TCRAP_Public/101203.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

           Friday, December 3, 2010, Vol. 13, No. 239

                            Headlines


A U S T R A L I A

AUSTRALIAN EXECUTOR: Fitch Takes Rating Actions on Various Notes
CHALLENGE DAIRY: Western Australia Pledges Support for Farmers
NUFARM LTD: Expects to be Back in Profit in First Half
SOUVLAKI HUT: Goes Into Voluntary Administration


C H I N A

CHINA GINSENG: Posts US$308,400 Net Loss in September 30 Quarter
CHINA TRACTOR: Narrows Net Loss to US$86,300 in 3rd Quarter
CN DRAGON: Posts $335,500 Net Loss in September 30 Quarter
DECOR PRODUCTS: Reports $1.1 Million Net Income in 3rd Quarter
LDK SOLAR: Reaches Capacity at Mahong Polysilicon Plant

NINE DRAGONS: Fitch Upgrades Issuer Default Rating to 'BB-'
NORTHPORT NETWORK: Posts $144,800 Net Loss in September 30 Quarter
* Moody's Says Outlook for Chinese Property Sector Stable


H O N G  K O N G

ALESCO HK: Members' Final General Meeting Set for December 31
ANCORA CAPITAL: Creditors' Proofs of Debt Due December 24
ASIAN INFRASTRUCTURE: Members' Final Meeting Set for December 29
ASM INT'L: Members and Creditors' Meetings Set for December 16
CHIVA INDUSTRIES: Members' Final Meeting Set for December 28

CHEER CREATION: Members' Final General Meeting Set for December 28
CLEVER LUCK: Placed Under Voluntary Wind-Up Proceedings
CREATION PROFIT: Members' Final Meeting Set for December 29
DAIKIN CHEMICAL: Members' Final Meeting Set for December 31
EF TECHNOLOGY: Annual Meetings Set for December 15

ENVOCIS TECHNOLOGY: Chan Wing Kit Steps Down as Liquidator
GLOBAL DESIGN: Members' Final Meeting Set for December 28
HK CHUNG: Creditors' Proofs of Debt Due December 28
HK PROFESSIONAL: Members and Creditors' Meetings Set for Dec. 16
HOOVER CONSTRUCTION: Creditors' Proofs of Debt Due December 30

KIM SUM: Creditors' Proofs of Debt Due December 10
L&W INDUSTRIAL: Commences Wind-Up Proceedings
SINO HOPE: Creditors' Meeting Set for December 3
VIVITAR (ASIA): Members and Creditors' Meetings Set for Dec. 14
WAI LAM: Members and Creditors' Meetings Set for December 6


I N D I A

ALDIAM MOTORS: CRISIL Assigns 'B' Rating to INR73.6MM Term Loan
ANKUR BARTER: CRISIL Cuts Rating on INR150 Million LT Loan to 'D'
BARNALA STEEL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
BIRENDRA CHANDRA: CRISIL Cuts Rating on INR60MM Cash Debt to 'D'
DECCAN WIRES: CRISIL Assigns 'B+' Rating to INR10 Million LT Loan

INDITEX PROCESSOR: CRISIL Reaffirms 'D' Rating on INR80.2MM Loan
J.B.A. STEELS: CRISIL Assigns 'D' Rating to INR104 Mil. LT Loan
JAY MAHESH: CRISIL Cuts Rating on INR1.2BB Term Loan to 'BB-'
KALINGA JUTE: CRISIL Reaffirms 'B' Rating on INR33.2MM Term Loan
KHARE AND TARKUNDE: CRISIL Rates INR36 Million Term Loan at 'BB'

NAV DURGA: CRISIL Upgrades Ratings on INR404.5MM Term Loan to 'B'
PANCHVATI SHIP: CRISIL Places 'BB' Rating on INR40MM Cash Credit
PRISHA FOODS: CRISIL Upgrades Rating on INR55MM Term Loan to 'BB'
RAJANI DISTRIBUTORS: CRISIL Assigns 'BB-' Rating on INR29.5MM Loan
S J EXPORTS: CRISIL Reassigns 'BB-' Rating to INR45MM LT Bank Loan

SCAN STEELS: CRISIL Upgrades Rating on INR527.1MM Term Loan to 'B'


J A P A N

JAPAN AIRLINES: JCR Withdraws 'D' Rating on Senior Debts
WILLCOM INC: JCR Withdraws 'D' Rating on Senior Debts and Bonds


K O R E A

HYUNDAI ENGINEERING: Hyundai Group Asked to Submit Loan Agreement


M A L A Y S I A

AYER MOLEK: Incurs MYR119,000 Net Loss in Qtr. Ended September 30
HAISAN RESOURCES: Posts MYR3.97MM Net Loss in Qtr. Ended Sept. 30
HO HUP: Posts MYR262,000 Net Income in Qtr Ended September 30
LINEAR CORP: Posts MYR3.39 Million Net Loss in September 30 Qtr.
NAM FATT: Posts MYR6.4 Million Net Loss for September 30 Quarter


N E W  Z E A L A N D

AORANGI SECURITIES: SFO to Decide on Hubbard Probe by Christmas
EQUITBALE MORTGAGES: Taxpayers May Pay NZ$178MM to Bail Out Firm
EQUITABLE MORTGAGES: S&P Downgrades Issuer Credit Ratings to 'D/D'


P H I L I P P I N E S

BANGKO SENTRAL: Moody's Corrects Ratings on Two Debts to 'Ba3'
DEVELOPMENT BANK: Fitch Affirms 'BB' Issuer Default Rating
LAND BANK: Fitch Upgrades Individual Rating to 'C/D'
RIZAL COMMERCIAL: Fitch Affirms 'BB-' Issuer Default Rating


T H A I L A N D

CIMB THAI: Fitch Affirms Individual Rating at 'D'


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


AUSTRALIAN EXECUTOR: Fitch Takes Rating Actions on Various Notes
----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed three classes of notes
issued by Australian Executor Trustees Limited as trustee of the
Seiza Augustus Series 2007-1 Trust, and simultaneously revised the
Outlook to Stable from Negative for Class C and D notes.  The
transaction closed in April 2007, and is a securitization of small
balance commercial and residential mortgages originated by Seiza
Mortgage Company Pty Limited.  The rating actions are as listed
below:

  -- AUD2.80m Class A (ISIN AU3FN0002440) affirmed at 'AAAsf',
     Outlook Stable; Loss Severity rating revised to 'LS4' from
     'LS2';

  -- AUD20.22m Class B (ISIN AU3FN0002457) affirmed at 'AAsf',
     Outlook Stable; Loss Severity rating revised to 'LS2' from
     'LS3';

  -- AUD21.85m Class C (ISIN AU3FN0002465) affirmed at 'Asf',
     Outlook revised to Stable from Negative; Loss Severity rating
     revised to 'LS2' from 'LS3'; and

  -- AUD19.02m Class D (ISIN AU3FN0002463) upgraded to 'BBsf' from
     'Bsf', Outlook revised to Stable from Negative; Loss Severity
     rating revised to 'LS2' from 'LS3'.

"Total charge-offs have significantly decreased in the last year,
due to strong income from liquidation proceeds.  Moreover, the
transaction has amortized considerably, in turn increasing the
level of credit enhancement of the rated notes.  In particular,
the improvement in excess income and in credit enhancement has
lead to the upgrade of Class D notes," says James Zanesi,
Associate Director in Fitch's Structured Finance team.

The transaction has paid down from initial liabilities of
AUD404.7 million to invested liabilities of approximately
AUD86.4 million as of October 20, 2010, at which point the pool
comprised 162 residential and commercial mortgages.  Low-
documentation loans represented 46% of the pool.  As of
October 2010, 10 loans were in arrears for more than 30 days; 30+
days and 90+ days accounted for 12.76% and 4.06% of the pool,
respectively.

As of the October 2010 payment date, the total cumulative mortgage
shortfall amounted to AUD21 million, of which AUD14 million has
been reimbursed via excess spread and income from liquidation
proceeds.  A unique feature of this transaction is the full
charge-off of loans that are greater than 300 days in arrears.
Due to this feature, since closing the transaction has experienced
a certain degree of volatility in terms of charge-offs.  The
unrated notes - classes E, F and G - have experienced charge-offs
during the life of the transaction.  Currently, only Class G notes
are charged-off with a stated balance of AUD2.7 million, while
loan charge-offs related to loan in arrears for more than 300 days
amounted to AUD4.5 million as of October 20, 2010.

The Outlook on classes C and D notes has been revised to Stable
from Negative, due to the strong performance, in terms of excess
spread and recoveries on the repossessed properties.  Moreover,
these notes have a considerable buffer in terms of subordination.

As the mortgage portfolio decreases in size, the risk of principal
losses resulting from the default of large loans becomes a
relevant driver for Fitch's analysis.  A cash flow analysis was
performed on the transaction, stressing a combination of interest
rates, defaults, default timing and prepayment rates, with each
tranche passing at its respective rating level.


CHALLENGE DAIRY: Western Australia Pledges Support for Farmers
--------------------------------------------------------------
The Western Australian State Government is working with industry
to coordinate services including on-farm visits for impacted
suppliers of Challenge Dairy Cooperative, Australian Food News
reports.

As reported in the Troubled Company Reporter-Asia Pacific on
December 2, 2010, Margaret River Mail said that the collapse of
Challenge Dairy was made official on Friday when it announced it
was going into receivership.  Margaret River Mail related third
generation dairy farmer Miles Mottershead is owed almost
AU$300,000 in milk supplied to Challenge and said it could be
anywhere between six months to years before the repayments came
through, but he hoped he would find out more after Challenge Dairy
Co-operations went into voluntary administration later this week.

According to Australian Food News, at least 50 suppliers have told
to find alternative processors for their milk, and many are likely
to see as little as 10c in the dollar on money owed.

Australian Food News relates that Agriculture and Food Minister
Terry Redman said Challenge Dairy Cooperative representatives had
informed him of their intention to appoint administrators and
advised farmers to negotiate individual contracts with other
processors.

The Department of Agriculture and Food was coordinating technical
and management advice for farmers; in regular contact with a
number of Challenge suppliers to monitor the situation; and
assisting with an across-agency response, the report notes.

The State Government, Australian Food News discloses, is funding
farm visits to suppliers of Challenge Dairy Cooperative with the
South West Development Commission working with industry to ensure
this support reaches each cooperative supplies.

Challenge Dairy is a Western Australian dairy company.


NUFARM LTD: Expects to be Back in Profit in First Half
------------------------------------------------------
Bloomberg News reports that Nufarm Ltd. forecast a return to
profit in the first half, with sales improving in Australia, Asia
and north eastern Europe.

Citing Managing Director Doug Rathbone's speech notes filed with
the Australian stock exchange, Bloomberg discloses that the
company may post an operating profit of between AU$10 million and
AU$20 million in the six months ending Jan. 31.  Bloomberg says
the company posted an operating loss of AU$4.5 million in the
first-half last year and a net loss of AU$40 million.

"Our first quarter is generally in line with, or ahead of,
expectations in Australia, Asia, North America and North Eastern
Europe," Mr. Rathbone said, according to Bloomberg.  "Brazil and
southern Europe are tracking behind forecast, but we expect
activity to pick up in Brazil now that growers have the conditions
to accelerate planting activity."

The Sydney Morning Herald reported that Nufarm had been locked in
negotiations with its banks after it breached two key banking
covenants amid falling earnings and asset write-downs.

Nufarm said Nov. 30 it executed credit approved term sheets for a
new AU$900 million syndicated bank facility that will refinance
Nufarm's existing bilateral banking facilities that are due to
expire on December 15, 2010.

                        About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 6, 2010, Standard & Poor's Ratings Services had placed its
'BB' long-term corporate credit rating on Nufarm Ltd. on
CreditWatch with negative implications after the company's latest
market update.  The CreditWatch reflects S&P's concerns about the
company's liquidity position and its ability to improve
profitability in fiscal 2011.  The 'B' rating on Nufarm's step-up
securities was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's view that Nufarm's
liquidity is currently less than adequate," Standard & Poor's
credit analyst Richard Creed said.  "Resolution of the CreditWatch
is contingent on Nufarm obtaining near-term support from its
lenders.  This could be demonstrated by covenant waivers from
Nufarm's banks, and finalization of terms of a new funding package
that provides the company with access to funding to meet its peak
debt requirements (which typically arise in the third quarter of
the company's fiscal year)."


SOUVLAKI HUT: Goes Into Voluntary Administration
------------------------------------------------
Souvlaki Hut has been placed into voluntary administration.

Patrick Stafford at Smart Company reports that Laurie Fitzgerald
from BDO has been appointed as the company's administrator.

According to the report, individual franchisees appear to be still
trading and sources suggest at least one party is interested in
buying the company, which has more than 50 locations on the
eastern seaboard.

Smart Company notes that the Franchised Food Company has been
named by one source as a potential acquirer.

Souvlaki Hut, the report discloses, recently circulated an
information memorandum among potential buyers and investors in the
chain.  One franchise industry expert who viewed the information
memorandum said the business did not appear to be in great shape,
Smart Company says.

Founded in 2005, Souvlaki Hut is a fast food franchise.


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


CHINA GINSENG: Posts US$308,400 Net Loss in September 30 Quarter
----------------------------------------------------------------
China Ginseng Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $308,453 on $53,298 of revenue for
the three months ended September 30, 2010, compared with net
income of $23,999 on $31,616 of revenue for the same period ended
September 30, 2009.

The Company's balance sheet at September 30, 2010, showed
$8.43 million in total assets, $4.36 million in total liabilities,
and stockholders' equity of $4.07 million.

The Company has accumulated deficits of $2.04 million and
$1.73 million at September 30, 2010, and June 30, 2009,
respectively.  At September 30, 2010, the Company had a negative
working capital of $2.25 million.

"Failure to raise adequate capital and generate adequate sales
revenues could result in the Company having to curtail or cease
operations," the Company said in the filing.  "Additionally, even
if the Company does raise sufficient capital to support its
operating expenses and generate adequate revenues, there can be no
assurances that the revenues will be sufficient to enable it to
develop business to a level where it will generate profits and
cash flows from operations.  These matters raise substantial doubt
about the Company's ability to continue as a going concern."

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

               http://researcharchives.com/t/s?702f

Changchun City, China-based China Ginseng Holdings, Inc., was
incorporated on June 24, 2004, in the State of Nevada.  The
Company conducts business through its four wholly owned
subsidiaries located in Northeast China.  Through leases, the
Company controls 3,705 acres of land approved by the Chinese
government for ginseng planting and approximately 750 acres of
grape vineyards which are harvested annually.


