TCRAP_Public/101216.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

           Thursday, December 16, 2010, Vol. 13, No. 248

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Lanco Infratech to Buy Firm For Undisclosed Price
* AUSTRALIA: No. of Insolvencies Grew 1% in October


C H I N A

CHAODA MODERN: S&P Raises LT Corporate Credit Rating to 'BB'
KAISA GROUP: S&P Assigns 'B+' Rating to Convertible Bond
LDK SOLAR: Inks Supply Contract With Shanxi Lu'An


H O N G  K O N G

EAGLE FINE: Commences Wind-Up Proceedings
GLOBAL BRANDS: Creditors' Meeting Set for December 17
HERMES INDUSTRIAL: Luk Wing Hay Steps Down as Liquidator
HOI SING: Members' and Creditors' Meetings Set for December 30
MASTERING LIMITED: Members' Final Meeting Set for January 11


I N D I A

B. ARVINDKUMAR: CRISIL Rates INR125MM Post Shipment Credit at 'P4'
BABA SMELTERS: ICRA Assigns 'LBB+' Rating to INR1.71cr Term Loan
FACOR STEELS: ICRA Reaffirms 'LBB+' Rating on INR36.95cr Bank Debt
GANGARAM SYNTHETICS: ICRA Assigns 'LBB' Rating to INR5.5cr Loan
GOLD PLUS: Fitch Downgrades National Long-Term Rating to 'D'

GTN INDUSTRIES: ICRA Assigns 'LB-' Rating to INR26.MM Term Loan
INLAND ROAD: ICRA Reaffirms 'LBB' Rating to INR50cr Cash Credit
JOHAL & CO: CRISIL Reaffirms 'BB' Rating on INR250MM Cash Credit
KEYA INTERNATIONAL: ICRA Reaffirms 'LBB-' Rating on INR.67cr Loan
MADHUSALA DRINKS: CRISIL Reaffirms 'BB' Rating on INR50.5MM Loan

MAHI GRANITES: CRISIL Assigns 'BB-' Rating to INR55MM Term Loan
PUNDRIK TEXTILE: ICRA Assigns 'LBB' Rating to INR25.82cr LT Loan
RAJAVE TEXTILES: CRISIL Assigns 'BB-' Rating to INR220.8M LT Loan
RIDDHI SIDDHI: ICRA Assigns 'LB+' Rating to INR35cr Term Loans
SUVIDHI WEAVERS: ICRA Assigns 'LBB+' Rating to INR3.83cr LT Loan

VIJAY SHIP: ICRA Assigns 'LBB' Rating to INR2.5cr Cash Credit


K O R E A

SUHYUP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating


M A L A Y S I A

EON BANK: Moody's Reviews 'D' Bank Financial Strength Rating
GOPENG BERHAD: Classified as Affected Listed Issuer Under PN17
LINEAR CORP: Default Notice Served on District Cooling
LINEAR CORP: HSBC Bank Serves Writ of Summons Against Unit
RAMUNIA HOLDINGS: Posts MYR32.56MM Net Income in Qtr Ended Oct. 31


N E W  Z E A L A N D

HANOVER FINANCE: High Court Freezes Ex-Director's Assets
OYSTER BAY: Delegat's Offer Now Unconditional
PIKE RIVER: Long Wait Tipped for Firm Insurance Money
SOUTH CANTERBURY: Receivers to Sell Dairy Holdings Stake




                            - - - - -


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


GRIFFIN COAL: Lanco Infratech to Buy Firm For Undisclosed Price
---------------------------------------------------------------
Bloomberg News reports that Lanco Infratech Ltd. agreed to buy
Griffin Coal Mining Co. for an undisclosed amount, almost a year
after the Western Australian producer appointed outside managers.

Lanco Infratech said buying Griffin will give it access to 4
million metric tons of thermal coal a year, which can be increased
to more than 15 million tons, Bloomberg relates.

"The acquisition of Griffin Coal is an important component of our
development strategy, providing increased fuel security for our
current power generation assets and future power portfolio
expansions," Bloomberg quotes Lanco Chief Financial Officer Suresh
Kumar as saying.  "This acquisition also presents an opportunity
to Lanco to participate in the burgeoning natural resources
trading market."

Lanco Infratech Ltd. is an India-based company engaged in
engineering, procurement and commissioning (EPC) and construction;
power; roads and highways, and property development.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 11, 2010, Bloomberg News said Griffin Coal's request to
extend bankruptcy protection to Feb. 25, 2011, was granted, and a
scheduled meeting of creditors was put off to allow the completion
of the sale of the company's mining and power assets.  Griffin
Coal hired UBS AG and Macquarie Capital Advisers, a unit of
Macquarie Group Ltd., to advise on the sale process.

                        About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


* AUSTRALIA: No. of Insolvencies Grew 1% in October
---------------------------------------------------
Smart Company reports that the number of corporate collapses grew
by only 1% during October, but experts warn the result may just be
a temporary period of calm before a weak Christmas that could push
more SMEs into administration.

Citing figures released by the Australian Securities and Exchange
Commission, Smart Company discloses that the total number of
company collapses grew from 766 in September to 774 in October,
representing an increase of just over 1%.

Smart Company relates that the figures show insolvencies either
decreased or remained flat in most states.  But experts point out
that Queensland recorded an increase in collapses from 155 to 187,
most likely due to the struggling tourism sector, and warn that a
weak retail period over Christmas could prompt more collapses.


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C H I N A
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CHAODA MODERN: S&P Raises LT Corporate Credit Rating to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Chaoda Modern Agriculture
(Holdings) Ltd. to 'BB' from 'BB-'.  The outlook is stable.

"S&P raised its rating on Chaoda to reflect the company's strong
credit metrics and improved liquidity and financial flexibility.
The company repaid its Hong Kong dollar (HK$) 1.34 billion
convertible bond in May 2009 and US$225 million senior notes in
February 2010.  S&P believes the company has good flexibility to
increase leverage to fund its business plan.  In S&P's view, its
credit metrics will continue to be supportive of a 'BB' rating
after factoring in a potential substantial increase in debt-funded
capital spending.  Chaoda's good and stable profitability is also
a supporting rating factor," said Standard & Poor's credit analyst
Frank Lu.

In S&P's opinion, Chaoda's credit metrics are strong for a 'BB'-
rated company due to its low borrowings.  As at June 30, 2010, the
company had an adjusted debt-to-EBITDA ratio of 0.4x and EBITDA
interest coverage of 19.4x.  S&P expects these credit ratios to
weaken but remain supportive of a 'BB' rating.  S&P factored in a
recent US$200 million convertible bond issue and a potential
substantial increase in borrowings to fund expansion.

In S&P's base-case scenario, S&P expects the company to maintain
good profitability and to increase its revenue faster than China's
economic growth in the next two years.  The Chinese economy
expanded 9.6% in the third quarter of 2010, as measured by the
year-over-year change in GDP.

S&P believes Chaoda has improved its financial flexibility since
its debt repayments in 2009 and 2010.  The company's currently low
leverage gives it the flexibility to support its debt-funded
expansion.  Chaoda has a track record of raising capital from
diverse sources.  In August 2010, it raised US$356 million through
a share placement, the issuance of its US$200 million convertible
bond, and call options.  In S&P's opinion, the company faces
limited refinancing risks in the next two years, given its current
debt level and maturity profile.  The company could be required to
buy back its convertible bond in September 2013.

Chaoda's very aggressive growth appetite is a rating constraint.
S&P believes the company's expansion plan, which has consistently
been more aggressive than its expectation, has material execution
risks.  The risks include project uncertainty, potential cost
over-runs, and management resources.  Chaoda plans to acquire new
agriculture land equivalent to over 2x its existing planting area
in the next five years.  S&P is uncertain about the company's
investment process and its investment discipline.

