TCRAP_Public/101222.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                       A S I A   P A C I F I C

           Wednesday, December 22, 2010, Vol. 13, No. 252

                             Headlines


A U S T R A L I A

BNY TRUST: Moody's Assigns Long Term Ratings on Various Classes
CENTRO PROPERTIES: Gets Indicative Bids for AU$13.5-Bil. Assets
CORPORATE RESPONSE: ASIC Bans Director For Three Years
RIVERCITY MOTORWAY: Still Awaiting Decision on Standstill Deal
ULTRAPAY LIMITED: Supreme Court of Victoria Orders Wind Up

WESTPOINT GROUP: Court Approves AU$1-Million Compensation Deal


C H I N A

UTSTARCOM INC: Thomas Toy Elected Class I Director


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
M M K METAL: Creditors' Proofs of Debt Due January 17
MASTERCARD ADVISORS: Seng and Lo Appointed as Liquidators
MAXXIUM CHINA: Send and Lo Step Down as Liquidators
MRO SOFTWARE: Chan and Ho Step Down as Liquidators

STARBAY DESIGNS: Briscoe and Chan Appointed as Liquidators
SUN CHEER: Court Enters Wind-Up Order
TAIFUNG ASIA: Court Enters Wind-Up Order
TECHFUL INTERNATIONAL: Pang Lai Yan Appointed as Liquidator
TOPPER INVESTMENT: Commences Wind-Up Proceedings

VIGO HOLDINGS: Commences Wind-Up Proceedings
WELLA HK: Commences Wind-Up Proceedings
WELY ASSOCIATE: Creditors Get 0.053% Recovery on Claims
YEE TAT: Chan Yiu Hang Appointed as Liquidator


I N D I A

ASSRM & CO: CRISIL Rates INR50.00 Million Cash Credit at 'BB'
BALA BALAJEE: CRISIL Reaffirms 'B' Rating on INR200MM Term Loan
INDERDEEP CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR23M LT Loan
MARUTI METAL: CRISIL Assigns 'BB-' Rating to INR10 Million LT Loan
NARAINGARH SUGAR: CRISIL Reaffirms 'C' Rating on INR530MM Credit

REFRACAST METALLURGICALS: CRISIL Reaffirms 'BB-' Rating on Credit
SARVHIT TRUST: CRISIL Assigns 'B+' Rating on INR305MM LT Loan
SARANYA SPINNING: CRISIL Reaffirms 'B' Rating on INR292.5M LT Loan
SHREE ASHTAVINAYAK: CRISIL Puts 'BB+' Rating to INR40MM LT Loan
SRC UDYOG: CRISIL Places Ratings on 'Notice of Withdrawal'

SRI ANNAI: CRISIL Rates INR50 Million Cash Credit at 'BB'
STATE BANK: Fitch Affirms 'BB-' Rating on Hybrid Tier 1 Bonds
TURBO IMPEX: CRISIL Cuts Rating on INR5 Million LOC to 'B+'
TURBO INDUSTRIES: CRISIL Cuts Rating on INR95M Cash Credit to 'B+'
TURBO TOOLS: CRISIL Downgrades Rating on Various Debts to 'B+'

VISION SPONGE: CRISIL Reaffirms 'BB+' Rating on INR596.5MM LT Loan
VIZAG COMPANY: CRISIL Assigns 'BB-' Rating to INR120MM Cash Credit


I N D O N E S I A

BUKIT MAKMUR: Fitch Affirms 'BB-' Issuer Default Rating


K O R E A

HYUNDAI ENG'G: Creditors Scrap Takeover Deal with Hyundai Group


N E W  Z E A L A N D

FIVE STAR: Auckland Court Sends Two Directors to Jail
STITCH MINISTRY: Decides to Shut Business Due to Tough Market


V I E T N A M

VIETNAM SHIPBUILDING: Still Awaits Creditors' Nod to Defer Debt


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


BNY TRUST: Moody's Assigns Long Term Ratings on Various Classes
---------------------------------------------------------------
Moody's Investors Service has assigned these definitive long-term
ratings to notes issued by BNY Trust Company of Australia Limited
as Trustee of Bella Trust Series 2010-2.

Issuer: Bella Trust Series 2010-2

  -- AU$87M Class A1 Notes, Definitive Rating Assigned P-1 (sf)
  -- AU$321M Class A2 Notes, Definitive Rating Assigned Aaa (sf)
  -- AU$58.5M Class B Notes, Definitive Rating Assigned Aa2 (sf)
  -- AU$11M Class C Notes, Definitive Rating Assigned A2 (sf)
  -- AU$4M Class D Notes, Definitive Rating Assigned Baa1 (sf)
  -- AU$7M Class E Notes, Definitive Rating Assigned Ba1 (sf)

The AU$11.5 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.  The last rating action
was on December 6, 2010 when the provisional ratings were
assigned.

The transaction is a securitization of a portfolio of Australian
auto loans extended to individual and small business obligors.
All loans are secured by motor vehicles and originated by Capital
Finance Australia Limited, a wholly owned subsidiary of Lloyds
International Pty Limited.

                        Ratings Rationale

From both a collateral pool composition as well as transaction
structure perspective, Bella Trust Series 2010-2 ("Bella 2010-2")
is similar to CFAL's previous securitisations issued in December
2009 and July 2010.  The pool includes a relatively low proportion
of receivables backed by used vehicles (36.5%).  This is a
positive feature of the transaction, given that contracts secured
by used cars have historically experienced higher default rates as
well as lower recoveries compared to contracts taken out to
finance new cars.

The deal is exclusively backed by motor vehicles, predominantly
cars.  In Moody's opinion, receivables backed by cars exhibit less
cyclical default patterns and, on average, higher recovery rates.

In order to fund the purchase price of the revolving portfolio,
the Trust will issue seven classes of notes.  The notes will be
repaid on a sequential basis in the initial stages and during the
tail end of the transaction.

Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

Moody's base case assumptions are a default rate of 3.30% and a
recovery rate of 30%.  These imply a expected (net) loss of 2.31%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 3.1% and 38.8%
respectively.

     Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, Moody's have been
provided with detailed vintage data segregated for different
receivable categories for the 2001-2010 period.  This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating Bella Trust Series 2010-2.  Moreover,
CFAL retaining a significant proportion of the transaction helps
to better align incentives compared to other transactions where no
or a minor proportion of notes is retained by the sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of Bella Trust Series 2010-2, the Class A Notes remain
strongly investment grade under all scenarios, i.e.  A2 (sf) under
the most severe stress assumptions under which the default rate
rises to 6.60% (double of Moody's assumption of 3.30%) and the
recovery rate decreases to 10% (a third of Moody's assumption of
30%).  Due to the over-subordination provided to the Class A Notes
(18.3% provided vs.  13.5% required) the Aaa (sf) rating is
maintained when the base recovery rate is stressed from the
assumed 30% to 20% (holding other factors, including the assumed
default rate of 3.30%, constant

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


CENTRO PROPERTIES: Gets Indicative Bids for AU$13.5-Bil. Assets
---------------------------------------------------------------
The Sydney Morning Herald reports that indicative bids for Centro
Properties' AU$13.5 billion worth of assets were lodged on Friday,
and the list of bidders includes the large Australian retail
landlords.

According to SMH, offers for the U.S. assets are said to be coming
mainly from private investors and hedge funds, which pay lower
costs due to the low interest rates in the U.S. but are happy to
take on some of the Centro debt.  Another interested party is said
to be the Israel-based Gazit Globe, SMH says.

Among the interested buyers for some or all of the malls are
Westfield, Lend Lease's Australian Prime Property Fund, CFS Retail
Trust, Queensland Investment Corp, and the Singapore Government
Investment Corp., SMH discloses.

SMH notes that the advisers on the deal, JP Morgan, UBS and
Moelis & Company, will now sift through the offers and determine
what the best course of sales will be, either as portfolios of
selected centers or single assets.

According to SMH, Centro decided last month to put all its assets
on the block after having received approval to refinance the next
round of debt, which is due by next week.

SMH says the sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90
per cent, SMH adds.

                       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.


