TCRAP_Public/101230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, December 30, 2010, Vol. 13, No. 257

                            Headlines


A U S T R A L I A

CEDENCO JV: Seeks U.S. Recognition of Liquidation Proceedings
CEDENCO JV: Chapter 15 Case Summary
CENTRO PROPERTIES: Blackstone Submits Bid For Centro Assets


H O N G  K O N G

HIDDEN DRAGON: Members' and Creditors Meetings Set for January 24
KATAHDIN LIMITED: Members' Final Meeting Set for January 26
SWIRE AVIATION: Placed Under Voluntary Wind-Up Proceedings
THUNDERBIRD ELECTRONICS: Creditors' Proofs of Debt Due January 25
TOPS FOOD: Creditors' Proofs of Debt Due January 25

VIGO HOLDINGS: Creditors' Proofs of Debt Due January 25
WELLON SHIPPING: Creditors' Meeting Set for January 25


I N D I A

AIR INDIA: Seeks INR2,000cr Equity Infusion in 2011-12 Budget
ARVIND KUMAR: CRISIL Places 'BB-' Rating on INR13-Mil. Term Loan
GANGAR OPTICIANS: ICRA Upgrades Rating on INR14.7cr Debt to 'LBB-'
GUNTUR SPINNING: ICRA Reaffirms 'LBB' Rating on INR15.91cr Loan
KANADE ANAND: CARE Assigns 'CARE BB+' Rating to INR42.72cr LT Loan

KANWARJI CONSTRUCTION: ICRA Assigns 'LBB+' Rating to INR26cr Loan
NOVOPAN INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR160MM Loan
ORIENTAL ENGINEERING: CRISIL Assigns 'BB+' Rating to INR20MM Loan
P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR15MM Rupee Loan
RAMA PHOSPHATES: CRISIL Assigns 'BB-' Rating to INR65.7MM LT Loan

RAJ KUMAR: CRISIL Assigns 'BB+' Rating to INR76.3MM LT Bank Loan
SANGRUR AUTOS: CRISIL Reaffirms 'BB' Rating on INR90MM Cash Credit
SATYAM COMPUTER: Tax Department Orders Audit of Satyam Accounts
STRAWBERRY STUDIO: CRISIL Reaffirms 'BB+' Rating on INR13.5MM Loan
TIPS INDUSTRIES: CRISIL Assigns 'BB' Rating to INR60MM Cash Credit

VISHAL FABRICS: CARE Assigns 'CARE BB+' Rating to INR29.24cr Loan
WINDSOR GARDENS: CRISIL Assigns 'BB+' Rating to INR95-Mil. LT Loan


J A P A N

JAPAN AIRLINES: To Terminate 170 Pilots and Flight Crews
SILVER SEIKO: Defaults on JPY1 Billion Promissory Notes


K O R E A

DAEWOO EN'G: KDB Acquires 89.9 Million New Shares in Daewoo


P H I L I P P I N E S

BANCO FILIPINO: Court Orders Implementation of Business Plan


T H A I L A N D

TT&T PCL: Thai Bankruptcy Court Approves Rehabilitation Plan


V I E T N A M

VIETNAM SHIPBUILDING: Gets Government Loans to Pay Salaries


                            - - - - -


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


CEDENCO JV: Seeks U.S. Recognition of Liquidation Proceedings
-------------------------------------------------------------
The liquidators of Cedenco JV Australia PTY Ltd., also known as
Cedenco Australia, filed a Chapter 15 petition in San Francisco
California for the company (Bankr. N.D. Calif. Case No. 10-35002)
and two affiliates on Dec. 23, 2010.

Cedenco was a food ingredient manager and food processor, and had
its operations in and around Echuca, Victoria, Australia.
SK Foods Australia Pty Ltd., which also sought Chapter 15 relief
(Bankr. N.D. Calif. Case No. 10-35004), owns all 4,700,000 shares
of Cedenco.  The liquidators also filed a Chapter 15 petition for
another affiliate, SS Farms Australia Pty Ltd. (Case No. 10-
35003).

The Chapter 15 petitions were filed by Ian Russell Lock and John
Sheahan, liquidators and foreign representatives of the Debtor.

                        Bankruptcy Filings

On December 17, 2002, the Australian and New Zealand Banking Group
Ltd ("ANZ Bank") registered a fixed and floating charge (or lien)
over the assets of the Debtor.  The loans made to the Debtor by
ANZ Bank were part of a larger lending relationship between ANZ
Bank and all entities in the Cedenco group of companies in
Australia and New Zealand, including the Debtor, SK Foods
Australia, SS Farms Australia Pty Ltd., and two New Zealand
companies, Cedenco Foods Ltd. and Cedenco Ohakune Ltd.

On November 9, 2009, Cedenco Foods and Cedenco Ohakune were placed
into receivership by ANZ Bank under New Zealand law.  The Debtor,
SK Foods Australia, and SS Farms Australia were also placed into
receivership under Australian law.

According to Mr. Sheahan, in the United States, there have been
difficulties involving the Cedenco Group's U.S. affiliates.  SK
Foods LP, a U.S. affiliate of the Cedenco Group, is the subject of
Chapter 11 proceeding, and that there are criminal proceedings
against one of the principals of SK Foods LP, Scott Salyer,
pending, respectively, in United States Bankruptcy and District
Courts of the Eastern District of California.

