term Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sumita Tex Spin Pvt Ltd to 'BB+/Stable' from 'BB/Stable' and has
reaffirmed its rating on the company's short-term facilities at
'P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR260 Million Term Loan         BB+/Stable (Upgraded from
                                                'BB/Stable')

   INR250 Million Cash Credit       BB+/Stable (Upgraded from
                                                 'BB/Stable')

   INR60 Million Letter of Credit   P4+ (Reaffirmed)

   INR30 Million Bank Guarantee     P4+ (Reaffirmed)

The upgrade has been driven by improvement in Sumita's performance
in 2009-10 (refers to financial year, April 1 to March 31).
Sumita's sales have increased substantially in 2009-10, driven by
additional revenues from its enhanced capacities. Its capacity
increased to 40,000 tonnes per annum (tpa) as on March 31, 2010
from 26,500 tpa as on March 31, 2008.  The company reported year-
on-year revenue growth of around 25 per cent in 2009-10 to
Rs.2.2 billion. CRISIL believes that Sumita will generate revenues
of more than INR3.0 billion in 2010-11, supported by 15,000 tpa of
additional capacity expected to be commissioned by October 2010
and improving demand for texturised yarn.

The ratings reflect Sumita's average financial risk profile marked
by modest debt protection metrics. The ratings also reflect the
company's exposure to risks related to its limited pricing power
and its commodity-like product. These rating weaknesses are
partially offset by Sumita's established market position in the
texturised yarn segment.

Outlook: Stable

CRISIL believes that Sumita will maintain its robust revenue
growth over the medium term, supported by its increased capacity.
The outlook may be revised to 'Positive' if Sumita reports more-
than-expected revenues and profitability and if its debt
protection metrics and gearing improve significantly. Conversely,
the outlook may be revised to 'Negative' if the company's
profitability declines sharply, resulting in lower-than-expected
cash accruals.

                         About Sumita Tex

Sumita manufactures texturised yarn from partially oriented yarn.
The company was promoted by the Mumbai-based Mr. O P Poddar in
1982 and has a manufacturing unit in Silvassa (Union Territory of
Dadra and Nagar Haveli).  The promoters have been in textile
business for more than 30 years. Sumita has been expanding its
capacity over the past four years, and its capacity is expected to
increase to 55,000 tpa by October 2010.

Sumita reported a profit after tax (PAT) of INR34.4 million on net
sales of INR2153.1 million for 2009-10, against a PAT of INR30.1
million on net sales of INR1714.5 million for 2008-09.


* INDIA: Microfinance Firms Likely to Collapse Amid Clampdown
-------------------------------------------------------------
Yoolim Lee and George Smith Alexander at Bloomberg News report
that a quarter of Indian microfinance companies may fail after a
clampdown last month in their biggest market pared debt payments
and curtailed bank financing.

N. Srinivasan, who consults on the industry for the World Bank,
told Bloomberg that as many as 60 to 70 of India's 260
microfinance institutions are likely to collapse in coming months
as banks halt lending to them to curb risks.  That would have a
"devastating effect" on the poorest customers in remote regions,
N. Srinivasan said, according to Bloomberg.

Bloomberg discloses that lending and collections by micro-lenders
have come to a near-standstill in Andhra Pradesh state after the
government legislated new norms last month amid a public outcry
following suicides by borrowers unable to repay loans.  Bloomberg
says the failure of the microfinance companies, which typically
offer credit from $100, may force the poor to turn to local
moneylenders who charge more.

Andhra Pradesh, the largest market for most micro-lenders, on
Oct. 15 capped interest rates that companies can charge and
ordered them to collect payments monthly rather than weekly,
Bloomberg says.  It also barred them from using coercive measures
to force borrowers to repay debt, the report relates.

According to Bloomberg, the move led to a slump in micro-lenders'
cash flows, strained capital levels and spooked banks, which
account for most of their funding needs.  Vijay Mahajan, head of a
lobbying group that represents about 44 micro-lenders, said
Nov. 16 that microfinance companies are seeking INR10 billion from
banks for a liquidity fund, Bloomberg reports.