CORPORATE RESPONSE: ASIC Bans Director For Three Years
------------------------------------------------------
The Australian Securities and Investments Commission has banned
Stephen Paul Hatton, a director involved in the failure of two
Darwin-based employment companies, from managing companies for
three years.

Mr. Hatton was banned by ASIC following an investigation into his
association with Corporate Response Pty Ltd and Best Practice
Skills Pty Ltd.

ASIC's NT Regional Commissioner, Duncan Poulson, said the
regulator would continue to take action against company directors
who failed to meet their legal obligations.  "ASIC will vigorously
pursue company directors who fail to uphold the high standards the
Australian public expects and deserves."

Mr. Hatton chose not to attend a hearing before ASIC or make
written submissions in relation to ASIC's concerns.  His ban took
effect on November 29, 2010.

Mr. Hatton has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

Corporate Response was wound up in January 2005 and Best Practice
in December 2009, owing substantial amounts to unsecured
creditors.  Those unsecured creditors will receive little or no
return.


RIVERCITY MOTORWAY: Still Awaiting Decision on Standstill Deal
--------------------------------------------------------------
The Sydney Morning Herald reports that RiverCity Motorway, the
troubled company behind the Clem7 tunnel, won't know whether a
consortium of 24 banks will agree to a survival deal for at least
another six weeks.

SMH says that the company is relying on a "pay if you can"
agreement with the banks to avoid bringing in receivers after
declaring it could not meet its interest payments beyond September
next year.

The company, SMH relates, hopes a standstill agreement will let it
continue operating until the Airport Link tunnel opens in 2012.

According to the report, the company has made several cutbacks in
an attempt to boost its books, including reducing its customer
service hours and increasing the discounted toll from AU$2 to AU$3
for cars.

SMH notes that the RCM is also waiting to hear from the banks,
which include Australian and international institutions, before
deciding on whether to cut the number of director positions from
seven to four.

At the company's annual general meeting on November 22, SMH
discloses, chairman Robert Morris said if a standstill agreement
could not be reached by the signing of its December 31, 2010
accounts, a receiver would have to be appointed.

The company on Monday clarified its position, saying a decision
was not needed until mid-February, when the first board meeting
would be held and the accounts were due to be signed, SMH relates.

If the banks decline to put on hold the interest payments, RCM
would retrospectively close its accounts without risk that it had
traded while insolvent, SMH notes.

"RiverCity Motorway is continuing discussions with its banking
syndicate and is not anticipating a decision from them regarding
the standstill agreement this side of Christmas," RCM chief
executive officer Flan Cleary said, according to SMH.

"The company is not at risk of operating insolvent if a decision
is not made before December 31, 2010," Mr. Cleary said, SMH
reports.

                      About RiverCity Motorway

RiverCity Motorway Group -- http://www.rivercitymotorway.com.au/
-- is a Queensland, Australia-based toll road company.  The
company has been awarded a 45-year concession by the Brisbane City
Council to finance, design, construct and operate Clem Jones
Tunnel (CLEM7), the city's first private toll road.  CLEM7,
scheduled to open in 2010, will connect major traffic arteries on
the south and north of the Brisbane CBD.


ULTRAPAY LIMITED: Supreme Court of Victoria Orders Wind Up
----------------------------------------------------------
The Supreme Court of Victoria has ordered that Ultrapay Limited be
wound up on the grounds that it is insolvent.  This follows an
application by the Australian Securities and Investments
Commission.

Mr. Matthew Jess of Worrells Solvency and Forensic Accountants has
been appointed as liquidator to the company.

The order to wind up Ultrapay follows the Court's appointment of
Mr. Jess on November 19, 2010, as a provisional liquidator of
Ultrapay.  The winding up order was made after the Court
considered a report prepared by Mr. Jess where he expressed the
opinion that Ultrapay was unable to pay its debts and was
insolvent.

The Court also ordered that ASIC's costs of the application be
considered costs in the winding up.

                      About Ultrapay Limited

Based in Melbourne, Australia, Ultrapay Limited, formerly HLT
Limited, is engaged in the area of mobile wireless payments and
authentication with a focus on in-vehicle solutions.

Ultrapay is a public company listed on the Australian Securities
Exchange.  The trading in Ultrapay's securities has been
continuously suspended since August 28, 2007.

On November 15, 2010, MSI (Holdings) Pty Ltd, a secured creditor
of Ultrapay, appointed Richard Albarran, David Anthony Ross and
Blair Alexander Pleash of Hall Chadwick as Joint and Several
Administrators of Ultrapay.  On November 19, 2010, Associate
Justice John Efthim ordered that the Administration of Ultrapay be
terminated and that Mr. Matthew Jess of Worrells be appointed as
provisional liquidator to the company.


WESTPOINT GROUP: Court Approves AU$1-Million Compensation Deal
--------------------------------------------------------------
The Australian Securities and Investments Commission has obtained
court approval of a AU$1 million settlement for clients who
invested in certain Westpoint products on the advice of Barzen Pty
Ltd (formerly Dukes Financial Services Pty Ltd) and Joseph Dukes
(collectively Dukes).

The settlement is the sixth one approved by the Federal Court
arising out of ASIC's Westpoint compensation proceedings.  These
settlements, together with the Dukes settlement, will benefit
almost 1,000 eligible Westpoint investors and take the total
amount obtained by ASIC to approximately AU$25.5 million.

In April 2008, ASIC initiated class actions against Dukes to seek
compensation for clients who invested in certain financial
products issued by various companies within the failed Westpoint
Group on the advice of Dukes (or its representatives).  The claim
alleged that Dukes negligently advised Group Members to invest in
certain Westpoint products and engaged in misleading and deceptive
conduct.

The settlement was reached without any admission of liability by
Dukes.

Dukes must pay the approved settlement which will then be
distributed to eligible group members by ASIC.  It is anticipated
that 70 per cent of the settlement will be distributed to eligible
group members in early March 2011.  The balance is expected to be
distributed in late December 2011.

The settlement is now binding upon Group Members.

"Today's settlement reflects ASIC's first priority which is
focused on assisting and protecting retail investors, including
seeking compensation, when appropriate, under section 50 of the
ASIC Act," ASIC said in a statement.

Background

The investors in Westpoint-related financial products had an
outstanding total capital invested of AU$388 million as at
January 2006 when the Group collapsed.  Since November 2007, ASIC
has launched 19 civil actions seeking to recover funds for
investors in the majority of the Westpoint companies, including:

    * a claim against KPMG, the former auditors of the
      Westpoint Group;

    * claims against the directors of nine Westpoint
      mezzanine companies and various entities associated
      with a director;

    * claims against seven financial planners; and

    * a claim against State Trustees Limited.

To date, ASIC has successfully settled claims against: Masu
Financial Management Pty Ltd; Professional Investment Services Pty
Ltd (AU$5.9 million); Bongiorno Financial Advisers Pty Ltd and
Bongiorno Financial Advisers (Aust) Ltd (AU$2.6 million); State
Trustees Ltd (AU$13.5 million) and Glenhurst Corporation Pty Ltd
(AU$2.5 million).

ASIC said proceedings are still on foot in relation to directors,
auditors and two Australian Financial Service licensees.  ASIC
remains hopeful that these proceedings will result in further
compensation for Westpoint investors.

                        About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


=========
C H I N A
=========


UTSTARCOM INC: Thomas Toy Elected Class I Director
--------------------------------------------------
UTStarcom Inc. announced the official results of its 2010 Annual
General Meeting, held on December 13, 2010, at 1:00 p.m. local
time in Beijing, China.  The following proposals were approved by
the Company's shareholders:

   * Thomas J. Toy was elected as a Class I Director to serve
     until the 2013 Annual General Meeting of Shareholders; and

   * PricewaterhouseCoopers Zhong Tian CPAs Limited Company was
     ratified as the Company's independent auditor for the fiscal
     year ending December 31, 2010.

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company's balance sheet at Sept. 30, 2010, showed
$810.98 million in total assets, $557.68 million in total
liabilities, and stockholder's equity of $253.31 million.