In S&P's view, Chaoda's extensive related-party transaction and
other corporate governance issues also constrain the rating.  The
company continues to buy a substantial amount of its fertilizers
from its major shareholder.  S&P also believe that Chaoda has a
mixed track record in transparency and information disclosure.
S&P note that the major shareholder's stake has steadily declined
due to new equity issues.  The stake will be further diluted if
the outstanding convertible bond is converted into equity.

Chaoda's liquidity is adequate, in S&P's view.  As at June 30,
2010, the company had Chinese renminbi 2.04 billion in cash and
cash equivalents, and a committed undrawn banking facility of
RMB95.5 million.  S&P believes the liquidity is more than
sufficient to cover short-term borrowings of RMB14.5 million.

S&P expects Chaoda's capital expenditure (excluding the adjustment
due to operating lease) to increase to more than RMB4.0 billion in
fiscal 2011 (ending June 30, 2011) from RMB3.3 billion in fiscal
2010.  S&P estimates its operating cash flow to rise to about
RMB4 billion in fiscal 2011, from RMB3.5 billion in fiscal 2010,
based on its base-case assumption of about 15% revenue growth in
fiscal 2011.  S&P believes Chaoda's financing flexibility will
remain good in the next year due to its current low outstanding
debt.

"The outlook is stable.  S&P believes Choada will generate
satisfactory operating cash flow, and expect the company's free
operating cash flow to be negative due to its aggressive capital
expenditure plan.  Further, the company's credit ratios will be
supportive of the 'BB' rating and liquidity will remain adequate
in the next year," said Mr. Lu.

S&P may raise the rating if Chaoda improves its corporate
governance, and the company maintains a positive operating free
cash flow on a sustained basis.

S&P may lower the rating if Chaoda's credit metrics or liquidity
position weakens substantially.  This could happen if the
company's debt-funded expansion is more aggressive than S&P's
expectation.  The rating could also be lowered if Chaoda expands
into non-core or new businesses, where it has limited expertise or
operating track record.


KAISA GROUP: S&P Assigns 'B+' Rating to Convertible Bond
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' issue rating to a proposed RMB1.5 billion U.S.-dollar settled
convertible bond to be issued by Kaisa Group Holdings Ltd. (BB-
/Stable/--).  It will have a fixed rate 8% coupon payable semi-
annually.  The company will use the proceeds for land acquisitions
and other corporate purposes.

The issue rating is one notch lower than the issuer rating to
reflect structural subordination risks.  The rating on the
convertible bond is the same as S&P's rating on the company's
US$350 million senior unsecured notes due 2015.

A key term of the convertible bond is it will be redeemed at the
U.S. dollar equivalent of its renminbi principal amount together
with unpaid accrued interests.  Bondholders have the option to
redeem the bond on Dec. 20, 2013, prior to the final maturity date
(Dec. 20, 2015).  The bond may be converted into shares at an
initial conversion price of Hong Kong dollar 2.82 per share on or
after Jan. 30, 2011.  Several of Kaisa's subsidiary guarantors
will jointly guarantee the convertible bond.


LDK SOLAR: Inks Supply Contract With Shanxi Lu'An
-------------------------------------------------
LDK Solar Co., Ltd., has entered into a multi-year wafer and
polysilicon supply contract with Shanxi Lu'an Photovoltaic
Technology Co., Ltd., a subsidiary of Lu'an Group, a leading
Chinese energy enterprise.  Under the contract, LDK Solar will
provide 120 megawatts of solar wafers commencing in January 2011
through December 2012, and 2,000 metric tons of polysilicon
commencing in January 2011 through February 2013.

                         About LDK Solar

LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/--
manufactures photovoltaic products and multicrystalline wafers.
LDK Solar's headquarters and manufacturing facilities are located
in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China.  LDK Solar's office in the United
States is located in Sunnyvale, California.

The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.

                        Going Concern Doubt

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2010, LDK Solar said in its annual report on Form 20-F for
the year ended December 31, 2009, that at yearend, the Company had
a working capital deficit of US$833.6 million and an accumulated
deficit of US$32.8 million.  The Company said, "During the year
ended December 31, 2009, we incurred a net loss of US$234.2
million [attributable to LDK Solar Co., Ltd. shareholders].  As of
December 31, 2009, we had cash and cash equivalents of US$384.8
million, most of which are held by subsidiaries in China.  Most of
our short-term bank borrowings and current installments of our
long-term debt totaling US$978.6 million are the obligations of
these subsidiaries.  We may also be required by the holders of our
convertible senior notes to repurchase all or a portion of such
convertible senior notes with an aggregate principal amount of
US$400.0 million on April 15, 2011.  These factors initially
raised substantial doubt as to our ability to continue as a going
concern.  We are in need of additional funding to sustain our
business as a going concern, and we have formulated a plan to
address our liquidity problem."

The Company cautioned that "we cannot assure you that we will
successfully execute our liquidity plan.  If we do not
successfully execute such plan, we may have substantial doubt as
to our ability to continue as a going concern."


================
H O N G  K O N G
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EAGLE FINE: Commences Wind-Up Proceedings
-----------------------------------------
Shareholder of Eagle Fine Knitting Factory Limited, on December 3,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


GLOBAL BRANDS: Creditors' Meeting Set for December 17
-----------------------------------------------------
Creditors of Global Brands Holdings Limited will hold their
meeting on December 17, 2010, at 11:30 a.m., for the purposes
provided for in Sections 199, 241, 242, 243, 244, 251, 255A and
283 of the Companies Ordinance.

The meeting will be held at the offices of Borrelli Walsh Limited
at Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in
Hong Kong.


HERMES INDUSTRIAL: Luk Wing Hay Steps Down as Liquidator
--------------------------------------------------------
Luk Wing Hay stepped down as liquidator of Hermes Industrial
(Hong Kong) Limited on December 7, 2010.


HOI SING: Members' and Creditors' Meetings Set for December 30
--------------------------------------------------------------
Members and creditors of Hoi Sing Transportation Co., Limited will
hold their annual meetings on December 30, 2010, at 2:15 p.m., and
2:30 p.m., respectively at 25/F., Tern Centre Tower I, 237 Queen's
Road Central, Sheung Wan, in Hong Kong.

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


MASTERING LIMITED: Members' Final Meeting Set for January 11
------------------------------------------------------------
Members of Mastering Limited will hold their final general meeting
on January 11, 2011, at 11:00 a.m., at Room 1305, Tower1, Harbour
Centre, No. 1 Hok Cheung Street, Hunghom, Kowloon, in Hong Kong.

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


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I N D I A
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B. ARVINDKUMAR: CRISIL Rates INR125MM Post Shipment Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
B. Arvindkumar & Co.

  Facilities                               Ratings
  ----------                               -------
  INR125.0 Million Post Shipment Credit    P4 (Assigned)

The rating reflects BAC's average financial risk profile, marked
by a modest net worth and high total outside liabilities to
tangible net worth ratio and exposure to risks related to small
scale of operations.  These rating weaknesses are partially offset
by the benefits that BAC derives from its promoter's experience in
the diamond trading business.

Set up in 1984 as a partnership firm by Mr. Bharatbhai Shah and
Mr. Rajanbhai Shah, BAC trades in polished diamonds.  It mainly
trades in diamonds that are less than 50 cents in size and of
round and princess cut shapes.  BAC outsources the cutting and
polishing of diamonds to jobworkers in Surat (Gujarat).  BAC is
managed by Mr. Bharatbhai Shah and Mr. Nishit Shah.

BAC reported a profit after tax (PAT) of INR7.7 million on net
sales of INR386.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR18.2 million on net
sales of INR370.3 million for 2008-09.


BABA SMELTERS: ICRA Assigns 'LBB+' Rating to INR1.71cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR1.71 crore term loan
and INR13.00 crore cash credit facilities of Baba Smelters Private
Limited.  ICRA has also assigned an 'A4+' rating to the
INR1.50 crore non-fund based bank facilities of BSPL.  The outlook
on the long term rating is stable.