On June 23, 2010, Kagome Co Ltd (a Japanese entity) acquired the
assets and operations of the Debtor, as well as Debtors SK Foods
Australia and SS Farms Australia, for a combined price of
approximately AU $91M, substantially greater than the amount owed
to ANZ Bank by the Australian members of the Cedenco Group.  Under
Australian law, the sales proceeds are collected by the receivers
for ANZ Bank, and are to be released to the Liquidators after
discharging the debt due ANZ Bank.  The full sum of the proceeds
have not yet been released.

                          Assets Dispute

Messrs. Lock and Sheahan, both of Sheahan Lock Partners, were
appointed on August 11, 2010, as joint and several liquidators of
the Debtor pursuant to section 439C(c) and 446A of the
Corporations Act (Cth) 2001, an Act of the Federal Parliament of
Australia.  The DMAW Lawyers serves as the liquidators' Australian
solicitors.

The liquidators are to distribute the Debtor's remaining funds to
its owners.  However, according to Mr. Sheahan, this distribution
will not take place until all matters relating to the liquidation
have been dealt with, including pursuing claims against third
parties, and a determination of the conflicting claims to
ownership of the companies in the Cedenco Group.

"Specifically relating to the latter issue, the corporate parent
of the Debtor, SK Foods Australia, allegedly has 101 issued shares
which, according to ASIC's records, are held by Frederick Scott
Salyer (1 shares), Scott Salyer (45 shares), and SK PM
Corporation, a U.S.-based company (55 shares).  Further
information provided to us suggests, however, that these shares
are held by the Scott Salyer Revocable Trust (45.55%) and SK PM
Corporation (54.45%). There is also the allegation that the shares
of SK Foods Australia are owned by an offshore trust, on behalf of
other members of the Salyer family.  Finally, the Chapter 11
Trustee of SK Foods LP also claims to have a legal or equitable
entitlement to substantially all of the shares in SK Foods
Australia.  This matter will have to be resolved through
negotiation or through appropriate proceedings."

                Australian Court as Main Proceeding

The liquidators ask the U.S. Bankruptcy Court to recognize the
Debtor's Australian liquidation proceeding as a "foreign main
proceeding" as that term is defined pursuant to Section 1502(4) of
the Bankruptcy Code.

"Here, relief under chapter 15 of the Bankruptcy Code is necessary
to obtain documents and information in the United States from
individuals and entities in the San Francisco area and otherwise
in this judicial district to carry out our responsibilities as
Liquidators, and to also ensure, among other things, that no
creditor or other party takes any action in the United States to
obtain an unlawful advantage or otherwise in a manner detrimental
to the policies of Australian law that inform the Liquidation,
including permitting the Australian procedure for dealing with
proofs of debt and affirmative claims to follow its intended
course, which includes rights to appeal to the Australian Courts,"
Mr. Sheanan said.

The foreign representatives are represented in the Chapter 15 case
by:

   Louis J. Cisz, III, Esq.
   Nixon Peabody LLP
   One Embarcadero Center, 18th Fl
   San Francisco, CA 94111-3600
   Tel: (415) 984-8320
   Fax: (866) 246-2754
   E-mail: lcisz@nixonpeabody.com


CEDENCO JV: Chapter 15 Case Summary
-----------------------------------
Chapter 15 Petitioner: Ian Russell Lock and John Sheahan,
                       liquidators and foreign representatives.

Chapter 15 Debtor:   Cedenco JV Australia PTY LTD (in Liquidation)
                     aka Cedenco Australia

Chapter 15 Case No.: 10-35002

Debtor-affiliates subject to Chapter 15 petitions:

      Entity                             Case No.
      ------                             --------
   SK Foods Australia Pty Ltd.           10-35004
   SS Farms Australia Pty Ltd.           10-35003

Type of Business: Cedenco JV is a food company that supplies a
                  various range of agricultural food products to
                  domestic and international customers.  SS Farms
                  is a company based in Echuca, Australia, that
                  produces and supplies tomatoes.

Chapter 15 Petition Date: December 23, 2010

Court: U.S. Bankruptcy Court
       Northern District of California (San Francisco)

Judge: Dennis Montali

Foreign
Representatives'
Counsel:          Louis J. Cisz, III, Esq.
                  NIXON PEABODY LLP
                  One Embarcadero Center, 18th Floor
                  San Francisco, CA 94111-3600
                  Tel: (415)984-8320
                  Fax: (866)246-2754
                  E-mail: lcisz@nixonpeabody.com


CENTRO PROPERTIES: Blackstone Submits Bid For Centro Assets
-----------------------------------------------------------
Blackstone Group LP has made a preliminary offer for Centro
Properties Group, The Wall Street Journal reports, citing people
familiar with the matter.

The Journal says Blackstone made an "indicative bid" by the
December 17 deadline set by Centro, although the size of the bid
could not be determined.  The Journal notes that its sources also
said the buyout firm primarily is interested in Centro's 600 U.S.
properties.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2010, the Sydney Morning Herald said indicative bids for
Centro Properties' AU$13.5 billion worth of assets were lodged on
Dec. 17, 2010, and the list of bidders includes the large
Australian retail landlords.  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.  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.

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 this week.

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%.

                       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.


