/raid1/www/Hosts/bankrupt/TCRAP_Public/101210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, December 10, 2010, Vol. 13, No. 244

                            Headlines



A U S T R A L I A

BUREAUX AUSTRALIA: Shuts Doors After Attempts to Re-open Fail
CHALLENGE DAIRY: Retains 10 Staff as Firm Winds Down Operations
FMG RESOURCES: Fitch Assigns 'BB+' Rating on Senior Notes
FMG RESOURCES: S&P Assigns 'B' Rating to Proposed US144a Notes
KRISPY KREME: To Let Customers Know It's Still in Business

PRINTPOINT AUSTRALIA: In Talks With Platypus Over Asset Sale
TASCOT TEMPLETON: Liquidators Give Up Hope of Selling Business


C H I N A

CHINA ORIENTAL: Fitch Assigns 'BB+' Rating on Senior Notes
E-LAND FASHION: Moody's Assigns 'Ba2' Corporate Family Rating
CHINA SHENGHUO: NYSE Amex Accepts Firm's Compliance Plan


H O N G  K O N G

OIKOS INTERNATIONAL: So and Wong Step Down as Liquidators
POPE & KIERNAN: So and Wong Step Down as Liquidators
PRODUCT SOLUTIONS: Court to Hear Wind-Up Petition on December 22
QUALI (FAR EAST): Members' Final Meeting Set for January 4
QWARUBA SEVA: Members' Final General Meeting Set for January 5

REPUBLIC PARTNERS: Court to Hear Wind-Up Petition on December 22
ROVILLE COMPANY: Kevin Chung Ying Hui Appointed as Liquidator
SINOBOND INVESTMENT: Members' Final Meeting Set for January 10
SUNNY-TECH ELECTRONIC: Court Enters Wind-Up Order
SUPER BRILLIANCE: Kevin Chung Ying Hui Appointed as Liquidator

T.K. ENTERPRISES: Commences Wind-Up Proceedings
TIN SHUI: Kwan and Liu Step Down as Liquidators
TOPSEAL COMPANY: Members' Final Meeting Set for January 4
TULLY INTERNATIONAL: Court to Hear Wind-Up Petition on December 15
VOTARY LIMITED: Members' Final General Meeting Set for January 3

WEALTHSHINE INDUSTRIAL: Wong Sun Keung Steps Down as Liquidator
WMC (LIBERIA): Creditors' Proofs of Debt Due January 3
ZOPPAS INDUSTRIES: Creditors' Proofs of Debt Due December 28


I N D I A

ALCHEMIST HOSPITALS: Fitch Cuts National Long-Term Rating to 'B+'
ANU SOLAR: CRISIL Rates INR200 Million Proposed Term Loan at 'BB'
BODY THIRST: CRISIL Assigns 'P4' Ratings on Various Bank Debts
CHENGMARI TEA: CRISIL Lifts Rating on INR7.3MM LT Loan to 'BB-'
GOPINATH ENTERPRISE: CRISIL Assigns 'BB-' Rating to INR25MM Loan

INTERCONTINENTAL TAR: CRISIL Assigns 'BB-' Rating to INR125MM Loan
JASMINE TOWELS: CRISIL Assigns 'BB' Rating to INR45.9MM LT Loan
KARTHIK INDUCTIONS: CRISIL Cuts Ratings on Various Debt to 'P4'
KLG SYSTEL: CRISIL Downgrades Rating on INR700MM Loan to 'D'
NIF ISPAT: CRISIL Assigns 'P4' Ratings on Various Bank Facilities

POPATLAL NATHALAL: CRISIL Reassigns 'B+' Rating to INR10MM Loan
ROOP TECHNOLOGY: CRISIL Reaffirms 'B+' Rating on Cash Credit
RUKMINIRAMA STEEL: CRISIL Cuts Rating on INR31.6MM LT Loan to 'B+'
SARDA PLYWOOD: CRISIL Upgrades Rating on Bank Debts to 'BB'
SHREE SHYAM: CRISIL Upgrades Rating on INR45M Cash Credit to 'BB+'


J A P A N

JAPAN AIRLINES: To Decide on Dismissal Criteria Next week
SHINSEI BANK: S&P Junks Rating on Preferred Securities from 'B-'
TAKEFUJI CORP: Cerberus, Lone Star, Fortress May Submit Bids
* S&P Puts Ratings on Various Tranches on CreditWatch Positive


M A L A Y S I A

AXIS INC: Posts MYR14.44 Mil. Net Loss in Qtr Ended September 30
MALAYSIAN MERCHANT: Posts MYR586,000 Net Loss for September 30 Qtr
TRACOMA HOLDINGS: High Court of Malaya Extends Restraining Order
EVERMASTER GROUP: Fails to Submit Second Quarter Results


N E W  Z E A L A N D

CAPITAL + MERCHANT: SFO Arrests, Charges Two Directors
CRAFAR FARMS: Sale Deal With Chinese Buyer Remains, Receivers Say


P H I L I P P I N E S

* S&P Assigns 'BB-' Issuer Credit Rating to the City of Naga


S I N G A P O R E

SUBTLE SENSES: Fresh Disputes Arise in Firm's Liquidation


X X X X X X X X

* Moody's: Global Default Rate Fell to 3.3% in November 2010
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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BUREAUX AUSTRALIA: Shuts Doors After Attempts to Re-open Fail
-------------------------------------------------------------
James Thomson at Smart Company reports that business lounge and
serviced office operator Bureaux Australia has shut its doors and
is in the process of being wound up.

Citing Bureaux Australia Owner Rowena Murray's group e-mail to
clients, Smart Company says attempts to re-open the Sydney and
Melbourne premises, which both closed in the last month, have
finally failed and the company's affairs would be handed to an
accounting firm for formal wind up.

"We have fought incredibly hard to regain possession of the sites
and to continue to operate the business.  All of these efforts,
false starts, commitments and agreements have failed, and the
entire Bureaux business has been handed over to an accounting firm
to complete the wind-up," Ms. Murray wrote, according to Smart
Company.

According to Smart Company, the decision to wind up the company
comes just a month after Ms. Murray declared Bureaux was a "viable
and valid" business in an e-mail to clients.

On November 4, Smart Company relates, Ms. Murray told clients that
the company's Melbourne business lounge facilities in Lonsdale
Street had been closed after a "long-standing dispute" with its
landlord.

Bureaux Australia is a business lounge and serviced office
operator.  Its Melbourne facility included conference and meeting
rooms, a cafe and longue and private workstations.


CHALLENGE DAIRY: Retains 10 Staff as Firm Winds Down Operations
---------------------------------------------------------------
ABC News reports that only 10 staff remained employed at Challenge
Dairy as the company winds down its operations in south-west
Western Australia.

More than 40 staff has been made redundant since Challenge
Australian Dairy went into administration and linked company
Challenge Dairy Cooperative stopped trading, according to the
report.

ABC News notes that receivers confirmed that 32 staff has lost
their jobs at the Capel and Boyanup plants, after nine employees
were laid off earlier this month.  The report relates that 47
farmers that are owed hundreds of thousands of dollars for milk
supplied since August are still waiting to find out if they will
be paid.

Challenge Dairy is a Western Australian dairy company.


FMG RESOURCES: Fitch Assigns 'BB+' Rating on Senior Notes
---------------------------------------------------------
Fitch Ratings has assigned FMG Resources (August 2006) Pty Ltd's
US$800 million issuance of senior unsecured notes due December
2017 (non-callable for three years) an expected rating of 'BB+'.
This US$ bond issue is offered under Rule 144A/RegS and will be
used to finance expansion activities and for other general
corporate purposes.  The final rating is contingent upon receipt
by Fitch of final documentation conforming to information already
received.

The notes will be unconditionally joint and severally guaranteed
by Fortescue Metals Group Limited ('BB+'/Stable) and most of its
subsidiaries, representing (in the year to 30 June 2010) more than
95% of the group's consolidated total assets and net income.  As a
result of this guarantee structure, Fitch regards the credit risk
associated with the notes to be the same as that of senior
unsecured obligations of Fortescue itself.  The guarantees
represent unsubordinated senior unsecured obligations of each
guarantor.

The note indenture contains certain clauses usual for this type of
issuance.  They include: note holder put option in case of change
of control (a rating downgrade is not part of this mechanism);
restricted payments; restrictions on new debt issuance; negative
pledge; and cross-default provisions.  It should be noted that
these clauses contain certain carve-outs, exceptions and
qualifications.

On October 10, 2010, Fitch Ratings assigned Fortescue a foreign
currency Long-term Issuer Default Rating and senior unsecured
rating both at 'BB+' with Stable Outlook.


FMG RESOURCES: S&P Assigns 'B' Rating to Proposed US144a Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' rating to FMG Resources (August 2006) Pty Ltd.'s proposed
US144a notes issuance of about US$800 million.  FMG Resources
(August 2006) Pty Ltd. is the funding arm of Australian iron ore
miner Fortescue Metals Group Ltd. (B/Positive/--).  The
senior-unsecured notes will have a term of seven years and
proceeds will be used to expand Fortescue's operations to 155
million tonnes per annum over the next four years.

Fortescue is currently expanding its Pilbara mining operations to
55 mtpa, from 40 mtpa, with completion scheduled by mid-2011.  The
group forecasts that the next stage of the planned expansion to
155 mtpa will cost about US$8.4 billion (US$84 per tonne) and be
funded through a mix of debt and funds from operations.  Given the
group has not yet taken the decision on whether to outsource the
mining operations, the forecast cost excludes mobile mining
equipment.  The proposed US$800 million issuance is the first
debt-raising stage for the expansion program, and S&P expects that
the group will raise additional senior debt (either secured or
unsecured) as the project progresses.

The 'B' corporate credit rating on Fortescue reflects its view of
Fortescue as a relatively long-life, low-cost iron ore producer in
the Pilbara region of Western Australia.  The positive outlook on
the rating reflects its expectation that the current level of iron
ore prices should improve the group's financial metrics and
liquidity to levels that may support a 'B+' rating.  However, any
uplift in the rating would only occur if, in its view, the group:
adequately mitigates the risks regarding costing, execution, and
funding of the planned expansion program; can meet development and
production ramp-up timeliness; maintains and builds on current
liquidity; and demonstrates a commitment to financial policies
supportive of a higher rating.

The rating outlook could be revised to stable if Fortescue's
financial risk profile, financial metrics (as assessed by Standard
& Poor's), and liquidity levels were lower than forecast.  A
stable outlook may also result if S&P believes that the level of
contingencies that Fortescue incorporates into its expansion
program was not adequate to cover material delays, or if cost
over-runs associated with the expansion program hurt Fortescue's
financial performance.  Concurrently, if the group were to take on
additional debt, or debt-like obligations, the terms, conditions,
and priority of any such obligations would be important for the
rating.


KRISPY KREME: To Let Customers Know It's Still in Business
----------------------------------------------------------
Smart Company reports that new Krispy Kreme Australia Chief
Executive Officer Nigel Glasby said the company must initially
focus on letting customers know the chain is still open for
business after it escaped from administration.

As reported in the Troubled Company Reporter-Europe on
December 7, 2010, BusinessDay.com.au said that Krispy Kreme
Australia has emerged from voluntary administration with nearly
half of its underperforming stores closed.  BusinessDay.com.au
related that doughnut chain has restructured its business, with 35
of its original 59 stores to remain open.  According to
BusinessDay.com.au, the turnaround effort saw the company lay off
201 full-time, part-time and casual jobs, and closed 24 stores.
The company said creditors had approved a deed of company
arrangement with an AU$2.3 million fund to satisfy claims by
creditors, who are expected to receive 45 cents in the dollar,
depending on the claims, noted BusinessDay.com.au.

