TCRAP_Public/101214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, December 14, 2010, Vol. 13, No. 246

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Warns of 45% Half-Year Profit Decline
FMG RESOURCES: Moody's Assigns 'B1' Rating to Senior Notes
OPES PRIME: Prime Client Wins AU$46,998 Compensation


C A M B O D I A

CAMBODIAN PUBLIC: Moody's Downgrades Bank Strength Rating to 'D'


C H I N A

MCE FINANCE: Moody's Gives Stable Outlook on 'Ba3' Rating


H O N G  K O N G

HK ASSOCIATION: Creditors' Proofs of Debt Due January 10
HK BIO: Creditors' Meeting Set for December 21
HK INSTITUTE: Members' Final Meeting Set for January 14
HK YANG: Creditors' Meeting Set for December 21
INT'L ORTHODONTIC: Creditors' Proofs of Debt Due January 2

KNIGHT LIBERTAS: Commences Wind-Up Proceedings
LEPI CHINA: Court to Hear Wind-Up Petition on January 26
LCL CONTRACTING: Creditors' Proofs of Debt Due January 10
MERCURY PUBLICITY: Kwok Chi Sun Vincent Steps Down as Liquidator
METRO CONSOLIDATORS: Cheng Ting Ting Steps Down as Liquidator

PALMSOURCE HK: Placed Under Voluntary Wind-Up Proceedings
RAAS VIETNAM: Creditors' Proofs of Debt Due January 10
SAWA ELECTRONICS: Creditors' Proofs of Debt Due January 10
STRATEGIC VALUE: Members' Final Meeting Set for January 11
TA THERAPEUTICS: Lees and Mat Step Down as Liquidators


I N D I A

ASM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR103.6M Term Loan
GPI TEXTILES: CRISIL Downgrades Rating on INR5.5MM LT Loan to 'D'
GEETANJALI UNIVERSITY: CARE Rates INR16.51cr LT Loan at 'CARE BB+'
JAIRAM MARUTI: CRISIL Cuts Rating on INR20MM Cash Credit to 'D'
JVR FORGINGS: CRISI Reaffirms 'BB' Rating on INR200MM Cash Credit

K.D. AGENCIES: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
KAMSRI FLEX: CRISIL Upgrades Rating on INR36.3MM LT Loan to 'B'
LAWN TEXTILE: CRISIL Reaffirms 'D' Rating on INR34.9MM LT Loan
LEELA P: CRISIL Assigns 'D' Rating to INR174 Million Term Loan
M&G IMPEX: CRISIL Reaffirms 'BB-' Rating on Various Bank Debts

MADHAVPURA MERCANTILE: Faces Windup; Depositors May Lose Money
NANDAN PETROCHEM: CRISIL Reaffirms 'BB' Rating on INR17.3MM Loans
NANGALWALA IMPEX: CRISIL Upgrades Rating on INR7.7MM Loan to 'BB-'
OMEGA DESIGNS: CRISIL Assigns 'BB-' Rating to INR15MM Term Loan
PSA SICAL: CRISIL Rates INR550 Million Bank Guarantee at 'P4+

PURE PHARMA: CRISIL Assigns 'B' Rating to INR9.7 Million Term Loan
RINKOO PROCESSORS: CRISIL Assigns 'B' Rating to INR31.2M Loan
SHREE NAKODA: CRISIL Upgrades Rating on Various Bank Debts to 'B'
SREE AYYANAR: CRISIL Assigns 'BB+' Rating to INR325.9MM LT Loan
SRI VIJAYA: CRISIL Assigns 'B' Ratings to Various Bank Facilities

SWARN SHILP: CRISIL Assigns 'BB' Rating to INR130MM Cash Credit
THERMO PRODUCTS: CRISIL Assigns 'D' Rating to INR55.5MM Term Loan
TIRUPUR VIJAYALAKSHMI: CRISIL Reaffirms 'D' Rating on INR39MM Loan
UMA EXPORTS: CRISIL Rates INR340MM Foreign Bill Purchase at 'P4+'
VIBHA OVERSEAS: CRISIL Rates INR350 Million Cash Credit at 'B+'


I N D O N E S I A

ARPENI PRATAMA: Fitch Downgrades Ratings on Notes to 'D'
ARPENI PRATAMA: Fitch Corrects Press Release; Affirms 'C' Rating


J A P A N

DTC FOUR: S&P Affirms Ratings on Various Classes of Notes
ORSO FUNDING: S&P Affirms Ratings on Various Classes of Notes


N E W  Z E A L A N D

BROADLANDS FINANCE: S&P Cuts Counterparty Credit Rating to 'B/B'
CAPITAL + MERCHANT FINANCE: Directors Say SFO Charges "Baseless"
HOTEL SO: Receivers Sell Hotel to Private Investor
IRONGATE PROPERTY: Trustee Declines Waiver For Trust Deed Breaches
PIKE RIVER: Placed Into Receivership by NZ Oil & Gas

WELLINGTON PHOENIX: Liquidation Hearing Adjourned Until January 25


T H A I L A N D

FINSPACE SA: S&P Withdraws 'B+' Corporate Credit Rating


X X X X X X X X

* BOND PRICING: For the Week December 6 to December 10, 2010




                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: Warns of 45% Half-Year Profit Decline
--------------------------------------------------------
The Australian reports that Centro Properties Group has warned the
market of a 45% fall in its half-year profit.

Centro said interim earnings for the company's satellite Centro
Retail Trust would also be 20% lower, The Australian says.

According to The Australian, the warning comes as Centro remains
at the centre of a carve-up, with Lend Lease, private equity firms
out of the US and an Israeli company, Gazit Globe, among parties
circling its AU$18.6 billion empire.

The Australian relates that parties are now believed to be in
Centro's Web-based data rooms examining the AU$7.3 billion
Australian and US$9.2 billion US properties in an official bidding
process that closes on December 17, 2010.

Centro is planning to offload parcels of assets within its
portfolio to pay down debts worth AU$18.4 billion, The Australian
notes.

Centro has blamed the downgrade on the high Australian dollar,
valuation concerns, rising interest rates and operating conditions
in both the US and Australia, according to The Australian.

                       About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                          *     *     *

Centro Properties Group owes its creditors as much as
AU$18.4 billion and its deadline to repay these debts has been
extended four times since December 2007, when the company's market
value plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


FMG RESOURCES: Moody's Assigns 'B1' Rating to Senior Notes
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to US$800 million 144A guaranteed senior unsecured notes to be
issued by FMG Resources (August 2006) Pty Ltd (the financing
vehicle for Fortescue Metals Group).  All other ratings of the
group remain unchanged.  The outlook on all ratings is stable.

                        Ratings Rationale

The Notes, issued by FMG Resources (August 2006) Pty Ltd, a wholly
owned subsidiary of Fortescue Metals Group Ltd, rank equally with
all other senior unsecured debt of the issuer.  The issuance is
guaranteed by Fortescue and its restricted subsidiaries.  Proceeds
from the issue will be used to fund the company's expansion
program aiming to increase production capacity to 155mtpa.

The assignment of a definitive rating is subject to a final review
of the associated documentation.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion.  Upon conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive ratings
to the securities.  A definitive rating may differ from a
provisional rating.

Fortescue's B1 corporate family rating recognizes the
strengthening in the company's financial profile due to the
continued progress in its production ramp-up and the expectation
for strong cash flow generation under its current annualized run
rate.  The rating also considers the solid fundamentals of the
iron ore industry, which should continue to support high iron ore
prices relative to historical levels.

The rating is constrained by the relatively short operating
history, and the uncertainty associated with Fortescue's plans to
substantially expand its production capacity over the next few
years.  The company has announced board approval of expansion
plans to significantly increase operations by more than tripling
production capacity to 155mtpa over the next few years.

Under the terms of the new indenture Fortescue may issue a
significant amount of debt to fund future expansion plans.  To the
extent that Fortescue funds future expansion with a large
proportion of secured debt the rating on the notes could be
downgraded reflecting the legal subordination to secured
creditors.

The stable outlook reflects the expectation that Fortescue will
continue its trend of stable production and maintain its currently
strong financial profile.  The outlook also reflects Moody's
expectation that expansions are likely to be largely debt funded
and until the ultimate scope and funding of these initiatives are
known Moody's expect the company to maintain strong credit metrics
to provide an adequate buffer against execution risks and cost
overruns.

The last rating action on Fortescue was on October 29, 2010 when
Moody's assigned a definitive B1 rating to FMG Resources (August
2006) Pty Ltd's US$ 2.040 billion senior unsecured notes issue.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


OPES PRIME: Prime Client Wins AU$46,998 Compensation
----------------------------------------------------
The Sydney Morning Herald reports that Nicholas Mather, a
Queensland businessman who deposited almost AU$75,000 with Opes
Prime just days before it collapsed in 2008, has won what is
believed to be the first claim against the National Guarantee Fund
in relation to the failed share-lending firm.

According to SMH, the National Guarantee Fund, which is meant to
provide compensation for claims against dealers operating in the
Australian Securities Exchange, so far has rejected all claims by
Opes Prime clients.

But in a decision handed down last week by Queensland Supreme
Court Chief Justice Paul de Jersey, SMH relates, the Securities
Exchange Guarantee Corporation, which oversees the fund, was
ordered to pay AU$46,998 compensation plus interest and costs to
Samuel Holdings, a private company owned by Mr. Mather.

SMH notes that Mr. Mather, managing director of D'Aguilar Gold,
set up a margin-lending facility with Opes Prime and on March 20,
2008, he deposited AU$74,600 with the firm and instructed it to
buy 100,000 Arrow Energy shares for Samuel Holdings.  Opes Prime
did not complete the deal, SMH says.

SMH states that Mr. Mather's claim, however, is believed to be
fairly unusual.  Unlike many Opes Prime clients who deposited
shares with the firm as collateral for loans to buy more shares,
Mr. Mather's company deposited cash with the intention of buying
shares, according to SMH.

According to the report, the AU$46,998 claim represents the
difference between the AU$74,600 that Mr. Mather deposited with
Opes Prime on March 20, 2008, just seven days before it closed its
doors, and AU$27,602 he has received as a distribution from the
Opes Prime liquidators.  It is not yet clear if the SEGC will
appeal, SMH notes.

SMH relates that the SEGC said in its 2009-10 annual report that
it had received "a significant number" of claims relating to the
collapse of Opes Prime. But it argued that the share-lending
nature of transactions between Opes Prime and its clients made it
"difficult" for claims to succeed.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited.  According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


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C A M B O D I A
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CAMBODIAN PUBLIC: Moody's Downgrades Bank Strength Rating to 'D'
----------------------------------------------------------------
Moody's Investors Service has lowered the bank financial strength
rating of Cambodian Public Bank (Campu Bank) to "D" from "D+",
which then mapped to a baseline credit assessment of Ba2 from Ba1,
and changed its outlook to stable from negative.

At the same time, Moody's has affirmed Campu Bank's deposit and
issuer ratings.  These ratings continue to carry a stable outlook.
The ratings affirmed are:

  -- Local currency long-term/short-term deposit ratings of
     Ba1/Non-prime

  -- Local currency long-term/short-term issuer ratings of
     Ba1/Non-prime

  -- Foreign currency long-term/short-term deposit ratings of
     B3/Non-prime

  -- Foreign currency long-term/short-term issuer ratings of
     B1/Non-prime

"The change in Campu Bank's BFSR mainly reflects the increasing
challenges evident in Cambodia's operating environment, but it
also considers the bank's weakened levels of asset quality and
earnings," says Christine Kuo, a Moody's Vice President and Senior
Credit Officer.

