TCRAP_Public/101208.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

           Wednesday, December 8, 2010, Vol. 13, No. 242

                            Headlines



A U S T R A L I A

PACIFIC FIRST: May Face More Than AU$100 Million Legal Claims
SIGMA PHARMACEUTICALS: Revenue to Fall 15% on Pfizer Move
SOUVLAKI HUT: Franchised Food Company Attacks Sale Process
THORNE BUILDERS: BSA to Help Homeowners as Firm Collapses


H O N G  K O N G

MANDOLIN HK: Middleton and Power Appointed as Liquidators
MAX TECH: Court Enters Wind-Up Order
MINIGRAND LIMITED: Court Enters Wind-Up Order
NEWCON INDUSTRIAL: Court Enters Wind-Up Order
NGAN'S INVESTMENT: Court Enters Wind-Up Order

PO LOK: Court Enters Wind-Up Order
POWER MAX: Court to Hear Wind-Up Petition on January 12
RISE GROUP: Holds First Meetings on December 3
SHIU HUNG: Court to Hear Wind-Up Petition on January 5
SIM HA: Court to Hear Wind-Up Petition on January 19

SERENA ELECTRICAL: Court to Hear Wind-Up Petition on December 29
SUPERIOR PRECESION: Yeung Mui Kwan David Appointed as Liquidator
SUPREME ART: Court Enters Wind-Up Order
TEN PLUS: Lui and Yuen Appointed as Liquidators
TONIC APPLIANCES: Court to Hear Wind-Up Petition on December 15

UNIVERSAL SHEEN: Creditors Get 100% Recovery on Claims
WELLICO DEVELOPMENT: Court Enters Wind-Up Order
WIDEST SKY: Court Enters Wind-Up Order


I N D I A

ABHAY ISPAT: ICRA Assigns 'LBB+' Rating to INR34.50cr Bank Debt
BHUVANESWARI COTSPIN: ICRA Assigns 'LBB' Rating to INR15.3cr Loan
CARONA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR189.1MM Loan
DURAIRAJ MILLS: ICRA Reaffirms "LBB" Rating on INR38cr Term Loan
FRONTIER KNITTERS: CRISIL Reaffirms 'C' Rating on INR100MM Debt

ING VYSYA: Fitch Affirms Individual Rating at 'D'
MYSORE PAPER: CRISIL Cuts Rating on INR450MM Cash Credit to 'C'
NAVBHARAT EXPLOSIVES: CRISIL Reaffirms 'B+' Rating on INR50MM Debt
NAVBHARAT FUSE: CRISIL Reaffirms 'D' Rating on INR122MM Term Loan
RAVIAN ENGINEERS: CRISIL Places 'B' Rating to INR41.7MM Term Loan

RUKMANI INFRA: CRISIL Assigns 'D' Rating to INR20 Million Loan
SAI COMPUTERS: CRISIL Assigns 'BB+' Rating to INR110MM Cash Credit
SURYAUDAY SPINNING: CRISIL Cuts Rating on INR206.4MM Loan to 'D'
TORQUE AUTOMOTIVE: ICRA Assigns 'LBB+' Rating to INR28cr Bank Debt


I N D O N E S I A

ARPENI PRATAMA: Bondholders Reject Request For Standstill Deal
BANK DANAMON: Fitch Affirms 'BB+' Issuer Default Rating
BANK OCBC: Fitch Affirms Issuer Default Ratings at 'BB+'


J A P A N

JLOC 41: Moody's Downgrades Rating on Class D1 Notes to 'C'
JLOC XXX: Fitch Places Bond Ratings on Negative Watch
JLOC XXX: Fitch Puts Ratings on Notes on Negative Watch


M A L A Y S I A

GULA PERAK: Reports MYR33.07 Mil. Net Loss For September 30 Qtr
JERNEH ASIA: Classified as Affected Listed Issuer Under PN17
TRACOMA HOLDINGS: Posts MYR11.09MM Net Loss in Qtr Ended Sept. 30
VTI VINTAGE: Posts MYR1.35 Million Net Loss in Qtr Ended Sept. 30


N E W  Z E A L A N D

CRAFAR FARMS: Allan Crafar Loses Bid to Fend Off Eviction


T H A I L A N D

TMB BANK: Fitch Affirms 'BBB-' Long-Term Issuer Default Rating


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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PACIFIC FIRST: May Face More Than AU$100 Million Legal Claims
-------------------------------------------------------------
The Sydney Morning Herald reports that a public examination into
the "gross mismanagement" of First Mortgage Fund's former manager,
the failed Gold Coast property financier City Pacific, could yield
legal actions worth more than AU$100 million.

The Herald relates that in a series of briefings last month to
unitholders who have lost more than half of their initial
AU$900 million investment, First Mortgage Fund's current manager,
Balmain Trilogy said a public examination to be conducted next
year could pave the way for legal claims against "professional
advisers, service providers, executives and financiers."

"We found circumstances under which unit holders had been deceived
and defrauded and we now face the greatest possible challenge to
recover value for unit holders," Balmain Trilogy said in an
investor briefing document obtained by the Herald.

According to the Herald, Balmain Trilogy said the Australian
Securities and Investments Commission has taken the unusual step
of allowing it -- as responsible entity for the fund -- to conduct
a public examination.

"This now enables us to examine the records and behaviour of
people and companies involved in the history of your fund," the
manager said. "Subject to the results of the examinations, we
believe that the claims could exceed $100 million."

The Herald says the public examination and any subsequent legal
action will be financed by the litigation funder IMF, which will
take 26% of proceeds from any successful action on a no-win, no-
fee basis.

Balmain Trilogy continued to offer investors a scathing assessment
of City Pacific's actions as the original manager of the fund,
saying "it was never managed for the benefit of investors but
rather as the preferred lender to City Pacific itself and its
various joint ventures," the Herald reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2010, Pacific First Mortgage Fund avoided an asset fire
sale after Commonwealth Bank of Australia extended an
AU$82 million loan facility for the beleaguered fund.  The new
loan facility expired on June 30, 2010, but will be renewable
every year if CBA remains comfortable with the fund's performance.
Balmain Trilogy's joint chief executive Andrew Griffin said the
bank's decision enhanced the fund's ability to improve recoveries
from its assets and prevented a fire sale of some assets.

                             About PFMF

Pacific First Mortgage Fund, formerly known as City Pacific First
Mortgage Fund, is an unlisted registered managed investment
scheme.  Historically, the responsible entity of the Fund has been
the ASX listed company City Pacific Limited (City Pacific).
Unit holders in the Fund requisitioned a meeting under s.252B of
the Corporations Act 2001, to consider the removal of City Pacific
and the appointment of Trilogy Funds Management Limited as
responsible entity for the Fund.  The meeting was held on
June 25, 2009.


SIGMA PHARMACEUTICALS: Revenue to Fall 15% on Pfizer Move
---------------------------------------------------------
Sigma Pharmaceuticals said Monday that it expects its annual
wholesaling revenues to decrease by approximately 10-15% from
February 2011 after one of its major suppliers, Pfizer Australia,
said it will be expanding its current "Pfizer Direct" model so
that all prescription products will be delivered by Pfizer direct
to pharmacies.  This program will by-pass the national full line
wholesaling system.

"However, the full impact on future earnings is being assessed,"
Sigma said in a statement.

Pfizer also said it would not be seeking to participate in the
Community Service Obligation (CSO) funding pool.  Sigma will
continue to distribute Pfizer's OTC & Consumer Products.

"Given the significance of this change, combined with the impact
of the recent PBS reform legislation, this will accelerate the
need for Sigma to further reduce its customer trading terms,"
Sigma said.

                     About Sigma Pharmaceuticals

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

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


SOUVLAKI HUT: Franchised Food Company Attacks Sale Process
----------------------------------------------------------
Smart Company reports that Franchised Food Company Chief Executive
Stan Gordon has attacked the administrator of Souvlaki Hut,
claiming the sale of the chain to a group of investors led by
former Video Ezy Chief Daryl McCormack should have been more
transparent.

But BDO administrator Laurie Fitzgerald said Mr. Gordon is simply
upset his company did not offer the winning bid, says Smart
Company.

According to Smart Company, Mr. Gordon said that the
administrators should have conducted a more open process when
deciding to sell the company.

"There was no tender process, nothing was put out.  They put it
into administration and sold it three minutes later.  It is a
disgrace," Smart Company quoted Mr. Gordon as saying.

Smart Company discloses that Souvlaki Hut was placed into
administration last week after former owners, John and Bill
Fotiadis, experienced financial difficulties and threats of
litigation from disgruntled franchisees.