Bloomberg says the new rules sent shares of SKS Microfinance Ltd.,
the largest such lender in the nation, plummeting 47 percent
before Chairman Vikram Akula said on Nov. 19 that the firm had
received bank funding and didn't have a cash shortage.  The
comments helped shares of SKS, more than a quarter of whose loans
are in Andhra Pradesh, rally 5.4 percent that day, Bloomberg adds.


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


JAPAN AIRLINES: Reaches Deal With Lenders on JPY284.9BB Loans
-------------------------------------------------------------
Japan Airlines Corp. on Friday reached a basic agreement with its
major creditor banks on new loans of JPY284.9 billion, moving
another step toward reconstruction as it undergoes court-
administered rehabilitation, Kyodo News reports citing sources
familiar with the matter.

Kyodo News says the airline's rehabilitation plan is expected to
gain approval from the Tokyo District Court by the end of this
month as banks and other creditors are almost certain to give the
nod to the plan through postal voting.

But the airline's management will likely continue to face such
unsolved issues as boosting its financial base through increasing
capital and handling the forcible dismissal of its pilots and
cabin attendants after its voluntary retirement program failed to
meet its job reduction target, Kyodo News states.

According to Kyodo News, the airline is expected to receive the
loans by the end of March next year after reaching the basic
accord on the new loan with the banks, including the governmental
Development Bank of Japan.

Kyodo News says JAL had planned to borrow JPY319.2 billion from
the major creditor banks to offset all existing debts including
those owed to smaller banks.

But in the face of opposition from the major creditor banks that
have been forced to waive massive loans to JAL, the airline has
changed its policy and asked the banks to provide JPY284.9 billion
in new loans, Kyodo News adds.

JAL also made about JPY10 billion of the loans subject to official
guarantee and shortened the period of lending to two years in
principle in a bid to secure agreement from the banks, the report
notes.

                        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.


PIONEER CORP: S&P Changes Outlook to Positive; Affirms 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from stable
the outlook on its long-term corporate credit rating on Pioneer
Corp.  The action reflects S&P's view that Pioneer's
creditworthiness is likely to improve in light of its stabilized
business performance and steady progress in asset sales, which it
had planned in the beginning of fiscal 2010 (ending March 31,
2011).  At the same time, S&P affirmed its 'B+' long-term
corporate credit and senior unsecured ratings on Pioneer.

Pioneer has carried out large-scale structural reforms, such as
trimming its domestic and overseas production and sales systems
and slashing a sizable number of personnel.  In fiscal 2009 (ended
March 31, 2010), it completely withdrew from the plasma TV
business, a segment that had been bleeding substantial losses.  As
a result, the company secured operating profits for four
consecutive quarters until September 2010.  The company expects to
post a net profit for fiscal 2010; it would be Pioneer's first net
profit in seven fiscal years.  Both of the company's mainstay
businesses, the car electronics business and the home electronics
business, are expected to turn profitable in fiscal 2010.
Furthermore, Standard & Poor's believes that uncertainties over
the company's short-term liquidity have diminished.  This is
because Pioneer's sales of assets, including its headquarters
building, are progressing as planned, and S&P believes that
financial institutions are maintaining a supportive stance toward
the company.  Overall, the company's structural reforms, including
cuts in fixed expenses, have improved the company's business base.
Therefore, S&P considers that the company will be able to maintain
the improving trend in its earnings performance and cash flow.

On the other hand, however, the company's business faces difficult
external conditions, such as the yen's historically high levels
against major currencies and stagnant demand in developed markets.
Accordingly, S&P need to monitor and examine the effect of planned
new product launches in the second half of fiscal 2010, to
determine whether the company will be able to maintain the
improvement in its financial standing.  Standard & Poor's will
consider an upgrade if the company strengthens its business
franchises in car and home electronics.  This is because it will
bolster S&P's view that the company's financial profile,
specifically in terms of liquidity and cash flow, is likely to
improve further.  Conversely, S&P may revise downward its outlook
or lower the ratings if liquidity uncertainties resurface due to
deterioration in its business prospects, or if it significantly
fails to carry out its asset sales as planned.