"At the same time, Campu Bank's deposit and issuer ratings are
underpinned by strong support from its parent, Malaysia-based
Public Bank Berhad, and hence are not affected," adds Kuo.

The operating environment for Campu Bank has become less favorable
now, compared to before the global crisis.  Cambodian economic
growth, which used to be more than 10% several years before the
crisis, slowed to 6.7% in 2008 and was -2% in 2009.

While the economy is recovering in 2010, the projected growth of
around 5% is lower than the pre-crisis level.  Moreover,
uncertainty in the recovery of developed economies could still
affect Cambodia's future economic performance, as the country
relies heavily on exports and foreign direct investment.

Furthermore, the real estate market collapsed in 2008 and has
remained weak ever since.  New players also continue to enter the
market, pushing up competition and pressuring margins.

Due to the recession and new regulations that require more
stringent loan classifications, Campu Bank's asset quality and
earnings weakened in 2009.  Its NPL ratio increased to 6.7% at-end
2009 -- from either zero, or insignificant amounts, over the past
several years.  A substantial rise in credit costs drove net
profit down from US$31 million in 2008 to US$13 million in 2009.

Even though asset quality showed signs of stabilizing in 2010 --
the NPL ratio decreased to 4.0% at end-October in line with the
improving economy -- it will take time for Campu Bank to resolve
its problem loans, especially in view of the still weak state of
the real estate market.  And as its problem loans age, it will
need to provide additional loan loss provisions, which will deter
the bank from reporting strong profits in the near term.

Therefore, while Campu Bank's capital position remains sound (an
equity to assets ratio of 19.0% at end-October 2010) with an
improved liquidity profile (loan-to-deposit ratio fell from 173%
at end-2008 to 70% at end-October 2010), its overall credit
profile, which factors in both the challenges in its operating
environment and its operating performance, is weaker than a couple
of years ago when Campu Bank's ratings were initially assigned.

Campu Bank's long-term deposit and issuer ratings could have been
multiple-notches higher than its BCA of Ba2 after the
incorporation of potential parental support from PBB, which has a
BCA of A3.  But these ratings are constrained by Cambodia's Ba1
local currency deposit and bond ceiling, B1 foreign currency bond
ceiling, and B3 foreign currency deposit ceiling.

Moody's last rating action with regard to Campu Bank was taken on
June 25, 2010 when the outlook of its BFSR was changed to negative
from stable.

Campu Bank, headquartered in headquartered in Phnom Penh,
Cambodia, reported total assets of US$941.4 million as of the end-
2009.


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C H I N A
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MCE FINANCE: Moody's Gives Stable Outlook on 'Ba3' Rating
---------------------------------------------------------
Moody's Investors Service has revised the outlook to stable from
negative for MCE Finance Limited's Ba3 corporate family and B1
senior unsecured bond ratings, and Melco Crown Gaming (Macau)
Limited's Ba3 secured debt rating.  At the same time, Moody's has
affirmed the three ratings.

MCE Finance owns 100% economic interests in Melco Crown Gaming.
MCE Finance's Ba3 corporate family rating primarily reflects the
credit profile of Melco Crown Gaming -- the key operating entity
in the group.

"The change in outlook reflects Melco Crown group's continuous
improvement in its financial results over the past three quarters
as the City of Dreams ramps up its operations -- as a result of
solid gaming revenue growth in Macau," says Kaven Tsang, a Moody's
AVP/Analyst.

"Moody's expects these operational improvements to lead to
improved credit metrics, that will be sustained throughout the
next 12-18 months," says Tsang, who is also Moody's lead analyst
for the group.

Tsang adds, "A favorable growth of gaming revenue over the medium
term in Macau will accommodate a modest increase in supply in the
coming two years."

Moody's expects the Melco Crown group's credit metrics to sustain
with debt/EBITDA at 4-5x and EBITDA interest coverage at 3.5-4x.

Melco Crown group's completion of its project development, success
in ramping up its operations in the City of Dreams, improvement in
credit metrics, and the favorable market condition, will support
the upgrade of its standalone rating level to B1 from B2.

In view of Crown Limited's (Baa2/stable) 33.43% ownership in Melco
Crown group, and Moody's expectation that the group's financial
position as a standalone credit develops further, the reliance on
financial support from Crown Limited will become less.

Accordingly, the uplift to Melco Crown group's fundamental rating
from Crown Limited is adjusted to one notch from two notches.
Thus the final rating of MCE Finance Limited and Melco Crown
Gaming remains unchanged at Ba3.

Moody's will continue to review the uplift factor based upon
financial position of Melco Crown group.

The Ba3 corporate family rating continues to reflect the Melco
Crown group's small scale operations in Macau and its short track
record.  It also captures the risks of intense competition and
regulatory changes in Macau's gaming market.

The B1 bond rating for MCE Finance is one notch below the
corporate family rating, and reflects the risk of structural and
legal subordination.  Secured and subsidiary debt, held mainly by
Melco Crown Gaming, represents around 25% of the group's tangible
assets.

The ratings could experience downward pressure if (1) the Melco
Crown group's operating performance deteriorates as a result of
significant market slowdown or higher-than-expected competition;
or (2) the Melco Crown group engages in further debt-funded
acquisitions or development projects, such that EBITDA interest
coverage drops below 3-3.5x, or Debt/EBITDA rises above 5-6x.

Evidence of a decline in the willingness or ability of major
shareholder Crown Limited to provide support to the group could
also be negative for the ratings.

Upgrade pressure in the near term appears unlikely, however,
upgrade pressure could emerge if the Melco Crown group (1)
demonstrates stable EBITDA throughout the cycle; and (2) has
established a track record of 1-2 years of stable and satisfactory
performance.  Moody's sees a rise of EBITDA interest coverage to
5-5.5x and fall in debt/EBITDA below 3-3.5x on a sustained basis
as signals for considering an upgrade.

Moody's last rating action on the group was taken on May 19, 2010,
when Moody's assigned a definitive B1 senior unsecured rating to
MCE Finance's US$ bond issue, with a negative outlook.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Limited (Baa2/stable) and
Hong Kong-listed Melco International Development Ltd (unrated),
with each company holding a 33.43% equity stake.  MCE Finance also
owns 100% economic interests in Melco Crown Gaming (Macau)
Limited.

Melco Crown Gaming is the key operating company within the group
holding one of six gaming concessions/sub-concessions in Macau.
It operates two casinos in Macau -- one at Altira Macau and the
other at the City of Dreams -- and operates approximately 1,600
slot machines through Mocha Clubs.


================
H O N G  K O N G
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HK ASSOCIATION: Creditors' Proofs of Debt Due January 10
--------------------------------------------------------
Creditors of Hong Kong Association of Fellow Villagers of Lai Tong
Village, Yan Ping, Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by January
10, 2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 9, 2010.

The company's liquidators are:

         Cheung Man Chi
         Flat G, 14/F., Block 1
         Bayview Garden
         633 Castle Peak Road
         Tsuen Wan, NT

         Cheung Chock Ping
         Flat 32, Hay Cheuk Lau
         299 Ngau Tau Kok Road
         Garden Estate, Kwun Tong
         Kowloon, Hong Kong


HK BIO: Creditors' Meeting Set for December 21
----------------------------------------------
Creditors of Hong Kong Bio Products Manufacturing Limited will
hold a meeting on December 21, 2010, at 4:00 p.m., at 62/F., One
Island East, 18 Westlands Road, Island East, in Hong Kong.


HK INSTITUTE: Members' Final Meeting Set for January 14
-------------------------------------------------------
Members of Hong Kong Institute of Systems Science Limited will
hold their final general meeting on January 14, 2011, at 11:00
a.m., at Room 501, Tower 2, Silvercord, 30 Canton Road, Tsim Sha
Tsui, Kowloon, in Hong Kong.

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


HK YANG: Creditors' Meeting Set for December 21
-----------------------------------------------
Creditors of Hong Kong Yang Yang Bio Products Company Limited will
hold a meeting on December 21, 2010, at 5:00 p.m., at 62/F., One
Island East, 18 Westlands Road, Island East, in Hong Kong.


INT'L ORTHODONTIC: Creditors' Proofs of Debt Due January 2
----------------------------------------------------------
Creditors of International Orthodontic Symposiums Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by January 2, 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:

         Ha chun
         Rooms 1109-10A, 11th Floor
         Wing Tuck Commercial Centre
         177-183 Wing Lok Street
         Sheung Wan, Hong Kong


KNIGHT LIBERTAS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Knight Libertas (Asia) Ltd, on November 30, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Cliff Huang
         Flat 6012, Block A
         Cape Mansions
         60-62 Mount Davis Road
         Pok Fu Lam, Hong Kong


LEPI CHINA: Court to Hear Wind-Up Petition on January 26
--------------------------------------------------------
A petition to wind up the operations of Lepi China Limited will be
heard before the High Court of Hong Kong on January 26, 2011, at
9:30 a.m.

Wong Yuet Sheung filed the petition against the company.


LCL CONTRACTING: Creditors' Proofs of Debt Due January 10
---------------------------------------------------------
Creditors of LCL Contracting Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 9, 2010.

The company's liquidator is:

         Leong Hing Loong Rudoff
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


MERCURY PUBLICITY: Kwok Chi Sun Vincent Steps Down as Liquidator
----------------------------------------------------------------
Kwok Chi Sun Vincent stepped down as liquidator of Mercury
Publicity Asia Limited on January 10, 2011.


METRO CONSOLIDATORS: Cheng Ting Ting Steps Down as Liquidator
-------------------------------------------------------------
Cheng Ting Ting stepped down as liquidator of Metro Consolidators
Limited on December 1, 2010.


PALMSOURCE HK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on November 26, 2010,
creditors of Palmsource Hong Kong Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


RAAS VIETNAM: Creditors' Proofs of Debt Due January 10
------------------------------------------------------
Creditors of Raas Vietnam Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
January 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 30, 2010.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SAWA ELECTRONICS: Creditors' Proofs of Debt Due January 10
----------------------------------------------------------
Creditors of Sawa Electronics (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 10, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 30, 2010.

The company's liquidator is:

         Sum Wai Ching Helena
         19/F., S.B. Commercial Building
         478 Nathan Road
         Yau Ma Tei, Kowloon


STRATEGIC VALUE: Members' Final Meeting Set for January 11
----------------------------------------------------------
Members of Strategic Value Partners Hong Kong Limited will hold
their final general meeting on January 11, 2011, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TA THERAPEUTICS: Lees and Mat Step Down as Liquidators
------------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of TA
Therapeutics Limited on November 30, 2010.


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


ASM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR103.6M Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of ASM Industries (India)
Pvt Ltd continue to reflect ASM's weak financial risk profile,
marked by high gearing and weak debt protection indicators, and
exposure to risks related to its modest scale of operations in the
textile industry.  These weaknesses are partially offset by the
benefits that ASM derives from its promoters' experience in the
textile business.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Cash Credit        B/Negative (Reaffirmed)
   INR103.6 Million Rupee Term Loan    B/Negative (Reaffirmed)
   INR6.8 Million Proposed Long-Term   B/Negative (Reaffirmed)
                  Bank Loan Facility
   INR1.5 Million Bank Guarantee       P4 (Reaffirmed)
   INR2.0 Million Bills Discounting    P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that ASM's financial risk profile will remain
constrained over the medium term, owing to a large quantum of debt
which is expected to be contracted to fund capital expenditure
(capex).  The outlook may be revised to 'Stable' if the company
commissions its ongoing expansion project in time and within the
expected cost estimates.  Conversely, the ratings may be
downgraded if ASM's project faces significant cost overruns,
leading to weakening of the company's debt protection metrics.