But Mr. Fitzgerald said Souvlaki Hut has been up for sale since
May, and that Franchised Food Company was one of a few
organizations interested in buying the company, Smart Company
adds.   Mr. Fitzgerald explained that when he took over as
administrator, he had to make "the best decision" about how to
keep the company afloat, according to Smart Company.

According to the report, Mr. Fitzgerald said Mr. Gordon is simply
upset that he missed an opportunity, and points out that the deal
will still need to be approved by creditors.  An initial creditors
meeting will be held on December 13, with another meeting to be
held on January 14.

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


THORNE BUILDERS: BSA to Help Homeowners as Firm Collapses
---------------------------------------------------------
Daily Mercury reports that the Building Services Authority was
trying to contact the owners of 25 homes being constructed by
Thorne Builders, after the company was put into liquidation.

According to Daily Mercury, BSA spokesman Ian Jennings said the
authority would work with affected consumers to help them get
their homes completed as quickly as possible.

Daily Mercury relates that Mr. Jennings said extra staff would be
sent to Mackay to meet owners and assess their entitlements under
the BSA's statutory Home Warranty Insurance Scheme.

Mr. Jennings said it was unknown how much money tradespeople and
suppliers would be able to recoup, notes Daily Mercury.

"A lot of suppliers and trade contractors will be owed money. (The
liquidators) SV Partners will determine how much during the next
few weeks," Mr. Jennings said, according to Daily Mercury.

Mr. Jennings said he believed the global financial crisis had
contributed to the demise of Thorne Builders, which was owned by
Peter Thorne, Daily Mercury reports.

                        About Thorne Builders

Established by Ivan Thorne in 1963, Thorne Builders --
http://www.thornebuilders.com.au/--are building contractors based
in Mackay, Queensland.


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


MANDOLIN HK: Middleton and Power Appointed as Liquidators
---------------------------------------------------------
Messrs. Edward Simon Middleton and Fergal Thomas Power on Nov. 10,
2010, were appointed as liquidators of Mandolin Hong Kong Limited.

The liquidators may be reached at:

         Messrs. Edward Simon Middleton
         Fergal Thomas Power
         27/F Alexandra House 16-20
         Chater Road
         Central, Hong Kong


MAX TECH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on November 17, 2010,
to wind up the operations of Max Tech Trading Limited.

The official receiver is E T O'Connell.


MINIGRAND LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on November 17, 2010,
to wind up the operations of Minigrand Limited.

The official receiver is E T O'Connell.


NEWCON INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on November 17, 2010,
to wind up the operations of Newcon Industrial Limited.

The official receiver is E T O'Connell.


NGAN'S INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on October 5, 2010,
to wind up the operations of Ngan's Investment Company Limited.

The official receiver is E T O'Connell.


PO LOK: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on November 17, 2010,
to wind up the operations of Po Lok Metal Company Limited.

The official receiver is E T O'Connell.


POWER MAX: Court to Hear Wind-Up Petition on January 12
--------------------------------------------------------
A petition to wind up the operations of Power Max Design Limited
will be heard before the High Court of Hong Kong on January 12,
2011, at 9:30 a.m.

Mak Ching Shan Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Szwina Pang, Edard Li & Co
          Suite 1408, 14th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


RISE GROUP: Holds First Meetings on December 3
-----------------------------------------------
Creditors and contributories of Rise Group Technology Limited held
their first meetings last December 3, 2010, at 4:00 p.m., and 4:30
p.m., respectively at 10th Floor, Dah Sing Life Building,
99-105 Des Voeux Road Central, in Hong Kong.

At the meeting, Chiu Koon Shou, the company's liquidator, gave a
report on the company's wind-up proceedings and property disposal.


SHIU HUNG: Court to Hear Wind-Up Petition on January 5
------------------------------------------------------
A petition to wind up the operations of Shiu Hung Industrial
Limited will be heard before the High Court of Hong Kong on
January 5, 2011, at 9:30 a.m.

Fu Wah Trading (HK) 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


SIM HA: Court to Hear Wind-Up Petition on January 19
----------------------------------------------------
A petition to wind up the operations of Sim Ha International
Limited will be heard before the High Court of Hong Kong on
January 19, 2011, at 9:30 a.m.

First Rex Enterprises Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower 2, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories


SERENA ELECTRICAL: Court to Hear Wind-Up Petition on December 29
----------------------------------------------------------------
A petition to wind up the operations of Serena Electrical Mfg
(China) Company Limited will be heard before the High Court of
Hong Kong on December 29, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          King & Wood
          9th Floor, Hutchison House
          Central, Hong Kong


SUPERIOR PRECESION: Yeung Mui Kwan David Appointed as Liquidator
----------------------------------------------------------------
Mr. Yeung Mui Kwan David on September 9, 2010, was appointed as
liquidator of Superior Precesion Engineering Company Limited.

The liquidator may be reached at:

         Mr. Yeung Mui Kwan David
         14/F San Toi Building
         137-139 Connaught Road
         Central, Hong Kong


SUPREME ART: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on November 15, 2010,
to wind up the operations of Supreme Art Limited.

The official receiver is E T O'Connell.


TEN PLUS: Lui and Yuen Appointed as Liquidators
-----------------------------------------------
Messrs. Kennic Lai Hang Lui and Yuen Tsz Chun on July 27, 2010,
were appointed as liquidators of Ten Plus Limited.

The liquidators may be reached at:

         Messrs. Kennic Lai Hang Lui
         Yuen Tsz Chun
         5th Floor Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


TONIC APPLIANCES: Court to Hear Wind-Up Petition on December 15
---------------------------------------------------------------
A petition to wind up the operations of Tonic Appliances Limited
will be heard before the High Court of Hong Kong on December 15,
2010, at 9:30 a.m.

Applica Consumer Products, Inc. filed the petition against the
company.

The Petitioner's Solicitors are:

          Barlow Lyde & Gilbert
          19th Floor, Cheung Kong Center
          2 Queen's Road
          Central, Hong Kong


UNIVERSAL SHEEN: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Universal Sheen Group Limited, which is in compulsory liquidation,
will pay full and final dividend to its creditors on December 10,
2010.

The company will pay 100% for ordinary claims.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


WELLICO DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on November 17, 2010,
to wind up the operations of Wellico Development Limited Trading
As Tung Cheuk Association Limited.

The official receiver is E T O'Connell.


WIDEST SKY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on October 8, 2010,
to wind up the operations of Widest Sky Group Hong Kong Limited.

The company's liquidator is Pui Chiu Wing.


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ABHAY ISPAT: ICRA Assigns 'LBB+' Rating to INR34.50cr Bank Debt
---------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR34.50 crore
fund-based bank facilities of Abhay Ispat (India) Pvt. Ltd.  The
outlook on the long-term rating is 'stable'.  ICRA has also
assigned an "A4+" rating to the INR7.00 crore short-term loan of
AIPL.  The fund-based and non-fund based bank facilities of AIPL
are completely inter-changeable.

The assigned ratings take into account the limited value addition
in the business of AIPL and the highly fragmented nature of the
industry, leading to intense competition, both of which result in
thin operating and net profitability; the risks associated with
the cyclicality inherent in steel prices, which are further
heightened by the company?s moderate inventory levels required to
sustain operations.  Nevertheless, the ratings factor in favorably
the extensive experience of the promoters in the flat steel
trading business; positive demand outlook for the flat steel
products; the company?s long standing relationship with large
domestic suppliers, ensuring regular supply of raw material; its
diverse customer base, which reduces sales concentration risk and
the company?s comfortable coverage indicators and return of
capital employed.

Incorporated in 2002, AIPL is engaged in trading of a wide variety
of flat steel products like hot rolled (HR) coils, cold rolled
(CR) coils, galvanized sheets and colour coated sheets. AIPL has
established relationships with leading domestic steel suppliers in
the flat steel products segment.  The company also imports
material from China and Russia.  Its warehousing facilities are
located at Taloja in the Raigad district of Maharashtra.

Recent Results

In 2008-09, AIPL made a net profit of INR 1.04 crore on the back
of net sales of INR 193.58 crore.  As per the provisional results
for 2009-10, AIPL recorded a profit before tax of INR 7.67 crore
on the back of net sales of INR 362.49 crore.


BHUVANESWARI COTSPIN: ICRA Assigns 'LBB' Rating to INR15.3cr Loan
-----------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR15.3 crore term loan
facilities and the INR11.5 crore fund based facilities of
Bhuvaneswari Cotspin India Private Limited.  The outlook on the
LBB rating is stable.  ICRA has also assigned "A4" rating to the
INR1.0 crore fund based sub-limit facilities and the INR2.0 crore
non-fund based sub-limit facilities of the Company.