The ratings take into account the experience of the promoters in
the steel industry, a favorable demand outlook of the steel
industry driven by construction and infrastructure sectors,
location of the manufacturing unit in proximity to raw material
sources and customer base that reduces freight costs.
ICRA notes that use of producer gas instead of furnace oil in the
manufacturing process in BSPL would lead to lower cost of
production going forward.  The ratings also consider the
diversified customer base of the company, which reduces sales
concentration risk, a low working capital intensity of the
business and comfortable coverage indicators of the company.  The
ratings are however constrained by BSPL's relatively small scale
of current operations, a highly fragmented market leading
to stiff competition and lack of geographical diversification as
sales are primarily concentrated in the state of West Bengal.  The
ratings also factor in the cyclicality inherent in the steel
business and operating profitability of the company which is
likely to keep its cash flows volatile.

                        About Baba Smelters

BSPL was incorporated in 2003 and has been engaged in the
manufacture of mild steel structural items, which include angles,
channels, joists and flats.  The company has a re-rolling mill
with an installed capacity to manufacture 48,000 MTPA of mild
steel items.  The company started its operations in April 2006.
The manufacturing facility of the company is located at Mangalpur
Industrial Estate, in Raniganj, West Bengal and is spread over an
area of around 3.5 acres.

Recent Results

The company reported a profit after tax of INR1.31 crore in FY 10
on an operating income of INR137.68 crore, as compared to a profit
after tax of INR 0.88 crore on an operating income of INR132.05
crore during FY 09.


FACOR STEELS: ICRA Reaffirms 'LBB+' Rating on INR36.95cr Bank Debt
------------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating assigned to INR36.95 crores Fund
Based Limits of FACOR Steels Limited.  ICRA has also reaffirmed
the 'A4+' rating assigned to INR41.00 crores Non-Fund Based Bank
Limits.  The long term rating has been assigned a stable outlook.

The ratings reaffirmation takes into account the continued losses
on account of moderate profitability, high gearing, and weak debt
protection indicators.  The ratings continue to factor in FSL's
modest scale of operations, its susceptibility to raw material
price fluctuation owing to lack of backward integration and
intensely competitive and cyclical nature of the industry.
Nevertheless, the ratings derive strength from the company's
experienced promoters; long track record in the steel industry and
demonstrated support from promoters in the past.  The company has
forward integrated into value-added products that are expected to
improve its margins and profitability indicators going forward.

                         About Facor Steels

Facor Steels Limited was incorporated in May 2004, as a part of a
restructuring scheme sanctioned to Ferro Alloys Corporation
Limited.  FACOR was incorporated in 1957 by Mr. Uma Shankar
Agarwal & the Saraf family.  As a part of the restructuring
exercise effected in April 2004, the company was trifurcated into
three separate companies namely FACOR, FSL and Facor Alloys
Limited (FAL) based on division of operations and manufacturing
facilities. FSL is a company involved in manufacturing steel
products from its unit located in Nagpur (Maharashtra).  The
company manufactures stainless steel as well as alloy/carbon steel
products, which largely caters to the requirement of automobile
component-makers, forgers and Bright bar exporters.


GANGARAM SYNTHETICS: ICRA Assigns 'LBB' Rating to INR5.5cr Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5.50 crore term loan,
INR2.00 crore corporate loan and INR11.50 crores fund based limits
of Gangaram Synthetics Pvt Ltd.  The outlook on the rating is
stable.

The rating takes into account intensely competitive and fragmented
nature of the textile industry, moderate scale of operations and
vulnerability of profitability metrics and cash flows to the
cyclicality inherent in the textile industry.  However the rating
finds comfort from the long track record of promoters in the
textile industry, established brand "Prafful" in saris and dress
material and significant reduction in client concentration
(wholesale segment) risk with expansion in retail segment. Further
the presence of group companies in textile manufacturing processes
like yarn manufacturing, dyeing , printing, embroidery provide
comfort to the business.

Gangaram Synthetics is a trading entity which is involved in the
sale of ready-to-stitch ethnic women's wear under the 'Prafful'
brand name in the domestic market.  The Prafful group consists of
various entities specializing in different processes like yarn
manufacturing, dyeing, printing, embroidery, etc.  In the
distribution segment also there are different entities which are
catering to domestic and export markets.  Gangaram Synthetics
catering to domestic market sales and is present both in the
retail and wholesale segment.  The company has established
relations with dealers in the wholesale segment and in retail
space the company operates both through company owned and
franchise based outlets as well as through tie ups with
established retails chains, hypermarkets, malls etc to sell its
products.  The wholesale segment which comprises of pan India
dealer network is the major revenue contributor for the company.
The retail segment market is a relatively new venture and the
company plans to gradually step-up its operations in this segment
through network of established retail chains and malls.  The
company sources grey fabric from open market and  gets processes
like printing , dyeing , embroidery etc done on job work basis
either form associate companies or through outside entities.

                     About Gangaram Synthetics

Gangaram Synthetics Pvt Ltd was incorporated in May 1986 with its
registered office in Delhi and sales office at Surat. GSPL is a
closely held company and the promoters are actively involved in
the day to day operations of the company.  The company is part of
Prafful group.  The group consists of various entities
specializing in different processes like yarn manufacturing,
dyeing, printing, embroidery, etc. Gangaram Synthetics is a
trading entity which is catering to domestic market sales saris
and dress material


GOLD PLUS: Fitch Downgrades National Long-Term Rating to 'D'
------------------------------------------------------------
Fitch Ratings has downgraded India's Gold Plus Glass Industry
Limited's National Long-term rating to 'D(ind)' from 'BB(ind)',
and simultaneously re-assigned it a rating of 'C(ind)', reflecting
the company's revised credit profile.  The agency has also
downgraded and then re-assigned ratings to GPGI's bank loans:

  -- Outstanding INR2,774.3m long-term bank loans (enhanced from
     INR2,368.7m): downgraded to 'D(ind)' from 'BB(ind)' and re-
     assigned at 'C(ind)';

  -- INR920m fund-based working capital banking lines (enhanced
     from INR528.5m): Long-term rating downgraded to 'D(ind)' from
     'BB(ind)' and re-assigned at 'C(ind)'; Short-term rating
     downgraded to 'F5(ind)' from 'F4(ind)' and;

  -- INR250m non-fund-based working capital banking lines
     (enhanced from INR100m): Long-term rating downgraded to
     'D(ind)' from 'BB(ind)' and re-assigned at 'C(ind)'; Short-
     term rating downgraded to 'F5(ind)' from 'F4(ind)'.

The downgrades reflect the significant delays by GPGI in interest
and installment payments of term loans to some banks.  Fitch notes
that there are no current defaults to any of the banks, but
expects GPGI's liquidity to remain tight in the next few quarters.

GPGI's ratings reflect the support of the Gold Plus Group,
experience of its promoters (over 25 years) in the domestic glass
processing industry, and the growing demand of float glass in the
automotive as well as in the infrastructure and construction
sectors.  Fitch also takes into consideration GPGI's pan-India
dealers' network, location advantage of the new unit being near to
the glass and raw material markets, and its eligibility for excise
duty and income tax benefit during the initial years.  The agency
also notes GPGI's ability to achieve full operations of the new
unit with no significant time and cost overruns.  Besides GPGI,
GPG consists of Gold Plus Glass India Limited, Gold Plus Toughened
Glass Limited and Gold Plus Himachal Safety Glass Limited - all
these companies have guaranteed the loans taken by GPGI.
Furthermore, GPGI supplies part of its output to the other group
entities for processing.  Fitch believes that all four group
entities have strong operational, management and financial
linkages.

