TCRAP_Public/101213.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

           Monday, December 13, 2010, Vol. 13, No. 245

                            Headlines



A U S T R A L I A

BVH PTY: Ferrier Hodgson Appointed as Administrators
CHARTWELL ENTERPRISES: Ex-Director Pleads Guilty to ASIC Charges
* AUSTRALIA: Economy Withstanding Company Woes, Minister Says


C H I N A

HOPSON DEVELOPMENT: S&P Downgrades Corporate Credit Rating to 'B+'


H O N G  K O N G

AIG CONSUMER: Lai and Haughey Step Down as Liquidators
ASIA GAIN: Creditors' Meeting Set for December 21
ASPREY HK: Ying and Chan Step Down as Liquidators
C&G PROMOTION: Creditors' Proofs of Debt Due December 28
CARWAY PRINTING: Members' Final Meeting Set for January 11

CEDARICH TOURISM: Creditors' Proofs of Debt Due January 20
CHUN KOW: Creditors' Proofs of Debt Due January 7
CLEMCO LIMITED: Anthony Lo Steps Down as Liquidator
FAIRWAY ENTERPRISES: Seng and Lo Step Down as Liquidators
FIRST CHINA: Placed Under Voluntary Wind-Up Proceedings

FUJI EIC: Members' Final General Meeting Set for January 14
HANSHIN FREIGHT: Placed Under Voluntary Wind-Up Proceedings
GLOBAL BRANDS: Creditors' Meeting Set for December 17
GOLDENLIGHT PACIFIC: Creditors' Proofs of Debt Due December 24
HING LUNG: Ng See and Ng Tai Step Down as Liquidators

LEHMAN BROTHERS: HKMA Reports of Probe on Minibond Cases


I N D I A

APARANT IRON: ICRA Assigns 'LBB-' Rating to INR71.9cr Term Loans
BAHETI METAL: ICRA Assigns "LBB+" Rating to INR106MM Bank Debt
BHAGWATI RICE: ICRA Assigns 'LBB-' Rating to INR9cr Bank Debt
BRAHMAR CELLULOSE: CRISIL Places 'D' Rating to INR151.8M Term Loan
COROMANDEL AGRO: ICRA Reaffirms 'LBB+' Rating on INR9.9cr Loan

GREEN AGRO: CRISIL Reaffirms 'B' Rating to INR2.9 Million LT Loan
HEALTHY LIFE: ICRA Assigns 'LBB' Rating to INR3cr Term Loans
JASMINE TOWELS: CRISIL Assigns 'BB' Rating to INR45.9MM LT Loan
KIRTI AGROTECH: ICRA Assigns 'LBB' Rating to INR17.12cr Bank Debt
KIRTI AGROVET: ICRA Assigns 'LBB' Rating to INR17.48cr Bank Debt

KIRTI DAL: ICRA Assigns 'LBB' Rating to INR5.55cr Bank Facilities
MADHURI COMMODITIES: ICRA Places 'LBB' Rating on INR11cr Bank Debt
PARK HEALTH: CRISIL Assigns 'B' Rating to INR170.4 Mil. LT Loan
POPATLAL NATHALAL: CRISIL Reassigns 'B+' Rating to INR10MM LT Loan
SHAH NANJI: CARE Assigns 'CARE BB' Rating to INR3cr LT Bank Debt

SHIVA UDYOG: CRISIL Assigns 'B' Rating to INR10 Million Term Loan
SPM POWER: ICRA Assigns 'LBB-' Rating to INR4cr Cash Credit
SUPREME TEX: CARE Reaffirms 'CARE BB' Rating on INR266.36cr Loan
TALWAR MOBILES: CRISIL Assigns 'B' Rating to INR10MM LT Bank Loan
VILLAGE FINANCIAL: ICRA Assigns 'LBB' Rating to INR200cr LT Loan


J A P A N

HN TRUST: Fitch Affirms Ratings on Senior Beneficial Interests
JAPAN AIRLINES: JALPAK and JAL Tours to Merge By April 2011
JAPAN AIRLINES: To Dismiss 200 Flight Crew by End of December


K O R E A

C&M CO: S&P Puts 'B' Corp. Rating on CreditWatch Negative


M A L A Y S I A

AXIS INC: 7th Annual General Meeting Slated For December 28


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Completes Probe But Yet To Make Decision
ROCKFORTE FINANCE: Under SFO Investigation Over Complex Fraud
* NEW ZEALAND: Wineries Face Growing Debts, Survey Says
* NEW ZEALAND: Deloitte Christchurch to Merge With Horrocks McNab


P H I L I P P I N E S

GLOBE TELECOM: Fitch Affirms 'BB+' Issuer Default Rating


S I N G A P O R E

EGG STORY: Court Enters Wind-Up Order
GETECH INDUSTRIES: Creditors Get 100% Recovery on Claims
GUNZE INTERNATIONAL: Members' Final Meeting Set for January 7
MT. BATTEN: Creditors' Proofs of Debt Due December 24
OAKTECH INDUSTRIES: Creditors Get 12.4597% Recovery on Claims

PILOTS PLANTS: Creditors Get 100% Recovery on Claims


                            - - - - -


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


BVH PTY: Ferrier Hodgson Appointed as Administrators
----------------------------------------------------
Andrew Saker, Martin Jones and Darren Weaver of Ferrier Hodgson
were appointed Joint and Several Administrators of BVH Pty Ltd,
formerly trading as Bakers Delight Albany, on December 6, 2010.
The business is no longer trading.

A first meeting of creditors has been called for December 15,
2010, at 10:00 a.m.  The meeting will be held at the offices of
Ferrier Hodgson, Level 26, BankWest Tower, 108 St Georges Terrace,
in Perth WA 6000.

The administrators are currently considering the appropriate
strategy to attempt to maximize the return to creditors of the
Company.

BVH Pty Ltd is a bakery franchise based in Australia.


CHARTWELL ENTERPRISES: Ex-Director Pleads Guilty to ASIC Charges
----------------------------------------------------------------
The Australian Securities & Investments Commission said that
former Chartwell Enterprises Pty Ltd director, Graeme Hoy, has
pleaded guilty to 47 charges following an ASIC investigation into
the collapse of the Geelong-based company.

Chartwell collapsed in April 2008, owing investors more than
AU$60 million.

Mr. Hoy of Melbourne, Victoria, pleaded guilty to deception
charges totalling in excess of AU$21.7 million in the Supreme
Court of Victoria.  These charges are:

   -- Obtaining a financial advantage by deception (34 counts);

      These charges relate to Mr. Hoy dishonestly obtaining
      more than AU$13.3 million from investors, in part on the
      basis of false representations made to them as to how
      their money would be used.  Mr. Hoy also pleaded guilty
      to obtaining in excess of AU$5.8 million on behalf of
      Black Swan Holdings Pty Ltd from the Commonwealth Bank
      of Australia based on false financial statements provided
      by Mr. Hoy, also a director of Black Swan Holdings.

   -- obtaining property by deception (10 Counts);

      These charges relate to Mr. Hoy obtaining over AU$2.5
      Million from investors, in part, on the basis of false
      representations made to investors as to how their money
      would be used.

   -- dishonest use of position as a director (1 count);

      This charge relates to Mr. Hoy dishonestly using his
      position as a director of Chartwell to gain an advantage
      for Black Swan Holdings by executing a guarantee on
      behalf of Chartwell regarding an equipment loan between
      CBFC Ltd and Black Swan Holdings to purchase a yacht
      valued at approximately AU$6.9 million.

   -- carrying on a financial services business without a
      license (1 count); and

      This charge relates to Mr. Hoy aiding or abetting
      Chartwell in the carrying of a financial services
      business without an Australian financial services
      license as required under the Corporations Act.

   -- engaging in dishonest conduct in carrying on a
      financial services business (1 count);

      This charge relates to Mr. Hoy aiding or abetting
      Chartwell to engage in dishonest conduct by providing
      false information to investors in relation to:

      1. The reasons for delay in payment of interest payments.
      2. The security of their investments.
      3. The financial status of Chartwell and its prospects
         for future success.

Mr. Hoy was bailed to appear in the Supreme Court sitting at
Geelong on January 25, 2011, for further mention.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

                    About Chartwell Enterprises

Based in Geelong, Australia, Chartwell Enterprises Pty Ltd was
founded by Ian Rau and Graeme Hoy.  Mr. Hoy also owns a
hospitality company which has recently been placed in
receivership.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2008, that administrators were appointed to look into the collapse
of Chartwell Enterprises.  Bruno Secatore from Cor Cordis
Chartered Accountants was appointed as one of the administrators.
Mr. Secatore was later appointed as the company's liquidator.