The ratings consider the experience of promoters in the textile
industry, integrated nature of the operations of the companies in
the group and the Company's proximity to the textile hub of
Tirupur, which saves on logistics cost.  The ratings also consider
the small scale of Company's operations, which restrict scale
economics and financial flexibility, intense competition in the
highly fragmented industry structure which lowers pricing power of
spinners and the vulnerability of the textile industry to
competition from low-cost countries/from countries with relatively
lower foreign exchange fluctuations.

BCIPL is established by Mr. N. Loganathan, who has an experience
of over three decades in textile industry.  BCIPL is primarily
engaged in the production of cotton yarn (of the hosiery variety).
Incorporated in 2003, the Company has an installed capacity of
19,200 spindles.  Its manufacturing facility is located in
Kangeyam near Tirupur (Tamil Nadu).  The promoters and their
relatives hold 100 per cent stake in the Company.


CARONA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR189.1MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Carona Industries Pvt
Ltd continue to reflect CIPL's weak financial risk profile marked
by high gearing and weak debt protection indicators, small scale
of operations, limited track record, and exposure to volatility in
raw material prices.  These weaknesses are partially offset by the
company's average operating efficiency, and its promoters'
experience in the textile industry.

   Facilities                            Ratings
   ----------                            -------
   INR189.10 Million Long-Term Loan      B/Stable (Reaffirmed)
   INR50.00 Million Cash Credit          B/Stable (Reaffirmed)
   INR10.00 Million Packing Credit       P4 (Reaffirmed)
   INR25.00 Million Letter of Credit     P4 (Reaffirmed)
   INR5.40 Million Bank Guarantee        P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CIPL will maintain its stable business risk
profile over the medium term on the back of its promoters'
industry experience.  The outlook may be revised to 'Positive' if
the company's capital structure improves, and its revenues and
accruals increase substantially.  Conversely, the outlook may be
revised to 'Negative' if CIPL contracts large debt to fund its
capital expenditure, or if its revenue and margins decline
steeply, affecting its cash flows.

Update

CIPL's revenues in 2009-10 (refers to financial year, April 1 to
March 31) have been higher than CRISIL?s expectations due to
higher capacity utilization.  Furthermore, the company has booked
revenues of INR221 million in the first half of 2010-11, and
expects to report revenues of INR550 million for the year.
Moreover, its operating margin in the current year is expected to
be higher as the increase in its scale of operations will lead to
lower fixed costs.  However, CIPL's liquidity continues to be
constrained by high utilization of bank limits.

CIPL posted a provisional profit after tax (PAT) of INR0.3 million
on net sales of INR301 million for 2009-10, as against a PAT of
INR0.7 million on net sales of INR215 million for 2008-09.

                      About Carona Industries

Set up in 2006 by Mr. K Saminathan, CIPL began commercial
production of cotton yarn in 2008. The company?s unit at Tirupur
(Tamil Nadu) has a capacity of 14,400 spindles.


DURAIRAJ MILLS: ICRA Reaffirms "LBB" Rating on INR38cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating outstanding on the INR38.0
crore (enhanced from INR22.4 crore) term loan facilities, the
INR15.0 crore (enhanced from INR9.5 crore) fund based facilities
of Durairaj Mills Limited.  The outlook on the long term rating is
Stable.  ICRA has also reaffirmed the "A4" rating outstanding on
the INR5.0 crore (enhanced from INR4.0 crore) non-fund based
facilities and INR7.2 crore fund based facilities of DML.

The rating reaffirmation takes into account the company's
financial risk profile characterized by high gearing and stretched
debt coverage indicators; and vulnerability to intense competition
in a fragmented industry given the commoditized nature of the grey
cotton yarn, which limits the pricing power.  Also, the company's
plan for debt-funded capex towards addition of spindles is likely
to stretch the gearing levels further.  The ratings also factor in
the company's relatively small scale of operations, high
vulnerability to cotton price movements, which have been highly
volatile owing to demand/supply factors and intense competition
prevailing in the highly fragmented industry.  However, the
ratings also consider experience of the promoter in spinning
business and the limited churn rate of customers aided by long
standing relationship.  Revival in demand scenario for cotton yarn
and improved outlook for the spinning industry are expected to
result in better realisations for yarn manufacturers.

                        About Durairaj Mills

Durairaj Mills Limited was incorporated in 1983 and is primarily
engaged in production of Hosiery and Warp yarn.  Initially, the
group business of cotton trading and ginning was started in 1950s
by Mr. N. Duraiswamy Naidu, later his sons (Mr. P.D. Damodaran,
Mr. D. Kanagaraj, Mr. D. Jayachandran and Mr. D. Ramaswamy)
promoted the Company. Apart from spinning business, the directors
also derive income from agricultural activities.  The Company's
manufacturing unit is ISO-9002 certified and is located in Annur,
Coimbatore with an installed capacity of 34,704 spindles.  The
Company produces combed, carded and slub yarns of count ranging
from 8s to 60s.


FRONTIER KNITTERS: CRISIL Reaffirms 'C' Rating on INR100MM Debt
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Frontier Knitters, a
Frontier group entity, continue to reflect delay by Frontier in
meeting its term loan obligations; the delay has been caused by
Frontier's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR100.00 Million Cash Credit        C (Reaffirmed)
   INR80.00 Million Foreign Bills       C (Reaffirmed)
                      Discounting
   INR37.00 Million Standby Limit       C (Reaffirmed)
   INR159.60 Million Long-Term Loan     D (Reaffirmed)
   INR5.00 Million Bank Guarantee       P4 (Reaffirmed)

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

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

Update

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

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

                         About the Group

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


ING VYSYA: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has downgraded India's ING Vysya Bank Limited's
National Long-term rating to 'AA-(ind)' from 'AA(ind)' and the
rating on its INR3.9 billion subordinated debt to 'AA-(ind)' from
'AA(ind)'.  The agency has also affirmed ING Vysya's Individual
rating at 'D' and Support rating at '3'.  The Outlook on the
National LT rating is Stable.

The downgrades reflect Fitch's view that ING Vysya's National LT
rating is now driven by its stand-alone financial performance
rather than institutional support as was the case in the past.
While Fitch continues to factor in a moderate probability of
support from the parent - ING Bank (foreign currency Long-term
Issuer Default Rating: 'A+', Outlook: Stable, Individual Rating
'C'), the agency also recognizes that the parent has been
reviewing its business portfolio to limit the number of its
markets and simplifying the group structure and operations.  The
National LT rating is now solely based on ING Vysya's stand-alone
credit profile, reflected in its Individual Rating of 'D', and
which takes into account its domestic franchise and sound
capitalization.  The Stable Outlook reflects ING Vysya's improving
financials and growing competitiveness compared to other banks
with 'D' Individual ratings.

ING Vysya's profitability ratios have improved steadily over the
years, reflecting the successful implementation of the bank's
strategies for controlling costs and growing low-cost retail
deposit base.  The bank's return on asset improved to 0.84%
(annualized) at end-September 2010 (H111, FY10: 0.74%), however,
its profitability remained below that of larger private banks,
mainly due to a lower net interest margin and higher operating
costs (cost-to-income ratio of 56.9% at end-September 2010).  The
bank aims to leverage its existing infrastructure to expand its
business over the next few quarters; this should help to raise ING
Vysya's operating profitability and reduce the cost-to-income
ratio to more competitive levels.

ING Vysya's gross non-performing loan ratio declined to 2.91% at
end-H111 (FY10: 2.96%) due to better overall credit risk
management and winding down of the bank's unsecured retail asset
book.  Fitch believes that with the management's increased focus
on secured assets, its asset quality should improve over the near-
term.

The bank's current account-savings account ratio continues to
improve steadily (35.9% in H111 vs 32.6% at FY10) on the back of
its efforts to build up its retail liabilities portfolio.  At end-
September 2010, ING Vysya's total capital adequacy ratio was 13.5%
and the Tier 1 capital ratio was 9.4%.  Its capitalization is
likely to remain adequate over the medium-term on the back of
support from ING, and the expectation of moderate capital
requirement.

ING Vysya's Individual and thereby its National LT ratings could
be upgraded in the event of a significant and sustained
improvement in its profitability, capitalization and other credit
matrices consistent with a 'C/D'-rated bank.  The National LT
rating could face downward pressure in the event of a marked
deterioration in risk management or funding profile.

