TCRAP_Public/101125.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

          Thursday, November 25, 2010, Vol. 13, No. 233

                            Headlines


A U S T R A L I A

ALLIED BRANDS: Cookie Man Liquidator to Finalize Sale This Week
CLIVE PEETERS: Tough Christmas Trading Period Expected
ROYALSTAR FARM: Forced Into Administration
SIGMA PHARMACEUTICALS: Reaches Formal Sale Deal With Aspen
ULTRAPAY LIMITED: Provisional Liquidator Appointed

* AUSTRALIA: Number of Insolvent Firms Rises in First Nine Months


C H I N A

CHINATEL GROUP: Has Deal for Control of 34,000-KM Cable in China
GUANGZHOU GLOBAL: Earns US$198,807 in September 30 Quarter
SHANGHAI ZENDAI: S&P Affirms 'B' Long-Term Corporate Credit Rating


H O N G  K O N G

NEW JADE: Court Enters Wind-Up Order
NICE CAPITAL: Court Enters Wind-Up Order
PEARL YING: Court Enters Wind-Up Order
RICH SOURCES: Creditors' Proofs of Debt Due December 3
SING TING: Court Enters Wind-Up Order

SMART ASIA: Court Enters Wind-Up Order
SOLIDWOOD PRODUCTS: Court Enters Wind-Up Order
SOLSAMMEN (HK): Court Enters Wind-Up Order
STANDARD FAIRHOUSE: Court Enters Wind-Up Order
TAI YIP: Court Enters Wind-Up Order

TRADE SPEED: Court to Hear Wind-Up Petition on January 5
TREASURE LAKE: Court Enters Wind-Up Order
VILLA KING: Court Enters Wind-Up Order
YE SHIN: Court Enters Wind-Up Order
YVES FRANCIE: Court Enters Wind-Up Order

ZTOYS LIMITED: Court Enters Wind-Up Order


I N D I A

ALANKIT LIFECARE: Fitch Assigns 'BB-' National Long-Term Rating
COMPAGNIE INDO-FRANCAISE: CRISIL Reaffirms 'BB+' Debt Rating
DARJEELING CEMENTS: CRISIL Assigns 'BB-' Rating to INR34.8MM Loan
HARYANA STEEL: CRISIL Rates INR99.9 Mil. Cash Credit at 'BB-'
KAILAS CASHEW: CRISIL Rates INR200 Million Packing Credit at 'P4+'

KHADKESHWAR HATCHERIES: CRISIL Puts 'BB+' Ratings on Bank Debts
LADHAR PAPER: CARE Assigns 'CARE B+' Rating to INR13.05cr LT Loans
LINKSON INTERNATIONAL: CRISIL Assigns 'B+' Rating to INR150MM Loan
LINKSON ISPAT: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit
MAHANT OVERSEAS: CRISIL Assigns 'BB-' Rating to INR40MM LT Loan

NEW GUJARAT: CARE Rates INR13.5cr Bank Facilities at 'CARE BB+'
PRATHYUSHA EDUCATIONAL: CRISIL Assigns 'D' Rating to LT Loan
SADHU SINGH: CRISIL Places 'BB' Rating on INR95 Mil. Cash Credit
SATYADEEPTHA PHARMA: CRISIL Rates INR43.5 Million LT Loan at 'B+'
SHEKHAR CONSTRUCTIONS: CRISIL Assigns 'C' Rating to INR20MM Loan

SHIV PUJA: CRISIL Reaffirms 'BB-' Rating on INR800 Mil. Term Loan
SSA INTERNATIONAL: Fitch Affirms 'BB' National Long-Term Rating
SYARIKAT BEKALAN: May Default on Bond Payment, Opposition MP Says


J A P A N

JLOC XXXIV: Fitch Upgrades Ratings on Four Classes of Notes


K O R E A

SSANGYONG MOTOR: Mahindra Inks Final Deal to Buy Ssanyong


M O N G O L I A

XACBANK: Moody's Assigns 'D-' Bank Financial Strength Rating


N E W   Z E A L A N D

BRIDGECORP LTD: Liquidators File Caveat on Petricevic Mansion
SOUTH CANTERBURY: Receivers Sell Hyatt Hotel For NZ$60 Million
* NEW ZELAND: IRD Sees More Business Failures in Next Two Years


T A I W A N

AMERICAN INT'L: Said to Be Reviving Sale of Nan Shan Unit




                            - - - - -


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


ALLIED BRANDS: Cookie Man Liquidator to Finalize Sale This Week
---------------------------------------------------------------
James Thomson at SmartCompany reports that the sale of Allied
Brands' former franchise chain Cookie Man could be completed by
the end of the week.

SmartCompany relates liquidator Peter Hillig of Sydney insolvency
firm Smith Hancock said reports that an Indian group had purchased
the company were incorrect, but the Indian company is one of
several parties still jostling for the business.  Mr. Hillig
refused to name any of the potential bidders for the chain, but
said he was hopeful of finalising a deal by the end of this week,
SmartCompany relates.

SmartCompany discloses that Cookie Man currently has 46 franchised
outlets around Australia.  Allied Brand's financial report shows
the company had revenue of AU$6.2 million in 2009-10, but posted a
net loss of AU$2.6 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, 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.  Allied Brands, which saw its Cookie
Man chain placed in liquidation in September and then in October
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.


CLIVE PEETERS: Tough Christmas Trading Period Expected
------------------------------------------------------
Clive Peeters Limited may have been trading insolvent for up to
two years before going into administration, Business Day reports,
citing Harvey Norman Executive Chairman Gerry Harvey.  Business
Day relates Mr. Harvey, who bought most of Clive Peeters' stores
also predicted a tough Christmas trading period.

"When we took it over we had a reasonable belief that certain
things would be there," the report quoted Mr. Harvey as saying.
Instead, Mr. Harvey, he found stores with AU$3 million of stock
listed that contained only AU$1.5 million.  Where 10 computers had
been listed, some had not been assembled and some were five years
old, he added, Business Day relates.

Business Day notes Mr. Harvey said that he did not think either
Clive Peeters's board of directors or auditors knew about its real
state.  "It was run by management that did know it," Business Day
quoted Mr. Harvey as saying.

Nevertheless, Mr. Harvey does not regret his decision to buy out
the bulk of the chain for AU$55 million in July, although he
conceded he may have slightly overpaid for it, Business Day adds.

                        About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Clive Peeters Ltd was placed in voluntary
administration.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.  The National Australia Bank
appointed Phil Carter of PPB Pty Ltd as receiver to Clive Peeters
and its controlled entities following the appointment of McGrath
Nicol as voluntary administrator.

The Herald Sun, citing Clive Peeters' latest available accounts,
disclosed that the company owed National Australia Bank about
AU$38 million as of December 31.  As at December 31, 2009, the
company had total liabilities of AU$160 million, with AU$113
million owed to trade creditors including suppliers.


ROYALSTAR FARM: Forced Into Administration
------------------------------------------
Royalstar Farm has been forced into administration.

Harnesslink reports that Perth-based accountants and auditors --
Pitcher Partners -- were asked on November 18, 2010, to administer
all of the Royalstar Farm finances.  Accountant Brian Hughes is
overseeing the administration.

According to Harnesslink, with an average population of over 200
horses, managing director and studmaster Ross Torre admitted that
the decision was one of the toughest of his life but added it
should have been done last year.  "This was a commercial decision
which was forced upon us with the demise of the Sires Stakes
Series in Western Australia last year.  When that went our
business decreased by 50%.  And on hindsight we should have pulled
the plug then but we stuck on for another year hoping business
would improve.  Sadly I was too passionate about the industry and
I now realize that there is no room for a commercial stud to breed
to stallions in the west," the report quoted Mr. Torre as saying.

Mr. Torre, Harnesslink notes, stressed that Royalstar Farm had not
gone into liquidation and everyone would get paid.

Royalstar Farm is one of the leading harness racing breeding
establishments in Western Australia.  The farm is situated on a
picturesque 174 hectare (430 acres) property 35 kilometres from
the Perth.  The farm was established in January 1999.


SIGMA PHARMACEUTICALS: Reaches Formal Sale Deal With Aspen
----------------------------------------------------------
Sigma Pharmaceuticals Ltd has now reached formal agreement with
Aspen Pharmacare Holdings Limited group of companies on the terms
and conditions of the sale of its pharmaceuticals division.

On August 16, 2010, Sigma announced that it had agreed in
principle to sell its Pharmaceuticals Division to the Aspen
Pharmacare for AU$900 million.

Sigma's Pharmaceuticals Division includes its Generics, Consumer,
OTC, Herron, Ethical Products, Medical Products, Orphan and
Manufacturing businesses.  The Board's decision to sell
this Division to Aspen followed careful consideration of a number
of alternatives for Sigma's future, including expressions of
interest for the whole of Sigma as well as for specific divisions
of the Company.