The ratings are moderated by GPGI's lower-than-expected revenues
and EBITDA margins in FY10 resulting in weak liquidity.  With a
high bank loan in the balance sheet, resulting in high interest
expenses, its net income was negative in FY10.  The ratings are
also constrained by the lack of experience of the promoters in
float glass manufacturing.  There is an oligopoly in the Indian
float glass industry, with three global float glass manufacturing
players driving the prices of float glass in India.  This makes it
difficult for debt-funded new entrants like GPGI to establish
themselves initially.  There is also a risk of new capacity
additions from other existing players in the near-term, leading to
overcapacity in the industry.  Currently, the import of float
glass is limited due to the anti-dumping duty being levied by the
government.  If the government relaxes this policy, there will be
increased pricing pressure from cheap imports in the industry.
The financial performance of the other group companies of GPG was
also weak in FY10 compared to FY09.

Timely repayments of GPGI's loan installments and an improvement
in its profitability, resulting in improved net interest coverage
would be positive for the ratings.

In FY10, GPGI had revenues of INR2,081m with an EBITDA of INR405m
and a profit after tax of -INR184m.  The net interest coverage was
1.02x and the net financial leverage was 8.7x.

GPGI is part of GPG, an industrial group engaged in the trading
and processing of glass sheets for the automotive and
construction/architectural sectors.  In the automotive sector, GPG
is one of the suppliers of replacement glasses for automobiles in
India.  In the construction/architectural sectors, it supplies
insulating and other structural glasses to corporate houses and
real estate developers.  GPG set up a float glass line unit at
Roorkee, Uttrakhand at an installed capacity of 500 tones per day
(enhanced from 460 tones per day) under GPGI, which became
operational in January 2009.


GTN INDUSTRIES: ICRA Assigns 'LB-' Rating to INR26.MM Term Loan
---------------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR26.4 crore term loan
facilities of GTN Industries Limited. ICRA has also assigned A4
rating to the INR4.5 crore fund based facilities and the INR0.2
crore non-fund based facilities of GIL.  ICRA has rating
outstanding of 'LB-' on the INR98.2 crore term loan facilities and
the INR1.5 crore non-fund based facilities of GIL. ICRA also has
rating outstanding of 'A4' on the INR61.9 crore fund-based
facilities and the INR25.7 crore non-fund based facilities of GIL.

The ratings reflect GIL's stretched financial profile (as
characterized by low cash accruals, high gearing and weak coverage
indicators), the intense competition in the highly fragmented
spinning industry which restricts pricing flexibility and the
vulnerability of textile industry to competition from low-cost
countries.  The ratings also consider the experience of promoters
in the industry, GIL's presence in the finer count and value-added
yarn segments which entail relatively higher margins and its
diversified customer base which mitigates customer concentration.

                        About GTN Industries

GIL, the flagship company of the Hyderabad-based GTN Industries
Group, is primarily engaged in producing cotton yarn.  GIL, which
was founded by Late Mr. M L Patodia, is presently managed by
Mr. M K Patodia.  The Company's shares are listed on the Indian
bourses and the promoters hold 61.5 per cent stake in the entity.
The Group has presence in the spinning, processing
(mercerizing/dyeing of yarn and fabric) and garmenting operations
of the textile value chain.  The Group is also engaged in the
manufacture of oil field valves and allied components.

GIL has an installed capacity of 107,242 spindles (including
23,826 doubling spindles) across its two spinning units at Medak
(Andhra Pradesh) and Nagpur (Maharashtra).  The Company's yarn
processing (mercerizing-cum-dyeing) unit, with a capacity of 10
MT/day, is located at Mahaboobnagar (Andhra Pradesh).  GIL's
knitting facility is located in Medak (Andhra Pradesh) with a
capacity of 5.8 MT/day, mainly to cater for the captive needs of
garment manufacturing by the group companies.



INLAND ROAD: ICRA Reaffirms 'LBB' Rating to INR50cr Cash Credit
---------------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating to the INR50 crore
(including INR20 crore proposed cash credit limits) cash credit
limits of Inland Road Transport Private Limited.  The outlook on
the long-term rating is stable.  ICRA has also re-affirmed the
'A4' rating to the INR10.00 crore (enhanced from INR8 crore) non-
fund based bank limits of IRTPL.  Of the INR10 crore non-fund
based limits, ICRA had rated INR2 crore on a long-term scale in
September 2009, as per the request of the company.

The ratings take into consideration the company's wide network
along with adequate storage facilities spread across India, its
conservative capital structure and comfortable levels of coverage
indicators and experience of the promoters in the road
transportation business.  The ratings also factor in the intense
competition from both the organized and unorganized sector, high
dependence on hired vehicles that exposes the company to
fluctuations in freight rates and the availability of trucks in
the hire market, although it enables the company to follow asset-
light strategy and adjust quickly to market conditions.  High
working capital intensity of the business attributable to extended
credit terms offered to its corporate clients results in stretched
cash flows.  Although financial support from the group eases the
liquidity pressure to a certain extent, going forward, the ability
of the company to grow its business profitably and manage its
working capital requirement effectively would remain a rating
sensitivity.

ICRA also notes that substantial capital expenditure (capex)
planned by a group company named Inland Power Limited exposes the
overall group to project related risks.  IRTPL is proposed to have
around 26% of the equity ownership of IPL, besides extending a
large corporate guarantee to the latter, which would strain the
company's liquidity position and impact its financial risk profile
adversely.

                         About Inland Road

IRTPL is promoted by the Kolkata-based Somani family.
Incorporated in 1982, the company has been primarily engaged in
the transportation of goods by road.  The company has a wide
network of around 150 branches spread across India.

Recent Results

For the year ended FY 2010, the company reported a net profit
after tax (PAT) of INR7.72 crore on the back of net sales of
INR422.63 crore as against a PAT of INR3.52 crore on net sales of
INR351.15 crore in FY 2009.


JOHAL & CO: CRISIL Reaffirms 'BB' Rating on INR250MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Johal & Co (Wine sales)
Pvt Ltd continues to reflect JCPL's moderate financial risk
profile, marked by weak debt protection metrics.

  Facilities                         Ratings
  ----------                         -------
  INR250 Million Cash Credit         BB/Stable (Reaffirmed)

The ratings also factor in JCPL's exposure to risks related to
working-capital-intensive operations and implementation of
projects.  These rating weaknesses are partially offset by the
benefits that MDPL derives from its promoters' experience and from
its established position in the liquor distribution business.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of Johal & Co (Wine sales) Pvt Ltd, Madhusala Drinks
Pvt Ltd, R G Shaw and Sons Pvt Ltd and Madan Wine Stores Pvt Ltd.
This is because these entities, collectively referred to as the
Johal group, are under a common management, and have strong
operational and financial linkages among them.

Outlook: Stable

CRISIL believes that the Johal group will continue to benefit over
the medium term from its healthy distribution network and its
promoters' experience in the Indian-manufactured foreign liquor
(IMFL) distribution business.  The outlook may be revised to
'Positive' if the group scales up its operations, and improves its
profitability sustainably.  Conversely the outlook may be revised
to 'Negative' if the group's profitability declines considerably,
or if significant project implementation delays result in
deterioration in the group's financial risk profile.

                         About Johal & Co

The Kolkata-based Johal group primarily manufactures and trades in
IMFL, exclusively for United Spirits Ltd and United Breweries Ltd
(UB group) and accounts for almost 45 per cent of sales of UB
Group's sales in West Bengal.  Mr. Joginder Singh Johal and his
brothers, Mr. Surjit Johal and Mr. Devinder Johal, founded the
group in Dhanbad in 1971 in the form of a partnership concern,
Johal & Co.  In 1979, the firm was converted into a private
limited company, JCPL, and the operations were shifted to Kolkata.
In 2007, MDPL was acquired to undertake contract manufacturing of
IMFL. Currently, the business is looked after by the second
generation of promoters, Mr. Sarbjit Johal and Mr. Maninder Johal.
Other group companies, RGSSPL and MWSPL also trade in IMFL.