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


HIDDEN DRAGON: Members' and Creditors Meetings Set for January 24
-----------------------------------------------------------------
Members and creditors of Hidden Dragon Gifts Limited will hold
their final meetings on January 24, 2011, at 11:00 a.m., and 11:30
a.m., respectively at 15/F, Empire Land Commercial Centre, 81-85
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yu Tak Yee Beryl, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KATAHDIN LIMITED: Members' Final Meeting Set for January 26
-----------------------------------------------------------
Members of Katahdin Limited will hold their final general meeting
on January 26, 2011, at 11:00 a.m., at 19 New Bridge Road,
Singapore 0105, Republic of Singapore.

At the meeting, Tam Yat Hung John, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SWIRE AVIATION: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on December 17, 2010,
shareholders of Swire Aviation Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Peter Alan Kilgour
         Vernon Francis Moore
         33rd Floor, One Pacific Place
         88 Queensway, Hong Kong


THUNDERBIRD ELECTRONICS: Creditors' Proofs of Debt Due January 25
-----------------------------------------------------------------
Creditors of Thunderbird Electronics Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 17, 2010.

The company's liquidator is:

         Mr. Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


TOPS FOOD: Creditors' Proofs of Debt Due January 25
---------------------------------------------------
Creditors of The Tops Food Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 17, 2010.

The company's liquidator is:

         Mr. Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


VIGO HOLDINGS: Creditors' Proofs of Debt Due January 25
-------------------------------------------------------
Creditors of Vigo Holdings Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 25,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


WELLON SHIPPING: Creditors' Meeting Set for January 25
------------------------------------------------------
Creditors of Wellon Shipping Limited will hold their meeting on
January 25, 2011, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 8/F., Richmond Commercial Building,
109 Argyle Street, Mongkok, Kowloon, in Hong Kong.


=========
I N D I A
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AIR INDIA: Seeks INR2,000cr Equity Infusion in 2011-12 Budget
-------------------------------------------------------------
The Hindu Business Line reports that Civil Aviation Minister
Praful Patel said Air India had sought an additional
INR2,000 crore as equity infusion in Budget 2011-12.

"The airlines earlier proposal for providing INR1,200 crore as
equity is likely to go before the Cabinet soon.  In addition, the
airline has sought an additional INR2,000 crore in Budget 2011-
12," the Business Line quoted Patel as saying.

The Business Line says the government earlier this year provided
INR800 crore to Air India.  Official sources told Business Line
that the state-owned carrier could get as much as INR3,000 crore
during the financial year 2011-12.

According to Business Line, the infusion of additional equity as
also the recently announced guidelines of the Reserve Bank of
India on debt restructuring for the domestic airline industry will
help Air India stay afloat.

"The acceptance of the debt restructuring plan of Air India (which
should be cleared in about a month) will see the airline debt come
down to around INR25,000 crore from the current INR40,000 crore.
With the government pumping in INR5,000 crore as equity into the
airline, it will enjoy a debt equity ratio of 1:5.  This is an
accepted level and banks should have no problems lending funds to
the airline," sources told Business Line.

Business Line discloses that Air India reported a 22.6% increase
in network revenue at INR7,250 crore in April-November 2010 as
compared with INR5,911 crore in the year-ago period.  The
airline's equity currently stands at INR145 crore, Business Line
adds.

                            About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ARVIND KUMAR: CRISIL Places 'BB-' Rating on INR13-Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Arvind Kumar Nand Kumar Ltd, which is part of the
Arvind Kumar group.

   Facilities                         Ratings
   ----------                         -------
   INR37.0 Million Cash Credit        BB-/Stable (Assigned)
   INR13.0 Million Term Loan          BB-/Stable (Assigned)
   INR4.0 Million Working Capital     P4+ (Assigned)
                      Demand Loan
   INR7.0 Million Letter of Credit    P4+ (Assigned)
   INR3.5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect AKG's modest scale of operations, and exposure
to risks related to adverse regulatory changes, and volatility in
the raw material prices.  These rating weaknesses are partially
offset by AKG's promoters' extensive experience in the rice and
prestressed cement concrete pole industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANL, and Bheroodan Jethmall (P) Ltd
(BJL), together referred to as the Arvind Kumar group; this is
because both the entities are under a common management, and in
similar lines of business; also ANL has extended guarantees to
BJL's bank facilities.

Outlook: Stable

CRISIL believes that AKG will continue to benefit from extensive
experience of the promoters' in the rice and pre-stressed cement
concrete pole industry.  The outlook may be revised to 'Positive'
if AKG's operating revenues and margins increase significantly
along with improvement in gearing and networth while maintaining
its debt protection metrics.  Conversely, the outlook may be
revised to 'Negative' if the group's profitability declines
significantly or debt protection metrics deteriorate significantly
due to large debt-funded capital expenditure.

                           About the Group

ANL, incorporated in 1974 by Mr. P D Bhatter, and his brother
Mr. Hardayal Bhatter, is engaged in milling and processing of rice
and manufacturing of pre-stressed cement concrete poles.  Rice
division and poles division constituted about 60% and about 40% of
the gross sales respectively in 2010. Majority of the rice is sold
to food corporation of India and majority of the pre-stressed
cement concrete poles are primarily sold to the state electricity
board.  The rice unit is located in West Bengal & the poles unit
is located at Jaipur, Rajasthan with an installed capacity of 80
tonnes per day and 40,000 poles per year respectively.  BJL is
engaged in manufacturing of pre-stressed cement concrete poles
with an installed capacity of about 15,000 poles per year.