* AUSTRALIA: Economy Withstanding Company Woes, Minister Says
-------------------------------------------------------------
ABC News reports that Chris Evans, Australian federal minister for
Jobs, said that the south-west Western Australian economy is
thriving, despite a number of recent company collapses.

Challenge Australian Dairy went into administration just over a
month ago, ABC News relates.  The following week, poultry producer
Finesse Foods went into voluntary administration, affecting more
than 100 employees and 200 local suppliers, the report relates.
ABC News notes that more recently, a dairy cooperative linked to
Challenge announced it would cease trading and more than 40 people
were made redundant.

Senator Evans said that is the nature of some industries, the
report discloses.

"Fundamentally the south-west economy is very strong, [the]
unemployment rate is very low, lower than the West Australian
average and there are new jobs being created, so unfortunately you
see job losses and we've obviously got to try to help those
affected but it's part of the floating dollar and the broader,
freer economy," ABC News quoted Senator Evans as saying.


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C H I N A
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HOPSON DEVELOPMENT: S&P Downgrades Corporate Credit Rating to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hopson Development Holdings
Ltd. to 'B+' from 'BB-'.  The outlook is stable.  At the same
time, Standard & Poor's lowered its issue rating on Hopson's
US$350 million 8.125% senior unsecured notes due 2012 to 'B' from
'B+'.

"S&P lowered the rating on Hopson to reflect the China-based
property developer's aggressive expansion and its cash sales
performance, which was much weaker than S&P's expectation," said
Standard & Poor's credit analyst Bei Fu.

In S&P's view, Hopson's recent land acquisitions will put further
pressure on the company's already-weak financial metrics for a
'BB-' rating because S&P expects an increase in development costs,
mainly funded by borrowings.  Since August 2010, Hopson has
acquired five high-value land parcels in tier-one cities,
including Beijing, Shanghai, and Guangzhou.  The total land cost
is Chinese renminbi 14.85 billion, including RMB6.88 billion for a
Beijing project that will be bought from Mr. Chu Yat Hong--son of
Hopson's chairman, Mr. Chu Mang Yee--if approved by a special
general meeting scheduled in a few weeks.  About 67% of the
consideration of RMB6.88 billion will be settled through share
issuance in the next two to three years.

"Hopson's execution ability is weaker than its expectation.  S&P
estimate Hopson's contract sales this year to be at least 30%
below the company's own target of RMB19 billion-RMB20 billion, set
early in the year.  In comparison, despite market-cooling measures
in the real estate sector, many peers recorded strong sales this
year.  In S&P's view, Hopson's weak sales are partially
attributable to its heavy exposure to tier-one cities and,
increasingly, to high-end projects.  These projects are more
sensitive to policy initiatives introduced this year," said Ms.
Fu.

In S&P's view, the rating on Hopson is constrained by ongoing
risks with related-party transactions and a mixed track record in
transparency and information disclosure.  Further, the frequent
senior management turnover needs to be monitored, in its view.
S&P's rating reflects the above risks.

The stable outlook reflects S&P's expectation that Hopson will
maintain adequate liquidity while pursuing aggressive growth in
the next 12 months.  Although the company has higher exposure to
the high-end segment and tier-one cities, S&P expects it to
generate satisfactory sales and margins to support credit ratios
for a 'B+' rating.


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


AIG CONSUMER: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of AIG Consumer Finance Group (Asia) Limited on
November 30, 2010.


ASIA GAIN: Creditors' Meeting Set for December 21
-------------------------------------------------
Creditors of Asia Gain Investments Limited will hold a meeting on
December 21, 2010, at 3:00 p.m., at 62/F., One Island East, 18
Westlands Road, Island East, in Hong Kong.


ASPREY HK: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Mr. Ying Hing Chiu and Ms. Chan Mi Har stepped down as liquidators
of Asprey Hong Kong Limited on November 24, 2010.


C&G PROMOTION: Creditors' Proofs of Debt Due December 28
--------------------------------------------------------
Creditors of C&G Promotion (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 6, 2010.

The company's liquidator is:

         Lim Hock San
         No. 9, Legenda Putera
         (Jalan PJU 1A/57)
         Damansura Legenda
         47410 Petaling Jaya
         Selangor Darul Ehsan
         Malaysia


CARWAY PRINTING: Members' Final Meeting Set for January 11
----------------------------------------------------------
Members of Carway Printing Limited will hold their final meeting
on January 11, 2011, at 10:00 a.m., at Unit G, 3/F., Mai Luen
Industrial Building, 23-31 Kung Yip Street, Kwai Chung, New
Territories.

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


CEDARICH TOURISM: Creditors' Proofs of Debt Due January 20
----------------------------------------------------------
Creditors of Cedarich Tourism Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 20, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 2, 2010.

The company's liquidator is:

         Catherine Wong Suk Fong
         Flat A, 19/F
         Primrose Mansion
         Tai Koo Shing
         Hong Kong


CHUN KOW: Creditors' Proofs of Debt Due January 7
-------------------------------------------------
Creditors of Chun Kow Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
January 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 29, 2010.

The company's liquidator is:

         Tong Lap Hong
         Unit 501, 5/F
         Mirror Tower
         61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


CLEMCO LIMITED: Anthony Lo Steps Down as Liquidator
---------------------------------------------------
Anthony Lo stepped down as liquidator of Clemco Limited on
November 27, 2010.


FAIRWAY ENTERPRISES: Seng and Lo Step Down as Liquidators
---------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Fairway Enterprises Limited on December 4, 2010.


FIRST CHINA: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on December 1, 2010,
creditors of First China Winery Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Man Lee
         Unit 1, 14/F
         Yue Xiu Building
         160-174 Lockhart Road
         Wanchai, Hong Kong


FUJI EIC: Members' Final General Meeting Set for January 14
-----------------------------------------------------------
Members of Fuji EIC HK Co., Limited will hold their final general
meeting on January 14, 2011, at 5:45 p.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


HANSHIN FREIGHT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on December 3, 2010,
creditors of Hanshin Freight International (H.K.) Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Edward Simon Middleton
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


GLOBAL BRANDS: Creditors' Meeting Set for December 17
----------------------------------------------------
Creditors of Global Brands Group Limited will hold their meeting
on December 17, 2010, at 11:00 a.m., for the purposes provided for
in Sections 199, 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.


GOLDENLIGHT PACIFIC: Creditors' Proofs of Debt Due December 24
--------------------------------------------------------------
Creditors of Goldenlight Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 24, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


HING LUNG: Ng See and Ng Tai Step Down as Liquidators
-----------------------------------------------------
Ng See Wah and Ng Tai Wai stepped down as liquidators of Hing Lung
Properties Limited on December 2, 2010.


LEHMAN BROTHERS: HKMA Reports of Probe on Minibond Cases
--------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced November 19 that
investigation of over 99% of a total of 21,733 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,362 cases which have been resolved by a settlement
      agreement reached under Section 201 of the Securities and
      Futures Ordinance;

    * 2,515 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,675 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,549 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 765 cases and proposed disciplinary
      notices or decision notices have been issued in respect of
      the other 784 cases; and

    * 472 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 158 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6f60

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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APARANT IRON: ICRA Assigns 'LBB-' Rating to INR71.9cr Term Loans
----------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR71.90 crore term
loans and INR7.65 crore long term fund based limits of Aparant
Iron and Steel Private Limited.  The outlook on the long term
rating is stable.  ICRA has also assigned an "A4" rating to the
INR 75.89 crore non-fund based limits of AISPL.

The ratings factor in the low value addition in the current
operations of AISPL, commoditized nature of its end product pig
iron leading to competitive pressures and its vulnerability to
adverse movement in the raw material (iron ore and metallurgical
coke) prices, which have resulted in a weak financial profile
characterized by an aggressive capital structure, moderate and
volatile profitability, high working capital intensity and modest
coverage indicators.  AISPL has a history of operating losses due
to adverse movement in the raw material and finished goods prices,
which has led the company to restructure its debt from lending
institutions.  The ratings also factor in the AISPL's position as
a Dempo group company, and the group's experience in the domestic
iron and steel industry.  The group has infused equity capital
regularly into AISPL through its parent company V S. Dempo
Holdings Private Limited, formerly known as Esmeralda Investments
Private Limited, which is an investment company in the Dempo
group.  However, the company would continue to remain vulnerable
to raw material and finished goods price volatility due to limited
vertical integration in its operations.

During 2008-09, the company incurred net losses of about INR75.00
crore due to adverse price conditions, especially during the
second half of 2008-09.  Although AISPL's profitability improved
during 2009-10, the capital structure and coverage indicators
continue to remain weak.  ICRA also takes note of the adverse iron
ore availability condition during 2010-11, due to which the
company had to close down its operations for close to 60 days.
This coupled with high raw material prices and volatile pig iron
prices are likely to impact the company's financial performance in
the short term.

