TCRAP_Public/101207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, December 7, 2010, Vol. 13, No. 241

                            Headlines



A U S T R A L I A

ALLCO FINANCE: ASIC Accepts Enforceable Undertaking From KMPG
CHALLENGE DAIRY COOP: Prepares to Go Into Administration
KRISPY KREME: Australian Unit Out of Administration


C H I N A

KAISA GROUP: Moody's Retains 'B1' Corporate Family Rating


H O N G  K O N G

ADL HOLDING: Arboit and Blade Step Down as Liquidators
APPLIED MOTOR: Corkhill and Bruce Appointed as Liquidators
ASIA CHALLENGE: Chow Chan Lum Charles Steps Down as Liquidator
ATTENWOOD COMPANY: Kevin Chung Ying Hui Appointed as Liquidator
BRAVE LIMITED: Members' Final Meeting Set for January 3

CAPITOL GLOBE: Court to Hear Wind-Up Petition on December 22
CHAMPION PROJECTS: Creditors' Proofs of Debt Due December 31
CHARMAX DEVELOPMENT: Members' Final Meeting Set for January 10
CHEUNG'S PLASTIC: Placed Under Voluntary Wind-Up Proceedings
CLIPSAL HK: Kong Chi How Johnson Steps Down as Liquidator

COMTRAD INDUSTRIES: Commences Wind-Up Proceedings
DAVOR POWER: So and Wong Step Down as Liquidators
E28 HK: Kwan and Liu Step Down as Liquidators
FULLUM NOMINEES: Members' Final Meeting Set for January 10
G4S INTERNATIONAL: Members' Final Meeting Set for January 4

GLOBE GAIN: Creditors' Meeting Set for December 22
GOLD OCEAN: Court to Hear Wind-Up Petition on January 19
GOLDENLIGHT PACIFIC: Placed Under Voluntary Wind-Up Proceedings
GULIANO (HK): Members' Final Meeting Set for January 3
HIGH DRAGON: Kevin Chung Ying Hui Appointed as Liquidator


I N D I A

AIR INDIA: Plans to Lease 57 Planes to Regain Market Share
AIR INDIA: Not Ready to Reveal Losses From Freebies
KYORI OREMIN: CARE Assigns 'CARE BB+' Rating to INR20MM LT Loan
LINKSON COAL: CARE Assigns 'CARE BB+' Rating to INR20cr LT Loan
MASCOT IMPEX: CRISIL Downgrades Rating on INR40MM Bank Debt to 'D'

P. K. JEWELLERS: CRISIL Assigns 'BB' Rating to INR45MM Cash Credit
PRATITI INDUSTRIES: CRISIL Puts 'D' Rating on INR28.7MM Term Loan
PREETI COTSPIN: CRISIL Lifts Rating on INR120.4MM Loan to 'BB-'
R.B. AGARWALLA: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
RADHEYA MACHINING: CRISIL Assigns 'B+' Rating to INR30MM Term Loan

RAJ RATAN: CRISIL Assigns 'BB+' Rating to INR540MM Cash Credit
SAHA & SARKAR: CRISIL Cuts Rating on INR70.5MM LT Loan to 'D'
SANDEEP SEEDS: CRISIL Rates Cash Credit Limit at 'B+'
SHETKARI MAHILA: CRISIL Rates INR265.2 Million Term Loan at 'B'
SHIVAM FOODS: CRISIL Rates INR76.0 Million Cash Credit at 'BB-'

SINDHU CARGO: CRISIL Assigns 'BB+' Rating to INR75 Mil. LT Loan
UNION BANK: Fitch Affirms Individual Rating at 'C/D'
VENUS REMEDIES: CRISIL Lifts Rating on INR875.1 Mil. Loan to 'BB-'


I N D O N E S I A

INDIKA ENERGY: Mitrabahtera Deal Won't Affect Fitch's Ratings
SEMEN GRESIK: Moody's Reviews 'Ba2' Corporate Family Rating


J A P A N

CSC SERIES: Moody's Downgrades Ratings on Various Classes of Bonds
NCI TRUST: S&P Downgrades Ratings on Class D Certificates
JLOC XXIV: S&P Downgrades Rating on Class C Certificates


K O R E A

HYUNDAI ENG'G: Creditors Ask More Loan Docs From Hyundai Group


M A L A Y S I A

HO HUP: Plan Filing Deadline Extended Until February 4
HOVID BERHAD: Swings to MYR5.16MM Net Income in September 30 Qtr
LCL CORP: Posts MYR3.72 Million Net Loss for September 30 Quarter
SYARIKAT KAYU: Swings to MYR548,000 Net Income in September 30 Qtr


N E W  Z E A L A N D

BLUE CHIP: Investors Lose Court Battle Against GE Custodian


P H I L I P P I N E S

PHILIPPINE AIRLINES: Union Members to Hold Strike Vote Today


S I N G A P O R E

BEE TONG: Creditors' Proofs of Debt Due January 3
CAMARO INTERNATIONAL: Creditors' Proofs of Debt Due January 3
CONTINENTAL BIOENERGY: Court to Hear Wind-Up Petition on Dec. 10
INTERNATIONAL FOUNDATION: Creditors' Proofs of Debt Due January 3
J2 PTE: Creditors' Meeting Set for December 9

LIFE STYLE: Creditors' Proofs of Debt Due December 31
ONG HOLDINGS: Creditors' Proofs of Debt Due January 3
ORGANIC CAFE: Creditors Get 1.7367% Recovery on Claims
PRIMROSE GROUP: Court to Hear Wind-Up Petition on December 31
SEMBAWANG MUSIC: Creditors' Proofs of Debt Due December 17

SING-PORT SHIP: Court to Hear Wind-Up Petition on January 10
TELECARDS PTE: Court to Hear Wind-Up Petition on December 17
VISION COMMS: Creditors' Proofs of Debt Due January 3


X X X X X X X X


* BOND PRICING: For the Week November 29 to December 3, 2010


                            - - - - -


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


ALLCO FINANCE: ASIC Accepts Enforceable Undertaking From KMPG
-------------------------------------------------------------
The Australian Securities & Investments Commission has accepted an
enforceable undertaking from KPMG Sydney auditor Christopher
Neville Whittingham, following an investigation into
Mr. Whittingham's conduct in relation to his audit of the
financial report of Allco Financial Group Ltd. and its controlled
entities for the financial year July 1, 2006, to June 30, 2007.

Mr. Whittingham has undertaken to:

    * not practice as a registered auditor for a period of
      nine months (the period of suspension);

    * undertake an additional 10 hours of continuing
      professional education on audit-related matters during
      the period of suspension;

    * have the first three audits conducted by him following
      the period of suspension reviewed by an ASIC-approved
      KPMG-registered company auditor; and

    * pay AU$10,000 towards ASIC's costs.

ASIC is concerned that Mr. Whittingham failed to carry out or
adequately and properly perform his duties as an auditor.  ASIC
identified a number of concerns regarding Mr. Whittingham's
conduct as lead auditor, and was concerned that Mr. Whittingham
failed to ensure that the audit was conducted in accordance with
Australian Auditing Standards.

ASIC found that Allco's financial report for the financial year
July 1, 2006, to June 30, 2007, contained a misclassification of
interest bearing loans (IBLs) as a non-current liability rather
than a current liability, in the amount of AU$1,877,706,000.

Among ASIC's particular concerns were that:

   (a) sufficient appropriate audit evidence was obtained in
       relation to the classification of IBLs, or alternatively,
       the conflicting audit evidence which indicated a
       materially different classification of IBLs to that
       which appeared in Allco's financial report, was
       addressed;

   (b) a modified audit opinion was issued on account of
       non-compliance with accounting standards relating to the
       presentation of financial statements in respect of the
       IBLs;

   (c) that adequate consideration was given to materiality
       and its relationship with audit risk in relation to
       IBLs; and

   (d) the audit plan was adequately developed in order to
       reduce the audit risk to an acceptably low level in
       relation to disclosures associated with the IBLs.

ASIC notes that Mr. Whittingham acted swiftly once the error in
relation to the misclassification of the IBLs came to his
attention and he:

    * requested Allco to investigate and report to him as to
      how the misclassification had occurred;

    * advised Allco to reissue its half-year financial report,
      which included a footnote explaining the reasons for and
      details of the corrections, which Allco did;

    * issued a modified review report on the re-issued half
      year financial report of which included an emphasis of
      matter in relation to the misclassification issue; and

    * engaged in discussions with ASIC.

ASIC's investigation commenced following referral of the matter by
KPMG.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath and
Joseph Hayes of McGrathNicol as the voluntary administrators of
the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion in total
debt.


CHALLENGE DAIRY COOP: Prepares to Go Into Administration
--------------------------------------------------------
Peter Henderson at Farm Weekly reports that Challenge Dairy Co-
operative has this week been preparing to follow Challenge
Australian Dairy (CAD) into voluntary administration.

As reported in the Troubled Company Reporter-Asia Pacific on
December 2, 2010, Margaret River Mail said that the collapse of
Challenge Australian Dairy was made official 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.

According to Farm Weekly, Challenge Australian Dairy, a joint
venture company between Challenge Dairy Co-operative, and
Singapore-based QAF Group, went into voluntary administration on
October 29, and the co-op's board voted to wind up its operations.

Challenge Dairy Co-operative's 50 or so suppliers have been
desperately trying to find other processors to take their milk
with fears it would not be picked up, Farm Weekly notes.  The
report relates that since CAD went into administration the co-op
has been collecting the milk and selling it to other processors.

The co-op, which stopped picking up milk on December 2, wants to
distribute that money before going into administration, the report
says.