CHINA TRACTOR: Narrows Net Loss to US$86,300 in 3rd Quarter
-----------------------------------------------------------
China Tractor Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $86,328 for the three months ended
September 30, 2010, compared with a net loss of $1.61 million for
the same period of 2009.  The Company had no revenue generating
activities in both periods.

The Company's balance sheet as of September 30, 2010, showed
$13.62 million in total assets, $4.47 million in total
liabilities, all current, and stockholders' equity of
$9.15 million.

Goldman Parks Kurland Mohidin LLP, in Encino Calif., expressed
substantial doubt about China Tractor's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a loss of
$3.70 million, including loss from continuing operations of
$488,640.

"The discontinued operation [of Chang Tuo] and the ensuing
operating losses raise substantial doubt as to the Company's
ability to continue as a going concern," the Company said in the
Form 10-Q.

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

               http://researcharchives.com/t/s?7030

                       About China Tractor

ChangChun City, P.R. China-based China Tractor Holding, Inc.
currently does not have any operations.  On March 15, 2010, the
Company signed a stock transfer agreement to transfer all shares
owned by the Company in Chang Tuo Agricultural Machinery Equipment
Group Co., Ltd. to State-owned Assets Supervision and
Administration Commission of Changchun ("SOASACC"), and the
agreement was approved by Changchun government on April 19, 2010.
After the completion of the transaction, the Company will have no
substantial business operations until it enters a new industry
through merger or acquires other operational entities.

The Company is currently in the process of registering the
transfer in China and expects the ownership in Chang Tuo will be
transferred to SOASACC before the end of April 2011.


CN DRAGON: Posts $335,500 Net Loss in September 30 Quarter
----------------------------------------------------------
CN Dragon Corporation filed its quarterly on Form 10-Q, reporting
a net loss of $335,524 on $0 revenue for the three months ended
September 30, 2010, compared to net income of $121,691 on $406,656
of revenue for the same period ended September 30, 2009.

The Company is changing its accounting year ended from April 30 to
March 31 starting from 2011.

The Company has an accumulated deficit of $5.58 million as of
September 30, 2010.

The Company's balance sheet as of September 30, 2010, showed
$1.61 million in total assets, $117,462 in total liabilities, and
stockholders' equity of $1.50 million.

Albert Wong & Co., in Hong Kong, expressed substantial doubt about
CN Dragon Corporation's ability to continue as a going concern,
following the Company's results for the fiscal year ended
April 30, 2010.  The independent auditors noted that for the year
ended April 30, 2010, the Company has generated revenue of $341
and has incurred an accumulated deficit $5.2 million.  As of
April 30, 2010, its current liabilities exceed its current assets
by $41,015, which may not be sufficient to pay for the operating
expenses in the next 12 months.

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

               http://researcharchives.com/t/s?702a

Based in Hong Kong, China, CN Dragon Corporation was incorporated
under the laws of the State of Nevada on August 30, 2001, under
the name Infotec Business Systems, Inc.  On June 8, 2007, the
Company changed its name to Wavelit, Inc.  On September 14, 2009,
the Company changed its name to CN Dragon Corporation and began
new business operations in the PRC.  On May 17, 2010, the Company
acquired CNDC Corporation, as its wholly-owned subsidiary.

CNDC is a hotel management, development and consulting group.
CNDC was incorporated under the laws of the British Virgin Islands
on March 26, 2008.  CNDC operates through its wholly-owned
subsidiaries, CN Dragon Holdings Ltd and Zhengzhou Dragon Business
Ltd, which were incorporated in Hong Kong and the People's
Republic of China respectively.


DECOR PRODUCTS: Reports $1.1 Million Net Income in 3rd Quarter
--------------------------------------------------------------
Decor Products International, Inc., filed its quarterly report on
Form 10-Q, reporting net income of $1.12 million on $6.82 million
of revenue for the three months ended September 30, 2010, compared
with net income of $1.53 million on $7.44 million of revenue for
the same period a year ago.

The Company's balance sheet at September 30, 2010, showed
$34.42 million in total assets, $6.67 million in total
liabilities, and stockholders' equity of $27.75 million.

The Company has defaulted on repayment of two convertible notes
payable with a principal amount of $2.34 million, which matured
and became due on November 10, 2010.  "The continuation of the
Company as a going concern through September 30, 2011, is
dependent upon the continuing financial support from its
stockholders or negotiation of repayment term," the Company said
in the filing.

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

               http://researcharchives.com/t/s?7036

Decor Products International, Inc. was organized under the laws of
the State of Florida on January 11, 2007, as Murals by Maurice,
Inc.  On July 1, 2009, the Company changed to its current name.
The Company, through its subsidiaries, is mainly engaged in the
manufacture and sales of furniture decorative paper and related
products in the People's Republic of China.  The Company is
headquartered in the City of Dongguan, China.


LDK SOLAR: Reaches Capacity at Mahong Polysilicon Plant
-------------------------------------------------------
LDK Solar Co. Ltd. said it has successfully reached the designed
capacity of its second 5,000 metric ton polysilicon train in its
Mahong polysilicon plant.  A ceremony to celebrate this
achievement was held in Xinyu City, China, and many leaders of
local government were in attendance.

There are three 5,000 MT trains in the 15,000 MT Mahong
polysilicon plant.  Reaching capacity of the second train
demonstrates that the Company has ramped its polysilicon capacity
to 10,000 MT.

                         About LDK Solar

LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/--
manufactures photovoltaic products and multicrystalline wafers.
LDK Solar's headquarters and manufacturing facilities are located
in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China.  LDK Solar's office in the United
States is located in Sunnyvale, California.

The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.

                        Going Concern Doubt

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2010, LDK Solar said in its annual report on Form 20-F for
the year ended December 31, 2009, that at yearend, the Company had
a working capital deficit of US$833.6 million and an accumulated
deficit of US$32.8 million.  The Company said, "During the year
ended December 31, 2009, we incurred a net loss of US$234.2
million [attributable to LDK Solar Co., Ltd. shareholders].  As of
December 31, 2009, we had cash and cash equivalents of US$384.8
million, most of which are held by subsidiaries in China.  Most of
our short-term bank borrowings and current installments of our
long-term debt totaling US$978.6 million are the obligations of
these subsidiaries.  We may also be required by the holders of our
convertible senior notes to repurchase all or a portion of such
convertible senior notes with an aggregate principal amount of
US$400.0 million on April 15, 2011.  These factors initially
raised substantial doubt as to our ability to continue as a going
concern.  We are in need of additional funding to sustain our
business as a going concern, and we have formulated a plan to
address our liquidity problem."

The Company cautioned that "we cannot assure you that we will
successfully execute our liquidity plan.  If we do not
successfully execute such plan, we may have substantial doubt as
to our ability to continue as a going concern."


NINE DRAGONS: Fitch Upgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------
Fitch Ratings has upgraded Nine Dragons Paper (Holdings) Limited's
Long-term foreign currency Issuer Default Rating to 'BB-' from 'B'
and its foreign currency senior unsecured rating to 'BB-' from
'CCC.'  The Outlook on the IDR is Stable.

"The upgrade is underpinned by NDP's better than expected
operating results for the fiscal year ended 30 June 2010, adequate
liquidity with no near-term refinancing risk, and a stable outlook
on the Chinese economy as well as domestic demand for
containerboard paper, " says Ms. Ying Wang, Director on Fitch's
Asia-Pacific corporates team.  "The key negative rating drivers
which triggered the downgrade of NDP's rating to 'B' from 'BB-' in
2009 included a potential breach of the financial covenants under
the then outstanding syndicated loan facility and concerns over
NDP's ability to secure bank financing with weakening credit
metrics.  These negative rating concerns have been removed given
that the syndicated loan facility was refinanced in FY10 with a
three-year club term loan which contained no financial covenants
and the fact that NDP received ample bank financing at competitive
borrowing rates during the financial crisis," adds Ms. Wang.

NDP's rating is supported by its strong market position as the
largest containerboard producer in China, with a domestic market
share of about 20% in a highly fragmented and capital intensive
industry.  NDP also benefits from favorable supply/demand
dynamics.  China's steady GDP growth and a gradual shift towards a
consumer-driven economy drives containerboard consumption growth,
while the Chinese government continues to encourage industry
consolidation and the closure of non-compliant medium and small-
sized paper manufacturers.

NDP's rating is however constrained by its aggressive capex
program, which has been and is projected to be largely debt-
funded.  NDP has persistently generated negative free cash flow.
This trend is unlikely to change in the near term as NDP plans to
spend approximately CNY9.8bn over FY11 to FY13 to further increase
and upgrade capacity.  As a result, Fitch expects NDP's financial
leverage, as measured by the adjusted net debt-to-operating
EBITDAR ratio, to hover between 4.0x and 5.0x over FY11 to FY13,
as opposed to 3.6x at end FY10.

NDP enjoys adequate liquidity, as reflected by its cash position
of CNY2.3 billion and undrawn bank credit lines of CNY14.0 billion
versus short-term debt of CNY2.1 billion at end FY10.  Fitch
believes that NDP has strong access to both onshore and offshore
bank financing.  Furthermore, over 99% of NDP's debts were
unsecured at end FY10.

The Stable Outlook is based on Fitch's expectation that China's
containerboard industry will maintain steady growth and NDP's
business and financial strategies will remain stable over FY11 to
FY13.  Negative rating actions could arise from financial leverage
exceeding 5.0x on a sustained basis and/or evidence of reduced
lending appetite from Chinese banks.  Positive rating actions
could arise from financial leverage being sustained below 4.0x and
the EBITDA minus capex interest coverage ratio being sustained
above 1.0x.

The upgrade of the senior unsecured rating on NDP's US$ notes
reflects Fitch's assessment that structural subordination risks
have been lowered for the noteholders as it becomes clearer that
they are not subordinated to other offshore debt holders.  Fitch
notes, however, that offshore debt holders remain subordinated to
onshore lenders.


NORTHPORT NETWORK: Posts $144,800 Net Loss in September 30 Quarter
------------------------------------------------------------------
Northport Network Systems, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $144,793 on $861,061 of revenue
for the three months ended September 30, 2010, compared with a net
loss of $193,924 on $347 of revenue for the same period a year
ago.

The Company has an accumulated deficit of $5.50 million at
September 30, 2010.  The Company's total current liabilities
exceed its total current assets by $505,079.

The Company's balance sheet at September 30, 2010, showed
$3.45 million in total assets, $1.02 million in total liabilities,
all current, and stockholders' equity of $2.43 million.

Baker Tilly Hong Kong Limited, in Hong Kong, expressed substantial
doubt about Northport Network Systems, Inc.'s ability to continue
as a gong concern, following the Company's 2009 results.  The
independent auditors noted that the Company had a net loss of
$3.82 million, an accumulated deficit of $5.53 million and a
working capital deficiency of $260,834 and used cash in operations
of $633,960.

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

               http://researcharchives.com/t/s?7032

Seattle, Wash.-based Northport Network Systems, Inc. was
incorporated under the laws of the State of Colorado on July 25,
2000, as Dotcom-netmgmt.com Inc. The name was changed from Dotcom
to Northport Capital Inc. on April 28, 2004.  On October 9, 2009,
the Company was re-incorporated in Washington State and changed
its name to Northport Network Systems, Inc.

The Company, through its wholly-owned subsidiary Dalian Beigang
Information Industry Development Company Limited, is principally
engaged in color photo printing business in China.

On June 18, 2010, Dalian Beigang entered into a definitive
agreement with the stockholders of Beijing Xin Lu Zheng Bao Cheng
Education Technology Co. Ltd. ("Lu Zheng") to acquire 65% equity
interest of Lu Zheng for 3,000,000 shares of common stock of the
Company at a fair value of $2,700,000.  Lu Zheng is engaged in
professional training services.


* Moody's Says Outlook for Chinese Property Sector Stable
---------------------------------------------------------
Moody's Investors Service says that it has a stable outlook for
the China property sector, although a moderate downward correction
is expected in prices during 2011.

"As the most recent set of regulatory measures are more
effectively enforced, there emerges the high probability that
contracted sales value (a combination of sales volumes and prices)
for the Moody's rated portfolio will drop 15-20% Y-o-Y in 2011
with respect to current projects,", says Kaven Tsang, a Moody's
Assistant Vice President and Analyst.

"This scenario is manageable for most of Moody's rated
developers," says Tsang, adding "Thus, the stable outlook for the
sector remains appropriate, assuming the absence of any further
drastic regulatory measures, and which Moody's think unlikely at
present."

Tsang was speaking on the release of Moody's latest outlook on the
Chinese property sector.  The report -- which he co-authored with
Peter Choy, a Moody's Senior Vice President -- looks at the latest
trends in the sector, including regulatory measures to cool the
market, the financial fundamentals of the developers, the results
of stress testing, and the financial health of home owners and
investors.

Moody's rates a total of 23 Chinese property developers and their
ratings range between Baa2 and Caa1.  A total of 15 (65%) show a
stable or positive outlook, while the 8 with a negative outlook
are challenged either by high debt leverage profiles, aggressive
expansion, or weak sales execution.

A stress test of the liquidity positions of the rated developers
[excluding China Properties, rated Caa1/Negative] -- in which debt
maturing in 12 months is not refinanced -- shows Hopson
Development Holdings Limited (B1/Stable), Glorious Property
Holdings Limited (B1/Negative) and SRE Group Limited (B2/Negative)
as more vulnerable than their peers.

"While there has been some asset inflation after 18 months of
price growth, only moderate downward price corrections are highly
likely in 2011.  But, investors and developers still have on hand
the financial means required to respond to near-term corrections
of such a degree" says Peter Choy, a Moody's Senior Vice President
who co-authors the report.

"The Chinese government has been preoccupied with taming the price
surge evident since 2H09, and which has been fueled by excess
liquidity from its stimulus program, reduced supply -- due to
austerity actions in late 20072008 -- and the lack of viable
alternative channels for savings," says Choy.

"For now, Moody's expects only a moderate correction in the next
12 months.  The improved liquidity positions of developers --
resulting from robust sales over the last year -- and the low debt
leverage of buyers reduce the risk of any panic selling, therefore
helping avoid any drastic correction," says Choy.


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


ALESCO HK: Members' Final General Meeting Set for December 31
-------------------------------------------------------------
Members of Alesco HK Limited will hold their final general meeting
on December 31, 2010, at 9:30 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ANCORA CAPITAL: Creditors' Proofs of Debt Due December 24
---------------------------------------------------------
Creditors of Ancora Capital Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 24, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


ASIAN INFRASTRUCTURE: Members' Final Meeting Set for December 29
----------------------------------------------------------------
Members of Asian Infrastructure Fund Advisers Limited will hold
their final meeting on December 29, 2010, at 10:00 a.m., at 35th
Floor, One Pacific Place, 88 Queensway, in Hong Kong.