The group reported a provisional profit after tax (PAT) of INR71
million on net sales of INR 5282 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR 48
million on net sales of INR 4156 million for 2008-09.


KEYA INTERNATIONAL: ICRA Reaffirms 'LBB-' Rating on INR.67cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the LBB- rating to the INR 0.67 crore term
loans (reduced from INR 0.92 crore), and INR 1.00 crore fund based
facilities of Keya International.  The outlook on the long-term
rating is stable.  ICRA has also reaffirmed the A4 ratings to the
INR 3.20 crore (reduced from INR 3.8 crore) fund based and
Rs. 0.20 crore (reduced from INR 0.30 crore) non-fund based
facilities of the firm.  These apart, ICRA has withdrawn the A4
rating assigned to INR 0.50 crore non-fund based facilities of the
firm.

The reaffirmation of the ratings takes into consideration Keya's
small scale of operations, resulting in limited flexibility in
controlling its pricing/cost structure, amidst the intense
competition in the readymade garments industry.  The ratings also
continue to be constrained by Keya's high customer concentration,
which exposes it to loss of revenues in the event of a decline in
orders from any single customer.  Nevertheless, the ratings are
supported by the considerable experience of the promoters' in the
knitwear business developed over a period of two decades, Going
forward, a merger of Keya with its group companies as planned
would streamline the operations of the group and help achieve
better competitive ability.

                          About Keya Int'l

Keya is a partnership firm engaged in the manufacture of readymade
knitted garments.  Keya started its operations in 1994 and is
primarily involved in the export of readymade garments (RMG). The
present partners of Keya  are Mr. Govind Agarwal, Dr. (Mrs.) Ranna
Agarwal and Govind Agarwal.  Keya has its manufacturing facilities
in Bangalore with estimated garmenting capacity of 1500-2000
pieces per day.

Keya reported a PAT of INR0.89 crore on an operating income of
INR19.19 crore in 2009-10 as against a PAT of INR0.79 crore on an
operating income of INR22.7 crore in 2008-09.


MADHUSALA DRINKS: CRISIL Reaffirms 'BB' Rating on INR50.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Madhusala Drinks Pvt
Ltd's continues to reflect MDPL's moderate financial risk profile,
marked by weak debt protection metrics.  The ratings also factor
in MDPL's exposure to risks related to working-capital-intensive
operations and implementation of projects.  These rating
weaknesses are partially offset by the benefits that MDPL derives
from its promoters' experience and from its established position
in the liquor distribution business.

  Facilities                       Ratings
  ----------                       -------
  INR140 Million Cash Credit       BB/Stable (Reaffirmed)
  INR50.5 Million Term Loan        BB/Stable (Reaffirmed)
  INR207 Million Proposed LT
                    Facility       BB/Stable (Reaffirmed)
  INR2.5 Million Bank Guarantee    P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the financial
risk profiles of Johal & Co (Wine sales) Pvt Ltd, Madhusala Drinks
Pvt Ltd, R G Shaw and Sons Pvt Ltd and Madan Wine Stores Pvt Ltd.
This is because these entities, collectively referred to as the
Johal group, are under a common management, and have strong
operational and financial linkages among them.

Outlook: Stable

CRISIL believes that the Johal group will continue to benefit over
the medium term from its healthy distribution network and its
promoters' experience in the Indian-manufactured foreign liquor
(IMFL) distribution business.  The outlook may be revised to
'Positive' if the group scales up its operations, and improves its
profitability sustainably.  Conversely the outlook may be revised
to 'Negative' if the group's profitability declines considerably,
or if significant project implementation delays result in
deterioration in the group's financial risk profile.

                       About Madhusala Drinks

The Kolkata-based Johal group primarily manufactures and trades in
IMFL, exclusively for United Spirits Ltd and United Breweries Ltd
(UB group) and accounts for almost 45 per cent of sales of UB
Group's sales in West Bengal.  Mr. Joginder Singh Johal and his
brothers, Mr. Surjit Johal and Mr. Devinder Johal, founded the
group in Dhanbad in 1971 in the form of a partnership concern,
Johal & Co.  In 1979, the firm was converted into a private
limited company, JCPL, and the operations were shifted to Kolkata.
In 2007, MDPL was acquired to undertake contract manufacturing of
IMFL. Currently, the business is looked after by the second
generation of promoters, Mr. Sarbjit Johal and Mr. Maninder Johal.
Other group companies, RGSSPL and MWSPL also trade in IMFL.

The group reported a provisional profit after tax (PAT) of INR71
million on net sales of INR 5282 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR 48
million on net sales of INR 4156 million for 2008-09.


MAHI GRANITES: CRISIL Assigns 'BB-' Rating to INR55MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Mahi Granites
Pvt Ltd's bank facilities.

  Facilities                        Ratings
  ----------                        -------
  INR55.00 Million Term Loan        BB-/Stable (Assigned)
  INR360.00 Million EPC/PCFC        P4+ (Assigned)
  INR85.00 Million Foreign Letter   P4+ (Assigned)
                        of Credit

The ratings reflect MGPL's below-average financial risk profile,
marked by high gearing levels and large working capital
requirements.  The ratings also factor in the company's
geographically concentrated revenue profile, and susceptibility of
its margins to fluctuations in the value of the Indian rupee and
in raw material prices.  These rating weaknesses are partially
offset by the experience of MGPL's promoters in the granite
industry.

Outlook: Stable

CRISIL believes that MGPL will continue to benefit over the medium
term from its promoters' experience in the granite industry.  The
outlook may be revised to 'Positive' if MGPL scales up its
operations, while diversifying its revenue profile geographically,
and improves its financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if MGPL faces significant pressures
on its revenues and profitability, there are considerable delays
in realisation of receivables, or it undertakes a more-than-
expected, debt-funded capital expenditure programme, weakening its
financial risk profile.

                         About Mahi Granites

Set up in August 2004 by Mr. G Krishna Rao, MGPL processes and
exports granite slabs.  It is a 100 per cent export-oriented unit
based in Hyderabad.  Its operating plant at Shivampet (Andhra
Pradesh) has an annual processing capacity of 250,000 square
metres of granite slabs.  It has four operating mines, of which
two are owned, with the mining area spanning across 50 acres in
the Ranga Reddy and Karimnagar districts of Andhra Pradesh.

MGPL, on a provisional basis, reported a profit after tax (PAT) of
INR44 million on net sales of INR492 million for 2009-10 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR19 million on net sales of INR522 million for 2008-09.


PUNDRIK TEXTILE: ICRA Assigns 'LBB' Rating to INR25.82cr LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 25.82 crore long-term
loan (including unallocated limit of INR 1.82 crore) and
Rs. 10.00 crore long term fund-based limits of Pundrik Textile
Mills Private Limited.  ICRA has assigned stable outlook to the
rating.  ICRA has also assigned 'A4' rating to INR 2.20 crore non-
fund based limits of PTML.

The ratings take into account the current upturn in the cotton
spinning industry, improved business prospects, and moderate
financial risk profile.  The ratings are however constrained by
PTML's small scale of operations, limited product profile,
vulnerability to raw material price and highly competitive nature
of business.  The spinning business is a highly competitive and
commoditized nature of yarn coupled with fragmented industry
structure leads to limited pricing power thereby keeping
profitability margins under pressure.  The company has high
customer concentration risk with top two customers accounting for
79% of sales during 2009-10.  Although the market for the product
is large, loss of customer can lead to short term inventory build-
up.  The company is planning to increase its installed spinning
capacity from 13,200 spindles to 28,000 spindles at an investment
of ~Rs. 45 crore.  The capital expenditure is proposed to be
financed in debt equity ratio of 3:1 which is likely to
significantly increase the indebtedness and leverage of the
company.