Mr. Glasby, Smart Company notes, said that the restructuring of
the company that followed its fall into administration in late
October has left the business on a much more stable footing.  "We
are madly looking at what we can do in regards to marketing," he
told SmartCompany.  "A lot depends on value we can get and of
course availability," Smart Company quoted Mr. Glasby as saying.

According to Smart Company, Mr. Glasby also admitted that the
process of closing stores and cutting jobs has had an impact on
morale, and that one of his other key tasks is to ensure staff are
refreshed and focused.

The dramatic restructuring of Krispy Kreme has also provided some
harsh lessons about the sort of sites the chain should pursue as
part of any future expansion plans, the report adds.

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


PRINTPOINT AUSTRALIA: In Talks With Platypus Over Asset Sale
------------------------------------------------------------
ProPrint reports that Printpoint Australia has entered liquidation
and is believed to be in talks with Platypus Graphics for a sale
of its assets.

Citing documents from the Australian Securities and Investments
Commission, ProPrint relates that the company entered voluntary
liquidation with Pilot Partners appointed as liquidator on
December 6, 2010, and that a resolution to wind up the company has
been filed.

ProPrint revealed last week that Printpoint was considering an
offer to purchase the business.  Managing Director Alan Rhodes had
earlier denied the company was in administration, despite
widespread speculation in the industry, Proprint reports.

Printpoint changed its name on November 23, 2010, to 'Red Gum
Pacific Pty Ltd'.

Printpoint Australia -- http://www.printpoint.com.au/-- claims to
be Queensland's only dedicated 'waterless' printer.  It is based
in the suburb of Stafford and also has a sales office in Sydney.


TASCOT TEMPLETON: Liquidators Give Up Hope of Selling Business
--------------------------------------------------------------
ABC News reports that liquidators for Tascot Templeton Carpets
have given up hope of finding a buyer for the business.

According to the report, liquidator Paul Cook said there had been
only one flicker of interest from a potential buyer.

"We went through a process of seeing whether we could sell the
business as a going concern, unfortunately that did not result in
a sale," ABC News quoted Mr. Cook as saying.

"We've sold some parts of the business, particularly the design
studio.  Then as we come into the new year, our expectation would
be to look at the sale of the actual plant and equipment," Mr.
Cook said, according to ABC News.

The company was placed in liquidation in October, with the loss of
150 jobs.  The last 30 or so workers at the factory will finish up
on Friday next week, ABC News notes.

Based in East Devonport, Australia, Tascot Templeton Carpets --
http://www.tascot.com.au/-- designs, manufactures and distributes
carpets for both residential and commercial applications.  The
Company was established in 1961.


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CHINA ORIENTAL: Fitch Assigns 'BB+' Rating on Senior Notes
----------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the US$300m
7% senior unsecured notes due 2017 issued by China Oriental Group
Company Limited ('BB+'/Stable).

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on 10 November 2010.


E-LAND FASHION: Moody's Assigns 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned definitive Ba2 corporate
family rating to E-Land Fashion China Holdings Limited.  At the
same time, Moody's has withdrawn the (P) Ba2 senior unsecured debt
rating.  The outlook for the corporate family rating remains
stable.

Moody's definitive rating confirms the provisional rating assigned
on 15 July 2010.

                        Ratings Rationale

"E-Land Fashion China has issued US$30 million unrated bonds in
September 2010, with protective covenants that safe guard
potential material cash leakage to its financially weak parent,"
says Chris Park, a Moody's Vice President and Senior Analyst.

"While the bond size of US$30 million is small, Moody's expects E-
Land Fashion China is able to raise further offshore debt funding
to support its business plan," says Park.

Moody's takes additional comfort from the history of limited
inter-company transactions between the two entities and a degree
of regulatory protection in China, as well as its solid YTD
operating performance which is in line with Moody's expectation.

The Ba2 rating also considers E-Land Fashion China's growing
presence in the highly fragmented women's apparel industry in
China, its extensive nationwide sales networks, robust demand
growth and robust profitability.  Such strengths are
counterbalanced by the company's moderate scale and significant
business volatility due to high fashion risk, as well as its focus
on a narrow product category/consumer demographic.

Moody's Investors Service has withdrawn the senior unsecured debt
rating for its own business reasons.

Moody's last rating action on E-Land Fashion China was on 15 July
2010, when it assigned a first-time (P)Ba2 rating with a stable
outlook.

E-Land Fashion China is one of the leading women's apparel
companies in China.  The company designs, distributes, and markets
six casual wear brands mainly through its directly managed shops
in department stores.


CHINA SHENGHUO: NYSE Amex Accepts Firm's Compliance Plan
--------------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc., said the NYSE Amex
LLC has accepted the Company's plan of compliance for continued
listing.

On September 22, 2010, the Company received notice from the NYSE
Amex Staff indicating that the Company is below certain of the
Exchange's continued listing standards due to the fact that its
stockholder's equity is less than $2,000,000, it has sustained
losses from continuing operations, and it has net losses in two
out of its three most recent fiscal years, as set forth in Section
1003(a)(i) of the NYSE Amex Company Guide.  The Company was
afforded the opportunity to submit a plan of compliance to the
Exchange to demonstrate its ability to regain compliance with the
continued listing standards by March 22, 2012.  On October 29,
2010 and November 29, 2010, the Company presented its plan and
responses to supplemental questions to the Exchange.

On December 6, 2010, the Exchange notified the Company that it
accepted the Company's plan of compliance and granted the Company
an extension until March 22, 2012, to regain compliance with the
continued listing standards.  The Company will be subject to
periodic review by Exchange Staff during the extension period.
Failure to make progress consistent with the plan or to regain
compliance with the continued listing standards by the end of the
extension period could result in the Company being delisted from
the NYSE AMEX.

Mr. Gui Hua Lan, chief executive officer of China Shenghuo,
stated, "We are executing on our plan and believe the successful
execution of this plan will enable us to regain compliance with
the Exchange's listing standards."

                       About China Shenghuo

Founded in 1995, China Shenghuo is a specialty pharmaceutical
company that focuses on the research, development, manufacture and
marketing of Sanchi-based medicinal and pharmaceutical,
nutritional supplement and cosmetic products.  Through its
subsidiary, Kunming Shenghuo Pharmaceutical (Group) Co., Ltd., it
owns thirty SFDA (State Food and Drug Administration) approved
medicines, including the flagship product Xuesaitong Soft
Capsules, which is currently being listed in the 2010 Provincial
Insurance Catalogue of eleven provinces and remains to be listed
in the 2009 Provincial Insurance Catalogue of fourteen provinces
around China.  At present, China Shenghuo incorporates a sales
network of agencies and representatives throughout China, which
markets Sanchi-based traditional Chinese medicine to hospitals and
drug stores as prescription and OTC drugs primarily for the
treatment of cardiovascular.


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OIKOS INTERNATIONAL: So and Wong Step Down as Liquidators
---------------------------------------------------------
So Yin Wai Alex and Wong Chak Lun Alan stepped down as liquidators
of Oikos International Limited on November 22, 2010.


POPE & KIERNAN: So and Wong Step Down as Liquidators
----------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Pope & Kiernan & Black Limited on November 26, 2010.


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

Lee Chak Por Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Y. K. Tam & Co
          Room 1507, 15th Floor
          Wu Sang House
          655 Nathan Road
          Mongkok, Kowloon
          Hong Kong


QUALI (FAR EAST): Members' Final Meeting Set for January 4
----------------------------------------------------------
Members of Quali (Far East) Sourcing Limited will hold their final
meeting on January 4, 2011, at 4:00 p.m., at 6th Floor, Kwan Chart
Tower, 6 Tonnochy Road, Wanchai, in Hong Kong.

At the meeting, Puen wing Fai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


QWARUBA SEVA: Members' Final General Meeting Set for January 5
--------------------------------------------------------------
Members of Qwaruba Seva Foundation Limited will hold their final
general meeting on January 5, 2011, at 10:00 a.m., at Unit 2,
20/F., Far East consortium Building, 121 Des Voeux Road, Central,
in Hong Kong.

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


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

Alexander Andrew Fraser filed the petition against the company.

The Petitioner's Solicitors are:

          Messrs. Gall
          12th Floor, Dina House
          Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


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

The liquidator may be reached at:

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


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

At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SUNNY-TECH ELECTRONIC: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 15, 2007, to
wind up the operations of Sunny-Tech Electronic Company Limited.

The company's liquidator is Pui Chiu Wing.


SUPER BRILLIANCE: Kevin Chung Ying Hui Appointed as Liquidator
--------------------------------------------------------------
Kevin Chung Ying Hui on November 22, 2010, was appointed as
liquidator of Super Brilliance Investments Limited.

The liquidator may be reached at:

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


T.K. ENTERPRISES: Commences Wind-Up Proceedings
-----------------------------------------------
Sole member of T.K. Enterprises Limited, on November 25, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


TIN SHUI: Kwan and Liu Step Down as Liquidators
-----------------------------------------------
Kwan Pak Kong and Liu Chi Tat Stephen stepped down as liquidators
of Tin Shui Wai Luen Tak Tong Fa Pau Association Limited on
November 23, 2010.


TOPSEAL COMPANY: Members' Final Meeting Set for January 4
---------------------------------------------------------
Members of Topseal Company Limited will hold their final meeting
on January 4, 2011, at 10:00 a.m., at 25/F., Wing On Centre, 111
Connaught Road Central, in Hong Kong.

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


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

Allen & Overy LLP filed the petition against the company.

The Petitioner's Solicitors are:

          Allen & Overy
          9th Floor, Three Exchange Square
          Central, Hong Kong


VOTARY LIMITED: Members' Final General Meeting Set for January 3
----------------------------------------------------------------
Members of Votary Limited will hold their final general meeting on
January 3, 2011, at 10:00 a.m., at Flat A, 1st Floor, 49 Fa Po
Street, Village Gardens, Yau Yat Chuen, in Kowloon.

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


WEALTHSHINE INDUSTRIAL: Wong Sun Keung Steps Down as Liquidator
---------------------------------------------------------------
Wong Sun Keung stepped down as liquidator of Wealthshine
Industrial Limited on November 24, 2010.


WMC (LIBERIA): Creditors' Proofs of Debt Due January 3
------------------------------------------------------
Creditors of WMC (Liberia) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
January 3, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 22, 2010.

The company's liquidators are:

         Ms Ho Siu Pik
         Ms Yeung Betty Yuen
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


ZOPPAS INDUSTRIES: Creditors' Proofs of Debt Due December 28
------------------------------------------------------------
Creditors of Zoppas Industries Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 28, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


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ALCHEMIST HOSPITALS: Fitch Cuts National Long-Term Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has downgraded India's Alchemist Hospitals Limited's
National Long-term rating to 'B+(ind)' from 'BB-(ind)'.  The
Outlook is Stable.  The agency has also downgraded the rating on
AHL's INR434.8 million bank term loan limits (reduced from
INR550m) to 'B+(ind)' from 'BB-(ind)'.

The downgrades reflect AHL's lower-than-expected occupancy rates
and profitability metrics along with more-than-planned capital
expenditure towards the loss making hospital taken on lease in
Gurgaon (Alchemist Institute of Medical Sciences, AIMS).  The
ratings are further constrained by the company's limited track
record in the domestic healthcare industry and stiff competition
from more established players.

