TCRAP_Public/101130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 30, 2010, Vol. 13, No. 236

                            Headlines


A U S T R A L I A

DALRIADA MEAT: May Get Six Offers for Assets
GOWRIE ROAD HOTEL: To Sell for More Than AU$2 Million in Auction
ORCHESTRA VICTORIA: Goes Into Receivership


C H I N A

BIOPACK ENVIRONMENTAL: Has US$379,977 Net Loss for Sept. 30 Qtr.


H O N G  K O N G

ACTIVE TOWN: Creditors Get 100% and 0.01% Recovery on Claims
ALLIED GLORY: Creditors' Proofs of Debt Due December 28
AMERICAN ACOUSTIC: Creditors' Proofs of Debt Due December 10
ASIAN AREA: Blaauw and Lam Step Down as Liquidators
ASTLEY & PEACE: Creditors' Proofs of Debt Due December 17

AUTUMN LIMITED: Creditors and Contributories to Meet on December 7
BLUE SKY: Creditors Get 100% & 0.18% Recovery on Claims
BPI CHARITY: Members' Final General Meeting Set for December 28
BRIGHT TOWN: Creditors Get 100% & 1.39% Recovery on Claims
CHUN MAN: Court Enters Wind-Up Order

CINACON LIMITED: Creditors' Proofs of Debt Due December 28
CLASSIC VENTURE: Creditors' Proofs of Debt Due December 22
COLOUR PAINT: Creditors Get 100% & 37.09% Recovery on Claims
CONBARTER TRADING: Court to Hear Wind-Up Petition on December 22
CORSAIR LTD: S&P Withdraws Ratings on Four Series of Notes

D-MEDIA SYSTEM: Court Enters Wind-Up Order
DAEWOO HK: Members and Creditors' Final Meetings Set for Dec. 29
DICKSON (CHINA): Creditors Get 2.47% Recovery on Claims
DICKSON CONSTRUCTION: Creditors Get 2.18% Recovery on Claims
DICKSON PROPERTIES: Creditors Get 4.25% Recovery on Claims

DRAGON LEAF: Members' Final Meeting Set for December 28
REGER INTERNATIONAL: Creditors' Meeting Set for December 3


I N D I A

ALPHAMED FORMULATIONS: CRISIL Assigns 'B+' Rating to INR58MM Loan
AR CASHEWS: CRISIL Rates INR130 Million Cash Credit at 'BB-'
CIL TEXTILES: CRISIL Assigns 'B' Rating to INR85MM LT Bank Loan
DEMOSHA CHEMICALS: CRISIL Assigns 'BB-' Rating to INR100MM Debt
GREATER KAILASH: CRISIL Assigns 'D' Rating to INR200MM Term Loan

INDERJIT MEHTA: CRISIL Upgrades Rating on Cash Credit to 'B+'
PRET STUDY: ICRA Assigns 'LBB' Rating to INR8.6cr Term Loan
RATAN HOUSING: ICRA Places 'LBB+' Rating on INR15.2cr Bank Debt
RIDHI SIDHI: CRISIL Places 'B+' Rating on INR20MM Proposed LT Loan
RIGA SUGAR: CRISIL Cuts Rating on INR405MM Cash Credit to 'BB'

SANDHU AUTOMOBILES: CRISIL Rates INR70MM Cash Credit at 'BB-'
SANGAM FORGINGS: CRISIL Places 'BB-' Rating on INR23 Mil. LT Loan
STUMPP SCHUELE: CRISIL Assigns 'BB+' Rating to INR197.3MM LT Loan
SRI DURGA: CRISIL Rates INR80 Million Cash Credit at 'BB-'


I N D O N E S I A

ENERGI MEGA: S&P Puts 'B-' Rating on CreditWatch Negative


J A P A N

GODO KAISHA: Moody's Reviews Ratings on Various Classes of Notes
JLOC41 LLC: Fitch Downgrades Rating on Class D-1 Notes to 'Dsf'
OMEGA CAPITAL: S&P Downgrades Rating on Class A1 Notes to 'CC'
RESONA BANK: Fitch Affirms Individual Rating at 'C/D'
UDMAC-J1 TRUST: Moody's Reviews Ratings on Various Classes


K O R E A

HYUNDAI ENGINEERING: Creditors Ink Deal With Hyundai Group
INDUSTRIAL BANK: Moody's Gives Stable Outlook on 'D+' Rating


N E W  Z E A L A N D

AORANGI SECURITIES: Managers Report Slow Progress in Recovery
EQUITABLE MORTGAGES: Goes Into Receivership
HANOVER FINANCE: To Pursue Legal Action Against Allied Farmers
HANOVER FINANCE: SFO Confirms Probe on Hanover's Affairs
NATHANS FINANCE: SFO Drops Investigation Into VTL Group

NATHANS FINANCE: Judge Stops Reporting of Pre-Trial Hearing
PIKE RIVER: Secured Creditors Agree to 90-Day Stand-Still Period
SOUTH CANTERBURY: Former Auditor Censured Over Ethics Breach


S I N G A P O R E

APPIAS SHIPPING: Creditors' Proofs of Debt Due December 26
BARANG BARANG: Creditors Get 100% and 56.78% Recovery on Claims
DUELLONA SHIPPING: Creditors' Proofs of Debt Due December 26
GLOBAL A&T: S&P Raises Corporate Credit Rating to 'B'
GLOBAL BRANDS: Creditors' Meeting Set for December 9

NEW LAKESIDE: Court to Hear Judicial Management Petition on Dec. 3
RBC DEXIA: Creditors' Proofs of Debt Due December 27
REFORMATION BANNER: Creditors' Proofs of Debt Due December 31
SCM CORPORATION: Court to Hear Wind-Up Petition on December 10
SNOW INVESTMENTS: Creditors' Proofs of Debt Due December 26


X X X X X X X X

* S&P Raises Ratings on Two Asia-Pacific CDO Tranches
* BOND PRICING: For the Week November 22 to November 26, 2010




                            - - - - -


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


DALRIADA MEAT: May Get Six Offers for Assets
--------------------------------------------
The receivers of Dalriada Meat are expecting at least six offers
for the company, ABC News reports.

According to ABC News, twenty people lost their jobs when the
company went into receivership in August and the senior manager of
receiver PPB, Mark Lieberenz, said it is expecting strong offers.

"That's very good any time you want to go down this route of a
sale, as long as you've got more than one, it always creates that
element of competition and in this particular instance we've got a
lot more than one, so yes, we're expecting to have some very good
offers and some competition," the report quoted Mr. Lieberenz as
saying.

Dalriada Meat specializes in high quality yearling beef processing
distribution and retail.


GOWRIE ROAD HOTEL: To Sell for More Than AU$2 Million in Auction
----------------------------------------------------------------
Jim Campbell at The Chronicle reports that the Gowrie Road Hotel
looks certain to sell for more than AU$2 million after a strong
auction in Brisbane.

According to The Chronicle, the historic Toowoomba watering hole
went under the hammer at the instruction of the company, which had
been controlling the venue since it was placed into receivership
in June.

Tony Bargwanna, from Ray White Hotels Australia, told The
Chronicle that his agency was instructed by PKF Chartered
Accountants to put the hotel on the market.  The Chronicle relates
Mr. Bargwanna said that there was plenty of interest from
prospective buyers not only in South-East Queensland, but also
interstate.

Mr. Bargwanna, the report notes, said that the hotel was passed in
at AU$2.5 million on November 26, 2010, but there was a chance
that amount could increase.

The Chronicle discloses that Mr. Bargwanna said that another offer
was placed after the auction, which was significantly more than
AU$2.5 million.

The hotel's duty manager Joel Toombs was confident new ownership
could help the iconic establishment return to its former glory,
The Chronicle adds.

The Gowrie Road Hotel was previously the Rising Sun Hotel and the
earliest reference in The Chronicle's records to that
establishment date back to 1867.  The modern venue boasts 35 poker
machines, a TAB outlet and Keno facilities.


ORCHESTRA VICTORIA: Goes Into Receivership
------------------------------------------
Robin Usher at The Sydney Morning Herald reports that Orchestra
Victoria faces a significant deficit next year and could go into
receivership by May.

But the national companies whose performances are accompanied by
the orchestra, Opera Australia and the Australian Ballet, appear
guarded in response to its plight, The Sydney Morning Herald
relates.

"Employment practices have been in place for a long while and
Australia is a different place now," The Sydney Morning Herald
quoted OA's artistic director Lyndon Terracini, as saying,
pointing to the generous conditions and long-term employment that
orchestra staff enjoy.  "We all have to live with that reality."

Mr. Terracini, The Sydney Morning Herald notes, also has to deal
with annual losses of about AU$1 million incurred in the Opera
House by OV's Sydney counterpart, the Australian Opera and Ballet
Orchestra, which is controlled by OA.

The players are understandably keen for the orchestra to survive
and in current negotiations with the board have offered to
postpone CPI increases due in January in the hope the funding
shortfall will be addressed by the state and federal governments,
The Sydney Morning Herald says.

However, the report says, the company said that it is government
inaction that has contributed to the crisis, according to the
Symphony Orchestra Musicians Association.  There has been no
response to either the evaluation of orchestra review delivered
two years ago or to last year's review provided to the cultural
ministers council, it added.

The Sydney Morning Herald notes that the rate the federal
government indexes its support of the OV are about half the rate
of wages growth, around 4% a year.  Given the orchestra depends on
grants for 80 per cent of its funding, it would need to increase
its non-government income by 10% to stay in the black, The Sydney
Morning Herald relates.

Orchestra Victoria discloses that this is impossible after the
impact on charities and philanthropic bodies caused by the global
financial crisis, the report notes.

The musicians' union warns that Melburnians might have to travel
to Sydney to see performances that match current standards if OV
goes under, The Sydney Morning Herald adds.

Orchestra Victoria is the state's second orchestra.