Mr. Brian Jamieson, Chairman of Sigma, said: "The Board considers
the sale of the Pharmaceuticals Division to Aspen to provide the
best outcome for Sigma shareholders.  In particular, it enables
Sigma to:

   * significantly reduce its bank debt, enhancing the Company's
     financial flexibility;

   * consider capital management initiatives, which could include
     the payment of a franked special dividend to shareholders;
     and

   * retain full ownership of the Healthcare Division, which
     comprises the Wholesale and Retail businesses, in which
     Sigma is a leading market participant."

Mr. Mark Hooper, Managing Director of Sigma, said: "Following the
sale, Sigma will focus on business improvement initiatives and
organic growth opportunities that build upon the strong
relationships with our extensive pharmacy network.  We will have
an ongoing relationship with Aspen, which has the potential to
provide a number of benefits.  In particular, we have entered into
a long-term supply agreement, under which Sigma will act as
Aspen's preferred distribution partner, and arrangements whereby
Aspen will manufacture product for Sigma on an ongoing basis."

The sale is subject to a number of conditions precedent, including
Sigma shareholder, lender and regulatory approval.  Directors will
provide further information on the transaction in an Explanatory
Memorandum and Notice of Meeting to be sent to shareholders in the
near future.  Sigma expects to hold an Extraordinary General
Meeting to consider the sale in mid January 2011.

Subject to satisfaction of the conditions precedent, the
transaction is scheduled to complete on January 31, 2011.

                           Trading Update

Sigma has previously announced guidance for underlying FY2011 EBIT
of the Sigma Group (including the Pharmaceuticals Division) of
AU$140 million to AU$150 million.  While trading continues in-
line with expectations, as a consequence of the transitional
arrangements for the transaction, Sigma has agreed with Aspen to
cancel a number of planned product promotions, which had been
scheduled for January 2011.  There is also likely to be additional
corporate expenses of AU$5 million to AU$7 million which were not
included in the previous guidance.

As a result, the underlying FY2011 EBIT of the Sigma Group is now
expected to be in the range of AU$120 million to AU$130 million.

                      Syndicated Debt Facility

As previously announced, a loan repayment of AU$50 million is due
to be paid by November 30, 2010.  Given the pending sale to Aspen,
Sigma proposes to make an interim payment out of operational
cashflow, with a deferral of the outstanding balance to the date
of completion of the Aspen transaction.  Sigma said it is in
positive discussions with its banking syndicate in relation to
amending these scheduled loan repayments.

                    About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd.  On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on Nov. 2, 2010, Sigma Pharmaceuticals Ltd has been
served with a statement of claim for a pending shareholder class
action relating to its 2009 capital raising.

Sigma Pharmaceuticals said that applicants said to have bought
securities from the company between September 7, 2009, and
February 25, 2010, had made allegations about Sigma's market
disclosure during 2009 and 2010 in the statement, which was filed
in the Federal Court of Australia.

Sigma in 2009 raised AU$297 million through a renounceable
entitlement offer to reduce the company's leverage and to fund the
AU$60 million acquisition of brands and manufacturing facilities
from Bristol-Myers Squibb Co, The Australian added.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


ULTRAPAY LIMITED: Provisional Liquidator Appointed
--------------------------------------------------
The Australian Securities & Investments Commission has obtained
orders in the Supreme Court of Victoria appointing a provisional
liquidator to Ultrapay Limited.

ASIC's action aims to protect the interests of creditors and
shareholders and follows the launch of an investigation into
concerns that:

    * Ultrapay had failed to lodge its financial accounts
      since the half-year report for the period ended
      December 31, 2006;

    * the validity of the appointment of certain directors
      to the Ultrapay board was in question;

    * a secured creditor, MSI (Holdings) Pty Ltd, under the
      control of its managing director, Gregory Patrick Edwin
      Hannan, had taken possession and/or control of Ultrapay's
      property without proper disclosure or compliance with the
      statutory requirements;

    * Ultrapay was engaging in fund-raising without board
      authorization; and

    * certain market announcements made by Ultrapay may have
      been false or misleading and that the company might be
      insolvent.

On November 15, 2010, MSI appointed Richard Albarran, David
Anthony Ross and Blair Alexander Pleash of Hall Chadwick as Joint
and Several Administrators of Ultrapay.

On November 19, 2010, Associate Justice John Efthim ordered that
the Administration of Ultrapay be terminated and that Mr. Matthew
Jess of Worrells Solvency & Forensic Accountants be appointed as
provisional liquidator to the company.

His Honour also ordered that MSI and Mr. Hannan provide the Court
and ASIC with an account detailing all of their receipts and
payments in relation to Ultrapay since November 6, 2009.

The matter will return to the Supreme Court on December 20, 2010.

ASIC's investigation into the affairs of Ultrapay is continuing.

Ultrapay is a public company listed on the Australian Securities
Exchange.  The trading in Ultrapay's securities has been
continuously suspended since August 28, 2007.

Based in Melbourne, Australia, Ultrapay Limited (ASX:ULT) --
http://www.ultrapay.com.au/-- formerly HLT Limited, is engaged is
in the area of mobile wireless payments and authentication with a
focus on in-vehicle solutions. It is involved in the development
of the Mobile Transact business, which comprises a number of
different elements that together form a solution for merchants
requiring mobile card payment capability.  The Company has
developed a mobile payment terminal that has a combination of
built-in features, including fingerprint identification,
contactless card handling, voice and short message service (SMS)
calls and communications via global system for mobile
communications/general packet radio service (GSM/GPRS) and
Bluetooth. Its Ezycharge division has a complete offering for
United Kingdom taxi and hire car operators.


* AUSTRALIA: Number of Insolvent Firms Rises in First Nine Months
-----------------------------------------------------------------
ABC News reports that there has been a big spike in the number of
Tasmanian companies experiencing serious financial difficulties.

ABC News says figures on the Australian Securities and Investments
Commission Web site show that in the first nine months of this
year, more than 140 companies went into external administration or
were made insolvent.  That is 50 more than the previous year's
result for the same period and roughly double the average over the
previous five years, the report notes.

Nationally the rate fell by about 2 per cent, ABC News reports.


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


CHINATEL GROUP: Has Deal for Control of 34,000-KM Cable in China
----------------------------------------------------------------
ChinaTel Group Inc. has entered into two related stock
subscription and shareholder agreements with Shanghai Ying Yue
Network Technology Ltd and Azur Capital under which ChinaTel will
control approximately 34,000 kilometers of fiber optic cable that
connects all major population centers within the People's Republic
of China.

ChinaTel said it is investing 9 million shares of its Series A
common stock and financing $7 million towards equipment and
services sufficient to upgrade the first 9,000 km of the fiber for
transmission of data to a 100GB standard.

The business model of the new venture is to charge tariffs to
telecommunications operators, meeting the growing demand for
increased data transmission capacity as networks evolve to 4G
platforms.  ChinaTel will use the fiber for its own wireless
broadband projects, and the venture will sell excess capacity to
other operators.

"This acquisition will allow ChinaTel to control its own destiny
as to all its current and future broadband operations in China,"
observed ChinaTel's CEO George Alvarez.  "A fiber backbone network
is the central nervous system that supports the last mile wireless
solutions ChinaTel is deploying.  Transport and interconnection
fees typically represent 20-35% of total network operating costs.
ChinaTel has not only secured control over one of the major costs
of the networks it will operate as a joint venture partner, but
has also created a revenue source that is independent of those
relationships, through the sale of excess data transmission
capacity to other operators, including major incumbent operators
such as China Mobile, China Unicom and China Telecom, other 3.5
GHz wireless operators, and other ISP license holders."

ChinaTel will begin work immediately on the engineering needed to
develop a request for proposal so that an equipment contract for
the first 9,000 km can be awarded.  ChinaTel expects to award the
contract to ZTE Corporation, who will finance 85% of the equipment
under the global strategic partnership between ChinaTel and ZTE.
The cost to upgrade the balance of the 34,000 km of backbone fiber
is expected to be paid for out of transport fee revenues from the
first 9,000 km.  In addition to the nationwide backbone, YYNT owns
and has granted the venture an option to purchase metro rings of
fiber in many major metropolitan areas.

The transaction has been structured with a goal to allow ChinaTel
to report the results of the venture's operations on ChinaTel's
consolidated financial statements in the same manner as its other
subsidiaries.  ChinaTel will own 49% of the PRC-based company that
will own the fiber, but will control that entity's board of
directors.  YYNT will have the right to appoint all five
directors, three of whom will irrevocably be at the request of
ChinaTel.  ChinaTel will also own 51% of a Cayman Islands-based
parent company and its PRC-based subsidiary, a wholly foreign
owned enterprise that will contractually be entitled to 100% of
the net economic benefit of the venture.  The total value of all
parties' capital contributions is $40.5 million.  ChinaTel expects
to recoup the value of its $20.5 million investment through
redemption of preferred shares the Cayman parent company will
issue.