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.


ASM INT'L: Members and Creditors' Meetings Set for December 16
--------------------------------------------------------------
Members and creditors of ASM International Limited will hold their
annual meetings on December 16, 2010, at 2:15 p.m., and 2:30 p.m.,
respectively at 25/F., Tower I, Tern Centre, 237 Queen's Road
Central, in Hong Kong.

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


CHIVA INDUSTRIES: Members' Final Meeting Set for December 28
------------------------------------------------------------
Members of Chiva Industries Limited will hold their final general
meeting on December 28, 2010, at 11:00 a.m., at Jeil Building 168-
26, Sam-Sung-Dong, Kang Nam-Ku, in Seoul Korea.

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


CHEER CREATION: Members' Final General Meeting Set for December 28
------------------------------------------------------------------
Members of Cheer Creation Enterprise Limited will hold their final
general meeting on December 28, 2010, at 10:00 a.m., at 12/F, No.
3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CLEVER LUCK: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on November 19, 2010,
creditors of Clever Luck Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

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


CREATION PROFIT: Members' Final Meeting Set for December 29
-----------------------------------------------------------
Members of Creation Profit Limited will hold their final meeting
on December 29, 2010, at 2:30 p.m., at 5/F., Gloucester Tower, The
Landmark, 11 Pedder Street, Central, in Hong Kong.

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


DAIKIN CHEMICAL: Members' Final Meeting Set for December 31
-----------------------------------------------------------
Members of Daikin Chemical (Hong Kong) Limited will hold their
final meeting on December 31, 2010, at 10:00 a.m., at 35th Floor,
One Pacific Place, 88 Queensway, in Hong Kong.

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.


EF TECHNOLOGY: Annual Meetings Set for December 15
--------------------------------------------------
Creditors and Contributories of EF Technology (HK) Limited will
hold their annual meetings on December 15, 2010, at 10:00 a.m.,
and 10:30 a.m., respectively at 6th Floor, Sunning Plaza, 10 Hysan
Avenue, Causeway Bay, in Hong Kong.

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


ENVOCIS TECHNOLOGY: Chan Wing Kit Steps Down as Liquidator
----------------------------------------------------------
Chan Wing Kit stepped down as liquidator of Envocis Technology
Limited on November 18, 2010.


GLOBAL DESIGN: Members' Final Meeting Set for December 28
---------------------------------------------------------
Members of Global Design Management Limited will hold their final
general meeting on December 28, 2010, at the office of the
Liquidator, 9/F, Surson Commercial Building, 140-142 Austin Road,
Tsimshatsui, in Kowloon.

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


HK CHUNG: Creditors' Proofs of Debt Due December 28
---------------------------------------------------
Creditors of Hong Kong Chung Yo Department Company 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 18, 2010.

The company's liquidator is:

         Yiu Kwong Man
         Rooms 1501-3
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


HK PROFESSIONAL: Members and Creditors' Meetings Set for Dec. 16
----------------------------------------------------------------
Members and creditors of Hong Kong Professional Art Supplies
Limited will hold their annual meetings on December 16, 2010, at
2:15 p.m., and 2:30 p.m., respectively at 25/F., Tower I, Tern
Centre, 237 Queen's Road Central, in Hong Kong.

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


HOOVER CONSTRUCTION: Creditors' Proofs of Debt Due December 30
--------------------------------------------------------------
Creditors of Hoover Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 30, 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:

         Lai Chiu Loong
         19th Floor, Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


KIM SUM: Creditors' Proofs of Debt Due December 10
--------------------------------------------------
Creditors of Kim Sum Cantonese Opera Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by December 10, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chan Kin Hang Danvil
         Room 2301, 23/F
         Gainza Square, 565-567
         Nathan Road, Kowloon


L&W INDUSTRIAL: Commences Wind-Up Proceedings
---------------------------------------------
Members of L&W Industrial (Asia) Limited, on November 16, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Mr. Lei Keng Kuong
         2/F., Teng Fuh Commercial Building
         333 Queen's Road
         Central, Sheung Wan
         Hong Kong


SINO HOPE: Creditors' Meeting Set for December 3
------------------------------------------------
Creditors of Sino Hope (H.K.) Limited will hold their meeting
today, December 3, 2010, at 2:00 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.


VIVITAR (ASIA): Members and Creditors' Meetings Set for Dec. 14
---------------------------------------------------------------
Members and creditors of Vivitar (Asia) Limited will hold their
annual meetings on December 14, 2010, at 11:00 a.m., and 11:30
a.m., respectively at 5th Floor, Ho Lee commercial Buildings, 38-
44 D'Aguilar Street, Central, in 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.


WAI LAM: Members and Creditors' Meetings Set for December 6
-----------------------------------------------------------
Members and creditors of Wai Lam Printing Factory Limited will
hold their annual meetings on December 6, 2010, at 4:00 p.m., and
4:30 p.m., respectively at 8/F., Richmond Commercial Building, 109
Argyle Street, Mongkok, Kowloon, in Hong Kong.

At the meeting, Cheng Faat Ting Gary, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


ALDIAM MOTORS: CRISIL Assigns 'B' Rating to INR73.6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Aldiam Motors Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR48.0 Million Cash Credit Limit    B/Stable (Assigned)
   INR73.6 Million Term Loan            B/Stable (Assigned)

The rating reflects AMPL's weak financial risk profile, marked by
a small net worth, weak debt protection metrics, and high total
outside liabilities to tangible net worth, driven by working-
capital-intensive operations.  The company is also exposed to
risks related to intense competition in the automotive dealership
market.  These rating weaknesses are partially offset by AMPL's
healthy revenue growth due to its relationships with Hyundai Motor
India Ltd (HMIL, rated P1+ by CRISIL).

Outlook: Stable

CRISIL believes that AMPL will maintain its business risk profile
over the medium term, backed by its healthy revenue growth in the
automotive dealership business.  However, the company's financial
risk profile is expected to remain constrained over the medium
term, with high TOL/TNW and weak interest coverage, because of the
large debt funded capex executed by the company to set up its
showroom.  The outlook may be revised to 'Positive' if AMPL's
capital structure improves because of fund infusion by promoters,
or if the company registers a higher-than-expected operating
margin with healthy revenue growth.  Conversely, the outlook may
be revised to 'Negative' if AMPL's debt protection measures weaken
further, or if the company's margins deteriorate, leading to lower
cash accruals, exerting further pressure on the liquidity of the
company.

                        About Aldiam Motors

AMPL, incorporated in November 2008, is an authorized automobile
dealer of HMIL in Vadodara (Gujarat).  It has a
sales/service/spares (3S) facility for HMIL vehicles at Makarpura,
Gujarat Industrial Development Corporation.  The company commenced
operations in May 2009 and sold about 1098 cars in its 10 months
of operations.  AMPL derives around 94 per cent of its revenues
from sale of new cars, and the balance from service and sale of
spares.

AMPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR481.1 million for 2009-10 (refers to financial year,
April 1 to March 31).


ANKUR BARTER: CRISIL Cuts Rating on INR150 Million LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Ankur Barter Pvt Ltd's (Ankur
Barter's; a part of the Mascot group) bank facilities to 'D/P5'
from 'B/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR20 Million Cash Credit Limits    D (Downgraded from
                                          'B/Stable')

   INR150 Million Proposed Long-Term   D (Downgraded from
                 Bank Loan Facility       'B/Stable')

   INR30 Million Bank Guarantee        P5 (Downgraded from 'P4')

The downgrade reflects Ankur Barter's continued failure to meet
the repayment obligations under its letter of credit facility, and
to pay the interest due on its loans, since April 2010.  The
company's banker, State Bank of Mysore, has marked the loans as
non-performing assets (NPAs) with effect from July 28, 2010, and
has issued a notice under Section 13(2) of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interests (SARFAESI) Act to the company.  Furthermore, the other
companies in the Mascot group have also defaulted in servicing
their bank facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ankur Barter, Mascot Wood Crafts Pvt
Ltd, Birendra Chandra Saha, Saha and Sarkar Saw Mill Pvt Ltd, and
Mascot Impex Pvt Ltd.  This is because all these entities,
together referred to as the Mascot group, share a common
management, are in the same line of business, and have extended
inter-company guarantees to each other.

                          About the Group

Set up by Mr. Narayan Saha and his wife, Mrs. Kamala Saha, the
Mascot group processes and trades in timber.  Saha and Sarkar was
the first venture of the group, promoted as a partnership firm in
1989 with four partners: Mr. Narayan Saha, Mrs. Kamala Saha, Mr.
Biplab Sarkar, and Mrs. Beena Sarkar.  The group has warehousing
and processing facilities at Laketown, Madhyamgram, and Delhi Road
(all in West Bengal).  The group's marketing network comprises
three retail shops and a sales team of 100.  In 2007-08 (refers to
financial year, April 1 to March 31), the Saha family acquired
Ankur Barter. Saha and Sarkar, Mascot Wood Crafts, Mascot Impex,
and Ankur Barter process timber into sheets of various sizes and
have consolidated capacities of 3000 cubic feet (cft) per day,
40,000 cft per day, and 600 cft per day, for sawing, moulding, and
door and window panel manufacturing, respectively. The promoters
have plans of setting up a cold storage unit and a rice mill over
the near to medium term.

The Mascot group posted a provisional net profit of INR17 million
on net sales of INR1.8 billion for 2008-09, as against a profit
after tax (PAT) of INR6 million on net sales of INR1 billion for
2007-08.


BARNALA STEEL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
------------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Barnala Steel Industries Ltd (BSIL, part of the Barnala group) at
'BB+/Stable/P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR99.20 Million Term Loan          BB+/Stable
   (Enhanced from INR56.50 Million)

   INR315.0 Million Cash Credit        BB+/Stable
   (Enhanced from INR175.0 Million)

   INR50.00 Million Letter of Credit/  P4+
   Bank Guarantee (Enhanced from
                   INR30 Million)

The ratings continue to reflect the group's modest scale of
operations in the fragmented steel rolled products industry, the
susceptibility of its operating margin to volatility in raw
material prices, and its below-average financial risk profile,
marked by small net worth, high gearing and modest debt protection
measures.  These weaknesses are partially offset by the Barnala
group's established market position and strong brand name.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of BSIL, M Q Steels Pvt Ltd (MQSL) and
Aswad Steel & Alloys Pvt Ltd, together referred to as the Barnala
group.  This is because all the entities are in the same line of
business, under common ownership and management, and have strong
operational linkages.  Also, the output of MQSL and ASAPL are used
as raw material by BSIL.

Outlook: Stable

CRISIL believes that the Barnala group will continue to benefit
from its established position in northern India over the medium
term. The outlook may be revised to 'Positive' if the group's
financial risk profile improves significantly with improvement in
gearing and debt protection metrics.  Conversely, the outlook may
be revised to 'Negative' in case the group's gearing increases
further either due to significant increase in short-term bank
borrowings to meet working capital requirements or due to any
large debt-funded capital expenditure programme.

                        About Barnala Steel

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel bars, coils, wire rods, and other steel-
rolled products.  The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh) with an installed capacity of 80,000
tonnes per annum (tpa).  BSIL also has an induction furnace to
manufacture ingots and billets with installed capacity of 18,000
tpa.  This is expected to increase to around 40,000 tpa by
March 31, 2011.  The group is promoted by Mr. Sajid Mian Nasir,
Mr. Hasid Mustafa, and Mr. Ameed Ahmed Khan.

The Barnala group reported a profit after tax (PAT) of INR27.0
million on net sales of INR2010.5 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR12.1
million on net sales of INR1652.7 million for 2008-09.


BIRENDRA CHANDRA: CRISIL Cuts Rating on INR60MM Cash Debt to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Birendra Chandra Saha (Birendra Chandra; a part of the Mascot
group) to 'D/P5' from 'B/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR60 Million Cash Credit Limits      D (Downgraded from
                                            'B/Stable')

   INR70.5 Million Proposed Long-Term    D (Downgraded from
                   Bank Loan Facility       'B/Stable')

   INR104.5 Million Letter of Credit     P5 (Downgraded from 'P4')

   INR15 Million Standby Line of Credit  P5 (Downgraded from 'P4')

The downgrade reflects Birendra Chandra's prolonged over-
utilisation of its cash credit limits, and several past instances
of devolvement of its letters of credit.  Moreover, the loans
availed by group company Ankur Barter Pvt Ltd have been marked as
non-performing assets with effect from July 28, 2010; the other
companies in the Mascot group have also defaulted in servicing
their bank facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Birendra Chandra, Ankur Barter, Mascot
Wood Crafts Pvt Ltd, Saha and Sarkar Saw Mill Pvt Ltd, and Mascot
Impex Pvt Ltd.  This is because all these entities, together
referred to as the Mascot group, share a common management, are in
the same line of business, and have extended inter-company
guarantees to each other.

                          About the Group

Set up by Mr. Narayan Saha and his wife, Mrs. Kamala Saha, the
Mascot group processes and trades in timber. Saha and Sarkar was
the first venture of the group, promoted as a partnership firm in
1989 with four partners: Mr. Narayan Saha, Mrs. Kamala Saha, Mr.
Biplab Sarkar, and Mrs. Beena Sarkar.  The group has warehousing
and processing facilities at Laketown, Madhyamgram, and Delhi Road
(all in West Bengal).  The group's marketing network comprises
three retail shops and a sales team of 100. In 2007-08 (refers to
financial year, April 1 to March 31), the Saha family acquired
Ankur Barter. Saha and Sarkar, Mascot Wood Crafts, Mascot Impex,
and Ankur Barter process timber into sheets of various sizes and
have consolidated capacities of 3000 cubic feet (cft) per day,
40,000 cft per day, and 600 cft per day, for sawing, moulding, and
door and window panel manufacturing, respectively. The promoters
have plans of setting up a cold storage unit and a rice mill over
the near to medium term.

The Mascot group posted a provisional net profit of INR17 million
on net sales of INR1.8 billion for 2008-09, as against a profit
after tax (PAT) of INR6 million on net sales of INR1 billion for
2007-08.


DECCAN WIRES: CRISIL Assigns 'B+' Rating to INR10 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Deccan Wires and
Welding Products Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR10.00 Million Long Term Loan     B+/Stable (Assigned)
   INR58.00 Million Cash Credit        B+/Stable (Assigned)

The rating reflects Deccan's low profitability, and below-average
financial risk profile, marked by its small net worth, weak debt
protection metrics.  These rating weaknesses are partially offset
by Deccan's established relationships with customers and long
standing experience of its promoters.