Farm Weekly discloses that some of the co-op's larger suppliers
will be owed hundreds of thousands of dollars in lost delivery
right units and non-payments going back to September when the co-
op officially folds.

Harvey Fresh, which has bought the co-op's six tankers, made an
offer to take the milk of all the suppliers who attended,
estimated to make up at least half the 50 suppliers, the report
says.  But it is understood the amount of milk Harvey Fresh takes
will also depend on it being able to take over the co-op's 20
million liters fresh milk export contract, Farm Weekly adds.

Challenge Dairy Co-operative is a totally Western Australian
farmer owned entity and is situated at the historic Capel Dairy
site.  Dairy farmer members supply fresh milk, produced daily from
their own farms which are based in the beautiful south west of
Western Australia.  Joint venture partners Challenge Australia
Dairy manufactures the highest quality cheese, butter, cream and
dairy ingredients under the Capel brand for both the Australian
domestic market as well as expanding export markets.


KRISPY KREME: Australian Unit Out of Administration
---------------------------------------------------
Chris Zappone at BusinessDay.com.au reports that Krispy Kreme
Australia has emerged from voluntary administration with nearly
half of its underperforming stores closed.

BusinessDay.com.au relates that the Australian-owned arm of the
U.S. doughnut chain has restructured its business, with 35 of its
original 59 stores to remain open.

"The remaining retail outlets all have strong sales and customer
support, and the company can now continue trading without
underperforming stores adversely affecting the business,"
BusinessDay.com.au quoted Krispy Kreme Australia chairman John
McGuigan as saying.

According to BusinessDay.com.au, the turnaround effort saw the
company lay off 201 full-time, part-time and casual jobs, and
close 24 stores.

The company said creditors had approved a deed of company
arrangement with a AU$2.3 million fund to satisfy claims by
creditors, who are expected to receive 45 cents in the dollar,
depending on the claims, notes BusinessDay.com.au.

BusinessDay.com.au adds that the company said employees who lost
their jobs will receive full pay from the deed fund and following
court approval, claims made by individual landlords will also be
paid in full.

"The process has demonstrated the strength of the Krispy Kreme
brand and now this period of restructuring is behind us we will be
focused on the ongoing development of the Krispy Kreme brand in
Australia," Mr. McGuigan said, according to BusinessDay.com.au.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 2, 2010, Krispy Kreme Doughnuts Australia entered voluntary
administration, with the privately owned Australian arm of the
American doughnut giant placed into the hands of Sydney accounting
firm Smith Hancock.  Krispy Kreme Australia spokesman Matt Horan
told the Herald Sun that the company was placed into the
hands of accountancy firm Smith Hancock after a directors meeting
concluded the company was at risk of defaulting on creditors.  The
Herald Sun said that company directors attributed the slide in
company profits to location, sales decline, and high rents and
distribution costs.

Krispy Kreme Australia, unlike the United States operation, has no
franchise stores and is a wholly owned private company.  Krispy
Kreme Doughnuts first opened in Australia at its Penrith site in
2003, since then expanding to 54 Krispy Kreme outlets employing
660 staff in the seven years since, the highest of any country
outside America.


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


KAISA GROUP: Moody's Retains 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's investors Service sees no immediate impact on B1 corporate
family rating and B2 senior unsecured bond rating on Kaisa Group
Holdings Ltd. following the company's announcement of a
RMB1.5 billion 8% convertible bond issue.

The proceeds will be used to finance the acquisition of new land
bank in China and to finance real estate projects.

"The proposed bond issue is in line with Moody's opinion that the
company needs additional capital to fund its rapid growth plan,"
says Jiming Zou, a Moody's Analyst.

The issue will strengthen Kaisa's liquidity and raise its cash
balance, which will help it make its committed payments for the
recently acquired land bank.

This also reflects management's effort to secure near-term
funding, given the government's tightening control measures on
domestic bank lending to the property sector.

Although Kaisa's credit metrics will weaken slightly after the
issuance, pro-forma Debt/Cap below the 55-60% range and
EBITDA/Interest Expense above the 2.5-3.0x range will remain
within the range for the B1 rating.

Moody's last rating action on Kaisa was on 5 May 2010, when the
company's B1 corporate family rating (with a stable outlook) and
its B2 senior unsecured bond rating were affirmed.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009.  It has 33 projects in the Pearl River and Yangtze
River deltas, in the Bohai Rim, and in western China.


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


ADL HOLDING: Arboit and Blade Step Down as Liquidators
------------------------------------------------------
Bruno Arboit And Simon Richard Blade stepped down as liquidators
of ADL Holding (Japan) Limited on November 3, 2010.


APPLIED MOTOR: Corkhill and Bruce Appointed as Liquidators
----------------------------------------------------------
Thomas Andrew Corkhill and Iain Ferguson Bruce on November 26,
2010, were appointed as liquidators of Applied Motor Technologies
(Hong Kong) Limited.

The liquidators may be reached at:

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


ASIA CHALLENGE: Chow Chan Lum Charles Steps Down as Liquidator
--------------------------------------------------------------
Chow Chan Lum Charles stepped down as liquidator of Asia Challenge
Limited on November 26, 2010.


ATTENWOOD COMPANY: Kevin Chung Ying Hui Appointed as Liquidator
---------------------------------------------------------------
Kevin Chung Ying Hui on November 22, 2010, was appointed as
liquidator of Attenwood Company Limited.

The liquidator may be reached at:

         Kevin Chung Ying Hui
         16th Floor, Ocean Centre
         Harbour City
         Canton Road, Kowloon
         Hong Kong


BRAVE LIMITED: Members' Final Meeting Set for January 3
-------------------------------------------------------
Members of Brave Limited will hold their final meeting on
January 3, 2011, at 4:00 p.m., at 10/F., Allied Kajima Building,
138 Gloucester Road, Wanchai, in Hong Kong.

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


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

Abdul Aziz Essa filed the petition against the company.

The Petitioner's Solicitors are:

          Stevenson, Wong & Co
          4/F., & 5/F, Central Tower
          28 Queen's Road
          Central, Hong Kong


CHAMPION PROJECTS: Creditors' Proofs of Debt Due December 31
------------------------------------------------------------
Creditors of Champion Projects Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chung cheuk Ming
         Room 08, 5/F
         Chinachem Golden Plaza
         77 Mody Road
         Tsimshatsui East, Kowloon
         Hong Kong


CHARMAX DEVELOPMENT: Members' Final Meeting Set for January 10
--------------------------------------------------------------
Members of Charmax Development Limited will hold their final
meeting on January 10, 2011, at 10:15 a.m., at Unit 1603-1606,
16th floor, Alliance Building, No. 130-136 Connaught Road Central,
in Hong Kong.

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


CHEUNG'S PLASTIC: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on November 23, 2010,
creditors of Cheung's Plastic Products Factory Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Mr. Leung Chi Wing
         Room 3, 8/F., Yue Xiu Building
         160 Lockhart Road
         Wanchai, Hong Kong


CLIPSAL HK: Kong Chi How Johnson Steps Down as Liquidator
---------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Clipsal
Hong Kong Limited on November 24, 2010.


COMTRAD INDUSTRIES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Comtrad Industries Limited, on November 26, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         So Kwok Keung Keith
         22/F., Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


DAVOR POWER: So and Wong Step Down as Liquidators
-------------------------------------------------
Dr. Terence Ho Yuen Wan and Mr. Henry Fung stepped down as
liquidators of Davor Power Trade Hong Kong Limited on November 17,
2010.


E28 HK: Kwan and Liu Step Down as Liquidators
---------------------------------------------
Kwan Pak Kong and Liu Chi Tat Stephen stepped down as liquidators
of E28 Hong Kong Limited on November 23, 2010.


FULLUM NOMINEES: Members' Final Meeting Set for January 10
----------------------------------------------------------
Members of Fullum Nominees Limited will hold their final meeting
on January 10, 2011, at 10:30 a.m., at 76/F., Two International
Finance Centre, 8 Finance Street, Central, in Hong Kong.

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


G4S INTERNATIONAL: Members' Final Meeting Set for January 4
-----------------------------------------------------------
Members of G4s International (Hong Kong) Limited will hold their
final general meeting on January 4, 2011, at 11:00 a.m., at 29/F.,
Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLOBE GAIN: Creditors' Meeting Set for December 22
--------------------------------------------------
Creditors of Globe Gain Enterprise Limited will hold their meeting
on December 22, 2010, at 10:30 a.m., for the purposes provided for
in Sections 241, 242, 243, and 244 of the Companies Ordinance.

The meeting will be held at Room 2702-3, 27/F., Bank of East Asia
Harbour View Centre, 56 Gloucester Road, Wanchai, in Hong Kong.


GOLD OCEAN: Court to Hear Wind-Up Petition on January 19
--------------------------------------------------------
A petition to wind up the operations of Gold Ocean Enterprises
Limited will be heard before the High Court of Hong Kong on
January 19, 2011, at 9:30 a.m.

Hiromori International Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Benny Kong & Yeung
          Unit 2901, 29th Floor
          Far East Finance Centre
          16 Harcourt Road
          Hong Kong


GOLDENLIGHT PACIFIC: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on November 22, 2010,
creditors of Goldenlight Pacific Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Che Wai
         17/F., Hing Yip Commercial Centre
         272-284 Des Voeux Central
         Hong Kong


GULIANO (HK): Members' Final Meeting Set for January 3
------------------------------------------------------
Members of Guliano (HK) Limited will hold their final meeting on
January 3, 2011, at 3:00 p.m., at 9th Floor, Three Exchange
Square, Central, in Hong Kong.

At the meeting, Herman Van Ce Velde, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HIGH DRAGON: Kevin Chung Ying Hui Appointed as Liquidator
---------------------------------------------------------
Kevin Chung Ying Hui on November 22, 2010, was appointed as
liquidator of High Dragon Resources Limited.