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


BIOPACK ENVIRONMENTAL: Has US$379,977 Net Loss for Sept. 30 Qtr.
----------------------------------------------------------------
Biopack Environmental Solutions Inc. filed its quarterly report on
Form 10-Q, reporting a net loss of $379,977 for the three months
ended September 30, 2010, compared with a net loss of $331,656 for
the same period last year.

The Company reported revenues of $101,896 for the three months
ended September 30, 2010, compared with revenues of $204,965 for
the same period last year.

The Company's balance sheet at September 30, 2010, showed
$2,723,576 in total assets, $2,704,537 in total current
liabilities, $310,000 in total long-term liabilities, and a
$290,961 stockholders' deficit.

The Company had a loss for the nine-month period ended
September 30, 2010 of $623,047 and, on September 30, 2010 it had
an accumulated deficit of $5,514,980 and a working capital deficit
of $2,175,865.  These conditions raise substantial doubt as to the
Company's ability to continue as a going concern.

According to the Company's latest annual report, the Company made
a net profit for the year ended December 31, 2009 of $867,547 and,
on December 31, 2009, it had an accumulated deficit of $4,891,933
and a working capital deficit of $2,250,368.  "These conditions
exist which raise substantial doubt about the company's ability to
continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its
operations.  Those conditions raise substantial doubt about its
ability to continue as a going concern," the Company's independent
auditors, Gruber & Company said, following the Company's 2009
results.

In the Form 10-Q, the Company said it anticipates that it will
continue to incur operating expenses that will only partially be
offset by sales revenues.  On September 30, 2010, the Company had
cash and cash equivalents of $149,945.  The Company's average
operating expenses is $75,000 per month.  The Company estimates
that its operating expenses over the next twelve months will be
approximately $900,000.  The Company is uncertain these expenses
can be offset by our sales revenues.

As the Company cannot assure a lender that its operation will
become profitable, it will probably find it difficult to raise
debt financing from traditional lending sources.  The Company has
traditionally raised its operating capital from sales of equity
and, more recently, convertible debt securities but there can be
no assurance that it will be able to continue to do so.  If the
Company cannot raise the money that it needs in order to continue
to operate, the Company may be forced to delay, scale back or even
eliminate some or all of its activities.  If any of these were to
occur, the Company's business could fail.  These circumstances
raise substantial doubt about the Company's ability to continue as
a going concern.  Although the Company's consolidated financial
statements raise substantial doubt about its ability to continue
as a going concern, they do not include any adjustments relating
to recoverability and classification of recorded assets, or the
amounts or classifications of liabilities that might be necessary
in the event the Company cannot continue in existence.

Concentration of credit risk is limited to accounts receivable and
is subject to the financial condition of major customers.  The
Company does not require collateral or other security to support
accounts receivable.  The Company conducts periodic reviews of its
clients' financial condition and customers' payment practices to
minimize collection risk on accounts receivable.

The future of the Company is dependent upon its attaining
profitable operations and raising the capital it will require in
order to achieve profitable operations through the issuance of
equity securities, borrowings or a combination thereof.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6ff4

                   About Biopack Environmental

Kowloon, Hong Kong-based Biopack Environmental Solutions Inc.
(OTC BB: BPAC) -- http://www.biopackenvironmental.com/-- was
incorporated on August 28, 2000, in the State of Nevada under the
name "Quadric Acquisitions".  The Company develops, manufactures,
distributes and markets bio-degradable food containers and
disposable industrial packaging for consumer products.  The
Company supplies its biodegradable food containers and industrial
packaging products to multinational corporations, supermarket
chains and restaurants located across North America, Europe and
Asia.  The Company manufactures its products in its own factory,
known as Biopark, which is located in Jiangmen City in the PRC.


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


ACTIVE TOWN: Creditors Get 100% and 0.01% Recovery on Claims
------------------------------------------------------------
Active Town Limited, which is in creditors' voluntary liquidation,
paid the dividend to its creditors on November 26, 2010.

The company paid 100% and 0.01% for preferred and ordinary claims,
respectively.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


ALLIED GLORY: Creditors' Proofs of Debt Due December 28
-------------------------------------------------------
Creditors of Allied Glory Consultants Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 28, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon, Hong Kong


AMERICAN ACOUSTIC: Creditors' Proofs of Debt Due December 10
-----------------------------------------------------------
Creditors of American Acoustic Development Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 10,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         18th Floor Two
         International Finance Centre
         8 Finance Street
         Central, Hong Kong


ASIAN AREA: Blaauw and Lam Step Down as Liquidators
---------------------------------------------------
Mr. Jan G W Blaauw and Mr. Rainier Hok Chung Lam stepped down as
liquidators of Asian Area Reinsurance Company Limited on Nov. 17,
2010.


ASTLEY & PEACE: Creditors' Proofs of Debt Due December 17
----------------------------------------------------------
Creditors of Astley & Peace Asian Pacific Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 17, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 18, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


AUTUMN LIMITED: Creditors and Contributories to Meet on December 7
------------------------------------------------------------------
Creditors and contributories of Autumn Limited will hold their
first meetings on December 7, 2010, at 10:00 a.m., and 11:00 a.m.,
respectively, at 5/F, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, in Central Hong Kong.

At the meeting, Yuen Tsz Chun, Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BLUE SKY: Creditors Get 100% & 0.18% Recovery on Claims
-------------------------------------------------------
Blue Sky Development Consultancy Limited, which is in creditors'
voluntary liquidation, paid the dividend to its creditors on
November 26, 2010.

The company paid 100% and 0.18% for preferred and ordinary claims,
respectively.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


BPI CHARITY: Members' Final General Meeting Set for December 28
---------------------------------------------------------------
Members of BPI Charity Foundation Limited will hold their final
general meeting on December 28, 2010, at Room 1307-8 Dominion
Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

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


BRIGHT TOWN: Creditors Get 100% & 1.39% Recovery on Claims
----------------------------------------------------------
Bright Town Investment Limited, which is in creditors' voluntary
liquidation, paid the dividend to its creditors on November 26,
2010.

The company paid 100% and 1.39% for preferred and ordinary claims,
respectively.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


CHUN MAN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on October 15, 2009,
to wind up the operations of Chun Man Logistics & Storage Limited.

The company's liquidator is Chiu Koon Shou of Victor Chiu Tsang &
Partners.


CINACON LIMITED: Creditors' Proofs of Debt Due December 28
-----------------------------------------------------------
Creditors of Cinacon Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 28,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 19, 2010.

The company's liquidator is:

         Leigh Man Sung Camballaw
         Unit 2205, 22/F
         China Merchants Building
         303-307 Des Voeux Road
         Central, Hong Kong


CLASSIC VENTURE: Creditors' Proofs of Debt Due December 22
-----------------------------------------------------------
Creditors of Classic Venture Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 22, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 15, 2010.

The company's liquidator is:

         Yu Hon Wing Allan
         23rd Floor, Wing Hang Finance Centre
         60 Gloucester Road
         Wanchai, Hong Kong


COLOUR PAINT: Creditors Get 100% & 37.09% Recovery on Claims
------------------------------------------------------------
Colour Paint Limited, which is in creditors' voluntary
liquidation, paid the dividend to its creditors on November 26,
2010.

The company paid 100% and 37.09% for preferred and ordinary
claims, respectively.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


CONBARTER TRADING: Court to Hear Wind-Up Petition on December 22
----------------------------------------------------------------
A petition to wind up the operations of Conbarter Trading Limited
will be heard before the High Court of Hong Kong on December 22,
2010, at 9:30 a.m.

Wolfman Jack Entertainment (Hong Kong) Limited filed the petition
against the company on October 19, 2010.

The Petitioner's solicitors are:

          Eddie Lee & Company
          Room 1710-12, 17th Floor
          Nan Fung Tower
          173 Des Voeux Road Central
          Hong Kong


CORSAIR LTD: S&P Withdraws Ratings on Four Series of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on four
series of notes issued by Corsair (Jersey) No. 2 Ltd., following a
reduction of the principal amount of the notes to zero, and the
consequent unwind of the notes.

The rating actions on the affected transaction are:

                        Ratings Withdrawn

                   Corsair (Jersey) No. 2 Ltd.

       Name                       Rating To    Rating From
       ----                       ---------    -----------
       Series 87                  N.R.          D (sf)
       Series 88                  N.R.          D (sf)
       Series 90                  N.R.          D (sf)
       Series 97                  N.R.          D (sf)

                         N.R. - Not rated.


D-MEDIA SYSTEM: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on October 28, 2010,
to wind up the operations of D-Media System (H.K.) Co. Limited.

The company's liquidator is Chiu Koon Shou of Victor Chiu Tsang &
Partners.


DAEWOO HK: Members and Creditors' Final Meetings Set for Dec. 29
----------------------------------------------------------------
Members and creditors of Daewoo Hong Kong Limited will hold their
final meetings on December 29, 2010, at 10:00 a.m., and 2:00 p.m.,
respectively at Assembly Hall, 27th Floor, Asem Tower, 159-1
Samsung-Dong, Kangnam-Ku, in Seoul, 135-798, Republic of Korea.

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


DICKSON (CHINA): Creditors Get 2.47% Recovery on Claims
------------------------------------------------------
Dickson (China) Limited, which is in creditors' voluntary
liquidation, paid the dividend to its creditors on November 26,
2010.

The company paid 2.47% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


DICKSON CONSTRUCTION: Creditors Get 2.18% Recovery on Claims
------------------------------------------------------------
Dickson Construction (Housing) Limited, which is in creditors'
voluntary liquidation, paid the dividend to its creditors on
November 26, 2010.

The company paid 2.18% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


DICKSON PROPERTIES: Creditors Get 4.25% Recovery on Claims
-----------------------------------------------------------
Dickson Properties Limited, which is in creditors' voluntary
liquidation, paid the dividend to its creditors on November 26,
2010.

The company paid 4.25% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62/F, One Island East
         18 Westlands Road
         Islands East, Hong Kong


DRAGON LEAF: Members' Final Meeting Set for December 28
--------------------------------------------------------
Members of Dragon Leaf Development Limited will hold their final
general meeting on December 28, 2010, at 11:00 a.m., at Room 402,
Highgrade Building, 117 Chatham Road, Tsimshatsui, Kowloon, in
Hong Kong.