Update

ASM's sales for 2009-10 (refers to financial year, April 1 to
March 31) were in line with CRISIL's estimates.  The company's
revenues between April 2010 and September 2010 were INR340
million; for 2010-11, it is expected to register revenues of
around INR700 million. ASM's operating profitability has been
higher-than-expected because of increase in sales realizations.
However, the liquidity remains weak because of debt-funded capex,
with accruals expected to tightly match term debt obligations over
the medium term.

                       About ASM Industries

Set up in 1981 as a partnership firm by the Kejriwal family, ASM
(formerly Anand Silk Mills) was reconstituted as a private limited
company with effect from May 7, 2010. ASM manufactures synthetic
suiting and shirting material, and sells the same under the Aanan
brand.  The company's manufacturing facility at Umbergaon
(Gujarat) has a production capacity of 0.25 million metres per
month.

ASM reported a profit after tax (PAT) of INR6 million on net sales
of INR558.8 million for 2009-10, against a PAT of INR2 million on
net sales of INR506.8 million for 2008-09.


GPI TEXTILES: CRISIL Downgrades Rating on INR5.5MM LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on GPI Textiles Ltd's bank
facilities to 'D/P5' from 'C/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit/Export    D (Downgraded from 'C')
                       Packing Credit

   INR5.5 Million Proposed Long-Term
                  Bank Loan Facility     D (Downgraded from 'C')

   INR54.5 Million Term Loan             D (Downgraded from 'C')

   INR100.0 Million Letter of Credit     P5 (Downgraded from 'P4')

The downgrade reflects delays of up to 30 days by GPITL in paying
the principal and interest components on its term loans.  The
delay has been caused by the company's weak liquidity.  GPITL has
weak financial risk profile marked by small net worth and high
gearing; its weak liquidity is reflected in its high bank limit
utilization of over 95 per cent on an average over the past six
months.  However, the company benefits from improved capital
structure after one time settlement of old debts of the company.

                         About GPI Textiles

GPITL is a company of the Ispat group and was formerly established
as a Textile division of Gontermann-Peipers (India) Ltd.  Pursuant
to the modified scheme of arrangement between GPIL and GPITL,
Textile Division of GPIL was demerged in GPI Textiles Limited with
effect from January 01, 2003.  GPITL is in the business of
manufacturing pure cotton, pure polyester, and blended and open-
end yarn.  It has an installed capacity of 90,432 spindles at
Nalagarh (Himachal Pradesh).  GPITL came under the purview of
Board of Industrial and Financial Reconstruction (BIFR) as a
potentially sick company in November 2006 after erosion of more
than 50 per cent of its peak net worth during the past four years.
In 2006-07 (refers to financial year, April 1 to March 31), GL
Asia Mauritius II Ltd, a wholly owned subsidiary of Avenue Capital
Fund of USA, acquired 44 per cent equity stake in GPITL.  One Time
Settlement (OTS) and scheme of arrangement & capital reduction in
FY 2008 lead to company coming out of potentially sick company
status in November 2008.

For 2008-09, GPITL reported a net loss of INR223.0 million on net
sales of INR2241.0 million, against a net loss of INR164.0 million
on net sales of INR2042.0 million for 2007-08.


GEETANJALI UNIVERSITY: CARE Rates INR16.51cr LT Loan at 'CARE BB+'
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Geetanjali University Trust.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   --------     -------
   Long-term Bank Facilities      16.51     'CARE BB+' Assigned

Rating Rationale

The rating factors in the short track record of operations of GUT,
deficit since inception, lower enrolment in courses other than
MBBS and the regulatory restrictions in the education industry.
These weaknesses are partially offset by the experience of the
promoter in the education sector and moderate financial risk
profile marked by moderate leverage and debt coverage indicators.
The rating also favorably factors in the continuous infusion of
corpus fund by the promoters as a working capital and towards
prepayment of term loans.

The sustainability of strong enrolment ratio and improvement in
the overall financial risk profile are the key rating
sensitivities.

GUT was promoted by the present Chairman Mr. J P Agarwal in July
2006 at Udaipur, Rajasthan.  Mr. Agarwal is a Chartered Accountant
by qualification and has around 25 years of industrial experience
including almost eight years in the education field. GUT offers
various graduation and post-graduation courses in medical stream
like MBBS, Nursing, Physiotherapy and Pharmaceutical Studies.

GUT registered operating income of INR23.95 crore with a net
deficit of INR6.12 crore during FY10 as against operating income
of INR15.73 crore with a net deficit of INR5.51 crore in FY09.  As
per provisional results, GUT has earned operating income of
INR12.86 crore during H1FY11.


JAIRAM MARUTI: CRISIL Cuts Rating on INR20MM Cash Credit to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jairam
Maruthi Mills to 'D/P5' from 'B-/Negative/P4'.  The downgrade
reflects instances of delay by JMM in servicing its debt; the
delays have been caused by JMM's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Cash Credit        D (Downgraded from
                                          'B-/Negative')

   INR107.96 Million Long Term Loan    D (Downgraded from
                                          ' B-/Negative')

   INR26.70 Million Bank Guarantee     P5 (Downgraded from P4)

JMM has a weak financial risk profile, marked by high gearing and
small net worth, is susceptible to raw material price volatility,
and exposed to risks related to relatively small scale of
operations.  These weaknesses are partially offset by the
experience of JMM's promoters in the textile business.

Set up in 2006 by Mr. A Subramanian and Mr. A Rajan, JMM began
commercial operations in June 2009.  It manufactures cotton yarn
in counts from 40s to 42s.  Its facility in Coimbatore (Tamil
Nadu) has a capacity of 12,000 spindles.

JMM reported a profit after tax (PAT) of INR7 million on net sales
of INR222 million for 2009-10 (refers to financial year, April 1
to March 31), against a net loss of INR8 million on net sales of
INR63 million for 2008-09.


JVR FORGINGS: CRISI Reaffirms 'BB' Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of JVR Forgings Ltd
continue to reflect JVR's below-average financial risk profile
marked by a small net worth, a high gearing, and weak debt
protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR200.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR10.0 Million Standby Line of     BB/Stable (Reaffirmed)
                            Credit
   INR146.0 Million Term Loan          BB/Stable (Reaffirmed)
   INR100.0 Million Letter of Credit   P4+ (Reaffirmed)

The ratings also factor in JVR's large working capital
requirements, and exposure to risks related to volatility in raw
materials prices, and intense competition in the forgings segment.
These weaknesses are partially offset by JVR's diversified revenue
profile and recent entry into the manufacture of high value-added
products.

Outlook: Stable

CRISIL believes that JVR will continue to benefit over the medium
term from its diverse revenue segments, including scaffoldings,
railway forgings, auto components, and its recent foray into the
machined automotive components segment.  The outlook may be
revised to 'Positive' if the company significantly increases its
revenues and profitability, or improves its capital structure on
the back of large equity infusion.  Conversely, the outlook may be
revised to 'Negative' if JVR's financial risk profile weakens
further, most likely because of unexpected debt-funded capital
expenditure, slowdown in end-user sectors leading to
underutilisation of capacity, or inability to pass on increases in
raw material prices to customers adversely affecting
profitability.

                        About JVR Forgings

Incorporated in 1996 by Mr. Dharam Pal Gupta and his sons,
Mr. Jagdeep Singhal, Mr. Vinay Singhal, and Mr. Rajeev Singhal,
JVR is engaged in forging and fabrication of scaffolding,
construction items, automotive components, and parts for railways.
The company has also recently entered into machining of automotive
components and other parts.  Over the years, the revenue pattern
of the company has changed, with revenue contribution from forged
scaffoldings falling to less than 35 per cent of its total sales
in 2009-10 from 70 per cent in the past. The rest has been
contributed by sale of automotive components and railway parts,
and trading activity.

For 2009-10 (refers to financial year, April 1 to March 31), JVR
reported a loss of INR34.7 million on net sales of INR1005.7
million, against a PAT of INR10.5 million on net sales of INR751.8
million for 2008-09.


K.D. AGENCIES: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of K.D. Agencies Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR70 Million Cash Credit             BB-/Stable (Assigned)
   INR5 Million Standby Line of Credit   BB-/Stable (Assigned)

The rating reflects K D Agencies' below average financial risk
profile marked by small net worth, high gearing, moderate
profitability, and weak debt protection metrics, small scale of
operations, and susceptibility to volatility in coal prices.
These rating weaknesses are partially offset by K D Agencies'
promoters' considerable experience in coal trading business.

Outlook: Stable

CRISIL believes that K D Agencies will continue to benefit from
its promoters' considerable experience in coal trading business.
The outlook may be revised to 'Positive' if there is more-than-
expected increase in K D Agencies' revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected revenues and profitability, or
undertakes a larger-than-expected debt-funded capital expenditure
programme, leading to deterioration in financial risk profile.

K D Agencies, incorporated in 2004 by Kolkata-based Mr. Arvind
Khemka, trades in domestic coal.  K D Agencies procures coal from
subsidiaries of Coal India Ltd through e-auctions conducted by two
auction agents: Metal Junction and Metal & Scrap Trading
Corporation Ltd.  K D Agencies also procures coal from local coal
traders.  In 2009-10 (refers to financial year, April 1 to
March 31), the company has traded in around 0.065 million tonnes
of coal. 25 to 30 per cent of K D Agencies' revenues come from
West Bengal, 35 per cent from Orissa, and the rest from open
markets in Uttar Pradesh.  The company also transports coal on
behalf of Jindal Steel and Power Ltd and Rasoi Vanaspati &
Industries Ltd.

K D Agencies reported a profit after tax (PAT) of INR2.4 million
on net sales of INR207.7 million for 2009-10, against a PAT of
INR0.6 million on net sales of INR55.6 million for 2008-09.


KAMSRI FLEX: CRISIL Upgrades Rating on INR36.3MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Kamsri Flex Forms Pvt Ltd to 'B/Stable/P4' from 'D/P5'.  The
upgrade reflects improvement in Kamsri's liquidity and in the
company's timely servicing of term debt since February 2010.  The
upgrade also reflects CRISIL's belief that the Kamsri's
established presence in the packaging industry and strong customer
relationships will continue to drive its business growth over the
medium term.

   Facilities                         Ratings
   ----------                         -------
   INR45 Million Cash Credit          B/Stable (Upgraded from 'D')
   INR36.3 Million Long-Term Loan     B/Stable (Upgraded from 'D')
   INR2 Million Bank Guarantee        P4 (Upgraded from 'P5')
   INR5 Million Line of Credit        P4 (Upgraded from 'P5')
   INR2.5 Million Letter of Credit    P4 (Upgraded from 'P5')

The ratings reflect Kamsri's weak financial risk profile, marked
by a small net worth, a high gearing, and weak debt protection
metrics, and exposure to risks related to high revenue
concentration, small scale of operations, and large working
capital requirements.  These weaknesses are partially offset by
Kamsri's established presence in the packaging industry, and
strong customer base.

Previously, for arriving at the ratings, CRISIL had combined the
business and financial risk profiles of Kamsri and Shreya Prints
(Shreya).  This is because the two entities, together referred to
as the Kamsri group, were in the same line of business, had intra-
group operational and financial linkages, including fungible cash
flows, and were under a common management.  However, Shreya was
closed down in January 2010 and its fixed assets of INR15.0
million were subsequently bought by Kamsri during 2009- 10 (refers
to financial year, April 1 to March 31).

Outlook: Stable

Kamsri's credit risk profile is expected to remain constrained by
the company's small scale of operations and high revenue
concentration risks.  The outlook may be revised to 'Positive' if
the company substantially increases its scale of operations, and
improves its financial risk profile marked by higher cash accruals
and lower gearing.  Conversely, the outlook may be revised to
'Negative' if Kamsri reports sharp decline in its revenues and
margins, undertakes a large, debt-funded capex programme, or
reports cost or time overruns in its proposed project.