AHL's ratings are however supported by the wide range of services
offered, modern infrastructure, reputed doctors associated with
the company and non-seasonal nature of the business.  The ratings
also factor in the support extended by the Alchemist group through
unsecured loans and equity.

In FY10, the company's revenues improved to INR313 million, (FY09:
INR106 million), while it continued to report operating EBITDA
losses (FY10: INR46 million, FY09: INR53 million) as a result of
the increased operational expenses owing to the increase in the
personnel costs.  Its total adjusted debt stood at INR595 million
(FYE09: INR764 million).  Fitch notes that the AIMS hospital is
still in the pre-operational stage and yet to commence its full
scale of operations.  The agency expects AHL's revenues to
increase once the hospital comes into full scale of operations,
but will continue to have operating losses in FY11 also.

Higher-than-anticipated losses or any indication of weakening
financial support from the Alchemist group could negatively impact
on AHL's ratings, while higher occupancy rates leading to
achievement of EBITDA breakeven will act a positive rating
trigger.

AHL is a group company of the Alchemist group, and operates two
hospitals - one at Panchkula and the other one at Gurgaon.  The
company acquired the 100-plus bedded hospital (previously known as
Kaiser Hospital) in Panchkula in FY06, while signed the lease for
the 117-bedded AIMS (previously known as Healer's hospital) in
FY10.


ANU SOLAR: CRISIL Rates INR200 Million Proposed Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Anu Solar Thermal Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR200.00 Million Proposed Term Loan   BB/Stable (Assigned)

The rating reflects ASTPL's exposure to implementation-related
risks in the ongoing solar water heating system installations
under the National Solar Mission project of the Government of
India.  The rating also factors in the susceptibility of the
company's margins to volatility in raw material prices, and its
below-average financial risk profile marked by high gearing and
weak debt protection metrics.  These weaknesses are partially
offset by the support ASTPL receive from its parent, Anu Solar
Power Pvt Ltd, the buoyant demand for its products, and the fiscal
and credit-linked incentives available for renewable energy
projects under NSM.

Outlook: Stable

CRISIL believes that ASTPL will continue to benefit over the
medium term from the support it receives from its parent ASPPL,
and from its promoters' experience in the renewable energy sector.
The outlook may be revised to 'Positive' if ASTPL increases its
scale of operations significantly driven by success in its
envisaged business plans, while maintaining its profitability and
improving its capital structure, or in case of sustained
improvement in the credit risk profile of the parent.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected debt-funded capital expenditure programme
or its parent's credit risk profile deteriorates.  The outlook may
also be revised to 'Negative' in case of a significant decline in
the number of SWHS projects undertaken by the ASTPL, or delay in
their installations, or if there is any reduction in subsidies or
incentives under NSM or delay in their receipt, resulting in a
decline in ASTPL's revenues and profitability, and, consequently,
adversely impacting its financial risk profile.

                          About Anu Solar

ASTPL was incorporated in 2008.  It is a 70 per cent subsidiary of
ASPPL. ASTPL is an energy service company and is registered as a
Renewable Energy Service Providing Company (RESCO) under the
Ministry of New and Renewable Energy (MNRE).  ASTPL has envisaged
plans for implementation of about 100,000 SWHS on the use-and-pay
model over the next three years at an investment of over
Rs.2 billion, funded through a debt to capital subsidy and equity
ratio of 50:50.  It has submitted its business plans to MNRE for
approval of the project.  ASTPL currently sources SWHS units from
ASPPL.  The company is based in Bengaluru (Karnataka).  It is
promoted by Mr. T J Joseph, and managed by Mr. Joseph and his
family.

Incorporated in 1979, ASPPL manufactures solar-power and solar-
thermal-based products such as SWHS, solar photovoltaic systems,
solar lighting systems based on light-emitting diodes, and compact
fluorescent lamps. These products are sold under the brand Anu.
The promoter group also operates a non-banking financial company,
Nagarjuna Credits and Capitals Ltd, which supports the financing
needs of ASTPL for purchase of SWHS units from ASPPL.

ASTPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR20 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR2 million on net
sales of INR9 million for 2008-09.


BODY THIRST: CRISIL Assigns 'P4' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of Body
Thirst.

   Facilities                             Ratings
   ----------                             -------
   INR35.0 Million Pre-Shipment Credit    P4 (Assigned)
   INR21.0 Million Post-Shipment Credit   P4 (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)
   INR10.0 Million Bank Guarantee         P4 (Assigned)
   INR18.0 Million Proposed Short-Term    P4 (Assigned)
                    Bank Loan Facility

The rating reflects BT's moderate financial risk profile marked by
low networth and high gearing and modest debt protection
indicators, modest scale of operations and the susceptibility of
its revenues and earning profile to volatility in foreign exchange
(forex) rates.  These weaknesses are partially offset by the
longstanding experience of the promoters in the readymade garments
export business.

                         About Body Thirst

Set up in 1994 as a partnership firm by Ms. Kalpana Springwala and
Ms. Zora Ghulam Husaain, BT is engaged in export of women's
readymade garments and trading of fabrics in local markets.
Ms. Springwala a fashion designer by profession, manages the day-
to-day operations. BT mainly exports to the US which comprises
around 90 per cent of its total sales.

BT reported a profit after tax (PAT) of INR3.46 million on net
sales of INR276.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.62 million on net
sales of INR226.0 million for 2008-09.


CHENGMARI TEA: CRISIL Lifts Rating on INR7.3MM LT Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Chengmari Tea Company Ltd to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR100.5 Million Cash Credit         BB-/Stable (Upgraded from
                                                    'B/Stable')

   INR7.3 Million Proposed Long-Term    BB-/Stable (Upgraded from
                  Bank Loan Facility                'B/Stable')

   INR7.2 Million Rupee Term Loan       BB-/Stable (Upgraded from
                                                    'B/Stable')

   INR5 Million Letter of Credit &      P4+ (Upgraded from P4)
                    Bank Guarantee

The upgrade reflects sustained improvement in CTCL's cash
accruals, driven by increased realization from its tea business.
The upgrade also reflects CRISIL's belief that CTCL's cash
accruals will remain healthy over the medium term, supported by
healthy business prospects for the tea industry.

The ratings reflect CTCL's weak financial risk profile (although
expected to improve) marked by low net worth, high gearing and
moderate debt protection measures, susceptibility to volatility in
tea prices and adverse climatic conditions, and small scale of
operations.  The impact of these weaknesses is mitigated by CTCL's
moderate business risk profile marked by its promoters' experience
in the tea industry.

Outlook: Stable

CRISIL believes that CTCL will continue to face pressures because
of its small scale of operations and its operating profitability
is expected to remain susceptible to volatility in tea prices over
the medium term.  The outlook may be revised to 'Positive' if
there is substantial increase in CTCL's scale of operations and
improvement in its capital structure.  Conversely, the outlook may
be revised to 'Negative' if there is a decline in the company's
operating margin, pressure on its cash accruals, or weakening in
its capital structure because of large debt-funded capital
structure (capex), leading to deterioration in its financial risk
profile.

                         About Chengmari Tea

CTCL was established in 1975 as a closely held public limited
company. The company is engaged in plantation and processing of
the crush-tear-curl (CTC) variety of tea.  Mr. I K Kejriwal, the
promoter of the company purchased tea plantation and tea factory
from Nadim Tea Company in 1975.  Mr. I K Kejriwal, along with his
son Mr. Raj Kejriwal, looks after the overall management of the
company. CTCL has a tea estate and tea processing unit in
Jalpaiguri (West Bengal).  The unit has an installed capacity to
manufacture about 3.2 million kilograms of tea per annum. CTCL is
registered with Siliguri Tea Auction Committee and Calcutta Tea
Traders Association.

CTCL reported a profit after tax (PAT) of INR9.5 million on net
sales of INR321.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR30.3 million on net
sales of INR300.6 million for 2008-09.


GOPINATH ENTERPRISE: CRISIL Assigns 'BB-' Rating to INR25MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Gopinath Enterprise Pvt. Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR25.0 Million Cash Credit             BB-/Stable (Assigned)
   INR2.5 Million Standby Line of Credit   BB-/Stable (Assigned)
   INR20.3 Million Rupee Term Loan         BB-/Stable (Assigned)
   INR7.0 Million Letter of Credit         P4+ (Assigned)

The ratings reflect GEPL's exposure to risks related to a small
scale of operations in an intensely competitive industry, and
average financial risk profile marked by a small net worth, driven
by large working capital requirements.  These rating strengths are
partially offset by the benefits that GEPL derives from its
promoter's extensive industry experience, and established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the medium
term from its established customer relationships over the medium
term.  However, the company's financial risk profile is expected
to remain constrained by large working capital requirements during
this period.  The outlook may be revised to 'Positive' if GEPL
significantly improves its scale of operations and profitability,
leading to higher-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' if GEPL's financial risk
profile deteriorates because of large debt-funded capital
expenditure, or any pressure on profitability leading to lower-
than-expected cash accruals.

                     About Gopinath Enterprise

Set up in May 2008, GEPL commenced commercial operations in
August 2009. The company, based in Ahmedabad (Gujarat), is managed
by Mr. Bharat Agrawal, along with his father Mr. Ram Lakhan
Agrawal, and brothers Mr. Manish Agrawal and Mr. Dinesh Agrawal.
It manufactures high-density polyethylene (HDPE) non-laminated
fabric, laminated fabric, tarpaulin, and woven bags.  The company
sells its products under the brand name Sparrow, through its large
network of wholesalers.

GEPL reported a profit after tax (PAT) of INR4.63 million on net
sales of INR181.99 million for 2009-10 (refers to financial year,
April 1 to March 31), against a loss of INR2.73 million on net
sales of INR72.06 million for 2008-09.


INTERCONTINENTAL TAR: CRISIL Assigns 'BB-' Rating to INR125MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Intercontinental Tar Refiners Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR250.00 Million Cash Credit       BB-/Stable (Assigned)
   INR125.00 Million Term Loan         BB-/Stable (Assigned)
   INR10.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the Jalan group's below average financial risk
profile, marked by weak debt protection metrics and liquidity, and
the susceptibility of its operating margin to cyclicality in end-
user and supplier industries.  These weaknesses are partially
offset by the benefits the group derives from its customer and
supplier relationships.

CRISIL has consolidated the business and financial risk profiles
of Jalan Carbons & Chemicals Ltd and Intercontinental, together
referred to as the Jalan group.  This is because the two entities
are in similar line of business, have common customers and
vendors.

Outlook: Stable

CRISIL believes that the Jalan group will continue to benefit from
its established relationships with its customers and suppliers and
its increasing scale of operations.  The group's financial risk
profile, however, is expected to remain weak because of its
ongoing debt-funded capital expenditure (capex) and lower cash
accruals.  The outlook may be revised to 'Positive' if the group
realises more-than-expected benefits from the ongoing capex or
reports improvement in its financial risk profile on account of
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of a significant delay in the commissioning of
the project or lower-than-expected utilization of the new
capacities.

                     About Intercontinental Tar

JCCL, the flagship company of the Jalan group, is promoted by
Mr. Ajay Mohan Jalan and was set up in 1995; the company
manufactures coal tar pitch, and trades in its by-products, such
as creosote oil, naphthalene oil, and tar oil.  The Jalan group's
manufacturing facilities in Jamshedpur (Jharkhand) have a coal tar
distillation capacity of 25,000 tonnes per annum (tpa).  The Jalan
group is undertaking a capex programme to increase its capacity by
50,000 tpa, from 25,000 tpa to 75,000 tpa.  The new capacity is
being set up in Angul (Orrisa) under Intercontinental, which was
floated in 2006.  The plant is scheduled to be fully operational
by the fourth quarter of 2010-11 (refers to financial year, April
1 to March 31).