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


REGER INTERNATIONAL: Creditors' Meeting Set for December 3
----------------------------------------------------------
Creditors of Reger International Limited will hold their meeting
on December 3, 2010, at 4:00 p.m., for the purposes provided for
in Sections 241, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at Room 1405, 14/F., Workingfield
Commercial Building, 408-412 Jaffe Road, in Hong Kong.


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ALPHAMED FORMULATIONS: CRISIL Assigns 'B+' Rating to INR58MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Alphamed Formulations Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Cash Credit Facility   B+/Stable (Assigned)

   INR58.0 Million Term loan              B+/Stable (Assigned)

   INR70.5 Million Proposed Long Term     B+/Stable (Assigned)
                   Bank Loan Facility

   INR3.0 Million Bank Guarantee          P4 (Assigned)

   INR2.0 Million Letter of Credit        P4 (Assigned)

The ratings reflect AFPL's exposure to risks inherent in the
milestone-based contract system, customer concentration in revenue
profile, and below-average financial risk profile.  These
weaknesses are partially offset by the promoters' experience in
the pharmaceutical industry.

Outlook: Stable

CRISIL believes that Alphamed Formulations Pvt Ltd will maintain
its business risk profile driven by its promoter's experience in
the pharmaceutical industry.  The outlook may be revised to
'Positive' if AFPL is able to generate higher-than-expected
revenue and operating margin, and is able to significantly expand
its customer base.  Conversely, the outlook may be revised to
'Negative' if delays in stabilization of new manufacturing
facilities or lower-than-expected revenue and operating margin
weaken AFPL's financial risk profile.

                    About Alphamed Formulations

Set up in 2006, AFPL provides contract research and manufacturing
services to various domestic and international companies in the
pharmaceutical segment.  The company has capacity to manufacture
50 tonnes per annum (tpa) of pellets. Under the ongoing INR82-
million capital expenditure, AFPL plans to increase its capacities
-- to manufacture additional 80 tpa of pellets, 120 million
tablets, and 50 million capsules -- by December 2010. It has a
manufacturing facility in Ranga Reddy district of Andhra Pradesh.

AFPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR72.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.1 million on net sales
of INR19.2 million for 2008-09.


AR CASHEWS: CRISIL Rates INR130 Million Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' ratings to A.R. Cashew's bank
facilities.

   Facilities                        Ratings
   ----------                        -------
   INR130.00 Million Cash Credit     BB-/Stable (Assigned)

The ratings reflect ARC's below-average financial risk profile,
marked by a small net worth, and weak gearing and debt protection
metrics, small scale of operations, and susceptibility to intense
competition in the cashew trading business. These rating
weaknesses are partially offset by ARC's long track record in
cashew trading business.

Outlook

CRISIL believes that ARC will maintain its stable credit risk
profile over the medium term on the back of continued demand for
its products.  The outlook may be revised to 'Positive' if ARC's
financial risk profile improves on the back of improved capital
structure or cash accruals.  Conversely, the outlook may be
revised to 'Negative' in case of adverse movement in prices of raw
cashew nuts or cashew kernels, adversely affecting the firm's
profitability and cash accruals; or if the firm's financial risk
profile deteriorates, most likely because of large, debt-funded
capital expenditure or significant withdrawal of capital by the
partners in the firm.

                         About A.R. Cashew

ARC was set up as a proprietorship firm in 1993 by Mr. E
Sirajudeen; he reconstituted ARC as a partnership firm in 2008 by
inducting his wife Ms. Niza Sirajudeen as a partner.  ARC is into
trading and processing of raw cashew nuts and cashew kernels.  The
firm has three cashew processing units (of these, the new facility
is expected to start commercial operations by end of June 2010)
with aggregate capacity of about 25 tonnes per day; the units are
located at Kollam (Kerala).

ARC's profit after tax (PAT) and net sales are estimated to be
INR3 million and INR650 million, respectively, for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR637 million for 2008-09.


CIL TEXTILES: CRISIL Assigns 'B' Rating to INR85MM LT Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of C I L Textiles Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR85.0 Million Proposed Long      B/Stable (Assigned)
         Term Bank Loan Facility

   INR7.5 Million Packing Credit      P4 (Assigned)

   INR72.5 Million Bill Discounting   P4 (Assigned)

   INR30.0 Million Proposed Short     P4 (Assigned)
         Term Bank Loan facility

The ratings reflect CIL's weak financial risk profile, marked by
high gearing, and weak debt protection measures and expected to
remain constrained by large capital expenditure (capex) plans, and
exposure to risks related to geographical concentration in revenue
profile and small scale of operations.  These rating weaknesses
are partially offset by the benefits that CIL derives from the
longstanding experience of its directors in the textile industry.

Outlook: Stable

CRISIL believes that CIL will continue to benefit over the medium
term because of the director's experience in the textile business.
The company's financial risk profile is expected to remain
constrained by proposed capex plans and weak debt protection
measures.  The outlook may be revised to 'Positive' if the company
improves its capital structure or enhances its scale of
operations, while improving its operating margin.  Conversely, the
outlook may be revised to 'Negative' in the event of time or cost
overruns on the ongoing project, or increase in working capital
requirements.

                        About C I L Textiles

CIL is a manufacturer and exporter of textile products, which
include grey fabric, processed fabric, stretched frames, and
textile made-ups such as tarpaulin and horse rugs.  The company
manufactures fabrics in the width range of 26 inches to 144
inches. CIL (formerly, Arvee Impex, a dormant company incorporated
in 1997) was acquired by Mr. Hari Govind Murarka in 2005.  In
2009, Mr. Murarka started his own portfolio management services
company in Mumbai and currently does not participate in the day-
to-day operations of the company. Currently, CIL is managed by Ms.
Kalpana Somani and Mr. Apoorv Pathak. CIL exports more than 95 per
cent of its products to importers and textile convertors in the
US, Europe, Australia, South Africa, and the Gulf countries.

CIL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR311.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against net loss of INR0.9 million on net
sales of INR315.4 million for 2008-09.


DEMOSHA CHEMICALS: CRISIL Assigns 'BB-' Rating to INR100MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Demosha
Chemicals Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR20.0 Million Packing Credit        P4+ (Assigned)
   INR60.0 Million Letter Of Credit      P4+ (Assigned)
   INR5.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Demosha's weak financial risk profile, marked
by a high gearing and small net worth, and susceptibility to
adverse regulatory changes and downturns in the domestic end-user
industries.  These rating weaknesses are partially offset by the
benefits that Demosha derives from its promoters' experience in
the inorganic chemical business.

Outlook: Stable

CRISIL believes that Demosha to continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if Demosha sustains its
profitability, leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's profitability declines substantially or it
undertakes large debt-funded capital expenditure programmes,
leading to deterioration in its financial risk profile.

                       About Demosha Chemicals

Demosha was set up in 1972 by Mr. Gautam Shah. The company
manufactures inorganic chemicals such as, zinc oxide, sodium
hydrosulphite, and sulphoxylates. Zinc oxide accounts for almost
40 per cent of the company's sales; it is mainly used as an
activator in the tyre industry. Hydrosulphite and sulphoxylates
find application in dyeing and bleaching of different fabrics. The
company has its manufacturing unit at Valsad (Gujarat). Demosha
exports around 10 per cent of its products to USA, Turkey,
Pakistan, and Bangladesh.

Demosha is reported a profit after tax (PAT) of INR91 million on
net sales of INR1066 million for 2009-10 (refers to financial
year, April 1 to March 31), against a loss of INR10.8 million on
net sales of INR812 million for 2008-09.


GREATER KAILASH: CRISIL Assigns 'D' Rating to INR200MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' ratings to Greater Kailash Hospitals
Pvt Ltd's bank facilities.  The rating reflects delay by the
company in servicing its term loan; the delay has been caused by
GKHPL's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR10.0 Million Overdraft Facility     D (Assigned)
   INR200.0 Million Term Loan             D (Assigned)

GKHPL's below-average financial risk profile is marked by high
gearing, weak debt protection metrics, and small net worth. The
company also has small scale of operations, and a geographically
concentrated revenue profile.  GKHPL, however, benefits from its
modern infrastructure backed by promoters' experience in the
healthcare industry.

GKHPL was originally set up in 1977 as a proprietorship firm by
late Dr. Jagdish Chander Singh; the firm was converted into a
partnership firm in 2008, and later reconstituted as a private
limited company with the current name in 2009.  GKHPL runs Greater
Kailash Hospital (GKH) in Indore (Madhya Pradesh).  GKH is a
multi-specialty hospital with departments of urology, neurology,
orthopaedic, and eye care, and is in the process of setting up
infrastructure for a cardiac department.  It has a total capacity
of 100 beds.

GKHPL is estimated to report a profit after tax (PAT) of
INR1.6 million on net revenues of INR99.3 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR0.7 million on net revenues of INR25.4 million for 2008-09.


INDERJIT MEHTA: CRISIL Upgrades Rating on Cash Credit to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Inderjit Mehta Construction Pvt Ltd to 'B+/Stable' from
'B/Stable', while reaffirming the rating on the short-term
facility at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR110 Million Cash Credit Limits    B+/Stable(Upgraded from
                                                  'B/Stable')
   INR250 Million Bank Guarantee        P4 (Reaffirmed)

The upgrade reflects improvement in IM Constructions' business
risk profile, driven by increase in cash accruals because of
strong growth in revenues and improvement in profitability.  The
upgrade also factors in the company's strong revenue visibility
for the medium term, supported by its sizeable order book.

The ratings continue to reflect IM Constructions' weak financial
risk profile marked by high gearing and weak debt protection
metrics.  These rating weaknesses are partially offset by the
company's established track record as a contractor in the defence-
civil-construction business and its sizeable order book.