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


PLACE ON THE HILL: Investigators Unable to Find Bankrupt Director
-----------------------------------------------------------------
John Edens at The Southland Times reports that investigators have
been unable to find The Place on the Hill's director Gary Kennard,
who owes the Inland Revenue Department more than NZ$2.5 million
after property deals in Queenstown failed.

The Southland Times relates that Mr. Kennard, who was based in
Christchurch, has had no correspondence with investigators since
his company was placed into liquidation by the High Court in
Invercargill in March.  He was declared bankrupt in the
Christchurch High Court last month, the report notes.

Citing PricewaterhouseCooper's final liquidators' report, The
Southland Times discloses that the company agreed to buy 15
properties in Queenstown in August 2007 and submitted a GST return
for NZ$1.7 million.  However, the deal to buy 15 units at the
Hallenstein St Beeches apartment complex failed, which meant the
GST was repayable by Mr. Kennard's firm.

The Southland Times relates that when the company failed to settle
the Inland Revenue applied for a liquidation, claiming GST and
court costs totaling NZ$2.3 million.

According to The Southland Times, some of the units were
repossessed or resold and PwC discovered Mr. Kennard's registered
home was sold at mortgagee auction in October last year.

Liquidators Malcolm Hollis and Rhys Cain were unable to find any
assets to repay creditors, The Southland Times notes.

The liquidators, as cited by The Southland Times, said there was
no correspondence with Mr. Kennard and any report to the National
Enforcement Unit regarding the director's actions was
confidential.

Two other companies run by Mr. Kennard were also placed into
liquidation, Wilsons Bay Resort and Lakewood Investments, both
with interests in the Southern Lakes, The Southland Times reports.


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


AMARU INC: Posts US$112,400 Net Loss in September 30 Quarter
------------------------------------------------------------
Amaru Inc. filed its quarterly report on Form 10-Q, reporting a
net loss of $112,423 on $1,396 of revenue for the third quarter
ended September 30, 2010, compared to a net loss of $10.4 million
on $9,080 of revenue for the same period of 2009.

The Company's balance sheet at September 30, 2010, showed
$4.5 million in total assets, $3.5 million in total liabilities,
and stockholders' equity of $983,773.

Mendoza Berger & Company, LLP, in Irvine, California, 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 has sustained
accumulated losses from operations totaling $37.4 million at
December 31, 2009.

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

               http://researcharchives.com/t/s?6f26

                        About Amaru Inc.

Singapore-based Amaru Inc. provides entertainment-on-demand and e-
commerce channels on Broadband, and 3G devices.  The Company
delivers both wire and wireless solutions, streaming via
computers, TV sets, PDAs and 3G hand phones.  The Company launches
e-commerce channels (portals) that provide on-line shopping but
with a difference, merging two leisure activities of shopping and
entertainment.


IBSA SINGAPORE: Creditors' Proofs of Debt Due December 18
---------------------------------------------------------
Creditors of IBSA Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 18, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower Level 18
          Singapore 048583


IPACS COMPUTER: Creditors Get 0.20% Recovery on Claims
------------------------------------------------------
Ipacs Computer Services (S) Pte Ltd which is in creditors'
voluntary liquidation declared the third and final dividend on
November 18, 2010.

The company paid 0.20% to the received claims.


SAMPOERNA PACKAGING: Creditors' Proofs of Debt Due December 18
--------------------------------------------------------------
Creditors of Sampoerna Packaging Asia Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 18, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower Level 18
          Singapore 048583


XN ASIA: Creditors Get 0.653% Recovery on Claims
------------------------------------------------
XN Asia Pte Ltd which is in creditors' voluntary liquidation
declared the first and final dividend on November 22, 2010.

The company paid 0.653% to the received claims.