                         About Aparant Iron

Incorporated in 1998, AISPL is  promoted by the Dempo group
through one of the  investment companies  of the  group,  V S.
Dempo Holdings Private Limited (VSDHPL, formerly known as
Esmeralda  Investments Private Limited), which holds 100% of
AISPL's equity. Prior to VSDHPL, V S Dempo and Co Pvt Limited
(VSD), another Dempo group company, was the holding company of
AISPL till November 2008. Following a group level restructuring,
VSD's non mining assets and liabilities, including its investments
in AISPL, were transferred to VSDHPL.  AISPL owns a 1,55,000
tonnes per annum capacity blast furnace and a 4 MW captive power
plant in Goa.


BAHETI METAL: ICRA Assigns "LBB+" Rating to INR106MM Bank Debt
--------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR 106.0 million fund
based bank facilities of Baheti Metal & Ferro Alloys Limited.  The
outlook on the long-term rating is stable.  ICRA has also assigned
an "A4+" rating to the INR 2.5 million non-fund based bank limits
of BMFAL.

The assigned ratings take into account the fragmented nature of
the industry with low entry barriers resulting in high competition
and limited value addition in business that adversely affects
profitability of all the players including BMFAL.  The ratings
also factor in the company's small scale of operations, low
capacity utilization of the existing facilities except for the
manufacturing of aluminium shots, notch-bars, cubes and ingots.
The ratings also take into consideration BMFAL's limited
bargaining power against its established customers, leveraged
capital structure and risk arising from exchange rate
fluctuations.  As BMFAL's products are primarily used in the steel
making process, the ratings favorably consider the positive demand
outlook for the domestic steel sector, given the large capacity
expansion plans of steel companies, experience of BMFAL's
promoters in the business, the company's diversified product
portfolio to meet varying needs of the customers and established
relationship with reputed clients which reduces counterparty risk
to a large extent.

                          About Baheti Metal

Baheti Metal and Ferro Alloys Ltd was promoted in 1994 by
Mr. Bansilal R. Shah and started commercial production in June
1995.  The company is primarily engaged in the production of
aluminium notch bars, cubes, shots, ingots, aluminium alloy
ingots, zinc aluminium alloy ingots, ferro aluminium, medium
carbon ferro manganese, low carbon ferro manganese and trading of
bus scrap.

Recent Results

During 2008-09, the company reported a net profit of INR1.64
million on net sales of INR 652.45 million.  However, during
2009-10 the company estimated a net profit of INR 6.91 million on
net sales of INR 617.99 million (provisional).


BHAGWATI RICE: ICRA Assigns 'LBB-' Rating to INR9cr Bank Debt
-------------------------------------------------------------
ICRA has assigned a long-term rating of "LBB-" to the INR9.0 crore
bank lines of Bhagwati Rice Mill (P) Ltd.  The rating carries a
stable outlook.

The rating of BRM takes into consideration its weak financial
profile characterized by moderate profitability, relatively high
gearing of 1.69 times as on March 31, 2010, and weak debt
protection indicators.  The rating also factors in the moderate
scale of operations of the company which limits economies of scale
and financial flexibility, and intensely competitive nature of
industry which puts pressure on profitability.  ICRA also notes
the government policy restrictions on the quantity of rice that
can be sold in the open market which further limits the
flexibility and realizations for the company.  However, the rating
favorably takes into account BRM's experienced management and long
track record of operations in the rice industry and easy
availability of paddy as the company's mill is located near the
"mandi".  Moreover, ICRA also takes into account the favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice in the world.

                        About Bhagwati Rice

Bhagwati Rice Mill (P) Ltd was established in 1996.  The company
is primarily engaged in milling of non basmati rice.  BRM's
milling unit is based out of Mainpuri, Uttar Pradesh and is in
close proximity to the local grain market. BRM sells rice under
its 4 different regional brands - Shree, Hathi, Gulab and Ujjwal
in the domestic market.  The company has to sell 60% of the
production to Food Corporation of India as levy and the remaining
40% is sold in local markets.


BRAHMAR CELLULOSE: CRISIL Places 'D' Rating to INR151.8M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Brahmar Cellulose Products Pvt Ltd.

   Ratings                              Facilities
   -------                              ----------
   INR151.80 Million Term Loan          D (Assigned)
   INR50.00 Million Cash Credit         D (Assigned)
   INR47.50 Million Letter of Credit    P5 (Assigned)

The ratings reflect instances of delay by BCPPL in servicing its
debt; the delays have been due to the company's weak liquidity.

BCPPL has a weak financial risk profile, marked by high gearing
and weak debt protection metrics.  The company, however, benefits
from the entrepreneurial experience of its promoter in other
industries.

Incorporated in 2008, BCPPL took over a sick unit which
manufactured microcrystalline cellulose.  Since 2008, the
production facilities have been revamped, and a new product,
sodium carboxy methyl cellulose, has been added.  Currently, BCPPL
has a manufacturing capacity of 170 tonnes per month (tpm) of MCC
and 150 tpm of CMC.  The company's manufacturing unit is in
Cuddalore (Puducherry).  BCPPL is promoted by Mr. R Ravi Kumar and
members of his family.  The promoter has business interests in the
distillery (Ravikumar Distilleries Ltd - rated 'BB-/Positive/P4+'
by CRISIL), real estate and property development, hotel, and other
businesses.

BCPPL, on a provisional basis, reported a net loss of
INR74 million on net sales of INR60 million for 2009-10 (refers to
financial year, April 1 to March 31), its first year of commercial
operations.


COROMANDEL AGRO: ICRA Reaffirms 'LBB+' Rating on INR9.9cr Loan
--------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR 9.9 crore fund based
facilities of Coromandel Agro Products and Oils Limited.  ICRA has
assigned Stable outlook to the long-term rating.  ICRA has also
reaffirmed 'A4+' rating to the INR0.1 crore non fund based
facilities of CAPOL.

The ratings continue to be constrained by the vulnerability of the
company's profitability to various factors, modest net margins and
return indicators.  The ratings also take into account the intense
competition in the edible oil industry, threat from cheaper
substitutes like palm oil and regulatory risks.  The ratings
however draw comfort from the facts that the company was able to
register attain revenue growth and improvement in operating
margins by expanding product portfolio in FY 10, experience of the
promoters in the industry, favorable prospects for cottonseed oil
given its competitive pricing and increasing usage as preferred
blending oil.

                         About Coromandel Agro

Coromandel Agro Products and Oils Limited is engaged in the
processing of cotton oilseeds.  Incorporated in 1976, the company
is a part of the Maddi Lakshmaiah group which has interests in
tobacco processing and real estate leasing.  The key products
manufactured include cotton seed oil, de-oiled cakes, hulls,
linters, soap stock, acid oil and sludge oil.  The company has its
manufacturing facility in Chirala in Andhra Pradesh which has a
cottonseed processing capacity of 400 MT/day, a solvent extraction
plant with a processing capacity of 225 MT/day and refinery plant
with processing capacity of 50 MT/day.


GREEN AGRO: CRISIL Reaffirms 'B' Rating to INR2.9 Million LT Loan
-----------------------------------------------------------------
CRISIL's ratings on Green Agro Pack Pvt Ltd's bank facilities
continue to reflect GAPPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, large working
capital requirements, and exposure to risks inherent in
agriculture-based businesses.  These rating weaknesses are
partially offset by GAPPL's strong track record in the gherkin
export market.

   Ratings                             Facilities
   -------                             ----------
   INR2.90 Million Long-Term Loan      B/Stable (Reaffirmed)

   INR39.90 Million Proposed LT Bank   B/Stable (Reaffirmed)
                       Loan Facility

   INR11.50 Million Agricultural       B/Stable (Reaffirmed)
                       Overdraft

   INR35.50 Million Packing Credit     P4 (Reaffirmed)

   INR53.00 Million Bill Purchase      P4 (Reaffirmed)
            Discounting Facility

   INR10.00 Million Demand Promissory  P4 (Reaffirmed)
            Note Loan

   INR7.00 Million Letter of Credit    P4 (Reaffirmed)
           and Bank Guarantee

Outlook: Stable

CRISIL believes that GAPPL will continue to benefit from its
increasing cash accruals and margins over the medium term. The
outlook may be revised to 'Positive' if GAPPL's scale of
operations increases significantly, and its capital structure and
debt protection metrics improve significantly.  Conversely, the
outlook may be revised to 'Negative' if GAPPL's financial risk
profile deteriorates, because of fresh, debt-funded capital
expenditure (capex), sharp decline in sales and margins, or delays
in receivables.