Outlook: Stable

CRISIL believes that IM Constructions will maintain its business
risk profile over the medium term, supported by its established
market position and sizeable order book.  Its financial risk
profile, however, is expected to remain constrained because of
high gearing and weak debt protection metrics.  The outlook may be
revised to 'Positive' if IM Constructions increases its scale of
operations more than expected while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a larger-than-expected debt-funded capital
expenditure programme, or faces time and cost overruns in its
ongoing and future projects.

                        About Inderjit Mehta

Established in 1987, IM Constructions undertakes turnkey civil
construction projects for defence agencies including Military
Engineer Services and Directorate General of Married Accommodation
Project, Delhi State Industrial and Infrastructure Development
Corporation Ltd, Delhi Metro Rail Corporation Ltd, IRCON Ltd,
Central Public Works Department, and private contractors. IM
Constructions' range of construction activities includes
buildings, shelters, sheds, synthetic tracks, and internal and
external electrification.  The company is promoted by Mr. Inderjit
Mehta and family.

IM Constructions reported a profit after tax of INR11.2 million on
net sales of INR547.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR12.1 million
on net sales of INR407.4 million for 2008-09.


PRET STUDY: ICRA Assigns 'LBB' Rating to INR8.6cr Term Loan
-----------------------------------------------------------
ICRA has assigned "LBB" rating to INR8.60 crore term loan and
INR11.40 crore fund based facilities of Pret Study by Janak
Fashions Pvt. Ltd.  The outlook on the long-term rating is Stable.

The assigned rating is constrained by PSJF's stretched cash flows
due to high working capital intensity on account of high debtor
and inventory days; and the liabilities on account of support
given to another group company in the form of corporate guarantee
and sales on an extended credit period, which could devolve on
PSJF and adversely impact the financial profile in the short to
medium term.  The sales of PSJF are vulnerable to adverse economic
conditions like weakness in consumer spending and growing
competitive intensity in the domestic apparel retail market which
is highly fragmented.  The rating favorably takes into account the
company's established position in NCR through its Study by
Janak brand offering a wide range of ethnic and western wear for
men and women and backward integration through in-house
manufacturing of entire range of men's wear which reduces the
dependence on outside vendors and improves the cost structure.
Though the company is well established in NCR, future growth would
be driven by expanding in other cities where it has to compete
with other established players.  ICRA notes that there had been
significant improvement in the profitability and capital structure
in 2009-10 on account of cost reduction, equity infusion and pre-
payment of debt; however the interest coverage indicator was
stretched due to high interest expense on account of high debt
outstanding during the year.  The rating also factors in the
strength of the management that has over two decades of experience
in this line of business and support extended to the company in
the form of rent free promoter owned showrooms in Karol Bagh and
South Extension in Delhi.  The demand outlook for the sector is
healthy given the favorable demographic profile, rising disposable
incomes and growing preference for the branded wear.

                         About Pret Study

PSJF was originally incorporated as ARK Capleafin (P) Ltd. in
March 1997 and was earlier engaged in garment related business. It
was acquired by the present promoters in April 2005 and
subsequently the name was changed to PSJF in May 2005.  PSJF is
engaged in manufacturing and retailing of western and ethnic wear
for men and women under its brand Study by Janak through its 7
exclusive showrooms in NCR and Punjab.  The promoters have been
engaged in the manufacturing and retailing of ethnic wear for men
for over three decades and started with a showroom (Mehra Stores)
in Karol Bagh (Delhi) in 1980-81.


RATAN HOUSING: ICRA Places 'LBB+' Rating on INR15.2cr Bank Debt
---------------------------------------------------------------
ICRA has assigned an "LBB+" rating to INR15.20 crore bank lines of
Ratan Housing Development Limited.  Outlook on the rating is
stable.

The rating reflects RHDL's long track record in the Kanpur real
estate market, support from its established promoter group which
has interests in steel, textile, real estate, FMCG, healthcare
etc., and its moderate gearing.  The rating is, however,
constrained by the moderate size of its operations, geographical
risk resulting from concentration of most of its projects in
Kanpur and low bookings in some of its on-going projects, which
accentuates market risks.

Ratan Housing Development Limited is a part of Raj Ratan group of
companies.  The group, promoted by the Khatri family, is based in
Kanpur.  The group has interests in textiles trading and
retailing, real estate, healthcare, BPO, detergent powder
manufacturing and steel business.  RHDL has developed projects in
Pune, Delhi, Kanpur, Vasco, Mumbai and Lucknow.  The company has
developed commercial as well as residential projects.  In its more
than two decades of existence, the group has developed more than
50 projects with a combined developed area of 2.2 million sq. ft.

Recent Results

Ratan Housing Development Limited posted operating income (OI) of
INR28.36 crore and net profit of INR5.37 crore in FY10 as compared
to OI of INR31.44 crore and net profit of INR4.8 crore in the
previous year.


RIDHI SIDHI: CRISIL Places 'B+' Rating on INR20MM Proposed LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Ridhi Sidhi Iron & Steel.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Proposed Long Term    B+/Stable (Assigned)
                   Bank Loan Facility

   INR10.0 Million Cash Credit           B+/Stable (Assigned)
   INR50.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect RSIS's modest scale of operations, coupled
with a weak financial risk profile, marked by a small net worth,
weak capital structure and weak debt protection metrics, and the
susceptibility of its operating margin to fluctuations in steel
prices.  These weaknesses are partially offset by the significant
experience of RSIS's promoters in the steel industry.

Outlook: Stable

CRISIL believes that RSIS will benefit over the medium term from
its established market presence and the longstanding experience of
its promoters in the steel industry.  The outlook may be revised
to 'Positive' in case of significant increase in sales volumes
coupled with improvement in net cash accruals and debt protection
metrics.  Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the operating margin or debt protection
metrics or significant deterioration in its working capital cycle.

                         About Ridhi Sidhi

RSIS is a sole proprietorship of Mr. Subodh Sanghvi, established
in 2004. It is engaged in trading of hot-rolled coils, plates and
sheets in Maharashtra region.  Mr. Subodh Sanghvi is supported by
his sons, Mr. Sohil Sanghvi and Mr. Mitul Sanghvi, in the day to
day operations of the concern.

RSIS reported a profit after tax (PAT) of INR1 million on net
sales of INR200 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR201.8 million for 2008-09.


RIGA SUGAR: CRISIL Cuts Rating on INR405MM Cash Credit to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its ratings on Riga Sugar Company Ltd's bank
facilities to 'BB/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR405 Million Cash Credit        BB/Stable (Downgraded from
                                                'BBB-/Stable')

   INR253.9 Million Long-Term Loan   BB/Stable (Downgraded from
                                                'BBB-/Stable')

   INR17.6 Million Bank Guarantee    P4+ (Downgraded from 'P3')

The downgrade reflects the deterioration in RSCL's financial risk
profile, marked by high gearing levels and weak debt protection
metrics, due to significantly lower-than-expected accruals.  The
downward revision also reflects the concerns on account of the
liquidity pressures being faced by the company.

The revised ratings reflect RSCL's high gearing, weak debt
protection indicators, and exposure to risks relating to the
cyclicality and seasonality in the sugar industry and to adverse
government regulations.  These weaknesses are partially offset by
RSCL's established presence in its area of operations, and its
promoters' experience in the sugar industry.

Outlook: Stable

CRISIL believes that RSCL will continue to benefit from the
increasing domestic demand for sugar over the medium term. The
outlook may be revised to 'Positive' in case of a significant and
sustained growth in the company's revenues and profitability,
resulting in an improvement in its financial risk profile,
especially in its capital structure.  Conversely, the outlook may
be revised to 'Negative' if RSCL undertakes a fresh, large,
substantially debt-funded capital expenditure programme, resulting
in deterioration in its financial risk profile.

Update

RSCL posted losses in 2009-10 (refers to financial year, October 1
to September 30) on account of volatility in prices of sugar and
sugar cane.  The company had also crushed less cane during the
year because of non-availability of cane within its command area.
During the current sugar season (September 2010 to August 2011),
the company expects a significant increase in the amount of cane
crushed on the back of the expected abundance of cane within the
region.

For the year ended September 30, 2010, RSCL, on a provisional
basis, reported a net loss of INR16 million on net sales of INR956
million; it had reported a net profit of INR21.1 million on net
sales of INR944.3 million for the previous year.

                         About Riga Sugar

RSCL, a part of the Dhanuka group, is engaged in the sugar
manufacturing business.  The company has a 5000-tonnes crushed per
day sugar plant, a 50-kilolitres per day (klpd) distillery, a 45-
klpd ethanol plant, a 15-tonnes per day fertiliser plant, and a
bio-compost plant. The facilities are located in Sitamarhi
(Bihar).  The operations of RSCL are overseen by Mr O P Dhanuka,
the Chairman and the Managing Director of the company, who has
more than four decades of experience within the sugar industry.


SANDHU AUTOMOBILES: CRISIL Rates INR70MM Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sandhu Automobiles
Pvt Ltd's cash credit facility.

   Facilities                            Ratings
   ----------                            -------
   INR70.0 Million Cash Credit Limit     BB-/Stable(Assigned)

The rating reflects SAPL's below-average financial risk profile,
marked by low profitability, small net worth, highly leveraged
capital structure, and weak debt protection metrics, and exposure
to risks related to intense competition in the automotive
dealership market.  These rating weaknesses are partially offset
by SAPL's long track record in the automotive dealership industry.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' industry experience and dealership for
automobiles of Maruti Suzuki India Ltd (MSIL, rated
'AAA/Stable/P1+', by CRISIL).  The company's financial risk
profile will continue to remain constrained over the medium term
by large working capital requirements and subsequent high debt.
The outlook may be revised to 'Positive' if SAPL significantly
improves its capital structure or operating margin, leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if MSIL offers dealership to
more players in Ludhiana (Punjab), thereby significantly impacting
SAPL's expected cash accruals, or if SAPL undertakes any large,
debt-funded capital expenditure programme.

                      About Sandhu Automobiles

Incorporated in 1996, SAPL is an authorized dealer for MSIL. It
has one showroom and two sales counters in Ludhiana.  In addition
to trading in cars, SAPL also has an authorised service station of
MSIL and in September 2010, it started a driving school in
Ludhiana.  The company derives about 95 per cent of its revenues
from sale of cars and the balance from its service station, and
sale of spares.