                         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.

The Company's balance sheet at June 30, 2010, showed $8.9 million
in total assets, $26.2 million in total liabilities, and a
stockholders' deficit of $17.3 million.

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.


GUANGZHOU GLOBAL: Earns US$198,807 in September 30 Quarter
----------------------------------------------------------
Guangzhou Global Telecom, Inc., filed its quarterly report on Form
10-Q, reporting net income of $198,807 on $9.18 million of sales
for the three months ended Sept. 30, 2010, compared with a net
loss of $79,948 on $6.39 million of sales for the same period a
year earlier.

The Company's balance sheet at Sept. 30, 2010, showed $2.43
million in total assets, $5.31 million in total liabilities, and a
stockholders' deficit of $2.88 million.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6f72

                      About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on March 29,
1999, under the laws of the State of Florida.  The Company,
through its subsidiaries, is now principally engaged in the
distribution and trading of rechargeable phone cards, cellular
phones and accessories within cities in the People's Republic of
China.


SHANGHAI ZENDAI: S&P Affirms 'B' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Shanghai Zendai Property Ltd.  The
outlook on the rating is negative.  At the same time, S&P lowered
the issue rating on the company's senior notes to 'B-' from 'B'.
All ratings have been removed from CreditWatch, where they had
been placed with negative implications on Feb. 3, 2010.

S&P affirmed the rating on Shanghai Zendai following the company's
recent full settlement of the outstanding land premium for a
project on Shanghai Bund.  The payment has removed the uncertainty
over the company's liquidity and financial positions.
Nevertheless, S&P believes the rating will continue to be under
pressure because S&P anticipate that the company's credit ratios
will remain weak due to increased borrowings, the possibility of
additional capital contributions to the Shanghai Bund project, and
large refinancing needs in 18 months.

S&P lowered the issue rating on the company's senior notes to
reflect structural subordination risks.  The company's priority
borrowings over its total assets as at June 30, 2010, exceeded
S&P's notching threshold of 15% for speculative-grade debts.  S&P
expects this ratio to remain above the threshold in 2011.

"S&P believes Shanghai Zendai's credit ratios for 2010 and 2011
will likely be weak for the rating.  S&P estimate that the
company's total borrowings will have increased substantially by
the end of 2010 from the previous year, even if the loans from an
associate company to fund the majority of the Shanghai Bund land
premium were excluded," said Standard & Poor's credit analyst
Christopher Lee.  "S&P does not expect the project to produce
meaningful cash flows for the company during its development
period over the next few years."

"The rating on Shanghai Zendai reflects the company's aggressive
risk appetite, its small scale and limited number of projects, and
increasing exposure to the capital-intensive and long pay-back
commercial leasing properties," said Mr. Lee.  "The company's
small, albeit recurring, property leasing income, and an
established track record in Shanghai temper these weaknesses."

The negative outlook reflects S&P's expectations that Shanghai
Zendai's credit ratios will remain weak for the rating due to
increased borrowings to fund the Shanghai Bund project and the
possibility that the project will require capital injections if
there is a shortfall in funding.  Further, S&P considers the
company's liquidity to be less than adequate and believe liquidity
is sensitive to any material property market downturn.


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


NEW JADE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on November 8, 2010,
to wind up the operations of New Jade Roasted Goose & Seafood
Restaurant Limited.

The company's liquidator is Yuen Tsz Chun Frank.


NICE CAPITAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on November 10, 2010,
to wind up the operations of Nice Capital International Limited.

The official receiver is E T O'connell.


PEARL YING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Pearl Ying Fai Logistics Limited.

The company's liquidator is Bruno Arboit.


RICH SOURCES: Creditors' Proofs of Debt Due December 3
------------------------------------------------------
Creditors of Rich Sources Engineering Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 3, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Edward S Middleton
         Jacky C W Muk
         8th Floor, Prince's
         Building 10 Chater Road
         Central, Hong Kong


SING TING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on October 8, 2010,
to wind up the operations of Sing Ting (H.K.) Investment Co.,
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


SMART ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 15, 2010, to
wind up the operations of Smart Asia Holdings Limited.

The company's liquidator is Bruno Arboit.


SOLIDWOOD PRODUCTS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Solidwood Products Limited.

The company's liquidator is Bruno Arboit.


SOLSAMMEN (HK): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on September 29,
2010, to wind up the operations of Solsammen (HK) Limited.

The company's liquidator is Bruno Arboit.


STANDARD FAIRHOUSE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on November 10, 2010,
to wind up the operations of Standard Fairhouse International
Limited.

The official receiver is E T O'Connell.


TAI YIP: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on October 11, 2010,
to wind up the operations of Tai Yip Furniture Company Limited.

The company's liquidator is Yuen Tsz Chun Frank.


TRADE SPEED: Court to Hear Wind-Up Petition on January 5
--------------------------------------------------------
A petition to wind up the operations of Trade Speed Indusrial
Limited will be heard before the High Court of Hong Kong on
January 5, 2011, at 9:30 a.m.

Chan Tsz Man filed the petition against the company.


TREASURE LAKE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on November 10, 2010,
to wind up the operations of Treasure Lake International Company
Limited.

The official receiver is E T O'Connell.


VILLA KING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on October 27, 2010,
to wind up the operations of Villa King Enterprises Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


YE SHIN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on October 26, 2010,
to wind up the operations of Ye Shin International Company
Limited.

The company's liquidator is Bruno Arboit.


YVES FRANCIE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on October 29, 2010,
to wind up the operations of Yves Francie International Furs
Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


ZTOYS LIMITED: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on October 27, 2010,
to wind up the operations of Ztoys Limited.

The company's liquidator is Yuen Tsz Chun Frank.


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


ALANKIT LIFECARE: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Alankit Lifecare Limited a
National Long-term Rating of 'BB-(ind)'.  The Outlook is Stable.
The agency has also assigned 'BB-(ind)/F4(ind)' ratings to its
fund-based working capital limits of INR100 million.

ALCL's ratings are derived from its presence in India's nascent
but growing organized retail pharmacy market, as well as its
established relationships in dealings with large government
clients, such as Central Government Health Scheme, and private
hospitals.  The ratings also benefit from strong revenue growth -
INR801 million in FY10 from INR185 million in FY07 - on the back
of winning successive CGHS contracts over the last four years.

The ratings however, are constrained by the company's small scale
of operations, low margins, presence in a highly competitive
market, geographical concentration in Delhi region and limited
track record of operations in the retail chain segment

ALCL was established in 2003 and trades medicine and related
products through retail outlets, and also supplies them to various
CGHS dispensaries.  Given increasing competition and order
cyclicality in its CGHS business, the company is now looking to
focus on its retail chain business, which currently constitutes
75% of its total sales.

ALCL is undertaking a rapid expansion of its stores as part of its
strategy to increasingly focus on its retail pharmacy business
which could lead to an increase in financial leverage.  Majority
of the new stores are likely to be taken on lease basis while it
will incur some capex as part of its expansion strategy which
would be funded through debt and internal accruals.

Fitch notes that on the back of increased competition in the
government tender-based business and increased efforts to enter
the retail chain segment, ALCL had to resort to high discounts to
its customers in FY10 which led to a dip in its overall EBITDA and
PAT by INR3.9 million and INR2.52 million, respectively, along
with the shrinking of margins; FY10 EBITDAR margin was 2.3%, a 3%
yoy decline, while the PAT margin was 0.5% in FY10, a yoy decline
of 1%.  This has led to the weakening of an already low gross
fixed charges coverage ratio to 1.46x in FY10 (FY09: 1.80x).  ALCL
has also been receiving support in the form of inter-corporate
loans from Alankit group companies and Fitch has factored this
into its ratings.

Positive rating factors include an increase in the size of
operations and an improved market position coupled with an
improvement in margins leading to a reduction in financial
leverage.  Conversely, a decline in margins leading to increased
financial leverage or reduced interest coverage would be ratings
negative.

In FY2010 the company reported sales of INR847.56 million, EBITDAR
of INR19.95 million and PAT of INR3.98 million.  The gross
financial leverage (adjusted debt/operating EBITDAR) for FY10 was
5.59X.


COMPAGNIE INDO-FRANCAISE: CRISIL Reaffirms 'BB+' Debt Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Compagnie Indo-
Francaise De Commerce Pvt Ltd continue to reflect CIFC's
constrained financial risk profile marked by a small net worth,
and customer concentration in its revenue profile.  These rating
weaknesses are partly offset by the experience of CIFC's promoters
in the fertiliser trading business and the company's prudent risk
management practices.