                           *     *     *

In its Form 10-K, the Company noted that it has recorded operating
losses in 19 of the 20 consecutive quarters in the period ended
December 31, 2009.  At December 31, 2009, the Company had an
accumulated deficit of $1.067 billion.  While operating results
are expected to improve in 2010 compared with prior years,
management expects the Company to continue to incur losses in
2010.


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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on December 17
that investigation of over 99% of 21,740 Lehman-Brothers-related
complaint cases has been completed.  These include:

    * 14,366 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,533 cases which have been resolved through the enhanced
      complaint handling procedures required by a settlement
      agreement;

    * 2,679 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,545 cases, including minibond cases, which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 762 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 783 cases; and

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

Investigation work is underway for the remaining 135 cases.

                       About Lehman Brothers

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

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

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

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

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

                 International Operations Collapse

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

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

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


M M K METAL: Creditors' Proofs of Debt Due January 17
-----------------------------------------------------
Creditors of M M K Metal HK Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 17, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


MASTERCARD ADVISORS: Seng and Lo Appointed as Liquidators
---------------------------------------------------------
Natalia Seng Sze Ka Mee and Susan Y H Lo on December 3, 2010, were
appointed as liquidators of Mastercard Advisors Hong Kong Limited.

The liquidators may be reached at:

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


MAXXIUM CHINA: Send and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Maxxium china Corporation Limited on December 7, 2010.


MRO SOFTWARE: Chan and Ho Step Down as Liquidators
--------------------------------------------------
Chan Wah Tip Michael and Ho Man Kei Keith stepped down as
liquidators of MRO Software Hong Kong Limited on December 10,
2010.


STARBAY DESIGNS: Briscoe and Chan Appointed as Liquidators
----------------------------------------------------------
Stephen Briscoe and Chan Pui Sze on December 1, 2010, were
appointed as liquidators of Starbay Designs Limited.

The liquidators may be reached at:

         Stephen Briscoe
         Chan Pui Sze
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


SUN CHEER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on December 8, 2010,
to wind up the operations of Sun Cheer Technology Limited.

The acting official receiver is Lee Mei Yee May.


TAIFUNG ASIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 8, 2010,
to wind up the operations of Taifung Asia Holdings Limited.

The acting official receiver is Lee Mei Yee May.


TECHFUL INTERNATIONAL: Pang Lai Yan Appointed as Liquidator
-----------------------------------------------------------
Pang Lai Yan on December 17, 2010, was appointed as liquidator of
Techful International Limited.

The liquidator may be reached at:

         Pang Lai Yan
         Room 1209, 12/F
         HSH Mongkok Plaza
         794-802 Nathan Road
         Kowloon, Hong Kong


TOPPER INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Topper Investment Limited, on December 16, 2010, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


VIGO HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Vigo Holdings Limited, on December 10, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Che wing
         Unit B, 17/F
         Capital Commercial Building
         446-448 Shanghai Street
         Mongkok, Kowloon, Hong Kong


WELLA HK: Commences Wind-Up Proceedings
---------------------------------------
Members of Wella Hong Kong Limited, on December 1, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


WELY ASSOCIATE: Creditors Get 0.053% Recovery on Claims
------------------------------------------------------
Wely Associate Investments Limited, which is in liquidation,
declared dividend to its creditors on December 17, 2010.

The company paid 0.053% for ordinary claims.

The company's liquidator is:

         Lee Mei Yee May
         10th Floor
         Queensway Government Offices
         66 Queensway
         Hong Kong


YEE TAT: Chan Yiu Hang Appointed as Liquidator
----------------------------------------------
Chan Yiu Hang on December 8, 2010, was appointed as liquidator of
Yee Tat Plumbing Drainage Engineering Company Limited.

The liquidator may be reached at:

         Chan Yiu Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


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


ASSRM & CO: CRISIL Rates INR50.00 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of ASSRM &Co, which is a part of the Annai group.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Cash Credit        BB/Stable (Assigned)

The rating reflects the Annai group's below-average financial risk
profile marked by a small net worth and exposure to risks related
to intense competition in the agricultural (agro) commodities
trading business, volatility in foreign exchange (forex) rates and
agro-commodity prices, and adverse regulatory changes.  These
rating weaknesses are partially offset by the Annai group's
established market position, and strong relationships with
suppliers and customers, in the agro-commodities trading business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Sri Annai Agencies, ASSRM & Co., Annai
Stores, SA & Sons, Annai & Co, Thangamani Enterprises, Annai Corp,
Annai Pulses, Annai Dhall Products, Annai Agro Commodities, and
VSS & Sons.  This is because these entities, collectively referred
to as the Annai group, are under a common management and have
fungible cash flows.

Outlook: Stable

CRISIL believes that the Annai group will continue to benefit from
its promoters' extensive experience in the agro-commodities
trading business.  The outlook may be revised to 'Positive' if the
Annai group's net worth increases significantly, led by sustained
increase in profitability and revenues, or infusion of capital by
partners.  The outlook may be revised to 'Negative' if the group's
financial risk profile deteriorates significantly because of
decline in margins, caused in turn by volatility in forex rates or
commodity prices, or because of withdrawal of sizeable capital by
the group's promoter-partners.

                           About the Group

The Chennai-based Annai group, promoted by Mr. V S Sundaralingam
and family, trades in agro-commodities such as sugar, pulses, and
wheat.  Sri Annai Agencies and ASSRM & Co import pulses, such as
black mappae and moong dal, and sells these to the other group
entities.  The other group entities procure food materials from
various agents and sell to retailers and institutions in and
around Chennai.  The group has two associate companies, Annai
Flour Pvt Ltd and Annai Fried Grams Pvt Ltd, which process and
sell wheat and gram, respectively. The Annai group was set up in
the late 1960s.

The Annai group reported, on provisional basis, a profit after tax
(PAT) of INR12.50 million on net sales of INR3.90 billion for
2009-10 (refers to financial year, April 1 to March 31); it
reported a PAT of INR6.70 million on net sales of INR2.96 billion
for 2008-09.


BALA BALAJEE: CRISIL Reaffirms 'B' Rating on INR200MM Term Loan
---------------------------------------------------------------
CRISIL's rating on Bala Balajee Textiles Ltd's bank facilities
continues to reflect BTPL's weak financial risk profile marked by
high gearing and moderate debt protection metrics, and
susceptibility of its operating margin to volatility in cotton
prices.  These rating weaknesses are partially offset by BTPL's
moderate operating efficiencies.

   Facilities                   Ratings
   ----------                   -------
   INR80 Million Cash Credit   B/Stable (Reaffirmed)
   INR200 Million Term Loan    B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BTPL will maintain its business risk profile
over the medium term, supported by its promoters' extensive
experience in the textile industry.  The outlook may be revised to
'Positive' if there is a significant and sustained increase in
BTPL's revenues, and improvement in profitability and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure (capex) programme or if its operating margin declines
steeply, thereby adversely affecting its debt protection metrics,
or if the company's working capital cycle deteriorates.

Update

BTPL generated sales of INR270 million in 2009-10 (refers to
financial year, April 1 to March 31), which was a 19 per cent
increase from previous year's level.  The company's financial risk
profile remains weak because of its high gearing of 2.5 times and
small net worth INR128 million as on March 31, 2010.  Its
operating margin, however, was high at 24 per cent in 2009-10.
CRISIL believes that BTPL will maintain strong margins over the
medium term. BTPL is likely to generate sufficient net cash
accruals in 2010-11 to meet its maturing debt obligations of
INR9.6 million during the year.  However, the repayment is
expected to increase to around INR36 million per annum over the
next two years.  The bank limit utilization has been high, ranging
from 75 to 100 per cent during the past 12 months ended September
30, 2010, with the average utilization being 88%.  The company
availed of ad hoc credit of INR10 million in December 2009 and
January 2010, which is its peak procurement season.  The bank
limits have been increased from INR80 million to INR100 million in
February 2010.  The bank limits are expected to be highly utilized
during the current cotton procurement season, as the cotton prices
have increased substantially. BTPL has capex plans for 2010-11 of
around INR35 million, to be funded through term loan of around
INR25 million and internal accruals.  As a result of the capex and
the incremental working capital requirements, CRISIL expects the
gearing to remain at aggressive levels over the medium term.