SAPL is estimated to report a profit after tax (PAT) of
INR2.3 million on net sales of INR600 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of
INR2.1 million on net sales of INR484 million for 2008-09.


SANGAM FORGINGS: CRISIL Places 'BB-' Rating on INR23 Mil. LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sangam Forgings Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR23 Million Long Term Loan     BB-/Stable (Assigned)
   INR36 Million Cash Credit        BB-/Stable (Assigned)
   INR45 Million Letter of Credit   P4+ (Assigned)
                 & Bank Guarantee

The ratings reflect SFPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, and its
working-capital-intensive operations.  These weaknesses are
partially offset by the established presence of SFPL's promoters
in the industrial forgings segment.

Outlook: Stable

CRISIL believes that SFPL will maintain its business risk profile
backed by the experience of its promoters in the forgings business
and assured offtake from group companies.  The outlook may be
revised to 'Positive' in case of significant improvement in SFPL's
operating margin and debt protection indicators.  Conversely, the
outlook may be revised to 'Negative' if SFPL's capital structure
weakens considerably on account of a large, debt-funded capital
expenditure programme, or due to lower-than-expected profitability
and cash accruals.

                       About Sangam Forgings

SFPL, established in 1976, is in the business of open dye forging
of wheels, shafts and gear blanks, which find application in the
steel, cement and fertilizer industries, among others.  The
company has a forging capacity of 8200 tonnes per annum. SFPL is
part of the Simplex group which has widespread operations and
manufactures sponge iron, steel castings, forging, fabrication and
components for machines.  Mr. H B Shah is the chairman of the
group. SFPL is managed by Mr. Arvind Shah.

SFPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR179 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR153 million for 2008-09.


STUMPP SCHUELE: CRISIL Assigns 'BB+' Rating to INR197.3MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Stumpp, Schuele & Somappa Springs Pvt Ltd.

   Facilities                            Ratings
   ----------                           -------
   INR197.30 Million Long Term Loan     BB+/Stable (Assigned)
   INR500.00 Million Cash Credit        BB+/Stable (Assigned)
   INR195.00 Million Letter Of Credit   P4+(Assigned)
   INR60.00 Million Bank Guarantee      P4+(Assigned)

The ratings reflect 4SPL's working-capital-intensive operations,
high gearing, customer concentration in revenue profile, and
vulnerability to downturns in the automotive industry.  These
rating weaknesses are partially offset by 4SPL's established
market position in the automotive springs segment, the growing
demand for the automotive components industry, and its moderate
debt protection metrics.

Outlook: Stable

CRISIL believes that 4SPL will continue to benefit over the medium
term from its established market position in the automotive
springs segment and the robust demand in the automotive components
industry.  The outlook may be revised to 'Positive' if 4SPL
improves its capital structure, or diversifies its customer
profile and improves its profitability, leading to increase in
cash accruals.  Conversely, the outlook may be revised to
'Negative' if there is any unexpected slowdown in the automotive
components industry, resulting in a sharp decline in 4SPL's
revenues or operating margin, or if the company undertakes a
larger-than-expected debt-funded capital expenditure programme,
adversely affecting its financial risk profile.

                            About 4SPL

4SPL, based in Bengaluru (Karnataka), manufactures high-quality
springs. 4SPL was earlier one of the business divisions of Stumpp,
Schuele & Somappa Pvt Ltd (3SPL).  In a slump-sales transaction,
the springs division of 3SPL was demerged and established as a
wholly owned subsidiary of 3SPL in August 2009.  4SPL has seven
plants, across four locations, with a combined capacity of 16,000
tonnes per annum; the current capacity utilization is around 80
per cent. 4SPL's product profile includes 11 different products,
each of which has several varieties, amounting to 4000 different
varieties of springs.  The company caters mainly to original
equipment manufacturers in the automotive industry and vendors of
automotive components.  The day-to-day operations of 4SPL are
managed by Mr. M R Satish (managing director), son of the promoter
of 3SPL, Mr. M R Ramesh (executive chairman).

4SPL reported a profit after tax (PAT) of INR62.4 million on net
sales of INR1405.8 million for 2009-10 (refers to financial year,
April 1 to March 31.


SRI DURGA: CRISIL Rates INR80 Million Cash Credit at 'BB-'
----------------------------------------------------------
CRISIL has assigned a rating of 'BB-/Stable' to Sri Durga Estates'
cash credit facility.

   Facilities                   Ratings
   ----------                   -------
   INR80 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects SDE's exposure to risks related to completion
and saleability of residential units.  The firm's financial risk
profile is constrained by small networth and weak debt protection
measures.  These rating weakness are partially offset by
experience of SDE's promoters' in the real estate development
business.

Outlook: Stable

CRISIL believes that SDE's two projects will be benefited by the
promoters long sanding experience in real estate business and
proximity of the projects to business areas; the completion and
sale, however, are still exposed to the inherent risks in the real
estate market.  The outlook may be revised to 'Positive' if SDE
completes its projects on schedule, and finalizes sales contracts
for all the saleable units without dilution in realizations.
Conversely, the outlook may be revised to 'Negative' in case of
cost or time overruns in the projects, or lower-than-expected
realisations, and adversely impacting the firm's profitability.

                          About Sri Durga

SDE, a partnership firm, has been mainly engaged in real estate
development for residential projects in Andhra Pradesh since the
past 20 years.  SDE has two ongoing projects, one in Vuyyuru,
Vijayawada, and the other in Jubilee Gardens, Hyderabad. In
Vuyyuru, the firm proposes to construct 160 independent houses.
The proposed completion date is December 2010.  In Hyderabad, the
firm is constructing 30 flats with a total built-up area of 56,955
square feet (sq ft).

The firm usually undertakes projects under a joint development
basis with local landlords; the landlords bring in land as their
portion of equity, and construction is executed by SDE.  SDE did
not report any revenues in 2009-10 (refers to financial year,
April 1 to March 31) and 2008-09 as the projects are under
progress.


=================
I N D O N E S I A
=================


ENERGI MEGA: S&P Puts 'B-' Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B-' corporate credit rating on Indonesia-based PT Energi Mega
Persada Tbk. on CreditWatch with negative implications.  S&P also
placed its 'B-' issue rating on the proposed senior secured notes
issued by EMP International Holdings Pte. Ltd. on CreditWatch with
negative implications.  EMP and some of its operating subsidiaries
guarantee the notes.

"S&P placed the rating on EMP on CreditWatch because the company's
proposed issuance of US$275 million senior secured notes is taking
longer than S&P had expected to close," said Standard & Poor's
credit analyst Andrew Wong.

EMP aims to refinance existing bank loans and resolve outstanding
covenant compliance issues with the proposed issuance.  "Without
the refinancing, covenant breaches are likely to persist, in S&P's
view, indicating that the company's credit profile would not be
consistent with the existing rating on EMP," said Mr. Wong.

S&P aims to resolve the CreditWatch when more information
regarding issuance of the proposed notes and resolution of
existing covenant breaches is available.


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


GODO KAISHA: Moody's Reviews Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the Class A through F and Class X notes issued by Godo Kaisha Orso
Funding CMBS 6.  The final maturity of the notes will take place
in November 2013.

Details are:

Deal Name: Godo Kaisha Orso Funding CMBS 6

  -- Class A, Aaa (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Confirmed at Aaa (sf)

  -- Class B, Aa3 (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Downgraded to Aa3 (sf) from Aa2
      (sf)

  -- Class C, Baa1 (sf) Placed Under Review for Possible
     Downgrade; previously on June 18, 2009 Downgraded to Baa1
      (sf) from A2 (sf)

  -- Class D, Ba1 (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Downgraded to Ba1 (sf) from Baa2
      (sf)

  -- Class E, B2 (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Downgraded to B2 (sf) from Ba2
      (sf)

  -- Class F, B3 (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Downgraded to B3 (sf) from Ba3
      (sf)

  -- Class X, Aaa (sf) Placed Under Review for Possible Downgrade;
     previously on June 18, 2009 Confirmed at Aaa (sf)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.  The transaction is currently backed by four TMK bonds.
Five properties remain: an office/residential complex and a
business hotel in Tokyo; two residential properties in Yokohama
and Osaka; and a full-service hotel in Oita prefecture.

The review reflects Moody's growing concerns about declining cash
flows and further stress to its recovery assumptions from the
underlying properties.

1) One specified bond (30.1 % of initial balance) is backed by an
   office/residential complex located in central Tokyo.  According
   to the Servicer report, a main office tenant -- which occupied
   35% of the net rentable area -- has vacated the building and
   the asset manager is currently leasing the property.

2) One specified bond (17.1% of initial balance) is backed by a
   business hotel in Tokyo and a full-service hotel in Oita
   prefecture.  The hotel operator has changed since May 2009;
   however; the hotel's performance -- such as occupancy rates,
   among others -- has been flagging.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for all the properties, incorporating
its operating status and the prospects for refinancing.


JLOC41 LLC: Fitch Downgrades Rating on Class D-1 Notes to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Class D-1 of JLOC41 LLC notes due
February 2015, and affirmed all other classes.  The transaction is
a Japanese multi-borrower type CMBS securitization.  The rating
actions are:

  -- JPY2,607m* Class A affirmed at 'BBB+sf' ; Outlook Negative;

  -- JPY538m* Class B affirmed at 'BB-sf'; Outlook Negative;

  -- JPY860m* Class C-2 affirmed at 'CCCsf'; Recovery Rating of
     'RR5';

  -- JPY0* Class C-3 affirmed at 'Dsf' ; Recovery Rating of 'RR6'
     withdrawn;

  -- JPY3m* Class D-1 downgraded to 'Dsf' from 'Csf'; Recovery
     Rating of 'RR6';

  -- JPY690m* Class D-2 affirmed at 'CCsf'; Recovery Rating of
     'RR6'; and

  -- JPY0* Class D-3 affirmed at 'Dsf' ; Recovery Rating of 'RR6'
     withdrawn.