ANL reported a profit after tax (PAT) of INR3.39 million on net
sales of INR120.0 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR0.87 million on net sales
of INR307.1 million for 2008-09.


GANGAR OPTICIANS: ICRA Upgrades Rating on INR14.7cr Debt to 'LBB-'
------------------------------------------------------------------
ICRA has upgraded the ratings of INR 14.70 Crore fund-based bank
facilities of Gangar Opticians Pvt Ltd from 'LB+' to 'LBB-' with a
stable outlook.

The rating upgrade takes into account, the improvement in
financial profile of the firm, characterized by improvement in
profitability indicators, reduction in debt levels and improvement
in the company's inventory cycle.  Higher revenues generated from
the new retail outlets resulted in improvement in the company's
financials.  The rating also factors in the established track
record of the promoters in the eye care business and the
reasonable brand equity of the company in Mumbai and neighboring
regions.

However, the rating continues to remain constrained by GOPL's
modest scale of operations, weak profitability indicators and
stretched capital structure characterized by weak coverage
indicators and negative net worth.  The aggressive addition of 14
new retail outlets in FY2009 had resulted in high debt levels and
stretched inventory cycle in the last couple of years. Although
there was an improvement in margins and working capital cycle in
FY10 on account of addition of relatively lesser number of outlets
and faster stock turnover in the existing outlets, the company's
ability to sustain this trend remains to be seen given the
company's plans for further expansion of its retail outlets over
the near to medium term.  ICRA also takes note of the high
competitive intensity inherent in the business with the presence
of large number of organized and unorganized players on account of
low entry barriers in the business which limit margin expansion.

                       About Gangar Opticians

GOPL, a family run business, was incorporated in the year 1977 as
a partnership firm by Mr. Jayantilal B. Gangar and was converted
into a private limited company in 2000.  The company is engaged in
assembling and retailing of eye care and eyewear products. GOPL
being a closely held company is run by various members of the
Gangar family who constitute the board of directors of the
company.  GOPL is operating under the brand name of Gangar
EyeNation.

The company has its assembling unit at Prabhadevi, Mumbai and 21
retail outlets in Mumbai and its suburbs.  The company is also in
the process to open five to six outlets in FY 11 of which three
new outlets one in Mumbai and two in Pune are in finalization
stage.

Recent Results:

GOPL recorded a net profit of INR0.58 Crores on an operating
income of INR36.09 Crores for the year ended March 31, 2010 and
net profit of INR2.46 Crore on an operating income of INR 20.24
for the half year ended September 30, 2010.


GUNTUR SPINNING: ICRA Reaffirms 'LBB' Rating on INR15.91cr Loan
---------------------------------------------------------------
ICRA has reaffirmed an 'LBB' rating to the INR 15.91 crore term
loans and INR 5.50 crore cash credit facilities of Guntur Spinning
Mills Private Limited.  The long term rating has been assigned a
stable outlook.  ICRA has also reaffirmed an "A4" rating to the
INR 0.54 crore short term non-fund based facilities of GSMPL.

The ratings continue to draw comfort from substantial experience
of the promoters in cotton yarn manufacturing and the locational
advantages arising on account of the availability of cotton (the
primary raw material) in the adjacent area and support rendered by
the promoters in the form of interest free unsecured loan.  The
assigned rating are however constrained by GSMPL's small scale of
operations, stretched financial profile, strained cash flows and
limited ability of yarn manufacturers to pass on hike in input
costs.

                        About Guntur Spinning

Guntur Spinning Mills Private Limited, incorporated on August 25,
2005, is primarily engaged in production of cotton yarn.  GSMPL
has spinning facilities located in Guntur District with an
aggregate installed capacity of 14,400 spindles.  The company
produces cotton yarn in counts ranging from 36s to 64s.  The
company commenced commercial production from April, 2007 after its
manufacturing facilities at Guntur became operational, and at full
capacity of 14,400 spindles from November 07 onwards.  The project
was set up with support from Technology Upgradation Fund Scheme
under the Central Government.


KANADE ANAND: CARE Assigns 'CARE BB+' Rating to INR42.72cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Kanade Anand Udyog Pvt Ltd.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   --------     -------
   Long-term Bank Facilities      42.72      'CARE BB+' Assigned
   Short-term Bank Facilities     12.00      'PR4+' Assigned

Rating Rationale

The ratings are constrained by high leverage position, customer
concentration risk, elongated working capital cycle and increased
competition from the organised and unorganised players in the
Industry.  The ratings however, derive strength from the
experience of the promoters in the business, increasing sales
volumes and captive galvanising plant approved by NTPC and PGCIL.
Diversifying its customer base, improving its collection period
and the ability of KAUPL to pass on the increase in raw material
prices to its customers are the key rating sensitivities.

Kanade Anand Udyog Private Limited was incorporated on July 12,
2005.  The company manufactures electroforged floor gratings,
cable trays and transmission line towers and structures. In
December 2009, the company received an ISO 9001:2008 certification
from Orion Registrar, Inc., USA.

On a total operating income of INR112.34 crore, KAUPL earned a PAT
of INR1.67 crore in FY09.  As per the provisional results for the
year ended March 31, 2010, KAUPL earned a PAT of INR2.13 crore
on a total operating income of INR116.63 crore.