The liquidator may be reached at:

         Kevin Chung Ying Hui
         16th Floor, Ocean Centre
         Harbour City
         Canton Road, Kowloon
         Hong Kong


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


AIR INDIA: Plans to Lease 57 Planes to Regain Market Share
----------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that Air India
has floated two tenders to lease a total of 57 planes as the loss-
making national carrier tries to regain market share lost to local
and overseas rivals.

Dow Jones relates that the latest plan comes even as the airline
continues to take delivery of 111 planes it ordered from Airbus
and Boeing in 2005 for US$15 billion.

Dow Jones, citing one of the tenders, discloses that the carrier
aims to lease 10 long-haul Airbus 330 planes for international
operations and an equal number of Airbus 320s, 15 ATR turboprop
planes and 18 CRJ700 planes of Canada's Bombardier Inc., to expand
its domestic operations.

According to Dow Jones, the airline also aims to lease up to four
Boeing 737-800 planes for its low-cost unit Air India Charters
Ltd., which operates short-haul overseas flights under the brand
Air India Express, according to the second tender document.  The
aircraft will be leased for a period of five years.

Dow Jones says Air India has received deliveries of 81 planes so
far from the 111 it ordered. This includes all 43 planes ordered
from Airbus and 38 from Boeing.

                          About Air India

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

                           *     *     *

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

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


AIR INDIA: Not Ready to Reveal Losses From Freebies
---------------------------------------------------
Air India may be looking for a bailout from tax payers' money but
is not ready to make public the details about free travel benefits
it extends to various individuals and the expenditure on these
freebies, The Economic Times reports.

According to the report, the carrier has refused to make public
names of people who have enjoyed free travel benefits, and the
costs, saying it will be detrimental to its commercial interests.

The Economic Times relates that Air India said disclosure of names
of persons to whom the tickets were issued would be detrimental to
the commercial interests of the company considering the fierce
level of competition that is existing in the aviation industry.

Air India, which has sought a bail-out package worth INR10,000
crore from the government, did not give even the total cumulative
losses it had to suffer because of free travel benefits it doled
out during last three years, the Economic Times notes.

The carrier, according to the Economic Times, also refused to give
the total number of passengers that availed free tickets during
the period citing Section 8(1)(d) of the RTI Act, which exempts
disclosure of information that may affect commercial position of
an entity.

According to the Economic Times, Air India had earlier conceded
that its chairman and managing director and his family are
entitled to unlimited free tickets.

The airline in March this year had also extended the free ticket
benefits of first-class travel to retired civil aviation
secretaries, and free upgrades to their immediate family members,
the Economic Times added.

                          About Air India

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

                           *     *     *

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

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


KYORI OREMIN: CARE Assigns 'CARE BB+' Rating to INR20MM LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' & 'PR4+' to the bank facilities of
Kyori Oremin Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities    20.00        'CARE BB+' Assigned
   Short-term Bank Facilities   36.00        'PR4+' Assigned

Rating Rationale

The ratings are constrained by the limited track record and
relatively small size of the company; trading nature of business;
volatility in the profitability margins, high overall gearing
ratio and high level of debtors outstanding as at March 31, 2010.
The ratings however, take into account, the experience of the
promoters, positive outlook for domestic demand of imported coal,
growth in business volumes, hedging for imports and higher
proportion of confirmed orders in the total purchases.  The
ability of the company to grow market share along with improvement
in profitability and improve management of receivables are the key
rating sensitivities.


LINKSON COAL: CARE Assigns 'CARE BB+' Rating to INR20cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Linkson Coal & Minerals Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities     20.00       'CARE BB+' Assigned
   Short-term Bank Facilities     5.00       'PR4+' Assigned

Rating Rationale

The ratings are constrained by relatively small size of operations
of LCMPL, low profitability margins which are also vulnerable to
volatility in coal prices due to trading nature of operations,
high utilization of working capital limits, negative operating
cashflows and customer concentration risk.  The ratings derive
strength from the experience of the promoters in coal trading
business moderate debt coverage indicators and the support from
the promoters by way of equity infusion.  LCMPL's ability to
achieve the envisaged sales and profitability and efficiently
manage the working capital requirement in future are the key
rating sensitivities.

Incorporated in 1997, Linkson Coal & Minerals Pvt. Ltd. is a
closely-held company with Mr. Yashwant Sangla as the majority
shareholder. LCMPL is engaged in the business of coal trading in
India and it sources and distributes coal mainly in Nagpur,
Chattisgarh, Madhya Pradesh along with other nearby states.  It
procures coal from auctions conducted by Western Coalfields and
from other traders.  The marketing activities of the company are
mainly managed by Mr. Sangla who has an experience of more than
three decades in the coal business.

LCMPL has achieved net sales of INR256.69 crore in FY10 with
PBILDT of INR6.85 crore and PAT of INR2.46 crore.


MASCOT IMPEX: CRISIL Downgrades Rating on INR40MM Bank Debt to 'D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mascot
Impex Pvt Ltd to 'D/P5' from 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------

   INR40 Million Cash Credit Limits   D (Downgraded from
                                         'B/Stable')

   INR42 Million Proposed LT Bank     D (Downgraded from
                   Loan Facility          'B/Stable')

   INR60 Million Letter of Credit     P5 (Downgraded from 'P4')

   INR8 Million Standby Line of       P5 (Downgraded from 'P4')
                         Credit

The downgrade reflects Mascot Impex'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 Mascot Impex, Ankur Barter, Mascot Wood
Crafts Pvt Ltd, Saha and Sarkar Saw Mill Pvt Ltd, and Birendra
Chandra Saha.  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.


P. K. JEWELLERS: CRISIL Assigns 'BB' Rating to INR45MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of P. K. Jewellers Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------

   INR45.0 Million Cash Credit         BB-/Stable (Assigned)
   INR25.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect PKPJL's average financial risk profile marked
by small net worth and high gearing.  This rating weakness is
partially offset by the extensive experience of PKPJL's promoters
in the retail jewellery industry in India.

Outlook: Stable

CRISIL believes that PKJPL will continue to benefit from its
promoters' extensive experience in the retail jewellery business.
The outlook may be revised to 'Positive' if PKJPL reports more-
than-expected growth in revenues and margins, and improved debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the company's debt protection metrics deteriorate
because of lower-than-expected growth in revenues and margins,
larger-than-expected debt-funded capital expenditure, or a
significant stretch in working capital cycle.

                      About P. K. Jewellers

Established in 1976 as a proprietorship concern, M/s P. K.
Jewellers, by Mr. Prakash Kothari, PKJPL was reconstituted as a
private limited company in 2000. Currently, Mr. Rahul Kothari, son
of Mr. Prakash Kothari, looks after the day-to-day operations of
the company. PKJPL caters to the retail segment and is engaged in
manufacture and sale of plain gold jewellery, diamond-studded
jewellery, and silver jewellery.  The company's showroom is in
Andheri (Mumbai).  Apart from PKJPL, the promoters also own two
showrooms under separate proprietorship concerns - M/s Rahul
Jewellers in Andheri, and M/s Osia Jewellery Studio in Goa.  The
promoters are also into real estate business and have executed
several residential and commercial projects.

PKPJL reported a profit after tax (PAT) of INR5.90 million on net
sales of INR23.45 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.70 million on net
sales of INR15.12 million for 2008-09.


PRATITI INDUSTRIES: CRISIL Puts 'D' Rating on INR28.7MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Pratiti Industries.  The ratings reflect the delay by Pratiti in
the repayment of its term loan obligations; the delay has been
because of Pratiti's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR37.5 Million Cash Credit         D (Assigned)
   INR28.7 Million Rupee Term Loan     D (Assigned)
   INR28.0 Million Proposed Long       D (Assigned)
         Term Bank Loan Facility
   INR0.6 Million Bank Guarantee       P5 (Assigned)

Pratiti has weak financial risk profile, marked by high gearing
and weak debt protection measures.  However, Pratiti has moderate
business risk profile, backed by large customer base and wide
geographical reach.

Set up in 2003 as a partnership firm by Mr. Pratik Khara and Mr.
Abhilash Khara, Pratiti manufactures finished and semi-finished
ophthalmic bi-focal lenses at its facility in Daman.  The firm
imports rough blanks from China and France. Pratiti sells to over
30 distributors and wholesalers across India.

Pratiti reported a profit after tax (PAT) of INR1 million on net
sales of INR67 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR50 million for 2007-08.


PREETI COTSPIN: CRISIL Lifts Rating on INR120.4MM Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Preeti
Cotspin Pvt Ltd, part of the Salona group, to 'BB-/Stable/P4+'
from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR120.4 Million Rupee Term Loan    BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR60.0 Million Cash Credit         BB-/Stable (Upgraded from
                                                   'B+/Stable')

   INR7.8 Million Packing Credit       P4+ (Upgraded from 'P4')

   INR0.8 Million Bill Discounting     P4+ (Upgraded from 'P4')

The rating upgrade has been driven by CRISIL's belief that the
Salona group will maintain its improved profitability and
liquidity over the medium term.  Operating margin of the group
improved to 18 per cent in 2009-10 (refers to financial year,
April 1 to March 31) from 15 per cent in the previous year.
Although the group's gearing was high at around 3 times in
2009-10, the debt protection measures were comfortable with
interest coverage ratio and net cash accruals to debt ratio at
around 3 times and 13 per cent respectively.  The group generated
a turnover of INR500 million in the first six months of 2010-
11(refers to financial year, April 1 to March 31), driven by
increase in capacity utilization.  The upgrade also reflects
CRISIL's belief that despite large capital expenditure (capex) of
INR430 million (funded with debt of INR340 million) during 2009-10
and 2010-11, the Salona group will generate sufficient cash
accruals to meet its maturing debt obligations over the medium
term.