The company's liquidator is:

         T J Reid
         Ferrier Hodgson
         8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


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


QUANTA COMPUTER: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Quanta Computer Inc.'s Long-term
foreign currency and local currency Issuer Default Ratings at 'BB'
and National Long-term rating at 'BBB+(twn)', and simultaneously
revised the Outlook to Stable from Negative.

The Outlook revision reflects Fitch's expectations that Quanta is
likely to maintain its credit metrics in line with its current
ratings.  "The company's robust core competence will enable it to
mitigate operating volatility and sustain profitability over the
medium term.  This is despite the fact that its EBITDA margin is
likely to remain in the low-single digits," says Kevin Chang,
Director with Fitch's Telecommunications, Media and Technology
team.  Quanta's management has shifted its focus to operating
efficiency and business diversification to enhance profitability
and cash flow.  "Greater diversification in its revenue mix in
order to capture demand growth in a business segment other than
portable computers offers opportunities for Quanta to enhance its
business and financial profile," adds Mr. Chang.

Fitch notes that Quanta's leading market position in the original
design manufacturing (ODM) for the notebook personal computers
(NBPC) industry is well supported by its strong technological
expertise and close relationships with the world's top NBPC brand
vendors.  Fitch expects Quanta's revenue to rise by around 30% yoy
in 2010.

Quanta's ratings are below investment grade partly as a result of
its business portfolio concentration on NBPC ODM, and by its low
operating profit margins pressured by competition and by
customers' threats of transferring orders to its peers.  The NBPC
business is expected to contribute almost 75% of its revenue in
2010.

Fitch notes that Quanta has maintained a strong balance sheet with
FFO adjusted net leverage below zero, generating positive free
cash flow during 2007-2009.  However, the agency expects Quanta's
financial metrics to weaken in 2010.

The agency expects Quanta's profitability to weaken in 2010 mainly
with a fall in profit margins under continued competitive pressure
from other ODM and electronic manufacturing service providers.
Profit may improve with rising revenue from higher-margin
engagements in non-NBPC products, particularly cloud computing-
related businesses for telecom carriers.  However, significant
price competition for non-NBPC businesses, if any, may affect
potential profitability improvements.

Fitch forecasts that Quanta's post dividend FCF will be negative
in 2010 but positive in 2011 since the counter-cyclical nature of
working capital historically has meant that it could produce
negative FCF during periods of high growth but positive FCF during
low growth periods (as in 2008 and 2009).

Quanta increased its borrowings, mostly short-term, to support its
heavy working capital requirement in 2010.  However, the company
can easily repay its short-term debt as its cash exceeds all debt
due with a year.  Fitch expects Quanta to reduce its leverage with
moderate revenue growth coupled with stable cash generation.

Fitch will consider a positive rating action if Quanta improves
its operating EBITDA margin to above 3%, maintains conservative
financial policies with FFO adjusted net leverage below 0.75x, or
generates positive FCF with enhanced cash flow from operations or
reduced dividend payments -- all on a sustained basis.  Also the
likelihood of an upgrade would increase if Quanta undertakes
meaningful business diversification with non-NBPC business
contributing to more than a third of its operating profit.

A negative rating action may occur if the company's operating
EBITDA margin falls below 1.5%, FFO adjusted net leverage rises
above 1.75x, or cash balance becomes less than its debt due within
a year -- also on a sustained basis.


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


* BOND PRICING: For the Week November 15 to November 19, 2010
-------------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.06
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   AUD      59.16
EXPORT FIN & INS         0.50    06/15/2020   AUD      57.19
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.71
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      52.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.81
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      65.80
NEW S WALES TREA         0.50    09/14/2022   AUD      52.21
NEW S WALES TREA         0.50    10/07/2022   AUD      51.92
NEW S WALES TREA         0.50    10/28/2022   AUD      51.76
NEW S WALES TREA         0.50    11/18/2022   AUD      51.64
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.19
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.78
RESOLUTE MINING         12.00    12/31/2012   AUD       1.40
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.40
TREAS CORP VICT          0.50    08/25/2022   AUD      52.39