KANWARJI CONSTRUCTION: ICRA Assigns 'LBB+' Rating to INR26cr Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' and 'A4+' ratings to INR26.00 crores Fund
and Non-Fund Based bank limits of Kanwarji Construction Co.  The
long term rating carries a stable outlook.

ICRA's ratings take into account KCC's reputed client base, its
healthy current order book; and the positive outlook for the civil
construction industry. Further, the rating takes comfort from
KCC's low working capital intensity (measured by NWC/OI at 5% as
on March 31, 2010) and its moderate gearing level of 0.91 times as
on March 31, 2010.  The ratings are however constrained by the
highly competitive nature of the construction industry, relatively
small scale of operations which results in low economies of scale
and may also restrict it from bidding for large sized projects.
The company is also exposed to client concentration risk and high
sectoral concentration in segments such as structural works & site
development.  The contracts executed by the company are of low
complexity which has resulted in relatively moderate margins and
this situation is unlikely to change in the medium term.

Kanwarji Construction Co. was incorporated in the year 1979 as a
registered partnership company under the patronage of Sh. Kanwar
Kishore for undertaking civil engineering projects.  Later the
construction activity was taken over by Sh. Suresh Kumar Gola and
the constitution of the company was changed to a proprietorship
concern.  The firm has been engaged in the construction and
maintenance work mainly for Government Organizations like Public
Works Department, Army Welfare Housing Organisation, Jamia Hamdard
University, Indian Railways Welfare Organisation, Air Force Naval
Housing Board etc.  It has executed diversified projects which
include multistoried buildings, residential housing complexes,
schools, industrial complexes, institutional buildings, hospitals
etc.


NOVOPAN INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR160MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Novopan Industries
Ltd continue to reflect the delays by the company in servicing its
term loans because of weak liquidity.  The liquidity has been weak
mainly because of cash losses incurred by the company in 2009-10
(refers to financial year, April 1 to March 31), and in the
current year till date.

   Facilities                                    Ratings
   ----------                                    -------
   INR160 Million Working Capital Demand Loan    D (Reaffirmed)
   INR280 Million Term Loan                      D (Reaffirmed)
   INR10 Million Bank Guarantee                  P5 (Reaffirmed)
   INR180 Million Letter of Credit               P5 (Reaffirmed)

NPIL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and is exposed to risks
related to intense industry competition.  These weaknesses are
partially offset by NPIL's healthy market position in the wood
panel industry.

Update

For 2009-10, NPIL posted an operating income of INR650 million,
which was lower by 15 per from that in the previous year.  The
operating margin for the same period was about 1.1 per cent,
against the operating loss in the previous year.  The company has
posted sales of INR340 million for the current year till
September 30, 2010.  During the same period, it posted an
operating loss of INR0.3 million, with a cash loss of INR21.5
million.  Apart from the cash loss, NPIL also had a constrained
financial risk profile because of the company's high gearing (2.51
times as on March 31, 2010) and weak debt protection metrics.  The
company had a high bank limit utilization, averaging at above 95
per cent, over the 12 months through August 2010.  The company
does not have any significant capital expenditure plans for the
medium term.

NPIL reported a net loss of INR69.2 million on net sales of
INR651.8 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR109.7 million on net sales of
INR725.0 million for 2008-09.

                      About Novopan Industries

Set up in 1974, NPIL is a part of the GVK group.  The company
manufactures and sells pre-laminated and plain particle boards
under the Novopan brand.  The company also manufactures modular
furniture.


ORIENTAL ENGINEERING: CRISIL Assigns 'BB+' Rating to INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' rating to Oriental
Engineering Works Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR12.0 Million Cash Credit         BB+/Stable (Assigned)
   INR20.0 Million Term Loan           BB+/Stable (Assigned)
   INR5.5 Million Stand By Limit       BB+/Stable (Assigned)
   INR11.0 Million Proposed LT         BB+/Stable (Assigned)
            Bank Loan Facility
   INR18.0 Million Bill Discounting    P4+ (Assigned)
   INR6.0 Million Bank Guarantee       P4+ (Assigned)

The rating reflects OEWL's exposure to risks related to small
scale of operations, and intense competition in the hydraulic
equipments and dewatering pumps the industry, and to cyclicality
in capacity addition in end-user industry.  These rating
weaknesses are partially offset by OEWL's moderate financial risk
profile, marked by moderate gearing and average debt protection
metrics and long track record in the engineering and capital goods
industry.

Outlook: Stable

CRISIL believes that OEWL will maintain its business risk profile
over the medium term, on the back of its longstanding presence in
the engineering and capital goods industry.  The company's
financial risk profile is expected to remain moderate, marked by
moderate gearing and average debt protection metrics.  The outlook
may be revised to 'Positive' if OWEL scales up its operations
substantially, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company registers declining sales, or it contracts large debt to
fund its capital expenditure, weakening its financial risk
profile.

                     About Oriental Engineering

OEWL was incorporated in 1937.  The company, promoted by the
Saluja family of Haryana manufactures hydraulic equipments
(cylinders, pumps, system components, presses tools pullers) and
dewatering pumps.  The company also manufactures sheet metal
components such as metal trunks, blasting cabinets, file boxes and
first aid boxes.  These components are generally sold with
hydraulic equipments.  The company's facilities at Lahore
(Pakistan) were shifted to Yamuna Nagar, Haryana (India) in 1947.
The company is currently managed by Mr. Raman Saluja, third
generation of promoter.