The Jalan group reported a profit after tax (PAT) of INR11 million
on net sales of INR270 million for 2009-10, against a PAT of INR12
million on net sales of INR350 million for 2008-09.


JASMINE TOWELS: CRISIL Assigns 'BB' Rating to INR45.9MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Jasmine Towels
Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR45.90 Million Long-Term Loan          BB/Stable (Assigned)
   INR70.00 Million Foreign Bill Purchase   P4+ (Assigned)
   INR65.00 Million Packing Credit          P4+ (Assigned)
   INR5.00 Million Letter of Credit         P4+ (Assigned)

The ratings reflect JTPL's small scale of operations and exposure
to risks related to intense competition in the home textile
segment, customer, and product concentration in revenue profile.
The ratings also factor in the expected deterioration in JTPL's
financial risk profile because of large debt-funded capital
expenditure (capex).  These rating weaknesses are partially offset
by JTPL's established market position in the niche, home
furnishing products segment, and healthy customer base.

Outlook: Stable

CRISIL believes that JTPL will continue to benefit from its
integrated operations and promoters' experience in the home
textile segment.  The outlook may be revised to 'Positive' if JTPL
generates larger-than-expected cash accruals, driven by higher
utilisation of capacities, while efficiently managing its working
capital cycle.  Conversely, the outlook may be revised to
'Negative' in case of a sharp decline in order book, larger-than-
expected debt-funded capex, or significant delays in collection of
receivables.

                        About Jasmine Towels

Incorporated in 1995, JTPL manufactures terry towels, dish
napkins, beach towels, and aprons. The promoter-director of the
company, Mr. Nayan Thakker, has been in the textile business for
the past 25 years. JTPL has two divisions: a weaving division,
with an installed capacity of 120,000 kilograms per annum, and a
spinning division, with 3500 spindles and 504 rotors.

JTPL reported a profit after tax (PAT) of INR10.94 million on net
sales of INR346.10 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11.22 million on net
sales of INR312.42 million for 2008-09.


KARTHIK INDUCTIONS: CRISIL Cuts Ratings on Various Debt to 'P4'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Karthik Inductions Ltd (KIL; part of the Rukminirama group) to
'B+/Negative/P4' from 'BB-/Stable/P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR10.00 Million Cash Credit        B+/Negative (Downgraded
                                            from 'BB-/Stable')

   INR20.00 Million Bills Discounting  P4 (Downgraded from 'P4+')

   INR20.00 Million Letter of Credit   P4 (Downgraded from 'P4+')

   INR17.50 Million Bank Guarantee     P4 (Downgraded from 'P4+')

The downgrade reflects deterioration in the Rukminirama group's
capital structure because of fresh debt contracted by the group to
fund cost overruns in its upcoming pelletisation facility in
Hospet (Karnataka).  The group's liquidity position has
deteriorated on account of substantial support from existing
operations to the pelletisation project. CRISIL believes that the
The Rukminirama group's liquidity will remain under pressure over
the medium term.

The ratings reflect the Rukminirama group's modest scale of
operations, and susceptibility to downtrends in the steel industry
and volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIL and Rukminirama Steel Rollings Pvt
Ltd (RSRPL), together referred to as the Rukminirama group.  This
is because the two entities are in the same line of business,
under common management, have significant inter-company
transactions, and derive considerable business synergies from each
other.

Outlook: Negative

CRISIL believes that the Rukminirama group's debt servicing
metrics will be under pressure over the medium term because of its
modest cash accruals vis-…-vis debt repayment obligations.
Incremental working capital requirements, because of the group's
recent entry into the manufacture of pellets, are also likely to
adversely impact its liquidity until capacity utilization at the
plant reaches optimum levels.  The rating may be downgraded if the
group's financial risk profile weakens, most likely because of
lower-than-expected capacity utilization levels at its
pelletisation plant, resulting in a decline in margins, or if its
debt protection metrics weaken because of an increase in debt
level. Conversely, the outlook may be revised to 'Stable' if there
is a strong growth in the group's revenues and margins,
improvement in debt protection indicators, stabilisation of
operations at its pelletisation plant, and significant improvement
in liquidity.

                          About the Group

The Rukminirama group has been manufacturing steel products since
1995, when the promoters set up an induction furnace for
production of ingots under KIL in Kundaim (Goa).  In 1998, as part
of a forward-integration initiative, the promoters set up a
rolling mill under RSRPL to manufacture steel long products.  The
Rukminirama group has also recently set up a pelletisation plant
in Hospet, with capacity of 0.3 million tonnes per annum, where
trial runs are being conducted.

The Rukminirama group reported a profit after tax (PAT) of
INR10.40 million on net sales of INR1397.80 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR13.88 million on net sales of INR1660.80 million for 2008-09.


KLG SYSTEL: CRISIL Downgrades Rating on INR700MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of KLG
Systel Ltd to 'D/P5' from 'BBB-/Negative/P3'.

   Facilities                             Ratings
   ----------                             -------
   INR1000 Million Cash Credit Limits     D (Downgraded from
                                             'BBB-/Negative')

   INR700 Million Long-Term Loan          D (Downgraded from
                                             'BBB-/Negative')

   INR850 Million Bank Guarantee         P5 (Downgraded from 'P3')

   INR150 Million Letter of Credit       P5 (Downgraded from 'P3')

The downgrade reflects instances of overdrawing cash credit
facility by KLG.  The company's performance has sharply
deteriorated in the first half of 2010-11 (refers to financial
year, April 1 to March 31).  KLG has incurred cash losses of
around INR123.3 million in the aforementioned period because of
significant decline in revenues coupled with continued delays in
receipt of receivables.  This has adversely affected KLG's
liquidity. CRISIL expects that KLG's liquidity to remain weak over
the near term, given KLG's completely utilised bank lines and
deteriorating business performance.

Established in 1985, KLG provides information-technology-centric
business lifecycle software solutions, consultancy, support,
training, and services to organizations in the process, power,
manufacturing, and infrastructure sectors.  KLG has two strategic
business units: business lifecycle solutions and power system
solutions.

For 2009-10, KLG reported a net profit of INR182.10 million
(Rs.333.00 million for the previous year) on net sales of INR2.42
billion (Rs.2.28 billion). For the six months ended September 30,
2010, KLG reported a net loss of INR249.02 million (net profit of
INR120.53 million for the corresponding period of the previous
year) on net sales of INR559.42 million (Rs.1.20 billion).


NIF ISPAT: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to Nif Ispat Ltd's bank
facilities.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Bill Discounting     P4 (Assigned)
   INR50.0 Million Letter of Credit     P4 (Assigned)
   INR60.0 Million Packing Credit       P4 (Assigned)

The rating reflects customer concentration in NIF's revenue
profile, average demand in the overseas iron castings market in
the near term, small scale of operations, and the company's below-
average financial risk profile, marked by weak debt protection
metrics.  These rating weaknesses are partially offset by NIF's
promoters' experience in the iron castings business and healthy
relationships with customers.

Incorporated in 1955, NIF is managed by Mr. Girish Kumar
Madhogaria.  The company manufactures cast iron castings.  Its
main product is manhole cover, which it exports mainly to the US,
the UK, Europe, the Middle East, Australia, and New Zealand.  The
company's manufacturing facility in Howrah (West Bengal) has a
casting capacity of 15,000 tonnes per annum (tpa) and a current
utilisation level of around 50 per cent.

The company has started outsourcing manufacture of ductile iron
products, and is planning to start an in-house facility for the
same in the near future.

NIF reported a profit after tax (PAT) of INR8.0 million on net
sales of INR188 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR17.4 million on net
sales of INR239 million for 2008-09.


POPATLAL NATHALAL: CRISIL Reassigns 'B+' Rating to INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Popatlal Nathalal Shah; the facilities were earlier short-term
facilities and were rated 'P4' by CRISIL.

   Facilities                              Ratings
   ----------                              -------
   INR368.0 Million Post Shipment Credit   B+/Stable (Reassigned)
   INR73.0 Million Packing Credit          B+/Stable (Reassigned)
   INR10.0 Million Proposed Long Term      B+/Stable (Reassigned)
                   Bank Loan Facility

The rating reflects PN Shah's modest financial risk profile,
marked by and large working capital requirements.  These rating
weaknesses are partially offset by the benefits that PN Shah
derives from its promoters' experience in the polished diamonds
industry and established relationships with its customers and
suppliers.

Outlook: Stable

CRISIL believes that PN Shah will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with its customers and suppliers. The
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in the firm's revenues, operating margin,
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of significant deterioration in PN
Shah's operating margin, debt protection metrics, or operating
cycle.

                       About Popatlal Nathalal

Set up as a proprietorship concern in 1956 by the late
Mr. Popatlal Nathalal Shah, PN Shah was reconstituted as a
partnership firm in 1990.  The firm is managed by Mr. Ajay Shah
(Mr. Popatlal Nathalal Shah's son), his wife, Mrs. Priti Shah, and
their son, Mr. Nirav Shah.  It manufactures and exports polished
diamonds. PN Shah has its manufacturing units in Mumbai
(Maharashtra) and Surat (Gujarat), and its head office at Opera
House in Mumbai.

PN Shah reported a profit after tax (PAT) of INR13.7 million on
net sales of INR1105.1 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR9.2 million on net
sales of INR938.1 million for 2008-09.


ROOP TECHNOLOGY: CRISIL Reaffirms 'B+' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Roop Technology Pvt Ltd
continue to reflect Roop's modest scale of operations and
constrained financial risk profile.  The impact of these
weaknesses is mitigated by Roop's established relationships with
customers and suppliers.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Million Cash Credit          B+/Stable (reaffirmed)
   INR230.0 Million Letter of Credit    P4 (reaffirmed)

Outlook: Stable

CRISIL believes that Roop will continue to benefit from its
established relationships with channel partners and support from
vendors.  The outlook may be revised to 'Positive' if Roop's scale
of operations increases and profitability improves on a
sustainable basis, thereby resulting in increased cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection indicators weaken further.

Update

Roop's revenues have reduced significantly in 2009-10 (refers to
financial year, April 1 to March 31) to INR578.0 million from
INR945.5 million in 2008-09 on account of sluggish demand in the
economy.  The volumes in respect of products from 'Viewsonic', one
of its major revenues earner brands, dropped significantly.  The
price correction further contributed to the revenue decline.
However, the exchange rate gains helped the company post profits
in 2009-10 against losses in 2008-09. To diversify its product
portfolio, Roop has introduced products of Zicom Electronic
Security Systems Ltd (Zicom) in its channel and acquired exclusive
distributorship of Dell's all-in-one laptops for Mumbai and its
suburbs.  These initiatives are expected to boost Roop's revenues.
The company's revenues of INR380.0 million for the period from
April to August 2010 indicate some recovery.

Roop reported, on provisional basis, a net profit of INR1.8
million on net sales of INR578.0 million for 2009-10; it reported
a net loss of INR9.5 million on net sales of INR945.5 million for
2008-09.