The ratings reflect the Salona group's below-average financial
risk profile marked by high gearing and susceptibility of its
margins to adverse changes in cotton prices and power shortages.
These rating weaknesses are partially offset by the group's
efficient working capital management and from its promoters'
experience in the textile business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Preeti and Salona Cotspin Ltd.  This is
because the two companies, together referred to as the Salona
group, have a common management and are in the same line of
business.

Outlook: Stable

CRISIL believes that the Salona group will maintain its business
risk profile, supported by steady growth in revenues and accruals,
over the medium term.  The outlook may be revised to 'Positive' if
the group's financial risk profile improves considerably, driven
by improvement in capital structure. Conversely, the outlook may
be revised to 'Negative' if the group's realization and margins
decline significantly, or the group undertakes any large debt-
funded capital expenditure programme, leading to deterioration in
its capital structure.

                          About the Group

Salona, promoted by Mr. Shyamlal Agarwal, is listed on the Bombay
Stock Exchange (BSE).  The company has 24,336 spindles and eight
knitting machines.  It manufactures grey hosiery yarn in counts
ranging from 20 to 40, and grey knit fabric.  It sells its
products in the export-oriented Tirupur (Tamil Nadu) market.
Direct exports contribute 15 to 20 per cent to its total revenues.

Preeti, incorporated in 1995, manufactures cotton yarn of counts
in the range of 40 to 80.  The company's mill has 16,800 spindles.
Its main customers include innerwear manufacturers in India.

The Salona group reported a profit after tax (PAT) of INR 32.7
million on net sales of INR746.0 million for 2009-10, against a
PAT of INR5.0 million on net sales of INR661.0 million for
2008-09.


R.B. AGARWALLA: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of R.B. Agarwalla & Co.

   Facilities                           Ratings
   ----------                           -------
   INR30 Million Bank Guarantee         P4+ (Assigned)
   INR350 Million Packing Credit        P4+ (Assigned)
   INR30 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the RBA group's below average financial risk
profile, marked by weak debt protection measures, a relatively
small net worth, and a high gearing, and the susceptibility of its
operating margin to volatility in raw material prices and
fluctuations in foreign exchange rates.  The strengths of the
group are reflected by the extensive experience of the group's
promoters in the casting industry, and its healthy customer
relationships.

CRISIL has combined the financial and business risk profiles of
RBA and Shree Uma Foundries Pvt Ltd, together referred to as the
RBA group.  This is because both these entities have a common
management and operational linkages, and are in the same line of
business. Moreover, SUFPL provides corporate guarantee to RBA's
bank facilities, and RBA outsources production of grey iron
casting to SUFPL.

                       About R.B. Agarwalla

RBA was set up in 1962 by the Kolkata-based Agarwal family. In
1971, the firm began exporting grey iron and ductile iron casting.
The main product includes manhole covers, grates and frames, and
counterweights.  The firm exports its products mostly to the US,
Europe, Australia, New Zealand, and Canada.

RBA outsources its production for grey iron to its group company
SUFPL, which exports the same. For ductile iron castings RBA makes
direct purchases from its group company RBA Exports Pvt. Ltd.

The RBA group reported a profit after tax (PAT) of INR9.4 million
on net sales of INR585 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.6 million on net
sales of INR900 million for 2008-09.


RADHEYA MACHINING: CRISIL Assigns 'B+' Rating to INR30MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Radheya Machining
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR20.0 Million Working Capital      B+/Stable (Assigned)
   Demand Loan
   INR30.0 Million Term Loan            B+/Stable (Assigned)

The rating reflects Radheya's small scale of operations, customer
concentration in revenue profile, and average financial risk
profile marked by small net worth and high gearing.  These rating
weaknesses are partially offset by Radheya's strong track record
in automobile transmission components segment, and the company's
strategic location in the automobile manufacturing belt of Pune
(Maharashtra).

Outlook: Stable

CRISIL believes that Radheya will continue to benefit from its
established market position in the automotive transmission
components segment.  The outlook may be revised to 'Positive' if
Radheya's financial risk profile improves significantly, led by
fresh equity infusions, stable profitability, and improved working
capital management. Conversely, the outlook may be revised to
'Negative' if large, debt-funded capital expenditure constrains
the company's capital structure and debt servicing ability.

                      About Radheya Machining

Incorporated in 2001 by Mr. Sanjay Joshi and his brothers Mr.
Dhananjay Bhargav and Mr. Santosh Joshi, Radheya manufactures
machined automotive transmission components. Radheya has two
manufacturing units at Sanaswadi near Pune (Maharsahtra).  The
company is supported by four group concerns, namely, Yashwant
Forgings Pvt Ltd, Bhargav Gears, Prachay Auto Parts Pvt Ltd, and
Aagneya Heat Treatment Technologies Pvt Ltd - these companies are
engaged in job work or contract manufacturing exclusively for
Radheya, thereby helping Radheya to offer forging and machining
services under one roof to its clients.

Radheya reported a profit after tax (PAT) of INR11.7 million on
net sales of INR481.0 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR13.9 million on
net sales of INR343.0 million for 20008-09.


RAJ RATAN: CRISIL Assigns 'BB+' Rating to INR540MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the bank
facilities of Raj Ratan Castings Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR540.0 Million Cash Credit Limit   BB+/Stable (Assigned)

The ratings reflect the Raj Ratan group's moderate financial risk
profile, marked by weak debt protection metrics and a high total
outside liabilities ratio to total net worth ratio, working-
capital-intensive operations, and geographical concentration in
its revenue profile.  These weaknesses are partially offset by the
vast experience of the group's promoters in the apparel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RRCPL and Raj Ratan Smelters Ltd
(RRSL), together referred to as the Raj Ratan group.  This is
because the companies receive operational support from each other
and are under common management.

Outlook: Stable

CRISIL believes that the Raj Ratan group will benefit over the
medium term from the experience of its promoters in the industry,
and established marketing network.  The outlook maybe revised to
'Positive' if the group registers strong profitability leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case of less-than-expected
profitability or if the group undertakes any large, debt-funded
capital expenditure programme leading to deterioration in its
financial risk profile.

                          About the Group

Set up by the late Shri Ratan Chand Khatri, RRCPL operates four
divisions. Govardhan Textiles and Raj Ratan Textiles are into
wholesale trading of ladies' suits and saris while Raj Ratan
Retails is a retailer of women's apparel with five showrooms (one
in Lucknow and four in Kanpur).  Under the castings division, the
company manufactures steel ingots with a capacity of 15,000 tonne
per annum.  The textile divisions together contributed to around
83 per cent of the group's revenues in 2009-10 (refers to
financial year, April 1 to March 31).

The group's operations are forward integrated through group
company RRSL, which manufactures thermo-mechanically-treated (TMT)
bars.  The output of RRCPL's castings division is used by RRSL to
produce TMT bars.

RRCPL reported a profit after tax (PAT) of INR30.7 million on net
sales of INR3.54 billion for 2009-10, against a PAT of INR7.9
million on net sales of INR3.49 billion for 2008-09.


SAHA & SARKAR: CRISIL Cuts Rating on INR70.5MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Saha &
Sarkar Saw Mill Pvt Ltd to 'D/P5' from 'B/Stable/P4'.

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

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

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

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

The downgrade reflects Saha and Sarkar'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 Saha and Sarkar, Ankur Barter, Mascot
Wood Crafts Pvt Ltd, Birendra Chandra Saha, 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.


SANDEEP SEEDS: CRISIL Rates Cash Credit Limit at 'B+'
-----------------------------------------------------
CRISIL's rating on the bank facilities of Sandeep Seeds and Farms
Pvt Ltd continue to reflect SSFL's weak financial risk profile
because of large debt-funded capital expenditure (capex) plans and
the working-capital-intensive operations.  This rating weakness is
partially offset by the promoters' experience in the seeds
industry.

   Facilities                          Ratings
   ----------                          -------
   INR150 Million Cash Credit Limit    B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSFL and the proprietary concerns of
SSFL's promoter's sons, that are proposed to commence operations
by the end of 2010-11 (refers to financial year, April 1 to
March 31).  The entities are together referred to as the SSFL
group.  This is because all the entities have a common management
and are expected to have significant operational and financial
linkages with each other over the medium term.

Outlook: Stable

CRISIL believes that SSFL group will maintain its business risk
profile over the medium term, supported by its established
relationships with farmers and strategic marketing tie-ups with
government nodal agencies for offtake of its processed seeds.  The
outlook may be revised to 'Positive' if the group improves its
capital structure significantly and maintains its margins at
current levels. Conversely, the outlook may be revised to
'Negative' if the group's profitability declines, or if it
undertakes larger-than-expected debt-funded capex programme,
thereby weakening its capital structure.

Update

In 2009-10, SSFL reported revenues of INR920 million, a 48 per
cent increase over the previous year's level, largely because of
increase in the selling prices of its processed seeds.  The
operating margin increased to 5.5 per cent in 2009-10 from 3 per
cent in 2008-09 on the back of marginal reduction in cost of
breeder seeds. In 2010-11, the promoter, Mr. S Venkata Rao, has
set up three proprietary firms ? to be managed by his sons - to
carry out trading operations in the same line of business; it is
expected that a major part of SSFL's sales would be made through
these firms.  The SSFL group has capex plan of INR160 million for
setting up two godowns by 2011-12.  The promoters have infused
INR41 million of equity capital in 2009-10; however, the capex is
expected to be funded by term debt of INR120 million.  Hence, the
group's gearing and debt protection metrics are expected to
deteriorate over this period.  In 2009-10, the company's inventory
holding period increased to 107 days from 52 days in the previous
year, resulting in full utilisation of its working capital limits.
Nevertheless, annual net cash accruals of INR30 million over the
medium term are expected to be sufficient to meet the group's term
debt obligations of INR20 million per annum.