OEWL has tied up with three German and a Belgium-based companies
for selling their products in India on commission basis.

OEWL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR210.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.8million on net sales
of INR237.3 million for 2008-09.


P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR15MM Rupee Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of P.K. Overseas Pvt Ltd
continue to reflect PK Overseas' constrained financial risk
profile marked by low net worth, and small scale of operations in
the rice exports industry.  These rating weaknesses are partially
offset by PK Overseas' established relationships with suppliers
and customers, and the benefits the company reaps from the healthy
growth prospects for rice exporters.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    B+/Stable (Reaffirmed)
   INR15.0 Million Rupee Term Loan      B+/Stable (Reaffirmed)
   INR50.0 Million Packing Credit       P4 (Reaffirmed)
   INR15.0 Million Letter of Credit/    P4 (Reaffirmed)
                     Bank Guarantee

Outlook: Stable

CRISIL believes that PK Overseas will continue to benefit over the
medium term from its established relationships with suppliers and
clients.  The company's financial risk profile is, however,
expected to remain constrained over the medium term, because of
low margins, weak debt protection metrics and expected debt
funding of its capacity addition programme over the medium term.
The outlook may be revised to 'Positive' if PK Overseas' net worth
and profitability improve significantly.  Conversely, the outlook
may be revised to 'Negative' if the company's gearing increases
and debt protection metrics weaken because of larger-than-expected
debt-funded capital expenditure (capex).

Update

In 2009-10 (refers to financial year, April 1 to March 31),
operating profitability of PK Overseas has improved backed by
increased proportion of revenues from milling and sorting business
(which yields higher margins than its trading business).  Gearing
of the company has increased to 2.3 times (as on 31st March, 2010)
from 1.2 times (as on March 31, 2009), driven by more-than-
expected short-term debt contracted by the company to fund its
increasing scale of operations.  The promoters of PK Overseas have
infused equity of INR5.6 million (including share application
money of INR2.6 million) in 2010-11 in order to partly fund the
company's working capital requirements.

PK Overseas is witnessing a stretched receivable cycle as it is
trying to tap large customers in export markets and is
establishing its brands in India. The stretch in receivables has
led to moderately high utilization of its cash credit limit at an
average of 81 per cent for the past 12 months ended August 31,
2010. The stretch in the receivables and high bank limit
utilization is expected to continue over the medium term. PK
Overseas reported a profit after tax (PAT) of INR2.0 million on
net sales of INR594.6 million for 2009-10, against a PAT of
INR2.0 million on net sales of INR461.7 million for 2008-09.

                          About P.K. Overseas

PK Overseas was set up in 1994 by Mr. Prem Manchanda.  The Company
is engaged in milling, processing and selling of basmati rice in
the export market under its own brands such as Trimurti, India
Salaam, Mansa and Raj Shahi.  The company's plant is situated at
Delhi with a total installed capacity of 8tph.  The company
derives majority of its revenue from export market and sells
mainly in Middle East, Far East and Europe.


RAMA PHOSPHATES: CRISIL Assigns 'BB-' Rating to INR65.7MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Rama Phosphates Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR362.7 Million Cash Credit Facility    BB-/Stable (Assigned)
   INR65.7 Million Proposed LT Bank Loan    BB-/Stable (Assigned)
                                Facility
   INR101.6 Million Letter of Credit        P4+ (Assigned)

The ratings reflect RPL's susceptibility to adverse changes in
government regulations and its limited track record of profitable
operations.  These weaknesses are partially offset by the benefits
arising from government's nutrient-based subsidy for single super
phosphate (SSP) manufacturers.

Outlook: Stable

CRISIL believes that RPL will significantly improve its credit
risk profile and net worth, backed by robust growth in revenues
and profitability. This may help the company move out of Board for
Industrial and Financial Reconstruction's (BIFR's) purview.  The
outlook may be revised to 'Positive' if the company achieves more-
than-expected profitability and net cash accruals, manages its
working capital efficiently, and moves out of BIFR's purview.
Conversely, the outlook may be revised to  'Negative' if the
company's revenues, operating margin and operating cycle weaken,
significantly exerting pressure on its profitability and liquidity
profile.

                       About Rama Phosphates

RPL, incorporated in 1984, was promoted by the Ramsinghani family.
The company manufactures SSP, sulphuric acid and soya oil.  It has
three manufacturing facilities based in Pune, Indore and Udaipur,
with a combined installed capacity of 4,62,000 tonnes per annum
(tpa) for SSP, 1,83,600 tpa for sulphuric acid, 1,20,000 tpa for
soya crushing and 30,000 tpa for refining. Presently, it is owned
and managed by Mr. Daulat Jaisingh Ramsinghani and his son Mr.
Haresh Daulat Ramsinghani.

RPL reported a profit after tax (PAT) of INR 36.9 million on net
sales of INR 1009 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 41.7 million on net
sales of INR 2563.8 million for 2008-09.


RAJ KUMAR: CRISIL Assigns 'BB+' Rating to INR76.3MM LT Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Raj Kumar Goel Educational Foundation.  The rating reflects
RKGEF's small scale of operations, moderate financial risk profile
constrained by exposure to other group trusts and susceptibility
to adverse regulatory changes and intense competition in the
education sector.  These weaknesses are partially offset by wide
portfolio of educational courses offered by RKGEF.