For 2009-10, BTPL reported a profit after tax (PAT) of
INR14 million on net sales of INR270 million, against a net loss
of INR4 million on net sales of INR227 million for 2008-09.

                        About Bala Balajee

Set up in 2004, BTPL manufactures cotton yarn; its production unit
in Tanuku (Andhra Pradesh) has a capacity of 24,000 spindles.  The
company sells around 85 per cent of its output in India, mostly in
Tamil Nadu, Maharashtra, and Gujarat, and exports the remainder.
The company'a managing director is Mr. Subba Rao Chitturi.


INDERDEEP CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR23M LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Inderdeep Construction Company.  The rating reflects
the risks arising from modest scale of operations in an intensely
competitive construction industry.  These weaknesses are partially
offset by the longstanding experience of the firm's promoters in
the civil construction industry.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         BB-/Stable (Assigned)
   INR7.0 Million Rupee Term Loan      BB-/Stable (Assigned)
   INR23.0 Million Proposed LT Loan    BB-/Stable (Assigned)
   INR30.0 Million Bank Guarantee      P4+ (Assigned)

Outlook: Stable

CRISIL believes that Inderdeep will benefit over the medium term
from its established market presence and the longstanding
experience of its promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of more than
expected increase in revenues coupled with improvement in net cash
accruals and debt protection metrics.  Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the operating
margin or capital structure or larger-than-expected debt-funded
capital expenditure.

                    About Inderdeep Construction

Inderdeep, established in 1993, is a partnership firm promoted by
the Khubchandani family.  The firm is into civil construction
activities in and around Maharashtra.  Mr. Kishore Khubchandani is
one of the key partners in Inderdeep, and is responsible for the
overall management of the firm.  Mr. Kishore Khubchandani has an
extensive experience of more than two decades in the civil
construction business.

Inderdeep reported a profit after tax (PAT) of INR4.9 million on
net sales of INR145 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.8 million on net sales
of INR108.4 million for 2008-09.


MARUTI METAL: CRISIL Assigns 'BB-' Rating to INR10 Million LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Maruti Metal Industries.  The ratings reflect
Maruti's below-average financial risk profile, marked by small net
worth and leveraged capital structure.  These weaknesses are
partially offset by the extensive experience of MMI's promoters in
non-ferrous metals trading, and its efficient risk management
practices.

   Facilities                         Ratings
   ----------                         -------
   INR30.0 Million Cash Credit        BB-/Stable (Assigned)
   INR10.0 Million Proposed LT Loan   BB-/Stable (Assigned)
                           Facility
   INR50.0 Million Letter of Credit   P4+ (Assigned)

   INR180.0 Million Bill Discounting  P4+ (Assigned)
                            Facility

Outlook: Stable

CRISIL believes that MMI will benefit over the medium term from
its efficient risk management practices and strong customer base.
The outlook may be revised to 'Positive' if MMI registers higher-
than-expected revenue growth, improves profitability or if its
partners retain internal accruals to support its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if MMI's debt protection metrics and capital structure
deteriorate, most likely because of sharp volatility in prices of
traded metals or decline in sales.

                         About Maruti Metal

MMI, based in Bhavnagar (Gujarat), is a partnership firm
established by Mr. Mahendrakumar Rana in 2003.  The firm trades in
non-ferrous metals such as bronze, copper, nickel, zinc and lead.
Mr. Rana has been in the metals trading business for 18 years.
The firm derives around 60 per cent of its revenues from trading
in brass and copper scrap.

MMI reported a profit after tax (PAT) of INR20 million on net
sales of INR1 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR688 million for 2008-09.


NARAINGARH SUGAR: CRISIL Reaffirms 'C' Rating on INR530MM Credit
----------------------------------------------------------------
CRISIL's ratings on Naraingarh Sugar Mills Ltd's bank facilities
continue to reflect the delay by Naraingarh in repayment of
installments on its term loan from IDBI Bank Ltd, and the
company's weak financial risk profile, marked by high gearing and
weak debt protection indicators.  These rating weaknesses are
partially offset by the company's moderate capacity utilization.

   Facilities                          Ratings
   ----------                          -------
   INR530.0 Million Cash Credit        C (Reaffirmed)
   INR76.5 Million Term Loan           D (Reaffirmed)
   INR63.5 Million Term Loan           C (Reaffirmed)

Summary Update

Naraingarh has delayed the payment of the quarterly installment on
its term loan from IDBI Bank; the installment was due on October
1, 2010.  The company has completely paid off its term loan from
Haryana State Industrial & Infrastructure Development Corporation
in the current year from its accruals.

Naraingarh's capital structure is expected to remain leveraged as
it plans a large capital expenditure (capex) of INR350 million in
2011-12 (refers to financial year, April 1 to March 31) for
modernizing its sugar unit and implementing energy optimization
technology.  The capex is planned to be funded mainly through
fresh debt from banks.  Though Naraingarh's operating efficiencies
are expected to improve over the medium term with the
modernization of its sugar unit and implementation of energy
optimization technology, the large size and debt-funded nature of
the planned capex would keep the company's gearing at more than 2
times till 2011-12.

                       About Naraingarh Sugar

Naraingarh produces sugar and its by-products, molasses and
bagasse.  The company has sugarcane crushing capacity of 4000
tonnes per day. Naraingarh was incorporated in 1991 by Mr. Baldev
Singh Kang and his six friends.  In 2008-09, Mr. Onkar Anand
acquired a 7.5 per cent stake in the company from the founder-
promoter and joined the company as Vice Chairman.  Currently,
Mr. Anand and his brother, Mr. Jitender Anand, are actively
involved in the day-to-day operations of the company.  Mr. Onkar
Anand is also the founder-director of Rahul Sales Ltd, which
imports commodities such as petroleum products, petrochemicals,
industrial chemicals, and agricultural products.

For 2009-10, Naraingarh reported a profit after tax (PAT) of INR65
million on net sales of INR1037 million, against a PAT of INR55
million on net sales of INR821 million for 2008-09.


REFRACAST METALLURGICALS: CRISIL Reaffirms 'BB-' Rating on Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Refracast
Metallurgicals Pvt Ltd continues to reflect the susceptibility of
Refracast's revenues to cyclicality in the steel industry, and its
exposure to risks related to small scale of operations and modest
net worth.  These weaknesses are partially offset by Refracast's
average business risk profile, which is supported by the
promoters' experience in the ferro alloys and refractory business.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Cash Credit Limits    BB-/Stable(Reaffirmed)
   INR50 Million Letter of Credit      P4+(Reaffirmed)

Outlook: Stable

CRISIL believes that Refracast will benefit over the medium term
from its promoters' industry experience.  The outlook may be
revised to 'Positive' in case of significant improvement in
profitability or an increase in net worth, most likely due to
infusion of equity by promoters.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure programme or reports decline in
profitability.

                       About Refracast Metallurgicals

Promoted in 1995 by Mr. S K Jain and Mr. Arnab Roy, Refracast is
based in Raipur (Chattisgarh). The company manufactures
metallurgical and refractory products. Its main raw material is
industrial scrap; the company extracts metals such as nickel,
molybdenum, and cobalt from the scrap.

Refracast reported a profit after tax (PAT) of INR4.77 million on
net sales of INR208.72 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR6.63 million on
net sales of INR193.23 million for 2008-09.


SARVHIT TRUST: CRISIL Assigns 'B+' Rating on INR305MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Sarvhit Trust.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Overdraft Facility   B+/Stable (Assigned)
   INR305.0 Million Long-Term Loan      B+/Stable (Assigned)

The rating reflects limited track record of Shridhar University,
which is operated by Sarvhit, and Sarvhit's constrained financial
risk profile, marked by high gearing and small net worth.  These
rating weaknesses are partially offset by the trust's diversified
revenue profile, and the private university status conferred on it
by the Government of Rajasthan.

Outlook: Stable

CRISIL believes that Sarvhit will generate adequate net cash
accruals to service its debt over the medium term.  The outlook
may be revised to 'Positive' if Sarvhit increases its student
strength by adding new courses and increasing the intake capacity
per course, while maintaining healthy profitability.  Conversely,
the outlook may be revised to 'Negative' if the trust undertakes
larger-than-expected capital expenditure programme or if occupancy
rates for its various courses decline leading to a decline in cash
accruals, thereby adversely affecting its capital structure.