   Facilities                             Ratings
   ----------                             -------
   INR90.00 Million Cash Credit           BB+/Stable (Reaffirmed)
   INR970.00 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that CIFC will maintain its stable business risk
profile, backed by its established relationships with key clients,
over the medium term. The outlook may be revised to 'Positive' if
CIFC increases its scale of operations and increases the
diversification in its sourcing tie-ups and client profile,
leading to stability in its profitability and, consequently, an
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company faces significant pricing
risk because of trading on its own account, undertakes large debt-
funded capital investment, or reports increased pressure on
profitability.

                   About Compagnie Indo-Francaise

CIFC was promoted in 1967 by the late Mr. Amir Ali Rahimtula,
father of the company's present managing director, Mr. H N
Rahimtula. The company is wholly owned by the Rahimtula family.
CIFC has been running an agency for importing fertilisers on
commission basis for the past 42 years.  In 2004, the company
started trading in fertilisers.  The company has long-term
contracts with its suppliers and buyers for these products. The
buyers of CIFC include Indian Farmers Fertilizers Coop Ltd (IFFCO;
rated 'AA-/Stable/P1+' by CRISIL), Indian Potash Ltd, Paradeep
Phosphate Ltd, Krishak Bharati Cooperative Ltd (KRIBHCO; rated
'AA-/Stable/P1+' by CRISIL).

In September 2009, CIFC established its wholly owned subsidiary
Continental Traders Pte Ltd (CTPL) in Singapore, which is engaged
in fertiliser trading business.

For 2009-10 (refer to financial year, April 1 to March 31), CIFC
reported a profit after tax (PAT) of INR12 million on net sales of
INR6006 million, against a PAT of INR15 million on net sales of
INR7395 million for the previous year.


DARJEELING CEMENTS: CRISIL Assigns 'BB-' Rating to INR34.8MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' ratings to the bank
facilities of Darjeeling Cements Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR35.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR34.8 Million Term Loan           BB-/Stable (Assigned)

The ratings reflect the small scale of DCL's operations, the
geographical and segmental concentration in its revenue profile,
and its weak financial risk profile, marked by a small net worth
and weak debt protection metrics. These weaknesses are partially
offset by the company's proximity to its customers and suppliers,
as well as its established marketing network in the north eastern
states of India.

Outlook

CRISIL believes that DCL will benefit over the medium term from
its established position in the portland pozzolana cement markets
of north eastern states of India. The outlook may be revised to
'Positive' if DCL's sales and profitability growth due to enhanced
capacity is higher-than-expected, or it manages working capital
efficiently, leading to improvements in its financials risk
profile. Conversely, the outlook may be revised to 'Negative' in
case its margins decline or its capital structure deteriorates due
to larger-than-expected working capital requirements.

                       About Darjeeling Cements

Incorporated in 1997 by four Siliguri-based businessmen, DCL, a
closely held public limited company, manufactures portland
pozzolana cement.  In 2005, the company was purchased by Mr. Ajay
Kumar Gupta and his family.  The company sells its product under
the registered brand name, Himali.

DCL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR137.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR72.6 million for 2008-09.


HARYANA STEEL: CRISIL Rates INR99.9 Mil. Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Haryana Steel
Mongers Pvt Ltd's cash credit limit facility.

   Facilities                            Ratings
   ----------                            -------
   INR99.9 Million Cash Credit Limit     BB-/Stable (Assigned)

The rating reflects HSMPL's weak financial risk profile, marked by
a small net worth, a high ratio of total outside liabilities to
tangible net worth, weak debt protection metrics, and exposure to
intense competition in the steel industry.  These rating
weaknesses are partially offset by HSMPL's established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that HSMPL will continue to benefit from its
promoters' experience in the steel trading industry, and healthy
relationships with its customers and suppliers over the medium
term.  The outlook may be revised to 'Positive' if HSMPL's
financial risk profile improves, most likely through improvement
in operating profitability and capital structure.  Conversely, the
outlook may be revised to 'Negative' in case the company's debt
protection metrics deteriorate, the company pursues aggressively
debt-funded growth; or its faces problems in the supply front
because of non-renewal of contract with its suppliers.

                        About Haryana Steel

HSMPL (formerly, Haryana Steel Mongers), based in Faridabad
(Haryana), was set up in 1976 as a partnership firm by Gupta
family.  As per the family settlement arrived at in March 2009,
the operations of HSMPL came under Mr. Raj Kumar Gupta.

HSMPL trades in steel products, mainly steel flat products,
including mild-steel plates, hot-rolled sheets, cold-rolled
sheets, galvanised plain sheets, and coils of thickness ranging
from 0.5 to 25 millimeter.

HSMPL reported a profit after tax (PAT) of INR2 million on net
sales of INR1.13 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR1.07 billion for 2008-09.


KAILAS CASHEW: CRISIL Rates INR200 Million Packing Credit at 'P4+'
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the packing credit
facility of Kailas Cashew Exports.

   Facilities                            Ratings
   ----------                            -------
   INR200.00 Million Packing Credit      P4+ (Assigned)

The rating reflects KCE's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics,
large working capital requirements, and its susceptibility to
volatility in cashew prices and foreign exchange rates.  These
weaknesses are partially offset by KCE's established presence in
the cashew business.

KCE is a proprietorship firm set up by Mr. P Somarajan in Kollam
(Kerala).  The firm processes raw cashew nuts and exports cashew
kernels.  It predominantly exports to the US, the UK, and the
Middle East.  It has six cashew processing units with aggregate
capacity of around 40 tonnes per day; the units are located at
Kollam.  KCE has an associate firm, Nila Palace, which runs a 3-
Star hotel in Kollam.

KCE reported a profit after tax (PAT) of INR5.7 million on net
sales of INR842 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR33.6 million on net
sales of INR1.12 billion for 2008-09.


KHADKESHWAR HATCHERIES: CRISIL Puts 'BB+' Ratings on Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Khadkeshwar Hatcheries Pvt Ltd (Khadkeshwar, part of the
Khadkeshwar group).

   Facilities                            Ratings
   ----------                            -------
   INR290.0 Million Cash Credit          BB+/Stable (Assigned)

   INR120.0 Million Working Capital      BB+/Stable (Assigned)
                           Finance

   INR15.20 Million Working Capital      BB+/Stable (Assigned)
                          Term Loan

   INR12.11 Million Long-Term Loan       BB+/Stable (Assigned)

   INR1.40 Million Proposed Long-Term    BB+/Stable (Assigned)
                   Bank Loan Facility

The ratings reflect the weak financial risk profile of the
Khadkeshwar group, marked by high gearing and large working
capital requirements, and the vulnerability of its operating
profitability to risks inherent in the poultry industry.  The
weaknesses are partially offset by the Khadkeshwar group's
extremely high level of integration, owing to its presence in
every level of the value chain, and high expected growth and
profitability in the industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of Khadkeshwar and its group
companies, Navjeevan Hatcheries Pvt Ltd and RJ Feeds Pvt Ltd,
together referred to as the Khadkeshwar group.  This is because
Navjeevan and RJ Feeds are integral to the value chain of
Khadkeshwar's broiler bird business.

Outlook: Stable

CRISIL expects the Khadkeshwar group to maintain steady operating
income growth backed by the extremely high level of integration in
its operations.  The outlook may be revised to 'Positive' if there
is substantial improvement in gearing of the Khadkeshwar group and
the overall working capital management resulting in a better-than-
expected financial risk profile.  Conversely, the outlook maybe
revised to 'Negative' in the event of lower-than-expected net cash
accruals, or higher-than-expected debt-funded capital expenditure
(capex), or deterioration in the group's liquidity profile.

                    About Khadkeshwar Hatcheries

The R J Group of companies came into existence in 1987 and has its
corporate office in Aurangabad.  The RJ Group was founded by Mr.
Raghavendra Joshi, a first-generation entrepreneur. The group has
diversified its activities in agro-related sectors, such as
poultry breeding, granulated mixed fertilizers, Neem-based natural
pesticides, organic manure, and biotechnology.

Khadkeshwar, a part of the RJ group, was started by Mr.
Raghavendra Joshi and friends in 1990 (refers to calendar year).
Since then, the company has grown in size to become one of the
largest integrated poultry companies in Maharashtra.  The
company's operations are concentrated in Maharashtra and
Karnataka. Khadkeshwar has a diverse product portfolio that
includes live broiler birds, broiler DOCs, and hatching eggs.
Kadhkeshwar also carries out poultry farming operations in group
companies Navjeevan Hatcheries Pvt Ltd (Navjeevan), and RJ Feeds
Pvt Ltd (RJ Feeds).