While ICRA expects PTML's gearing to increase with commencement of
spinning project, lower than expected cash accruals, higher debt
funded capital structure and fall in operating profit margin would
be the key rating sensitivity.

                       About Pundrik Textile

Pundrik Textile Mills Private Limited is a Ludhiana based spinning
mill engaged in manufacturing cotton and polyester blended yarn.
The company was started in 2005 and commenced manufacturing
in 2006-07 with an installed capacity of 13,200 spindles capable
of producing 3600 tons of yarn at an average 25 count.  The
company is a part of Suvidhi Group engaged in garmenting, label
manufacturing and spinning (through PTML).


RAJAVE TEXTILES: CRISIL Assigns 'BB-' Rating to INR220.8M LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Rajave
Textiles Pvt Ltd's bank facilities.

  Facilities                           Ratings
  ----------                           -------
  INR220.8 Million Long-Term Loan      BB-/Stable (Assigned)
  INR220.0 Million Cash Credit         BB-/Stable (Assigned)
  INR20.00 Million FDBN/FDBP/FDBD      BB-/Stable (Assigned)
  INR100.0 Million Proposed Long-Term  BB-/Stable (Assigned)
                   Bank Loan Facility

  INR140.0 Million Letter of Credit    P4+ (Assigned)
  INR10.5 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect RTPL's below-average financial risk profile,
marked by weak capital structure and debt protection measures, and
exposure to risks related to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
RTPL derives from its promoter's experience in the textile
industry, and moderate operating capabilities.

Outlook: Stable

CRISIL believes that RTPL will maintain its business profile over
the medium term on the back of its promoter's experience in the
textile industry.  The outlook may be revised to 'Positive' in
case of significant improvement in RTPL's scale of operations,
sustained profitability, and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if RTPL
undertakes any large debt-funded capital expenditure or its
profitability declines significantly, thereby deteriorating its
financial risk profile.

                        About Rajave Textiles

Incorporated in 1995 by Mr. S Ravindran, RTPL manufactures cotton
yarn and has a spinning capacity of 24,048 spindles.  The
company's spinning mill is located at Coimbatore in Tamilnadu.RTPL
manufactures cotton yarn of various counts between 18s to 40s. Its
product range consists of semi-combed hosiery yarn, super-combed
hosiery yarn, organic cotton yarn, and dyed yarn.

RTPL reported a profit after tax (PAT) of INR6 million on net
sales of INR688 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR3 million on net sales of
INR602 million for 2008-09.


RIDDHI SIDDHI: ICRA Assigns 'LB+' Rating to INR35cr Term Loans
--------------------------------------------------------------
ICRA has assigned the long-term rating of 'LB+' to the INR 35
crore term loans of Riddhi Siddhi Infraprojects (P) Limited.

The rating is constrained on account of the limited track of the
company in the real estate sector, existence of execution and
market risks since most of the projects are in construction phase
and a large proportion of the area is still un-booked.
Additionally, the rating takes into account RSI's weak capital
structure and significant debt repayments due in the short to
medium term which exposes the company to re-financing risk.  The
rating, however, derives comfort from the low approval risks for
the ongoing projects, and continuous support from the promoters in
the form of advances.  Going forward, timely sale/lease of the
remaining area and realization of advances from customers will be
the key rating sensitivity.

Riddhi Siddhi Infraprojects (P) Limited was incorporated in 2007
to undertake real estate development activities.  The company,
that is closely held, was promoted by Mr. Mahendra Kumar Tak,
who also has business interests in the liquor business, royalty
collection contracts and toll collection contracts in Rajasthan
region.  Mr. Shyam B. Gupta and Mr. Saurabh Tak are involved in
the day to day management of the company.  The company has six
projects under construction in Udaipur and Jaipur region with
another two recently launched in Jammu & Kashmir.  Currently, the
company is developing about 3.2 million square feet of area and
moving forward, the company has aggressive plans to expand its
operations across India.


SUVIDHI WEAVERS: ICRA Assigns 'LBB+' Rating to INR3.83cr LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR 3.83 crore long-term
loan including unallocated limit of INR 0.88 crore) and INR 4.00
crore long term fund-based limits of Suvidhi Weavers Limited.
ICRA has assigned stable outlook to the rating.  ICRA has also
assigned 'A4+' to INR 0.37 crore non-fund based limits of SWL.

The ratings take into account diversified revenue streams within
textiles business spread across t-shirt sales, label
manufacturing, job work, its well known t-shirt brand Fahrenheit
and healthy financial risk profile marked with low gearing and
positive cash accruals in the last few years.  The ratings are
however constrained by increasing yarn prices which is major raw
material for SWL, high customer concentration where in top
customers accounts for 34% of sales, relatively large capital
expenditure planned for the proposed spinning unit.  The
investment of -INR90 crore in the spinning unit is proposed to be
debt financed in the 3:1 ratio which is likely to significantly
increase the indebtedness of the company.

While ICRA expects SWL's gearing to increase with commencement of
spinning project, lower than expected cash accruals, higher debt
funded capital structure and fall in operating profit margin would
be the key rating sensitivity.

                        About Suvidhi Weavers

Suvidhi Weavers Limited is a Ludhiana based company engaged in
manufacturing and selling woven abels and men's T-shirts and
undertakes job work for dyeing.  The company was started in 1993
for manufacturing woven neck-labels and added dyeing facilities
for yarn and fabric in 1998. The company started making T-shirts
in 2002 and sells under the brands 'Fahrenheit' 'Celsius' and
'Woodbridge'.


VIJAY SHIP: ICRA Assigns 'LBB' Rating to INR2.5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 2.50 crore cash
credit facility of Vijay Ship Breaking Corporation.  The outlook
for the rating is stable. ICRA has also assigned an "A4" rating to
the INR 21.98 crore, short-term, non-fund based facilities of
VSBC.

The ratings are constrained by the volatility which is associated
with the business of the firm as the prospects of ship breaking
business are dependent on the international shipping business
fundamentals; the small size of operations, weak profitability of
the firm and its vulnerability to fluctuations in steel prices.
The operations are also working capital intensive. VSBC being a
partnership concern, any significant withdrawals from the capital
account would affect the capital structure of the firm.

The ratings have positively considered the long standing presence
of promoter in the ship breaking business, its favorable capital
structure and promising outlook for the ship breaking industry in
the near future.

                         About Vijay Ship

Vijay Ship Breaking Corporation is a partnership firm incorporated
in 1985 and is engaged in ship breaking activities.  The partners
of the firm have been associated with the Ship Breaking business
since 1983.  VSBC operates from Plot No. 64 at Alang-Sosiya Ship
breaking Yard, Bhavnagar, Gujarat on a lease basis. The area of
the plot is 2790 sq meters and is 60 meters in length.

Recent Results

During FY 2010, VSBC reported an operating income of INR 23.14 Cr.
and profit after tax of INR 0.86 Cr.


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


SUHYUP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has decided to affirm Suhyup Bank's
ratings after assessing the effects of an apparent deterioration
in asset quality.

The ratings are:

  -- Global local and foreign currency deposit ratings: A2/Prime-1
  -- Foreign currency senior unsecured debt rating: A2/Prime-1
  -- Foreign currency subordinate/junior subordinate ratings: A3
  -- Bank Financial Strength Rating: D-
  -- Baseline Credit Assessment: Ba3

All these ratings continue to carry a negative outlook, except the
Prime-1 short-term ratings.

This announcement follows a re-evaluation of the bank's financial
metrics, prompted by a sharp spike in its problem loans during the
second and third quarters of 2010.

Its NPL ratio -- defined as the proportion of loans classified as
substandard and below -- deteriorated to 4.6% at September 2010
from 2.15% at March 2010, as a result of the restructuring,
throughout the banking industry, of construction companies in 2Q10
and project financing loans in 3Q10.