                        About Roop Technology

Roop was established in 1999.  The company trades in computer
hardware and specializes in display hardware of various varieties.
It supplies to resellers, who sell the products to end users.
Roop has 10 branches across India.  The company specialises in
display hardware and peripherals and is the authorised distributor
for Viewsonic Corporation, US and Phillips Electronics India Ltd
across India; LG Electronics India Pvt Ltd in Maharashtra, Andhra
Pradesh, Tamil Nadu, and Karnataka; and Epson India Pvt Ltd in
southern Maharashtra.  Roop is also a national distributor for
Genius Computer Technology Ltd's products.  Roop supplies display
hardware such as liquid crystal display and cathode ray tube (CRT)
monitors; optical products such as CD-ROM (Compact Disc - Read
Only Memory) drives, DVD (Digital Video Disc) writers, CD-RW
(Compact Disc - Read and Write) drives, inkjet printers, and other
computer accessories. The company is managed by Mr. Umang Mehta
and his brother Mr. Nilesh Mehta.


RUKMINIRAMA STEEL: CRISIL Cuts Rating on INR31.6MM LT Loan to 'B+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Rukminirama Steel Rollings Pvt Ltd (RSRPL; part of the Rukminirama
group) to 'B+/Negative/P4' from 'BB-/Stable/P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR40.00 Million Cash Credit       B+/Negative (Downgraded from
                                                   'BB-/Stable')

   INR31.60 Million Long-Term Loan    B+/Negative (Downgraded from
                                                   'BB-/Stable')

   INR50.00 Million Letter of Credit  P4 (Downgraded from 'P4+')
   INR30.00 Million Bank Guarantee    P4 (Downgraded from 'P4+')

The downgrade reflects deterioration in the Rukminirama group's
capital structure because of fresh debt contracted by the group to
fund cost overruns in its upcoming pelletisation facility in
Hospet (Karnataka).  The group's liquidity position has
deteriorated on account of substantial support from existing
operations to the pelletisation project. CRISIL believes that the
The Rukminirama group's liquidity will remain under pressure over
the medium term.

The ratings reflect the Rukminirama group's modest scale of
operations, and susceptibility to downtrends in the steel industry
and volatility in raw material prices.  These rating weaknesses
are partially offset by the extensive industry experience of the
group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RSRPL and Karthik Induction Ltd,
together referred to as the Rukminirama group.  This is because
the two entities are in the same line of business, under common
management, have significant inter-company transactions, and
derive considerable business synergies from each other.

Outlook: Negative

CRISIL believes that the Rukminirama group's debt servicing
metrics will be under pressure over the medium term because of its
modest cash accruals vis-a-vis debt repayment obligations.
Incremental working capital requirements, because of the group's
recent entry into the manufacture of pellets, are also likely to
adversely impact its liquidity until capacity utilization at the
plant reaches optimum levels.  The rating may be downgraded if the
group's financial risk profile weakens, most likely because of
lower-than-expected capacity utilization levels at its
pelletisation plant, resulting in a decline in margins, or if its
debt protection metrics weaken because of an increase in debt
level. Conversely, the outlook may be revised to 'Stable' if there
is a strong growth in the group's revenues and margins,
improvement in debt protection indicators, stabilisation of
operations at its pelletisation plant, and significant improvement
in liquidity.

                          About the Group

The Rukminirama group has been manufacturing steel products since
1995, when the promoters set up an induction furnace for
production of ingots under KIL in Kundaim (Goa).  In 1998, as part
of a forward-integration initiative, the promoters set up a
rolling mill under RSRPL to manufacture steel long products.  The
Rukminirama group has also recently set up a pelletisation plant
in Hospet, with capacity of 0.3 million tonnes per annum, where
trial runs are being conducted.

The Rukminirama group reported a profit after tax (PAT) of
INR10.40 million on net sales of INR1397.80 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR13.88 million on net sales of INR1660.80 million for 2008-09.


SARDA PLYWOOD: CRISIL Upgrades Rating on Bank Debts to 'BB'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sarda
Plywood Industries Ltd (SPIL; part of the Sarda group) to
'BB/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR227.5 Million Cash Credit     BB/Stable (Upgraded from
                                               'B+/Stable')

   INR6.3 Million Long Term Loan    BB/Stable (Upgraded from
                                               'B+/Stable')

   INR80.1 Million Proposed Long    BB/Stable (Upgraded from
         Term Bank Loan Facility               'B+/Stable')

   INR80 Million Proposed Short     P4+ (Upgraded from P4)
        Term Bank Loan Facility

   INR22 Million Bank Guarantee     P4+ (Upgraded from P4)

   INR180 Million Letter of Credit  P4+ (Upgraded from P4)

The upgrade reflects improvement in the Sarda group's liquidity,
driven by increase in operating margin and cash accruals, and
moderate bank limit utilization.  CRISIL believes that the group's
liquidity will continue to improve over the medium term, driven by
strong growth in revenues and improvement in operating margin.

The ratings reflect the Sarda group's weak financial risk profile
marked by low operating margin and weak debt protection metrics,
and susceptibility of its margins to intense competition in the
plywood industry.  These rating weaknesses are partially offset by
the strong market position of the group's Duro brand and the
group's extensive track record in the plywood industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPIL and PS Plywood Products Pvt Ltd
(PSPPPL), together referred to as the Sarda group.  This is
because the two companies have strong operational linkages between
them, and have signed a licence agreement, whereby PSPPL's
manufacturing facilities are used by SPIL and in return, SPIL pays
PSPPL a licence fee of INR2.8 million per month.  Furthermore,
SPIL owns 46.67 per cent of PSPPPL's equity share capital.

Outlook: Stable

CRISIL believes that the Sarda group will benefit from the
increasing share of branded products in the plywood industry. This
would help the group increase its scale of operations and improve
its profitability.  The outlook may be revised to 'Positive' if
the group generates more-than-expected cash accruals, driven by
improvement in profitability and working capital management.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, driven by decline in
operating profitability because of volatility in raw material
prices and foreign exchange rates, and adverse changes in timber
export policies of foreign countries.

                           About the Group

SPIL, incorporated in 1957 as a private limited company,
manufactures plywood and allied products. SPIL was promoted by the
Chitlangia group, which, as on date, owns 41.5 per cent of SPIL's
equity share capital.  The company became a deemed public limited
company in 1974, and is currently listed on the Bombay Stock
Exchange. In 2007, SPIL acquired 46.67 per cent of equity share
capital of PSPPPL, a plywood manufacturing facility, which is
based in Rajkot (Gujarat).  In 2007-08 (refers to financial year,
April 1 to March 31), SPIL signed a license agreement with PSPPPL
to use PSPPPL's manufacturing facilities, which has a combined
capacity of 3 million square metres (on 4-millimetre basis) of
plywood per annum.

SPIL set up a new plywood manufacturing unit in April 2010,
increasing its installed capacity from 3 million square metres of
plywood per annum to 6 million square metres of plywood per annum.
SPIL sells plywood under the Duro brand. SPIL also owns a bought-
leaf-tea processing factory in Jeypore (Assam) with a tea
processing capacity of 3.7 million kilograms per annum.

The Sarda group reported a profit after tax of INR17.55 million on
net sales of INR1.17 billion for 2009-10, against a net loss of
INR22.21 million on net sales of INR1.03 billion for 2008-09.


SHREE SHYAM: CRISIL Upgrades Rating on INR45M Cash Credit to 'BB+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Shyam Pipes Pvt Ltd to 'BB+/Stable' from 'BB/Stable', while
reaffirming its rating on the short-term bank facilities at 'P4+'

   Facilities                            Ratings
   ----------                            -------
   INR45.0 Million Cash Credit Limit     BB+/Stable (Upgraded from
                                                     'BB/Stable')
   INR5.0 Million Bank Guarantee         P4+ (Reaffirmed)
   INR45.0 Million Letter of Credit      P4+ (Reaffirmed)

The rating upgrade has been driven by improvement in the business
risk profile of SSPL marked by a 58 per cent increase in revenues
in 2009-10 (refers to financial year, April 1 to March 31) over
the previous year.  Moreover, SSPL's gearing improved to 0.64
times in 2009-10 from 0.98 times in 2008-09 because of less-than-
expected short-term debt contracted by the company for meeting its
working capital requirements during the year.  Consequently,
SSPL's debt protection measures improved in 2009-10, with net cash
accruals to total debt and interest coverage ratios at 26 per cent
and 2.78 times respectively.

The ratings reflect SSPL's exposure to risks related to segmental
and customer concentration in revenue profile, small scale of
operations, and intense competition in the copper pipes.  These
rating weaknesses are partially offset by SSL's moderate financial
risk profile, marked by a low gearing and above-average debt
protection measures.

Outlook: Stable

CRISIL believes that SSPL's financial risk profile will remain
moderate over the medium term, supported by marked by low gearing
and moderate debt protection measures.  The outlook may be revised
to 'Positive' if SSPL diversifies its customer profile and
maintains its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates significantly because of substantial borrowings for
capital expenditure and working capital requirements.

                          About Shree Shyam

Incorporated in 1980 by Mr. Ajay Gupta, SSPL manufactures copper
pipes and copper tubular components at its facility in Noida
(Uttar Pradesh), with a capacity of around 1800 tonnes per annum.
These products are used by the manufacturers of air conditioners
and refrigerators.

SSPL reported a profit after tax (PAT) of INR5.7 million on net
sales of INR494.4 million for 2009-10, against a PAT of Rs2.8
million on net sales of INR312.6 million for 2008-09.


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


JAPAN AIRLINES: To Decide on Dismissal Criteria Next week
---------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. is expected to
compile screening criteria for its planned dismissal of pilots and
cabin attendants next week and notify those who meet the criteria.

JAL sources told Kyodo that substantially more than 100 workers
will likely be let go.

According to Kyodo, the move comes as the airline's additional
voluntary retirement program is unlikely to meet its job reduction
target.  The deadline of the program has been postponed until
Thursday.

Against this backdrop, Kyodo says, some labor unions are slated to
file lawsuits against the airline if it actually moves to dismiss
their workers.  Among them, the JAL Cabin Crew Union, a labor
union comprising part of the cabin attendants, is planning to
stage a strike on Dec. 24 and 25, notes the report.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.

The Tokyo District Court this month approved Japan Airlines'
rehabilitation plan.  The turnaround plan includes debt waivers,
job cuts and the closure of unprofitable domestic and
international routes.


SHINSEI BANK: S&P Junks Rating on Preferred Securities from 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch to 'CCC+'
from 'B-' its debt rating on the preferred securities issued by
Shinsei Bank Ltd. (BBB+/Negative/A-2), and removed the rating on
CreditWatch with negative implications.  At the same time, S&P
affirmed the short- and long-term counterparty credit and debt
ratings on Shinsei.

The downgrade reflects S&P's view that additional measures that
Shinsei can adopt to boost its distributable reserves are becoming
more limited.  As S&P also sees a continued likelihood that the
bank may post losses on a nonconsolidated basis in fiscal 2010
(ending March 31, 2011), Shinsei may be unable to secure
sufficient distributable reserves to pay dividends on its
preferred securities.

On Sept. 14, 2010, S&P had lowered the rating on Shinsei's
preferred securities and placed the rating on CreditWatch negative
to reflect the possibility of Shinsei posting a nonconsolidated
net loss in fiscal 2010.  On the same day, S&P had also revised
the outlook on the long-term counterparty credit rating to
negative from stable and affirmed the rating on the bank.