  * as of 24 November 2010

Fitch notes that the principal of the Class D-1 has been partially
redeemed, and its outstanding amount simultaneously written down
to JPY3 million on the recent payment date, and has downgraded
Class D-1 following the write-down of its principal.

The collection activity relating to one of the defaulted loans
backing Class D-1 notes has almost been completed following sales
of all collateral properties of the loan.  Currently, there
remains only a nominal cash amount at the borrower level for the
future payment of any liquidation costs relating to the borrower.
This event was anticipated in Fitch's previous review in August
2010.  For the purposes of this review, the agency maintained its
cash flow expectations and cap rates for the remaining collateral
properties backing the other remaining loan.

One collateral property backing the remaining loan was sold in
October 2010, and as a result the credit enhancement levels of the
senior classes improved slightly.  However, the property in
question was very small in relation to the rest of the collateral
portfolio, and the sale has therefore not affected the ratings.

Fitch assigned ratings to this transaction in June 2008.  At
closing, the notes were ultimately secured by three loans
collateralized by 31 properties.  All underlying loans have
defaulted, one of which has been sold.  The collection activity of
another loan has almost been completed as described above, and the
remaining loan is backed by three collateral properties.


OMEGA CAPITAL: S&P Downgrades Rating on Class A1 Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC-
(sf)' its rating on the class A1 secured fixed rate notes, due
2012, issued under Omega Capital Investments PLC's series29
transaction.

S&P lowered the rating on the aforementioned notes because the
arranger notified us on Nov. 25, 2010, that a credit event had
occurred to the referenced entity, and consequently the notes
would not be redeemed in full.

                         Rating Lowered

                  Omega Capital Investments PLC
                Series 29 secured fixed rate notes

            Class   To        From        Issue Amount
            -----   --        ----        ------------
            A1      CC (sf)   CCC- (sf)   JPY2.3 bil.


RESONA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed Resona Bank Limited's Individual Rating
at 'C/D'.  This follows its parent's -- Resona Holdings, Inc.'s --
announcement of a "capital restructuring plan" that involves the
issuance of new common shares and repayment of public funds.  The
agency has also affirmed Resona's Support Rating at '1'.

Resona's Individual Rating takes into account its significant
domestic franchise with a diversified loan portfolio and fee
generating businesses, as well as its generally conservative
investment approach (with much lower equity investment exposures
than its larger domestic peers).  On the other hand, the rating
also considers its weak capitalization in terms of quantity and
quality, and its modest, albeit stable, profitability.  The
affirmation of Resona's Support Rating reflects the bank's ongoing
systemic importance in the domestic financial system, as it ranks
among the six largest banking groups in Japan.

Resona HD announced on November 5, 2010, that it would repay up to
JPY900 billion of Deposit Insurance Law Preferred Shares (DIL
Preferred Shares) within a year, which it plans to fund by the
issue of JPY600 billion of common stock through a public offering,
and by retained earnings of JPY300 billion that is about one
fourth of the total after the partial repayment of public funds of
JPY400 billion in August.

In assessing Resona's Individual Rating, Fitch has taken into
consideration the limited group (Resona HD) capital.  After the
PO, its Fitch core ratio (i.e. common equity to risk weighted
assets) will improve from about 0% to 3%, but its Fitch eligible
capital ratio (which takes the public funds into account) will
decline from about 7% to 5.5%.  This, however, would still be in
line with other 'C/D' banks and in time replenished by earnings
over the next couple of years.  Hence, on balance, Fitch considers
the transaction positive for the bank as it should enable it to
operate more independently of government influence.  That said, as
previously indicated, Fitch may consider negative rating action
should Resona HD's eligible capital ratio fall materially below
6%.  The prospect of upgrading Resona's Individual Rating remains
constrained by its still limited level of eligible capital.


UDMAC-J1 TRUST: Moody's Reviews Ratings on Various Classes
----------------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the Class D through G trust certificates issued by UDMAC-J1 Trust.
The final maturity of the trust certificates will take place in
June 2013.

Deal Name: UDMAC-J Trust

  -- Class D, Ba3 (sf) Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to Ba3 (sf) from Baa2
      (sf)

  -- Class E, B1 (sf) Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B1 (sf) from Baa3
      (sf)

  -- Class F, B2 (sf) Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B2 (sf) from Ba1
      (sf)

  -- Class G, B3 (sf) Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B3 (sf) from Ba2
      (sf)

UDMAC-J1 Trust, effected in September 2007, represents the
securitization of seven non-recourse loans.  Six loans had been
placed under special servicing since 2009.  They were fully
recovered in September 2010.  The transaction is currently secured
by one loan (60.5% of initial balance), which is backed by two
office buildings and one residential property located in central
Tokyo.

The maturity of the loan had been extended once until the end of
September 2010, and it was further extended for another three
months until the end of December, 2010.

The current review is prompted by Moody's concern over recovery
from the properties when they are disposed and the need to
reconsider its recovery assumptions.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating its
operating status and the prospects for refinancing.


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


HYUNDAI ENGINEERING: Creditors Ink Deal With Hyundai Group
----------------------------------------------------------
Bloomberg News reports that the Korean Exchange Bank said
creditors of Hyundai Engineering & Construction Co. signed a
preliminary accord with Hyundai Group, the preferred bidder for a
controlling stake in the builder.

Separately, Bloomberg News reports that Hyundai Motor Group said
Hyundai Engineering's creditors should cancel Hyundai Group's
preferred bidder status for the building company.  Hyundai Group
hasn't given sufficient details on how it would fund its bid,
Hyundai Motor Group said.

Hyundai Group and Hyundai Motor Group had made competing offers
for the controlling stake in the builder, extending a decade-long
family feud.  The group offered to pay KRW5.5 trillion, surpassing
the price of KRW5.1 trillion offered by Hyundai Motor.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2010, Yonhap News Agency said Hyundai Engineering &
Construction Co.'s creditors selected Hyundai Group as the
preferred bidder for a major stake in the company.  Korea Exchange
Bank, state-run Korea Finance Corp., Woori Bank and other creditor
banks have been pushing to find a buyer for the 34.88% stake in
the builder, estimated to fetch up to KRW4 trillion. Creditor
banks plan to sign a preliminary deal with Hyundai Group by the
end of this month and seal a final contract by year-end.

                     About Hyundai Engineering

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

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


INDUSTRIAL BANK: Moody's Gives Stable Outlook on 'D+' Rating
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D+ bank
financial strength rating -- which is mapped to a Baseline Credit
Assessment of Baa3 -- of Industrial Bank of Korea to stable from
negative.

However, its A1 long-term deposit and foreign currency senior debt
ratings are unaffected and continue to carry a stable outlook.

The revision in the BFSR outlook reflects Moody's view that the
bank's enhanced levels of profit margins and capital adequacy
should mitigate possible increases in credit losses in its
corporate loan book.

"We expect the bank to maintain its overall credit profile over
the next 12 to 18 months because of its stabilizing profit margins
and improved capitalization, and despite the likely continuation
of credit losses in its corporate loans for some time," says
Youngil Choi, a Moody's VP-Senior Analyst.

"In addition, the proportion of loans to industries with
oversupply issues -- such as construction, property project
financing, shipping, and shipbuilding -- to total loans was
estimated to be around 7% for IBK at September 2010, lower than 8-
-14%% for the big four domestic commercial banks: Hana Bank,
Kookmin Bank, Shinhan Bank, and Woori Bank", adds Choi.

The bank's net interest margin -- expected to be about 2.7-2.8% in
2010, and higher than 2.44% in 2009 -- is likely to remain stable
in the foreseeable future, as the Bank of Korea is likely to
maintain or slowly raise its key interest rate.

The net interest margin tends to widen with increases in market
interest rates, reflecting the fact that the bank's asset duration
is slightly shorter than its liability duration.

As a result, annualized return on average assets improved to about
0.85% for the first nine months of 2010 from about 0.46% in all of
2009.

IBK's core Tier 1 capital ratio -- excluding hybrid tier-one
securities -- improved to 8.2% at September 2010 from 6.9% at
March 2009, and this will provide better protection against
possible increases in credit losses from credit exposures to those
industries with oversupply issues.

The pressure on IBK's asset quality is likely to continue for some
time, as weaker corporate obligors are likely to continue facing
difficulties over the next several quarters.  However, the bank's
credit exposures to industries with oversupply issues are lower
than many of its domestic peers.

For now, Moody's sees limited upside for the BFSR.  However,
positive pressure on the BFSR could result if the bank
significantly improves its overall financial profile, as expressed
by three indicators: NPLs falling below 1% of loans, Tier 1 ratio
rising above 10% of retained earnings, and the proportion of
customer deposits in its overall local currency funding showing a
noticeable increase.

A downgrade of the bank's BFSR could arise if the domestic or
global economies significantly deteriorate from Moody's central
scenario of a slow and gradual recovery, with its NPLs rising
above 4% of loans, Tier 1 ratio falling below 7%, or from a
shortage of funding.

In line with the country's stabilized economic prospects, the
discussion to privatize IBK -- by lowering the government's direct
and indirect stakes to less than 50% -- is likely to re-start in
the next few years.  However, given the importance of small- and
medium-sized enterprises to the Korean economy, the decision to do
so would be politically controversial and subject to lengthy
debate.

The last rating action on IBK was taken on April 14, 2010 when its
foreign currency long-term deposit and senior debt ratings were
upgraded to A1 from A2, in line with the upgrade of Korean
government's ratings on the same date.

The Industrial Bank of Korea, established in 1961, is the largest
of Korea's three policy banks.  As of July 30, 2010, the
government controlled 76.3% of the bank through direct holdings
(65.1%), Export-Import Bank of Korea (2.3%) and Korea Financing
Corporation (8.9%).  It had assets of KRW166 trillion (about
US$138 billion) as of June 30, 2010.