"The rating affirmation reflects Moody's view that Suhyup Bank's
financial metrics are still within D- BFSR band," says Youngil
Choi, a Moody's VP-Senior Analyst.

"However, the metrics have deteriorated to the lower end of the
band.  The ratio of precautionary and below loans has deteriorated
to 86% of Tier 1 capital plus loan loss reserves.  A downgrade of
Suhyup's ratings would be likely if this ratio were to deteriorate
to more than 100%," says Choi.

In Moody's view, the bank's earnings and asset quality are likely
to remain sluggish for the next several quarters, given its
relatively high credit exposure to riskier obligor segments and
inadequate level of loan-loss provisioning.

Loans to property projects and the construction industry -- which
have been suffering from over-supply problems -- are estimated at
over 9% of total loans, one of the highest levels for Korean
banks.

Moreover, Suhyup Bank's plan to improve asset quality through the
sales or write-offs of NPLs is likely to affect its earnings
negatively, given low loan loss provisioning levels.  For example,
its NPL coverage ratio -- defined as the ratio of loan loss
reserve to NPLs -- deteriorated to about 70% at September 2010
from about 140% at end-2009.

Accordingly, its annualized return on assets -- which improved to
0.46% for the first nine months of 2010 from 0.31% a year ago --
are likely to be affected negatively.

The Tier 1 ratio also slightly deteriorated to 7.48% at September
2010 from 7.54% at end-2009 (5.95% in 2008), mainly because of
asset growth and modest earnings.

The last rating action on Suhyup was taken on February 11, 2010
when its foreign currency junior subordinated debt rating was
confirmed at A3 with a negative outlook

Suhyup Bank -- one of five specialized banks in Korea charged with
public policy functions -- plays the policy role of providing
financing and support for the development of Korea's fisheries and
maritime industries.  National Federation of Fisheries
Cooperatives, as a sole legal entity, runs three business units:
Suhyup Bank (or the credit business unit), the economy business,
and the guidance business.  However, the bank separates its
management, operations, and assets and liabilities from the other
business units of the NFFC, as Article 138-5 and 164 of the
Fisheries Cooperative Law -- charter for NFFC -- require it to do
so.  The bank, established in 1962, had assets of KRW19.7 trillion
(about US$17 billion) as of September 30, 2010.


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


EON BANK: Moody's Reviews 'D' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service is continuing its review for possible
upgrade the Baa2/P-3 foreign currency long-term/short-term deposit
ratings and D Bank Financial Strength Rating of EON Bank Berhad,
which maps to a Ba2 baseline credit assessment.

The rating review was initiated on April 7, 2010 following EON
Capital's Board decision to call an extraordinary general meeting
to seek shareholder approval of the proposed acquisition of its
assets and liabilities by Hong Leong Bank (A3/P-1/C-).  The rating
review was later extended on August 23 2010 due to the
postponement of the EGM to September 30 2010.

EBB is the main asset of EON Capital.

"The extension of the review of EBB's ratings is due to the
delayed consummation of the proposed deal," says Karolyn Seet, a
Moody's Assistant Vice President.

"The proposed deal has been deferred because on November 27, HLB,
for the second time, extended its deadline to April 30, 2011, from
November 30, 2010, for EON Capital Bhd to accept its RM5.06
billion takeover offer.

Contributing to the delay is Primus Pacific Limited -- EON
Capital's largest shareholder -- which had in October filed a
summons with the High Court asking that resolutions reached at a
September 27, 2010 shareholders meeting be declared null and void,
citing technicalities.

EON Capital will only know on January 19, 2011, if the
shareholders' vote in favor of HLB's takeover stands," says
Ms. Seet.

"Separately, issues also remain involving another lawsuit filed
against certain shareholders and directors of EON Capital by
Primus Pacific Limited.  The hearing of this case is still ongoing
with the next session scheduled to resume in February 2011.

Moody's notes that all other necessary shareholder and regulatory
approvals have already been granted," adds Ms. Seet.

In extending the ratings review, Moody's is not expressing a
judgment regarding the merits of the outstanding lawsuits.  The
review for possible upgrade is underpinned by Moody's view that
the proposed acquisition, if successful, would be credit positive
for EBB as it would become part of a larger and more systemically
significant bank.

The merger of the two banks would move them from their current
positions to the fourth largest in the system.  Currently, in
terms of asset size, EBB is the seventh largest and HLB is the
sixth largest of nine local banks in Malaysia.

Furthermore, EBB would likely benefit from HLB's comfortable
funding and asset quality; a situation which would collectively
mitigate the risk of a weakening of capital post-acquisition.

If the proposed deal is called off, EBB's ratings would likely be
confirmed with a stable outlook, all else being equal.

Moody's expects to conclude on the review for upgrade once there
is greater clarity on the outcome of the proposed acquisition.

The last rating action on EBB was taken on August 23, 2010 when
its foreign currency long-term/short-term ratings of Baa2/P-3 and
BFSR of D was placed on review for possible upgrade.

EBB, headquartered in Kuala Lumpur, reported consolidated assets
of RM46.6 billion as at December 31, 2009.


GOPENG BERHAD: Classified as Affected Listed Issuer Under PN17
--------------------------------------------------------------
Gopeng Berhad is now listed as a Practice Note 17 Company based on
the criteria set by the Bursa Malaysia Securities Bhd.

Gopeng Berhand said in a disclosure statement with the bourse that
the PN17 criterion was triggered following the completion of the
sale of the Company's 35.16% equity interest in Perak-Hanjoong
Simen Sdn Bhd to YTL Cement Berhad for MYR200 million on
December 10, 2010.  The completion of the sale would result in the
Company ceasing its major business as more than 70% of the
Company's revenue on a consolidated basis, based on the audited
annual or unaudited financial statements, were from PHSSB.

As a listed Company under the PN17 of the Bursa Securities, Gopeng
Berhad is required to submit a reform plan to regularize its
financial condition.  The plan will be submitted for approval to
the Securities Commission and other relevant authorities.  In the
event the Company fails to comply with all the provisions of
PN 17, Bursa Securities may commence delisting proceedings against
the Company.

                        About Gopeng Berhad


Gopeng Berhad (KUL:GOPENG) is a Malaysia-based engaged in the
cultivation of oil palm, investment holding and property
development.  The Company operates in four segments: property
development, which is engaged in the development of residential
and commercial properties; plantation, which is engaged in the
cultivation of oil palm; manufacturing, which is engaged in the
manufacturing of cement, clinker and investment holding, and
others, which is engaged in the maintenance and management of
water treatment plants and dormant companies.


LINEAR CORP: Default Notice Served on District Cooling
------------------------------------------------------
Notice pursuant to Section 218 of the Companies Act, 1965, has
been served on District Cooling Systems Sdn. Bhd., a wholly owned
subsidiary, by Tunku Munawwir, Chin & Solomon.

The debt of MYR625,000, which has been disputed by District, owing
to Tunku Munawwir is with regard to the creditor's invoice dated
April 30, 2010.  The debts are unsecured and District will
challenge the debts in Court.

The default notice will have no financial and operational impact
on the Group.  District is seeking legal recourse against Tunku
Munawwir with regard to the 218 Notice.

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


LINEAR CORP: HSBC Bank Serves Writ of Summons Against Unit
----------------------------------------------------------
BAC Cooling Technology Sdn. Bhd, a 70% owned subsidiary of Linear
Corporation Berhad, has been served a Writ of Summons and a
Statement of Claim by HSBC Bank Malaysia Berhad.

The Writ of Summons dated October 18, 2010, and the Statement of
Claim dated October 14, 2010, were received by the Company on
December 10, 2010.  BAC and the Company had eight days from the
date of receipt of the Writ of Summons to serve the appearance.
BAC is not a major subsidiary of Linear and the total cost of
invest of Linear in BAC is MYR1.73 million.