Navjeevan was established in 1999 and produces DOCs. RJ Feeds,
established in 2006, manufactures poultry feed for Khadkeshwar

The Khadkeshwar group reported a profit after tax (PAT) of INR29
million on net sales of INR1.21 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR20
million on net sales of INR1.04 billion for 2008-09.


LADHAR PAPER: CARE Assigns 'CARE B+' Rating to INR13.05cr LT Loans
------------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ladhar
Paper Mills.

                                   Amount
   Facilities                   (INR crore)    Ratings
   ----------                    ---------     -------
   Long-term Loans               13.05        'CARE B+' Assigned
   Long-term Fund-based Limits    4.00        'CARE B+' Assigned

Rating Rationale

The rating is constrained by limited experience of the partners in
the paper industry, stabilization risks associated with a new
project (paper unit) as well as partnership nature of LPM. The
rating also factors in the small size of the unit and the
competitive operating environment in the paper industry. The
rating is however supported by resourceful partners as well as
recent commencement of operations of the unit.

Going forward, successful stabilization of the unit as well as
ability of LPM to manage volatility in raw material prices and
generate adequate offtake shall be the key rating sensitivities.


LINKSON INTERNATIONAL: CRISIL Assigns 'B+' Rating to INR150MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Linkson International Ltd, which is part of the
Linkson group.

   Facilities                            Ratings
   ----------                            -------
   INR320.0 Million Cash Credit          B+/Stable (Assigned)
   INR150.0 Million Long-Term Loan       B+/Stable (Assigned)
   INR100.0 Million Letter of Credit &   P4 (Assigned)
          Bank Guarantee

The ratings reflect the Linkson group's below-average financial
risk profile marked by modest net worth, high gearing, and weak
debt protection metrics, and exposure to inventory and debtor
risks associated with its trading operations.  These rating
weaknesses are partially offset by the Linkson group's promoters'
extensive experience in the coal industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LIL and Linkson Ispat and Energies Pvt
Ltd (LIEPL), together referred to as the Linkson group, as both
the companies are in same line of business, have significant
operational and financial linkages, including fungibility in cash
flows, and are under a common management.

Outlook: Stable

CRISIL believes that the Linkson group will continue to benefit
from its promoters' experience in the coal industry. The outlook
may be revised to 'Positive' if the group significantly increases
its revenues and net cash accruals, while maintaining its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the group's net cash accruals decline sharply, or it
realizes lesser-than-expected benefits from its fabrication and
galvanisation project, thereby weakening its ability to service
its term debt obligations.

                          About the Group

LIL and LIEPL are part of the Linkson group, set up in 1972 by Mr.
Yashwant Sangla. LIL, set up in 1984 is engaged in coal trading
and has recently commissioned a manufacturing unit for fabrication
and galvanisation of steel in Nagpur, Maharashtra. LIEPL, set up
in 1999 is also engaged in coal trading.

LIL reported a profit after tax (PAT) of INR16.6 million on net
sales of INR1631.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR 782.5 million for 2008-09.


LINKSON ISPAT: CRISIL Assigns 'B+' Rating to INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Linkson Ispat & Energies Pvt Ltd, which is part of
the Linkson group.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Cash Credit        B+/Stable (Assigned)
   INR50.0 Million Letter of Credit    P4 (Assigned)
                 & Bank Guarantee

The ratings reflect the Linkson group's below-average financial
risk profile marked by modest net worth, high gearing, and weak
debt protection metrics, and exposure to inventory and debtor
risks associated with its trading operations.  These rating
weaknesses are partially offset by the Linkson group's promoters'
extensive experience in the coal industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LIEPL and Linkson International
Ltd(LIL), together referred to as the Linkson group, as both the
companies are in same line of business, have significant
operational and financial linkages, including fungibility in cash
flows, and are under a common management.

Outlook: Stable

CRISIL believes that the Linkson group will continue to benefit
from its promoters' experience in the coal industry. The outlook
may be revised to 'Positive' if the group significantly increases
its revenues and net cash accruals, while maintaining its debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the group's net cash accruals decline sharply, or it
realizes lesser-than-expected benefits from its fabrication and
galvanisation project, thereby weakening its ability to service
its term debt obligations.

                          About the Group

LIL and LIEPL are part of the Linkson group, set up in 1972 by Mr.
Yashwant Sangla. LIL, set up in 1984 is engaged in coal trading
and has recently commissioned a manufacturing unit for fabrication
and galvanisation of steel in Nagpur, Maharashtra. LIEPL, set up
in 1999 is also engaged in coal trading.

LIEPL reported a profit after tax (PAT) of INR14.5 million on net
sales of INR1274.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.0 million on net sales
of INR754.7 million for 2008-09.


MAHANT OVERSEAS: CRISIL Assigns 'BB-' Rating to INR40MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Mahant Overseas.

   Facilities                            Ratings
   ----------                            -------
   INR200.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR40.0 Million Proposed Long Term
                   Bank Loan Facility    BB-/Stable (Assigned)
   INR125.0 Million Packing Credit       P4+ (Assigned)

The ratings reflect MO's weak financial risk profile driven by the
highly working-capital-intensive nature of the rice industry, and
its exposure to unfavorable changes in regulations governing the
industry, and to vagaries in the monsoons.  These weaknesses are
partially offset by the extensive experience of MO's promoters in
the rice business, and the benefits that the firm is expected to
derive from the healthy growth prospects for the industry.

Outlook: Stable

CRISIL believes that MO's financial risk profile will remain weak
over the medium term due to the high working capital intensity of
its operations. CRISIL also expects the firm's size of operations
to remain small over the near term. The outlook may be revised to
'Positive' in case of significant improvement in MO's operating
margin and substantial increase in its size of operations.
Conversely, the outlook may be revised to 'Negative' in case of
any further deterioration in MO's operating margin, impacting its
overall financial risk profile.

                       About Mahant Overseas

MO was promoted by Mr. Khajinder Singh in 1999 as a partnership
firm. The firm is engaged in milling, processing, and selling par-
boiled rice in the domestic as well as overseas markets.  Par-
boiled rice has a high demand in the Middle East countries.  The
firm has two rice processing units with an installed capacity of
4.5 tonnes per hour each, working on a double-shift basis (single
shift comprises of 10 hours) at Amritsar (Punjab).  The first unit
was set up in 1999, and the second in 2001.

MO reported a profit after tax (PAT) of INR4.17 million on net
sales of INR659.47 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.73 million on net
sales of INR382.00 million for 2008-09.


NEW GUJARAT: CARE Rates INR13.5cr Bank Facilities at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to bank facilities of
New Gujarat Polyplast Pvt Ltd.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               ----------     -------
   Long/Short-term Bank       13.50        'CARE BB+'/'PR4+'
   Facilities                               Assigned

Rating Rationale

The ratings are constrained by NGPPL's small size of operations
with very low net worth and weak financial risk profile marked by
low profit margins and high gearing.  The rating also gets
constrained by the inherent nature of the trading business like
absence of long-standing relationship with counter-parties, high
dependence on agents & distributors, low asset block and no value
addition to the product.

The rating, however, favorably factors in the vast experience of
the promoters, established operations with long track record,
moderate liquidity position on account of low inventory holding
period mitigating commodity price fluctuation risk to some extent.

The ability of the company to increase the scale of operations
with improvement in financial risk profile would be the key rating
sensitivity.

Incorporated in 1983, NGPPL is based in Surat, Gujarat.  NGPPL was
promoted by the current Chairman Mr Binod Kumar Kabra and the
Director Mr. S P Ajmera.  Mr. Kabra is a commerce graduate while
Mr. Ajmera is a Chartered Accountant by qualification.
NGPPL is engaged in the trading of flexible packaging materials
like polyester films, PVC resin, BOPP films etc.


PRATHYUSHA EDUCATIONAL: CRISIL Assigns 'D' Rating to LT Loan
------------------------------------------------------------
CRISIL has assigned its 'D' rating to Prathyusha Educational
Trust's bank facilities.  The ratings reflect delay by Prathyusha
in servicing its term loan; the delay has been caused by
Prathyusha's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR302.00 Million Long Term Loan      D (Assigned)
   INR20.00 Million Overdraft Facility   D (Assigned)

Prathyusha's financial risk profile is weak, marked by high
gearing, moderate net worth and weak debt protection metrics.  Its
revenue profile is geographically concentrated and the trust is
exposed to intense competition in the education space and high
degree of regulation in education segment. Prathyusha, however,
has an established regional market position in the education
sector.

Prathyusha, set up in 2001, operates the Prathyusha Institute of
Technology and Management (PITAM), which offers undergraduate
engineering courses and post-graduate management courses.  The
trust is part of the Prathyusha group, which is engaged in power
generation, international trade, mining and education.  The other
entities of the group include Prathyusha Associates Shipping Pvt
Ltd and Prathyusha Power Gen Pvt Ltd.