ING Vysya's lower tier 2 subordinated bonds have been rated at the
same level as its National LT rating based on Fitch's "Criteria
for Indian National Ratings of Bank Hybrids and Subordinated
Debt", dated January 18, 2010.

ING Vysya was established as The Vysya Bank Limited in 1930.  It
was rechristened in 2002 after ING acquired a 44% stake.
Traditionally a lender to small and medium enterprises, the bank
has, since then, scaled up its corporate and consumer banking
franchise.  ING Vysya uses the "ING" brand, logo, and colours.
Its network of 490 branches is concentrated in South India.


MYSORE PAPER: CRISIL Cuts Rating on INR450MM Cash Credit to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of The
Mysore Paper Mills Ltd to 'C/P4' from 'B/Negative/P4+'.

   Facilities                             Ratings
   ----------                             -------
   Rs.450 Million Cash Credit Limit       C (Downgraded from
                                             'BB/Negative')

   Rs.550 Million Letter of Credit        P4 (Downgraded from
                                              'P4+')

   Rs.10 Million Bank Guarantee           P4 (Downgraded from
                                              'P4+')

The downgrade reflects the decline in MPM's revenues and
significant deterioration in its profitability.  The company
reported negative operating margins for both its paper and sugar
divisions for the six months ended September 30, 2010; this is in
continuation to losses incurred in 2009-10 (refers to financial
year, April 1 to March 31).  This has resulted in a significant
weakening in MPM's financial risk profile and steep erosion in its
net worth, resulting in the company having to make a reference to
the Board for Industrial and Financial Reconstruction. CRISIL
believes that MPM will continue to incur losses over the medium
term because of less-than-adequate realizations and poor operating
efficiency, resulting in further deterioration in MPM's financial
risk profile.

The ratings reflect MPM's very weak financial risk profile, its
presence in extremely competitive and commoditised segments of
paper industry, and poor operating efficiency.  These rating
weaknesses are partially offset by the benefits that MPM is likely
to reap from the steady demand prospects for the domestic writing
and printing paper (WPP) segment over the medium term, MPM's
access to low-cost captive wood plantations for manufacture of WPP
and newsprint (NP), and the financial support the company receives
from the Government of Karnataka (GoK).

                         About Mysore Paper

MPM was founded in May 1936 by the Maharaja of the erstwhile State
of Mysore.  In November 1977, GoK acquired a controlling interest
in the company.  As on March 31, 2010, GoK owned 64.7 per cent of
MPM's equity shares; the remainder was held by financial
institutions and the general public.

MPM is an ISO-14001-certified company, producing NP, WPP, and
sugar at its plant at Bhadravati in the Shimoga District of
Karnataka.  The company has an installed capacity to produce
75,000 tonnes per annum (tpa) of NP and 30,000 tpa of WPP; it has
sugarcane crushing capacity of 2500 tonnes per day.  MPM is the
only company in India to have a sugar factory as an integrated
part of a paper mill, wherein bagasse, a sugar by-product, is used
as raw material for manufacturing WPP.  The company also has a
captive power plant.  MPM has announced plans to increase its
sugar producing capacity and upgrade its paper and power units.

For 2009-10, MPM reported a net loss of INR772 million on total
income of INR3.08 billion, against a net profit of INR163 million
on total income of INR4.33 billion for 2008-09.  For the six
months ended September 30, 2010, MPM has reported, on provisional
basis, a net loss of INR399 million on total income of INR1.47
billion, against a net loss of INR293 million on total income of
INR1.65 billion for the corresponding period of the previous year.


NAVBHARAT EXPLOSIVES: CRISIL Reaffirms 'B+' Rating on INR50MM Debt
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navbharat Explosives
Company Ltd continue to reflect NECL's weak liquidity, below-
average financial risk profile marked by small net worth and low
interest coverage ratio, working-capital-intensive operations, and
customer concentration in revenue profile.  These weaknesses are
partially offset by NECL's promoters' experience in the explosives
business.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit          B+/Stable (Reaffirmed)
   INR15.00 Million Letter of Credit     P4 (Reaffirmed)
   INR60.00 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NECL's liquidity will remain weak over the
medium term. The outlook may be revised to 'Positive' if NECL
increases its scale of operations significantly, while improving
its profitability, thereby increasing its cash accruals, or
improves its liquidity by way of equity infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if NECL's
operating margin declines, or the company undertakes a large,
debt-funded capital expenditure programme, further weakening its
liquidity.

                     About Navbharat Explosives

Set up in 1983 by Mr. Vijay Kumar Singh, NECL manufactures bulk
and cartridge explosives. The company is managed by Mr. Vishal
Kumar Singh, son of Mr. Vijay Kumar Singh.  NECL has a
manufacturing unit in Abhanpur (Chhattisgarh), and two support
plants: one each in Dhanpuri (Madhya Pradesh) and Korba
(Chhattisgarh).  The company has capacity to manufacture 12,500
tonnes of cartridge explosives and 20,000 tonnes of bulk
explosives per annum.

NECL reported a profit after tax (PAT) of INR3.8 million on an
operating income of INR189.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.0
million on an operating income of INR146.0 million for 2008-09.


NAVBHARAT FUSE: CRISIL Reaffirms 'D' Rating on INR122MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navbharat Fuse Company
Ltd continue to reflect delays by NFCL in servicing its term debt.
The delays have been caused by NFCL's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR212.50 Million Cash Credit         D (Reaffirmed)
   INR122.0 Million Proposed Term Loan   D (Reaffirmed)
   INR80.00 Million Letter of Credit     P5 (Reaffirmed)
   INR125.00 Million Bank Guarantee      P5 (Reaffirmed)

NFCL has a weak financial risk profile marked by high gearing and
weak debt protection metrics, and working-capital-intensive
operations. However, the company continues to benefit from its
promoters' experience in the explosives business.

NFCL, set up in 1999, manufactures explosives and accessories.
It has capacity to manufacture 24,000 tonnes per annum (tpa) of
cartridge explosives and 36,000 tpa of bulk explosives.  In
2003-04 (refers to financial year, April 1 to March 31), the
company diversified into manufacturing steel by setting up a
sponge iron plant with a capacity of 6000 tpa.

NFCL reported a profit after tax (PAT) of INR10.8 million on an
operating income of INR888.6 million for 2009-10, against a PAT
of INR52.1 million on an operating income of INR963.6 million
for 2008-09.


RAVIAN ENGINEERS: CRISIL Places 'B' Rating to INR41.7MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Ravian Engineers (India) Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR20.00 Million Cash Credit             B/Stable (Assigned)
   INR41.70 Million Term Loan               B/Stable (Assigned)
   INR3.00 Million Standby Line of Credit   B/Stable (Assigned)

The rating reflects REIPL's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics,
small scale of operations, and exposure to customer concentration
risks.  These rating weaknesses are partially offset by the
extensive experience of REIPL's promoters in the tube-bending
industry and the company's diverse business risk profile, catering
to automotive components and steel furniture industries.

Outlook: Stable

CRISIL believes that REIPL's financial risk profile will remain
weak over the medium term because of its depressed cash accruals
and small scale of operations.  The outlook may be revised to
'Positive' if there is a significant increase in REIPL's scale of
operations or the company generates more-than-expected cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, most likely
because of a delay in increasing sales from its furniture unit,
which is currently operating at less than 50 per cent of its
capacity.

                       About Ravian Engineers

REIPL was promoted in 1981 as a partnership firm, Ravian
Industries, by the Karmarkar, Dixit, and Desai families in Pune.
The firm was reconstituted as a private limited company in 1992;
the business from the partnership firm was transferred to REIPL in
2006-07 (refers to financial year, April 1 to March 31).
Mr. Ravindra Karmarkar, Mr. Vishwas Dixit and Mrs. Sushma Desai
are the directors of the company.  REIPL manufactures steel
furniture parts and automobile components using tube-bending
technology.

REIPL has two manufacturing units: one each in Bhosari and
Pirangut in Pune (Maharashtra).  The plant in Pirangut, which
started commercial operations in 2008-09, is manufactures steel
furniture such as beds, bunk beds, dining tables, chairs, and
sofas.  The plant at Bhosari manufactures automobile components
such as exhaust pipes, and air-intake system pipes. In the
furniture segment, REIPL?s key customer is Godrej and Boyce
Manufacturing Company Ltd.  In the automobile segment, REIPL is a
supplier to players such as Fleetguard Filters Pvt Ltd, Mahle
Filter Systems (I) Pvt Ltd, and Laxmi Rickshaw Body Pvt Ltd, who
in turn supply to original equipment manufacturers such as Bajaj
Auto Ltd, Ashok Leyland Ltd, and Tata Motors Ltd.