Outlook: Stable

CRISIL believes that Deccan will maintain a moderate business risk
profile over the medium term, supported by its diverse product
range and its promoters' long standing experience.  The outlook
may be revised to 'Positive' if Deccan's revenues increase, or its
profitability and capital structure improve significantly.
Conversely, the outlook may be revised to 'Negative' if the
company reports low capacity utilization, or undertakes a larger-
than-expected, debt-funded capital expenditure programme.

                        About Deccan Wires

Incorporated in 1986, Deccan has emerged as one of the largest
manufacturers of wire in South India, offering a diverse range of
products. Deccan has capacity of 14,000 tonnes per annum (tpa) for
wire products.  Its wire products range in size from 0.8
millimeters (mm) to 28 mm.  Deccan's product diversity ranges from
high value products such as bright bars, galvanized wires and poly
vinyl chloride (PVC)-coated wires to the more generic ones, such
as, binding wires, which find application in the construction
segment.

Deccan reported a profit after tax (PAT) of INR2 million on net
sales of INR335 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR324 million for 2008-09.


INDITEX PROCESSOR: CRISIL Reaffirms 'D' Rating on INR80.2MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Inditex Processor Pvt
Ltd, a Frontier group entity, continue to reflect delay by Inditex
in meeting its term loan obligations; the delay has been caused by
Inditex's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR20.00 Million Cash Credit Limit    C (Reaffirmed)
   INR80.20 Million Long-Term Loan       D (Reaffirmed)

The ratings also factor in the Frontier group's below-average
financial risk profile, marked by a low net worth, high gearing,
and weak debt protection measures; and customer concentration in
its revenue profile. However, the group benefits from its
established presence in the knitted garments industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Frontier Knitters and Inditex.  This is
because Frontier and Inditex, together referred to as the Frontier
group, are part of the textile value chain, and have a common
management, and operational and financial linkages.

Update

The Frontier group's net sales have increased by 22 per cent in
2009-10 (refers to financial year, April 1 to March 31) over the
previous year, primarily backed by the increase in its customer
base.  The group's net profit margin marginally increased to
1.4 per cent in 2009-10 as compared with 1 per cent in 2008-09.
Its liquidity remains weak on account of high working capital
requirements and cash flow mismatches, which resulted in delay in
repayment of its term loan.

The Frontier group reported a profit after tax (PAT) of INR17.3
million on net sales of INR1.25 billion for 2009-10, as against a
PAT of INR10.4 million on net sales of INR1.03 billion for
2008-09.

                           About the Group

Set up in 1988 at Tirupur (Tamil Nadu), the Frontier group is
promoted by Mr. Mohammed Thajutheen. Frontier, the group's
flagship entity, manufactures and exports a wide range of knitted
garments. Inditex, set up in 2006, dyes fabric and yarn and
derives 50 per cent of its revenues from Frontier.  The group has
an installed capacity to manufacture 4 million pieces of garments
per annum.


J.B.A. STEELS: CRISIL Assigns 'D' Rating to INR104 Mil. LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
J.B.A. Steels, which is part of the JBA group.  The ratings
reflect the delay by the JBA group in servicing its term loan; the
delay has been because of the group's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR104.00 Million Long Term Loan      D (Assigned)

   INR52.50 Million Cash Credit          D (Assigned)

   INR18.50 Million Bills Purchase       P5 (Assigned)
          and Discounting Facility

   INR200.00 Million Letter of Credit    P5 (Assigned)
                            Facility

   INR3.00 Million Bank Guarantee        P5 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JBA Steels and MEJ Alloys.  This is
because both the firms, together referred to as the JBA group, are
in the same line of business, are under a common management, and
have fungible cash flows.

                          About the Group

The JBA group is promoted by Mr. M E Jamaludden and his family.
JBA Steels, set up in 1998, manufactures mild steel ingots,
billets, and thermo-mechanically-treated (TMT) bars.  The firm
sells its TMT bars under the JBA TMT brand.  Its plants, located
in Puducherry and Kuppam (Andhra Pradesh), have an installed
capacity of 80 tonnes per day (tpd) of TMT bars and 70 tpd of mild
steel ingots.  MEJ Alloys, set up in 2004, manufactures angles,
squares, and pipes, which are primarily used in the engineering
construction industry.  MEJ Alloys' plant, located in Puducherry,
has an installed capacity of 40 tpd; the firm procures its key raw
materials -- ingots and billets -- from JBA Steels.  MEJ Alloys is
currently expanding its capacity by 20 to 30 tpd at a cost of
INR17.5 million; the capacity addition is likely to be completed
by March 2010.

The JBA group reported a profit after tax (PAT) of INR3.3 million
on net sales of INR531.5 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR13.9 million on
net sales of INR647.7 million for 2007-08.


JAY MAHESH: CRISIL Cuts Rating on INR1.2BB Term Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on Jay Mahesh Sugar Industries
Ltd's bank facilities to 'BB-/Negative' from 'BB+/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR180 Million Cash Credit Limit    BB-/Negative (Downgraded
                                             from 'BB+/Stable')

   INR1200 Million Term Loan           BB-/Negative (Downgraded
                                             from 'BB+/Stable')

The downgrade reflects deterioration in Jay Mahesh's liquidity.
This has been caused by significant delay in implementation of its
upcoming co-generation power plant and distillery unit, and the
fact that repayment of loans contracted for the project have
commenced.  The company's cash accruals are expected to be
insufficient for debt servicing. Jay Mahesh will therefore have to
depend on funding support from its parent, Spray Engineering
Devices Ltd (Spray Engineering; rated 'BBB-/Negative/P3' by
CRISIL). CRISIL believes that Spray Engineering will continue to
extend funding support to Jay Mahesh, as the subsidiary is of high
strategic importance to the parent; the quantum and timeliness of
financial support, however, will remain a rating sensitivity
factor.

The ratings reflect Jay Mahesh's weak financial risk profile,
marked by high gearing, weak debt protection metrics, and weak
financial flexibility, because of delays in implementing its
ongoing project, and susceptibility to adverse regulatory changes,
availability of sugarcane, and adverse climatic conditions.  These
rating weaknesses are partially offset by the benefits that Jay
Mahesh derives from the management, technological, and financial
support it receives from Spray Engineering.

Outlook: Negative

CRISIL believes that Jay Mahesh's cash accruals will be
insufficient for servicing its debt over the medium term because
of delays in implementation of the project, and that Jay Mahesh
will continue to depend on Spray Engineering for funding support.
The rating may be downgraded if there are any further delays in
stabilizing operations at its upcoming power plant and distillery
unit, leading to lower-than-expected sales and profitability.
Conversely, the outlook may be revised to 'Stable' if Jay Mahesh
reports higher-than-expected sales and profitability, which will
entail timely stabilization of operations at its upcoming power
and distillery unit.

                          About Jay Mahesh

Incorporated in 2000, Jay Mahesh owns and operates a sugar factory
in Beed (Maharashtra).  In September 2006, Jay Mahesh was acquired
by Spray Engineering for INR264 million.  Jay Mahesh has capacity
to crush 5000 tonnes of sugar cane per day, and is setting up a
35-megawatt bagasse-based power plant and a 100-kilolitre-per-day
distillery unit.  The power plant and distillery were both to be
commissioned by June 2009, but because of delays are now expected
to be commissioned by January 2011 and April 2011 respectively.

JMSIL reported a profit after tax (PAT) of INR8.9 million on net
sales of INR797.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.5 million on net sales
of INR501.2 million for 2008-09.


KALINGA JUTE: CRISIL Reaffirms 'B' Rating on INR33.2MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Kalinga Jute Products
Pvt Ltd continue to reflect Kalinga's weak financial risk profile
and susceptibility to adverse regulatory changes in the jute
industry.  These rating weaknesses are partially offset by
Kalinga's promoters' experience in the jute industry.

   Facilities                           Ratings
   ----------                           -------
   INR80.0 Million Cash Credit Limits   B/Stable (Reaffirmed)
   INR33.2 Million Term Loan            B/Stable (Reaffirmed)
   INR31.6 Million Proposed Long-Term   B/Stable (Reaffirmed)
                   Bank Loan Facility

Outlook: Stable

CRISIL believes that Kalinga will continue to benefit from the
industry experience of its promoters.  The outlook may be revised
to 'Positive' if jute prices increase, leading to improvement in
Kalinga's margins.  Conversely, the outlook may be revised to
'Negative' if the company's gearing increases because of the
substantial debt-funded capital expenditure planned for the medium
term.

Update
Kalinga's turnover for 2009-10 (refers to financial year, April 1
to March 31) was INR323.4 million; an increase of about 40 per
cent over 2008-09.  The increase was driven mainly by production
capacity increasing to 30 tonnes per day (tpd) by August 2009 from
22 tpd in March 2009.  The company generated a turnover of around
INR130.0 million in the first five months of 2010-11.

Kalinga's gearing of 1.6 times as on March 2010 was better than
CRISIL's expectation because of Kalinga's reduced dependence on
short-term borrowings in 2009-10 and deferred capital expenditure
(capex); the capex programme of INR60.00 million to INR80.00
million, earlier scheduled for 2009-10, will be undertaken in
2011-12.

Kalinga's liquidity is likely to remain constrained and its cash
accruals are expected to be barely sufficient to meet its debt
obligations over the medium term. The company's bank limit has
increased to INR80.00 million from INR75.00 million; but the
utilisation level has remained high, at an average of around 95
per cent, during the past fifteen months ended August 2010.

Kalinga reported a profit after tax (PAT) of INR1.02 million on
net sales of INR323.40 million for 2009-10, against a PAT of
INR0.09 million on net sales of INR228.90 million for 2008-09.

                        About Kalinga Jute

Kalinga manufactures jute, including hessian cloth, sacking, and
yarn. The company has a 30-tpd manufacturing unit in Dhenkanal
(Orissa). Kalinga was reconstituted as a closely held company in
1975 (it was established as a proprietorship concern in 1973 by
Mr. Sagarmal Agarwal and reconstituted as a partnership concern
the same year).


KHARE AND TARKUNDE: CRISIL Rates INR36 Million Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Khare and
Tarkunde Infrastructure Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR200.00 Million Cash Credit         BB/Stable (Assigned)
   INR36.00 Million Term Loan            BB/Stable (Assigned)
   INR100.00 Million Letter of Credit    P4+ (Assigned)
   INR614.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect KTIPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection measures,
large working capital requirements, small scale of operations, and
geographic concentration in revenue profile.  These rating
weaknesses are partially offset by KTIPL's healthy revenue growth
with comfortable operating margin, healthy order book, and
promoters' experience in the construction industry.

Outlook: Stable

CRISIL expects Khare and Tarkunde Infrastructure Pvt Ltd's
financial risk profile and liquidity to remain weak over the
medium term on account of its large working capital requirements.
However, its business risk profile is expected to be backed by
healthy order book and the promoters' extensive industry
experience.  The outlook may be revised to 'Positive' if KTIPL's
scale of operations increases and profitability improves, leading
to more-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' if KTIPL's liquidity or financial risk
profile deteriorates owing to larger-than-expected working capital
requirements or large, debt-funded capital expenditure/real estate
development.

                     About Khare and Tarkunde

KTIPL undertakes civil construction activities such as building of
bridges, dams, buildings, roads, highways, power projects, and
other construction works.  It was started in 1952 as a partnership
firm by Mr. Y A Khare and Mr. R M Tarkunde.  The firm was
converted into a private limited company in September 1997.  The
company undertakes projects for both government and private
parties mainly in Maharashtra, Gujarat, and Madhya Pradesh.  The
private parties contributed to about 68 per cent of KTIPL's
revenues in 2009-10 (refers to financial year, April 1 to March
31).

KTIPL reported a profit after tax (PAT) of INR37.5 million on an
operating income of INR665.4 million for 2009-10, against a PAT of
INR19.6 million on an operating income of INR497.9 million for
2008-09.


NAV DURGA: CRISIL Upgrades Ratings on INR404.5MM Term Loan to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nav Durga Fuel Pvt Ltd (Nav Durga, part of the Scan group) to
'B/Stable' from 'C' and re-affirmed its rating to its short term
bank facilities at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR404.5 Million Term Loan         B/Stable (Upgraded from "C")
   INR160.0 Million Cash Credit       B/Stable (Upgraded from "C")
   INR30.0 Million Letter of Credit   P4 (Reaffirmed)
   INR10.0 Million Bank Guarantee     P4 (Reaffirmed)

The rating upgrade is driven by the timely servicing of debt by
the Scan group over the 18 months ended September, 2010 on the
back of equity infusion by the promoters of around INR900 million
and modest cash accruals over the period.  Though the Scan group's
cash accruals are expected to be tightly matched with term debt
repayment obligations, CRISIL believes that the promoters will
continue to infuse equity in Scan Steels and group company Nav
Durga Fuels Pvt Ltd to ensure timely repayment of debt
obligations.

The ratings reflect the Scan group's weak liquidity, resulting in
dependence on equity infusion to ensure timely debt servicing, its
large appetite for debt, below-average debt protection metrics and
aggressive capital expenditure plans. These weaknesses are
partially offset by forward integration of operations, leading to
moderate market presence, and the group's average capital
structure, driven by a large net worth.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of Scan Steels and Nav Durga, together
referred to as the Scan group; this is because the two companies
are in the same industry and under common management.

Outlook: Stable

CRISIL believes that Scan group will maintain its stable business
risk profile on the back of forward integrated operations and its
established brand image.  The outlook may be revised to 'Positive'
if the group's operating margin improves while maintaining its
growth trajectory in revenues, and if the group contracts lower-
than-expected debt to fund its proposed capacity expansion.
Conversely, the outlook may be revised to 'Negative' if the
group's capacity addition does not generate adequate cash accruals
or its operating margin declines substantially, or its working
capital requirements are larger-than-expected, leading to
deterioration in its financial risk profile.

                          About the Group

Scan Steels, the flagship company of the Scan group, was
incorporated in December, 1990 as a private limited company and
converted into a public limited company in March 1996.  The
company, promoted by Mr. Sawarmal Gadodia, is now managed by his
sons Mr. Rajesh Gadodia and Mr. Nimish Gadodia.  Scan Steel is an
integrated steel producer with an installed capacity of 210,000
tonnes per annum (tpa) of sponge iron, 116,000 tpa of
ingots/billets, captive thermal power plant of 12 megawatt (MW),
and a rolling plant of 58,000 tpa.  Scan Steel is setting up a
60,000 tpa sponge iron unit for INR350 million and a 10 MW power
plant for INR600 million; 70 per cent of the cost will be funded
by debt and the remainder will be funded by promoters'
contribution.