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


AORANGI SECURITIES: Managers Report Slow Progress in Recovery
-------------------------------------------------------------
Tardy interest payments by Aorangi Securities' borrowers continues
to slow progress for the statutory managers with a total of
NZ$5 million still outstanding, statutory managers Richard
Simpson, Trevor Thornton and Graeme McGlinn, of Grant Thornton
New Zealand Ltd, said in their latest report.

In their fifth report on the statutory management of Aorangi
Securities, Hubbard Management Funds, Mr. and Mrs. Allan Hubbard
and associated charitable trusts, the managers said that the
September cash collection is still $2 million less than expected
and that there had been little improvement in the collection of
arrears of NZ$3 million.

"Requests will go out shortly for payments due on December 31,
2010, and we are guardedly hopeful that the level of collection
will be greater this quarter.  With dairy cash flow expected to be
stronger over the next six months, we anticipate both better
returns and a payment of arrears," the managers said.

The statutory managers said that a key focus over the last month
has been the on-going analysis of the Aorangi business, which they
have divided into three categories:

    * Category One includes 31 mortgage loans with a value at
      August 2010 of NZ$59 million.

    * Category Two includes 15 direct investments by Aorangi
      valued at NZ$47 million.  These are made up of 12 farm
      loans, two commercial property investments and NZ$10
      million in Southbury Group Limited, which is unlikely
      to be recovered because of its receivership.

    * Category Three is a loan to Te Tua Charitable Trust of
      approximately NZ$24 million.

"Aorangi's ability to recover full repayment or realisation of
investments is significantly reduced because of the level of
overall indebtedness. Only one in five borrowers is paying any
interest on their loans to Aorangi," they said.

October was a good month for Hubbard Management Funds with a value
of NZ$56 million, the managers said.

"The nature of the portfolio has lead to significant fluctuations
in value. Some of the movements in value experienced have been as
much as $1 million in a day."

Much of this last month has been spent working towards the
ultimate distribution of assets.  This has centred on a court
application to confirm the actions being contemplated to manage
the fund in the interests of the investors.

"We are seeking court confirmation that will allow us to manage
and maintain the portfolio and to make new investments to protect
and enhance the investor's position.

"We hope to file a second and more far-reaching application with
the courts by 31 March next year. This is an important part of the
process which will determine the entitlement of investors to the
assets of the fund and will determine how we distribute those
assets to the investors. As part of this process we will need to
keep investors formally informed throughout," they said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


EQUITABLE MORTGAGES: Goes Into Receivership
-------------------------------------------
Equitable Mortgages called in receivers on November 26, 2010.

According to The New Zealand Herald, the Auckland-based financial
institution has around 6,000 depositors and approximately $178
million in Crown-guaranteed deposits.  Treasury's deputy secretary
of financial operations Phil Combes said eligible depositors with
Equitable Mortgages can claim repayment from the Crown, the report
relates.

The New Zealand Herald reports that Equitable Mortgages asked its
trustee to appoint receivers to the company, which is a default
triggering the Crown's guarantee under the terms of the Extended
Retail Deposit Guarantee Scheme.

Mr. Combes, The New Zealand Herald notes, expected information
gathering to take about eight weeks, given the Christmas and New
Year holidays, and asked depositors to be patient.

The New Zealand Herald says that the company also had about AU$12
million of non-guaranteed deposits it marketed as "Classic
Debentures."  Mr. Combes said the Crown would not repay deposits
it had not guaranteed, the report adds.

Headquartered in Auckland, Equitable Mortgages is a financial
institution that has around 6000 depositors and approximately
AU$178 million in Crown-guaranteed deposits.  It is a government
guaranteed firm.


HANOVER FINANCE: To Pursue Legal Action Against Allied Farmers
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Hanover Finance Ltd has
called in lawyers to pursue Allied Farmers Ltd over allegedly
attempting to "evade various contractual obligations to Hanover."

BusinessDesk relates that Hanover accused Allied of "raising loan
transactions with outside parties" and is "pursuing legal action
against Allied and its subsidiaries to enforce their defaults."

According to BusinessDesk, Hanover has also disclosed it is now
assisting the authorities looking into the finance company's
failure.

Independent director David Henry, the only other director along
with Mark Hotchin, said Hanover is cooperating with "various
regulatory authorities and their information requests."

The Securities Commission said earlier it will decide on whether
to prosecute Hanover's directors by Christmas following a major
investigation into the firm and its affiliates, United Finance and
Hanover Capital.

In July, BusinessDesk notes, Allied accused Hanover of breaching
the terms of their debt-for-equity swap, and refused to pay the
last NZ$5 million or any future obligations relating to the deal.

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

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

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

                  About Hanover Finance Limited

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


HANOVER FINANCE: SFO Confirms Probe on Hanover's Affairs
--------------------------------------------------------
The Serious Fraud Office confirmed Monday that it had been
conducting an investigation into the affairs of Hanover Finance
Limited for the past three months.

SFO Chief Executive Adam Feeley said that the investigation had
now reached a point where reasonable grounds existed to believe
that fraud may have been committed and accordingly the
investigation had been elevated to a "Part II" investigation under
the Serious Fraud Office Act.

"Given the intense public interest and media speculation, it has
not been appropriate to make any public comment on this matter
until we had a detailed understanding of the issues involved, and
the entities and individuals behind the Hanover operation."

"We have undertaken extensive preparatory work and are now in a
position to move into a more active phase of the investigation."

Mr. Feeley said that the SFO had commenced issuing notices last
week under section 9 of the SFO Act to over 30 individuals, which
would require their compulsory attendance at interviews and the
production of documents relevant to the investigation.

"Given the volume of notices which are now being issued, it was
inevitable that our investigation would now become a matter of
public knowledge."

Mr. Feeley said that the scale of the Hanover collapse was such
that it was not feasible for the SFO to investigate all aspects of
its failure.

"We are focusing on some very particular transactions, and
specific individuals within Hanover management and their board."

Mr. Feeley said that having considered the Securities Commission
report and the complaints of a number of persons, including Allied
Farmers, the efforts of the SFO investigation was best focused on
several key areas relating to the payment of dividends and other
transactions occurring immediately prior to announcement of the
moratorium proposal, and debt restructuring involving the transfer
of assets to Allied Farmers.

"We will be interviewing a small group of key Hanover staff and
professional advisers to seek explanations of these transactions."

Mr. Feeley said that the even with a tightly focused
investigation, the scale of the task was such that the SFO would
be engaging significant external resources.

"The interest in Hanover is such that it is in the interests of
all parties to ensure it is carried out with the utmost
professionalism and urgency."

"In addition to a large internal team, and collaboration with the
Securities Commission and Registrar of Companies, we have engaged
a number of New Zealand's senior legal counsel and leading
forensic accountants to assist us."

Mr. Feeley cautioned that, notwithstanding the focus of the
inquiry and the resources which would be devoted to the
investigation, the public should not expect quick results.

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

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

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

                  About Hanover Finance Limited

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


NATHANS FINANCE: SFO Drops Investigation Into VTL Group
-------------------------------------------------------
The Serious Fraud Office said Friday that it dropped its
investigation on Vending Technologies Limited Group (VTL), the
parent of failed lender Nathans Finance, citing insufficient
evidence.

In conjunction with its earlier investigations in relation to
lending by Nathans Finance, SFO had been investigating three
licensing transactions entered into by VTL with a US company in
December 2005, June 2006 and December 2006.

These licences had a significant effect on the financial results
of VTL for the full and half year accounting periods ending
December 2005, June 2006 and December 2006.

The investigation related principally to the authenticity of these
licensing transactions.

SFO Director Adam Feeley said "We have accepted the advice of the
Crown Solicitor that there is insufficient evidence to pursue the
matter further."

Mr. Feeley said that in order to lay criminal charges the SFO had
to be satisfied there was a reasonable prospect, based on credible
evidence which could be admitted in Court, that an impartial jury
could be satisfied, beyond reasonable doubt, that the person
prosecuted has committed a criminal offence.

Mr. Feeley said "this investigation has been ongoing in one form
or another since December 2008.  We have considered all sources of
evidence available to us, and interviewed a number of key
witnesses, but cannot satisfy ourselves that there is sufficient,
reliable evidence which could sustain a criminal prosecution."

He said that the matter was the last of SFO's legacy cases and a
tough decision had to be made to apply the SFO's limited resources
to areas where a more positive outcome could be achieved.

"The SFO's work is now focused on current cases where conclusions
can be expected to be reached in quicker timeframes."

Mr. Feeley noted that the matter would be reviewed if further
fresh evidence became available.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on August 20, 2007.  The company owed approximately
NZ$174 million to some 7,000 investors.  Nathans Finance is a
wholly owned subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of vending
machine related businesses which operate in New Zealand,
Australia, North America and Europe.


NATHANS FINANCE: Judge Stops Reporting of Pre-Trial Hearing
-----------------------------------------------------------
William Mace at Business Day reports that a judge prohibited the
media from reporting the details of a pre-trial hearing for the
four directors of Nathans Finance.

According to Business Day, John Hotchin, Mervyn Doolan, Roger
Moses and Don Young, all current or former directors of Nathans,
have been committed for trial in March next year on 21 criminal
charges laid under the Securities Act.  Each director has pleaded
not guilty.

The report notes that Justice Paul Heath told the media in the
High Court at Auckland that reporting the "non-party disclosure"
hearing would contravene section 27.5 of the Criminal Disclosure
Act.  The hearing relates to the gathering of evidence which may
be used at trial, Business Day says.

                      About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


PIKE RIVER: Secured Creditors Agree to 90-Day Stand-Still Period
----------------------------------------------------------------
NZ Oil & Gas, a 29.4 percent shareholder in Pike River Coal, said
secured creditors of Pike River have agreed to a stand-still
period of 90 days, The New Zealand Herald reports.

The NZ Herald relates NZOG said November 23 that arrangements were
being made for Pike River to draw down the NZ$12 million balance
of a NZ$25 million short term funding facility on the
understanding that all secured creditors approved the standstill.

The report notes NZOG said November 25 its board and staff
extended their deepest heartfelt sympathies to the families,
friends and colleagues of the 29 men who lost their lives so
tragically at Pike River's mine on the West Coast.