According to a clause in Shinsei's preferred securities'
contracts, the bank will defer dividend payments on the preferred
securities if its nonconsolidated distributable reserves at the
end of the fiscal year fall short of the subsequent dividend
amount.  Standard & Poor's believes that if Shinsei incurs
impairment losses on stocks that it holds in its financial
subsidiary, the bank's distributable reserves at the end of fiscal
2010 may be insufficient for dividend payments on its preferred
securities.  Although Shinsei has adopted some measures to raise
its nonconsolidated distributable reserves to meet those dividend
payments, S&P believes that additional measures are becoming more
limited.  Consequently, the likelihood of dividend distribution
now depends on whether the bank will post impairment losses or on
the scale of such losses if they occur.  In addition, due to the
limited amount of distributable reserves, the probability of
dividend distribution will also be susceptible to revenue
fluctuations and evaluation losses or profits on marketable
securities, which could arise under regular market conditions.  If
Shinsei defers dividend payments on its preferred securities, the
payments are likely to be deferred in July 2011.  Based on this
view, Standard & Poor's lowered its debt rating on Shinsei's
preferred securities to 'CCC+.'

Since Nov. 10, 2010, Shinsei has had a tender offer in place for
its rated U.S. dollar-denominated preferred securities, which have
high-dividend payouts.  So far, it has been agreed that Shinsei
will buy back at least approximately 90% of the securities, and as
a result, the bank's estimated annual dividend payment is likely
to decrease to about JPY4 billion from JPY9.5 billion as of Sept.
14, 2010, when Standard & Poor's had lowered its debt rating on
the preferred securities.  As of Sept. 30, 2010, Shinsei's
distributable reserves stood at JPY23.1 billion.  This means that
Shinsei could accommodate dividend payments on its preferred
securities, if S&P take into account the estimated profit that it
could generate from repurchasing the preferred securities.
Although S&P removed its debt rating from CreditWatch, if S&P
confirm any change in Shinsei's capacity to accommodate dividend
payments, S&P intends to reflect the effects of such a change on
its debt rating on the preferred securities.


TAKEFUJI CORP: Cerberus, Lone Star, Fortress May Submit Bids
------------------------------------------------------------
Reuters, citing sources, reports that U.S. private equity firms
Cerberus Capital Management, Lone Star and Fortress Group are
among those planning to bid for Takefuji Corp.

Sources who have direct knowledge of the deal told Reuters that
the first round of bidding will close on December 15, 2010.

According to Reuters, sources said bidders will likely offer
between JPY60 and JPY80 billion for the business.

One of the sources told Reuters that J.C. Flowers & Co. and
Elliott Management may also submit bids.

Meanwhile, Bloomberg News reports that the Nikkei newspaper said
Takefuji Corp. will send letters to 1.3 million overcharged
customers in Japan and urge them to seek refunds.

Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg News said the company has become the
biggest casualty of Japan's four-year crackdown on coercive
lending practices by consumer finance companies.  The lender is
seeking to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


* S&P Puts Ratings on Various Tranches on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its ratings on three tranches relating to
three Japanese synthetic CDO transactions.

The three tranches placed on CreditWatch positive had synthetic
rated overcollateralization levels in excess of 100% at higher
ratings than the current ratings during November's month-end run.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

By the end of the month, S&P intends to review the tranches listed
below, along with any other tranches with ratings that are
currently on CreditWatch with negative or positive implications,
in accordance with its current CDO criteria.

                           Ratings List

                   Corsair (Jersey) No. 2 Ltd.
                  Series 46 credit default swap

          To                     From         Amount
          --                     ----         ------
          Bsrp (sf)/Watch Pos    Bsrp (sf)    JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
                    SONATA notes series 2006-2

   Class         To                     From       Issue Amount
   -----         --                     ----       ------------
   AF            B- (sf)/Watch Pos      B- (sf)    JPY2.0 bil.

                       Signum Vanguard Ltd.
    Secured floating rate credit-linked notes series 2006-03

         To                    From        Issue Amount
         --                    ----        ------------
         B (sf)/Watch Pos      B (sf)      $10.0 mil.


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


AXIS INC: Posts MYR14.44 Mil. Net Loss in Qtr Ended September 30
----------------------------------------------------------------
Axis Incorporation Berhad reported a net loss of MYR14.44 million
on revenue of MYR28.44 million for the three months ended
September 30, 2010, compared to a net loss of MYR5.69 million on
revenue of MYR20.59 million for the same period in 2009.

At September 30, 2010, the Company's consolidated balance sheets
showed MYR101.23 million in total assets and MYR421.60 million in
total liabilities, resulting in a MYR320.37 million shareholders'
deficit.

The Company's consolidated balance sheets at September 30, 2010,
also showed strained liquidity with MYR31.77 million in total
current assets available to pay MYR421.60 million in total current
liabilities.

A full-text copy of the quarterly report is available for free at:
http://ResearchArchives.com/t/s?70b2

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


MALAYSIAN MERCHANT: Posts MYR586,000 Net Loss for September 30 Qtr
------------------------------------------------------------------
Malaysian Merchant Marine Bhd reported a net loss of MYR586,000
on zero revenue for the three months ended September 30, 2010,
compared with a net loss of MYR5.97 million on revenue of
MYR9.77 million for the same period ended September 30, 2009.

At September 30, 2010, the Company's consolidated balance sheets
showed MYR99,000 in total assets and MYR18.38 million in total
liabilities, resulting in total shareholders' deficit of
MYR18.28 million.

In its latest quarterly result, the Company discloses that as of
September 30, 2010, it has incurred an accumulated losses of
MYR253.82 million, and that its current liabilities exceed its
current assets by MYR18.28 million, which may not be sufficient to
pay for the operating expenses in the next 12 months.

The business operations of the Group have been significantly
affected by the present slump in the shipping industry coupled
with the extremely difficult funding situation faced by the
Company. The Company is no longer operating.

                      About Malaysia Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


TRACOMA HOLDINGS: High Court of Malaya Extends Restraining Order
----------------------------------------------------------------
The High Court of Malaya, Shah Alam, on November 30, 2010, granted
an extension of the Restraining Order obtained on September 9,
2010, pursuant to Section 176 of the Companies Act, 1965, to
restrain all further proceedings in any actions or proceedings
against Tracoma and its subsidiaries ("Tracoma Group"), for a
period of six months commencing upon the expiry of the first
restraining order.

The extended restraining order will allow the Company to finalize
a conclusive debt restructuring scheme with the creditors under a
scheme of arrangement to restructure the debts owing to the
creditors.  The debt restructuring scheme is an integral part of
the regularization plan to regularize the financial condition of
the Company pursuant to Practice Note 17 of the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad.  The
full details of the debt restructuring scheme will be announced in
due course.

                       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.


EVERMASTER GROUP: Fails to Submit Second Quarter Results
--------------------------------------------------------
Evermaster Group Berhad said in regulatory filing that the company
failed to issue its second quarter results by November 30, 2010,
as the said quarterly results has not been reviewed by the Audit
Committee of which the committee is currently still vacant.

Evermaster also said that the trading of the Company's shares has
been suspended since May 19, 2009.

"The Board of Directors will make every endeavour to ensure that a
Board meeting will be convened as soon as possible to approve the
outstanding quarterly results," the company told the bourse.

                      About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


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


CAPITAL + MERCHANT: SFO Arrests, Charges Two Directors
------------------------------------------------------
The National Business Review reports that the Serious Fraud Office
has arrested and laid six charges under the Crimes Act against one
current and one former director of Capital+Merchant Finance.

The Business Review relates that the two accused are Neal Medhurst
Nicholls and Wayne Leslie Douglas and the charges involve nearly
NZ$14.5 million of related party lending dating back to 2002.

According to the Business Review, the SFO alleges that as
directors of CMF, Mr. Nicholls and Mr. Douglas held investors'
funds subject to a special relationship with investors and that
they used their position to apply those funds in a manner
inconsistent with that relationship.

The SFO, says Business Review, also alleges the directors falsely
stated the true extent of related party lending in annual CMF
prospectuses and associated financial statements in July 2003 and
September 2004.

Messrs. Nicholls and Douglas were remanded on bail and will next
appear on December 16, 2010.

                      About Capital + Merchant

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on November 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.

Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


CRAFAR FARMS: Sale Deal With Chinese Buyer Remains, Receivers Say
-----------------------------------------------------------------
Susie Nordqvist and Kelly Gregor at The New Zealand Herald report
that receivers of the Crafar farms said a conditional agreement
for the sale of the properties remained on foot despite the
bankruptcy of frontwoman for the bid, May Wang.

The NZ Herald says Ms. Wang is set to appeal a bankruptcy ruling
over a $22 million debt, after she lost her year-long battle with
Westpac at the High Court in Auckland on Wednesday, December 8.

Natural Dairy, the company that wants to buy the Crafar farms, is
speaking to its legal advisers about how the bankruptcy might
affect its bid, the NZ Herald notes.

However, the NZ Herald relates, receivers KordaMentha said the
conditional agreement with UBNZ Funds Management, which is
planning to buy the farms on behalf of Natural Dairy, still
stands.

KordaMentha's Brendon Gibson said "the agreement remains subject
to Overseas Investment Office approval and we continue to receive
communication with the applicant's solicitors as to the progress
of the consent process," according to the NZ Herald.

                         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.


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


* S&P Assigns 'BB-' Issuer Credit Rating to the City of Naga
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' issuer credit rating to the City of Naga, located in the
Bicol region of the Republic of Philippines (foreign currency
BB/Stable/B; local currency BB+/stable/B; ASEAN scale axBBB+/axA-
2).  The outlook is stable.  S&P also assigned its 'axBB+' ASEAN
regional scale rating to the city.

"The issuer credit rating on the City of Naga reflects the very
weak intergovernmental system under which the city operates.  S&P
also took into account the city's narrow tax base stemming from a
low income local economy, and the administration's lack of
institutionalized policies," said Standard & Poor's credit analyst
YeeFarn Phua.

The city's strong liquidity position, sound budgetary performance,
and low debt due to prudent fiscal management underpin the
ratings.

This is the first local and regional government rating S&P has
assigned in the Philippines.

The predictability in the Philippine intergovernmental system is
low and the central government has a history of passing on
unfunded mandates to local government units.  Central monitoring
and oversight over LGUs is weak, in S&P's opinion.

"The lack of institutionalized policies at the city's own level
also affects the ratings on Naga.  Nevertheless, the city
administration has maintained a disciplined fiscal approach.  This
has resulted in sound budgetary performances despite the lack of
an explicitly stated fiscal framework," said Mr. Phua.

Naga's administration also stands out from domestic peers' in
terms of transparency.  However, S&P views the city's financial
management capacity as underdeveloped compared with international
best practices in key areas like long-term capital and financial
planning, and expenditure management.

Naga's local economy is predominantly engaged in small-scale trade
and retail.  The city's small population and low per capita income
has impeded efforts to diversify the local economy.  The resultant
narrow tax base has constrained the city government's revenue
flexibility.  In mitigation, Naga has some flexibility in capital
spending due to its well-maintained infrastructure by local
standards, although it is still under-developed by international
standards.

Naga's consistently good budgetary performance and its strong
liquidity position support the ratings.  Balance after capital
accounts averaged surpluses of 16% of total revenues in 2007-2009,
and free cash and liquid assets reached a high of 122% of
operating expenses in 2009.  Another credit strength is the Naga
government's low debt burden compared with peers'.


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


SUBTLE SENSES: Fresh Disputes Arise in Firm's Liquidation
---------------------------------------------------------
Today Online reports that new twists, jaw-dropping numbers and
fresh disputes have emerged in Subtle Senses' liquidation, three
weeks after its creditors' meeting.