Nav Durga, incorporated in February 2004 as a private limited
company, was promoted by Mr. G S Agarwal and family. The company
incurred losses in 2005-06 (refers to financial year, April 1 to
March 31), and was acquired by the Gadodia family in February,
2007. Nav Durga has an installed capacity of 90,000 tpa of sponge
iron and 47,520 tpa of ingots/billets and captive thermal power
plant of 6 MW. Nav Durga is setting up a 300 tonnes per day (tpd)
rolling unit for INR350 million and a 6 MW power plant for INR400
million; 75 per cent of the cost will be funded by debt and the
remainder will be funded by promoters' contribution.

The Scan group reported a profit after tax (PAT) of INR167.6
million on net sales of INR5.2 billion for 2009-10, against a PAT
of INR205.7 million on net sales of INR4.5 billion for 2008-09.


PANCHVATI SHIP: CRISIL Places 'BB' Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Panchvati Ship Breakers.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        BB/Stable (Assigned)
   INR350.0 Million Letter of Credit  P4+(Assigned)

The ratings reflect Panchvati's exposure to risks related to
cyclicality in the shipping industry, volatility in steel scrap
prices, unfavorable changes in government regulations, and
fluctuations in foreign exchange rates.  These rating strengths
are partially offset by the benefits that Panchvati derives from
its promoters' established track record and healthy growth
prospects in the ship-breaking industry.

Outlook: StableCRISIL believes that Panchvati will continue to
benefit over the medium term from its promoters' track record, and
healthy growth prospects in the ship-breaking industry. The
outlook may be revised to 'Positive' if firm report higher than
expected sales and profits along with maintenance of firm's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if Panchvati's operating margin declines significantly,
most likely because of decline in scrap prices, or if the firm is
unable to recover the cost of ships purchased.

                       About Panchvati Ship

Panchvati was set up in 2000 as a partnership firm.  The firm
undertakes ship-breaking activities in Alang (Gujarat), which is
the leading centre of the ship-breaking industry in Asia. The firm
has a plot size of 71 metres.  It purchases ships as old as 20
years, breaks them into steel plates and supplies the same to
rolling mills in Gujarat.

Panchvati reported a book profit of INR8.4 million on net sales of
INR499.3 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR32.6 million on net sales
of INR283.2 million for 2008-09.


PRISHA FOODS: CRISIL Upgrades Rating on INR55MM Term Loan to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded the rating on the long-term bank facilities of
Prisha Foods And Dairy Products Pvt Ltd (Prisha; part of the
Gayatri group) to 'BB+/Stable' from 'BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR45.0 Million Cash Credit      BB+/Stable (Upgraded from
                                                BB/Stable)

   INR55.0 Million Rupee Term Loan  BB+/Stable (Upgraded from
                                               BB/Stable)

The upgrade reflects improvement in the business risk profile of
the Gayatri group, marked by the sustainable improvement in its
operating margin. Since the company commenced commercial
operations at its SMP and butter plants in 2009-10 (refers to
financial year, April 1 to March 31), implementation risks
associated with the capital expenditure undertaken cease to exist.

The ratings reflect the Gayatri group's exposure to risks related
to its ability to increase milk procurement, average financial
risk profile, marked by large, debt-funded capital expenditure,
and its susceptibility to adverse government regulations and risk
of epidemics.  These weaknesses are partially offset by the
group's promoters' experience in the dairy industry, healthy
revenue visibility and the sustainable improvement in its
operating margin.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prisha and Gayatri Dairy Products Pvt
Ltd.  This is because the two companies, together referred to as
the Gayatri group, are engaged in the same line of business, and
have strong business linkages; Gayatri supplies liquid skimmed
milk to Prisha.  Also, the management has clearly indicated that
both the companies will support each other in case of financial
exigencies.

Outlook: Stable

CRISIL believes that Prisha will continue to benefit from its
established presence in the dairy business, its track record of
efficient operations, and increase in proportion of value-added
products in total revenues, driven by higher utilization of the
new capacity.  The outlook might be revised to 'Positive' if the
group stabilizes the new capacity, leading to a sustainable
improvement in profitability, and reports more-than-expected
improvement in its gearing.  Conversely, the outlook may be
revised to 'Negative' in case of any delay in increasing sales
from the new capacity, a decline in profitability, or more-than-
expected increase in working capital requirements, leading to
higher debt, adversely affecting the group's financial risk
profile.

                         About Prisha Foods

Prisha was floated by the promoters of Gayatri in 2008-09 and is
primarily a skimmed milk powder (SMP) manufacturing unit with
capacity of 10 tonnes per day.  The plant became operational in
November 2009.  Typically, Prisha will undertake job-work for
companies such as Mother Dairy India Limited and Heritage Foods
(India) Ltd.

Incorporated in 1985 and promoted by Mr. Kanaiyalal R Patel,
Gayatri is a dairy products company based in Ahmedabad with milk
processing capacity of around 200,000 litres per day. Its plant
uses buffalo milk, primarily for producing pasteurised milk, and
also value-added products such as SMP, ghee, butter, and
buttermilk. Most of the retail sales of the company are in and
around Ahmedabad.

Prisha is expected to report a profit after tax (PAT) of INR12.8
million on net sales of INR52.8 million for 2009-10.


RAJANI DISTRIBUTORS: CRISIL Assigns 'BB-' Rating on INR29.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Rajani Distributors Pvt Ltd.

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

   INR29.5 Million Proposed Long Term     BB-/Stable (Assigned)
                   Bank Loan Facility

The ratings reflect RDPL's weak financial risk profile marked by a
small net worth, low interest coverage ratio, and high total
outside liabilities to total net worth ratio, and large inventory
and high debtor risks.  These rating weaknesses are partially
offset by the benefits that RDPL derives from its promoter's
experience in tea trading.

Outlook: Stable

CRISIL believes that Rajani Distributors Pvt Ltd will maintain its
current credit risk profile over the medium term backed by its
increasing scale of operations and promoters' longstanding
industry experience.  The outlook may be revised to 'Positive' if
the company's capital structure improves significantly, led by
sustained improvement in profitability.  Conversely, the outlook
may be revised to 'Negative' if RDPL's financial risk profile
deteriorates materially due to large bad debts/inventory losses or
higher-than-expected working capital related borrowings.

                     About Rajani Distributors

Incorporated in 2003, RDPL sells tea after blending and packaging.
The company, based in Junagadh (Gujarat), is promoted by
Mr. Dharmendrabhai Rajani and Mr. Bharatkumar Rajani, who have
nearly two decades of experience in the tea trading industry.

RDPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR346 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR250 million for 2008-09.


S J EXPORTS: CRISIL Reassigns 'BB-' Rating to INR45MM LT Bank Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of S.J. Exports; the packing credit facility was
earlier a short-term facility and was rated 'P4+' by CRISIL.

   Facilities                           Ratings
   ----------                           -------
   INR45.0 Million Proposed Long-Term   BB-/Stable (Assigned)
                   Bank Loan Facility

   INR105.0 Million Packing Credit      BB-/Stable (Reassigned)

The rating reflects SJ's weak financial risk profile marked by
weak debt protection metrics and small net worth, small scale of
operations, and customer concentration in revenue profile.  These
rating weaknesses are partially offset by SJ's promoters
experience in the business of export of polished diamonds, and the
firm's efficient working capital management practices.

Outlook: Stable

CRISIL believes that SJ will continue to benefit over the medium
term from promoters industry experience and its strong sourcing
relationships with suppliers of rough diamonds. The outlook may be
revised to 'Positive' if SJ generates more-than-expected net cash
accruals, resulting in significant improvement in its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if the firm's debtor profile deteriorates, liquidity
weakens because of larger-than-expected inventory accumulation,
profitability declines because of a fall in polished diamond
prices, or its ratio of total outside liabilities to total net
worth increases beyond expectations.

                         About S.J. Exports

SJ was established in 2001 as a partnership firm.  It manufactures
and exports rough and polished diamonds.  The firm's manufacturing
unit is in Surat and its sales office is in Mumbai.  SJ is managed
by two of its partners, Mr. Sanjay Shah and Mr. Sunil Shah. Mr.
Jayantilal Shah and Mr. Atman Shah are the other two partners.

SJ reported a profit after tax (PAT) of INR4 million on net sales
of INR435 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR3 million on net sales of INR395
million for 2008-09.


SCAN STEELS: CRISIL Upgrades Rating on INR527.1MM Term Loan to 'B'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Scan Steels Ltd (Scan Steels, part of the Scan group) to
'B/Stable' from 'C' and re-affirmed its rating to its short term
bank facility at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR527.1 Million Term Loan         B/Stable (Upgraded from "C")
   INR780.0 Million Cash Credit       B/Stable (Upgraded from "C")
   INR200.0 Million Letter of Credit  P4 (Reaffirmed)

The rating upgrade is driven by the timely servicing of debt by
the Scan group over the 18 months ended September, 2010 on the
back of equity infusion by the promoters of around INR900 million
and modest cash accruals over the period.  Though the Scan group's
cash accruals are expected to be tightly matched with term debt
repayment obligations, CRISIL believes that the promoters will
continue to infuse equity in Scan Steels and group company Nav
Durga Fuels Pvt Ltd to ensure timely repayment of debt
obligations.

The ratings reflect the Scan group's weak liquidity, resulting in
dependence on equity infusion to ensure timely debt servicing, its
large appetite for debt, below-average debt protection metrics and
aggressive capital expenditure plans.  These weaknesses are
partially offset by forward integration of operations, leading to
moderate market presence, and the group's average capital
structure, driven by a large net worth.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of Scan Steels and Nav Durga, together
referred to as the Scan group; this is because the two companies
are in the same industry and under common management.

Outlook: Stable

CRISIL believes that Scan group will maintain its stable business
risk profile on the back of forward integrated operations and its
established brand image.  The outlook may be revised to 'Positive'
if the group's operating margin improves while maintaining its
growth trajectory in revenues, and if the group contracts lower-
than-expected debt to fund its proposed capacity expansion.
Conversely, the outlook may be revised to 'Negative' if the
group's capacity addition does not generate adequate cash accruals
or its operating margin declines substantially, or its working
capital requirements are larger-than-expected, leading to
deterioration in its financial risk profile.

                         About the Group

Scan Steels, the flagship company of the Scan group, was
incorporated in December, 1990 as a private limited company and
converted into a public limited company in March 1996. The
company, promoted by Mr. Sawarmal Gadodia, is now managed by his
sons Mr. Rajesh Gadodia and Mr. Nimish Gadodia.  Scan Steel is an
integrated steel producer with an installed capacity of 210,000
tonnes per annum (tpa) of sponge iron, 116,000 tpa of
ingots/billets, captive thermal power plant of 12 megawatt (MW),
and a rolling plant of 58,000 tpa. Scan Steel is setting up a
60,000 tpa sponge iron unit for INR350 million and a 10 MW power
plant for INR600 million; 70 per cent of the cost will be funded
by debt and the remainder will be funded by promoters'
contribution.

Nav Durga, incorporated in February 2004 as a private limited
company, was promoted by Mr. G S Agarwal and family. The company
incurred losses in 2005-06 (refers to financial year, April 1 to
March 31), and was acquired by the Gadodia family in February,
2007. Nav Durga has an installed capacity of 90,000 tpa of sponge
iron and 47,520 tpa of ingots/billets and captive thermal power
plant of 6 MW. Nav Durga is setting up a 300 tonnes per day (tpd)
rolling unit for INR350 million and a 6 MW power plant for INR400
million; 75 per cent of the cost will be funded by debt and the
remainder will be funded by promoters' contribution.

The Scan group reported a profit after tax (PAT) of INR167.6
million on net sales of INR5.2 billion for 2009-10, against a PAT
of INR205.7 million on net sales of INR4.5 billion for 2008-09.


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


JAPAN AIRLINES: JCR Withdraws 'D' Rating on Senior Debts
--------------------------------------------------------
Japan Credit Rating Agency, Ltd., withdraws 'D' ratings on Japan
Airlines and Japan Airlines International.

Rationale

JCR announced the downgrade of the ratings on senior debts and
bonds of Japan Airlines Corporation and also the rating on senior
debts of Japan Airlines International Co., Ltd. to 'D' on
January 19, 2010, upon its petition for commencement of Corporate
Reorganization proceedings with the Tokyo District Court and then
acceptance by the Court on January 19, 2010.

The reorganization plan was passed by written resolution of
creditors on November 2, 2010 and then approved and ruled by the
Tokyo District Court on November 30, 2010.  As a result, the
reorganization plan becomes effective now.

JCR withdraws the ratings on the outstanding bonds and senior
debts of the Companies as well because the Court's approval and
ruling on the plan causes a change o the content of right
pertaining to the rated bonds.

Senior debts: D

             Amount
  Issues     (Bln)   Issue Date  Due Date   Coupon  Rating
  ------    ------   ---------   --------   ------  ------
bonds no.1  JPY10    12/18/2003  12/18/2013 2.94%   D
bonds no.3  JPY10    02/04/2004  02/04/2011 1.92%   D

(bonds no.1 and no.3 are guaranteed by Japan Airlines
International.)


WILLCOM INC: JCR Withdraws 'D' Rating on Senior Debts and Bonds
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., withdraws 'D' rating on senior
debts and bonds of Willcom, Inc.

JCR announced the downgrade of the ratings on senior debts and
bonds of the Company to 'D' on February 18, 2010, upon its
petition for commencement of Corporate Reorganization proceedings
with the Tokyo District Court and then acceptance by the Court on
February 18, 2010.

Its reorganization plan was passed by written votes of creditors
and then approved and ruled by the Tokyo District Court today.  As
a result, the reorganization plan becomes effective now.

JCR withdraws the ratings on the outstanding bonds and senior
debts of the Company as well because the Court's approval and
ruling on the plan causes a change to the content of right
pertaining to the rated bonds.
Senior debts: D

Issue       Amount     Issue Date  Due Date   Coupon  Rating
-----       ------     ----------  ---------- ------  ------
bonds no.1  JPY35 Bil. 06/27/2005  06/27/2012 2.35%    D


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


HYUNDAI ENGINEERING: Hyundai Group Asked to Submit Loan Agreement
-----------------------------------------------------------------
Bloomberg News reports that Korea Exchange Bank said Hyundai Group
needs to submit by Dec. 7 a copy of an agreement on a loan it
received from Natixis SA in France.  The group plans to use the
loan to help pay for a controlling stake in the Hyundai
Engineering & Construction Co.

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, which signed a preliminary deal with Hyundai Group last
month, plans to 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.