SSFL reported a profit after tax (PAT) of INR20 million on net
sales of INR920 million for 2009-10, against a PAT of INR4 million
on net sales of INR620 million for 2008-09.

                           About Sandeep Seeds

Set up in 2009 by Mr. S Venkat Rao, SSFL (formerly, Sandeep Seeds
and Farms) produces, processes, and trades in self-pollinated
seeds such as paddy, bengal gram, ground nut, and soya bean.  The
seed production is organised through tie-ups with individual
growers and organisers in different districts of Andhra Pradesh.
The company has eight seed-processing plants, with a combined
capacity of 300,000 quintals per annum.


SHETKARI MAHILA: CRISIL Rates INR265.2 Million Term Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to Shetkari Mahila
Sahakari Vastranirman Soot Girni Maryadit's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR265.2 Million Term Loan       B/Negative (Assigned)

The rating reflects the expected deterioration in SMSV's financial
risk profile because of large incremental working capital
requirements, and the society's vulnerability to volatility in
cotton prices.  These rating weaknesses are partially offset by
SMSV's promoters' extensive experience in the cotton yarn
business, and the fiscal incentives it gets from the Government of
Maharashtra (GoM).

Outlook: Negative

CRISIL believes that SMSV's liquidity will remain under pressure
over the medium term because of depressed cash accruals vis--vis
large debt repayment and incremental working capital requirements
from its recently expanded facilities.  The rating may be
downgraded if there is in scaling up its operations leading to
lower than expected cash accruals or larger than expected working
capital borrowings stretching its liquidity further. Conversely,
the outlook may be revised to 'Stable' in case of improvement in
the society's liquidity driven by more than expected net cash
accruals or in case of better working capital management.

SMSV is a women-focused co-operative society, engaged in spinning
of cotton yarn.  The co-operative was registered in 1995 in
Solapur (Maharashtra) but commenced commercial operations in 2006.
The society was set up under the guidance of Mr. Ganpatrao
Deshmukh, former GoM minister.  SMSV's objective is to provide
jobs and opportunities for development of women in Sangola Taluka
in Solapur.  The society manufactures cotton yarn in the count
range of 20-37, and sells its produce to wholesalers and hosiery
garment manufacturers in India and abroad.

SMSV is setting up additional facilities in three phases.
Currently the society has 13,728 spindles, and the total cost of
the first and second phase was INR265 million.  The society is
installing additional 13,728 spindles for a total cost of INR264
million; the expanded capacity is expected to start production by
January 2011.

The society reported a net loss of INR7.9 million on net sales of
INR270 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR2.5 million on net sales of
INR240 million for 2008-09.


SHIVAM FOODS: CRISIL Rates INR76.0 Million Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Shivam Foods Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR76.0 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects SFPL's weak debt protection indicators because
of low operating margin, small scale of operations in a highly
fragmented industry, and significant dependence on agriculture
product for revenues.  These rating weaknesses are partly offset
by SFPL's low gearing.

Outlook: Stable

CRISIL believes that SFPL will maintain its business risk profile
over the medium term, supported by stable demand from its key
customers.  Although the margins of the company are expected to
remain low, absence of any debt-funded capital expenditure (capex)
plan for the medium term is likely to keep its gearing low.  The
outlook may be revised to 'Positive' if SFPL's profitability
improves, leading to an improvement in its financial risk profile.
Conversely, the outlook maybe revised to 'Negative' if the company
undertakes a significantly large debt-funded capex programme,
thereby weakening its capital structure.

                        About Shivam Foods

Incorporated in 2002, SFPL operates flour mills for production of
wheat products such as maida, atta, suji, and bran. Its flour
mill, located in Ramnagar (Uttar Pradesh), has capacity to produce
330 tonnes per day (tpd) of wheat products and about 60 tpd of
pulses.  The company has established presence in states like Uttar
Pradesh, Bihar, Jharkhand, West Bengal, Chattisgarh, and
Maharashtra. It sells to bakeries and wholesalers of fast-moving
consumer goods in these states.

SFPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR293.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR184.7 million for 2008-09.


SINDHU CARGO: CRISIL Assigns 'BB+' Rating to INR75 Mil. LT Loan
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sindhu
Cargo Services Ltd to 'BB+/Negative' from 'BBB-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Long-Term Loan      BB+/Negative (Downgraded from
                                                   BBB-/Stable)

   INR65 Million Cash Credit Limits  BB+/Negative (Downgraded from
                                                   BBB-/Stable)

The downgrade reflects significant pressure on SCSL's liquidity,
as reflected in the nearly full utilization of the company's bank
lines and no major revenue growth.  This has been driven by SCSL's
incremental working capital requirements because of extended
credit to, and delay in payments by, the customers; also, the
company had undertaken a large debt-funded capital expenditure
(capex) programme over the past three years.

SCSL derives a significant portion of its revenues from the
telecom sector, and has allowed a stretch on payments and has
extended higher credit terms to attract new customers.  This has
led to incremental working capital requirements despite no major
revenue growth.  Also, the company has undertaken a large capex on
setting up additional warehouses and office space. However, this
project faced additional cost, which has been funded through
internal accruals.  Also, the project got delayed leading to the
company servicing its debt from its existing cash flows, leading
to further pressure on its liquidity.  The revision in outlook
also reflects the company's lower-than-expected performance with
stagnant revenues over the past three years.

The rating also factors in SCSL's exposure to risks related to a
small scale of operations, intense industry competition, and large
working capital requirements.  These weaknesses are partially
offset by SCSL's healthy market position in the freight
forwarding, transportation, warehousing and consultancy
businesses, backed by its strong relationships with clients, and
moderate financial risk profile marked by moderate gearing and
comfortable debt protection metrics.

Outlook: Negative

CRISIL believes that SCSL will continue to face liquidity
pressures over the medium term because of increase in working
capital requirements and term debt obligations.  The rating may be
downgraded if SCSL's working capital cycle stretches further,
leading to additional liquidity pressures or continued pressure on
revenues and cash accruals. Conversely, the outlook may be revised
to 'Stable' if SCSL's working capital cycle improves, or the
company generates more-than-expected cash accruals.

                         About Sindhu Cargo

SCSL commenced operations in 1987 as a customs clearance and
forwarding agent. It was formed as a partnership firm by its
current managing-director, Mr. G Balaraju, and his associates.
SCSL was incorporated as a private limited company in 1991 and
went public in 2001.  It has gradually expanded its operations
into providing freight forwarding, transportation, warehousing,
and consultancy services.  The company has recently completed
construction of warehouse and office space of 40,000 square feet
(sq ft) each at Nalakunte and another office space of 25,000 sq ft
at Yehalanka (both in Bengaluru).

For 2009-10 (refers to financial year, April 1 to March 31), SCSL
reported a net profit of INR42.4 million on net sales of INR1061
million, against a net profit of INR40.3 million on net sales of
INR1061 million for 2008-09.


UNION BANK: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------
Fitch Ratings has affirmed Union Bank of India's Long-term foreign
currency Issuer Default Rating at 'BBB-' and National LT rating at
'AA+(ind)'.  The Outlook is Stable.  The agency has also affirmed
Union's Individual rating at 'C/D', Support rating at '2' and
Support Rating Floor at 'BBB-'.  Additional rating actions are
included at the end of the release.

Union's LT ratings are support-driven, but they and its Individual
rating also take into account the bank's strong pan-India
franchise and stable funding profile, which are partly offset by
its relatively moderate financial metrics compared to some better-
rated larger government and private banks.  The affirmations also
reflect Union's demonstrated ability to withstand the recent
period of severe economic stress as well as Fitch's expectation
that the bank will maintain satisfactory credit quality despite
asset quality pressures and increased pension provisioning costs.

The ratings of the tier 1 bonds and upper and lower tier 2 bonds
are consistent with the approach taken for other similar
securities based on Fitch's criteria.  Fitch, however, believes
that the bank's majority government ownership, current size
(ninth-largest by assets) and pan-India deposit franchise would
result in a high probability of regulatory support for depositors
and other senior debt holders in the event of crisis, which is
also reflected in the Support rating of '2'.  Union's LT FC IDR is
at the Support rating floor.

Union's current account-savings account ratio continues to show
steady improvement (H1FY11: 32.7%; FY10: 31.7%).  Though
relatively interest-sensitive term deposits continue to dominate
the deposit-mix, the bank's concerted efforts towards improving
higher retail term deposit share (54% of FY10 term deposits) and
reducing bulk deposits have translated into both incrementally
lower funding costs and better stability.  While upward trending
interest rates are expected to put some pressure, funding costs
are expected to remain largely manageable for the bank (FY12 CASA
target: 35%).  Also, total capital adequacy ratio (CAR: 12.5% as
at H1FY11), although higher than regulatory minimum, would require
further strengthening.  This is especially relevant for tier 1 CAR
(H1FY11: 7.9%) given the bank's above-average growth plans and
expected impact from pension-deficit provisioning.  Union has
already sought INR16bn in capital funds from the government.

On the asset quality front, higher recoveries and aggressive
write-offs have been unable to offset the bank's incremental
delinquencies, eventually resulting in the worsening of the NPL
ratio as at FY10 (2.1% vs. 1.9% in FY09).  Union's NPL ratio
experienced further spike in H1FY11 (2.8%) as sharp slippages
occurred in its restructured loans portfolio (INR4bn agriculture;
INR3bn large corporate) in addition to fresh NPLs.  This led to a
sharp increase in credit costs and reduced provisioning coverage
to the minimum regulatory threshold of 70%.  While the management
expects NPLs to reduce over the near-term (target FY11 NPL ratio:
2.3%), the bank's restructured loans portfolio coupled with its
changing loan-mix (towards higher yielding assets viz.  SME,
retail) could remain a cause of concern.