HSBC Bank is claiming for:

   * MYR106,904.50 as at August 18, 2009, due under the Overdraft
     Facility together with an interest rate of 1.5% per annum at
     daily rest basic for the said OD has been used and additional
     interest rate of 1.0% per annum with effect from August 19,
     2009, until the date of full settlement;

   * MYR111,281.87 as at August 18, 2009, for Bankers Acceptance
     Facility together with an accumulated interest amounting to
     MYR110,000 at 3.5% per annum for the said BA has been used
     with effect from August 19, 2009, until the date of full
     settlement; and

   * MYR509,803.99 as at August 18, 2009, for Bankers Acceptance
     Facility together with an accumulated interest amounting to
     MYR110,000 at 3.5% per annum for the said BA has been used
     with effect from August 19, 2009, until the date of full
     settlement.

These banking facilities were guaranteed by Linear via the Letter
of Guarantee dated November 28, 2000.

The filing of the Writ of Summons is a result of the alleged
default in payment for the banking facilities.

The Company will take immediate steps to resolve the matter
amicably with HSBC by negotiating a deferred payment plan.

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


RAMUNIA HOLDINGS: Posts MYR32.56MM Net Income in Qtr Ended Oct. 31
------------------------------------------------------------------
Ramunia Holdings Berhad disclosed in a filing with the Bursa
Malaysia Securities Berhad its unaudited financial results for the
quarter ended October 31, 2010.

The Company posted net income of MYR32.56 million for the three
months ended October 31, 2010, compared with a net loss of
MYR7.79 million for the same period in 2009.

For the current year quarter, the Company registered revenue of
MYR992,000 as compared to MYR31.04 million in the preceding
year corresponding quarter.

As of October 31, 2010, Ramunia's balance sheet showed total
assets of MYR195.67 million, total liabilities of MYR28.47 million
and total stockholders' equity of MYR167.19 million.

A full-text copy of the Company's Quarterly Report is available
for free at: http://ResearchArchives.com/t/s?70ef

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


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


HANOVER FINANCE: High Court Freezes Ex-Director's Assets
--------------------------------------------------------
The High Court, on application from the Securities Commission, has
granted a freezing order with respect to New Zealand assets
believed to be associated with former Hanover director Mark
Hotchin.

The application was granted without notice to Mr. Hotchin on
December 10, 2010.  Mr. Hotchin intends to apply to revoke these
orders.  A hearing in that respect is expected in February 2011.

"The action was taken under sections 60G and 60H of the Securities
Act with a view to ultimately freezing sufficient property and
assets of Mark Hotchin to meet any civil claims that may be
brought by investors," the Commission said.

Any such claims would relate to those who invested in Hanover
Finance, Hanover Capital and United Finance on the basis of any
disclosure documents that are proved to have included untrue
statements.

"The Commission decided to take this action against Mr. Hotchin
after deciding it was in the public interest to do so, enabling us
to preserve assets from being sold or transferred" said Securities
Commission Chairman Jane Diplock.

The Commission said the move is a purely preventive measure that
is in no way indicative of civil or criminal liability.  The
Commission's investigation has not concluded.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.  Chairman David Henry
said the Allied Farmers' proposal would exchange investors Hanover
Finance's secured deposits and subordinated notes, United
Finance's secured deposits, and Hanover Capital bonds for listed
shares in Allied Farmers issued at market value.

Hanover Finance said in November 2009 that it is no longer likely
to fully repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market.
Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to the New Zealand
Herald.

In December 2009, Hanover investors voted in favor of the Allied
Farmers proposal.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


OYSTER BAY: Delegat's Offer Now Unconditional
---------------------------------------------
The National Business Review reports that Delegat's Wine Estate's
offer for Oyster Bay Marlborough Vineyards Ltd. has reached 90% by
Wednesday's deadline and is now unconditional.

The Business Review says Delegat's owned 54.9% of Oyster Bay
before launching a takeover offer, and has raised the price of its
bid to NZ$2.08 a share from NZ$1.80.

According to the Business Review, Oyster Bay shareholders were
warned that a substantial rights issue may have been required if
the offer fell short of 90%, to satisfy bankers who granted a
waiver for a breach of banking covenants until the end of
December.

As reported in the Troubled Company Reporter-Asia Pacific on
October 19, 2010, Bloomberg News said Delegat's Group Ltd. plans
to make a takeover offer for 45% of Oyster Bay that it doesn't
already own.  Delegat's, which holds 54.9 percent of Oyster Bay,
said it will offer NZ$1.80 a share, or alternatively one of its
shares for one Oyster Bay share.  The bid would cost NZ$7.3
million if settled in all cash.

Bloomberg News said Oyster Bay, which grows grapes and supplies
them to Delegat's, in June said it was seeking advice on the most
efficient capital structure.  The company is in breach of its
banking covenants because of a slump in grape prices and is
operating under a waiver from its lenders.

                           About Oyster Bay

Oyster Bay Marlborough Vineyards Limited (NZE:OBV) --
http://www.obmvl.co.nz/-- produces grapes in New Zealand.  The
company's vineyards are located in the Marlborough region within
New Zealand.  At June 30, 2008, the company had approximately 539
productive hectares of land.  During the fiscal year ended
June 30, 2008, the company harvested approximately 7,193 tons of
grapes.  The company owns three vineyard properties: Oyster Bay
State Highway 63 vineyard, Oyster Bay Fault Lake and Oyster Bay
Wairau River.


PIKE RIVER: Long Wait Tipped for Firm Insurance Money
-----------------------------------------------------
Radio New Zealand reports that industry sources revealed that Pike
River Coal could be in for a long wait to get its hands on
insurance money that is its only real asset.

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said 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 related that Pike River Chairman
John Dow said that its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.

According to Radio New Zealand, Pike River Coal said it has NZ$100
million of business interruption insurance.  However, the report
relates, sources in the insurance industry said that this sort of
money is only paid out after careful investigation to ensure the
conditions of the policy were met.

In this case, assessors would be unable to investigate a wrecked
and dangerous coal mine and would rely on Royal Commission of
Inquiry to provide answers, Radio New Zealand says.  The report
relates that this could take months or even years, and would
require Pike River Coal to show it matched best practice for the
industry.

On the other hand, the report notes, if the commission cannot say
what caused the explosion, the insurers would definitely pay up,
Radio New Zealand discloses.

The report adds that Pike River Coal's secured creditors would
have first claim on that money.

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.


SOUTH CANTERBURY: Receivers to Sell Dairy Holdings Stake
--------------------------------------------------------
Jason Krupp at BusinessDesk reports that South Canterbury
Finance's receiver has reached an agreement with four shareholders
of Dairy Holdings to put their 62.5% stake in the South Island
farming group up for sale.

BusinessDesk relates that McGrathNicol said the shareholders
include South Canterbury Finance which owns a 33.6% stake, three
U.S. investors who control 25% in the company, and Humphrey
Rolleston with a 3.9% holding.

Mr. Rolleston said the sale builds on the work already done over
the past two months to sell his interests and those of the U.S.
investors, and the addition of SCF's majority stake is likely to
be more attractive to a broader range of parties.  Mr. Rolleston
was a long-time collaborator with Timaru businessman Allan Hubbard
until 2004, BusinessDesk notes.

The deal's expected to be completed before Christmas.

SCF bought its stake in Dairy Holdings from Alan Hubbard's
Southbury Group two years ago for $76 million, which operates 56-
dairy units

South Canterbury receiver Kerryn Downey said it's possible a
bigger stake in Dairy Holdings could ultimately be sold depending
on whether other shareholders were willing to sell their stakes.

First NZ Capital has been appointed to act with investment bank
Murray & Company as joint sale advisers for the deal.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


                             *********

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
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thereof are US$25 each.  For subscription information, contact
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