Update

GAPPL's revenues for 2009-10 (refers to financial year, April 1 to
March 31) was line with CRISIL's expectations. In 2009-10, GAPPL
undertook a capex programme of INR80 million (Rs.60 million bank
loan and the remaining, equity) to enhance its capacity from
12,000 tonnes per annum (tpa) to 15,000 tpa.  This is expected to
result in increased productivity, leading to increased cash
accruals for the company. GAPPL's operations remain working
capital intensive, marked by high inventory level of 72 days and
high receivables level of 150 days.  Furthermore, its receivables
of INR28.3 million (greater than six months of sales), pertaining
to a single customer, are expected to be written off during
2010-11.  The collection from debtors is expected to improve in
2010-11, backed by execution of repeat orders from customers.
CRISIL believes that GAPPLs' financial risk profile will remain
weak over the medium term, despite the expected improvement in net
cash accruals. GAPPL reported a profit after tax (PAT) of
INR26.8 million on net sales of INR270.2 million for 2009-10,
against a PAT of INR23.4 million on net sales of INR275.8 million
for 2008-09.

GAPPL was incorporated in 1994 by Mr. B M Devaiah and his friends
in Bengaluru.  The company is in the business of processing and
exporting gherkins.  Its plant in Davangere (Karnataka) has
capacity to process 15,000 tonnes of gherkins per annum.


HEALTHY LIFE: ICRA Assigns 'LBB' Rating to INR3cr Term Loans
------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR3.0 crore term loans
and INR4.75 crore fund based facilities of Healthy Life Pharma
Private Limited.  The long term rating has been assigned a stable
outlook.  ICRA has also assigned an "A4" rating to the
INR5.4 crore short term non fund- based facilities of the company.

The ratings factor in the long standing experience of the
promoters in the pharmaceutical industry, the company's
established track record in supplying pharmaceutical formulations
to Government institutions coupled with sustained demand from
these institutions given the sizeable Government healthcare
budget.  The ratings are, however, constrained by the small scale
of operations including a substantial proportion of trading sales
and weak capital structure owing to limited equity infusion from
the promoters and weak accruals to reserves. Moreover, HLPL's
domestic presence is restricted to tender based sales to
Government institutions which are characterized by high
competitive intensity resulting in low margins and volatility in
revenues.

                         About Healthy Life

Established in 1999, HLPL is engaged in the manufacture and
trading of pharmaceutical formulations.  The company is closely
held by its founder Mr. Manu Shah and family.  The promoter has
been associated with the pharmaceutical business since 1976 though
group companies.  HLPL has a WHO-GMP approved manufacturing
facility for tablets located at Tarapur.

Recent Results

HLPL reported a net profit of INR 0.3 crore in FY 2010 on an
operating income of INR 32.7 crore as compared to a net profit of
INR 0.2 crore on an operating income of INR 19.6 crore in FY 2009.


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.

   Ratings                                  Facilities
   -------                                  ----------
   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.


KIRTI AGROTECH: ICRA Assigns 'LBB' Rating to INR17.12cr Bank Debt
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR17.12 Crore fund based
bank facilities of Kirti Agrotech Ltd.  The outlook assigned to
the long term rating is "Stable".

In arriving at the ratings, ICRA has taken a consolidated view of
Kirti Dal Mills Limited, Kirti Agrotech Limited, Kirti Agrovet
Limited, Kirti Solvex Limited and Kirti Foods Limited, companies
that are a part of the "Kirti" group.  The rating favourably
factors in Kirti Group's established position in edible oil
markets, especially in Maharashtra and Chhattisgarh, KATL's
location advantage arising from its plants being placed in the
vicinity of oilseed growing belt providing access to the markets
in four states and low working capital intensity as reflected in
the moderate utilization levels of bank limits.  The rating
however, is constrained by KATL's weak profitability indicators
with the margins falling further in FY 2010 due to adverse market
conditions and decline in revenues along with a moderately high
gearing of 1.97 times as on March 31, 2010, which is expected to
remain stretched due to large debt funded capex.  Profitability is
also expected to remain constrained due to competitive pressures
arising from fragmented nature of industry and presence of
existing large players.  Additionally, the profitability of the
industry is vulnerable to the volatility in raw material prices on
account of regulatory risks and agro-climatic risks associated
with procurement of indigenous oilseeds such as soybean.

                          About Kirti Agrotech

Kirti Agrotech Ltd. was established in 2003 and is engaged in oil
mills, solvent extraction as well as oil refining.  KATL has the
largest manufacturing capacity amongst the Kirti group companies,
sprawling over 150 acres of land in Solapur.  It has a feed
crushing capacity of 1,000 TPD, solvent extraction capacity of
1,000 TPD and oil refining capacity of 200 TPD.  It also holds a
packaging capacity of 150 TPD and has a warehouse having raw
material storage capacity of 50,000 tonnes.  It has four other
group concerns namely Kirti Dal Mills Ltd., Kirti Foods Ltd.,
Kirti Agrovet Ltd. and Kirti Solvex Ltd. which are engaged
intosimilar lines of business.

Recent results:

KATL recorded a net profit of INR 0.34 Crore on an operating
income of INR 83.54 Crore as on March 31, 2010, as per the audited
figures.


KIRTI AGROVET: ICRA Assigns 'LBB' Rating to INR17.48cr Bank Debt
----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 17.48 Crore fund
based bank facilities of Kirti Agrovet Ltd.  The outlook assigned
to the long term rating is "Stable".

In arriving at the ratings, ICRA has taken a consolidated view of
Kirti Dal Mills Limited, Kirti Agrotech Limited, Kirti Agrovet
Limited, Kirti Solvex Limited and Kirti Foods Limited, companies
that are a part of the "Kirti" group.  The rating favorably
factors in Kirti Group's established position in edible oil
markets, especially in Maharashtra and Chhattisgarh, KAVL's
location  advantage  arising  from  plants  being placed in the
vicinity of oilseed growing belt providing access to the markets
in four states and low working capital intensity as reflected in
the  moderate utilization levels  of bank limits.  The rating
however, is constrained by KAVL's weak profitability indicators
with the margins falling further in FY 2010 due to adverse market
conditions and decline in revenues along with a high gearing of
2.58 times as on March 31, 2010, which is expected to remain
stretched due to large debt funded capex.  Profitability is also
expected to remain constrained due to competitive pressures
arising from fragmented nature of industry and presence of
existing large players.  Additionally, the profitability of the
industry is vulnerable to the volatility in raw material prices on
account of regulatory risks and agro-climatic risks associated
with procurement of indigenous oilseeds such as soybean.

                         About Kirti Agrovet

Kirti Agrovet Ltd. was established in 2003 and is engaged in
solvent extraction.  KAVL has the largest solvent extraction
capacity amongst the Kirti  group companies,  with two solvent
extraction plants in Latur having capacity of 700 TPD and 800 TPD
each.  It also holds a packaging capacity of 150 TPD and has a
warehouse having raw material storage capacity of 50,000 tonnes.
It has four other group concerns namely Kirti Dal Mills Ltd.,
Kirti Foods Ltd., Kirti Agrotech ltd. and Kirti Solvex Ltd. which
are engaged into similar lines of business.

Recent results:

KAVL recorded a net profit of INR 0.34 Crore on an operating
income of INR 108.50 Crore as on March 31, 2010, as per the
audited figures.


KIRTI DAL: ICRA Assigns 'LBB' Rating to INR5.55cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR5.55 Crore fund based
bank facilities of Kirti Dal Mills Ltd.  The outlook assigned to
the long term rating is "Stable".

In arriving at the ratings, ICRA has taken a consolidated view of
Kirti Dal Mills Limited, Kirti Agrotech Limited, Kirti Agrovet
Limited, Kirti Solvex Limited and Kirti Foods Limited, companies
that are a part of the "Kirti" group.  The rating favorably
factors in Kirti Group's established position in edible oil
markets, especially in Maharashtra and Chhattisgarh and their
diversified product portfolio consisting of soya, sunflower oil
and blended oils.  The ratings also considers KDML's  location
advantage arising from plants being placed in the vicinity of
oilseed growing belt providing access to the markets in four
states and low working capital intensity as evident from moderate
utilization levels.  The rating, however, is constrained by KDML's
weak profitability indicators with the margins falling further in
FY 2010 due to adverse market conditions and decline in revenues
along with moderately high gearing of 2.02 times as on March 31,
2010 which is expected to remain stretched due to large debt
funded capex.  Profitability is also expected to remain
constrained due to competitive pressures arising from fragmented
nature of industry and presence of existing large players.
Additionally, the profitability of the industry is vulnerable to
the volatility in raw material prices on account of regulatory
risks and agro-climatic risks associated with procurement of
indigenous oilseeds such as soybean.