                         About Kamsri Flex

Set up in 1991 by Mr. S Suresh, Kamsri manufactures cartons from
duplex board and paper.  It supplies packaging products mainly to
the pharmaceuticals, health care, and textile industries.

For 2009-10, the Kamsri group reported a profit after tax (PAT) of
INR8.2 million on net sales of INR210.9 million, against a PAT of
INR5.8 million on net sales of INR134.3 million in the previous
year.


LAWN TEXTILE: CRISIL Reaffirms 'D' Rating on INR34.9MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'D/P5' on the bank facilities
of Lawn Textile Mills Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR34.9 Million Long Term Loan      D(Reaffirmed)
   INR20 Million Cash Credit           D(Reaffirmed)
   INR10 Million Letter of Credit     P5(Reaffirmed)
   INR4.5 Million Bank Guarantee      P5(Reaffirmed)

The ratings reflect continuing delays by the Lawn group in the
servicing of its term loan obligations and the persistent
irregularities in its cash credit account; the delays have been
caused by the group's weak liquidity.

The Lawn group also has a weak financial risk profile, marked by
high gearing, operates on a small scale, has limited revenue
diversity, and its operating margin is susceptible to volatility
in raw material prices and power cost.  These weaknesses are
partially offset by experience of the group's promoters in the
cotton yarn industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Lawn and Tirupur Vijayalakshmi Spinning
Mills (India) Pvt Ltd.  This is because both companies, together
referred to as the Lawn group, are under a common management, in
the same line of business, and have close intra-group operational
and financial linkages, including fungible cash flows.

                           About the Group

Set up in 1997 by Mr. K Duraiswamy, the Lawn group, based in
Tirupur (Tamil Nadu), consists of two companies: Lawn and TV
Spinning. The group manufactures cotton yarn and has a capacity of
15,168 spindles.

The Lawn group's estimated profit after tax was INR9 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR20 million on net
sales of INR53 million for 2007-08.


LEELA P: CRISIL Assigns 'D' Rating to INR174 Million Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Leela P Clothing Pvt Ltd's
bank facilities.  The rating reflects the delay by Leela in
servicing its term loan; the delay has been caused by Leela's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR174.00 Million Term Loan       D (Assigned)
   INR70.00 Million Cash Credit      D (Assigned)

Leela has a weak financial risk profile, marked by high gearing,
and weak debt protection metrics. Moreover, it has a limited track
record and small scale of operations in the readymade garments
segment.  Leela, however, continues to benefit from its promoters'
experience in the readymade garments industry, and established
relationships with suppliers across India.

Leela was incorporated in August 2007 by Mr. Prakash Sharma and
his brothers, Mr. Vinod Sharma and Mr. Santosh Sharma.  The
company trades in readymade garments for men, women, and children;
it commenced commercial operations in June 2008.  The company has
a single retail outlet, Styleone, in Chennai.

Leela's profit after tax (PAT) and net sales are estimated at INR5
million and INR288 million, respectively, for 2009-10 (refers to
financial year, April 1 to March 31), against a reported net loss
of INR13 million on net sales of INR198 million for 2008-09.


M&G IMPEX: CRISIL Reaffirms 'BB-' Rating on Various Bank Debts
--------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of M&G Impex (India) Pvt Ltd to 'Stable' from
'Negative', while reaffirming the rating at 'BB-'.

   Facilities                        Ratings
   ----------                        -------
   INR108.8 Million Cash Credit      BB-/Stable (Reaffirmed;
                                                Outlook Revised
                                                from 'Negative')

   INR18.6 Million Long-Term Loan    BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative' )

   INR20.0 Million Letter of Credit  P4+ (Upgraded from P4)

   INR45.0 Million Foreign Bill      P4+ (Upgraded from P4)
                    Discounting

The rating on the company's short-term facilities has been
upgraded to 'P4+' from 'P4'.  The outlook revision and upgrade
reflect M&G's increasing scale of operations owing to renewed
demand from its customers.  The company's revenues grew to INR383
million in 2009-10 (refers to financial year, April 1 to March 31)
from INR248 million in 2008-09, registering a growth of 55 per
cent.  The planned capacity additions are expected to augment
revenues over the medium term. CRISIL believes that M&G's debt
protection measures would remain adequate due to healthy cash
accruals, despite its debt-funded capital expenditure (capex)
plans in the near term.

The ratings continue to reflect M&G's working-capital-intensive
business, and its small scale of operations in the intensely
competitive granite processing industry.  These weaknesses are
partially offset by the company's average financial risk profile
and sound operating efficiencies.

Outlook: Stable

CRISIL believes that M&G will maintain a stable business risk
profile with comfortable revenue growth over the medium term,
backed by the company's plans to expand the existing capacity and
the improving demand from the US market.  The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its profitability and net worth levels, while
containing its debtor collection period to less than 90 days.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in the M&G's margins and accruals over the medium term, or
if the company undertakes a large, debt-funded capex programme
that will deteriorate its financial risk profile, or in case of a
more-than-expected increase in its debtor and inventory levels.

                          About M&G Impex

Set up in 1992 by Mr. Praveen Tekriwal, M&G processes rough
granite blocks.  It derives around 95 per cent of its revenues
from exports (including deemed exports) to the US, Europe,
Australia, and Southeast Asia.  The company has its facilities in
Hosur (Tamil Nadu) with a processing capacity of 2.7 million
square feet per annum (pa).  It is planning to enhance its
capacities to 3.6 million square feet pa in 2010-11 at a total
cost of INR80 million.

M&G reported a profit after tax (PAT) of INR14.78 million on net
sales of INR382.61 million for 2009-10, as against a PAT of
INR14.17 million on net sales of INR247.29 million for 2008-09.


MADHAVPURA MERCANTILE: Faces Windup; Depositors May Lose Money
--------------------------------------------------------------
Daily News & Analysis reports that more than 5,000 depositors may
have to lose their hard-earned money in case the Madhavpura
Mercantile Cooperative Bank (MMCB) goes into liquidation.

DNA relates that the depositors have lost their hopes as many
other co-operative banks are likely to face the heat.  However,
the Gujarat Urban Cooperative Banks Federation seems to be a bit
optimistic as the management plans to educate the banks on
handling situations without negatively affecting the depositors
and investors.

Out of 13,000 depositors of MMCB, DNA discloses, more than 5,000
depositors had deposited above INR1 lakh in the bank in 2001.  As
per cooperative banking norms, deposits up to INR1 lakh are
insured and the amount is paid by Deposit Insurance and Credit
Guarantee Corporation (DGCIC) in case the bank faces liquidation.

According to the report, MMCB owes more than INR400 crore to DGCIC
and has only INR275 crore reserves with it.  Once the DGCIC gets
it dues back from MMCB, the depositors will be able to receive
their money back.

DNA notes that Prakash Gurjar, president of All Gujarat Co-
operative Depositor's Association, said that if the bank goes into
liquidation, the depositors of MMCB along with other weak Urban
Cooperative Banks (UCBs) will be in trouble.

Prakash said the association has lost all hopes and has also
stopped protesting.  But, since it involves the money of innocent
people, the association will again protest.

Madhavpura Mercantile Co-operative Bank was established on
October 10, 1968 with the primary objective to cater to the
banking needs of wholesale grocery traders of Madhavpura area in
Ahmedabad.


NANDAN PETROCHEM: CRISIL Reaffirms 'BB' Rating on INR17.3MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nandan Petrochem Ltd
continue to reflect NPL's below-average financial risk profile
marked by modest net worth and weak capital structure, and small
scale of operations in the automotive lubricants industry.  These
rating weaknesses are partially offset by the benefits that NPL
derives from its established customer base, and flexible business
model marked by various offtake arrangements with customers.

   Facilities                               Ratings
   ----------                               -------
   INR180.0 Million Cash Credit Facility    BB/Stable (Reaffirmed)
   INR17.3 Million Term Loans               BB/Stable (Reaffirmed)
   INR1.2 Million Proposed Long-Term Bank   BB/Stable (Reaffirmed)
                            Loan Facility
   INR2.5 Million Bank Guarantee            P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that NPL will maintain its business risk profile
over the medium term, supported by its strong relationships and
long-term offtake contracts with its customers.  The outlook may
be revised to 'Positive' if NPL scales up its operations
significantly, while sustaining its profitability, and improving
its capital structure primarily by fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company is unable to achieve the expected improvement in its
operating efficiency after its increases the scale of its
operations or if there is any sharp decline in its profitability.

                       About Nandan Petrochem

Set up in 1992 as a private limited company by Mr. Shreenarayan
Agarwal, NPL manufactures and sells industrial and automotive
lubricants.  It also undertakes toll-blending activities for oil
and lubricant companies.  The company was reconstituted as a
closely held public limited company in 1995.  It has two units at
Taloja (Maharashtra) and one unit at Silvassa (Dadra and Nagar
Haveli), with a combined production capacity of 72,000 tonnes per
annum.

NPL reported a profit after tax (PAT) of INR29.1 million on net
sales of INR630.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.5 million on net sales
of INR507.5 million for 2008-09.


NANGALWALA IMPEX: CRISIL Upgrades Rating on INR7.7MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Nangalwala Impex Pvt Ltd to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR99.00 Million Cash Credit Limit   BB-/Stable (Upgraded from
                                                    B/Stable)

   INR7.70 Million Term Loan            BB-/Stable (Upgraded from
                                                    B/Stable)

   INR10.00 Million Bank Guarantee       P4+ (Upgraded from P4)

The upgrade reflects NIPL's improved liquidity, following sales
against letters of credit to windmill players, which has resulted
in significant reduction in debtors to around two months as on
September 30, 2010 from more than six months as on March 31, 2010.
CRISIL also believes that NIPL's financial risk profile will
improve over the medium term with reduction in working capital
requirements. The upgrade also reflects the company's ongoing
efforts to diversify its customer base in order to reduce its
dependence on its largest customer in the windmill industry.

The ratings continue to reflect NIPL's high dependence for
revenues on windmills sector, and weak financial risk profile,
marked by high gearing and weak debt protection metrics, on
account of working-capital-intensive operations.  These rating
weaknesses are partially offset by NIPL's established presence in
the rubber-coated power cables industry, backed by the promoter's
extensive industry experience.

Outlook: Stable

CRISIL believes that NIPL will maintain its business risk profile,
backed by steady revenue growth and improved margins.  The outlook
may be revised to 'Positive' if NIPL improves its working capital
management or reports significant increase in operating margin,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure programme, or if its
liquidity weakens, because of a decline in profitability or
increase in working capital requirements.

                      About Nangalwala Impex

NIPL was incorporated in 1995 by Mr. Subhash Agarwal and his
brother Mr. Naresh Agarwal. The company started off by
manufacturing poly-vinyl chloride (PVC) auto cables; currently, it
primarily manufactures rubber-coated power cables at its
manufacturing facility in Alwar (Rajasthan), which has capacity of
1.11 million meters per annum. Rubber-coated cables constituted
more than 90 per cent of NIPL's sales in 2009-10 (refers to
financial year, April 1 to March 31). The company is also setting
up capacities in its existing manufacturing facility to
manufacture PVC/cross-linked polyethylene cables, at a cost of
INR25.4 million.

NIPL reported a profit after tax (PAT) of INR14.5 million on net
sales of INR430.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.5 million on net sales
of INR272.0 million for 2008-09.


OMEGA DESIGNS: CRISIL Assigns 'BB-' Rating to INR15MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Omega Designs.