REIPL reported a net loss of INR1.8 million on net sales of
INR110.7 million for 2009-10, against a net loss of INR5.5 million
on net sales of INR105.5 million for 2008-09.


RUKMANI INFRA: CRISIL Assigns 'D' Rating to INR20 Million Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to Rukmani Infra Projects
Pvt Ltd's bank facilities.  The rating reflects delay by RIPPL in
servicing its term loan; the delay has been caused by RIPPL's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         D (Assigned)
   INR20.00 Million Term Loan           D (Assigned)
   INR230.00 Million Bank Guarantee     P5 (Assigned)

RIPPL has small scale of operations and is exposed to intense
competition in the infrastructure industry; the company's
financial profile is expected to deteriorate further due to on
going debt funded capex, and high revenue exposure to core
economic activity and the cyclical capital goods sector.  RIPPL,
however, benefits from its promoters' experience in the
infrastructure business and established relationships with
customers.

Set up in 2003 as a sole proprietorship firm, RIPPL (formerly,
Rukmani Engineering Works) was reconstituted as a partnership firm
in 2005, and as a private limited company in 2008.  The company,
set up by Mr. Udaynath Sahoo, his wife Mrs. Mausami Sahoo, and his
brother Mr. R K Sahoo, undertakes jobwork for fabrication and
installation of heavy structures for thermal, steel, and power
plants; it also is into erection of boilers.  The company also
undertakes maintenance contracts for heavy structures and boliers.
It has recently started a fabrication unit in Angul (Orissa).

RIPPL reported a profit after tax (PAT) of INR21 million on net
sales of INR502 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR203 million for 2008-09.


SAI COMPUTERS: CRISIL Assigns 'BB+' Rating to INR110MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Sai Computers
Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR110.0 Million Cash Credit Limit       BB+/Stable (Assigned)
   INR15.0 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR90.0 Million Letter of Credit/
           Bank Guarantee                   P4+ (Assigned)

The ratings reflect SCPL's small scale of operations, exposure to
intense competition in the transformers industry, working-capital-
intensive operations, and limited financial flexibility because of
small net worth and moderately high gearing.  These rating
weaknesses are partially offset by SCPL's promoter's industry
experience, the company's diversified customer base, and adequate
debt protection metrics, supported by comfortable operating
margin.

Outlook: Stable

CRISIL believes that SCPL's scale of operations will remain small
and its financial flexibility will remain restricted because of
its small net worth and moderately high gearing over the medium
term.  The outlook may be revised to 'Positive' if SCPL increases
its scale of operations and improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes larger-than-expected debt-funded capital
expenditure programme, thereby weakening its capital structure, or
there is pressure on its cash accruals.

                        About Sai Computers

Set up in 1983 by the father of Mr. Girish Kumar, SCPL was into
data processing for electricity bills.  Subsequently, Mr. Girish
Kumar joined the business, and in 1990, the company diversified
into manufacturing power and distributing transformers, while
continuing its data processing activities.  SCPL has two
manufacturing units in Meerut (Uttar Pradesh).  It manufactures
transformers in the range of 5 kilovolt amperes (kVA) to 10
megavolt amperes (MVA).  The company caters to diverse industries,
and to engineering, procurement, and construction (EPC)
contractors in the transformers segment; it also provides billing
services to public sector power distribution companies.

SCPL reported a profit after tax (PAT) of INR9.4 million on net
sales of INR284.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.9 million on net
sales of INR271.0 million for 2008-09.


SURYAUDAY SPINNING: CRISIL Cuts Rating on INR206.4MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on Suryauday Spinning Mills Pvt
Ltd?s bank facilities to 'D/P5' from 'B/Negative/P4'.  The
downgrade reflects SSMPL's current delay in servicing its term
loan obligations; the delay has been caused by SSMPL's weak
liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR206.40 Million Long-Term Loan      D (Downgraded from
                                            'B/Negative')

   INR72.00 Million Cash Credit Limit    D (Downgraded from
                                            'B/Negative')

   INR10.00 Million Foreign Bills        P5 (Downgraded from 'P4')
                Discounting Limit

SSMPL has a weak financial risk profile marked by low Networth and
high gearing levels, and is exposure to risks relating to
volatility in raw material prices, intense competition in the
polyester staple yarn industry, and supplier concentration.
However, SSMPL derives benefits from the industry experience of
its promoters.

Established in August 2005 by Mr. Brij Gopal Asawa, SSMPL
manufactures polyester staple yarn.  The company is located at
Lingojiguda (Andhra Pradesh) and has a capacity of 14,300
spindles.  SSMPL manufactures yarn of counts ranging from 3.5s to
35s.  It procures raw material (polyester fibre) from its
associate, Srinath Trading Agencies, which is a commission agent
for Reliance Industries Ltd's (rated 'AAA/Stable/P1+' by CRISIL)
polyester fibre products in Andhra Pradesh. SSMPL sells its
products through commission agents to textile players and
conveyor-belt manufacturers.

SSMPL posted a provisional profit after tax (PAT) of INR4.1
million on net sales of INR424.3 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.4
million on net sales of INR394.7 million for 2008-09.


TORQUE AUTOMOTIVE: ICRA Assigns 'LBB+' Rating to INR28cr Bank Debt
------------------------------------------------------------------
ICRA has assigned a rating of "LBB+" to the INR28.0 crore fund-
based limits and INR7.0 crores term loans of Torque Automotive
Private Limited.  The outlook on the rating is 'stable'.  ICRA has
also assigned a rating of "A4+" to the INR 9.0 crores non fund
based bank facilities of TAPL.

The ratings factor in the established track record of TAPL's
promoters in the automobile industry, its established position in
Gujarat, being the sole  authorized dealer of Skoda Auto India
Limited (Skoda Auto) in the State and the  largest dealer of Skoda
Auto in India (in terms of total car sales in 2009-2010).  The
ratings are however constrained by stable but low profitability
indicators for TAPL as margins on vehicles, spares, service and
accessories are controlled by Skoda Auto, susceptibility of
revenues to lower growth/slowdown in the passenger car market And
limited financial flexibility as is evident from high gearing,
moderate debt protection indicators and stretched cash flow
position.  Moreover the company has a limited operational track
record of only three years and entry of new dealerships can lead
to pressure on margins.

Torque Automotive Private Limited was promoted by Mr. Kurin Amin
and Mr. Zankar Solanki in 2007.  TAPL is the authorized dealer of
Skoda Auto India Limited in the state of Gujarat and is engaged
in the sale of new cars, servicing of vehicles and sale of spare
parts.  Till FY 2008-09, the promoters of TAPL operated 3 auto
dealerships across Gujarat through TAPL in Ahmedabad, Blitz Auto
Private Limited in Surat and Autogem Private Limited in Baroda.
These three companies were the only authorized dealerships of
Skoda in state of Gujarat.  However in FY 2008-09 the promoters
decided to withdraw the Skoda dealership from the other two
companies.  Presently TAPL is the only authorised dealership of
Skoda for the entire state of Gujarat.  The company has ten
showrooms/workshops located across Gujarat in Baroda, Surat,
Mehsana, Vapi, Rajkot, Ahmedabad, Bhavnagar, Anand and
Gandhidham

                       About Torque Automotive

Torque Automotive Private Limited was established in 2007. TAPL is
the authorized dealer of Skoda Auto India Limited in the state of
Gujarat engaged in the sale of new cars, servicing of vehicles
and sale of spare parts.  Presently TAPL is the only authorized
dealership of Skoda for the entire state of Gujarat.  The company
has ten showrooms/workshops located across the state of Gujarat.

Recent Results

The company achieved a turnover of INR149.5 crores during
FY2009-10.  The operating margins of the company stood at 3.8%
whereas net profit margins were at 1.0%.


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


ARPENI PRATAMA: Bondholders Reject Request For Standstill Deal
--------------------------------------------------------------
Bloomberg News reports that investors in dollar bonds of PT Arpeni
Pratama Ocean Line, the Indonesian shipping company downgraded in
September after missing a coupon payment, declined the company's
request for a so-called standstill agreement.

According to the report, the company said in a statement to the
Singapore stock exchange on December 6 that it hasn't received
agreements from enough holders of its 8.75% notes due 2013, and so
is considering its options while holding talks with a potential
"strategic investor."

Bloomberg, citing Director Ronald Nangoi's e-mailed response to
questions, says the company hopes "in due course" to gain
sufficient support from a "sounding board" committee of
bondholders to enable it to make further attempts to gain consent.