                            About Kirti Dal

Kirti Dal Mills Ltd. was established in 1990 and is a flagship
company of the Kirti group with a higher turnover as compared to
the other group companies.  KDML is engaged in oil mills, solvent
extraction as well as oil refining.  Kirti Group ventured into a
retail segment through KDML around six years ago with retail sales
of 150 tonnes per month (TPM) which has gradually increased it to
3,000 TPM with major areas being Maharashtra, Chhattisgarh,
Karnataka and Andhra Pradesh.  It has four other group concerns
namely Kirti Foods Ltd., Kirti Agrotech Ltd., Kirti Agrovet ltd.
and Kirti Solvex Ltd. which are engaged into similar lines of
business.

Currently KDML has two manufacturing plants at Latur and Bijapur
with Latur plant holding the solvent extraction capacity of 400
TPD and oil refining capacity of 100 TPD.  KDML has around 350
distributors across Chhattisgarh, Andhra Pradesh, Karnataka and
Maharashtra for the retail products.  Kirti group products reach
almost 1,500 retail outlets in these four states with majority
being in Maharashtra and Chhattisgarh.  KDML owns 47 trademarks
and maintains 64 stock keeping units under its wings.

Recent results:

KDML recorded a net profit of INR 0.39 Crore on an operating
income of INR168.27 Crore as on March 31, 2010, as per the audited
figures.


MADHURI COMMODITIES: ICRA Places 'LBB' Rating on INR11cr Bank Debt
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR11.00 crore fund based
bank facilities of Madhuri Commodities Private Limited.  The
outlook on the long term rating is stable.

The rating takes into account MCPL's weak financial profile
characterized by low profitability and high gearing, leading to
depressed levels of coverage indicators.  The rating also factors
in MCPL's significant product concentration risks, with revenue
from mobile phones and refill cards accounting for around 75% of
its turnover during 2009-10.  ICRA however notes that MCPL has a
presence in other segments including FMCG products and consumer
electronic goods which provides some diversification to its
revenues.  The risk is further accentuated by the regional
concentration of sales as the entire sales are made in Siliguri,
West Bengal.  The rating is also constrained by the nature of
distribution business which exerts pressure on profitability. The
rating however takes into account the long experience of the
promoters in the distribution business with a presence in West
Bengal and other North Eastern States through different group
companies and MCPL's established relationship with its key
suppliers.

                      About Madhuri Commoditie

MCPL was incorporated in August 1997 and is promoted by the
Agarwal family based in Kolkata.  The company is the authorized
distributor mobile phones, refill cards and a number of reputed
players in consumer electronics and FMCG sector in Siliguri, West
Bengal.  At present, the company serves around 4000 customers, in
and around Siliguri which include stockiest, wholesalers and
retailers.

Recent Results

The company reported a net profit of INR0.38 crore in FY10 on an
OI of INR144.25 crore (provisional), as compared to a net profit
of INR0.31 crore on an OI of INR125.18 crore during FY09.


PARK HEALTH: CRISIL Assigns 'B' Rating to INR170.4 Mil. LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' ratings to the bank facilities
of Park Health Systems Pvt Ltd.

   Ratings                             Facilities
   -------                             ----------
   INR170.40 Million Long-Term Loan    B/Stable (Assigned)
   INR9.60 Million Proposed LT Loan    B/Stable (Assigned)

The ratings reflect PHSPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small scale of
operations, and geographical concentration in its revenue profile.
These weaknesses are partially offset by the established
experience of PHSPL's promoters in the healthcare industry.

Outlook: Stable

CRISIL believes that PHSPL's will benefit over the medium term
from its promoters' established presence in the healthcare
industry.  The outlook may be revised to 'Positive' if PHSPL
significantly increases its scale of operations and improves its
capital structure while sustaining its profitability. Conversely,
the outlook may be revised to 'Negative' if PHSPL undertakes a
larger-than-expected debt-funded capital expenditure programme, or
if its profitability and revenues decline significantly, adversely
impacting its financial risk profile, particularly its liquidity.

                         About Park Health

Incorporated in 2007, PHSPL, based in Hyderabad, operates a 100-
bed multi-specialty hospital named Park Super Specialty Hospital;
it commenced operations in July 2009.  The company is promoted by
Mr. Chinchod Damodar Reddy and his wife Ms. Sura Supreetha Reddy.
PHSPL renders primary, secondary and tertiary medical care.

PHSPL reported a net loss after tax of INR4.5 million on net sales
of INR64 million for seven months of operations in 2009-10 (refers
to financial year, April 1 to March 31).


POPATLAL NATHALAL: CRISIL Reassigns 'B+' Rating to INR10MM LT 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.

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


SHAH NANJI: CARE Assigns 'CARE BB' Rating to INR3cr LT Bank Debt
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to bank facilities of
Shah Nanji Nagsi Export Pvt Ltd.

                                 Amount
    Facilities                 (INR crore)     Ratings
    ----------                  ----------     -------
    Long-term Bank Facilities     3.00         'CARE BB' Assigned
    Short-term Bank Facilities   21.00         'PR4' Assigned

Rating Rationale

The ratings are constrained by the weak financial risk profile of
SNNE characterized by high debt levels, small size of operations
and low profitability margins.  The ratings are further
constrained by product concentration coupled with the seasonal
nature of the agro-based products.  However, the ratings derive
strength from the experienced promoters and the long track record
of SNNE in the existing line of business.  Further, the ratings
also take cognizance of the Three Star Export House recognition
received by the company.

Regulatory concerns affecting the export of key products of SNNE
and the ability of the company to achieve the projected sales and
profitability are the key rating sensitivities.

                           About Shah Nanji

Shah Nanji Nagsi Export Private Limited was established in the
year 1919 by the late Mr. Nagsi Shah as a sole a proprietorship
concern for trading in agro-based commodities.  Initially, SNNE
started domestic trading of food grains.  Subsequently, from 1991,
it commenced export sales and received the status of Three Star
Export House (recognized by the Ministry of Commerce & Industry,
Government of India) in 2009.  In 1997, the constitution of the
firm was changed to a Private Limited Company.

SNNE is primarily engaged in the export of niger seeds and non-
basmati rice including parboiled rice.  It is also engaged in
export of sugar, pulses, maize and other food grains.  From FY09
onwards, the company started trading of RBD (Refined Bleached and
Deodorized) Palmolein Oil.  Further, the company also expanded its
product portfolio by adding other agro-based products like green
peas, soyabean, kidney beans etc.


SHIVA UDYOG: CRISIL Assigns 'B' Rating to INR10 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to the bank
facilities of Shiva Udyog Barrels Pvt Ltd.

   Ratings                                 Facilities
   -------                                 ----------
   INR172.0 Million Cash Credit Facility   B/Stable (Assigned)
   INR10.0 Million Term Loan               B/Stable (Assigned)
   INR8.0 Million Bank Guarantee           P4 (Assigned)

The rating reflects SUBPL's weak financial risk profile, marked by
high gearing and weak debt protection measures, and exposure to
risks related to customer concentration in revenue profile.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the barrels
manufacturing business.

Outlook: Stable

CRISIL believes that SUBPL will continue to benefit over the
medium term from its promoters' experience in the barrels
manufacturing business.  The outlook may be revised to 'Positive'
if SUBPL's operating margin improves, leading to higher cash
accruals, or promoters infuse additional capital resulting in
improvement in capital structure.  Conversely, the outlook may be
revised to 'Negative' if the company reports a low operating
margin or undertakes a large, debt-funded capital expenditure
programme, leading to deterioration in its debt protection metrics
over the medium term. .

                         About Shiva Udyog

SUBPL was set up on July 7, 2008, after acquiring its promoters'
partnership firm, Shiva Udyog.  SUBPL manufactures barrels (steel
drums). Shiva Udyog's partners, Mr. Pankaj Agarwal, Mr. Sanjeev
Kumar, and Mr. B Lal retained proportionate shareholding in SUBPL.
SUBPL has fully automated two units in Sampla (Haryana) for drums
manufacturing, with storage capacities of 180 to 260 litres.
These units have combined capacity to manufacture 80,000 barrels
per month per shift (pmps) and 40,000 bitumen drums pmps.  In
2009-10 (refers to financial year, April 1 to March 31), the
company set up three new barrel manufacturing plants, one each at
Bokaro (Jharkhand), Bharuch (Gujarat), and Visakhapatnam (Andhra
Pradesh) with total capacity of 100,000 barrels pmps and 60,000
bitumen drums pmps.

SUBPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR683.9 million for 2009-10, against a PAT of INR2.1
million on net sales of INR437.4 million for 2008-09


SPM POWER: ICRA Assigns 'LBB-' Rating to INR4cr Cash Credit
-----------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR4.00 crore cash credit and
INR10.00 crore non-fund based facilities of SPM Power & Telecom
Private Limited.  The outlook on the long-term rating is Stable.