   Facilities                       Ratings
   ----------                       -------
   INR85.0 Million Cash Credit      BB+/Stable (Assigned)
   INR76.3 Million Proposed LT      BB+/Stable (Assigned)
            Bank Loan Facility

Outlook: Stable

CRISIL believes that RKGEF will generate healthy cash accruals
over the medium term on account of the wide range of courses it
offers.  The outlook may be revised to 'Positive' if RKGEF
increases its operating income by increasing its intake capacity,
and consequently, its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if RKGEF
undertakes a larger-than-expected debt-funded capital expenditure
programme, if demand for its courses declines, or in case of any
unfavorable regulatory changes.

RKGEF, established in 1999, is a trust started by the late Mr. Raj
Kumar Goel.  The trust established the Raj Kumar Goel Institute of
Technology in Ghaziabad (Uttar Pradesh) in September 2000. RKGIT
is recognised by All India Council for Technical Education,
Ministry of Human Resource Development, Government of India, and
is affiliated to Uttar Pradesh Technical University, Lucknow.
RKGIT offers the Bachelor of Technology, Bachelor in
Pharmaceuticals Science, Master of Computer Application, Master of
Business Administration and Masters in Pharmaceuticals Science.
The trust established Lala Mangat Ram Maha Vidyalaya in 2003. LMRM
offers one course: Bachelor of Education.  This course by LMRM is
approved by the National Council for Teacher Education and is
affiliated to CCS University, Meerut (Uttar Pradesh).

RKGEF reported a profit after tax (PAT) of INR15.4 million on net
sales of Rs150.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR125.3 million for 2007-08.


SANGRUR AUTOS: CRISIL Reaffirms 'BB' Rating on INR90MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Sangrur Autos Pvt Ltd
continues to reflect SAPL's weak financial risk profile, marked by
high gearing and a small net worth.  This rating weakness is
partially offset by the company's healthy market share and well-
established distribution network in southern Punjab, and the
benefits that it derives from its promoters' experience in the
automobile dealership business.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAPL will maintain its market share in
southern Punjab over the medium term.  The outlook may be revised
to 'Positive' if SAPL improves its capital structure or operating
margin.  Conversely, the outlook may be revised to 'Negative' in
case SAPL's cash accruals decline significantly, most likely
because of increased competition in the southern Punjab's
motorcycle dealership market, or if the company undertakes a debt-
funded capital expenditure programme, leading to a further
weakening of its capital structure.

                        About Sangrur Autos

Incorporated in 1988 by Mr. Amit Goyal, SAPL is a dealer of Bajaj
Auto Ltd's (rated 'AAA/FAAA/Stable/P1+' by CRISIL) motorbikes in
southern Punjab.  The company has dealerships at Sangrur, Barnala,
Malerkotla, and Sunam (all in southern Punjab).  SAPL derives
about 94 per cent of its total revenues from the sale of new
vehicles, and the rest through sale of spares and servicing of
two-wheelers at its workshops.

SAPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR590 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR546 million for 2008-09.


SATYAM COMPUTER: Tax Department Orders Audit of Satyam Accounts
---------------------------------------------------------------
The Wall Street Journal reports that Satyam Computer Services
Ltd., rebranded as Mahindra Satyam, said Tuesday it has received a
letter from India's tax department requesting it to get its
accounts audited for the tax assessment years of 2002-2003 and
2007-2008.

The move, the Journal relates, is likely to be a precursor to a
demand for the fraud-hit company to pay up taxes.

The Journal notes that Satyam said in November the department was
seeking tax amounting to INR5.03 billion (US$111.5 million) for
the five-year period between the financial year 2003 and 2008.
At that time, the Journal relates, Satyam said it had filed a
petition with the Central Board of Direct Taxes asking it to stay
the tax collection.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.  Tech Mahindra Ltd. acquired control of
the company in April 2009.

Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


STRAWBERRY STUDIO: CRISIL Reaffirms 'BB+' Rating on INR13.5MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Strawberry Studio
Exports Pvt Ltd continue to reflect SEPPL's average financial risk
profile, marked by a small net worth, small scale of operations,
and exposure to risks related to customer concentration in the
company's revenue profile.  These rating weaknesses are partially
offset by the extensive experience of SSEPL's promoters in the
garment manufacturing business.

   Facilities                             Ratings
   ----------                             -------
   INR13.5 Million Rupee Term Loan        BB+/Stable (Reaffirmed)
   INR80.0 Million Export Packing Credit  P4+ (Reaffirmed)
   INR5.0 Million Letter of Credit        P4+ (Reaffirmed)
   INR1.5 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SSEPL's financial risk profile will remain
constrained by a small net worth over the medium term.  The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if SSEPL's
financial risk profile deteriorates materially, because of
additional debt taken to fund capital expenditure or large
incremental working capital requirements.

Update

SSEPL's sales increased by 25.6% to INR297 million in 2009-10
(refers to financial year, April 1 to March 31) because of higher
business volumes and realizations because of the addition of new
customers.  However, the company's operating profit margin
declined by 377 basis points (bps; 100 bps equals 1 percentage
point) to 9.3% in 2009-10 because of increase in raw material
prices and appreciation of the Indian rupee against the euro
during the reviewed period, as reflected in the company's sales of
INR83.2 million for the first half of 2010-11. CRISIL believes
that SSEPL's sales and operating margin will remain under pressure
over the medium term because of lower order flow and adverse
currency movements.