According to Bloomberg, a person with direct knowledge of the
matter said on Dec. 2 that Arpeni Pratama asked investors to give
it until the end of February to reorganize and pay a US$6.2
million coupon originally due Nov. 3 without taking legal action
or trading the notes.  Bloomberg says the company was cut to RD
from C by Fitch Ratings on Sept. 21, indicating a missed payment.

Arpeni Pratama has the equivalent of US$566 million in bonds and
loans maturing through 2049, according to data compiled by
Bloomberg.

Bloomberg discloses that the company said in an Indonesian stock
exchange announcement on Oct. 8 the company signed a term sheet
with a strategic investor on Oct. 4 that would help it
recapitalize.  The strategic investor may invest as much as
US$60 million via a convertible bond while another US$70 million
would come from a share issue, notes Bloomberg.

Agreement on a standstill couldn't be reached after one group of
bondholders asked to be paid a fee for acceptance, the person
familiar with the matter said Monday, according to Bloomberg.

Based in Jakarta, Indonesia, PT Arpeni Pratama Ocean Line Tbk --
http://www.apol.co.id/-- is a marine shipping company.  The
company's activities include bulk and liquid transportation
services.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.


BANK DANAMON: Fitch Affirms 'BB+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed PT Bank Danamon Indonesia Tbk's
National Long-term rating at 'AA+(idn)', Long-term foreign
currency Issuer Default Rating at 'BB+', Short-term foreign
currency IDR at 'B', Individual Rating at 'C/D', and Support
Rating at '3'.  The Outlook is Stable.

"Danamon's ratings reflect the bank's relatively healthy financial
profile underpinned by strong underlying profitability, strong
capitalization, satisfactory asset quality, and access to
resources from its majority shareholder," says Iwan Wisaksana,
Director in Fitch's Financial Institutions Group.  Temasek
Holdings, the investment arm of the Singapore government
('AAA'/Stable), maintains majority interest in the bank through
fully-owned Asia Financial (Indonesia).  In Fitch's opinion,
Temasek's majority ownership and management control of Danamon
suggest there is a moderate propensity to support the bank if
required.  Additionally, as the sixth-largest bank in Indonesia
(about 4% of system assets), state support is also possible albeit
within the government's fiscal constraints.

Fitch also notes that intense competition which is pressuring
profitability remains a risk, especially if risk adjusted returns
are compromised.  Indeed, a weakening of profitability and asset
quality, in conjunction with a lower Tier 1 capital buffer would
be negative for the bank's ratings.

Danamon's Tier 1 and total Capital Adequacy Ratios remained strong
at 15.4% and 16.4% respectively in 3Q10.  The ratios were lower
than 2009 levels due to strong loan growth and the implementation
of Basel II.  Fitch believes the current level of Tier 1 capital
helps serve as reasonably healthy protection against potential
knock-on effects should there be a renewed global slowdown.

Net interest margin is likely to remain one of the highest in the
industry because of its focus on high yield micro loans, although
it has declined due to intense competition.  NIM in 3Q10 was 10.6%
(2009: 11.1%) based on Fitch's calculation.  Profitability remains
strong as return on assets and return on equity in 3Q10 stood at
3.0% and 19.7%, respectively.  Despite the bank's sizeable
exposure to the low income segment, Fitch notes that the bank has
managed growth well as asset quality remains reasonably sound.

Non-performing loans declined to 3.1% of gross loans at end-3Q10
(3Q2009: 4.0%), and remained below the industry average due to
proactive recovery efforts supported by healthy economic
conditions.  Loan loss reserves covered 101% of NPLs at end-3Q10,
which were a satisfactory level, but notably below the average of
its peers (2009: 141%).  In Fitch's view, maintaining these levels
of reserves is important for the bank's credit fundamentals, given
its customer profile and strong loan growth.

Danamon's loan-deposit ratio rose to 104% in 3Q10 (2009: 89%), the
highest among its peers, as loans grew faster than deposits.
Despite the above average LDR, management believes the bank's
excess liquidity of about IDR4.5trn mitigates funding/liquidity
risk.  The bank is also focused on collecting deposits,
particularly low cost deposits (CASA).  As a percentage of total
deposits, CASA rose to 39% in 3Q10 from 31% in 3Q09.

Established in 1956 and listed in 1989, Danamon was nationalized
by the Indonesian government in 1999 following the Asian financial
crisis and sold to Asia Financial (Indonesia) in 2003.  Asia
Financial (Indonesia) owned 67.42% of Danamon at end-September
2010 and is in turn fully-owned by Fullerton Financial Holdings, a
financial holding company of Temasek Holdings.


BANK OCBC: Fitch Affirms Issuer Default Ratings at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed PT Bank OCBC NISP Tbk's Long-term
foreign and local currency Issuer Default Ratings at 'BB+', Short-
term foreign currency IDR at 'B', National Long-term rating at
'AAA(idn)', Individual Rating at 'C/D', and Support Rating at '3'.
The Outlooks on the Long-term rating are Stable.  The rating on
OCBC NISP's seven-year rupiah subordinated bond III 2010 has been
affirmed at 'AA(idn)'; which is two notches below the bank's
National Long-term rating to reflect the issue's cumulative coupon
deferral features.

The affirmations of OCBC NISP's National, International and
Support ratings reflect continuing strong commitment and alignment
with its financially strong parent bank, OCBC Bank (OCBC, 'AA-
/Stable'), including name sharing and operational alignment in key
areas.  OCBC is Singapore's second-largest bank by assets and
largest bank by market capitalization in November 2010.  Fitch
expects the bank to benefit from OCBC's financial support, such as
liquidity and funding if the need arises.  Any change in OCBC's
ownership and commitment to support OCBC NISP, would have a
negative impact on the latter's National and International
ratings.  As these developments are unlikely to happen in the
near-term, the Outlook is Stable.

The affirmation of the bank's Individual Rating is underpinned by
its relatively stable asset quality, satisfactory profitability
with enhanced market share of lower cost deposits and satisfactory
capital position -- factors important for its credit profile given
the increasingly competitive environment and still uncertain
global economy.  A weakening of OCBC NISP's asset quality along
with a significant weakening in its tier 1 capital buffer,
particularly if there is a renewed economic slowdown, would be
negative for its Individual Rating.

The merger between OCBC NISP and Bank OCBC Indonesia (one of
OCBC's subsidiaries) will be effective in January 2011.  Fitch
expects that this will provide synergistic gains, given the
complementary strengths of OCBC NISP's SME and retail lending
portfolio, and OCBC Indonesia's corporate banking capabilities.
Following this merger, OCBC's stakes will increase to 85.1% (based
on financial statement performance as of October 15, 2010) without
any management changes.

The bank's reported non-performing loan ratio declined to 3.0% of
gross loans at end-September 2010 after reaching a peak of 3.9% at
end-September 2009.  The lower NPL ratio was due to relatively
stable reported corporate and commercial/SME NPLs as well as a
larger loan base.  Due to its focus on secured loans, provision
cover (81.6% of NPLs at end-9M10) tends to be lower at OCBC NISP
compared with several of the larger peers' average.  The bank's
capital position remained good with tier-1 capital adequacy ratio
of 13.0% at end-9M10 (total CAR: 17.0%), although lower than in
year end 2009 of 15.4% (total CAR: 18.0%), due to strong loan
expansion and the gradual phasing in of Basel II requirements (10%
operational risk in 9M10).  The management advised that CAR will
improve to 18.1% after the merger.  Fitch expects the bank to
benefit from OCBC's financial support, such as liquidity and
funding if the need arises.

OCBC NISP's profitability improved in 9M10 as net interest margins
benefited from a better deposit mix and robust loan growth, while
provision charges fell following more favorable economic
conditions this year.

Customer deposits, which were 6.1% higher than that in end-2009,
funded approximately 79.7% of total assets.  As at 9M10, low cost
funds accounted for 60.2% of total deposits, up from 56.1% in 2009
and 44.3 % in 2008, reflecting its improving deposit mix,
improving deposit profile and growing deposit franchise.
Nevertheless, its Loan Deposit Ratio increased to 78.5% at end-
9M10 (end-2009: 72.4%), due to the strong loan growth of 15.1% in
the first nine months of 2010.

Established in 1941, OCBC NISP was previously owned and prudently
managed by the Surjaudaja family, and weathered the 1997-1998
Asian crisis without a state bailout.  OCBC, which acquired 22.5%
of OCBC NISP in mid-2004, now owns 81.9% of the latter.