The rating is constrained by the weak financial profile of SPM
despite low gearing.  Though SPM has not taken any term loans; it
has working capital and sales tax deferment loan on its books.
Given the low operating margins of 3.4% and 2.9% in FY 09 and
FY 10 respectively and high working capital intensity, the
coverage indicators are weak with OPBITDA/Interest at 1.01 times
and Total Debt/OPBITDA of 10.49 times in FY 10.  The commoditized
nature of business and low value additive nature of operations has
resulted in fragmentation and high competitive intensity for the
cables Industry.  As contracts are awarded through competitive
bidding process, the operating profitability is low as reflected
in consistently low operating margins of SPM.

The rating however draws comfort from the ability of SPM to pass
on any increase in raw material costs to its customers.  Due to
relatively low repayment obligations in the medium term and equity
funded capacity expansion, SPM has low gearing of 0.73 times as on
March 31, 2010.

                            About SPM Power

SPM Power & Telecom Pvt. Ltd. was incorporated in May 2001 as a
partnership firm with four partners.  On May 13, 2008, the company
got incorporated as Private Limited Company with seven directors.
The manufacturing facility is based in IDA, Cherlapally,
Hyderabad.

SPM manufactures Polythene Insulated Fully Jelly Filled, LT Power,
PVC Insulated Railway Signaling Indoor Single core and Aerial
Bunched cables.  Out of which PIJF accounts for 50% of the total
sales and railway signaling cables account for 30% and the rest
20% from power sector.  Its customer base includes NTPC, MP
Paschim Kshetra Vidyut Vitaran Company, APGENCO, APTRANSO, NTTPS,
Various divisions of Indian Railways, BSNL state wise circles all
over India, MTNL and Dept. of Telecommunications. It is ISO 9001-
2008 and BIS certified.


SUPREME TEX: CARE Reaffirms 'CARE BB' Rating on INR266.36cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Supreme Tex Mart Ltd.

                                 Amount
    Facilities                 (INR crore)   Ratings
    ----------                 ----------    -------
    Long-term Bank Facilities    266.36      'CARE BB' Re-affirmed
    Short-term Bank Facilities    77.50      'PR4' Re-affirmed

Rating Rationale

The ratings of Supreme Tex Mart Limited takes into account the
improved profitability of the company in FY10 vis-a-vis FY09 but
continue to be constrained by the weak financial profile
characterized by high leverage, weak debt and interest coverage
indicators and high level of contingent liabilities.  Further the
ratings are also constrained by susceptibility of margins to
fluctuations in raw material prices and foreign exchange
fluctuation risk due to the increasing exposure in exports in FY10
as compared to FY09.  The ratings take into account STML's
integrated operations and diversified client base.  Going forward,
STML's ability to maintain profitable operations and improve
capital structure would remain the key rating sensitivities.

                         About Supreme Tex

Incorporated in 1988, STML is a part of the Supreme Group. STML is
an integrated textile manufacturer engaged in manufacturing of a
comprehensive range of yarns, fabrics and garments with its units
located in Ludhiana.  During FY10, STML registered a total income
of INR360.11 cr with a PAT of INR4.47 cr.  In Q1 FY11, STML
reported a PBT of INR4.78 cr on a total income of INR139.35 cr.


TALWAR MOBILES: CRISIL Assigns 'B' Rating to INR10MM LT Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Talwar Mobiles Pvt Ltd.

   Ratings                                 Facilities
   -------                                 ----------
   INR190.0 Million Cash Credit Limit      B/Stable (Assigned)
   INR10.0 Million Proposed LT Bank        B/Stable (Assigned)
                      Loan Facility

The rating reflects TMPL's weak financial risk profile, marked by
high gearing, small net worth and weak debt protection metrics,
and intense competition in the automotive dealership market.
These weaknesses are partially offset by the company's established
market position, and the increasing contribution from the workshop
division to its revenue profile.

Outlook: Stable

CRISIL believes that TMPL will benefit over the medium term from
its established market position and increasing revenue
contribution from workshop services.  The outlook may be revised
to 'Positive' in case of a significant improvement in
profitability or capital structure.  Conversely, the outlook may
be revised to 'Negative' in case profitability declines materially
further or if the company undertakes a larger-than-expected debt-
funded capital expenditure programme.

                          About Talwar Mobiles

Incorporated in 1998, TMPL is an automobile dealer for Hyundai
Motors India Limited in Hyderabad.  The company has three
showrooms and three workshops.  One of the four HMIL dealerships
in Hyderabad, TMPL has an estimated market share of 30 per cent
for HMIL vehicles in the region.

TMPL is promoted by the Talwar family of Hyderabad which has been
in the business for two decades.  The company is managed by Mr.
Sunil Talwar and his son Mr. Saral Talwar.

TMPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR1.7 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net sales
of INR1.8 billion for 2008-09.


VILLAGE FINANCIAL: ICRA Assigns 'LBB' Rating to INR200cr LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR200 cr. long-term bank
loans of Village Financial Services Private Limited.  The rating
carries a 'stable' outlook.

The rating factors in limited financial flexibility, uncertain
operating environment resulting in unavailability of funds for
growth, relatively high operating expenses, high effective lending
costs for borrowers and geographical concentration of portfolio.
However, long track record of promoters in microfinance
activities, adequate internal audit system and control on asset
quality indicators remain the credit positives for the company.
VFSPL mobilizes substantial chunk of its paid up capital (around
85% as on Sep-10) through Mutual Benefit Trust (MBT) structure
wherein  borrowers of VFSPL contribute capital (equal to 10% of
the loan amount) to the MBT which in turn invest in share capital
of VFSPL;  the capital contribution is refundable to borrowers at
the time of maturity of the loan, hence any significant decline in
portfolio may necessitate stake sale by trust to external
investors or buy back of shares by VFSPL  to refund  the capital
contribution to borrower.

The rating is also constrained on account of marginal credit
profile of borrowers, evolving IT systems and risks associated
with the unsecured lending business.  The risk associated with
unsecured lending is mitigated to some extent by JLG model
followed by the company and restriction on top up loans to prevent
ever-greening of portfolio.

VFSPL has high growth plans and expects to achieve credit
portfolio CAGR of over 90% over next three years; however as of
now because of problems in Andhra Pradesh (AP), banks have stopped
disbursing funds  to  the  company,  if  this  problem  persist
for  longer  period  it  will  impact company's growth plans as
well as liquidity profile. So far company is making repayment of
borrowings as well as fresh disbursements out of the collections
from existing credit portfolio; however in case of non-
availability of bank funding it may need to curtail down its
disbursements.  Further, VFSPL's lending rates, including
processing fees, insurance cost and cost of capital contribution
by borrower to trust, is relatively high and hence it may forced
to reduce its rate of interest (cost to borrowers) to meet
competition and because of regulatory pressure, this could put
further pressure on low profitability already impacted due to
higher operating expenses, partly arising because of sweat equity
shares issued to top management.

                      About Village Financial

About Village Financial Services Private Limited Village Financial
Services Private Limited is a microfinance company registered as a
Non-banking Finance Company with Reserve Bank of India.  VFSPL
started micro finance operations in January 2006.  Promoters of
VFSPL (Mr. Ajit Kumar Maity, Chairman, VFSPL) is engaged in micro
finance activity since 1995 through Village Welfare Society and
Village Micro Credit Services.  As of now, Village Welfare Society
does not undertake any micro finance activity and engaged only  in
grant based activities while there is no activity as of now in
Village Micro Credit Services; entire portfolio of VMCS was
transferred to VFSPL by Sep-10.

VFSPL has its corporate office in Kolkata and has 77 branches as
on September 30, 2010 with entire branch network concentrated in
West Bengal. During 2009-10, the company reported PAT (Profit
After Tax) of INR1.02 crore on an asset base of INR133.73 crore as
compared to PAT of INR0.59 crore on an asset base of INR42.05
crore for the previous financial year. The company reported
capital adequacy of 13.62% (constitute entirely of Tier-1 capital)
and gross NPA of 0.34% as on March 31,2010.


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


HN TRUST: Fitch Affirms Ratings on Senior Beneficial Interests
--------------------------------------------------------------
Fitch Ratings has affirmed HN Trust's senior beneficial interests.
The transaction is a re-securitization of two junior BIs issued
prior to the issuance of these senior BIs, and is ultimately
backed by multiple residential mortgage loan pools.  The rating
actions are as listed below.

  -- JPY140m* Class A1 senior BIs affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating 'LS5';

  -- JPY60m* Class A2 senior BIs affirmed at 'BBBsf'; Outlook
     Stable; Loss Severity Rating 'LS5';

  -- JPY20m* Class A3 senior BIs affirmed at 'BBsf'; Outlook
     Stable; Loss Severity Rating 'LS5';

  -- JPY600m* Class B1 senior BIs affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating 'LS4'; and

  -- JPY447.7m* Class B2 senior BIs affirmed at 'Asf'; Outlook
     Stable; Loss Severity Rating 'LS5'.