Prathyusha reported, on provisional basis, an excess of income
over expenditure of INR8 million on a net income of INR160 million
for 2009-10 (refers to financial year, April 1 to March 31),
against an excess of income over expenditure of INR8 million on a
net income of INR134 million for 2008-09.


SADHU SINGH: CRISIL Places 'BB' Rating on INR95 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sadhu Singh Gurdip Singh.

   Facilities                        Ratings
   ----------                        -------
   INR95.0 Million Cash Credit       BB/Stable (Assigned)
   INR5.0 Million Packing Credit     P4+ (Assigned)

The ratings reflect SSGS's small scale of operations with limited
brand presence, the working-capital-intensive nature of its
operations, and the firm's exposure to risks relating to
unfavourable changes in regulations governing the rice industry,
and to vagaries in the monsoons.  These weaknesses are partially
offset by the conservative stance of SSGS's promoters towards
debt, leading to a moderate ratio of total outstanding liabilities
to total net worth.

Outlook: Stable

CRISIL believes that SSGS's financial risk profile will remain
stable over the medium term in the absence of any debt-funded
capital expenditure plan.  CRISIL also expects the firm's size of
operations to remain small over the near term on account of
limited brand presence.  The outlook may be revised to 'Positive'
in case of significant improvement in SSGS's operating margin and
substantial increase in its size of operations.  Conversely, the
outlook may be revised to 'Negative' in case of any further
deterioration in the firm's operating margin, impacting its
overall profitability.

About Sadhu Singh

SSGS was promoted by Mr. Khajinder Singh in 1955 as a partnership
firm. The firm is engaged in milling, processing, and selling
basmati rice in the domestic and overseas markets under the brand
name of Sadhu. It has a rice milling capacity of 7 tonnes per hour
at Amritsar (Punjab). In 2009-10 (refers to financial year, April
1 to March 31), domestic sales contributed around 95 per cent of
its total revenues.

SSGS reported a profit after tax (PAT) of INR2.68 million on net
sales of INR197.83 million for 2009-10, as against a PAT of
INR1.99 million on net sales of INR219.10 million for 2008-09.


SATYADEEPTHA PHARMA: CRISIL Rates INR43.5 Million LT Loan at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Satyadeeptha Pharmaceuticals Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR41.5 Million Cash Credit         B+/Stable (Assigned)
   INR43.5 Million Long-Term Loan      B+/Stable (Assigned)
   INR27.5 Million Letter of Credit    P4 (Assigned)

The ratings reflect Satyadeeptha's working-capital-intensive
operations constraining its liquidity, modest scale of operations,
and limited customer and product diversity in its revenues.  These
rating weaknesses are partially offset by Satyadeeptha's
established relationship with its main client, Matrix Laboratories
Ltd (Matrix), and promoter's experience in the pharmaceuticals
industry.

Outlook: Stable

CRISIL believes that Satyadeeptha will maintain its financial risk
profile over the medium term, supported by its moderate operating
performance resulting from its established relationship with
Matrix.  The outlook may be revised to 'Positive' if Satyadeeptha
increases its revenue diversity and improves its working capital
management.  Conversely, the outlook may be revised to 'Negative'
if there is a decline in Satyadeeptha's revenues or profitability,
or if there is a significant deterioration in its capital
structure because of larger-than-expected debt-funded capital
expenditure or stretch in working capital cycle.

                 About Satyadeeptha Pharmaceuticals

Satyadeeptha, incorporated in 1987, manufactures and sells active
pharmaceutical ingredients (APIs) and API intermediates.  It
manufactures APIs and intermediates on job-work basis.  Matrix is
Satyadeeptha's largest client, accounting for around 90 per cent
of Satyadeeptha's revenues in 2010-11 (refers to financial year,
April 1 to March 31). Satyadeeptha's manufacturing unit is located
in Bidar (Karnataka). Satyadeeptha has been promoted by Dr. S
Ramakrishna, a first-generation entrepreneur.

Satyadeeptha reported a profit after tax (PAT) of INR16.7 million
on net sales of INR163.9 million for 2009-10, against a PAT of
INR8.9 million on net sales of INR127.8 million for 2008-09.


SHEKHAR CONSTRUCTIONS: CRISIL Assigns 'C' Rating to INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Shekhar Constructions Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Proposed Long-Term    C (Assigned)
                   Bank Loan Facility

   INR120.0 Million Bank Guarantee       P4 (Assigned)

   INR10.00 Million Proposed Short       P4 (Assigned)
           Term Bank Loan Facility

The ratings reflect SCPL's weak liquidity, which has resulted in
the company's delays in servicing equipment loans from non-banking
financial companies/financial institutions.  The ratings also
factor in SCPL's average financial risk profile, driven by funding
support extended to group concern Shekhar Resorts Ltd, and
exposure to risks related to a small scale of operations, large
working capital requirements, and intense competition in the
infrastructure industry.  These rating weaknesses are partially
offset by the experience of SCPL's promoters in the civil
construction industry.

                     About Shekhar Constructions

Incorporated in 1997, SCPL undertakes construction of dams,
bridges, and roads in Jharkhand, Madhya Pradesh, and Rajasthan.
The company, promoted by Mr. Chandra Shekhar Sharma, his brothers
Mr. Naresh Kumar and Mr. Krishan Kumar, and their families, is
registered as a Class A+ contractor with the public works
departments of the respective states and executes the contracts
for government bodies. SCPL has an associate concern SRL, which
develops hotels and resorts in northern India. SCPL's investment
of around INR153 million in SRL is large compared to the former's
net worth of about INR218 million as on March 31, 2010.

SCPL is estimated to have earned a profit after tax (PAT) of
INR31.1 million on net sales of INR556.5 million for 2009-10
(refers to financial year, April 1 to March 31), against a
reported PAT of INR27.2 million on net sales of INR541.2 million
for 2008-09.


SHIV PUJA: CRISIL Reaffirms 'BB-' Rating on INR800 Mil. Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiv Puja Construction
Pvt Ltd continue to reflect SPCPL's exposure to risks associated
with the initial tolling revenues risks of its Sirohi-Mandar-Deesa
road project, which is the first project of such a large size to
be executed by the partner companies.

   Facilities                        Ratings
   ----------                        -------
   INR800 Million Term Loan          BB-/Stable (Reaffirmed)
   INR70 Million Bank Guarantee      P4+ (Reaffirmed)

These rating weaknesses are partially offset by the experience of
the partner companies in relatively smaller size road construction
and build-operate-transfer (BOT) projects, and in tolling
operations.

Outlook: Stable

CRISIL stable outlook reflects SPCPL ability to complete work on
the Sirohi-Mandar-Deesa stretch of Rajasthan State Highway (SH)-27
within the budgeted time, given the low technical complexity of
the project work.  The outlook may be revised to 'Positive' if
SPCPL demonstrates expected collections from tolling operations
and if the company repays the term loan raised to fund the project
before schedule, because of higher-than-expected toll collections.
Conversely, the outlook may be revised to 'Negative' if SPCPL
faces stressed finances and is unable to meet its term debt
obligations, and/or withdrawal of support extended by the
promoters in the form of unsecured loans.

Update

SPCPL's BOT project is fully completed.  Tolling from the first
two tolling points had begun from May 1, 2010 (against the
expectations of February 2010) and the third tolling point has
also started on schedule from September 2010.  As of March 31,
2010, term loans of INR699 million, out of a total of INR800
million, were disbursed to the company.  The promoters'
contribution of INR487 million has been infused (Rs.78 million as
equity and INR409 million as unsecured loans bearing an interest
rate of 14 per cent per annum).  Any cost overrun is expected to
be funded through tolling revenue from the first two tolling
points. The debt repayment will commence from September 2011.

                          About Shiv Puja

SPCPL was promoted in 2007 as an equal joint venture between PRL
Projects & Infrastructure Ltd and Shiva Corporation India Ltd for
bidding for BOT projects.  It was selected by the Public Works
Department (PWD) of Rajasthan for strengthening, widening, and
improving the 71.4-kilometre (km) Sirohi-to-Deesa stretch on SH-27
on a BOT basis. The project was awarded to SPCPL in July 2008,
after the company submitted a suo moto proposal to PWD, Rajasthan.
The construction of the project started in December 2008.  The
total cost of the project is estimated at INR1338 million, to be
funded through debt of INR800 million and promoters' contribution
for the balance amount. The road has three tolling points at 24
km, 47 km, and 71.4 km.