Earnings volatility is expected to continue considering weak
treasury income, expected increase in operating costs (on account
of pension provisions) and incremental credit costs given minimum
provisioning coverage of 70%.

A sustained stronger financial profile could result in an upgrade
of Union's National long-term rating, which is currently at the
Support Rating Floor, and even that of the Individual rating.  A
sharp deterioration in the bank's asset quality or capitalization
levels could, however, put pressure on the Individual rating.

Union has a pan-India franchise with 2,869 branches and 2,420 ATMs
as at H1FY11.  The bank's international presence is still small
while other businesses (viz. asset management, insurance) are
fairly nascent.

Union Bank:

    -- INR10bn Lower Tier 2 bonds affirmed at 'AA+(ind)';
    -- INR3bn Perpetual Tier 1 notes affirmed at 'AA(ind)'; and
    -- INR10bn Upper Tier 2 bonds affirmed at 'AA(ind)'.


VENUS REMEDIES: CRISIL Lifts Rating on INR875.1 Mil. Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Venus Remedies Ltd to 'BB-/Stable/P4+' from 'C/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR550.00 Million Cash Credit    BB-/Stable (Upgraded from 'C')
   Limit (Enhanced from INR310 Mil.)

   INR875.10 Million Rupee Term     BB-/Stable (Upgraded from 'C')
   Loan (Enhanced from INR340 Mil.)

   INR30.00 Million Standby Line    BB-/Stable (Upgraded from 'C')
   of Credit

   INR125.00 Million Letter of       P4+ (Upgraded from 'P4')
   Credit (Enhanced from INR95 Mil.)

   INR30.00 Million Letter of Credit P4+ (Upgraded from 'P4')

   INR25.00 Million Bank Guarantee   P4+ (Upgraded from 'P4')

The upgrade reflects VRL's repayment of USD9 million to its
foreign currency convertible bond (FCCB) investors as of June
2010, as per its settlement agreement with the investors.  The
FCCBs, with redemption value of USD14.29 million due on May 4,
2009, were not repaid by the company on the due date.
Subsequently, VRL and its investors had arrived at a settlement
agreement, as per which the company was to pay USD9 million, while
USD5 million was rolled over till February 15, 2015, and the
balance USD0.29 million was shaved off by the investors.  VRL has
been timely in servicing rated debt obligations.

In its rating analysis, CRISIL has amortised VRL's intangible
assets totalling to INR836 million as on March 31, 2010, and the
proposed addition of INR500 million per annum (representing the
investment in research and development initiatives of the company
and product registration expenses) over a period of five years.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VRL and its wholly owned subsidiary
Venus Pharma GmbH, based in Germany.  VP provides out-licensing
services of common technical documents and warehousing and
logistical support for VRL.  The two entities have together been
referred to herein as VRL.

The ratings reflect past instances of delay by VRL in meeting
repayment obligations on FCCBs, and its small scale of operations
in the pharma industry.  These weaknesses are partially offset by
VRL's healthy financial risk profile, marked by moderate gearing,
strong accruals and debt protection measures and adequate net
worth, and its strong position in the value-added critical-care
segment.

Outlook: Stable

CRISIL believes that VRL will maintain its credit risk profile
over the medium term, backed by its increasing patented products
portfolio, established presence in the high-margin critical care
segment supported by its focus on research, and healthy financial
risk profile.  The outlook may be revised to 'Positive' if the
company's revenues and profitability grow more than expected.
Conversely, the outlook may be revised to 'Negative' in the event
of more-than-expected investment towards R&D, draining the company
of any excess liquidity, thereby increasing its reliance on debt,
or if any adverse regulations in domestic and foreign markets
impact its market position. ]

                        About Venus Remedies

Established in 1991 by Mr. Pawan Chaudhary, VRL has a presence in
both the branded and generic products segments of the
pharmaceutical industry, especially in the critical-care segment.
The company with its manufacturing facilities in Panchkula
(Haryana) and Baddi (Himachal Pradesh) manufactures large- and
small-volume parenterals mainly in the antibiotics and oncology
segments.  The company accesses the European market through its
wholly owned subsidiary, VP, based in Germany.

VRL reported a profit after tax (PAT) of INR395.6 million on net
sales of INR3.14 billion for 2009-10, against a PAT of INR439.5
million on net sales of INR2.69 billion for 2008-09. For the six
months ended September 30, 2010, the company reported a
consolidated net profit of INR233.4 million on net sales of INR1.7
billion, against a net profit of INR220.4 million on net sales of
INR1.5 billion for the corresponding period of the previous year.


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


INDIKA ENERGY: Mitrabahtera Deal Won't Affect Fitch's Ratings
-------------------------------------------------------------
Fitch Ratings has said that Indonesia's PT Indika Energy Tbk's
Long-term foreign and local currency Issuer Default Ratings of
'B+' with Stable Outlooks, as well as its 'B+ senior unsecured
ratings will not be immediately affected by the company's
announcement on 29 November 2010 that it plans to acquire a 51%
stake in PT Mitrabahtera Segara Sejati, an integrated coal
transport and logistics services company.

Indika has yet to disclose much information on this transaction,
including the potential acquisition price.  However, Fitch notes
that Indika's current ratings have some reasonable level of
headroom to accommodate cash flow accretive investments.  Indika
had a cash balance (including marketable investments) of IDR3.9trn
at end-September 2010.  The proposed acquisition is in line with
Indika's strategy of further integrating across the value chain
relating to coal in Indonesia.

The transaction is subject to Indika's satisfactory due diligence
and shareholder approval.  Fitch will review Indika's ratings once
further details and clarity on execution of the acquisition are
made available.

A negative rating action may be taken if the acquisition, if it is
approved, increases Indika's leverage, as measured by adjusted net
debt/operating EBITDAR, to over 2x on a sustained basis.  At end-
September 2010, Indika's annualized adjusted net leverage was
0.6x.


SEMEN GRESIK: Moody's Reviews 'Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 corporate family rating of PT Semen Gresik
(Persero) Tbk.

This rating action follows Moody's decision to place the
Indonesian Government's Ba2 rating on review for possible upgrade.

"The review reflects Semen Gresik's strong credit profile relative
to its Ba2 rating, supported by its dominant position in the
domestic market, high profit margin and consistent net cash
position; as of September 30, 2010, Semen Gresik had cash
amounting to IDR3.4 trillion and debt of IDR0.4 trillion," says
Alan Greene, Moody's lead Analyst for the company.

However, with over 90% of its revenues derived domestically, Semen
Gresik is exposed to all the economic, social, and political
pressures in Indonesia, as well as the inherent cyclicality of the
country's construction materials industry.

"As a result, the rating for Semen Gresik is closely aligned to
the rating of Indonesia and an upgrade of the sovereign rating is
positive for the company," says Greene.

In its review, Moody's will evaluate Semen Gresik's ability to
sustain its strong financial profile amidst a large capex program
and its future expansion strategy.  Moody's expects to conclude
the rating review of Semen Gresik after the sovereign rating
review is concluded.

Semen Gresik is 51%-owned by the Indonesian government.  Moody's
therefore overlays the company's standalone credit strength with
its joint default analysis for government-related issuers.

Based on Moody's view of the moderate level of government support
and dependence applicable to Semen Gresik, Moody's sees no uplift
on its standalone credit rating.

The last rating action on Semen Gresik was on September 9, 2010,
when Moody's affirmed the company's Ba2 corporate family rating
and changed the outlook to positive from stable.

Semen Gresik is the largest cement producer in Indonesia.  It has
a total production capacity of 19.0 million tons per annum, with
facilities located in Tuban (East Java), Padang (West Sumatra),
and Tonasa (South Sulawesi).

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


CSC SERIES: Moody's Downgrades Ratings on Various Classes of Bonds
------------------------------------------------------------------
Moody's Japan K.K has downgraded its rating on the Class C-2
through F-3 bonds issued by CSC Series 1 GK. The complete rating
actions follow:

  -- Class C-2, downgraded to Ba3 (sf) from Baa3 (sf); previously,
     on October 28, 2010 Baa3 (sf) placed under review for
     possible downgrade

  -- Class D-2, downgraded to B3 (sf) from Ba3 (sf); previously,
     on October 28, 2010 Ba3 (sf) placed under review for possible
     downgrade

  -- Class E-2/ E-3, downgraded to Caa1 (sf) from B1 (sf);
     previously, on October 28, 2010 B1 (sf) placed under review
     for possible downgrade

  -- Class F-3, downgraded to Caa3 (sf) from B3 (sf); previously,
     on October 28, 2010 B3 (sf) placed under review for possible
     downgrade

  -- Deal Name: CSC Series 1 GK

  -- Class: Class A-2 through G-3 bonds and Class X bonds

  -- Issue Amount (initial): JPY 36.2 billion

  -- Dividend: Floating

  -- Issue Date (initial): December 28, 2006

  -- Final Maturity Date: November 12, 2012

  -- Underlying Asset (initial): 11 non-recourse loans backed by
     real estate

  -- Originator: Credit Suisse Principal Investments Limited,
     Tokyo Branch (CSPI)

  -- Arranger: Credit Suisse Securities (Japan) Limited

The bonds were issued by CSC, Series 1 GK.  The 11 loans, which
were originated by CSPI, were transferred to the issuer and are
backed by 72 properties.

Payments will be made pro rata on both the Senior and the
Subordinated Bonds in the case of (1) payment at maturity or (2)
prepayment by liquidation or refinancing of any of the loans.