Sarvhit was set up in January 2008 by Mr. Vijay Pal Yadav with an
objective to cater to the education segment, create employment in
field of technology, and undertake development activities in and
around Jhunjhunu District (Rajasthan).  The trust has set up
Shridhar University, a private university notified under Section
2(f) of University Grants Commission, 1956, in April 2010.  The
university is located in Bigodna (near Pilani) and has a campus of
nearly 60 acres, with around 1,700 students on its roll. The
university offers around sixteen courses, which includes
graduation and post-graduation programmes in engineering, business
administration, and pure science.

Sarvhit reported a surplus of INR45 million on net receipts of
INR67 million for 2009-10 (refers to financial year, April 1 to
March 31), against a surplus of INR0.02 million on net receipts of
INR0.15 million for 2008-09.


SARANYA SPINNING: CRISIL Reaffirms 'B' Rating on INR292.5M LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saranya Spinning Mills
Pvt Ltd continue to reflect Saranya's below-average financial risk
profile, and susceptibility to volatility in raw material prices
and power shortage.  The impact of these weaknesses is mitigated
by Saranya's moderate operating efficiencies and its promoters'
entrepreneurial experience.

   Facilities                          Ratings
   ----------                          -------
   INR292.50 Million Long-Term Loan    B/Negative (Reaffirmed)
   INR80.00 Million Cash Credit        B/Negative (Reaffirmed)
   INR10.00 Million Letter of Credit   P4 (Reaffirmed)
   INR9.10 Million Bank Guarantee      P4 (Reaffirmed)

Outlook: Negative

The outlook reflects uncertainty over Saranya's outstanding
derivative liability; the case is currently sub-judice.  The
ratings may be downgraded in case of deterioration in the
company's liquidity on account of materialization of the
liability.  The ratings may also be downgraded if Saranya's
revenues and cash accruals decline steeply, or if it undertakes a
large, debt-funded capital expenditure programme, adversely
affecting its capital structure.  Conversely, the outlook may be
revised to 'Stable' in case of favorable outcome of the matter
under sub-judice and if Saranya's revenues and liquidity improves
considerably, thereby improving its financial risk profile.

Update

Saranya generated sales of INR461.6 million in 2009-10 (refers to
financial year, April 1 to March 31), which is an increase of ~ 11
per cent over the previous year's level.  The company's financial
risk profile has remained below average, marked by high gearing
and low net worth of around INR137 million.  The operating margin
declined to 16.7 per cent in 2009-10 from 21.9 per cent in 2008-09
because of high input prices.  Bank limit utilization has been in
the range of 10 to 97 per cent (average of 62 per cent) during the
12 months ended August 31, 2010; utilization peaked during the
procurement season. Net cash accruals in 2010-11 are expected to
be sufficient to meet the term debt obligation of INR19.7 million
for the year.  The company does not have any significant debt-
funded capex plan for the medium term.

For 2009-10, Saranya reported, on provisional basis, a net loss of
INR6.5 million on an operating income of INR461.6 million, against
a net loss of INR9.8 million on net sales of INR414.7 million for
2008-09.

                       About Saranya Spinning

Incorporated in 2001 by Mr. R Peraisamy and his son, Mr. Ashok
Kumar, Saranya manufactures cotton yarn and cotton fabric, poly-
cotton fabric, and spandex fabric in various counts.  The company
has a spinning mill, with 25,000 spindles, in Ponneri (Tamil
Nadu). Saranya's promoters have around three decades of experience
in the construction business.


SHREE ASHTAVINAYAK: CRISIL Puts 'BB+' Rating to INR40MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ashtavinayak Cine
Vision Ltd continue to reflect SACVL's aggressive expansion plans
into production of Hollywood films, and exposure to risks inherent
to the motion picture industry.  These weaknesses are partially
offset by SACVL's moderate financial risk profile marked by high
net worth and low gearing, and healthy operating capabilities.

   Facilities                          Ratings
   ----------                          -------
   INR255.0 Million Cash Credit        BB+/Stable
  (Enhanced from INR185.0 million)

   INR40.0 Million Proposed LT Bank    BB+/Stable
   Loan Facility
   (Enhanced from INR5.0 million)

   INR20.0 Million Bank Guarantee      P4+ (Assigned)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SACVL and its wholly owned subsidiary
in Dubai, Shree Ashtavinayak Cine Vision FZE. This is because both
the entities are in the same line of business and have fungible
cash flows.

Outlook: Stable

CRISIL believes that SACVL will maintain its business risk profile
over the medium term, backed by strong growth in revenues and its
established presence in the movie industry.  The outlook may be
revised to 'Positive' if the company reports sustained improvement
in its revenues and margins, leading to higher cash accruals.  The
outlook may, on the other hand, be revised to 'Negative' in the
event of an unexpected increase in debt, or substantial support
extended to the Dubai subsidiary without commensurate returns.

                      About Shree Ashtavinayak

SACVL, incorporated in 2001, is a film production house and also
undertakes distribution and exhibition of films.  It is managed by
Mr. Dhilin Mehta, who acquired the company from its original
promoter, Mr. Amit Behl.  SACVL has produced 13 films so far, and
distributed 32 films.  The company raised funds through an initial
public offering in December 2006 by issuing 37,28,000 equity
shares at INR160 per share.  The proceeds, of INR596.4 million,
were utilized to fund film production. In December 2009, the
company raised INR3.25 billion through a global depository receipt
issue. The proceeds will be used for funding film production in
India and under its Dubai subsidiary.

SACVL (consolidated), on a provisional basis, posted a profit
after tax (PAT) of INR221.79 million on net sales of INR2.43
billion for 2009-10 (refers to financial year, April 1 to March
31), as against a PAT of INR19.63 million on net sales of INR1.30
billion for 2008-09.


SRC UDYOG: CRISIL Places Ratings on 'Notice of Withdrawal'
----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of SRC Udyog
Ltd on 'Notice of Withdrawal' for a period of 90 days, at SRC's
request and after receipt of a no-objection certificate from SRC's
banker, State Bank of India.  The ratings will be withdrawn on
March 17, 2011, at the end of the notice period.


   Facilities                     Ratings
   ----------                     -------
   INR180 Million Cash Credit     B+/Stable (Placed under 'Notice
                                             of Withdrawal')

   INR50 Million Bank Guarantee   P4 (Placed under 'Notice
                                     of Withdrawal')

SRC, incorporated in 2002, cuts bulk hot-rolled (HR) and chequered
coils into plates and sheets.  Its facility at Howrah (West
Bengal) has a capacity to cut 24,000 tonnes of HR and chequered
coils per annum. The company also has a furnace with a capacity of
11 megavolt amperes to produce ferro and silico manganese.


SRI ANNAI: CRISIL Rates INR50 Million Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Sri Annai Agencies, which is a part of the Annai
group.

   Facilities                       Ratings
   ----------                       -------
   INR50.00 Million Cash Credit     BB/Stable (Assigned)

The rating reflects the Annai group's below-average financial risk
profile marked by a small net worth and exposure to risks related
to intense competition in the agricultural (agro) commodities
trading business, volatility in foreign exchange (forex) rates and
agro-commodity prices, and adverse regulatory changes.  These
rating weaknesses are partially offset by the Annai group's
established market position, and strong relationships with
suppliers and customers, in the agro-commodities trading business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Sri Annai Agencies, ASSRM & Co., Annai
Stores, SA & Sons, Annai & Co, Thangamani Enterprises, Annai Corp,
Annai Pulses, Annai Dhall Products, Annai Agro Commodities, and
VSS & Sons. This is because these entities, collectively referred
to as the Annai group, are under a common management and have
fungible cash flows.

Outlook: Stable

CRISIL believes that the Annai group will continue to benefit from
its promoters' extensive experience in the agro-commodities
trading business.  The outlook may be revised to 'Positive' if the
Annai group's net worth increases significantly, led by sustained
increase in profitability and revenues, or infusion of capital by
partners.  The outlook may be revised to 'Negative' if the group's
financial risk profile deteriorates significantly because of
decline in margins, caused in turn by volatility in forex rates or
commodity prices, or because of withdrawal of sizeable capital by
the group's promoter-partners.