  * as of December 8, 2010

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the current ratings, and that
the overall transaction performance remains in line with its
expectations.


JAPAN AIRLINES: JALPAK and JAL Tours to Merge By April 2011
-----------------------------------------------------------
JAL Group said its subsidiary travel companies - JALPAK Co., Ltd.
and JAL TOURS Co., Ltd. will officially merge from April 1, 2011,
subject to the approval of the stockholders of both companies.
The new entity will retain the name of JALPAK Co., Ltd.

The JAL Group said it has radically scaled back its business
operations and reviewed the structure of its sales systems with
the goal of establishing a lean and resilient structure that can
withstand changes in the business environment in order to achieve
a successful revitalization as early as possible.

"Besides strengthening the foundation of its management and
improving efficiency, the merger between JALPAK and JAL TOURS also
brings down the fence that separates the product development of
domestic and international tour packages, allowing the new JALPAK
to offer a wider range of innovative products and to implement
new, more effective sales techniques," JAL said.

                     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.


JAPAN AIRLINES: To Dismiss 200 Flight Crew by End of December
-------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. will dismiss around
200 flight crew members by the end of the month as promised to
make up for the shortage in its third round of voluntary
retirements.

According to Kyodo, JAL is expected to fix screening criteria and
notify the employees to be dismissed as early as this week, a move
that will strain relations with labor unions and could complicate
the airline's rehabilitation efforts if it ends up in court.

Kyodo notes that under the rehabilitation plan approved by the
Tokyo District Court on Nov. 30, JAL is aiming to reduce its head
count to 32,600 by the end of the business year in March, cutting
roughly 16,000 jobs, or around 30 percent of its group workforce
of 48,714.

As part of the workforce reduction efforts, Kyodo relates, JAL
announced Nov. 15 it will terminate the employment contracts of up
to 250 pilots and cabin attendants.

                       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.


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


C&M CO: S&P Puts 'B' Corp. Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit rating on Korean cable TV operator C&M
Co. Ltd. on CreditWatch with negative implications over the
company's planned acquisition of GS Gangnam Broadcasting and GS
Ulsan Broadcasting.  At the same time, Standard & Poor's placed
its 'B' rating on the senior notes issued by C&M Finance Ltd., and
guaranteed by C&M, on CreditWatch with negative implications.

On Oct. 22, 2010, C&M announced that it would acquire an 84.8%
share of GS Gangnam Broadcasting and a 99.8% share of GS Ulsan
Broadcasting from GS Homeshopping Inc. for Koreanwon393 billion.
Standard & Poor's expects this mergers and acquisitions deal to be
closed by the first quarter of 2011, when C&M expects to finalize
the acquisition financing structure and obtain the necessary
regulatory approvals.  The CreditWatch placements mainly reflect
the potential for C&M's financial risk profile to deteriorate,
depending on the transaction scheme as well as the final terms and
conditions of the acquisition.  Through the deal, C&M will gain
about 460,000 subscribers and raise its total number of
subscribers to about 2.6 million.  However, the net impact on the
company's business and financial risk profiles will be determined
by the details of the funding structure.

S&P will resolve the CreditWatch placement if and when the
acquisition is finalized.  The ratings could come under downward
pressure if the acquisition undermines the company's financial
risk profile due to a substantial increase in debt.  Even if the
deal is not finalized, S&P may lower the ratings if S&P see
liquidity risk increase for either C&M or Kookmin Cable
Investment--the special purpose vehicle established to own C&M.
After S&P reviews the details of the funding structure and final
terms and conditions, S&P may resolve the CreditWatch and affirm
the rating if S&P determines that the company is able to sustain
its financial risk profile through this deal.


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


AXIS INC: 7th Annual General Meeting Slated For December 28
-----------------------------------------------------------
Axis Incorporation Berhad will hold its seventh annual general
meeting on December 28, 2010, at 10:00 a.m., at Ponderosa Golf &
Country Club, Hop Sing II, 10-C Jalan Bumi Hijau Tiga, Taman
Molek, 81100 Johor Bahru, in Johor Darul Takzim.

At the meeting, the members will be asked to:

   * lay the audited financial statements for the financial year
     ended June 30, 2010, together with the reports of the
     directors and auditors;

   * reelect Dato' Dr. Allan Aw Yuan Meng who is retiring in
     accordance with Article 126 of the Articles of Association
     of the Company;

   * elect Zairi Shaz Bin Mohd Ismail, who is retiring in
     accordance with Article 131 of the Articles of Association
     of the Company;

   * approve the payment of directors' fee of MYR262,00 for
     the financial year ended June 30, 2010;

   * reappoint Messrs PKF Malaysia as the auditors of the company
     and to authorize the directors to fix their remuneration; and

   * to consider and if thought fit, to pass these ordinary
     resolution with or without modifications:

      -- authority to issue shares pursuant to Section 132D of
         the Companies Act, 1965.

                           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.


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


AORANGI SECURITIES: SFO Completes Probe But Yet To Make Decision
----------------------------------------------------------------
NZHerald.co.nz reports that the Serious Fraud Office has delayed a
decision on its investigation into Allan Hubbard's business empire
until the New Year after his lawyers sought more time to respond.

According to nzherald.co.nz, the SFO has completed the
investigation phase of its probe into Aorangi Securities but
Hubbard's lawyers, Russell McVeagh, said they sought more time to
"put further relevant information before the SFO.

"Mr. Hubbard continues to deny any criminal wrongdoing," according
to a statement from the law firm, nzherald.co.nz relates.

Mr. McVeagh said the statutory managers of Mr. Hubbard's empire
have not covered his legal costs and "this continues to cause
difficulties," nzherald.co.nz relates.

Mr. McVeagh said they have restricted Mr. Hubbard's access to his
own funds since June 20 to a weekly allowance.

SFO executive Adam Feeley confirmed his office had accepted a
delay until the New Year, nzherald.co.nz says.

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

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

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


ROCKFORTE FINANCE: Under SFO Investigation Over Complex Fraud
-------------------------------------------------------------
Susie Nordqvist at nzherald.co.nz reports that the Serious Fraud
Office has launched an investigation into Rockforte Finance Ltd.

General Manager, Financial Markets and Corporate Fraud at the
Serious Fraud Office, Simon McArley said the company had
sufficient evidence to believe that a crime of serious or complex
fraud may have been committed, according to nzherald.co.nz.

nzherald.co.nz relates that the investigation, which began on
December 6, was prompted from an enquiry to the receiver, Dennis
Parsons, by the Serious Fraud Office.

According to nzherald.co.nz, Rockforte provided financial and
lending services and was a participant in the Crown Retail Deposit
Guarantee Scheme.  The majority of investors were covered by that
scheme, nzherald.co.nz notes.

SFO chief executive Adam Feeley said that while the investigation
was smaller than other cases recently taken on by the office, it
had regional significance, nzherald.co.nz reports.

Rockforte, nzherald.co.nz says, issued debt securities to the
public and used the proceeds to make loans secured mainly over
imported second hand motor vehicles.

The Securities Commission and the National Enforcement Unit of the
Ministry of Economic Development are also looking at matters
relating to the company, nzherald.co.nz reports.

Mr. Feeley, as cited by nzherald.co.nz, said the SFO would be
working closely with those agencies to ensure the investigation
was completed in a timely manner.

                       About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz.  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
December 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of last
year.


* NEW ZEALAND: Wineries Face Growing Debts, Survey Says
-------------------------------------------------------
New Zealand wineries continue to experience steadily declining
profitability and rising indebtedness, according to a new survey,
and prospects for improvement are unlikely in the short term.

Vintage 2010, the fifth annual financial benchmarking survey for
the New Zealand wine industry, was released last week by Deloitte
and New Zealand Winegrowers.  It tracks the results of 35 survey
respondents (accounting for approximately 30% of the industry's
export sales revenue) for the previous financial year.

Deloitte partner Paul Munro said while the survey results don't
portray an image of significant volatility, apart from in the
smallest wineries, an increase in bulk wine sales at reduced
margins has resulted in declining profits across the board.

Philip Gregan, CEO of New Zealand Winegrowers, said turbulence
resulting from the bumper harvests of 2008 and 2009 coupled with
the global financial crisis continues to afflict all sectors of
the industry, but it remains on a solid foundation.

"The wine industry has achieved some significant recent milestones
and continues to be a relative success story for the New Zealand
economy," Mr. Gregan said.  "The level of exports remains
positive, with more than 50% of sales in all categories generated
by overseas sales."