Today Online relates that the amount of unserviced packages the
spa assumed by taking over True Spa's operations seems to have
been $33 million -- more than seven times the $4.5 million at the
point of liquidation in October.

According to Today Online, liquidators and the Committee of
Inspection (COI) overseeing them have also found that True Spa had
paid only $1.25 million to transfer its operations to Subtle
Senses -- raising the question if Subtle Senses and its parent
company had done their "homework", a COI member felt.

Today Online says the five-member committee, comprising customers,
a lawyer for one of Subtle Senses' landlords, and an ex-staff were
surprised by the numbers.

True Spa customers had turned up for the creditors' meeting on
November 16, 2010, but whether they are entitled to a cut of
Subtle Senses' assets is up in the air, with liquidators seeking
legal advice on the issue, Today Online states.

Today Online relates that liquidator Abuthahir Abdul Gafoor said
despite the transfer of operations, they "have actually signed a
valid binding contract with True Spa."

"True Spa can say, please go to Subtle Senses for treatments, but
now that it's no longer there to provide these treatments, what do
these customers do?," Mr. Abuthahir said, according to Today
Online.

A spokesperson for True Spa said it was "working out a scheme for
all True Spa members affected by the closure of Subtle Senses".
The scheme is expected to roll out from next week and details will
be available then, Today Online reports.

Mr. Abuthahir hopes to settle the status of True Spa customers
"within this week," notes the report.  But he and fellow
liquidator Chee Yoh Chuang have another hot potato to handle.
Many customers from both spas have disputed the value of their
unused packages extracted from Subtle Senses' records, which
affects creditors and those seeking to claim treatments from Spa
Beauty and Wellness Alliance members, adds the repott.

The discrepancies are largely due to accounting principles that
split the value of a spa package into service and product
components.  He said: "A lot are unhappy and feel that the amount
shown on the (liquidators') website is incorrect."

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 21, 2010, Subtle Senses has been placed in creditors'
voluntary liquidation.  The company's provisional liquidators,
Mr. Abuthahir Abdul Gafoor and Mr. Chee Yoh Chuang of Stone Forest
Corporate Advisory, are now looking into the company's accounts
and dealing with employees' and customers' queries.

Subtle Senses is a Singapore-based spa operator.


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


* Moody's: Global Default Rate Fell to 3.3% in November 2010
------------------------------------------------------------
The trailing 12-month global speculative-grade default rate
dropped to 3.3% in November 2010, down from a level of 3.7% in
October, said Moody's Investors Service in a new report.  A year
ago, the global default rate stood much higher at 13.6%.

The ratings agency's default rate forecasting model now predicts
that the global speculative-grade default rate will fall to 2.9%
by the end of this year before declining further to 1.8% by
November 2011.  "We continue to expect stable, low default rates
for the near future," said Albert Metz, Moody's Director of Credit
Policy Research.  "However, there are risks that defaults may
increase, particularly if financing becomes scarce in the European
markets."

In the U.S., the speculative-grade default rate edged lower from
3.6% in October to 3.5% in November.  At this time last year, the
U.S. default rate reached the highest level in this cycle at
14.7%.  Meanwhile, the European default rate among speculative-
grade issuers declined to 1.9% in November from 2.8% in October
2010. The default rate in Europe stood at 11.5% in November 2009,
which was also the peak in the financial crisis.

Among U.S. speculative-grade issuers, Moody's forecasting model
foresees the default rate falling to 3.1% by December 2010, then
sliding further to 2.1% a year from now. In Europe, Moody's
forecasting model projects the speculative-grade default rate to
end this year at 2.0% before dropping to 1.2% in November next
year.

A total of seven Moody's-rated corporate debt issuers have
defaulted in November, which sends the year-to-date default count
to 52.  In comparison, a total of 257 defaults were recorded in
the comparable time period last year. All of November's defaults
were by North American issuers except for Anglo Irish Bank
Corporation Limited, which is based in Ireland.

Across industries over the coming year, default rates are expected
to be highest in the Hotel, Gaming, & Leisure sector in the U.S.
and Media: Advertising, Printing and Publishing sector in Europe.

Measured on a dollar volume basis, the global speculative-grade
bond default rate remained unchanged at 1.4% from October to
November.  Last year, the global dollar-weighted default rate was
noticeably higher at 19.6% in November 2010.

In the U.S., the dollar-weighted speculative-grade bond default
rate ended at 1.3% in November, up from the level of 1.1% in
October.  The comparable rate was 20.1% in November 2009. In
Europe, the dollar-weighted speculative-grade bond default rate
fell to 1.7% in November from 2.4% in October.  At this time last
year, the European speculative-grade bond default rate was 14.0%.
Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 11.5% in November, down from a
level of 14.1% in October.  A year ago, the index was much higher
at 24.2%.

In the leveraged loan market, three Moody's-rated loan issuers
defaulted in November, lifting the year-to-date loan default count
to 22. The trailing 12 month U.S. leveraged loan default rate fell
from 3.6% in October to 3.3% in November. A year ago, the loan
default rate stood much higher at 12.0%.

Moody's "November Default Report" is now available -- as are
Moody's other default research reports -- in the Ratings Analytics
section of Moodys.com.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN              16.93          -8.23
ARASOR INTERNATI       ARR               19.21         -26.51
ASTON RESOURCES        AZT              469.54          -7.49
AUSTAR UNITED          AUN              502.05        -284.60
AUSTRALIAN ZI-PP       AZCCA             77.74          -2.57
AUSTRALIAN ZIRC        AZC               77.74          -2.57
AUTRON CORP LTD        AAT               32.39         -13.42
AUTRON CORP LTD        AAT               32.39         -13.42
BCD RESOURCES OP       BCO               22.09         -61.19
BCD RESOURCES-PP       BCOCC             22.09         -61.19
BIRON APPAREL LT       BIC               19.71          -2.22
CENTRO PROPERTIE       CNP            14253.26        -825.84
CHALLENGER INF-A       CIF             2161.41        -339.11
CHEMEQ LTD             CMQ               25.19         -24.25
COMPASS HOTEL GR       CXH               88.33          -1.08
ELLECT HOLDINGS        EHG               18.25         -15.49
HEALTH CORP LTD        HEA               11.97          -2.66
HYRO LTD               HYO               11.81          -5.15
IVANHOE AUST LTD       IVA               49.44          -6.51
JAMES HARDIE NV        JHXCC           1980.80        -432.00
JAMES HARDIE-CDI       JHX             1980.80        -432.00
MAC COMM INFR-CD       MCGCD           8104.42        -103.34
MAVERICK DRILLIN       MAD               24.66          -1.30
MISSION NEWENER        MBT               32.23         -21.48
NATURAL FUEL LTD       NFL               19.38        -121.51
NEXTDC LTD             NXT               17.46          -0.14
ORION GOLD NL          ORN               11.06          -4.86
RIVERCITY MOTORW       RCY              386.88        -809.14
SCIGEN LTD-CUFS        SIE               69.94         -29.79
SHELL VILLAGES A       SVC               13.47          -1.66
TAKORADI LTD           TKG               13.99          -0.41
THOMAS BRYSON          TBI               44.32         -54.68
VERTICON GROUP         VGP               10.08         -29.12


CHINA

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


HONG KONG

ASIA TELEMEDIA L       376               16.62          -5.37
BUILDMORE INTL         108               13.48         -69.17
CHINA COMMUNICAT       8206              36.62          -6.93
CHINA HEALTHCARE       673               37.98          -2.81
CMMB VISION HOLD       471               41.31          -5.11
COSMO INTL 1000        120               83.67         -25.33
EGANAGOLDPFEIL         48               557.89        -132.86
FULBOND HLDGS          1041              54.53         -24.07
IMAGI INTERNATIO       585               11.29         -21.23
MELCOLOT LTD           8198              63.10         -34.44
MITSUMARU EAST K       2358              18.15         -11.83
NEW CITY CHINA         456              112.20         -14.59
NGAI LIK INDL          332               22.70          -9.69
PAC PLYWOOD            767               72.60         -12.31
PALADIN LTD            495              146.73          -8.91
PCCW LTD               8               5350.25        -416.24
PROVIEW INTL HLD       334              314.87        -294.85
SINO RESOURCES G       223               25.07         -39.10
SMART UNION GP         2700              13.70         -43.29
TACK HSIN HLDG         611               27.70         -53.62
TONIC IND HLDGS        2959              67.67         -37.85


INDONESIA

ASIA PACIFIC           POLY             475.69        -841.22
ERATEX DJAJA           ERTX              11.30         -18.23
HANSON INTERNATI       MYRX              10.84         -14.73
HANSON INT-PREF        MYRXP             10.84         -14.73
JAKARTA KYOEI ST       JKSW              31.92         -43.20
MITRA INTERNATIO       MIRA             970.13        -256.04
MITRA RAJASA-RTS       MIRA-R2          970.13        -256.04
MOBILE-8 TELECOM       FREN             520.80          -6.99
MULIA INDUSTRIND       MLIA             347.35        -351.40
PANASIA FILAMENT       PAFI              42.43         -11.04
PANCA WIRATAMA         PWSI              30.79         -38.79
PRIMARINDO ASIA        BIMA              11.14         -21.39
STEADY SAFE TBK        SAFE              11.46          -6.01
SURABAYA AGUNG         SAIP             267.24         -83.34
UNITEX TBK             UNTX              17.29         -17.14