SSA INTERNATIONAL: Fitch Affirms 'BB' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has affirmed India's SSA International Limited's
National Long-term rating at 'BB(ind)'.  The Outlook is Stable.
The agency has simultaneously affirmed the ratings on SSA's
instruments:

  -- Outstanding INR371.7m long-term bank loan (enhanced from
     INR307.3m): 'BB(ind)';

  -- INR2200m fund-based working capital limits (enhanced from
     INR1,800m): 'BB(ind)/F4(ind)'; and

  -- INR553m non-fund based working capital limits (enhanced from
     INR225m): 'BB(ind)/F4(ind)'.

SSA's ratings continue to reflect its established track record in
basmati paddy processing, basmati rice export markets and its
consistent growth in revenues during FY05-FY10.  The ratings are
further strengthened by the company's lack of capex over the
short- to medium-term.

The ratings continue to remain constrained by SSA's high
concentration risk in the export market and low brand recall.
Fitch notes that India's rice milling industry is very working
capital intensive and susceptible to fluctuating raw material
prices and vagaries of monsoons.  The industry is subject to
intervention by regulatory authorities by way of policy changes.
The agency also notes that the rice industry historically is a low
margin business.

SSA's revenues have grown at a compounded annual growth rate of
23.6% during FY06-FY10.  It recorded revenues of INR5,383.3
million in FY10, up 13.8% yoy (FY09: INR4,731.2 million).  Despite
the growth in revenues, its EBITDA margin declined to 5.9% in FY10
(FY09: 7.4%) due to a fall in net sales realization per tonne of
basmati rice.  However, SSA's EBITDA margins have consistently
remained above 4% since FY06.  Contribution of exports to revenues
is quite volatile though it has remained above 50% over FY07-FY10.
Fitch notes that significant debt repayments in FY13 may put some
pressure on the company's liquidity.

In line with Fitch's "Parent and Subsidiary Rating Linkage
Methodology", SSA's ratings are based on linkages with its parent
- Samtex Fashion Limited ('BB(ind)'/Stable).  SFL's and SSA's
relationship is that of a weak parent and strong subsidiary, and
the ratings are based on consolidated profile.

Positive ratings triggers include a substantial reduction in SSA's
financial leverage (total adjusted debt net of cash/EBITDA) over
the medium- to long-term, subject to SFL maintaining current
credit profile.  Negative rating triggers include any debt-funded
capex by the company, which would result in the deterioration of
its financial leverage and interest coverage, as well as adverse
policy changes by regulatory authorities.  Deterioration in SFL's
credit profile could also impact the ratings negatively.

Incorporated in February 1995, SSA is a 100% subsidiary of SFL.
The company is involved in the business of paddy milling and
manufacturing of rice bran oil.


SYARIKAT BEKALAN: May Default on Bond Payment, Opposition MP Says
-----------------------------------------------------------------
Free Malaysia Today reports that an opposition MP is claiming that
Syarikat Bekalan Air Selangor Sdn Bhd risks defaulting payments to
its bond holders as coffers of the water services firm may be
drying-up, leaving Syabas with insufficient funds to pay stake
holders.

Free Malaysia Today says Syabas bonds amounting to MYR1 billion
would mature this year, while payout for bonds maturing next year
was even higher.

According to FMT, Klang MP Charles Santiago said while the issue
was all about economics and finance, it had also became a
political contention between Barisan Nasional-led federal
government and Pakatan Rakyat-led state government.

"In 2006, the Parliament passed the Water Services Industries Act
where it called for a holistic management of water services," Mr.
Santiago told FMT in a recent interview.

With the passing of the Act, FMT notes, distribution of water was
no longer separated and managed by different entities but giving
the state government the legal position to acquire water assets
from Syabas, its parent company Puncak Niaga Sdn Bhd (manages
water treatement), Syarikat Pengeluar Air Sungai Selangor (Splash)
(building, operating and maintaining Selangor River Water Supply
Scheme Phase 3) and Abass Konsortium (operating and maintaining
Semenyih River).

FMT relates Mr. Santiago said the previous BN state government had
sent letters to the four entities on the matter before the 2008
general election.

However, after Pakatan took over the state government after the
last general election, negotiations broke down after Puncak Niaga
and Syabas rejected the state government's offer despite the
latter offering MYR5.7 billion to acquire water assets.

"The Water Assets Management Berhad (PAAB) evaluation estimated
the state's water assets to be worth RM1 billion but the state
government offered RM5.7 billion.  Last year, an offer of RM10
billion was made to the entities but was also turned down. The
point here is Syabas and Puncak Niaga should have taken up the
offer," Mr. Santiago told FMT.

With Syabas now risking a default, its major bondholders (CIMB
Principal Asset Management, Hong Leong Investment Bank and Great
Eastern Life) are said to be urging the federal government to
offer a bail-out to Syabas or risk its bonds being downgraded,
according to FMT.

Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) was incorporated on
July 8, 1996, under the Malaysian Companies Act, 1965 to undertake
the privatisation of water supply services in the State of
Selangor and the Federal Territories of Kuala Lumpur and
Putrajaya.


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


JLOC XXXIV: Fitch Upgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has upgraded the class A and B trust beneficiary
interests from JLOC XXXIV Trust due October 2013, and downgraded
the class C TBIs.  The agency has simultaneously withdrawn the
rating on the class X TBIs.  The transaction is a Japanese multi-
borrower CMBS securitization.  The details of the rating actions
are:

  -- JPY3.3bn* Class A TBIs upgraded to 'AAAsf' from 'AAsf';
     Outlook Stable;

  -- JPY7.0bn* Class B TBIs upgraded to 'Asf' from 'BBBsf';
     Outlook revised to Stable from Negative;

  -- JPY7.2bn* Class C TBIs downgraded to 'Bsf' from 'BBsf';
     Outlook revised to Stable from Negative; and

  -- JPY6.6bn* Class D TBIs affirmed at 'CCCsf'; Recovery Rating
     revised to 'RR6' from 'RR4'.

  * as of November 19, 2010

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

Fitch has upgraded the class A and B TBIs reflecting the
improvement in credit enhancement levels due to the progress of
principal repayments on these classes on a sequential basis,
following the sale of properties.  Since the last review in
November 2009, nine properties on the two remaining underlying
loans have been sold and the total value of sales was generally in
line with Fitch's expectation.  Fitch expects the class A TBIs to
be paid in full before legal final maturity as it expects that the
majority of the remaining properties, which are Tokyo office
buildings, will be sold before then, given their marketability.

Fitch has downgraded the class C TBIs reflecting the agency's
downwards revision of the value of all six remaining properties
backing this transaction.  Despite the property sales to date,
there has been a limited positive impact on the class C TBIs, in
terms of credit enhancement improvement.

The transaction structure is such that the TBIs principal is
repaid on a sequential basis in accordance with allocated TBIs
principal amounts.  These principal amounts are set on a loan-by-
loan basis, when the underlying loan principal is repaid due to
property sales.  Hence, although one underlying loan has been paid
in full since the last rating review, such proceeds have been
applied to the repayment of multiple TBI classes in accordance
with the allocated amount of the subject underlying loan.

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

This transaction was a securitization of two Tokutei Mokuteki
Kaisha specified bonds and one non-recourse loan (underlying
loan), backed by 61 commercial real estate properties and two loan
assets.  To date, one non-recourse loan has been fully repaid and
partial prepayments of two TMK bonds have occurred due to the
disposition of collateral properties and collection from loan
assets.  The transaction is currently backed by 6 commercial real
estate properties and sales proceeds.


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


SSANGYONG MOTOR: Mahindra Inks Final Deal to Buy Ssanyong
---------------------------------------------------------
Kyong-Ae Choi and Min-Jeong Lee at The Wall Street Journal report
that Mahindra & Mahindra Ltd. signed a final contract to acquire a
controlling stake in Ssangyong Motor Co. for KRW522.5 billion.

The companies said in a joint statement Tuesday that Mahindra will
acquire a 70% stake in Ssangyong Motor by issuing new shares worth
KRW427.1 billion and it will also purchase 95.4 billion of
Ssangyong's existing corporate bonds, according to WSJ.

The deal is expected to be concluded by March 2011, the statement
said.

"Together with its financial capability, Mahindra offers
competence in sourcing and marketing strategy while Ssangyong has
strong capabilities in technology," Mahindra President Pawan
Goenka said in the statement. "We are committed to leveraging the
combined synergies by investing in a new Ssangyong product
portfolio to gain momentum in global markets."

Mumbai-based Mahindra signed a preliminary agreement to buy a
controlling stake in Ssangyong on August 23, 2010.