   Facilities                          Ratings
   ----------                          -------
   INR15.0 Million Term Loan           BB-/Stable (Assigned)
   INR47.5 Million Bills Discounting   P4+ (Assigned)
                            Facility
   INR47.5 Million Packing Credit      P4+ (Assigned)
   INR5.0 Million Letter of Credit/    P4+ (Assigned)
                    Bank Guarantee

The ratings reflect Omega's weak financial risk profile as a
result of sizeable withdrawal of capital by the partners in the
firm in the recent past, the firm's exposure to client
concentration risks, and its susceptibility to volatility in
cotton-yarn prices.  These rating weaknesses are partially offset
by Omega's promoters' extensive experience in readymade garments'
business.

Outlook: Stable

CRISIL believes that Omega will maintain its business risk profile
over the medium term, supported by its established relationships
with key customers and increase in scale of operations in the
domestic market.  However, the financial risk profile of the firm
is expected to remain constrained because of high gearing. The
outlook may be revised to 'Positive' if Omega improves its capital
structure or its operating margin significantly. Conversely, the
outlook may be revised to 'Negative' if the firm generates lesser-
than-expected cash accruals or undertakes a larger-than-expected
debt-funded capital expenditure programme, thereby weakening its
financial risk profile.

                         About Omega Designs

Omega was established in 1995 as a partnership concern by
Mr. Dilip Dugar and his wife Mrs. Kavita Dugar.  The firm
manufactures readymade garments (cotton skirts, tops, caps, and
capris for kids) and sells to retail and departmental stores such
as Macy's Merchandising, Memo Fashion Ltd and Nordstrom
Incorporation. Omega's production unit is in Gurgaon (Haryana); it
has capacity to manufacture about 2.4 million pieces per annum.

Omega reported profit after tax of INR5.8 million on net sales of
INR327.5 million for 2009-10 (refers to financial year, April 1 to
March 31), against INR10.0 million and INR296.8 million
respectively for 2008-09.


PSA SICAL: CRISIL Rates INR550 Million Bank Guarantee at 'P4+
-------------------------------------------------------------
CRISIL's rating on PSA SICAL Terminals Ltd's bank facilities
continues to reflect the susceptibility of PSA SICAL's
profitability to adverse regulatory changes with respect to
tariffs on container-handling activities at the Tuticorin port, as
decided by Tariff Authority of Major Ports and increasing yearly
royalty payments to the Tuticorin Port Trust.  These rating
weaknesses are partially offset by PSA SICAL's established market
position and operating efficiencies in the container-handling
business, and the support the company continues to receive from
its parent, PSA International Pte Ltd, Singapore (rated
'AA/Negative' by Standard & Poor's).

   Facilities                          Ratings
   ----------                          -------
   INR550 Million Bank Guarantee       P4+ (Reaffirmed)

PSA SICAL was set up in July 1998 as a joint venture (JV) between
PSA India Pte Ltd (PSA India; owning 57.5 per cent of equity),
SICAL Logistics Ltd (SICAL; 37.5 per cent), and Nur Investments
and Trading Pte Ltd (NITPL; 5 per cent).  PSA SICAL entered into a
30-year build, operate, and transfer (BOT) project agreement with
TPT on July 15, 1998, for the development and maintenance of the
seventh berth at the Tuticorin port as a container terminal. PSA
SICAL has been executing container-handling operations at the
seventh berth since December 1999.  On March 31, 2009, PSA India
acquired NITPL's shareholding in PSA SICAL, thereby increasing its
shareholding in the JV to 62.50 per cent, with the remaining 37.50
per cent being owned by SICAL.

PSA SICAL reported a net loss of INR60.3 million on net income
from services of INR918.4 million for 2009 (refers to calendar
year, January 1 to December 31), against a net profit of INR26.7
million on net income from services of INR924.5 million for 2008.
For the six months ended June 30, 2010, PSA SICAL reported a net
loss of INR37.5 million on net income from services of INR494.68
million.


PURE PHARMA: CRISIL Assigns 'B' Rating to INR9.7 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Pure Pharma Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR64.00 Million Cash Credit        B/ Stable (Assigned)
   INR9.70 Million Term Loan           B/ Stable (Assigned)
   INR35.00 Million Letter of Credit   P4 (Assigned)
   INR40.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Pure Pharma's highly working-capital-intensive
operations, its weak financial risk profile, marked by a small net
worth and weak debt protection measures, and the company's small
scale of operations in the pharmaceutical formulations industry.
These rating weaknesses are partially offset by the extensive
industry experience of Pure Pharma's promoters.

Outlook: Stable

CRISIL believes that Pure Pharma's scale of operations will remain
small and its financial risk profile will remain constrained over
the medium term on account of its small net worth and weak debt
protection measures.  The outlook may be revised to 'Positive' in
case the company's financial risk profile improves substantially,
most likely through fresh equity infusion, while maintaining its
working capital requirements.  Conversely, the outlook may be
revised to 'Negative' in case of pressure on the company's
revenues or profitability, leading to smaller cash accruals, or in
case the company undertakes any debt-funded capital expenditure
programme, weakening its capital structure.

                        About Pure Pharma

Pure Pharma was established as a partnership firm by Mr. J P
Badlani and Mr. R W Valvani in 1955.  It was later reconstituted
as a closely held public limited company.  The company
manufactures pharmaceutical formulations for the overseas and
domestic markets.  Its wide product range comprises generic drugs
for human and veterinary application in the form of tablets,
capsules, liquids, powders, and injections.  The manufacturing
facility, based in Indore (Madhya Pradesh), is managed by Mr.
Mahesh Badlani, Dr. R C Badlani, Mr. Shyam Valvani, and Mr.
Jethanand Ramnani.

Pure Pharma reported a profit after tax (PAT) of INR0.9 million on
net sales of INR222.3 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR0.3 million on net
sales of INR164.4 million for 2008-09.


RINKOO PROCESSORS: CRISIL Assigns 'B' Rating to INR31.2M Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Rinkoo Processors Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR10.0 Million Overdraft Facility     B/Stable (Assigned)
   INR10.0 Million Cash Credit Facility   B/Stable (Assigned)
   INR31.2 Million Term Loan Facility     B/Stable (Assigned)

The rating reflects RPL's weak financial risk profile, marked by
small net worth, high gearing, and moderate debt protection
metrics, regional concentration in its revenue profile, and small
scale of operations in the intensely competitive textile industry.
These weaknesses are partially offset by the extensive industry
experience of RPL's promoters.

Outlook: Stable

CRISIL believes that RPL will maintain its business risk profile
over the medium term, backed by the established track record of
its promoters in the textile industry.  Its financial risk profile
is, however, expected to remain weak, on account of its small net
worth and high gearing.  The outlook may be revised to 'Positive'
in case of significant improvement in cash accruals, backed by
increase in scale of operations and improvement in capital
structure.  Conversely, the outlook may be revised to 'Negative'
in case of deterioration in its financial risk profile, most
likely due to a lower-than-expected operating margin, larger-than-
expected debt-funded capital expenditure programme, or if the
company undertakes large debt to fund its working capital
requirements.

                       About Rinkoo Processors

RPL was incorporated by Mr. Manmohan Garg as a private limited
company in 1990.  It was reconstituted as a limited company in
1991.  The company's operations are currently being managed by Mr.
Garg and his three sons.  The company undertakes job-work of
processing, dyeing and printing of polyester- and cotton-based
fabrics in Ahmedabad, with a capacity of 5 million meters per
month (mmpm).  The capacity was recently increased from 3 mmpm at
a cost of INR16.5 million, funded by a term loan of INR12 million
and internal accruals of INR4.5 million.

RPL reported a profit after tax (PAT) of INR3 million on net sales
of INR228.8 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR2.2 million on net sales of
INR111.8 million for 2008-09.


SHREE NAKODA: CRISIL Upgrades Rating on Various Bank Debts to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Shree Nakoda Ispat Ltd to 'B/Stable' from 'B-/Negative'.  The
short-term rating has been reaffirmed at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR475.20 Million Cash Credit       B/Stable (Upgraded from
   (Enhanced from INR188.70 Million)             B-/Negative)

   INR1202.80 Million Term Loan        B/Stable (Upgraded from
   (Enhanced from 608.60 Million)                B-/Negative)

   INR72.00 Million Bank Guarantee     P4
   (Enhanced from 27.00 Million)

   INR50.00 Million Bill Discounting   P4 (Reaffirmed)

The upgrade reflects expected benefits from timely completion of
Shree Nakoda's expanded sponge iron capacities, and expected
improvement in the company's operating efficiencies following the
commencement of captive power units over the medium term.  The
upgrade also reflects the company's improved financial risk
profile in 2009-10 (refers to financial year, April 1 to
March 31), driven by increased profitability and improved
liquidity, on account of enhancement in its bank limits.

The ratings reflect Shree Nakoda's aggressive debt-funded capital
expenditure (capex) plans, restricting its financial risk profile,
the fragmented nature of the steel industry, and the
susceptibility of its profitability to fluctuations in raw
material prices.  These weaknesses are partially offset by the
integrated nature of the company's operations, resulting in
operating efficiencies, and the promoters' established presence in
the industry.

Outlook: Stable

CRISIL believes that SNIL will benefit over the medium term from
the integrated nature of its operations.  The outlook may be
revised to 'Positive' if the company is able to successfully
implement its expansion plan in a timely and cost-efficient
manner.  Conversely, the outlook may be revised to 'Negative' if
the company's accruals decline sharply, constraining its ability
to service its debt, or if it undertakes an additional debt-funded
capital expenditure programme, thereby weakening its financial
risk profile.

                         About Shree Nakoda

Shree Nakoda was incorporated in 2000 by the Jain family.  In
2003, the Goel group, headed by Mr. Virendra Goel acquired the
firm. The Goel group established a sponge iron plant with a
manufacturing capacity of 200 tonnes per day (tpd) in 2004,
followed by a 6 megawatt (MW) waste heat recovery-based power
plant in 2005 and an ingot/billets plant in 2006.  Furthermore,
the company set up a 12-MW husk-based power plant in 2009 and is
on the verge of expanding its sponge iron capacity to 550 tpd.
The company is also undertaking projects to forward integrate by
setting up a rolling mill with a capacity of 1,20,000 tonnes per
annum and an 8-MW waste-heat-based power plant. These projects are
expected to complete by April 2012.

Shree Nakoda reported a profit after tax (PAT) of INR111.1 million
on net sales of INR1475.4 million for 2009-10, against a PAT of
INR75.2 million on net sales of INR1355.7 million for 2008-09.


SREE AYYANAR: CRISIL Assigns 'BB+' Rating to INR325.9MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sree Ayyanar Spinning and Weaving Mills Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR325.90 Million Long Term Loan         BB+/Stable (Assigned)
   INR73.00 Million Cash Credit             BB+/Stable (Assigned)
   INR112.00 Million Working Capital        BB+/Stable (Assigned)
                         Demand Loan
   INR15.00 Million Foreign Bill Purchase   P4+ (Assigned)
   INR120.00 Million Letter Of Credit       P4+ (Assigned)
   INR50.00 Million Bill Purchase-          P4+ (Assigned)
               Discounting Facility

The ratings reflect Ayannar's below-average financial risk
profile, marked by high gearing, and the susceptibility of its
margins to volatility in cotton prices and high power costs.
These weaknesses are partially offset by the extensive experience
of Ayyanar's promoters in the cotton-yarn-spinning industry, and
its moderate scale of operations.

Outlook: Stable

CRISIL believes that Ayyanar will benefit over the medium term
from its promoters' experience in the cotton-yarn-spinning
industry.  The outlook may be revised to 'Positive' if the company
increases its scale of operations substantially while improving
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if Ayyanar undertakes a large, debt-funded
capital expenditure programme, or if its revenue or margins
decline, thereby weakening its financial risk profile.