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.38
CHONGQING ENERGY         5.45    07/01/2016   CNY      54.74


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      37.50


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.53
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.14
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.13
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.31
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.65
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.19
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.85
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.65
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.56
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.59


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/13     IDR      45.25


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      72.91
AIFUL CORP               1.22    04/20/2012   JPY      69.91
AIFUL CORP               1.63    11/22/2012   JPY      57.90
AIFUL CORP               1.74    05/28/2013   JPY      53.90
AIFUL CORP               1.99    10/19/2015   JPY      43.91
CSK CORPORATION          0.25    09/30/2013   JPY      71.48
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.58
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      60.40
SHINSEI BANK             5.62    12/29/2049   GBP      74.26
TAKEFUJI CORP            9.20    04/15/2011   USD      14.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.51
CRESENDO CORP B          3.75    01/11/2016   MYR       1.10
DUTALAND BHD             6.00    04/11/2013   MYR       0.66
DUTALAND BHD             6.00    04/11/2013   MYR       0.38
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.12
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.17
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.00
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.06
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.94
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.00
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.84
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.50
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34


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

ALLIED FARMERS           9.60    11/15/2011   NZD      59.60
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
DORCHESTER PACIF         5.00    06/30/2013   NZD      71.75
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.55
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.07
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.25
INFRATIL LTD            10.18    12/29/2049   NZD      62.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.31
MARAC FINANCE           10.50    07/15/2013   NZD       1.05
SKY NETWORK TV           4.01    10/16/2016   NZD       5.71
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.73
ST LAURENCE PROP         9.25    07/15/2010   NZD      63.43
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.70
VECTOR LTD               8.00    10/15/2014   NZD       0.02


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      33.50
DAVOMAS INTL             5.50    12/08/2014   USD      64.51
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.88
WBL CORPORATION          2.50    06/10/2014   SGD       1.86


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

COSMOS PLC CO            3.00    05/30/2011   KRW      19.45
DAEWOO MTR SALES         6.55    03/17/2011   KRW      44.02
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      12.98
DONGYAN TELECOM          6.00    07/02/2013   KRW      46.12
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.50
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.55
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.55
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.67
HOPE KOD 6TH            15.00    03/10/2013   KRW      35.17
IBK 17TH ABS            25.00    12/29/2012   KRW      73.01
IBK 2008-12 ABS         25.00    06/24/2011   KRW      61.39
IBK 2008-16 ABS         25.00    09/24/2011   KRW      61.39
KB 10TH SEC SPC         23.00    01/03/2011   KRW      43.07
KB 10TH SEC SPC         20.00    01/03/2011   KRW      63.57
KB 11TH SEC SPC         20.00    07/03/2011   KRW      62.98
KB 11TH SEC SPC         20.00    07/03/2011   KRW      66.56
KB 12TH SEC SPC         25.00    01/21/2012   KRW      63.38
KB 13RD SEC SPC         25.00    07/02/2012   KRW      60.11
KB 14TH SEC SPC         23.00    01/04/2013   KRW      58.01
KEB 17TH ABS            20.00    12/28/2011   KRW      57.98
KOREA LAND & HOU         5.09    09/30/2040   KRW      70.13
KOREA LAND & HOU         5.09    10/01/2040   KRW      68.68
NACF-14 ABS SPS         25.00    01/15/2011   KRW      63.68
NACF-15 ABS SPS         25.00    03/18/2011   KRW      62.08
NACF-16 ABS SPS         15.00    01/03/2011   KRW      15.94
NACF-16 ABS SPS         25.00    02/03/2011   KRW      14.52
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      41.22
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      74.95
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      70.24
SAM HO INTL              6.32    03/28/2011   KRW      71.97
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.46
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.19
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.17
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.03
SINGOK ABS               7.50    06/18/2011   KRW      52.04
SINGOK NS ABS            7.50    06/18/2011   KRW      52.12
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      11.60


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.76


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***