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


AYER MOLEK: Incurs MYR119,000 Net Loss in Qtr. Ended September 30
-----------------------------------------------------------------
The Ayer Molek Rubber Company Berhad incurred a net loss of
MYR119,000 for the three months ended September 30, 2010, compared
with net income of MYR4.19 million for the three months ended
September 30, 2009.

The Company did not generate any revenue during the period under
review.  The Company and its subsidiaries did not carry on any
business operations as the plantation lands had been disposed off
by the former directors.  This position would continue until the
Company's Regularization Plan is approved and implemented.

The Company's balance sheet as of September 30, 2010, showed
MYR6.67 million in total assets, MYR1.54 million in total
liabilities, and stockholders' equity of MYR5.14 million.

A full-text copy of the Company's balance sheet at September 30,
2010, is available for free at:

                http://ResearchArchives.com/t/s?7047

A full-text copy of the Company's condensed consolidated income
statement for third quarter is available for free at:

                http://ResearchArchives.com/t/s?7048

                          About Ayer Molek

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

                           *     *     *

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

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


HAISAN RESOURCES: Posts MYR3.97MM Net Loss in Qtr. Ended Sept. 30
-----------------------------------------------------------------
Haisan Resources Berhad filed its quarterly report showing a net
loss of MYR3.97 million on MYR29.84 million of revenue for the
three months ended September 30, 2010, compared with a net loss of
MYR4.41 million on MYR21.08 million of revenue for the same period
of 2009.

The Company's balance sheet as of September 30, 2010, showed
MYR244.22 million in total assets, MYR214.22 million in total
liabilities and MYR30.14 million in total stockholders' equity.

The Company's balance sheet as of September 30, 2010, showed
strained liquidity with MYR48.31 million in total current assets
available to pay MYR205.69 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?704c

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


HO HUP: Posts MYR262,000 Net Income in Qtr Ended September 30
-------------------------------------------------------------
Ho Hup Construction Company Bhd reported MYR262,000 net income on
MYR46.82 million of revenues in the quarter ended September 30,
2010, compared with a net loss of MYR14.71 million on MYR8.60
million of revenues in the same quarter in 2009.

As of September 30, 2010, the Company had MYR201.09 million in
total assets and MYR223.32 million in total liabilities, resulting
in a shareholders' deficit of MYR22.23 million.

The Company's balance sheet as of September 30, 2010, also showed
strained liquidity with MYR64.81 million in total current assets
available to pay MYR218.23 million in total current liabilities.

A full-text copy of the Company's Quarterly Results is available
for free at http://ResearchArchives.com/t/s?7046

                          About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


LINEAR CORP: Posts MYR3.39 Million Net Loss in September 30 Qtr.
----------------------------------------------------------------
Linear Corporation reported a net loss of MYR3.39 million on
MYR2.45 million of revenue for the quarter ended September 30,
2010, compared with net income of MYR9.0 million on MYR5.35
million of revenue for the three months ended September 30, 2009.

The Company's balance sheet as of September 30, 2010, showed
MYR112.74 million in total assets, MYR61.33 million in total
liabilities, and stockholders' equity of MYR51.42 million.

The company's consolidated balance sheet at September 30, 2010,
showed strained liquidity with MYR58.33 million in total current
assets available to pay MYR58.50 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?704a

                         About Linear Corp.

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

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


NAM FATT: Posts MYR6.4 Million Net Loss for September 30 Quarter
----------------------------------------------------------------
Nam Fatt Corporation Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for third quarter ended
September 30, 2010.

The company posted a MYR6.40 million net loss on MYR18.15 million
of revenues in the third quarter ended September 30, 2010,
compared to MYR11.38 million net loss on MYR47.54 million of
revenues in the same quarter of 2009.

At September 30, 2010, the company's consolidated balance sheet
showed MYR884.79 million in total assets, MYR874.49 million in
total liabilities, and MYR10.30 million in total stockholders'
equity.

The Company's consolidated balance sheets at September 30, 2010,
showed strained liquidity with MYR563.25 million in total current
assets available to pay MYR874.35 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?704d

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


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


AORANGI SECURITIES: SFO to Decide on Hubbard Probe by Christmas
---------------------------------------------------------------
The Serious Fraud Office has finished investigating Timaru
businessman Allan Hubbard and is near to making decisions, The
New Zealand Herald reports.

SFO chief executive Adam Feeley told the Timaru Herald newspaper
that the investigation was no longer active, according to
NZ Herald.

"We are weighing up a few things," Mr. Feeley told Timaru Herald.
"We have said all along this should be concluded by Christmas and
as each day passes we are getting nearing to a conclusion."

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.


EQUITBALE MORTGAGES: Taxpayers May Pay NZ$178MM to Bail Out Firm
----------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that taxpayers could
be paying as much as NZ$178 million to bail Equitable Mortgages
Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
November 30, 2010, Equitable Mortgages have called in receivers
for the company.  According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$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
related.  The New Zealand Herald reported 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.  The New Zealand Herald
said that the company also had about NZ$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 added.

According to The New Zealand Herald, taxpayers have already paid
NZ$1.8 billion under the scheme, and the figure could reach NZ$2
billion because of the Equitable Mortgages receivership.

Equitable Mortgages Chief Executive Peter Thomas said that making
the move now meant the Crown might be able to recover all of the
NZ$178 million guaranteed under the scheme, meaning no taxpayer
money would be used, The New Zealand Herald notes.

The New Zealand Herald discloses that credit rating agency
Standard & Poor's also noted the Government's liability.  The
report relates S&P said: "Although Equitable Mortgages has
indicated its preference to execute an orderly wind down of the
group's activities without the appointment of a receiver, such an
appointment could not be avoided due to requirements under the
extended Crown guarantee scheme, to which Equitable is a party.
The appointment of a receiver will trigger a default under EML's
debenture trust deed.  The decision to place the ratings on
CreditWatch with negative implications reflects our view that EML
could fail to meet its obligations if all debenture investors
needed to be repaid quickly as a result of the default."  S&P, The
New Zealand Herald notes, said Equitable had confirmed that it had
enough cash to meet its obligations until about May next year,
"without accounting for any funds that may be generated from any
repayments on outstanding mortgages within its loan portfolio".
But a heavy discount on its mortgage portfolio "could result in a
shortfall in funds needed to fully satisfy all future
obligations," it added.

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


EQUITABLE MORTGAGES: S&P Downgrades Issuer Credit Ratings to 'D/D'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
issuer credit ratings on Equitable Mortgages Ltd. to 'D/D' from
'C/C'.  The 'C/C' ratings on sister company Equitable Life
Insurance Co Ltd. remain on CreditWatch with negative
implications.

EML and ELIC are the key subsidiaries and are considered core
entities of the New Zealand-based Equitable Group (not rated),
which is wholly owned by the Spencer family.  On Nov. 26, 2010,
EML announced it had decided to appoint a receiver following the
Equitable board's conclusion that EML was no longer a viable
business.  Although EML's preference was to execute an orderly
rundown of its business, the appointment of a receiver was
mandatory under the Crown Guarantee Scheme to which EML is a
party.

"The rating action reflects S&P's view that EML is unable to
service, on time and in full, its debenture obligations due
December 1," Standard & Poor's credit analyst Mark Legge said.
"Under the receivership arrangements, the trustee has crystallized
its charge over the company's assets including a NZ$32 million
cash holding.  As a result, EML has informed us that it does not
currently have access to funds to enable it to make payments on
its debenture liabilities, of which NZ$1.4 million is due December
1.  In total, EML has about NZ$191 million of debenture
liabilities."

The 'C/C' rating on ELIC recognizes that it continues to make in-
full and timely payments on its bond obligations.  ELIC has about
NZ$3.9 million of bonds outstanding, which are backed by an
equivalent amount of cash and government stock.  While ELIC is
currently not part of the receivership process, the CreditWatch
Negative on its 'C/C' rating reflects the risks it faces stemming
from the receivership action on its sister company.


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


BANGKO SENTRAL: Moody's Corrects Ratings on Two Debts to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has corrected the rating of the two debt
securities issued by Bangko Sentral ng Pilipinas to Ba3 from B1
and the outlook from positive to stable, aligning the rating and
the outlook with the Government of the Philippines.

Moody's opinion is that the Government of the Philippines and the
Bangko Sentral ng Pilipinas share the same fundamental credit
strengths, and therefore the bond ratings and outlook are the
same.  Due to an administrative error, the ratings of the Bangko
Sentral ng Pilipinas debts were inadvertently omitted from a
rating action on July 23, 2009 following the upgrade of the
Government of the Philippines to Ba3 and the outlook change to
stable.

The rating corrections apply to these instruments:

  -- US$100 million 8.6% fixed rate senior unsecured bond,
     maturing on 15 June 2097 (CUSIP: 059891AB7);

  -- US$400 million 8.6% fixed rate senior unsecured bond,
     maturing on 15 June 2027 (CUSIP: 059891AA9).


DEVELOPMENT BANK: Fitch Affirms 'BB' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed all ratings of Development Bank of the
Philippines, including its 'BB' Long-term foreign currency Issuer
Default Rating, 'AA+(phl)' National Long-term Rating with a Stable
Outlook, and its 'C/D' Individual Rating.  A full list of rating
actions can be found at the end of this release.

DBP's Long-term IDRs, National Rating and Individual Rating
reflect its status as a development bank, with a sound balance
sheet and satisfactory earnings profile.  Fitch notes there to be
limited upside to the bank's 'C/D' Individual Rating and
'AA+(phl)' National Rating, which are already high relative to
many Fitch-rated Philippine banks, and for a policy bank.
Meanwhile, an upgrade in the sovereign's ratings (currently on a
Stable Outlook) would be positive for DBP's FC IDR, which is
constrained by the sovereign's 'BB' FC IDR, and is thus one notch
lower than the bank's 'BB+' local currency IDR.

On the other hand, a weakened loss absorption capacity together
with an unexpected deterioration in asset quality, particularly in
a fresh downturn scenario, would be negative for DBP's ratings.
Fitch is however maintaining the Rating Outlook at Stable as it
believes that the bank is likely to stay well-capitalized, and
impairment risks are mitigated by its satisfactory reserves and
earnings buffers.

The agency regards DBP to be better capitalized than many other
Philippine banks it rates, with a core Tier 1 capital adequacy
ratio (excluding hybrid Tier 1 securities) at 14% at end-June
2010.  This, together with its reasonably healthy asset quality
and good reserves levels, underpin the bank's unreserved non-
performing assets to core equity ratio of 8%, which is
significantly lower than the 40% domestic peer average.

DBP's profitability is higher than many of its rated local peers,
resulting from its good cost control and asset quality, which
compensate for its narrow margins and limited fee income.  The
bank's strong links with the Philippine government supports its
access to official development assistance funds and public sector
deposits, thereby aiding its funding profile.

In Fitch's view, the Philippine government has a high propensity
to provide support to DBP, in the event of need, due to the bank's
systemic importance arising from its policy role and 5% share of
system assets.  However, considering the 'BB' sovereign FC IDR,
the government only has a modest ability to provide timely support
should it be required, and this is reflected in the bank's Support
Rating of '3' and Support Rating Floor of 'BB-'.

DBP's hybrid rating of 'B+' is three notches below its
unconstrained, unsupported 'BB+' IDR to reflect the presence of
mandatory triggers to defer dividends on the hybrid.  Such a
dividend deferral mechanism is a form of going concern loss
absorption and will be activated if, amongst others, the bank
breaches its regulatory minimum capital adequacy ratios or it has
insufficient distributable reserves.  However, Fitch currently
believes the risk of such a breach to be low.

DBP is a government-owned policy bank that supports developmental
programmes and projects aligned with the government's agenda in
the Philippines.

The full list of rating actions is:

DBP:

  -- Long-term foreign currency IDR affirmed at 'BB'; Stable
     Outlook;

  -- Long-term local currency IDR affirmed at 'BB+'; Stable
     Outlook;

  -- National Long-term rating affirmed at 'AA+(phl)'; Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB-'; and

  -- Rating on Perpetual Callable Subordinated Hybrid Notes
     affirmed at 'B+'.


LAND BANK: Fitch Upgrades Individual Rating to 'C/D'
----------------------------------------------------
Fitch Ratings has upgraded Land Bank of the Philippines'
Individual Rating to 'C/D' from 'D'.  Concurrently, the agency has
affirmed all other ratings of the bank, including its 'BB' Long-
term foreign currency Issuer Default Rating and 'AA(phl)' National
Long-term Rating with a Stable Outlook.  A full list of rating
actions can be found at the end of this release.

The Individual Rating upgrade reflects LBP's reasonable earnings
profile and improved balance sheet, with steadily reduced non-
performing assets and a satisfactory capital position.

The Rating Outlook is Stable as the bank's credit standing is
quite good for a policy bank and this is already largely reflected
in its 'C/D' Individual Rating, which underpins its IDRs and
National Rating; consequently, any upside of these ratings in the
near term appears limited in the agency's view.

On the flipside, downside risks to these ratings could result from
unexpectedly high credit losses, particularly in the event of a
fresh downturn although such risks are expected to be mitigated by
reasonable earnings and capital buffers.

LBP had a fairly resilient performance in 2009 despite the recent
downturn.  Fitch notes the bank's satisfactory profitability
despite its policy role and high operating expenses, stemming from
its modest credit costs and fairly low funding costs from a large
low-cost deposit base.  With ongoing recovery efforts and asset
quality deterioration better than expected, its net NPAs to assets
ratio continued to decline to 2.5% at end-2009 (domestic peer
average: 3.3%) from 3.5% at end-2008.

The agency also regards LBP to be reasonably capitalized with a
core Tier 1 capital adequacy ratio of 10.4% at end-June 2010.  The
bank's status as a government-owned policy bank underpins its
leading share in public sector deposits and, to a smaller extent,
its access to official developmental assistance funds, thereby
supporting its funding profile.

In Fitch's view, the Philippine government has a high propensity
to provide support to LBP, if required, due to the bank's systemic
importance arising from its policy role and 8% share of system
assets.  Considering the 'BB' foreign currency IDR of the
sovereign, however, the government only has a modest ability to
provide timely support should it be required, and this is
reflected in the bank's Support Rating of '3' and Support Rating
Floor of 'BB-'.

LBP's subordinated notes rating of 'BB-' is one notch below its
'BB' Long-term IDR to reflect the subordinated status of this
issue and the absence of any going-concern loss-absorption
feature.

LBP is a development bank with a universal banking license.  It is
fully owned by the Philippine government and operates 342 banking
units across the country.