INDIA

ALCOBEX METALS         AML               16.59         -21.47
AMIT SPINNING          AMSP              22.70          -1.90
ARTSON ENGR            ART               15.63          -1.61
ASHIMA LTD             ASHM              63.65         -55.81
ATV PROJECTS           ATV               60.46         -55.04
BALAJI DISTILLER       BLD               66.32         -25.40
BELLARY STEELS         BSAL             451.68        -108.50
BHAGHEERATHA ENG       BGEL              22.65         -28.20
CAMBRIDGE SOLUTI       CAMB             156.75         -46.79
CFL CAPITAL FIN        CEATF             15.35         -46.89
COMPUTERSKILL          CPS               14.90          -7.56
CORE HEALTHCARE        CPAR             185.36        -241.91
DCM FINANCIAL SE       DCMFS             16.06          -9.47
DIGJAM LTD             DGJM              98.77         -14.62
DUNCANS INDUS          DAI              133.65        -205.38
FIBERWEB INDIA         FWB               13.25          -8.17
GANESH BENZOPLST       GBP               43.99         -24.57
GEM SPINNERS LTD       GEMS              16.44          -1.53
GLOBAL BOARDS          GLB               14.98          -7.51
GSL INDIA LTD          GSL               37.04         -42.34
GSL NOVA PETROCH       GSLN              44.39          -0.93
GUJARAT SIDHEE         GSCL              59.44          -0.66
HARYANA STEEL          HYSA              10.83          -5.91
HENKEL INDIA LTD       HNKL             102.05         -10.24
HIMACHAL FUTURIS       HMFC             406.63        -210.98
HINDUSTAN PHOTO        HPHT              68.94       -1147.18
HINDUSTAN SYNTEX       HSYN              14.15          -3.66
HMT LTD                HMT              142.67        -386.80
ICDS                   ICDS              13.30          -6.17
INDIA FOILS LTD        IF                54.77          -2.70
INTEGRAT FINANCE       IFC               49.83         -51.32
JCT ELECTRONICS        JCTE             122.54         -50.00
JD ORGOCHEM LTD        JDO               10.46          -1.60
JENSON & NIC LTD       JN                17.91         -84.78
JIK INDUS LTD          KFS               20.63          -5.62
JK SYNTHETICS          JKS               13.51          -3.03
JOG ENGINEERING        VMJ               50.08         -10.08
KALYANPUR CEMENT       KCEM              37.45         -45.90
KERALA AYURVEDA        KRAP              13.99          -1.18
KINGFISHER AIR         KAIR            1781.30        -861.06
KITPLY INDS LTD        KIT               48.42         -24.51
LLOYDS FINANCE         LYDF              23.77         -10.87
LLOYDS STEEL IND       LYDS             415.66         -63.93
LML LTD                LML               65.26         -56.77
MILLENNIUM BEER        MLB               52.23          -5.22
MILTON PLASTICS        MILT              18.31         -40.44
MTZ POLYFILMS LT       TBE               31.94          -2.57
NICCO CORP LTD         NICC              82.41          -2.85
NICCO UCO ALLIAN       NICU              32.23         -71.91
NK INDUS LTD           NKI               49.04          -4.95
NRC LTD                NTRY              92.88         -36.76
ORIENT PRESS LTD       OP                16.70          -0.09
PANCHMAHAL STEEL       PMS               51.02          -0.33
PARASRAMPUR SYN        PPS              111.97        -317.11
PAREKH PLATINUM        PKPL              61.08         -88.85
PEACOCK INDS LTD       PCOK              11.40         -14.40
PIRAMAL LIFE SC        PLSL              45.82         -32.69
QUADRANT TELEVEN       QDTV             173.52        -101.57
RAJ AGRO MILLS         RAM               10.21          -0.61
RAMA PHOSPHATES        RMPH              34.07          -1.19
RATHI ISPAT LTD        RTIS              44.56          -3.93
RELIGARE TECHNOV       RTCL              44.13          -1.46
REMI METALS GUJA       RMM              102.64          -5.29
RENOWNED AUTO PR       RAP               14.12          -1.25
ROLLATAINERS LTD       RLT               22.97         -22.24
ROYAL CUSHION          RCVP              20.62         -75.53
SCOOTERS INDIA         SCTR              18.63          -6.88
SEN PET INDIA LT       SPEN              12.99         -25.24
SHAH ALLOYS LTD        SA               212.81          -9.74
SHALIMAR WIRES         SWRI              24.87         -51.77
SHAMKEN COTSYN         SHC               23.13          -6.17
SHAMKEN MULTIFAB       SHM               60.55         -13.26
SHAMKEN SPINNERS       SSP               42.18         -16.76
SHREE GANESH FOR       SGFO              44.50          -2.89
SHREE RAMA MULTI       SRMT              62.72         -45.92
SIDDHARTHA TUBES       SDT               76.98         -12.45
SIL BUSINESS ENT       SILB              12.46         -19.96
SOUTHERN PETROCH       SPET            1584.27          -4.80
SQL STAR INTL          SQL               11.69          -1.14
STI INDIA LTD          STIB              28.05          -8.04
TAMILNADU TELE         TNT               12.82          -5.15
TATA TELESERVICE       TTLS            1069.83        -154.99
TRIUMPH INTL           OXIF              58.46         -14.18
TRIVENI GLASS          TRSG              24.55          -8.57
TUTICORIN ALKALI       TACF              14.15         -11.20
UNIFLEX CABLES         UFC               45.05          -0.90
UNIFLEX CABLES         UFCZ              45.05          -0.90
UNIMERS INDIA LT       HDU               19.23          -3.23
UNITED BREWERIES       UB              2652.00        -242.53
UNIWORTH LTD           WW               145.71        -114.87
USHA INDIA LTD         USHA              12.06         -54.51
VENTURA TEXTILES       VRTL              14.25          -0.33
VENUS SUGAR LTD        VS                11.06          -1.08
WINDSOR MACHINES       WML               15.52         -24.34
WIRE AND WIRELES       WNW              115.34         -34.49


JAPAN

CREDIT ORG S&M         8489              97.07          -9.98
DPG HOLDINGS INC       3781              11.77          -3.99
FIDEC                  8423             182.86         -11.14
FUJI TECHNICA          6476             175.22         -18.71
HARAKOSAN CO           8894             190.27         -19.80
KNT                    9726            1058.18         -13.37
L CREATE CO LTD        3247              42.34          -9.15
LAND                   8918             293.88         -53.39
LCA HOLDINGS COR       4798              51.30          -2.57
PROPERST CO LTD        3236             305.90        -330.20
RAYTEX CORP            6672              41.66         -28.52
SHIN-NIHON TATEM       8893             124.85         -39.12
SHINWA OX CORP         2654              43.91         -30.19
SHIOMI HOLDINGS        2414             201.19         -33.62
TAIYO BUSSAN KAI       9941             171.45          -3.35
TERRANETZ CO LTD       2140              11.63          -4.29


KOREA

AJU MEDIA SOL-PF       44775             13.82          -1.25
DAISHIN INFO           20180            740.50        -158.45
KEYSTONE GLOBAL        12170             10.61          -0.74
KUKDONG CORP           5320              51.19          -1.39
KUMHO INDUS-PFD        2995            5837.32        -967.28
KUMHO INDUSTRIAL       2990            5837.32        -967.28
ORICOM INC             10470             82.65         -40.04
SAMT CO LTD            31330            200.83        -152.09
SEOUL MUTL SAVIN       16560            874.79         -34.13
TAESAN LCD CO          36210            296.83         -91.03
TONG YANG MAGIC        23020            355.15         -25.77
YOUILENSYS CORP        38720            166.70         -12.34


MALAYSIA

AXIS INCORPORATI       AXIS              39.22         -86.70
GULA PERAK BHD         GUP               91.03         -38.57
HO HUP CONSTR CO       HO                65.19          -7.21
LCL CORP BHD           LCL               35.64        -130.16
LIMAHSOON BHD          LIMA              26.52          -1.56
LUSTER INDUSTRIE       LSTI              22.97          -1.72
NGIU KEE CO-BHD        NKC               22.98          -0.16
OILCORP BHD            OILC              91.94         -63.88
TRACOMA HOLDINGS       TRAH              72.64          -6.19
TRANSMILE GROUP        TGB              157.66         -35.52


NEW ZEALAND

DORCHESTER PAC         DPC               77.28          -2.01


PHILIPPINES

APEX MINING 'B'        APXB              45.84         -20.95
APEX MINING-A          APX               45.84         -20.95
BENGUET CORP 'B'       BCB               84.71         -38.98
BENGUET CORP-A         BC                84.71         -38.98
CYBER BAY CORP         CYBR              13.30         -83.83
EAST ASIA POWER        PWR               42.01        -159.00
FIL ESTATE CORP        FC                38.38         -13.37
FILSYN CORP A          FYN               22.72         -10.89
FILSYN CORP. B         FYNB              22.72         -10.89
GOTESCO LAND-A         GO                18.68         -10.86
GOTESCO LAND-B         GOB               18.68         -10.86
MRC ALLIED INC         MRC               13.26          -5.43
PICOP RESOURCES        PCP              105.66         -23.33
STENIEL MFG            STN               22.11         -13.42
UNIVERSAL RIGHTF       UP                45.12         -13.48
UNIWIDE HOLDINGS       UW                52.80         -56.18
VICTORIAS MILL         VMC              164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO       ASA               18.08         -11.82
ADVANCE SCT LTD        ASCT              16.05         -43.84
HL GLOBAL ENTERP       HLGE              97.30         -11.43
JAPAN LAND LTD         JAL              191.62         -10.91
LINDETEVES-JACOB       LJ                16.86          -6.64
NEW LAKESIDE           NLH               19.34          -5.25
SUNMOON FOOD COM       SMOON             14.19         -14.22
TT INTERNATIONAL       TTI              272.51         -57.42


THAILAND

ABICO HLDGS-F          ABICO/F           15.28          -4.40
ABICO HOLDINGS         ABICO             15.28          -4.40
ABICO HOLD-NVDR        ABICO-R           15.28          -4.40
ASCON CONSTR-NVD       ASCON-R           59.78          -3.37
ASCON CONSTRUCT        ASCON             59.78          -3.37
ASCON CONSTRU-FO       ASCON/F           59.78          -3.37
BANGKOK RUBBER         BRC               95.77         -72.05
BANGKOK RUBBER-F       BRC/F             95.77         -72.05
BANGKOK RUB-NVDR       BRC-R             95.77         -72.05
CIRCUIT ELEC PCL       CIRKIT            16.79         -96.30
CIRCUIT ELEC-FRN       CIRKIT/F          16.79         -96.30
CIRCUIT ELE-NVDR       CIRKIT-R          16.79         -96.30
DATAMAT PCL            DTM               12.69          -6.13
DATAMAT PCL-NVDR       DTM-R             12.69          -6.13
DATAMAT PLC-F          DTM/F             12.69          -6.13
GRANDE ASSE-NVDR       GRAND-R          217.95          -9.04
GRANDE ASSET H-F       GRAND/F          217.95          -9.04
GRANDE ASSET HOT       GRAND            217.95          -9.04
ITV PCL                ITV               34.83        -100.25
ITV PCL-FOREIGN        ITV/F             34.83        -100.25
ITV PCL-NVDR           ITV-R             34.83        -100.25
K-TECH CONSTRUCT       KTECH/F           39.74         -33.07
K-TECH CONSTRUCT       KTECH             39.74         -33.07
K-TECH CONTRU-R        KTECH-R           39.74         -33.07
KUANG PEI SAN          POMPUI            17.70         -12.74
KUANG PEI SAN-F        POMPUI/F          17.70         -12.74
KUANG PEI-NVDR         POMPUI-R          17.70         -12.74
PATKOL PCL             PATKL             52.89         -30.64
PATKOL PCL-FORGN       PATKL/F           52.89         -30.64
PATKOL PCL-NVDR        PATKL-R           52.89         -30.64
PICNIC CORP-NVDR       PICNI-R          110.91        -149.25
PICNIC CORPORATI       PICNI            110.91        -149.25
PICNIC CORPORATI       PICNI/F          110.91        -149.25
PONGSAAP PCL           PSAAP/F           23.00          -9.14
PONGSAAP PCL           PSAAP             23.00          -9.14
PONGSAAP PCL-NVD       PSAAP-R           23.00          -9.14
SAHAMITR PRESS-F       SMPC/F            21.99          -4.01
SAHAMITR PRESSUR       SMPC              21.99          -4.01
SAHAMITR PR-NVDR       SMPC-R            21.99          -4.01
SUNWOOD INDS PCL       SUN               19.86         -13.03
SUNWOOD INDS-F         SUN/F             19.86         -13.03
SUNWOOD INDS-NVD       SUN-R             19.86         -13.03
THAI-DENMARK PCL       DMARK             15.72         -10.10
THAI-DENMARK-F         DMARK/F           15.72         -10.10
THAI-DENMARK-NVD       DMARK-R           15.72         -10.10
THAI-GERMAN PR-F       TGPRO/F           55.31          -8.54
THAI-GERMAN PRO        TGPRO             55.31          -8.54
THAI-GERMAN-NVDR       TGPRO-R           55.31          -8.54
TRANG SEAFOOD          TRS               13.34          -4.01
TRANG SEAFOOD-F        TRS/F             13.34          -4.01
TRANG SFD-NVDR         TRS-R             13.34          -4.01
UNIVERSAL S-NVDR       USC-R            114.26         -20.53
UNIVERSAL STARCH       USC              114.26         -20.53
UNIVERSAL STAR-F       USC/F            114.26         -20.53


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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