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


JLOC 41: Moody's Downgrades Rating on Class D1 Notes to 'C'
-----------------------------------------------------------
Moody's Japan K.K has downgraded its rating on the Class D1 Note
issued by JLOC 41.

The complete rating actions follow.

  -- Class D1, downgraded to C (sf) from Ca (sf); previously on
     September 28, 2010 downgraded to Ca (sf) from Caa3 (sf)

  -- Deal Name: JLOC 41, LLC

  -- Class: Class A through D3 Notes

  -- Issue Amount (initial): JPY 23.36 billion

  -- Dividend: Floating

  -- Issue Date (initial): June 12, 2008

  -- Final Maturity Date: February, 2015

  -- Underlying Asset (initial): Three non-recourse loans backed
     by property trust certificates

  -- Originator: Morgan Stanley Japan Securities Co., Ltd. (as of
     the issue date)

  -- Arranger: Morgan Stanley Group (as of the issue date)

JLOC41, effected in June 2008, represents the securitization of
three liquidating loans.

The Originator transferred the loans to the issuer SPE, which
issued the Class A through D3 Notes and then sold them to
investors.  The Notes are rated by Moody's.

In this transaction, any loss on the loans will be allocated in
the reverse order of sequential pay, starting with the Class D of
the Notes.  When a loan incurs a loss, the subordinated portion of
the loan will decrease, accordingly decreasing its corresponding
class of the Junior Note (Class C and D); if a loss exceeds the
Junior Note, the excess will be allocated to Class B (or Class A
if Class B has been reduced to zero).  Each class of the Junior
Notes can incur losses only from its corresponding loans.

All three loans have defaulted and have been under special
servicing, one since March 2009, the other two, since October
2009.

One loan (comprising 36.4% of the initial balance) was recovered
through the sale of its underlying properties and the exercise of
a purchase option by a related party.  Losses were realized in
August 2010.

Another loan (comprising 41.4% of the initial balance) was
recovered through the sale of all of its underlying properties.
The Servicer is currently calculating the final recovery and loss
amounts.

The remaining loan (comprising 22.2% of the initial balance) has
been under special servicing, in accordance with the asset
disposition plan of July 2010.

                         Rating Rationale

The current rating action reflects the result of a write-down on
the Class D1 Note due to losses on the remaining balance of the
loan (comprising 41.4% of the initial balance).

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.


JLOC XXX: Fitch Places Bond Ratings on Negative Watch
-----------------------------------------------------
Fitch Ratings has placed four classes of trust beneficiary
interests from JLOC XXX Trust due April 2014 on Rating Watch
Negative, and simultaneously withdrawn the rating on the Class X
TBIs.  The transaction is a Japanese multi-borrower type CMBS
securitization.  The details of the rating actions are:

  -- JPY35.72bn* Class A TBIs 'AAsf'; placed on RWN;

  -- JPY17.8bn* Class B TBIs 'Asf'; placed on RWN;

  -- JPY19.9bn* Class C TBIs 'BBsf'; placed on RWN; and

  -- JPY20bn* Class D TBIs 'CCCsf'/Recovery Rating 'RR4'; placed
     on RWN.

  * as of December 2, 2010

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

The Class A to D TBIs have been placed on RWN due to concerns
related to the property disposition proceedings on a liquidation-
type underlying asset, together with concerns on the deterioration
in operations and cash flow performance of another underlying
asset, which is effectively backed by a hotel portfolio.  Some
property dispositions to date have been at prices lower than
assumed by the agency, and recovery prospects for the remaining
portfolio could fall short of underlying asset balance.

Fitch will conduct further analysis of the portfolio over the
coming weeks, and expects to complete the review with the aim to
resolve the RWN status on both classes within two months.

The rating on the dividend-only Class X TBIs, which addresses only
the likelihood of receiving dividends while principal on the
related TBIs remains outstanding, has been withdrawn.

This transaction was originally a securitization of five TMK
(Tokutei Mokuteki Kaisha specified bonds and a senior portion TBI
of a satellite trust, backed by a specified bond, and ultimately
backed by a total of 125 commercial properties located throughout
Japan.  To date, four specified bonds have been fully redeemed,
with several properties within the remaining specified bonds
being, or in the process of being sold in recent months.  The
transaction is currently backed by 30 properties.


JLOC XXX: Fitch Puts Ratings on Notes on Negative Watch
-------------------------------------------------------
Fitch Ratings has placed both classes of JLOC XXX Satellite
Trust's mezzanine trust beneficiary interests due April 2014 on
Rating Watch Negative.  The transaction is a Japanese single-
borrower type CMBS securitization.  The details of the rating
actions are:

  -- JPY8.3bn* Class 1 Mezzanine TBIs 'CCCsf'/Recovery Rating of
     'RR6'; placed on RWN; and

  -- JPY1bn* Class 2 Mezzanine TBIs 'CCCsf'/Recovery Rating of
     'RR6'; placed on RWN.

  * as of December 2, 2010

Both classes have been placed on RWN due to concerns of
deterioration in operations and cash flow performance of the
underlying asset, effectively backed by a hotel portfolio.

Fitch will conduct further analysis of the portfolio over the
coming weeks, and expects to complete the review with the aim to
resolve the RWN status on both classes within two months.

Both TBIs, which are pari passu in payment priority, are
effectively backed by the junior portion TBI of a satellite trust,
which is secured by a TMK specified bond whose collateral consists
of 23 commercial properties.


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


GULA PERAK: Reports MYR33.07 Mil. Net Loss For September 30 Qtr
---------------------------------------------------------------
Gula Perak Berhad disclosed with the Bursa Malaysia Securities its
unaudited financial results for the quarter ended September 30,
2010.

The Company reported MYR33.07 million net loss on MYR7.76 million
of revenues in the quarter ended September 30, 2010, compared to
MYR2.79 million net loss on MYR7.53 million of revenues in the
same quarter of 2009.

At September 30, 2010, the Company's consolidated balance sheet
showed MYR289.90 million in total assets and MYR504.60 million in
total liabilities, resulting in a stockholders' deficit of
MYR217.20 million.

The Company's consolidated balance sheets at September 30, 2010,
also showed strained liquidity with MYR49.58 million in total
current assets available to pay MYR447.36 million in total current
liabilities.

                          About Gula Perak

Gula Perak Berhad is a Malaysia-based company. The Company is
engaged in construction works, trading in construction materials
and property development. The principal activities of the
subsidiary companies consist of hotel operations and management,
service apartment operations and management and property
development. The Company operates in two segments: Hotel
operations, which the Company owns and operates the Dynasty Hotel,
Kuala Lumpur and Empress Hotel, Sepang, Selangor, and Construction
and property development, which the Company is engaged in
construction and development of industrial properties. Its
subsidiaries include Dynawell Corporation (M) Sdn. Bhd., KSB
Requirements & Rest Sdn. Bhd., Gula Perak Land Sdn. Bhd. and Dyna
Enterprise International Ltd.

Gula Perak Berhad has been listed as an Amended Practice Note 17
company as the Company was not able to provide a solvency
declaration to Bursa Malaysia.


JERNEH ASIA: Classified as Affected Listed Issuer Under PN17
------------------------------------------------------------
Jerneh Asia Berhad has been considered as a Practice Note No. 17
company pursuant to PN17 of the Main Market Listing Requirements
of Bursa Securities as the company suspended or ceased its major
business or operations resulting from the disposal of its major
business.

On December 1, 2010, Jerneh Asia completed its proposed disposal
of its 80% equity interest in Jerneh Insurance Berhad to Ace Ina
International Holdings, Ltd (formerly known as Cigna International
Holdings, Ltd) for MYR523.2 million.

As a PN17 Company, JAB is required to:

    (i) within 12 months from the date of First Announcement:

        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;

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

  (iii) 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
        JAB;

   (iv) 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;

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

   (vi) 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

  (vii) where JAB 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.

                   Consequences of Non-Compliance

If JAB fails to comply with the obligations to regularize its
condition, Bursa Securities will:

   (i) suspend the trading of JAB's listed securities on the
       next market day after 5 market days from the date of
       notification of suspension by Bursa Securities; and

  (ii) de-list JAB subject to its right to appeal against the
       de-listing, which must be submitted to Bursa Securities
       within 5 market days from the date of notification of
       de-listing by Bursa Securities.

The board is taking the necessary actions to formulate a plan to
regularize the financial condition of the Company.