The full list of rating actions for LBP is:

  -- Long-term foreign currency and local currency IDRs affirmed
     at 'BB' with Stable Outlook;

  -- National Long-term rating affirmed at 'AA(phl)' with a Stable
     Outlook;

  -- Individual Rating upgraded to 'C/D' from 'D';

  -- Support Rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB-'; and

  -- Rating on Variable Rate Callable Subordinated Notes affirmed
     at 'BB-'.


RIZAL COMMERCIAL: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Rizal Commercial Banking Corp.'s
ratings, including its 'BB-' Long-term foreign currency and local
currency Issuer Default Rating with Stable Outlooks and its 'D'
Individual Rating.  A full list of rating actions can be found at
the end of this release.

RCBC's IDRs and Individual Rating reflect its vulnerable asset
quality, counterbalanced by its reasonable capital, reserves and
earnings buffers.  While many Philippine banks have concentrated
loan books, the increase in RCBC's non-performing loans over
2009/9M10 was greater than its rated peers'; its gross NPL ratio
rose to 9.0% at end-September 2010 (end-2008: 4.2%).  Foreclosed
properties and deferred charges accounted for 5.3% of its asset
base on the same date (end-2008: 5.8%); the reserve coverage on
foreclosed properties was a low 10%, while deferred charges
represent the unamortized balance of previous years' disposal
losses from non-performing assets.

On balance, Fitch believes that RCBC still has some loss
absorption capacity against unforeseen impairment risks from its
balance sheet.  Indeed, higher credit losses in 2009/9M10 were on
balance easily covered by the bank's pre-provision profits and
reserves.  RCBC remains reasonably capitalized, with a core Tier 1
capital adequacy ratio (excluding hybrids) of 11% at end-September
2010.  The bank's plan to raise common equity, slated for
completion in Q111 depending on market conditions, would help to
strengthen its capital buffer to a more satisfactory level.

A considerable improvement in RCBC's balance sheet health,
including reduced provisioning risks from non-performing assets
with a sustained capital position, would be positive to both its
Individual Rating and IDRs, although this appears more likely in
the longer term.  In the near-term, the agency believes that
impairment risks may ease for RCBC considering its satisfactory
NPL reserve coverage (of 75% at end-September 2010) and the
continuing economic recovery in the Philippines, which is
supportive to its performance and asset quality.

However, there are downsides risks arising from the uncertain
external environment, which could in a worst case result in a
fresh downturn scenario.  Fitch highlights that while a notable
increase in capital impairment risk possibly from a material asset
quality weakening may be negative for RCBC's Individual Rating,
the impact on balance could be neutral on its 'BB-' IDRs as they
are presently at the same level as the Support Rating Floor.
Hence, the rating Outlook is Stable.

The Support Rating Floor, together with the '3' Support Rating,
reflects the agency's expectation of a moderate probability of
state support for RCBC, in light of the bank's systemic importance
to the domestic economy and the government's modest ability to
offer assistance, if required.  RCBC's systemic importance is
assessed based on its representation in the banking sector, with a
4%-5% share in system assets and deposits over the past few years.

The 'BB-' rating of the senior notes is the same as RCBC's IDR, as
the Senior Notes constitute its direct, unconditional and
unsecured obligations and, hence rank pari passu with its
unsecured and unsubordinated obligations.  The subordinated notes
rating of 'B+' is one notch below the bank's IDR to reflect the
subordinated status of this issue and the absence of any going-
concern loss-absorption feature.

The 'B-' hybrid issue rating is three notches below RCBC's IDR due
to the presence of mandatory triggers to defer dividends on the
hybrid issue.  Such a dividend deferral mechanism is a form of
going concern loss absorption and will be activated if, amongst
others, the bank breaches its regulatory minimum capital adequacy
ratios or it has insufficient distributable reserves.  However,
Fitch currently believes the risk of such a breach to be low.

The full list of rating actions for RCBC is:

  -- Long-term foreign currency and local currency IDRs affirmed
     at 'BB-' with Stable Outlooks;

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '3';

  -- Support Rating Floor affirmed at 'BB-';

  -- Rating on Senior Notes affirmed at 'BB-';

  -- Rating on Step-up Lower Tier 2 Subordinated Callable Notes
     affirmed at 'B+'; and

  -- Rating on Variable Rate Perpetual Hybrid Notes affirmed at
     'B-'.


===============
T H A I L A N D
===============


CIMB THAI: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has affirmed CIMB Thai Bank Public Company Limited's
National Long-term at 'A+(tha)', National Short-term at 'F1(tha)',
Long-term foreign currency Issuer Default rating at 'BBB-', Short-
term foreign currency IDR at 'F3', its hybrid upper tier 2 debt at
'A-(tha)', the Individual rating of 'D' and Support rating at '2'.
The rating Outlook has been revised to Positive from Stable.

The affirmations reflect CIMB Bank Berhad's ('BBB+'/Positive) near
full ownership in CIMBT and the high probability that support
would be forthcoming, if needed, from its parent.  The Positive
Outlook on CIMBT is based on increasing integration with its
parent, and on stronger support, as evidenced by a recent capital
raising which should help strengthen the former's financial
performance in the medium term.  This has now resulted in CIMBT's
alignment with its parent's Positive Outlook.

CIMBT's profitability measures continued to improve in 9M10,
following a turnaround in 2009, given an absence of large one-off
losses from CDO investments incurred during 2007-2008.  Stronger
profitability in 9M10 was attributable to lower loan provisions,
improved loan yields from growth in retail loans and a fall in
funding costs, with ROA and ROE of 0.9% and 14%, respectively.
CIMBT's financial position was strengthened by a recent THB3.0bn
rights issue, which Fitch expects to result in the bank's Tier 1
and total capital ratios increasing to about 9% and 15%,
respectively (end-9M10; 6.7% and 12.4%, respectively).  This
should support growth amidst an improving economic environment, as
well as provide a stronger buffer against market volatility.

CIMBT's asset quality is on an improving trend - NPLs fell to
THB7.7bn at end-September 2010 (8.4% of total loans) from
THB12.5bn at end-2009 (14.5% of total loans) as a result of the
deconsolidation of NPLs following the sale of its asset management
company to CIMB Group, scheduled for completion by end-2010.
However, special mention loans still remain very high at 8.5% of
loans at end-9M10.  Its reserve coverage ratio is relatively low
at 63.2% at end-9M10 (versus the industry average of 80%) and
together with increasing exposure to higher yielding retail
assets, the bank could see higher provisioning.  CIMBT's loan to
deposit ratio (including bills of exchange) has been increasing
and is relatively high at 98% at end-9M10 (end-2009: 88%),
although funding and liquidity risks are mitigated by support from
CIMB.

A positive rating action on the Long-term ratings could occur if
there is an upgrade of CIMB's Long-term IDR.  As CIMBT's ratings
are based on CIMB remaining the controlling shareholder, changes
in the latter's shareholding or support would affect CIMBT's
ratings.  The Individual Rating could be upgraded by a sustained
improvement in profitability, asset quality and capital.

CIMBT's hybrid upper tier 2 debt rating, based on commitment of
support from CIMB, is two notches below the bank's foreign
currency IDR and Long-term National rating, and is consistent with
Fitch's Rating Hybrid Securities criteria.  Despite loss
absorption mechanisms, if the bank fails on the profit test, which
is a trigger for an optional deferral, CIMB has strongly indicated
that it would support the coupon payment, if necessary.  In the
event that the bank's capital adequacy ratio falls below 0%, or if
Thailand's central bank intervenes, this falls under a mandatory
deferral in which there will be no coupon payment under any
circumstances.  However, Fitch currently considers the risk of
this as low.

CIMBT, formerly known as Bank Thai, was formed in 1998 as a result
of a government-initiated merger of several defunct financial
institutions.  The Financial Institutions Development Fund
acquired a majority stake in BT in 2000, which was later reduced
to 48.98%.  In November 2008, CIMB acquired the FIDF's stake and
subsequently made a tender offer for the remaining shares, and
currently holds a 93.15% stake.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW      AHGN             16.93          -8.23
ASTON RESOURCES       AZT             469.54          -7.49
AUSTAR UNITED         AUN             502.05        -284.60
AUSTRALIAN ZI-PP      AZCCA            77.74          -2.57
AUSTRALIAN ZIRC       AZC              77.74          -2.57
AUTRON CORP LTD       AAT              32.39         -13.42
AUTRON CORP LTD       AAT              32.39         -13.42
BCD RESOURCES OP      BCO              22.09         -61.19
BCD RESOURCES-PP      BCOCC            22.09         -61.19
BIRON APPAREL LT      BIC              19.71          -2.22
CENTRO PROPERTIE      CNP          14,253.26        -825.84
CHALLENGER INF-A      CIF           2,161.41        -339.11
CHEMEQ LTD            CMQ              25.19         -24.25
COMPASS HOTEL GR      CXH              88.33          -1.08
ELLECT HOLDINGS       EHG              18.25         -15.49
HEALTH CORP LTD       HEA              11.97          -2.66
HYRO LTD              HYO              11.81          -5.15
IVANHOE AUST LTD      IVA              49.44          -6.51
MAC COMM INFR-CD      MCGCD         8,104.42        -103.34
MAVERICK DRILLIN      MAD              24.66          -1.30
MISSION NEWENER       MBT              32.23         -21.48
NATURAL FUEL LTD      NFL              19.38        -121.51
ORION GOLD NL         ORN              11.06          -4.86
RIVERCITY MOTORW      RCY             386.88        -809.14
SCIGEN LTD-CUFS       SIE              69.94         -29.79
SHELL VILLAGES A      SVC              13.47          -1.66
TAKORADI LTD          TKG              13.99          -0.41
THOMAS BRYSON         TBI              44.32         -54.68
VERTICON GROUP        VGP              10.08         -29.12


CHINA

BAOCHENG INVESTM      600892           23.14          -3.54
CHANGAN INFO-A        600706           20.86          -8.49
CHENGDE DALU -B       200160           27.04          -6.64
CHENGDU UNION-A       693              39.10         -17.39
CHINA KEJIAN-A        35               88.96        -189.48
DATONG CEMENT-A       673              20.41          -3.25
DONGGUAN FANGD-A      600656           27.97         -57.39
DONGXIN ELECTR-A      600691           13.60         -21.94
FANGDA JINHUA-A       818             389.84         -46.28
GAOXIN ZHANGTO-A      2075            153.10          -6.31
GUANGDONG ORIE-A      600988           12.25          -5.34
GUANGMING GRP -A      587              49.10         -40.40
GUANGXIA YINCH-A      557              30.39         -32.88
HEBEI BAOSHUO -A      600155          127.82        -394.70
HEBEI JINNIU C-A      600722          238.23        -243.80
HUASU HOLDINGS-A      509              86.70          -4.20
HUNAN ANPLAS CO       156              38.70         -65.44
JIANGSU CHINES-A      805              12.70         -12.83
JINCHENG PAPER-A      820             258.98         -37.74
MUDAN AUTOMOBI-H      8188             36.26          -0.61
QINGDAO YELLOW        600579          214.64          -1.88
QINGHAI SUNSHI-A      600381          110.68         -17.35
SHAANXI QINLIN-A      600217          234.36         -36.75
SHANG BROAD-A         600608           69.46         -17.67
SHANG HONGSHENG       600817           15.69        -443.71
SHANGHAI WORLDBE      600757          143.11        -291.80
SHENZ CHINA BI-A      17               24.86        -272.59
SHENZ CHINA BI-B      200017           24.86        -272.59
SHENZHEN DAWNC-A      863              24.38        -155.20
SHENZHEN KONDA-A      48              117.23          -0.23
SHENZHEN ZERO-A       7                44.00          -7.96
SHIJIAZHUANG D-A      958             224.19         -70.54
SICHUAN DIRECT-A      757             108.57        -146.61
SICHUAN GOLDEN        600678          232.67         -48.05
TAIYUAN TIANLO-A      600234           51.64         -28.38
TIANJIN MARINE        600751           78.09         -63.86
TIANJIN MARINE-B      900938           78.09         -63.86
TIBET SUMMIT I-A      600338           91.86          -3.73
TOPSUN SCIENCE-A      600771          162.47        -163.30
WINOWNER GROUP C      600681           11.30         -70.39
WUHAN BOILER-B        200770          275.89        -142.53
WUHAN GUOYAO-A        600421           11.01         -24.78
XIAMEN OVERSEA-A      600870          319.68        -138.16
XINHUA FINANCE        9399             35.80          -1.17
YANBIAN SHIXIA-A      600462          197.99         -16.19
YIBIN PAPER IN-A      600793          110.12          -0.47
YUEYANG HENGLI-A      622              36.49         -16.37
YUNNAN MALONG-A       600792          145.58         -51.15
ZHANGJIAJIE TO-A      430              37.34          -1.16


HONG KONG

ASIA TELEMEDIA L      376              16.62          -5.37
BUILDMORE INTL        108              13.48         -69.17
CHINA 3D DIGITAL      8078             42.27          -0.34
CHINA COMMUNICAT      8206             36.62          -6.93
CHINA HEALTHCARE      673              37.98          -2.81
CMMB VISION HOLD      471              41.31          -5.11
COSMO INTL 1000       120              83.67         -25.33
CROSBY CAPITAL        8088             13.84         -14.46
EGANAGOLDPFEIL        48              557.89        -132.86
FULBOND HLDGS         1041             54.53         -24.07
HAO WEN HOLDINGS      8019             22.57          -0.46
IMAGI INTERNATIO      585              11.29         -21.23
JIAN EPAYMENT         8165             14.66          -1.12
MELCOLOT LTD          8198             63.10         -34.44
MITSUMARU EAST K      2358             18.15         -11.83
NEW CITY CHINA        456             112.20         -14.59
NGAI LIK INDL         332              21.16          -3.64
PAC PLYWOOD           767              72.60         -12.31
PALADIN LTD           495             146.73          -8.91
PCCW LTD              8             5,350.25        -416.24
PROVIEW INTL HLD      334             314.87        -294.85
SINO RESOURCES G      223              25.07         -39.10
SMART UNION GP        2700             13.70         -43.29
TACK HSIN HLDG        611              27.01         -62.70
TLT LOTTOTAINMEN      8022             25.21          -8.78
TONIC IND HLDGS       978              56.17         -54.52


INDONESIA

ASIA PACIFIC          POLY            475.69        -841.22
ERATEX DJAJA          ERTX             11.30         -18.23
HANSON INTERNATI      MYRX             10.84         -14.73
HANSON INT-PREF       MYRXP            10.84         -14.73
JAKARTA KYOEI ST      JKSW             31.25         -42.74
MITRA INTERNATIO      MIRA            970.13        -256.04
MITRA RAJASA-RTS      MIRA-R2         970.13        -256.04
MULIA INDUSTRIND      MLIA            347.35        -351.40
PANASIA FILAMENT      PAFI             45.10          -8.20
PANCA WIRATAMA        PWSI             30.79         -38.79
PRIMARINDO ASIA       BIMA             12.22         -21.89
STEADY SAFE TBK       SAFE             11.85          -5.88
SURABAYA AGUNG        SAIP            265.80         -83.61
UNITEX TBK            UNTX             16.09         -16.28