                        About Sree Ayyanar

Ayyanar, based in Virudhunagar (Tamil Nadu), is part of the
Pioneer Asia group.  The group, promoted by Mr. K A A
Sankaralingam and Mr. K A A Arunachalam, is highly diversified
with presence in textiles, wind energy, chemicals, infrastructure
development, printing and packaging, plantations, and non-ferrous
forging sectors.  Ayyanar manufactures and sells cotton,
polyester, and blended yarn.  The company has around 58,000
spindles spread across two units in Virudhunagar (Tamil Nadu). The
company has seven windmills of 850 kilowatt capacity each. The
company plans to install two autoconers and add 10,000 spindles at
a total cost of around INR120 million in the next 18 months.

Ayyanar reported a profit after tax (PAT) of INR22.3 million on
net sales of INR746.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a loss of INR35.4 million on
net sales of INR627.1 million for 2008-09.


SRI VIJAYA: CRISIL Assigns 'B' Ratings to Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sri Vijaya Venkateswara Cotton Mills Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR34.50 Million Long Term Loan         B/Stable (Assigned)
   INR10.00 Million Proposed LT Loan       B/Stable (Assigned)
   INR65.00 Million Cash Credit            B/Stable (Assigned)
   INR45.00 Million Proposed Cash Credit   B/Stable (Assigned)
   INR2.50 Million Bank Guarantee          P4 (Assigned)

The ratings reflect SVVC's below-average financial risk profile
marked by high gearing and average debt protection metrics, and
susceptibility to volatility in cotton prices.  These rating
weaknesses are partially offset by the benefits that SVVC derives
from its promoters' experience in the cotton industry.

Outlook: Stable

CRISIL believes that SVVC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business.  However, the company's financial risk profile
is expected to remain constrained by high gearing and small net
worth.  The outlook may be revised to 'Positive' if SVVC's capital
structure improves because of a significant increase in cash
accruals, infusion of funds, or scale of operations.  Conversely,
the rating may be revised to 'Negative' if the group's financial
risk profile deteriorates because of lower-than-expected operating
margin or larger-than-expected debt-funded capital expenditure.

                          About Sri Vijaya

SVVC was set up in 2006 as a partnership firm by Mr. Malleswara
Rao in Guntur (Andhra Pradesh).  SVVC is in the business of
ginning raw cotton into lint/bales.  The company operates 48 gins
and has a ginning capacity of 170 bales per shift.

SVVC reported a profit after tax (PAT) of INR2.0 million on net
sales of INR312.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR2.0 million for 2008-09.


SWARN SHILP: CRISIL Assigns 'BB' Rating to INR130MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ms. Swarn Shilp.

   Facilities                         Ratings
   ----------                         -------
   INR130.0 Million Cash Credit       BB/Stable (Assigned)
   INR60.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SST's modest financial risk profile, marked by
a high gearing and a small net worth, and exposure to risks
related to product concentration in revenue profile and intense
industry competition.  The impact of these rating weaknesses are
mitigated by the benefits that SST derives from its promoter's
extensive experience in the manufacture and trade of gold
jewellery, and established relationships with its customers and
suppliers.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of Swarn Shilp Proprietorship and MSS.  This is
because the two entities, together referred to as Swarn Shilp
Group (SSG), are under a common management, in a similar line of
business, and have fungible cash flows.

Outlook: Stable

CRISIL believes that SSG will benefit over the medium term from
its established market presence and promoters' extensive industry
experience.  The outlook may be revised to 'Positive' if the group
significantly increases its revenues and operating margin while
maintaining or improving its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
SSG's gearing or debt protection metrics.

                         About Swarn Shilp

Set up in 1989 by Mr. Arvind Ranavat, SSG manufactures and trades
in gold jewellery, mainly gold chains, under its firms SSM and MSS
respectively.

On a consolidated basis, SSG reported a profit after tax (PAT) of
INR8.4 million on net sales of INR1550 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR7.1
million on net sales of INR1123.5 million for 2008-09.


THERMO PRODUCTS: CRISIL Assigns 'D' Rating to INR55.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Thermo Products Pvt Ltd.  The rating reflects the delay by TPPL in
servicing its term loan; the delay has been caused by TPPL's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR28.00 Million Cash Credit      D (Assigned)
   INR55.50 Million Term Loan        D (Assigned)

TPPL has a weak financial risk profile marked by a negative net
worth, high gearing, and weak debt protection metrics; a small
scale of operations with low profitability; significant customer
concentration in its revenue profile; and susceptibility to raw
material price increases. However, TPPL benefits from its
promoters' extensive experience in the thermocol packaging
industry, and its established relationship with its main customer,
LG Electronics India Pvt Ltd (LG Electronics).

                      About Thermo Products

TPPL, incorporated in 2005, is part of the Prakash group.  The
company manufactures moulded thermocol products that are used in
packaging of consumer electronics.  TPPL also runs a sub-assembly
line in Ranjangaon (Pune, Maharashtra) for LG Electronics' Pune
manufacturing facility.  TPPL's thermocol moulding unit is located
in Sanaswadi (Pune).  The company derives around 90 per cent of
its revenues from LG Electronics. The Prakash group has been in
the packaging industry for the past 41 years, and operates in
diverse segments such as thermocol packaging, corrugated boxes,
and paper tubes.

TPPL is expected to report a net loss of INR16.8 million on net
sales of INR211.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net profit of INR1.5 million on
net sales of INR155.1 million for 2008-09.


TIRUPUR VIJAYALAKSHMI: CRISIL Reaffirms 'D' Rating on INR39MM Loan
------------------------------------------------------------------
CRISIL has reaffirmed its rating of 'D/P5' on the bank facilities
of Tirupur Vijayalakshmi Spinning Mills (India) Pvt. Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR39 Million Long Term Loan        D(Reaffirmed)
   INR28 Million Cash Credit           D(Reaffirmed)
   INR1.9 Million Bank Guarantee       P5(Reaffirmed)

The ratings reflect continuing delays by the Lawn group in the
servicing of its term loan obligations and the persistent
irregularities in its cash credit account; the delays have been
caused by the group's weak liquidity.

The Lawn group also has a weak financial risk profile, marked by
high gearing, operates on a small scale, has limited revenue
diversity, and its operating margin is susceptible to volatility
in raw material prices and power cost.  These weaknesses are
partially offset by experience of the group's promoters in the
cotton yarn industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TV Spinning and Lawn Textile Mills Pvt.
Ltd.  This is because both companies, together referred to as the
Lawn group, are under a common management and in the same line of
business, and have close intra-group operational and financial
linkages, including fungible cash flows.

                          About the Group

Set up in 1997 by Mr. K Duraiswamy, the Tirupur-based Lawn group
consists of two companies -- Lawn and TV Spinning.  The group
manufactures cotton yarn and has a capacity of 15,168 spindles.

The Lawn group's estimated profit after tax was INR9 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR20 million on net
sales of INR53 million for 2007-08.


UMA EXPORTS: CRISIL Rates INR340MM Foreign Bill Purchase at 'P4+'
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of Uma
Exports Ltd (UEL; part of the Uma group).

   Facilities                                Ratings
   ----------                                -------
   INR340.0 Million Foreign Bill Purchase    P4+ (Assigned)

The rating reflects the Uma group's weak financial risk profile,
marked by small net worth and cash accruals, and weak debt
protection measures, its exposure to risks inherent in the
commodity-like market for its agricultural product, small scale of
operations, and high fragmentation and intense competition in the
industry.  These rating weaknesses are partially offset by the Uma
group's established presence in agricultural commodities industry.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of UEL and Uma Udyog, together referred to
as the Uma group. This is because the entities are in the same
line of business under common promoters and have fungible funds.

UEL was established as a private limited company in 1987 by Mr.
Mukesh Khemka.  The company was converted into a closely held
public limited company in 2010.  The company trades in spices such
as red chili, turmeric and cumin, vegetables such as onions and
potatoes, food grains such as maize, rice and pulses, and sugar.
In 2010, the company began trading in steel billets.  The firm
exports its products to Bangladesh, Sri Lanka, Malaysia, Vietnam,
Pakistan and other countries in South East Asia and the Middle
East. The company is managed by Mr. Mukesh Khemka, his brother Mr.
Rakesh Khemka and their nephew, Mr. Vinay Agarwal. UEL's head
office is in Kolkata; it also has a branch office in Guntur
(Andhra Pradesh). The spices trading division is managed by Mr.
Vinay Agarwal from Guntur.

Uma Udyog was established as a partnership firm in 1985 by Mr. M M
Khemka. Uma Udyog also trades in agricultural commodities.

UEL reported a provisional profit after tax (PAT) of INR8 million
on provisional net sales of INR1.2 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6
million on net sales of INR1.6 billion for 2008-09.


VIBHA OVERSEAS: CRISIL Rates INR350 Million Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Vibha Overseas Exim Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR350.0 Million Cash Credit       B+/Stable (Assigned)

The rating reflects Vibha's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
large working capital requirements, small scale of operations in
the fragmented aluminium industry, and susceptibility to
volatility in raw material prices.  These weaknesses are partially
offset by extensive industry experience of Vibha's promoters, and
the healthy revenue growth the company has achieved since its
inception.

Outlook: Stable

CRISIL believes that Vibha's financial risk profile will remain
weak over the medium term owing to its large working capital
requirements.  The company is, however, expected to continue to
register healthy revenue growth on account of its established
customer relationships and experienced promoters.  The outlook may
be revised to 'Positive' in case the company's financial risk
profile improves, most likely because of increase in profitability
or equity infusion by promoters.  Conversely, the outlook may be
revised to 'Negative' if Vibha's financial risk profile, in
particular its liquidity, deteriorates significantly, on account
of large working capital requirements or reduced profitability,
due to fluctuations in raw material prices.

                        About Vibha Overseas

Incorporated in 2006, Vibha manufactures aluminum ingots.  The
company is promoted by Mr. Alok Gupta who looks after the overall
management. Mr. Gupta traded in aluminium scrap before starting
Vibha. The company started with one unit in Faridabad (Haryana)
with a capacity of 6000 tonnes per annum (tpa). The capacity was
increased to 12,000 tpa in 2009-10 (refers to financial year,
April 1 to March 31).  The company set up another unit, in Manesar
(Haryana), in 2009-10 to cater to the demand of Endurance
Technologies Pvt Ltd.  The Manesar unit has a capacity of 8400
tpa. The company is also in the process of setting up molten
aluminium manufacturing capacity in Pune (Maharashtra) and
Pantnagar (Uttaranchal).

Vibha reported a profit after tax (PAT) of INR7.3 million on net
sales of INR1680.3 million for 2009-10, against a PAT of INR2.2
million on net sales of INR776.7 million for the previous year.


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


ARPENI PRATAMA: Fitch Downgrades Ratings on Notes to 'D'
--------------------------------------------------------
Fitch Ratings has downgraded PT Arpeni Pratama Ocean Line Tbk's
US$ senior unsecured notes due 2013 to 'D' from 'C'.  Arpeni's
foreign and local currency Issuer Default Ratings have been
affirmed at 'RD', and its National Long-term rating at 'RD(idn)'.

These rating actions follow Arpeni's failure to pay the missed
coupon on the US$ notes which fell due on November 3, 2010, within
the 30-day grace period.