"The outcome is devastating. Like all New Zealanders, the board
and staff of NZOG were hoping for the best possible outcome," NZOG
said, according to the NZ Herald.  "The welfare of the families
and communities who have lost their loved ones is now the prime
concern.

According to NZ Herald, NZOG will be making a contribution of
NZ$500,000 to an appropriate fund to support those families and
communities.

Meanwhile, TVNZ reports that Pike River Coal has provided an
update to the stock exchange Monday and an analyst suggests its
trading halt could be lifted soon.  The company's shares were put
on a trading halt by the New Zealand and Australian exchanges
after the first explosion at the mine near Greymouth on
November 19, TVNZ reports.  In a notice from the NZX at the time,
it said it would remain in a halt until the company could "provide
the market with a detailed update".

Craigs Investment Partners' Jennie Moreton told TVNZ Monday the
situation is becoming clearer, particularly as insurance and
funding details have emerged.

                          About Pike River

Pike River Coal Limited (NZE:PRC)-- http://www.pike.co.nz-- is
engaged in the exploration and evaluation, development and
production of coal.  The company operates a coal mine near
Greymouth on the West Coast of the South Island, New Zealand.  It
has drilled two in-seam drill holes more than 500 meters in
distance west from the pit-bottom area through the graben and into
the coal seam. Pike Energy Limited is the company's wholly owned
subsidiary.

Pike River Coal reported three consecutive net losses of
NZ$1.14 million, NZ$13 million and NZ$39 million for the years
ended June 30, 2008 through 2010.


SOUTH CANTERBURY: Former Auditor Censured Over Ethics Breach
------------------------------------------------------------
The New Zealand Herald reports that the last auditor for South
Canterbury Finance, who gave it a clear bill of health, has been
fined and censured by the New Zealand Institute of Chartered
Accountants for lacking the skill to investigate such a large and
complicated business.

The NZ Herald relates that the disciplinary tribunal imposed a
NZ$38,000 fine plus GST and public censure for Byron Pearson, a
director of Ashburton-based Woodnorth Myers & Co, over his failure
to identify some of the lender's more questionable transactions in
the firm's report for the six months ended December 31, 2008.

"The member lacked the required depth of experience and expertise
of auditing in the finance industry, and the professional
scepticism, to undertake an audit of the nature and complexity of
South Canterbury Finance," the tribunal said in its determination,
according to the NZ Herald.

"This case involves a widely known public issuer, South Canterbury
Finance, and involves issues of public accountability, and the
standing and reputation of the profession and the institute."

The National Business Review reports that Mr. Pearson pleaded
guilty to five amended charges of breaching industry codes of
ethics, including:

   -- accepting assertions from SCF management that no
      collective provision for doubtful debts was required,
      when there was information available indicating
      otherwise;

   -- failing to assess, evaluate and document uncorrected
      misstatements relating to provisions required on
      individual loans;

   -- failing to document conclusions relating to the
      recognition and valuation of a hedging asset of
      NZ$48 million;

   -- failing to document conclusions as to whether swap
      transactions referred to in two letters from the
      BNZ were appropriately reflected;

   -- failing to adequately document a basis for concluding
      that related party transactions did not breach the 35%
      exposure threshold referred to in SCF's Trust Deed;

   -- failing to satisfy that related party transactions
      between Hornchurch Limited and SCF were properly
      disclosed; and

   -- failing to exercise due care and diligence, in
      particular with regard to the recording of
      capitalized interest in the interest received of
      NZ$114.48 million.

Mr. Pearson was a partner in small Timaru-based Woodnorth Myers,
responsible for auditing South Canterbury Finance's financial
statements up until October 2009, when it was replaced by big four
firm Ernst & Young, following a peer review.

                       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.


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


APPIAS SHIPPING: Creditors' Proofs of Debt Due December 26
----------------------------------------------------------
Creditors of Appias Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 26, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


BARANG BARANG: Creditors Get 100% and 56.78% Recovery on Claims
---------------------------------------------------------------
Barang Barang Pte Ltd declared the first and final dividend on
November 24, 2010.

The company paid 100% under Section 328(1)(b) of Companies Act and
56.78% under Section 328(1)(c) and Section 328(2) of Companies Act
to the received claims.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         Korda Mentha Pte Ltd
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


DUELLONA SHIPPING: Creditors' Proofs of Debt Due December 26
------------------------------------------------------------
Creditors of Duellona Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 26, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


GLOBAL A&T: S&P Raises Corporate Credit Rating to 'B'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Singapore-based outsourced semiconductor assembly and
test provider, Global A&T Electronics Ltd., to 'B' from 'B-.  The
outlook is stable.

Standard & Poor's also raised the issue rating on Gate's US$625
million senior secured first-lien facility and its US$150 million
senior secured revolving credit facility to 'B' from 'B-'.

"S&P has raised the rating to reflect its expectation that the
improvement in Gate's operating margin is sustainable in the next
12 months, although S&P believes the pace of revenue expansion
after the September 2010 quarter may slow," said Standard & Poor's
credit analyst Wee Khim Loy.  "S&P expects EBITDA of US$250
million-US$270 million in 2010, compared with US$169 million in
2009 and US$206 million in 2008."

S&P's financial risk profile for Gate is highly leveraged.
Although revenue growth after September 2010 may slow, S&P
believes the 'B' rating can accommodate some slippage from
expected credit measures in the event of a weaker economic climate
and softening demand for OSAT services, Ms. Loy said.

In line with the broader semiconductor industry, Gate's operating
trends in the first nine months of 2010 were very strong,
according to its results announced recently.  Revenues rose 70% to
US$699.2 million from US$411.0 million in the same period in 2009,
due primarily to the recovery in key end-markets and contribution
from UTAC Dongguan Ltd. (previously called ASAT Ltd.).

"S&P believes the strong recovery was the result of inventory
replenishment that is largely completed and that Gate's future
growth will more closely resemble end-market consumption," Ms. Loy
noted.  Given the company's concentration in mixed-signal and
logic semiconductors (which are needed in consumer-related
devices)--constituting 50.4% of revenue in the first nine months
of 2010--and S&P's expectation for slower consumer spending in
2011, S&P believes revenue growth next year will not be as strong
as 2010.

"S&P's business risk profile on Gate is weak, reflecting
aggressive competition, rapid technological evolution, and the
need to invest heavily in advanced tooling to support anticipated
customer requirements.  On the other hand, a strong customer base
and favorable OSAT industry outlook help mitigate those factors,"
Ms. Loy said.


GLOBAL BRANDS: Creditors' Meeting Set for December 9
----------------------------------------------------
Global Brands (Singapore) Pte Limited will hold a meeting for its
creditors' on December 9, 2010, at 10:30 a.m., at 7 Temasek
Boulevard, The Penthouse, #44-01 Suntec Tower One, in Singapore
038987.


NEW LAKESIDE: Court to Hear Judicial Management Petition on Dec. 3
------------------------------------------------------------------
An application to place New Lakeside Holdings Limited under
judicial management will be heard before the High Court of
Singapore on December 3, 2010, at 10:00 a.m.

Mr. Chee Yoh Chuang and Mr. Lim Lee Meng, Stone Forest Corporate
Advisory Pte. Ltd. have been nominated as joint and several
judicial managers.

The Applicant's solicitor is:

          WongPartnership LLP
          One George Street #20-01
          Singapore 049145


RBC DEXIA: Creditors' Proofs of Debt Due December 27
----------------------------------------------------
Creditors of RBC Dexia Investor Services Singapore Pte Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by December 27, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

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


REFORMATION BANNER: Creditors' Proofs of Debt Due December 31
-------------------------------------------------------------
Creditors of Reformation Banner Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Rev Dr Quek Suan Yew
         201 Pandan Gardens
         Singapore 609337


SCM CORPORATION: Court to Hear Wind-Up Petition on December 10
--------------------------------------------------------------
A petition to wind up the operations of SCM Corporation Pte Ltd
will be heard before the High Court of Singapore on December 10,
2010, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on November 18, 2010.

The Petitioner's solicitor is:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


SNOW INVESTMENTS: Creditors' Proofs of Debt Due December 26
-----------------------------------------------------------
Creditors of Snow Investments (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 26, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


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


* S&P Raises Ratings on Two Asia-Pacific CDO Tranches
-----------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on two Asia-
Pacific (excluding Japan) collateralized debt obligation tranches.
At the same time, the ratings were removed from CreditWatch with
positive implications, where they were placed on Nov. 15, 2010.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

Tranches which had their ratings raised had SROC scores that are
greater than 100% at the current rating level and at a higher
rating level with sufficient cushion (based on the maximum
scenario loss rate, largest obligor test, and largest industry
test).  SROC scores rising above 100% reflect an improvement in
the credit quality of the underlying portfolio.  In addition,
substitutions in the ARLO SKL 11 portfolio have also contributed
to an improvement in portfolio credit quality.

                          Ratings Raised

                      ARLO Ltd. Series 2006

                          Rating To       Rating From
                          ---------       -----------
   (SKL CDO Series 11)    BB+p (sf)NRi    BBp (sf)NRi/Watch Pos

                       Castle Finance I Ltd.

                          Rating To       Rating From
                          ---------       -----------
   Series 2               CCC+ (sf)       CCC (sf)/Watch Pos

              NRi - Interest payments are not rated.

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-November
2010 will be published shortly.  In the week following the
publication of the report, a full review of the affected tranches
of Asia-Pacific synthetic CDOs will be performed and appropriate
rating actions, if any, will be taken.  The Global SROC Report
provides SROC and other performance metrics on more than 3,000
individual CDO tranches.


* BOND PRICING: For the Week November 22 to November 26, 2010
-------------------------------------------------------------


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

  AUSTRALIA
  ---------

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

  CHINA
  -----

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


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      37.50


  INDIA
  -----

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


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/13     IDR      45.25


  JAPAN
  -----

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


  MALAYSIA
  --------

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


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

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


SINGAPORE
---------

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


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

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


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.76


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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