                         About the Group

The Chennai-based Annai group, promoted by Mr. V S Sundaralingam
and family, trades in agro-commodities such as sugar, pulses, and
wheat. Sri Annai Agencies and ASSRM & Co import pulses, such as
black mappae and moong dal, and sells these to the other group
entities. The other group entities procure food materials from
various agents and sell to retailers and institutions in and
around Chennai. The group has two associate companies, Annai Flour
Pvt Ltd and Annai Fried Grams Pvt Ltd, which process and sell
wheat and gram, respectively. The Annai group was set up in the
late 1960s.

The Annai group reported, on provisional basis, a profit after tax
(PAT) of INR12.50 million on net sales of INR3.90 billion for
2009-10 (refers to financial year, April 1 to March 31); it
reported a PAT of INR6.70 million on net sales of INR2.96 billion
for 2008-09.


STATE BANK: Fitch Affirms 'BB-' Rating on Hybrid Tier 1 Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed State Bank of India's Long-term foreign
currency Issuer Default Rating at 'BBB-' and National LT rating at
'AAA(ind)'.  The Outlook is Stable.  The agency has also affirmed
SBI's Short-term FC IDR at 'F3', Individual rating at 'C', Support
rating at '2' and Support Rating Floor at 'BBB-'.  Additional
rating actions are included at the end of the release.

SBI's LT ratings reflect its incomparably strong pan-India
franchise with over 13,000 branches and 17,000 ATMs, and are
further underpinned by its strong credit fundamentals.  The
extensive branch presence provides the bank a unique competitive
position - largest lender in India with close to one-fifth share
each in both system advances and deposits - and lends it systemic
importance which supports its strong and stable funding profile.
SBI's capitalization levels continue to be above average, while
its major share in central and state governments' banking business
helps in a better-diversified earnings profile.  SBI's dominance
in the Indian banking system and great systemic importance would
result in a high probability of regulatory support in the event of
crisis, reflected in its Support rating.

The ratings on SBI's senior unsecured debt and tier 1 subordinated
bonds are consistent with the approach taken for other similar
securities based on Fitch's criteria.

SBI's asset quality remains an area of concern especially in view
of the slippages seen in FY10 (NPL: +24% yoy) and further in
H1FY11 (+34% yoy).  As a result, NPL ratio increased consistently
to 3.05% in FY10 and 3.35% at H1FY11 (FY09: 2.86%).  Mid-corporate
and SMEs accounted for nearly half of the NPLs as slippages in the
restructured loans portfolio -- which mainly comprises these two
segments -- increased to 14.5% at H1FY11.  Gradual phasing out of
restructured loans (12-24 months tenure) coupled with expiry of
agri debt waiver scheme (in June 2010) was largely responsible for
the slippages, which were additionally compounded with
delinquencies from the international business as well as from the
State Bank of Indore merger (16% of NPL additions).  Given the
management's strong focus on the above segments for better yields
and under expectations of better economic growth, the bank's asset
quality would be a key earnings driver through the medium- to
long-term.  SBI's provisioning coverage has been steadily
increasing (H1FY11: 62.8%; FY10: 59.2%), and is expected to meet
the regulatory minimum stipulation of 70% by the extended deadline
of September 2011 (as approved by the Reserve Bank of India).

Higher branch openings coupled with new salary account mandates of
government and corporate entities led to a significant increase in
low-cost current-savings account deposit ratio (FY10: 47.3%; FY09:
41.6%).  The improvement in SBI's funding profile (including
consistent shedding of bulk deposits) helped support its net
interest margin in a benign interest rate environment, although
overall profitability has been impacted on account of increased
operating expenses -- mainly from gratuity and pension
provisioning -- and rising credit costs.  However, with SBI having
already provided for 60% for gratuity (which is the larger
portion) and gradual decline in credit costs (on account of better
economic prospects), Fitch expects earnings to normalize in the
near-term.  That said, the trade-off between NIM and credit costs
would continue to be the long-term determinant of SBI's
profitability, considering its incremental asset mix.

The bank's above-average capital ratios are supported by timely
issuances of equity (proposed rights issue of INR200bn pending
government approval; last in 2008) and hybrids.

SBI's LT FC IDR is at its Support Rating Floor, and could see an
upgrade in the event of an upgrade of the sovereign's LT FC IDR.
The bank's Individual rating could, however, come under pressure
if its asset quality persistently deteriorates impacting both
earnings and capital position.

SBI:

  - US$5bn medium-term notes programme affirmed at 'BBB-';
  - US$800m senior unsecured bonds affirmed at 'BBB-'; and
  - US$400m hybrid tier 1 bonds affirmed at 'BB-'.


TURBO IMPEX: CRISIL Cuts Rating on INR5 Million LOC to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Turbo Impex to 'B+/Negative' from 'BB-/Negative'; the rating on
the company's short-term facilities has been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR5.0 Million Standby Line of     B+/Negative (Downgraded from
                           Credit                  'BB-/Negative')

   INR48.0 Million Export Bill        P4 (Reaffirmed)
                      Purchase

The downgrade reflects the continued weak sales and profitability
of the Turbo group's in 2009-10 (refers to financial year, April 1
to March 31) and in the first half of 2010-11, which has resulted
in further weakening of its cash accruals and deterioration in its
debt protection indicators.  The group's sales, which witnessed a
significant decline in 2009-10 because of sluggish order flows
from its key export customers in the construction segment, have
remained at weak levels in the first half of 2010-11 as well. As a
result the cash accruals have been negative at the consolidated
level for this period.  CRISIL believes that on account of
continuing depressed accruals and maturing debt repayment, the
Turbo group's liquidity and thus its credit risk profile, will
face further pressures over the medium term.

The ratings continue to reflect the Turbo group's weak financial
risk profile marked by high gearing and weak debt protection
indicators, its limited scale of operations, and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the group's long presence in manufacturing
scaffoldings and other structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TI, Turbo Industries Private Limited,
and Turbo Tools Pvt Ltd, together referred to as the Turbo group.
This is because all the entities are in the same line of business
and under a common management. Furthermore, TIPL's bank lines are
guaranteed by TI and TTPL.

Outlook: Negative

CRISIL believes that the Turbo group's financial risk profile and
liquidity will deteriorate over the medium term, given the sharp
decline in the group's profitability and cash accruals.  The
ratings may be downgraded if the group is not able to revive its
sales and profitability over the medium term.  Conversely, the
outlook may be revised to 'Stable' in case of a faster-than-
expected increase in the group's cash accruals, which would
alleviate the pressure on its liquidity.

                          About Turbo Impex

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members. It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings.  These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd.  The name
was changed in 2006.  The company manufactures fabricated steel
structural products, mainly scaffoldings.

For 2009-10, the Turbo group reported a net loss of INR80.5
million on net sales of INR503.8 million, against a profit after
tax of INR60.0 million on net sales of INR1.03 billion for
2008-09.


TURBO INDUSTRIES: CRISIL Cuts Rating on INR95M Cash Credit to 'B+'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Turbo Industries Pvt Ltd, part of the Turbo group, to
'B+/Negative' from 'BB-/Negative'; the rating on the company's
short-term facilities has been reaffirmed at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR95.0 Million Cash Credit       B+/Negative (Downgraded from
                                                  'BB-/Negative')

   INR19.0 Million Standby Line      B+/Negative (Downgraded from
                      of Credit                   'BB-/Negative')

   INR157.4 Million Rupee Term Loan  B+/Negative (Downgraded from
                                                  'BB-/Negative')

   INR50.0 Million Export Bill       P4 (Reaffirmed)
                      Purchase

   INR5.0 Million Letter of Credit   P4 (Reaffirmed)

The downgrade reflects the continued weak sales and profitability
of the Turbo group in 2009-10 (refers to financial year, April 1
to March 31) and in the first half of 2010-11, which has resulted
in further weakening of its cash accruals and deterioration in its
debt protection indicators.  The group's sales, which witnessed a
significant decline in 2009-10 because of sluggish order flows
from its key export customers in the construction segment, have
remained at weak levels in the first half of 2010-11 as well.  As
a result the cash accruals have been negative at the consolidated
level for this period.  CRISIL believes that on account of
continuing depressed accruals and maturing debt repayment, the
Turbo group's liquidity and thus its credit risk profile, will
face further pressures over the medium term.