In the event of a loan default, a write-down amount due to any
loss from the defaulting loan will be allocated in reverse
sequential order from the Class G to A bonds.

Two of the loans have been paid down in full so far.  The
principal of one loan suffered partial impairment as a result of
special servicing.  The other eight loans are under special
servicing.

Of these eight, six are backed by residential properties outside
Tokyo; one is backed by a retail property outside Tokyo; and the
last is backed by office/retail properties in and outside Tokyo.

                         Rating Rationale

The rating action reflects these factors:

(1) The principal of one of the loans (backed by retail properties
    in Tokyo) under special servicing suffered partial impairment
    as a result of the special servicing.

(2) The recovery of all the loans may well be lower than Moody's
    assumptions at the rating action in December 2009, as the
    Asset Disposition Reports for each of the loans were revised
    in October and in November 2010.

(3) The current rating action reflects the increasing likelihood
    that, given the Asset Disposition strategy, the Class E-2
    through F-3 bonds will suffer losses in the event of the sale
    of the property.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.

                     Regulatory Disclosures

Credit ratings are Moody's current opinions of the relative future
credit risk of entities, credit commitments, or debt or debt-like
securities.  Moody's defines credit risk as the risk that an
entity may not meet its contractual, financial obligations as they
come due and any estimated financial loss in the event of default.
Credit ratings do not address any other risk, including but not
limited to: liquidity risk, market value risk, or price
volatility.  Credit ratings do not constitute investment or
financial advice, and credit ratings are not recommendations to
purchase, sell, or hold particular securities.  No warranty,
express or implied, as to the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any such
rating or other opinion or information is given or made by Moody's
in any form or manner whatsoever.

The credit risk of an issuer or its obligations is assessed based
on information received from the issuer or from public sources.
Moody's may change the rating when it deems necessary.  Moody's
may also withdraw the rating due to insufficient information, or
for other reasons.

Information sources used to prepare the credit rating came these:
parties involved in the ratings (such as the Arranger), parties
not involved in the ratings, public information, confidential and
proprietary Moody's information.

Measures taken to ensure the quality of this information include
preparation or reviews by a third party.

Moody's considers the quality of information available on the
issuer or obligation satisfactory for the purposes of maintaining
a credit rating.

Moody's Japan K.K. is a credit rating agency registered with the
Japan Financial Services Agency and its registration number is FSA
Commissioner (Ratings) No. 2.  The Financial Services Agency has
not imposed any supervisory measures on Moody's Japan K.K. in the
past year.

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


NCI TRUST: S&P Downgrades Ratings on Class D Certificates
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D trust certificates issued under NCI Trust Certificate-2's
transaction, and affirmed its ratings on classes B and C trust
certificates issued under the same transaction.  At the same time,
S&P removed the ratings from CreditWatch, where they were placed
with negative implications on Oct. 8, 2010.  S&P also affirmed its
rating on the class A certificates at 'AAA (sf)'.

This transaction was originally backed by seven loans extended to
seven borrowers and one specified bond to one obligor.  Five loans
have been repaid so far, and two loans and one specified bond,
which account for about 52% of the original issue amount, are
outstanding as of December 2.

S&P reviewed its assessment of the recovery prospects for the
properties backing the remaining two loans and specified bond
after considering a number of factors, including the performance
of the properties, the types and location of the properties and
the situation regarding real estate deals involving similar types
of assets.  S&P downgraded class D because S&P lowered its
assumption with respect to the likely collection amount from the
properties backing the remaining loans and a specified bond.  S&P
currently assume the combined value of the properties that S&P
revised this time to be about 79% of its initial underwriting
value.

Proceeds from repayments have been applied to redemption of trust
certificates in the sequential payment structure from senior
classes, which has improved credit enhancement of senior classes.
As such, S&P affirmed its ratings on classes A through C.

The trust certificates were initially secured by seven loans
originated by Nomura Capital Investment Co. Ltd. extended to seven
borrowers, and by one specific bond underwritten by Nomura
Securities Co. Ltd.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in September 2013 for the class A
certificates, and the full payment of interest and ultimate
repayment of principal by the legal maturity date for the class B
to D certificates.

          Ratings Lowered, Removed From Watch Negative

          JPY31.1465 billion trust certificates due 2013*

Class      To          From                  Initial Issue Amount
-----      --          ----                  --------------------
D          B (sf)      BB (sf)/Watch Neg     JPY1.4535 bil.

          Ratings Affirmed, Removed From Watch Negative

Class      Rating      From                  Initial Issue Amount
-----      ------      ----                  --------------------
B          A (sf)      A (sf)/Watch Neg      JPY4.2 bil.
C          BBB (sf)    BBB (sf)/Watch Neg    JPY2.3 bil.

                        Ratings Affirmed

           Class      Rating      Initial Issue Amount
           -----      ------      --------------------
           A          AAA (sf)    JPY22.8 bil.

*Class R (Initial issue amount of JPY0.393 bil) is not rated.


JLOC XXIV: S&P Downgrades Rating on Class C Certificates
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
C floating-rate trust certificates issued under the JLOC XXIV
transaction, and removed it from CreditWatch with negative
implications, where it was placed on Oct. 8, 2010.  At the same
time, S&P affirmed its ratings on classes A, B, and X.

Of the 12 loans that initially backed the transaction, only five
loans (the five loans originally represented a combined 21% or so
of the total initial issuance amount of the trust certificates)
remain.

S&P downgraded class C because S&P lowered the recovery prospects
from the properties backing the transaction's five remaining loans
after considering the types and location of the properties in
question, as well as the situation regarding real estate deals
involving similar types of assets.  S&P currently assumes the
combined value of the properties that S&P revised this time to be
about 72%of S&P's initial underwriting value.

Meanwhile, S&P affirmed its ratings on classes A and B because
credit enhancement levels for these classes have risen as the
transaction's underlying loans have been repaid.

The transaction was originally secured by 12 nonrecourse loans,
which were ultimately backed by 56 real estate properties.  The
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd. ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in May 2014 for the class A to C trust
certificates, and the timely payment of available interest for the
interest-only class X trust certificates.

             Rating Lowered, Off Creditwatch Negative

                            JLOC XXIV
   JPY22.8 billion floating-rate trust certificates due May 2014

   Class   To        From                 Initial Issue Amount
   -----   --        ----                 --------------------
   C       BB (sf)   BBB (sf)/Watch Neg   JPY1.8 billion

                        Ratings Affirmed

Class     Rating      Initial Issue Amount
-----     ------      --------------------
A         AAA (sf)    JPY18.8 billion
B         AA (sf)     JPY2.2 billion
X         AAA (sf)    JPY22.8 billion (initial notional principal)


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


HYUNDAI ENG'G: Creditors Ask More Loan Docs From Hyundai Group
--------------------------------------------------------------
Yonhap News reports that creditors of Hyundai Engineering &
Construction Co. called on Hyundai Group again on Monday to clear
speculation about its loan set to be used to take over the
construction firm.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2010, Yonhap News Agency said Hyundai Engineering'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.

According to Yonhap, Hyundai Group said it would utilize its
KRW1.2 trillion loan from French Bank Natixis SA for the
acquisition and submitted on Friday documents upon creditors'
requests to verify the French lender's issuance of the loan
deposited in the same bank.

Yonhap says that skepticism, however, still lingers as some
continued to raise questions over the actual source of the
deposits.  Hyundai Group is speculated to have borrowed the fund
from a private equity fund at a condition unfavorable to the
fiscal health of the group, Yonhap relates.

"The Nataxis document, which Hyundai Group has submitted so far,
has been not enough to defuse suspicions," the creditors'
committee said in a statement, according to Yonhap.

Yonhap relates the committee said Hyundai Group will have to
submit additional evidence to verify the nature of the French bank
deposits by Dec. 14, 2010.

Yonhap notes that main creditor Korea Exchange Bank had previously
warned that it could revoke the preliminary deal to choose Hyundai
Group as the prime bidder if the group fails to verify the source
of the loan or if any irregularities are found in its funding
process.

                     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
===============


HO HUP: Plan Filing Deadline Extended Until February 4
------------------------------------------------------
Bursa Malaysia Securities Berhad has granted Ho Hup Construction
Company Berhad an extension of time of three months from
November 4, 2010, to February 4, 2011, to submit a revised
regularization plan.

As a PN17 Company, Ho Hup is required to:

   (a) submit a regularization plan to the Securities Commission
       if the plan will result in a significant change in the
       business direction or policy of the Company; or

       submit a regularization plan to Bursa Malaysia Securities
       Berhad if the plan will not result in a significant change
       in the business direction or policy of the Company, and to
       obtain Bursa Securities' approval to implement the plan;

   (b) implement the plan within the timeframe stipulated by the
       SC or Bursa Securities, as the case may be;

   (c) announce within 3 months from the First Announcement, on
       whether the regularization plan will result in a
       significant change in the business direction or policy of
       the company;

   (d) announce the status of its regularization plan and the
       number of months to the end of the relevant timeframes on
       a monthly basis until further notice from Bursa Securities;

   (e) announce its compliance or non-compliance with a particular
       obligation imposed pursuant to PN17 of the Listing
       Requirements on an immediate basis;

   (f) announce the details of the regularization plan which
       announcement must fulfill the requirements as set out in
       Paragraph 4.2 of PN17 of the Listing Requirements; and

   (g) where Ho Hup fails to regularize its condition, announce
       the dates of suspension and de-listing of its listed
       securities immediately upon notification of suspension
       and de-listing by Bursa Securities.

                            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.


HOVID BERHAD: Swings to MYR5.16MM Net Income in September 30 Qtr
----------------------------------------------------------------
Hovid Bhd disclosed with the Bursa Malaysia Securities its
unaudited financial results for first quarter ended September 30,
2010.