                       About Ssangyong Motor

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

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

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


===============
M O N G O L I A
===============


XACBANK: Moody's Assigns 'D-' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has assigned XacBank these ratings, with
a stable outlook:

  -- D- Bank Financial Strength Rating, mapped to Ba3 baseline
     credit assessment

  -- Ba3/NP long- and short-term local currency deposit ratings

  -- B2/NP long- and short-term foreign currency deposit ratings

  -- Ba3/NP long-term local and foreign currency issuer ratings

                        Ratings Rationale

"XacBank's D- BFSR reflects its growing franchise, adequate
capital, and stabilizing asset quality.  These strengths, however,
are offset by the bank's narrowing profit margin, small scale, and
the volatile operating environment in Mongolia," says Yvonne
Zhang, a Moody's Vice President and Senior Analyst.

"The local currency deposit rating of Ba3 is supported by the
bank's stand alone financial strength, as the local currency
government bond is rated lower at B1 and the systemic support to
the bank from the Mongolian government is moderate," adds Zhang.

XacBank's franchise has been strengthened, as it has grown rapidly
over the past few years.  The bank's market share by loan balance
climbed to 9% in June 2010 from 5% in 2007, and it has becomes the
fourth-largest bank in Mongolia, although its absolute size
remains small on a global scale.

XacBank relies heavily on interest income.  As a leading bank in
the micro finance sector, it has maintained a wide net interest
margin.  However, with the micro finance market saturating in
recent years, XacBank has gradually shifted its business focus to
SME lending for growth.

The profit margin is declining as a result, and will be under
pressure in coming years due to increased competition in the
sector.  The net interest margin declined to 7.2% in 2009 from
9.2% a year ago.  The bank's bottom line was also hit by higher
credit costs and operating expenses in 2009.

The deterioration in the bank's loan quality has stabilized, and
loan quality has improved so far in 2010.  The bank's asset
quality has been much better than the system average, even during
the global financial crisis.

In Moody's view, XacBank's expertise in micro finance and SME
lending, the lack of concentration risk, and its rapid loan growth
are contributing factors to the bank's low non-performing loan
ratio.  As of the end of June 2010, XacBank reported an NPL ratio
of 1.74%, compared with the system average of 14%.

Nevertheless, volatile economic conditions will test its
portfolio.  In addition, the bank's ability to maintain a balance
between gaining domestic market share and exercising prudent risk
management will be a key credit consideration.  In 2009, the
bank's loan portfolio grew rapidly by 31%, while system-wide loans
were flat.  During the first eight month of 2010, the bank's loan
growth was 40% compared with 14% in the system.  Loan quality may
be pressured if economic growth slows down.

The bank has a solid capital position; it reported a Basel I
capital adequacy ratio of 17.2% and a Tier 1 ratio of 13.2% as of
end-2009.

The bank's loan to deposit ratio at end-2009 was high, around
157%.  In addition, only 44% of its total funding was in the form
of deposits.  However about 48% of its funding was provided by
international financial institutions and government agencies to
support the bank's microfinance and SME activities.  It is
therefore likely to be more stable than typical non-deposit
funding.  Moreover, this funding structure provides XacBank with a
relatively long-dated funding structure, a credit positive in a
market that has seen deposit runs in recent years.

The last rating action on XacBank was on December 2, 2009, when
all its ratings were withdrawn for business reasons: its bank
financial strength rating of D-; local currency long-term/short-
term deposit ratings of Ba3/NP; foreign currency long-term/short-
term deposit ratings of B2/NP; and local and foreign currency
long-

XacBank is headquartered in Mongolia.  It reported assets of
MNT$320 billion (approximately US$221 million) at end-2009.


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


BRIDGECORP LTD: Liquidators File Caveat on Petricevic Mansion
-------------------------------------------------------------
BusinessDay.co.nz reports that lawyers acting for former
Bridgecorp Ltd. chairman Rod Petricevic were back in the High
Court at Auckland Wednesday to set the ground rules for a battle
about a NZ$2.25 million payment to a family trust associated with
Mr. Petricevic and his wife Mary.

BusinessDay.co.nz says the liquidators of Navigator Finance, a
company owned by Bridgecorp's directors, said Navigator loaned the
RM Petricevic Family Trust NZ$2.25 million in 1988 which has not
been repaid.

According to BusinessDay.co.nz, the liquidators, Andrew McKay and
Aaron Walsh from Corporate Finance, were seeking summary judgment
against Mr. Petricevic and his wife, and have lodged a caveat
against their NZ$4.41-million home in Auckland's sought-after
suburb of Remuera.

BusinessDay.co.nz says the liquidators have now withdrawn the
summary judgment application, which could have seen Mary
Petricevic bankrupted if the debt were not paid, but still want
the NZ$2.2 million from the trust.

A trial has been set down for February 28, 2011, where Mr.
Petricevic's lawyer, Bruce Stewart QC, is expected to argue that
the trust did not receive one cent of the money, BusinessDay.co.nz
notes.

Meanwhile, BusinessDay.co.nz reports that Mr. Petricevic has
pleaded not guilty to a raft of criminal charges relating to
Bridgecorp's collapse.  These are set down for trial in the High
Court next July, BusinessDay.co.nz adds.

                         About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  In that regard, John Waller and Colin McCloy, partners
at PricewaterhouseCoopers, were appointed as receivers.
Bridgecorp owes around 1,800 debenture holders, which liquidators
estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were placed into voluntary
administration, owing about 100 investors about AU$24 million
(NZ$27 million).


SOUTH CANTERBURY: Receivers Sell Hyatt Hotel For NZ$60 Million
--------------------------------------------------------------
Paul Mcbeth at BusinessDesk reports that South Canterbury
Finance's receiver has sold the Auckland Hyatt Regency hotel for
between NZ$50 million and NZ$60 million.

Real estate agency Jones Lang Lasalle Hotels national director
Dean Humphries told BusinessDesk the buyer had ties to
New Zealand, but wanted to remain anonymous for the moment while
the ink on the contract dries.  The deal is expected to settle in
late January, BusinessDesk says.

According to BusinessDesk, the sale didn't require Overseas
Investment Office approval as it was under NZ$100 million and
didn't include sensitive land.

The Hyatt was SCF's biggest single exposure at NZ$42.3 million in
a second-ranking mortgage.

Mr. Humphries said the new owner will have to decide on whether it
sticks with the Hyatt brand, and that management contracts were
often reviewed during sales, BusinessDesk adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


* NEW ZELAND: IRD Sees More Business Failures in Next Two Years
---------------------------------------------------------------
The Inland Revenue Department, chasing NZ$742 million in tax owed
by failed companies and bankrupts, expects insolvencies to grow in
the next two years and has urged a crackdown on "soft"
liquidators, Paul Mcbeth at BusinessDesk reports.

BusinessDesk says IRD commissioner Bob Russell told Parliament's
Finance and Expenditure Committee Wednesday the department wants
tighter controls on liquidators that fail to squeeze out the best
possible return for creditors of failed businesses.

According to BusinessDesk, the tax collector's annual report
criticized the use of so-called friendly liquidators who didn't
delve deeply enough into the affairs of failed ventures.

"We think there are liquidators who aren't always doing their
utmost to get the best return," BusinessDesk quoted Mr. Russell as
saying.

BusinessDesk says IRD reported an increase in insolvencies this
year, with debt from bankrupts and entities in liquidation or
receivership up 35 percent.  About 90 percent of the debt owed is
more than a year old, and half of that is tied up in cases each
worth more than NZ$1 million, BusinessDesk relates.

Mr. Russell, as cited by BusinessDesk, said the jump in
liquidations and bankruptcies is "the result of economic
circumstances in New Zealand and will probably increase in the
next couple of years."

BusinessDesk reports that efforts to tighten rules around
liquidators are currently before the parliament.  Commerce
Minister Simon Power's bill to ban and register incompetent or
dishonest liquidators, receivers and voluntary administrators is
at select committee for public consultation, BusinessDesk adds.


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


AMERICAN INT'L: Said to Be Reviving Sale of Nan Shan Unit
---------------------------------------------------------
Dow Jones Newswires' Nisha Gopalan reports a person familiar with
the matter said Monday that American International Group Inc. has
invited four Taiwan parties to conduct due diligence on its Nan
Shan Life Insurance Co. unit.  Dow Jones says the four approached
in recent days are Chinatrust Financial Holding Co. Fubon
Financial Holding Co., Cathay Financial Holding Co. and the
chairman of Ruentex Group.

According to Dow Jones, the source said the invitation "to these
firms means the deal is back on the block, but it's in very early
stages.  That source added, "But these are all Taiwan companies so
the aim is to get strategics to bid."

Dow Jones notes Taiwan regulators rejected AIG's proposed sale of
Nan Shan to battery maker China Strategic Holdings Ltd. and
partner Primus Financial Holdings Ltd. in August because of doubts
about China Strategic's financial strength and commitment to Nan
Shan, which controls more than 30% of Taiwan's life-insurance
market.  The $2.15 billion deal between AIG and the China
Strategic consortium had been struck in October 2009.

                             About AIG

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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