INDIA

ALCOBEX METALS        AML              16.59         -21.47
AMIT SPINNING         AMSP             22.70          -1.90
ARTSON ENGR           ART              15.63          -1.61
ASHIMA LTD            ASHM             63.65         -55.81
ATV PROJECTS          ATV              60.46         -55.04
BALAJI DISTILLER      BLD              66.32         -25.40
BELLARY STEELS        BSAL            451.68        -108.50
BHAGHEERATHA ENG      BGEL             22.65         -28.20
CAMBRIDGE SOLUTI      CAMB            156.75         -46.79
CFL CAPITAL FIN       CEATF            15.35         -46.89
COMPUTERSKILL         CPS              14.90          -7.56
CORE HEALTHCARE       CPAR            185.36        -241.91
DCM FINANCIAL SE      DCMFS            16.06          -9.47
DIGJAM LTD            DGJM             98.77         -14.62
DUNCANS INDUS         DAI             133.65        -205.38
FIBERWEB INDIA        FWB              13.25          -8.17
GANESH BENZOPLST      GBP              43.99         -24.57
GEM SPINNERS LTD      GEMS             16.44          -1.53
GLOBAL BOARDS         GLB              14.98          -7.51
GSL INDIA LTD         GSL              37.04         -42.34
GSL NOVA PETROCH      GSLN             44.39          -0.93
GUJARAT SIDHEE        GSCL             59.44          -0.66
HARYANA STEEL         HYSA             10.83          -5.91
HENKEL INDIA LTD      HNKL            102.05         -10.24
HIMACHAL FUTURIS      HMFC            406.63        -210.98
HINDUSTAN PHOTO       HPHT             68.94      -1,147.18
HINDUSTAN SYNTEX      HSYN             14.15          -3.66
HMT LTD               HMT             142.67        -386.80
ICDS                  ICDS             13.30          -6.17
INDIA FOILS LTD       IF               54.77          -2.70
INTEGRAT FINANCE      IFC              49.83         -51.32
JCT ELECTRONICS       JCTE            122.54         -50.00
JD ORGOCHEM LTD       JDO              10.46          -1.60
JENSON & NIC LTD      JN               17.91         -84.78
JIK INDUS LTD         KFS              20.63          -5.62
JK SYNTHETICS         JKS              13.51          -3.03
JOG ENGINEERING       VMJ              50.08         -10.08
KALYANPUR CEMENT      KCEM             37.45         -45.90
KERALA AYURVEDA       KRAP             13.99          -1.18
KINGFISHER AIR        KAIR          1,781.30        -861.06
KITPLY INDS LTD       KIT              48.42         -24.51
LLOYDS FINANCE        LYDF             23.77         -10.87
LLOYDS STEEL IND      LYDS            415.66         -63.93
LML LTD               LML              65.26         -56.77
MILLENNIUM BEER       MLB              52.23          -5.22
MILTON PLASTICS       MILT             18.31         -40.44
MTZ POLYFILMS LT      TBE              31.94          -2.57
NICCO CORP LTD        NICC             82.41          -2.85
NICCO UCO ALLIAN      NICU             32.23         -71.91
NK INDUS LTD          NKI              49.04          -4.95
NRC LTD               NTRY             92.88         -36.76
ORIENT PRESS LTD      OP               16.70          -0.09
PANCHMAHAL STEEL      PMS              51.02          -0.33
PARASRAMPUR SYN       PPS             111.97        -317.11
PAREKH PLATINUM       PKPL             61.08         -88.85
PEACOCK INDS LTD      PCOK             11.40         -14.40
PIRAMAL LIFE SC       PLSL             45.82         -32.69
QUADRANT TELEVEN      QDTV            173.52        -101.57
RAJ AGRO MILLS        RAM              10.21          -0.61
RAMA PHOSPHATES       RMPH             34.07          -1.19
RATHI ISPAT LTD       RTIS             44.56          -3.93
RELIGARE TECHNOV      RTCL             44.13          -1.46
REMI METALS GUJA      RMM             102.64          -5.29
RENOWNED AUTO PR      RAP              14.12          -1.25
ROLLATAINERS LTD      RLT              22.97         -22.24
ROYAL CUSHION         RCVP             20.62         -75.53
SCOOTERS INDIA        SCTR             18.63          -6.88
SEN PET INDIA LT      SPEN             12.99         -25.24
SHAH ALLOYS LTD       SA              212.81          -9.74
SHALIMAR WIRES        SWRI             24.87         -51.77
SHAMKEN COTSYN        SHC              23.13          -6.17
SHAMKEN MULTIFAB      SHM              60.55         -13.26
SHAMKEN SPINNERS      SSP              42.18         -16.76
SHREE GANESH FOR      SGFO             44.50          -2.89
SHREE RAMA MULTI      SRMT             62.72         -45.92
SIDDHARTHA TUBES      SDT              70.93         -12.09
SIL BUSINESS ENT      SILB             12.46         -19.96
SOUTHERN PETROCH      SPET          1,584.27          -4.80
SQL STAR INTL         SQL              11.69          -1.14
STI INDIA LTD         STIB             28.05          -8.04
TAMILNADU TELE        TNT              12.82          -5.15
TATA TELESERVICE      TTLS          1,069.83        -154.99
TRIUMPH INTL          OXIF             58.46         -14.18
TRIVENI GLASS         TRSG             24.55          -8.57
TUTICORIN ALKALI      TACF             14.15         -11.20
UNIFLEX CABLES        UFC              45.05          -0.90
UNIFLEX CABLES        UFCZ             45.05          -0.90
UNIMERS INDIA LT      HDU              19.23          -3.23
UNITED BREWERIES      UB            2,652.00        -242.53
UNIWORTH LTD          WW              145.71        -114.87
USHA INDIA LTD        USHA             12.06         -54.51
VENTURA TEXTILES      VRTL             14.25          -0.33
VENUS SUGAR LTD       VS               11.06          -1.08
WINDSOR MACHINES      WML              14.50         -28.14
WIRE AND WIRELES      WNW             115.34         -34.49


JAPAN

CREDIT ORG S&M        8489             97.07          -9.98
DPG HOLDINGS INC      3781             11.77          -3.99
FIDEC                 8423            182.86         -11.14
FUJI TECHNICA         6476            175.22         -18.71
HARAKOSAN CO          8894            190.27         -19.80
JIPANGU HOLDINGS      2684             95.44          -8.38
KNT                   9726          1,058.18         -13.37
L CREATE CO LTD       3247             42.34          -9.15
LAND                  8918            293.88         -53.39
LCA HOLDINGS COR      4798             51.30          -2.57
PROPERST CO LTD       3236            305.90        -330.20
RAYTEX CORP           6672             41.66         -28.52
SHIN-NIHON TATEM      8893            124.85         -39.12
SHINWA OX CORP        2654             43.91         -30.19
SHIOMI HOLDINGS       2414            190.97         -22.81
TERRANETZ CO LTD      2140             11.63          -4.29


KOREA

AJU MEDIA SOL-PF      44775            13.82          -1.25
DAISHIN INFO          20180           740.50        -158.45
KEYSTONE GLOBAL       12170            10.61          -0.74
KUKDONG CORP          5320             51.19          -1.39
KUMHO INDUS-PFD       2995          5,837.32        -967.28
KUMHO INDUSTRIAL      2990          5,837.32        -967.28
ORICOM INC            10470            82.65         -40.04
SAMT CO LTD           31330           200.83        -152.09
SEOUL MUTL SAVIN      16560           874.79         -34.13
TAESAN LCD CO         36210           296.83         -91.03
TONG YANG MAGIC       23020           355.15         -25.77
YOUILENSYS CORP       38720           166.70         -12.34


MALAYSIA

AXIS INCORPORATI      AXIS             39.22         -86.70
GULA PERAK BHD        GUP              91.03         -38.57
HO HUP CONSTR CO      HO               68.68          -7.10
LCL CORP BHD          LCL              45.27        -111.27
LIMAHSOON BHD         LIMA             26.52          -1.56
LUSTER INDUSTRIE      LSTI             22.97          -1.72
NGIU KEE CO-BHD       NKC              22.98          -0.16
OILCORP BHD           OILC             91.94         -63.88
TRACOMA HOLDINGS      TRAH             72.64          -6.19


NEW ZEALAND

DORCHESTER PAC        DPC              77.28          -2.01


PHILIPPINES

APEX MINING 'B'       APXB             45.84         -20.95
APEX MINING-A         APX              45.84         -20.95
BENGUET CORP 'B'      BCB              80.66         -37.36
BENGUET CORP-A        BC               80.66         -37.36
CYBER BAY CORP        CYBR             13.30         -83.83
EAST ASIA POWER       PWR              42.01        -159.00
FIL ESTATE CORP       FC               38.38         -13.37
FILSYN CORP A         FYN              22.72         -10.89
FILSYN CORP. B        FYNB             22.72         -10.89
GOTESCO LAND-A        GO               18.68         -10.86
GOTESCO LAND-B        GOB              18.68         -10.86
MRC ALLIED INC        MRC              13.26          -5.43
PICOP RESOURCES       PCP             105.66         -23.33
STENIEL MFG           STN              22.11         -13.42
UNIVERSAL RIGHTF      UP               45.12         -13.48
UNIWIDE HOLDINGS      UW               52.80         -56.18
VICTORIAS MILL        VMC             164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO      ASA              14.49         -12.12
ADVANCE SCT LTD       ASCT             16.05         -43.84
HL GLOBAL ENTERP      HLGE             97.30         -11.43
JAPAN LAND LTD        JAL             191.62         -10.91
LINDETEVES-JACOB      LJ              135.79         -90.16
NEW LAKESIDE          NLH              19.34          -5.25
SUNMOON FOOD COM      SMOON            14.19         -14.22
TT INTERNATIONAL      TTI             272.51         -57.42


THAILAND

ABICO HLDGS-F         ABICO/F          15.28          -4.40
ABICO HOLDINGS        ABICO            15.28          -4.40
ABICO HOLD-NVDR       ABICO-R          15.28          -4.40
ASCON CONSTR-NVD      ASCON-R          59.78          -3.37
ASCON CONSTRUCT       ASCON            59.78          -3.37
ASCON CONSTRU-FO      ASCON/F          59.78          -3.37
BANGKOK RUBBER        BRC              95.77         -72.05
BANGKOK RUBBER-F      BRC/F            95.77         -72.05
BANGKOK RUB-NVDR      BRC-R            95.77         -72.05
CIRCUIT ELEC PCL      CIRKIT           16.79         -96.30
CIRCUIT ELEC-FRN      CIRKIT/F         16.79         -96.30
CIRCUIT ELE-NVDR      CIRKIT-R         16.79         -96.30
DATAMAT PCL           DTM              12.69          -6.13
DATAMAT PCL-NVDR      DTM-R            12.69          -6.13
DATAMAT PLC-F         DTM/F            12.69          -6.13
GRANDE ASSE-NVDR      GRAND-R         217.95          -9.04
GRANDE ASSET H-F      GRAND/F         217.95          -9.04
GRANDE ASSET HOT      GRAND           217.95          -9.04
ITV PCL               ITV              34.83        -100.25
ITV PCL-FOREIGN       ITV/F            34.83        -100.25
ITV PCL-NVDR          ITV-R            34.83        -100.25
K-TECH CONSTRUCT      KTECH/F          39.74         -33.07
K-TECH CONSTRUCT      KTECH            39.74         -33.07
K-TECH CONTRU-R       KTECH-R          39.74         -33.07
KUANG PEI SAN         POMPUI           17.70         -12.74
KUANG PEI SAN-F       POMPUI/F         17.70         -12.74
KUANG PEI-NVDR        POMPUI-R         17.70         -12.74
PATKOL PCL            PATKL            52.89         -30.64
PATKOL PCL-FORGN      PATKL/F          52.89         -30.64
PATKOL PCL-NVDR       PATKL-R          52.89         -30.64
PICNIC CORP-NVDR      PICNI-R         110.91        -149.25
PICNIC CORPORATI      PICNI           110.91        -149.25
PICNIC CORPORATI      PICNI/F         110.91        -149.25
PONGSAAP PCL          PSAAP/F          23.00          -9.14
PONGSAAP PCL          PSAAP            23.00          -9.14
PONGSAAP PCL-NVD      PSAAP-R          23.00          -9.14
SAHAMITR PRESS-F      SMPC/F           21.99          -4.01
SAHAMITR PRESSUR      SMPC             21.99          -4.01
SAHAMITR PR-NVDR      SMPC-R           21.99          -4.01
SUNWOOD INDS PCL      SUN              19.86         -13.03
SUNWOOD INDS-F        SUN/F            19.86         -13.03
SUNWOOD INDS-NVD      SUN-R            19.86         -13.03
THAI-DENMARK PCL      DMARK            15.72         -10.10
THAI-DENMARK-F        DMARK/F          15.72         -10.10
THAI-DENMARK-NVD      DMARK-R          15.72         -10.10
THAI-GERMAN PR-F      TGPRO/F          53.47          -4.49
THAI-GERMAN PRO       TGPRO            53.47          -4.49
THAI-GERMAN-NVDR      TGPRO-R          53.47          -4.49
TRANG SEAFOOD         TRS              13.34          -4.01
TRANG SEAFOOD-F       TRS/F            13.34          -4.01
TRANG SFD-NVDR        TRS-R            13.34          -4.01
UNIVERSAL S-NVDR      USC-R           114.26         -20.53
UNIVERSAL STARCH      USC             114.26         -20.53
UNIVERSAL STAR-F      USC/F           114.26         -20.53


TAIWAN

CHIEN TAI CEMENT      1107            202.42         -33.40
HELIX TECH-EC         2479T            23.39         -24.12
HELIX TECH-EC IS      2479U            23.39         -24.12
HELIX TECHNOL-EC      2479S            23.39         -24.12
PRODISC TECH          2396            253.76         -36.04
TAIWAN KOL-E CRT      1606U           507.21        -147.14
TAIWAN KOLIN-EN       1606V           507.21        -147.14
TAIWAN KOLIN-ENT      1606W           507.21        -147.14
VERTEX PREC-ENTL      5318T            42.86          -0.71
VERTEX PRECISION      5318             42.86          -0.71


                             *********

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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