ARPENI PRATAMA: Fitch Corrects Press Release; Affirms 'C' Rating
----------------------------------------------------------------
This a correction of the commentary issued on December 8, 2010,
entitled 'Fitch Downgrades Arpeni's US$ Notes to 'D''.  It
corrects that the rating on Arpeni's US$ notes has been affirmed
at 'C', and not downgraded to 'D'.  A corrected version is:

Fitch Ratings has affirmed PT Arpeni Pratama Ocean Line Tbk's
foreign and local currency Issuer Default Ratings at 'RD', its
National Long-term rating at 'RD(idn)' and the 'C' rating on
Arpeni's US$ senior unsecured notes due 2013.

The rating affirmations follow Arpeni's failure to pay the missed
coupon on the US$ notes which fell due on November 3, 2010, within
the 30-day grace period.

The affirmation of the 'C' rating on the US$ notes is in line with
Fitch's approach in relation to defaulted obligations, which are
typically rated in the 'B' to 'C' rating categories, depending
upon their recovery prospects and other relevant characteristics.
This approach better aligns obligations that have comparable
overall expected loss but varying vulnerability to default and
loss.


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


DTC FOUR: S&P Affirms Ratings on Various Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
ratings on DTC Four Funding Ltd. JPY21.198 billion mortgage-backed
pass-through notes due 2036, DTC Five Funding Ltd. JPY20.795
billion mortgage-backed pass-through notes due 2037, DTC Six
Funding Ltd. JPY30.014 billion mortgage-backed pass-through notes
due 2037, DTC Seven Funding Ltd. JPY27.792 billion structured
secured notes due 2038, and DTC Eight Funding Ltd. JPY44.232
billion structured secured notes due 2038.

In the transactions, the underlying assets are residential
apartment mortgage-loans that were originated by New Century
Finance Co. Ltd. (the name of the company was changed to Lehman
Brothers Commercial Mortgages on Dec. 1, 2007), an affiliate of
Lehman Brothers.  The mortgage-loans were extended to finance the
construction costs and miscellaneous expenses of newly constructed
apartments built mainly by Daito Trust Construction Co. Ltd.

In the transactions, the rent from the apartment properties is the
primary source to repay the underlying loans.  Thus, in addition
to the historical delinquency and default from the underlying
loans, the actual amount of rent as of now and the amount that S&P
expects it to be going forward needs to be incorporated in its
rating analysis.  The apartment properties are currently master-
leased by Daito Building Management Co. Ltd., a 100% subsidiary of
Daito Trust Construction Co. Ltd. Standard & Poor's acquired the
historical data of the master lease payment made by Daito Building
Management for each property and used the data for the rating
analysis.

In accordance with the data, the estimated current aggregated rent
from the properties in each transaction is below S&P's initial
forecast, however, given that the pace of the estimated rent
decline has been moderate up to now and, based on the performance
of the preceding transactions of the same series, S&P considers it
unlikely that the pace of the rent decline will rapidly accelerate
in the short term.  In addition, up to the end of October 2010,
only one default has occurred from the underlying loans of the
five transactions and the credit enhancement for each note in the
transactions has increased since the closing.  S&P affirmed all
notes issued under the transactions except for the class N issued
under DTC7 and DTC8 in consideration of these factors.

The class N notes issued under the DTC7 and DTC8 transactions are
paid interest and redeemed using excess spread, the difference of
the interests and other miscellaneous payments from the underlying
apartment loans and payment of the relevant costs of the
transactions and interest to the notes.  The decrease of the
outstanding balance of the underlying loans due to defaults and
prepayments is one of the stress factors on the notes.  So far,
we've observed more prepayment than initially anticipated, and far
lower default; only one up to now, has occurred in the
transactions.  As a result, the pace of the redemption of both N
notes has been slightly more rapid than S&P's initial forecast.
In addition, S&P's cash flow simulation shows that the notes are
paid interest and redeemed in full even in its stress scenario.
In consideration of these factors, S&P affirmed the ratings on the
class N notes.

Regarding class A of DTC8, S&P lowered the ratings to 'AA (sf)' on
April 15, 2009, given that a replacement advancing agent had not
been found since the commencement of the Civil Rehabilitation
Proceedings of Lehman Brothers Japan Inc., which had acted as the
advancing agent before then.  As of now, the transaction still
lacks an advancing agent.  However, S&P does not believe that the
potential liquidity constraint that the transaction would suffer
in such an event as a servicer replacement has worsened, given
that the transaction's interest reserve has not amortized and that
the outstanding amount of the loan pool has decreased since the
rating action.  This is incorporated in the affirmation of the
rating on the class A, in addition to the aforementioned credit
analysis.

                        Ratings Affirmed

DTC Four Funding Ltd. JPY 21.198 bil mortgage-backed pass-through
                          notes due 2036

   Class               Rating             Initial issue amount
   -----               ------             --------------------
   A-1                 AAA (sf)           JPY11.44 bil.
   A-2                 AAA(sf)            JPY5.72 bil.
   B                   AA (sf)            JPY0.84 bil.
   C                   A (sf)             JPY0.87 bil.
   D                   BBB (sf)           JPY0.84 bil.
   E                   BB (sf)            JPY0.75 bil.
   X                   AAA(sf)            N/A

                   * Class X is interest only.

  DTC Five Funding Ltd. JPY20.795 bil mortgage-backed pass-through
                          notes due 2037

   Class              Rating             Initial issue amount
   -----               ------             --------------------
   A                  AAA (sf)           JPY16.83 bil.
   B                  AA (sf)            JPY0.84 bil.
   C                  A (sf)             JPY0.84 bil.
   D                  BBB (sf)           JPY0.84 bil.
   E                  BB (sf)            JPY0.72 bil.
   X                  AAA(sf)            N/A

                   * Class X is interest only.

  DTC Six Funding Ltd. JPY30.014 bil mortgage-backed pass-through
                          notes due 2037

   Class               Rating             Initial issue amount
   -----               ------             --------------------
   A                   AAA (sf)           JPY24.61 bil.
   B                   AA (sf)            JPY1.20 bil.
   C                   A (sf)             JPY1.26 bil.
   D                   BBB (sf)           JPY1.00 bil.
   E                   BB (sf)            JPY1.10bil.
   X                   AAA(sf)            N/A

                   * Class X is interest only.

      DTC Seven Funding Ltd. JPY27.792 bil structured secured
                         notes due 2038

   Class               Rating             Initial issue amount
   -----               ------             --------------------
   A                   AAA (sf)           JPY21.78 bil.
   B                   AA (sf)            JPY1.20 bil.
   C                   A (sf)             JPY1.06 bil.
   D                   BBB (sf)           JPY0.89 bil.
   N                   BBB (sf)           JPY2.35bil.

      DTC Eight Funding Ltd. JPY44.232 bil structured secured
                         notes due 2038

   Class               Rating             Initial issue amount
   -----               ------             --------------------
   A                   AA (sf)            JPY35.00 bil.
   B                   AA (sf)            JPY1.78 bil.
   C                   A (sf)             JPY1.62 bil.
   D                   BBB (sf)           JPY1.21 bil.
   E                   BB (sf)            JPY0.24 bil.
   N                   BBB (sf)           JPY3.90bil.


ORSO FUNDING: S&P Affirms Ratings on Various Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A1 to E, and X floating-rate notes that were issued under
the Orso Funding CMBS 8 Ltd. transaction in November 2007.

It is S&P's view that the likely collection amount from the
properties backing the transaction's underlying loan assets is
under downward pressure considering the types and location of the
properties in question.  Nevertheless, S&P expects the downward
pressure on the likely collection amount to have little negative
impact on the credit quality of each class of notes given the time
left until the transaction's effective legal final maturity date
(June 2024) and after considering the transaction structure.
Accordingly, S&P affirmed its ratings on the aforementioned seven
classes of notes.

ORSO Funding CMBS 8 is single-borrower CMBS transaction.  The
notes issued under this transaction were initially secured by one
loan and one specified bond (loan assets) extended to/issued by
one obligor.  The loan assets were originally backed by 184
properties.  The transaction was arranged by Bear Stearns (Japan)
Ltd., Tokyo Branch.  Premier Asset Management Co. acts as the
servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date for the class A1 and A2 notes, the full
payment of interest and ultimate repayment of principal by the
legal final maturity date for the class B to E notes, and the
timely payment of available interest for the class X notes.  The
transaction's legal final maturity date is June 2022.  However, if
the loan assets are not fully redeemed by its maturity date, the
legal final maturity of the notes will be extended until June
2024.

S&P published its revised criteria for assessing counterparty and
supporting obligations.  However, as the effective date of these
criteria will be Jan.  17, 2011, S&P did not apply the updated
criteria to this transaction at this time.

                        Ratings Affirmed

                     ORSO Funding CMBS 8 Ltd.

Class       Rating       Initial Issue Amount
-----       ------       --------------------
A1          AAA (sf)     JPY7.7 bil.
A2          AAA (sf)     JPY72.8 bil.
B           AA (sf)      JPY19.6 bil.
C           A (sf)       JPY19.6 bil.
D           BBB (sf)     JPY23.9 bil.
E           BB+ (sf)     JPY8.0 bil.
X           AAA          JPY151.6 bil. initial notional principal)


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


BROADLANDS FINANCE: S&P Cuts Counterparty Credit Rating to 'B/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit ratings on New Zealand-based finance company
Broadlands Finance Ltd. to 'B/B' from 'BB-/B'.  The outlook
remains negative.

"The counterparty credit ratings on Broadlands reflect its weak
liquidity position, vulnerable funding profile, and high-risk loan
portfolio," Standard & Poor's ratings analyst Peter Sikora said.

In the past year, Broadlands has required regular and ongoing
liquidity support in the form of cash debenture investment
injections from its sole shareholder, Anthony Radisich, to repay
external customer debenture investments heading into and post the
initial retail government guarantee expiry on Oct. 12, 2010.
Although this key shareholder has demonstrated strong liquidity
and funding support to date and is believed to have capacity to
provide further support if required, S&P believes that this
support is vulnerable to Broadlands being able to generate
sufficient returns and value to ensure the shareholder's longer
term commitment.

"In S&P's view, Broadlands' credit losses have been fairly well
managed to date--but its credit profile is moderated by a high-
risk loan-receivables portfolio that exhibits a material level of
arrears and some single-customer concentration," Mr. Sikora added.

To support its management of credit losses, Broadlands has heavily
reduced the number of motor vehicle dealerships from which it
originates loans.  The company's credit loss experience also
benefits from its recourse back to dealerships.  Reflecting the
difficult operating environment, Broadlands has progressively
reduced the size of its balance sheet from nearly NZ$40 million in
2008 to about NZ$34 million at Sept. 20, 2010.

Favorable features of Broadlands' credit profile include its good,
albeit decreasing, interest margins and its adequate capital-
adequacy ratio.  These factors provide some capacity for the
company to absorb higher credit losses.

The outlook reflects S&P's uncertainty around Broadlands' ongoing
ability to manage its liquidity and funding position, and the
recent change in its business focus toward commercial lending,
which in S&P's view will increase the concentration of its credit-
risk profile.

A revision of the outlook to stable would be supported if
Broadlands could reestablish the ability to fund more of its
lending via external debenture deposits, or via other sources that
reduce reliance on its shareholder.  S&P would also need to see
balance-sheet or committed back-up external liquidity boosted from
current modest levels.

The rating could be lowered by more than one notch if Broadlands'
shareholder's willingness or capacity to support the company were
to materially weaken.  This could stem from sustained weak
operating performance, which could weaken the value of this
business to the shareholder, or if Broadlands' debenture
reinvestment experience or new debenture inflows remained low and
weak.


CAPITAL + MERCHANT FINANCE: Directors Say SFO Charges "Baseless"
----------------------------------------------------------------
The National Business Review reports that two directors of Capital
+ Merchant Finance said they will vigorously defend charges
against them laid by the Serious Fraud Office.