The ratings continue to reflect the Turbo group's weak financial
risk profile marked by high gearing and weak debt protection
indicators, its limited scale of operations, and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by the group's long presence in manufacturing
scaffoldings and other structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TIPL, Turbo Impex, and Turbo Tools Pvt
Ltd, together referred to as the Turbo group.  This is because all
these entities are in the same line of business and are under a
common management.  Furthermore, TIPL's bank lines are guaranteed
by TI and TTPL.

Outlook: Negative

CRISIL believes that the Turbo group's financial risk profile and
liquidity will deteriorate over the medium term, given the sharp
decline in the group's profitability and cash accruals.  The
ratings may be downgraded if the group is not able to revive its
sales and profitability over the medium term.  Conversely, the
outlook may be revised to 'Stable' in case of a faster-than-
expected increase in the group's cash accruals, which would
alleviate the pressure on its liquidity.

                            About the Group

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd; the name
was changed in 2006.  The company manufactures fabricated steel
structural products, mainly scaffoldings.

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings.  These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members.  It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

For 2009-10, the Turbo group reported a net loss of INR80.5
million on net sales of INR503.8 million, against a profit after
tax of INR60.0 million on net sales of INR1.03 billion for
2008-09.


TURBO TOOLS: CRISIL Downgrades Rating on Various Debts to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Turbo Tools Pvt Ltd, part of the Turbo group, to 'B+/Negative'
from 'BB-/Negative'; the rating on the company's short-term
facilities has been reaffirmed at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR75.0 Million Cash Credit      B+/Negative (Downgraded from
                                                 'BB-/Negative')

   INR25.0 Million Standby Line     B+/Negative (Downgraded from
                      of Credit                  'BB-/Negative')

   INR5.5 Million Rupee Term Loan   B+/Negative (Downgraded from
                                                 'BB-/Negative')

   INR75.0 Million Export Bill     P4 (Reaffirmed)
                       Purchase

The downgrade reflects the continued weak sales and profitability
of the Turbo group's in 2009-10 (refers to financial year, April 1
to March 31) and in the first half of 2010-11, which has resulted
in further weakening of its cash accruals and deterioration in its
debt protection indicators.  The group's sales, which witnessed a
significant decline in 2009-10 because of sluggish order flows
from its key export customers in the construction segment, have
remained at weak levels in the first half of 2010-11 as well. As a
result the cash accruals have been negative at the consolidated
level for this period.  CRISIL believes that on account of
continuing depressed accruals and maturing debt repayment, the
Turbo group's liquidity and thus its credit risk profile, will
face further pressures over the medium term.

The ratings continue to reflect the Turbo group's weak financial
risk profile marked by high gearing and weak debt protection
indicators, its limited scale of operations, and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by the group's long presence in manufacturing
scaffoldings and other structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TTPL, TIPL, and Turbo Impex, together
referred to as the Turbo group.  This is because all the entities
are in the same line of business and under a common management.
Furthermore, TIPL's bank lines are guaranteed by TI and TTPL.

Outlook: Negative

CRISIL believes that the Turbo group's financial risk profile and
liquidity will deteriorate over the medium term, given the sharp
decline in the group's profitability and cash accruals.  The
ratings may be downgraded if the group is not able to revive its
sales and profitability over the medium term.  Conversely, the
outlook may be revised to 'Stable' in case of a faster-than-
expected increase in the group's cash accruals, which would
alleviate the pressure on its liquidity.

                          About Turbo Tools

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which are
used in the manufacture of scaffoldings.  These are sold to third
parties, and used for captive consumption in TIPL.  TTPL is also
into forging, pressing components, and machining tools.

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd. The name
was changed in 2006.  The company manufactures fabricated steel
structural products, mainly scaffoldings.

TI is a partnership firm, set up by the promoter Mr. Ravinder Pal
Singh and his family members.  It exports products manufactured by
TIPL and TTPL, and processes orders that require products from
both TIPL and TTPL.

For 2009-10, the Turbo group reported a net loss of INR80.5
million on net sales of INR503.8 million, against a profit after
tax of INR60.0 million on net sales of INR1.03 billion for
2008-09.


VISION SPONGE: CRISIL Reaffirms 'BB+' Rating on INR596.5MM LT Loan
------------------------------------------------------------------
The ratings continue to reflect Vision Sponge's limited financial
flexibility, owing to high gearing, large working capital
requirements and high annual term debt repayment obligations; and
the susceptibility of its margins to volatility in raw material
prices.  These weaknesses are partially offset by Vision Sponge's
moderate financial risk profile, marked by moderate net worth and
average debt protection metrics, and the benefits it is expected
to derive from forward integration into billet manufacturing and
from the waste-heat-recovery-based captive power plant.

   Facilities                         Ratings
   ----------                         -------
   INR596.5 Million Long-Term Loan    BB+/Stable (Reaffirmed)
   INR400.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR53.5 Million Letter of Credit   P4+ (Reaffirmed)
                   & Bank Guarantee

Outlook: Stable

CRISIL believes that Vision Sponge's forward integration plan will
enable it to increase operational efficiencies and improve
profitability.  The outlook may be revised to 'Positive' if the
company generates more-than-expected cash accruals through the
forward integration, or if the company contracts less-than-
expected debt to fund the same.  Conversely, the outlook may be
revised to 'Negative' in case of cost or time overruns in the
planned forward integration or if the company's working capital
requirements are larger than expected, leading to deterioration in
its financial risk profile.

                        About Vision Sponge

Vision Sponge was promoted by Mr. Gopal Jhunjhunwala and
Mr. Sandeep Jhunjhunwala in March 2002.  The company manufactures
sponge iron. Its plant in Purulia (West Bengal) has a sponge iron
manufacturing capacity of 120,000 tonnes per annum (tpa),
increased from 60,000 tpa in 2009-10 (refers to financial year,
April 1 to March 31).  The company is setting up induction furnace
with billet production capacity of 125,710 tpa and a 15-megawatt
(MW) waste-heat-recovery-based captive power plant; the power
plant and billet manufacturing line will be commissioned by
January 2011.

Vision Sponge reported a profit after tax (PAT) of INR14 million
on net sales of INR702 million for 2009-10, against a PAT of INR41
million on net sales of INR598 million for 2008-09.


VIZAG COMPANY: CRISIL Assigns 'BB-' Rating to INR120MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Vizag Company's Steel.

   Facilities                       Ratings
   ----------                       -------
   INR120.00 Million Cash Credit    BB-/Stable (Assigned)
   INR60.00 Million Proposed LT
           Bank Loan Facilities     BB-/Stable (Assigned)

The rating reflects risks related with VCS's modest scale of
operations coupled with limited negotiating powers with its
principal supplier.  These weaknesses are partially offset by the
longstanding experience of VCS's promoters in the steel industry.

Outlook: Stable

CRISIL believes that VCS will continue to benefit from the
longstanding industry experience of its partners and its
established customer relationships.  The outlook may be revised to
'Positive' in case of significant and sustainable improvement in
revenues and net cash accruals while improving its debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case of a slowdown in VCS's revenue growth or deterioration in
its capital structure thus further impairing the debt protection
indicators.

                        About Vizag Company

Set up in 2002, VCS is a partnership firm that trades in steel
long products such as thermo-mechanically-treated bars and
billets.  The key partner of the firm, Mr. Ashok Chaudhary, has 24
years' experience in the business and enjoys long standing
relationship with its supplier Rashtriya Ispat Nigam Limited's
Vizag Steel plant.

VCS reported a provisional profit after tax (PAT) of INR1.8
millions on net sales of INR695.3 millions for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
millions on net sales of INR655.8 millions for 2008-09.