Mr. Munro said a reduced vintage in 2010 has gone some way to
alleviating problems caused by the previous two years, but
predictions that the 2011 harvest could exceed 300,000 tonnes
threaten to add to the industry's woes.

"Future supply must be matched to global demand, otherwise a
cheapening of our wines in key international markets could occur,"
Mr. Munro said.  "This may result in a rapid undermining of the
industry's premium positioning, which has taken many years to
build."

The current ability to price New Zealand wine at premium levels
has a crucial flow-on effect for grape growers and domestic
companies which service the industry, and any reversal would have
a similarly negative impact.

"Declining winery revenues in the past few years have been matched
by significant cost reductions, but these appear to have bottomed
out in 2010. Combined with static production costs, profitability
has inevitably taken a hit," Mr. Munro said.

Large scale wineries (with revenue over $20 million) continue to
be the most profitable with an average profit before tax of 7.8%,
while the smallest wineries (revenue under $1 million) are
suffering the most with an average loss of 31.9%.  For the smaller
wineries, this translates to a loss of around $50 per case.
In general, there are a number of wineries from all the size
categories measured in the survey which have generated reasonable
returns, suggesting that there are viable business models for
different sizes and circumstances across the industry.

An ongoing problem with high debt levels, however, needs to be
addressed in the year ahead, with all categories within the
industry experiencing increasing indebtedness, Mr. Munro said.
This is particularly concerning given the downward trend in land
values and the fact that banks are increasingly anxious about land
as security for outstanding debts.

"Banks and shareholders need to work together to examine the
options and agree a plan to allow all stakeholders to move forward
in a co-ordinated way."


* NEW ZEALAND: Deloitte Christchurch to Merge With Horrocks McNab
-----------------------------------------------------------------
The Christchurch office of Deloitte New Zealand and local
chartered accountants Horrocks McNab Ltd announced they are to
merge next year.

An agreement was signed between the two firms last week and the
merger will be effective from April 1, 2011.

The Managing Partner of Deloitte's Christchurch office,
Steve Wakefield, said the timing of the merger will enable a
smooth transition for existing clients of both firms.

"We are excited to welcome the clients and people of Horrocks
McNab to Deloitte," Mr. Wakefield said.

"We look forward to working with the quality range of companies
and organizations that Horrocks McNab has built business
relationships with over the years, and providing them with the
same high level of personal service we provide to all Deloitte
clients."

Horrocks McNab Managing Partner Irwin Horrocks said the decision
to partner with another firm was chosen as the most effective
future strategy, and it deliberated carefully for some time over
the best firm to merge with.  Deloitte was chosen as clearly the
"ideal fit" for Horrocks McNab and its clients.

"We opted to join with Deloitte because we felt their strong
values of professionalism, integrity and excellent client service
best reflected our own," Mr. Horrocks said.

"We also considered that the national and international expertise
Deloitte can provide would add an extra dimension to the range of
services our clients could access."

Mr. Horrocks said clients had been informed of the merger during
the past few days and the response had been "overwhelmingly
favourable".

Of the existing three Horrocks McNab partners, Grant Stewart will
join Deloitte as an Accounting and Advisory partner, while Irwin
Horrocks and David McNab will provide consultancy services to
Deloitte.  Other Horrocks McNab staff will also join Deloitte from
April 1 next year.


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


GLOBE TELECOM: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Philippine-based Globe Telecom's Long-
term foreign currency Issuer Default Rating, Long-term local
currency IDR and the rating of its outstanding global bonds and
senior notes at 'BB+', as well as its National Long-term rating at
'AAA(phl)'.  The Outlook is Stable.

Globe's ratings reflect the increasing pressure on its wireless
segment, which is the mainstay of its overall financial profile.
The wireless segment is facing declining revenues and operating
margins due to intensified competition, multi-SIM usage, and
increasing adoption of "unlimited plans" by subscribers.  Although
Globe's fixed-line and broadband segment is performing well and
growing in terms of both revenue and EBITDA, this growth is not
able to completely offset the declines in the wireless segment.
Fitch notes that Globe's revenues and margins were also negatively
affected by the rising Peso during the nine months to end
September 2010 (9M10).  As a result of lower EBITDA, Globe's FFO
adjusted net leverage rose to 1.8x (end-2009: 1.6x).

The agency also has some concerns regarding Globe's increasing
shareholder focus -- it distributes dividends in the range of 75%-
90% of its net income.  Fitch expects Globe's operating cash flows
to remain under pressure due to lower EBITDA from the wireless
segment, and will therefore be marginally short for meeting its
dividend commitments after meeting its capex requirements.

However, Globe's ratings reflect its position as the entrenched
number two telecom operator in the Philippines with EBITDA margins
over 50%, and its strong presence in the domestic wireless sector
(33% of revenue market share as at end-September 2010).  Fitch
positively notes Globe's focus on increasing its broadband
revenues by encouraging greater internet adoption among Philippine
subscribers over both fixed-line and wireless infrastructures.  A
meaningful contribution towards EBITDA from broadband services is
expected most likely in 2012, and beyond.

Fitch views Globe's liquidity as adequate at end-September 2010,
with cash and equivalents of PHP5.3 billion, and available
uncommitted short-term facilities of US$59 million and
PHP11.0 billion, which comfortably cover debt maturities of
PHP1.32 billion in 2010 and PHP8.74 billion in 2011.  Its
liquidity profile is further enhanced by strong access to banks
and capital markets.

Fitch notes that increasing adoption of fixed-line and wireless
broadband services tends to cannibalize wireless data (mainly
SMS), as well as National long distance and International long
distance service revenues to some extent.  Compared to Asia-
Pacific peers, the impact is much higher for telecom operators in
the Philippines since SMS revenues represent almost 48% of total
wireless revenues.  Accordingly, the uptake of lower-margin
wireless and fixed-line broadband services is likely to place
downward pressure on the Philippine telcos' existing SMS, NLD and
ILD service revenues and consolidated margins.

The Stable Outlook reflects the expectation that Globe will
maintain its entrenched position in the Philippine
telecommunications sector, notwithstanding increased competition.
Furthermore, the company's leverage metrics are expected to remain
comfortable for the rating category through 2011.  This is based
on the assumption that 2011 capex will be similar to the capex
guidance of US$500 million (PHP21.5 billion) for 2010 and that
total shareholder returns remain broadly in line with 9M10 levels
of PHP80 per share.

However, Globe's ratings could come under downward pressure in the
event of debt-funded acquisitions, capital management initiatives
or a sharp deterioration in the company's operating profile, which
results in FFO adjusted net leverage exceeding 2.5x.  Globe's
local currency IDR might be upgraded if the competitive
environment stabilizes and if, as Fitch expects, its FFO adjusted
net leverage falls below 1.5x on a sustained basis.  Globe's
foreign currency IDR is effectively capped by the Philippines'
Country Ceiling rating, and an upgrade or downgrade of the Country
Ceiling would result in a similar change to the former rating.

Globe is the second largest telecommunications operator in the
Philippines and the only credible challenger to the incumbent
Philippine Long Distance Telephone company (Foreign currency IDR:
'BB+'/Stable).  The company is majority-owned by Singapore
Telecommunications ('A+'/Stable) and the Ayala Corporation, which
held 47.33% and 30.46% respectively, of shares of common stock at
September 30, 2010.  Globe had 25.4 million cellular subscribers,
1 million broadband subscribers and around 600,000 fixed-line
subscribers at end-September 2010.


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


EGG STORY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on November 26, 2010,
to wind up Egg Story Creative Production Pte. Ltd's operations.

Fujitsu Asia Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GETECH INDUSTRIES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Getech Industries Pte Ltd will pay the first and final dividend to
creditors on December 13, 2010.

The company will pay 100% to all admitted preferential claims.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


GUNZE INTERNATIONAL: Members' Final Meeting Set for January 7
-------------------------------------------------------------
Members of Gunze International Pte Ltd. will hold their final
general meeting on January 7, 2011, at 10:00 a.m., at 25
International Business Park #04-22/26 German Centre, in Singapore
609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


MT. BATTEN: Creditors' Proofs of Debt Due December 24
-----------------------------------------------------
Creditors of Mt. Batten Private Limited, which is in voluntary
liquidation, are required to file their proofs of debt by
December 24, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


OAKTECH INDUSTRIES: Creditors Get 12.4597% Recovery on Claims
-------------------------------------------------------------
Oaktech Industries (S) Pte Ltd first and final dividend to
creditors on December 6, 2010.

The company paid 12.4597% to the received claims.


PILOTS PLANTS: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Pilots Plants & Engineering Pte Ltd declared ordinary dividend to
creditors on November 22, 2010.

The company paid 100% to the received claims.


                             *********

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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