According to the Business Review, Wayne Douglas and Neal Nicholls
said the charges appear to relate to a loan transaction made in
2002 on a Palmerston North property in which a fully secured loan
was repaid in full in 2004 without loss to Capital + Merchant or
its investors.

The Business Review relates that Messrs. Douglas and Nicholls said
the loan "met normal business lending criteria, and the SFO
charges are baseless."

"Given that the investigation was launched in March this year and
we have been co-operating fully with the SFO investigation team,
we are surprised and disappointed that charges have now been laid
in relation to this particular transaction" the Business Review
quoted the former directors as saying.  "We see no other option
but to vigorously defend these charges and our reputations."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2010, the Serious Fraud Office arrested and laid six
charges under the Crimes Act against Capital + Merchant Finance
executives Neal Medhurst Nicholls and Wayne Leslie Douglas.  The
charges involve nearly NZ$14.5 million of related party lending
dating back to 2002.  The SFO alleges that as directors of CMF,
Mr. Nicholls and Mr. Douglas held investors' funds subject to a
special relationship with investors and that they used their
position to apply those funds in a manner inconsistent with that
relationship.  The SFO also alleged the directors falsely stated
the true extent of related party lending in annual CMF
prospectuses and associated financial statements in July 2003 and
September 2004.  Messrs. Nicholls and Douglas were remanded on
bail and will next appear on December 16, 2010.

                      About Capital + Merchant

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

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

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


HOTEL SO: Receivers Sell Hotel to Private Investor
--------------------------------------------------
Liz McDonald at BusinessDay reports that bankrupt property
developer David Henderson's Hotel So has been sold by receivers.

BusinessDay relates that hotel broker Dean Humphries, of Jones
Lang LaSalle, said the buyer was a private investor.
Confidentiality agreements meant he could not yet identify the
buyer or the price, BusinessDay notes.

According to BusinessDay, the hotel had been thought to be worth
at least NZ$20 million in today's market.  BusinessDay says the
sale included both the Cashel St. property and the business, and
was made after an international campaign which drew six offers.

BusinessDay reports that Mr. Henderson was declared bankrupt in
the High Court in Christchurch earlier this month after amassing
personal debts of about NZ$142 million.

As reported in the Troubled Company Reporter-Asia Pacific on
June 18, 2010, The Press said Hotel So and two associated
companies were placed into receivership after defaulting on their
debt repayment.  South Canterbury Finance in June appointed
receivers to Cashel Ventures Ltd., Hotel So Operations and Hotel
So Corporation.  Christchurch developer Dave Henderson is the sole
director of all three companies, with his flagship company,
Property Ventures, owning two and Henderson indirectly owning the
third.  SCF is owed about NZ$20 million by the companies, which
were granted a loan on the Hotel So property.

Hotel So is a Christchurch-based budget-style hotel.


IRONGATE PROPERTY: Trustee Declines Waiver For Trust Deed Breaches
------------------------------------------------------------------
BusinessDesk reports that Irongate Property said its trustee has
declined to grant a waiver for two breaches of its Trust Deed.

"The Perpetual Trust board has reserved its position until the end
of January 2011, when, in the event that either of the two
breaches remain, it will review its position," Irongate chairman
Kevin Podmore said, according to BusinessDesk.

BusinessDesk says the breaches stemmed from valuation losses and
provisions taken in Irongate's first-half results.  BusinessDesk
discloses that the company last month reported a net loss of
NZ$13.9 million in the six months ended Sept. 30, from a loss of
NZ$28.2 million a year earlier.  Net rental income fell to
NZ$3.7 million from NZ$6.5 million.

According to BusinessDesk, Irongate has NZ$50 million of bonds due
to be repaid in May 2011 and last month said "in the current
environment a level of uncertainty still exists" about its ability
to make the payment.

BusinessDesk relates that Mr. Podmore said Irongate's strategy "is
to reduce debt through asset sales and the company continues to
pursue this sales programme."

"If successfully completed, this should result in the trust deed
breaches being remedied," he said.

                      About Irongate Property

Irongate Property Limited -- http://www.irongateproperty.co.nz--
is property investor with a diversified portfolio of property
related investments and operating activities including passive
investment property assets, properties held for future development
and interests in other property owning entities.  Irongate
Property is one of the subsidiaries of St Laurence Finance Ltd.


PIKE RIVER: Placed Into Receivership by NZ Oil & Gas
----------------------------------------------------
Bloomberg News reports that Pike River Coal Ltd, the New Zealand
company that operates the coal mine where 29 miners died in a
series of explosions last month, has been placed into
receivership.  The report relates that Pike River Chairman John
Dow said that its largest shareholder, NZ Oil & Gas, appointed
accountants PricewaterhouseCoopers as receivers.

Pike River is expected to announce mass redundancies today,
December 14, 2010, among its 180-strong work force, according to
Bloomberg.

According to the report, the first major methane-fueled explosion
ripped through the mine on November 19, and the 29 miners were
declared dead after a second major blast five days later.

Details of the company's financial position have not been
released, but Mr. Dow said the mining company was in a
"precarious" financial position following the disaster that has
left it unable to repay its loans to NZ Oil & Gas and its bank,
Bloomberg notes.

Bloomberg discloses that NZ Oil & Gas, which owns 29.4% of the
miner, said Pike River has "substantial" debts.

The company faces "an extended period before any resumption of
mining can be contemplated, and with (Pike River) rapidly facing
insolvency, receivership is an unavoidable step," NZOG Chief
Executive David Salisbury said in a statement obtained by
Bloomberg.  The receivers would "give particular regard to"
recovering bodies from the mine tunnels, making the mine safe, the
financial entitlements of employees, cooperating with official
inquiries and preserving the company's value, Mr. Salisbury added.

The Pike River Mine is a coal mine operated by Pike River Coal Ltd
north-northeast of Greymouth in the West Coast Region of New
Zealand's South Island.


WELLINGTON PHOENIX: Liquidation Hearing Adjourned Until January 25
------------------------------------------------------------------
Nina Fowler at The National Business Review reports that
applications to liquidate Wellington Phoenix FC and other
companies owned by Wellington developer Terry Serepisos have been
adjourned until early next year.

The Business Review relates that the Inland Revenue Department
applied to liquidate five of Mr. Serepisos' companies in October,
including Century City Football, which owns the Wellington
Phoenix.  The debt claimed by the IRD is understood to be about
NZ$3.58 million, the Business Review says.

According to the Business Review, the IRD on Monday sought an
adjournment until early next year to allow settlement negotiations
between parties to continue.

Associate Judge David Gendall granted an adjournment until 25
January 2011, the Business Review discloses.

Wellington Phoenix FC is a professional football team based in
New Zealand.


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


FINSPACE SA: S&P Withdraws 'B+' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit rating on Thailand-based Finspace S.A. at the company's
request.

Standard & Poor's currently does not rate any specific credit
facility on Finspace.


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


* BOND PRICING: For the Week December 6 to December 10, 2010
------------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.21
AMITY OIL LTD           10.00    10/31/2013   AUD       1.86
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
AUST & NZ BANK           2.00    04/15/2018   AUD      73.89
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
ENVESTRA LTD             3.04    08/20/2025   AUD      74.55
EXPORT FIN & INS         0.50    12/16/2019   AUD      58.73
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.03
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.68
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      52.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.79
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      63.54
NEW S WALES TREA         0.50    09/14/2022   AUD      51.07
NEW S WALES TREA         0.50    10/07/2022   AUD      50.87
NEW S WALES TREA         0.50    10/28/2022   AUD      50.62
NEW S WALES TREA         0.50    11/18/2022   AUD      50.46
NEW S WALES TREA         0.50    12/16/2022   AUD      52.60
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      70.31
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.19
RESOLUTE MINING         12.00    12/31/2012   AUD       1.29
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.46
TREAS CORP VICT          0.50    08/25/2022   AUD      51.61

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.00
CHINA THREE GORG         3.45    04/08/2014   CNY      70.01


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      34.37


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.51
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.05
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.03
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.25
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.64
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.20
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.90
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.74
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.69
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.76
PYRAMID SAIMIRA          1.75    07/04/2012   INR      12.37

  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/13     IDR      18.00


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   JPY      74.91
AIFUL CORP               1.99    03/23/2012   JPY      71.91
AIFUL CORP               1.22    04/20/2012   JPY      68.90
AIFUL CORP               1.63    11/22/2012   JPY      57.91
AIFUL CORP               1.74    05/28/2013   JPY      51.91
AIFUL CORP               1.99    10/19/2015   JPY      41.91

CSK CORPORATION          0.25    09/30/2013   JPY      71.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.12
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.91
SHINSEI BANK             5.62    12/29/2049   GBP      74.44
TAKEFUJI CORP            9.20    04/15/2011   USD      10.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.30
CRESENDO CORP B          3.75    01/11/2016   MYR       1.11
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.14
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.18
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.63
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.24
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.95
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.98
SCOMI GROUP              4.00    12/14/2012   MYR       0.08
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.91
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.63
WAH SEONG CORP           3.00    05/21/2012   MYR       3.00
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.25


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

ALLIED FARMERS           9.60    11/15/2011   NZD      41.50
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      63.13
FLETCHER BUI             8.50    03/15/2015   NZD       7.75
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.03
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.75
INFRATIL LTD            10.18    12/29/2049   NZD      59.60
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.05
SKY NETWORK TV           4.01    10/16/2016   NZD       5.98
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.74
ST LAURENCE PROP         9.25    07/15/2010   NZD      55.64
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.20
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.04
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.50
VECTOR LTD               8.00    10/15/2014   NZD       0.02


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      66.76
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.04
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.98
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.90
WBL CORPORATION          2.50    06/10/2014   SGD       1.85


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

COSMOS PLC CO            3.00    05/30/2011   KRW      13.42
DAEWOO MTR SALES         6.55    03/17/2011   KRW      67.10
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.50
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.55
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.55
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.67
HOPE KOD 6TH            15.00    03/10/2013   KRW      35.17
IBK 16TH ABS            25.00    09/24/2012   KRW      62.24
IBK 17TH ABS            25.00    12/29/2012   KRW      58.23
IBK 2008-12 ABS         25.00    06/24/2011   KRW      73.96
KB 10TH SEC SPC         23.00    01/03/2011   KRW      45.25
KB 11TH SEC SPC         20.00    07/03/2011   KRW      66.26
KB 11TH SEC SPC         20.00    07/03/2011   KRW      63.72
KB 12TH ABS             25.00    01/21/2012   KRW      64.21
KB 13TH ABS             25.00    07/02/2012   KRW      60.96
KB 14TH ABS             23.00    01/04/2013   KRW      58.76
KDB 5TH SEC SPC         15.00    12/13/2012   KRW      61.08
KDB 6TH ABS             20.00    12/02/2019   KRW      53.47
KEB 17TH ABS            20.00    12/28/2011   KRW      59.08
NACF-14 ABS SPS         25.00    01/15/2011   KRW      65.25
NACF-15 ABS SPS         25.00    03/18/2011   KRW      63.27
NACF-16 ABS SPS         15.00    01/03/2011   KRW      16.88
NACF-16 ABS SPS         25.00    02/03/2011   KRW      14.74
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      72.09
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.32
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      67.28
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.87
SAM HO INTL              6.32    03/28/2011   KRW      71.97
SHINSHAN 2ND SEC        25.00    06/11/2011   KRW      29.61
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.49
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.19
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.17
SINBO 4TH ABS           15.00    09/30/2013   KRW      31.03
SINGOK NS ABS            7.50    06/18/2011   KRW      52.51


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.58


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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