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


BUKIT MAKMUR: Fitch Affirms 'BB-' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's Long-
term foreign currency Issuer Default Rating at 'BB-' and National
Long-term rating at 'AA-(idn)'.  The Outlook remains Stable.  The
agency has also affirmed the existing US$315m senior unsecured
notes due in 3 November 2014 at 'BB-'.

Fitch notes that in late-November 2010, BUMA launched a tender
offer to purchase all outstanding notes, and as of December 10,
2010, it had already received 96.08% irrevocable consent.  Beside
the US$ senior notes, the company will also refinance the existing
US$285 million syndicated senior bank loan facility funded by the
recently agreed US$600 million five-year amortizing loan facility.

Unlike the existing debt financing structure, which does not allow
any cash returns to the shareholders until the notes are fully
repaid, the new facility allows cash returns to shareholders   --
PT Delta Dunia Makmur Tbk (Delta Dunia)   --  of US$5m annually
from 2012.  Fitch notes that the transaction will not immediately
affect its rating, but in the long run it will enable BUMA to
accelerate the deleveraging process as interest expense savings
will be used to strengthen the balance sheet.  The new loan also
extends the maturity profile.

The affirmations reflect BUMA's position as the second-largest
coal mining contractor in Indonesia with an almost 17% market
share in 2009, its proven ability to win and renew contracts --
which mainly comprise Indonesia's major coal producers --
providing some earnings feasibility.  The ratings are also
supported by good industry growth prospects given increasing
global demand for thermal coal.  Furthermore, BUMA's forex risk is
mitigated as most of its operating revenues and expenses are
linked to or denominated in US$.

Fitch continues to note that around 80% of BUMA's revenue is
linked to the overburden volume it removes, and is therefore not
directly exposed to coal prices.  However, a sustained downturn in
prices may lead to fewer mines being developed.  Moreover, lower
coal prices may also weaken the credit quality of BUMA's
customers.  Its ratings are also constrained by the capital
intensive nature of BUMA's operations as it will constantly need
to incur capex to grow its business, although the agency notes
that the capex is scalable.

Although BUMA managed to sustain its operating EBITDAR margin
around 40% in 9M10, as a result of significant cash outflows
primarily to finance capex, adjusted net debt/operating EBTIDAR
leverage increased to 2.7x at the end of the period (2009: 2.5x).
Fitch believes this increase is temporary and expects BUMA and/or
Delta Dunia to quickly deleverage as the visibility for contract
prices and volume improve.  This expectation lends support to
BUMA's Stable Outlook.

A negative rating action may occur if BUMA or Delta Dunia's net
leverage is sustained above 2.5x.  Also, changes in BUMA's
business environment, including adverse changes in global thermal
coal industry dynamics, a failure to retain major customers, grow
volumes and/or maintain market share, could result in a negative
rating action.  Fitch does not envisage a positive rating action
for BUMA in the next 18 months given its exposure to the cyclical
coal industry and the credit quality of its counter-parties.


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


HYUNDAI ENG'G: Creditors Scrap Takeover Deal with Hyundai Group
----------------------------------------------------------------
Yonhap News reports that creditors of Hyundai Engineering &
Construction Co. scrapped Monday a takeover deal for the builder
signed with Hyundai Group as the group failed to resolve
suspicions over its ability to finance the deal.

Hyundai Group signed a KRW5.5 trillion (US$4.7 billion)
preliminary deal with main creditor Korea Exchange Bank (KEB) on
Nov. 29 to buy a 34.88% stake in the country's top builder,
beating its rival Hyundai Motor Group that had proposed to pay
KRW5.1 trillion.

Yonhap News had earlier reported that Hyundai Group faced mounting
suspicion after failing to provide enough evidence to prove the
source of its KRW1.2 trillion deposits in France-based Bank
Natixis, held by a French unit of its flagship affiliate Hyundai
Merchant Marine Co.

Hyundai Grouped claimed the deposits are loans from the French
bank and has not pledged any collateral for the lending.
Creditors suspect that the group secured the money through other
risky arrangements, Yonhap said.

                      About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into these key areas:
building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.

Hyundai Engineering has been under creditors' control.  In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.


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


FIVE STAR: Auckland Court Sends Two Directors to Jail
-----------------------------------------------------
The National Business Review reports that Five Star Finance
directors Nicholas Kirk and Marcus MacDonald were on Tuesday
jailed for theft during their time at the failed finance company.

The Business Review relates that the executives were sentenced in
the Auckland District Court Tuesday afternoon, having pleaded
guilty to charges of theft, bought by the Serious Fraud Office
(SFO) in relation to the misuse of funds at Five Star.

The Business Review says Mr. Kirk, who was the managing director
of the company, was sentenced to two years and eight months in
prison and Mr. McDonald, the financier's former director, was
sentenced to two years and three months in prison.

According to the Business Review, the pair's fellow director
Anthony Bowden was also sentenced to nine months' home detention
and 300 hours of community work, in relation to Securities Act
charges.

The ruling is the first imprisonment for the Serious Fraud Office
in relation to a major finance company collapse, the Business
Review notes.

SFO chief executive Adam Feeley has described the case as one of
the largest and most complex investigated by the agency in recent
years.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance Ltd,
while Mr. Williams was heavily involved in its management.  The
Companies Office also laid criminal charges in Auckland District
Court against Messrs. MacDonald, Bowden, Kirk and Williams.  The
case was referred to it by the Securities Commission.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


STITCH MINISTRY: Decides to Shut Business Due to Tough Market
------------------------------------------------------------
Bronwyn Williams at Stuff reports that Stitch Ministry, the label
designed by Kylee Davis and Jason Gitmans, has announced that it
will cease business.

According to Stuff, Davis and Gitmans said a tough market is the
reason behind their decision to close the business.

"Any company that's growing needs capital investment.  It's a
tough market at the moment," Stuff quoted Ms. Davis as saying.

Stuff says the company will communicate with stakeholders directly
within the month on how Stitch Ministry will cease business.

Stitch Ministry is a New Zealand fashion label known for its trend
focused womenswear.  Begun four years ago, Stitch Ministry
recently expanded to add essentials to its range, which also
includes fragrance.


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: Still Awaits Creditors' Nod to Defer Debt
---------------------------------------------------------------
Dow Jones Newswires reports that Vietnam Shipbuilding Industry
Group said Monday it hadn't yet received approval from creditors
led by Credit Suisse to defer the first $60 million principal
payment on a $600 million syndicated loan, as the state-run firm
tries to work out a debt problem that has hurt investor confidence
in the Southeast Asian country.

"We don't have any news on the loan repayment yet," Chief
Executive Officer Truong Van Tuyen told Dow Jones Newswires.

The Troubled Company Reporter-Asia Pacific, citing the Associated
Press, reported on Dec. 17, 2010 that Nguyen Ngoc Su, chair of the
Vietnam Shipbuilding Industry Group, said the state-run
shipbuilding company does not have enough money to make a
US$60 million loan payment due this week, and has asked foreign
creditors for more time to pay.  Su is quoted in the online
newspaper VietnamNet as saying that he informed creditors on
Dec. 10 that it will be impossible for the company to make the
first repayment of principal due Dec. 20 on a $600 million loan
from a group of creditors led by Credit Suisse.

"If Vinashin is cornered to default or go bankrupt, creditors of
the $600 million will not collect a penny," Mr. Su said. "Both
sides will lose. That's reality, there's no alternative. Generally
speaking, we are of the view that the banks should not use tough
measures on Vinashin during this very difficult situation."

Vietnam Shipbuilding Industry Group "was facing the risk of
bankruptcy" in June 2010, according to an Aug. 4 government
statement obtained by Bloomberg News.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Sept. 7, 2010, that Vietnamese police arrested four
former officials of Vietnam Shipbuilding Industry Group as the
government extended its investigation into financial difficulties
at the state-owned company.  The Ministry of Public Security said
the people arrested on Sept. 3 include two former board members,
Tran Quang Vu and Tran Van Liem, and ex-general directors of two
of Vinashin's subsidiaries, Nguyen Van Tuyen and Nguyen Tuan
Duong.  Pham Thanh Binh, the company's former chairman and chief
executive officer, was arrested in August.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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