The Company reported MYR5.16 million net loss on MYR42.42 million
of revenues in the three months ended September 30, 2010, compared
with net income of MYR10.23 million on MYR98.51 million of
revenues in the same quarter of 2009.

At September 30, 2010, the Company's consolidated balance sheet
showed MYR206.24 million in total assets, MYR103.77 million in
total liabilities, and MYR102.47 million in stockholders' equity.

The Company's consolidated balance sheets at September 30, 2010,
showed strained liquidity with MYR58.87 million in total current
assets available to pay MYR86.16 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?7079

                          About Hovid Berhad

Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a Malaysia
based company.  The Company is engaged in the business of
manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.

Hovid Berhad has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.

Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements.  Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme.  The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme.  The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.


LCL CORP: Posts MYR3.72 Million Net Loss for September 30 Quarter
-----------------------------------------------------------------
LCL Corporation Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for third quarter ended
September 30, 2010.

The company posted a net loss of MYR3.72 million on MYR18,000 of
revenues in the quarter ended September 30, 2010, as compared to
MYR26.41 million net loss on MYR57.79 million of revenues in the
same quarter of 2009.

As at September 30, 2010, the company's consolidated balance sheet
showed MYR109.92 million in total assets and MYR511.40 million in
total liabilities, resulting in total stockholders' deficit of
MYR401.48 million.

In its latest quarterly result, the Company discloses that as of
September 30, 2010, it has incurred an accumulated losses of
MYR527.35 million, and that its current liabilities exceed its
current assets by MYR425.65 million, which may not be sufficient
to pay for the operating expenses in the next 12 months.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7077

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


SYARIKAT KAYU: Swings to MYR548,000 Net Income in September 30 Qtr
------------------------------------------------------------------
Syarikat Kayu Wangi Berhad reported net income of MYR548,000
on revenue of MYR7.66 million for the three months ended
September 30, 2010, compared with net a loss of MYR1.24 million
on revenue of MYR4.26 million in the same quarter of 2009.

As of September 30, 2010, the Company's consolidated balance sheet
showed MYR97.63 million in total assets, MYR80.07 million in total
liabilities, and shareholders' equity of MYR17.56 million.

As of September 30, 2010, the Company's unaudited balance sheet
showed strained liquidity with current assets of MYR22.35 million
available to pay MYR78.87 million of liabilities coming due within
the next twelve months.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7076

                        About Syarikat Kayu

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.


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


BLUE CHIP: Investors Lose Court Battle Against GE Custodian
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that the Supreme Court has
ruled finance company GE Custodians wasn't to blame for a
Whangarei couple's decision to invest in the failed Blue Chip
property investment group.

BusinessDesk relates that the judgment, given by Justice Peter
Blanchard, found that a NZ$630,000 loan to Bruce and Dorothy
Bartle from GE, the local finance unit of multi-national General
Electric, was not made on oppressive terms.

The bench ruled that the Court of Appeal erred in determining the
couple didn't get independent advice, BusinessDesk says.

According to BusinessDesk, the Bartles lost heavily when a loan-
backed investment in a NZ$552,000 Auckland apartment went bad, and
was later sold for NZ$250,000.  They were trying to block a
mortgagee sale of their NZ$400,000 property by GE after Blue Chip
collapsed.

BusinessDesk relates Jonathan Mathias, who was recommended to them
by a Blue Chip salesman, acted on their behalf, and though he was
"found to be negligent" in the High Court ruling, "his
independence was not the subject of challenge" and GE was entitled
to believe his advice to the Bartles was sound.

"Whilst the Bartles are deserving of much sympathy, it was they
who chose to put their faith in Blue Chip and their chosen
lawyer," BusinessDesk quoted Mr. Blanchard as saying.  "They
expressly disavowed reliance on GE. It would make bad law if they
could now hold GE responsible for what has occurred."

Mr. Blanchard, as cited by BusinessDesk, said it would be quite
wrong to hold GE culpable for what has occurred where the Bartles
received independent advice, and GE wasn't aware of any matters
that could have put the loans in breach of reasonable commercial
practice.

BusinessDesk notes that the case has been sent back to the
High Court for further determination of issues, and the Bartles
were ordered to pay GE NZ$25,000 in costs.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


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


PHILIPPINE AIRLINES: Union Members to Hold Strike Vote Today
------------------------------------------------------------
INQUIRER.net reports that the Philippine Airlines Employees'
Association has delivered its notice of strike vote to the
Department of Labor and Employment's National Conciliation and
Mediation Board.

INQUIRER.net relates Palea said the notice signals that it will
hold a strike vote today, December 7, and expects to get the
necessary majority support of its members.

"The strike vote is compliance with the requirements of the law.
If management does not desist from harassing Palea members to
avail of the separation offer which is tantamount to individual
bargaining and therefore illegal then we will be forced to
actually hold the strike," Gerry Rivera, Palea president and vice
chairman of the militant Partido ng Manggagawa (PM), was quoted by
INQUIRER.net as saying.

INQUIRER.net says Palea explained that the strike vote does not
constitute a transgression of the mediation efforts of the Office
of the President (OP).

Mr. Rivera, INQUIRER.net says, clarified that the issue pending at
the OP is PAL's outsourcing plan which has been affirmed by Labor
Secretary Baldoz while the strike vote arose from the complaint of
individual bargaining by PAL management, which constitutes unfair
labor practice and union busting.

According to INQUIRER.net, some 3,700 Palea members from all PAL
offices in Manila, the airports of Cebu and Davao, and outlying
stations in 14 cities nationwide will participate in the strike
vote.  Palea announced that everything is all set for the orderly
conduct of the strike vote today.

                       About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


BEE TONG: Creditors' Proofs of Debt Due January 3
-------------------------------------------------
Creditors of Bee Tong Trading Company Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 3, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Simon Ong
         c/o 38 South Bridge Road
         #04-00 Singapore 058672


CAMARO INTERNATIONAL: Creditors' Proofs of Debt Due January 3
-------------------------------------------------------------
Creditors of Camaro International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 3, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         c/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


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

United Overseas Bank Limited filed the petition against the
company on November 23, 2010.

The Petitioner's solicitors are:

         Allen & Gledhill LP
         One Marina Boulevard #28-00
         Singapore 018989


INTERNATIONAL FOUNDATION: Creditors' Proofs of Debt Due January 3
-----------------------------------------------------------------
Creditors of International Foundation Engineering Pte Ltd, which
is in creditors' voluntary liquidation, are required to file their
proofs of debt by January 3, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Simon Ong
         c/o 38 South Bridge Road #04-00
         Singapore 058672


J2 PTE: Creditors' Meeting Set for December 9
---------------------------------------------
J2 Pte Ltd, which is in creditors' voluntary liquidation, will
hold a meeting for its creditors on December 9, 2010, at
2:00 p.m.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers
         Singapore 229594


LIFE STYLE: Creditors' Proofs of Debt Due December 31
-----------------------------------------------------
Creditors of Life Style Icon Pte Ltd., which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by December 31, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


ONG HOLDINGS: Creditors' Proofs of Debt Due January 3
-----------------------------------------------------
Creditors of Ong Holdings (Private) Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by January 3, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Simon Ong
         c/o 38 South Bridge Road #04-00
         Singapore 058672


ORGANIC CAFE: Creditors Get 1.7367% Recovery on Claims
------------------------------------------------------
Organic Cafe Experience Pte Ltd declared the first and final
dividend on December 3, 2010.

The company paid 1.7367% to the received claims.

The company's liquidator is:

         Victor Goh
         c/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


PRIMROSE GROUP: Court to Hear Wind-Up Petition on December 31
-------------------------------------------------------------
A petition to wind up the operations of Primrose Group
International Pte Ltd will be heard before the High Court of
Singapore on December 31, 2010, at 10:00 a.m.

Shen Yi Engineering Pte Ltd filed the petition against the company
on November 29, 2010.

The Petitioner's solicitors are:

          Messrs. Tito Isaac & Co LLP
          20A Circular Road
          Singapore 049376


SEMBAWANG MUSIC: Creditors' Proofs of Debt Due December 17
----------------------------------------------------------
Creditors of Sembawang Music Centre Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mich Aw
         c/o 10 Anson Road
         #29-15 International Plaza
         Singapore 079903


SING-PORT SHIP: Court to Hear Wind-Up Petition on January 10
------------------------------------------------------------
A petition to place Sing-Port Ship Services Pte Ltd under judicial
management will be heard before the High Court of Singapore on
January 10, 2011, at 10:00 a.m.

Mr. Benedict Ong Boon Lee has been nominated as the judicial
manager.

The Petitioner's solicitors are:

          Asia Ascent Law Corporation
          138 Cecil Street
          #12-01/01B Cecil Court
          Singapore 069538


TELECARDS PTE: Court to Hear Wind-Up Petition on December 17
------------------------------------------------------------
A petition to wind up the operations of Telecards Pte Ltd will be
heard before the High Court of Singapore on December 17, 2010, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on November 23, 2010.

The Petitioner's solicitors are:

          Messrs Lee & Lee
          5 Shenton Way
          #07-00 UIC Building
          Singapore 068808


VISION COMMS: Creditors' Proofs of Debt Due January 3
-----------------------------------------------------
Creditors of Vision Comms Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by January
3, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Victor Goh
         c/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


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


* BOND PRICING: For the Week November 29 to December 3, 2010
------------------------------------------------------------


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

  AUSTRALIA
  ---------

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

  CHINA
  -----

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


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      37.50


  INDIA
  -----

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


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/13     IDR      45.25


  JAPAN
  -----

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


  MALAYSIA
  --------

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


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

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


SINGAPORE
---------

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


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

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


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.76


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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