                         About Jerneh Asia

Jerneh Asia Berhad (KUL:JERNEH) is a Malaysia-based investment
holding company.  JAB operates in six segments: underwriting
general insurance business; insurance brokerage; credit and
leasing; trading in marketable securities; administration and
management services, and investment holding.  The general
insurance division offers risk management services and has about
1,357 agents and 19 branches located in cities and towns in
Peninsular Malaysia, Sabah and Sarawak.  The insurance brokerage
division provides insurance solutions for its corporate clients in
Hong Kong, China and the Philippines.  As of December 31, 2009,
JAB's subsidiaries were Jerneh Insurance Berhad, Jerneh Credit
Leasing Sdn Bhd, Jerneh Healthcare Services Sdn Bhd, Minsec
Management Services Sdn Bhd, Jerneh Asia Reinsurance Limited,
Jerneh Investment (HK) Limited, Taishan Insurance Brokers Limited,
Taishan Insurance Brokers Philippines, Inc. and KRM Reinsurance
Brokers Phils., Inc.


TRACOMA HOLDINGS: Posts MYR11.09MM Net Loss in Qtr Ended Sept. 30
-----------------------------------------------------------------
Tracoma Holdings Berhad reported a net loss of MYR11.09 million
on revenues of MYR39.29 million for the three months ended
September 30, 2010, compared with a net loss of MYR2.31 million
on revenues of MYR31.51 million for the same period ended
September 30, 2009.

At September 30, 2010, the Company's consolidated balance sheet
showed MYR228.555 million in total assets, MYR259.60 million in
total liabilities and MYR6.69 in government grant, resulting in a
stockholders' deficit of MYR37.74 million.

The company's consolidated balance sheet at September 30, 2010,
also showed strained liquidity with MYR88.15 million in total
current assets available to pay MYR144.16 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?708c
                http://ResearchArchives.com/t/s?708d

                        About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based investment holding
that is engaged in the provision of management services.  The
Company is a manufacturer and supplier of automotive parts and
components.  Some of its wholly owned subsidiary companies include
Tracoma Sdn. Bhd., which is engaged in manufacturing of automotive
components; Malaysian Die-Makers Sdn. Bhd., which is engaged in
die making and servicing; Trends Mecha Sdn. Bhd., which is engaged
in parts and car design, and Malaysian Farm Machinery Sdn. Bhd.,
which is engaged in assembling and distributing agricultural
tractors.

                           *     *     *

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

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


VTI VINTAGE: Posts MYR1.35 Million Net Loss in Qtr Ended Sept. 30
-----------------------------------------------------------------
VTI Vintage Berhad posted a net loss of MYR1.35 million on
revenue of MYR2.72 million for the quarter ended September 30,
2010, compared with a net loss of MYR2.94 million on revenue of
MYR1.14 million in the same period last year.

At September 30, 2010, the Company's consolidated balance sheet
showed MYR53.75 million in total assets, MYR52.26 million in total
liabilities and total stockholders' equity of MYR1.49 million.

The company's consolidated balance sheet at September 30, 2010,
showed strained liquidity with MYR9.57 million in total current
assets available to pay MYR37.74 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?708e

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


CRAFAR FARMS: Allan Crafar Loses Bid to Fend Off Eviction
---------------------------------------------------------
The NZ Herald Online reports that financially-troubled dairy
farmer Allan Crafar has failed in his bid to have a notice to
evict him from one his home farm thrown out.  Mr. Crafar headed
his family's network of farms, known as Crafar Farms.

According to the report, the receivers, KordaMentha, went to the
High Court at Rotorua to have the family removed from their
property, where Mr. Crafar claimed the family had signed a
"lifetime" lease agreement with their company Plateau Farms in
2006.  Yesterday, December 7, 2010, Mr. Crafar unsuccessfully
sought to have the application from KordaMentha struck out in
court in Rotorua, NZ Herald Online relates.

NZ Herald Online notes that the lawyer acting for the receivers,
Mark Sandelin, said: "Mr. Crafar's application to strike out the
receivers' proceedings was dismissed, and the receivers have been
told they are entitled to proceed with their case."  Associate
Judge Anthony Christiansen indicated the Crafar application lacked
merit, Mr. Sandelin added.

Mr. Sandelin, the report discloses, said that timeframes had not
been set for hearing other aspects of the case involving seeking
orders for the filing of further documents, discovery and
inspections.

However, a telephone conference has been set down for April 23,
2010, the report says.

NZ Herald Online relates that Mr. Crafar, before the hearing, said
the receivers had argued that the "lifetime" lease should not have
been signed because it was to the detriment of the lender using
the property as security.

Mr. Crafar said he was negotiating with an American backer to
trade his way out of debt, but it was not a quick process, the
report adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


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


TMB BANK: Fitch Affirms 'BBB-' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed TMB Bank Public Company Limited's Long-
term foreign currency Issuer Default Rating at 'BBB-' and revised
the Outlook to Stable from Negative.  A complete list of rating
actions is included at the end of this release.

The affirmations of TMB's Individual and other ratings take into
account its sizeable domestic franchise and solid capital, while
the Stable Outlook on the Long-term foreign-currency IDR is based
on the bank's improving profitability and asset quality.  Although
these aspects still remain weaker than peers, Fitch expects the
bank to continue its momentum due to recent restructuring efforts
in risk management and the improving economy.

TMB's reported strong net profit growth of 73% yoy to THB2.4bn
(return on assets of 0.6%) in 9M10, due mainly to lower provisions
as the loan book has been contracting; although this appears to
have stabilized with the bank reporting a modest qoq loan growth
at end-September 2010, and expectations are that growth will rise
in 2011.

Asset quality, while improving, remains a key weakness.  TMB's
impaired loans declined to THB41.3bn or 11.6% of total loans at
end-September 2010 (end-2009: THB54.4bn or 12.6% of total loans)
due mainly to the THB9.3bn NPL sale in April 2010.  The NPL ratio
still remains high due in part to large loan book contraction of
over 25% since 2007.  Special mention loans , while also
declining, still remained high at THB27bn or 7.6% of total loans
at end-September 2010 (end-2009: 47.7bn or 12.9% of total loans).
Additionally, TMB's loan loss reserves of THB21.8bn (52.8% of
impaired loans) at end-September 2010 appear weak, indicating
further provisioning risks, particularly given the high SML ratio,
although migration rates from NPL to SML remain modest.  Given the
improving economic environment, asset quality is expected to
continue to improve in 2011, further boosting earnings.

TMB's funding and liquidity are stable.  At end-September 2010,
its loans/deposits ratio remained below 90%, while liquid
assets/deposits and short-term funding remained high at about 30%.
TMB's Tier 1 and total capital ratios were strong at 12.3% and
17.8%, respectively, at end-September 2010, providing a strong
buffer to absorb losses, if needed.

TMB's debt and hybrid security ratings are consistent with
relevant criteria, and Fitch notes that these instruments are
performing.  Its hybrid Tier 1 security is rated five notches
below its Long-term foreign currency IDR.  While this is much
wider than most other similar hybrids rated by Fitch in Thailand,
the notching differential reflects its loss absorption trigger and
its likelihood of being activated due to its modest profitability
and risk of an increase in provisioning.  According to the Bank of
Thailand's regulations, if a bank reports a loss, the coupons can
only be paid if the payment is approved by the BoT on a case-by-
case basis, taking into account a commercial bank's financial
strength, such as capital, profitability and retained earnings.  A
continued improvement in profitability and retained earnings, as
well as the maintenance of strong capital levels, could therefore
narrow the notching of the hybrid Tier 1 security, but this would
most likely be dependent upon Fitch upgrading TMB's Individual
rating.  A significant improvement in performance and asset
quality could positively affect the ratings.

TMB is the seventh-largest commercial bank in Thailand with assets
of THB565bn at end-September 2010.  ING Bank NV
('A+'/'F1+'/Stable) is the largest shareholder with a 30% stake,
followed by the Ministry of Finance at 26% and Singapore's DBS
Bank at 7%.  Fitch considers the probability of external support
from the Thai government, if needed, to be moderate.

The rating actions on TMB are:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     revised to Stable from Negative;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- Individual affirmed at 'C/D';

  -- Support Rating affirmed at '3';

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

  -- Foreign currency subordinated debt rating affirmed at 'BB+';

  -- Foreign currency offshore hybrid Tier 1 security affirmed at
     'B';

  -- National Long-term rating affirmed at 'A+(tha)' with a Stable
     Outlook;

  -- National Short-term rating affirmed at 'F1(tha)';

  -- National Short-term debt rating affirmed at 'F1(tha)'; and

  -- National subordinated debt rating affirmed at 'A(tha)'.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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