SSEPL is expected to maintain its financial risk profile over the
medium term in the absence of any debt-funded capex plans and term
debt obligations.  On account of the absence of term debt
obligations, the cash flow from operations will be available to
meet the incremental working capital requirements. Also, the
company has no plan of dividend payout in the near term.

                       About Strawberry Studio

Set up by Mr. Hemant Ruparelia in 1996, SSEPL manufactures and
exports ready-made woven garments, primarily for women and
children.  The company has 21 different production lines, each
dedicated to manufacturing a particular variety of garments.  Its
manufacturing facility at Noida (Uttar Pradesh) has capacity to
produce around 135,000 garments per month.

SSEPL reported a profit after tax (PAT) of INR7.0 million on net
sales of INR297.0 million for 2009-10, against a PAT of INR10.0
million on net sales of INR236.0 million for 2008-09.


TIPS INDUSTRIES: CRISIL Assigns 'BB' Rating to INR60MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Tips Industries
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR60.00 Million Cash Credit       BB/Stable (Assigned)
   INR10.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect Tips's exposure to inherent risks in the film
industry and the company's large working capital requirements.
These rating weaknesses are partially offset by the experience of
Tips' promoters in the entertainment industry, and the company's
moderate financial risk profile, marked by an adequate net worth,
healthy debt protection metrics, and low gearing, which, however,
is susceptible to unpredictable performance of films.

Outlook: Stable

CRISIL believes that Tips will maintain its business risk profile
over the medium term, on the back of its established market
presence and the extensive experience of its promoters, despite
its exposure to risks relating to the performance of its planned
films.  The outlook may be revised to 'Positive' if substantial
growth in music royalty revenues reduces its dependence on the
performance of new films.  Conversely, the outlook may be revised
to 'Negative' if Tips's financial risk profile weakens
significantly, most likely due to significant losses on new films.

                       About Tips Industries

Tips is one of the premier film production/distribution and music
companies in India. The company is promoted by Mr. Kumar Taurani
and his brother Mr. Ramesh Taurani.  Tips was established as a
partnership firm in 1988 as Tips Cassettes & Record Company. The
firm was reconstituted as a private limited company in 1996. It
was again reconstituted as a public limited company with the
current name, with an issue of shares to the public in 2000; the
company is listed on the Bombay Stock Exchange and the National
Stock Exchange.  Tips has produced 28 films and has a music
library of more than 25,000 songs. Recently, Tips produced the
movies Prince, Toh Baat Pakki, Ajab Prem Ki Gajab Kahani, and
Race.

As part of its share buyback plan, Tips, during June to August
2010, bought back 1.35 million shares for a consideration of
INR63.9 million at an average price of INR47.50 per share.  All
the shares bought back have been extinguished and requisite
returns have been filed with the Securities and Exchange Board of
India, stock exchanges, and the registrar of companies.

Mr. Ramesh Taurani is under prosecution for the murder of Mr.
Gulshan Kumar (of T-series) in 1997. Another person charged for
the murder is Mr. Nadeem Saifee (part of the Nadeem-Shravan music
director team).  Mr. Taurani was acquitted of the murder charges
by a sessions court in 2002, as the prosecution could not prove
charges.  However, an appeal against the acquittal has been filed
in the Bombay High Court.  Any adverse ruling by the High Court
can have a major impact on Tips, and therefore, constitutes a key
rating sensitivity factor.

Tips reported a profit after tax (PAT) of INR84.8 million on an
operating income of INR844.3 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR114.5
million on an operating income of INR651.8 million for 2008-09.


VISHAL FABRICS: CARE Assigns 'CARE BB+' Rating to INR29.24cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' & 'PR4' ratings to bank facilities of
Vishal Fabrics Pvt Ltd.

                                Amount
   Facilities                  (INR cr) Ratings
   ----------                  -------- -------
  Long-term Bank Facilities      29.24  'CARE BB+' Assigned
  LT/Short-term Facilities       28.00  'CARE BB+'/'PR4' Assigned

Rating Rationale

The ratings are mainly constrained due to the recent re-phasement
of its term loans, relatively high gearing level, working capital
intensive nature of the business, intense competition because of
the fragmented nature of the industry and environmental risk due
to the proximity of its processing units to the city.  The ratings
are however take into account the VFPL's long-standing track
record & established position in the textile processing industry,
experienced promoters and modest profitability.  The improvement
in financial risk profile through controlling the debt level and
improving the profitability and successful completion of its
ongoing capex are the key rating sensitivities.

Vishal Fabrics Private Limited, was promoted by Mr. Jyotiprasad
Chiripal (promoter of the Chiripal group based out of Ahmedabad)
and his family members in October 1985, and was a dormant company
till 1999-2000. Subsequently, VFPL became a subsidiary of Chiripal
Industries Limited (Rated: CARE BB/PR4), which currently holds
92.30% stake in VFPL.  It started off with the trading of fabrics
in the domestic and international markets. During 1999-2000, it
took over the two fabric processing units on lease and started
processing of own grey fabric as well as processing the fabric on
job-work basis. Over the years, the company has expanded its
processing capacities and put up its own processing plants as
well.  The present installed processing capacity of VFPL,
including leased capacities; is estimated at 1,100 lakh meters per
annum.


WINDSOR GARDENS: CRISIL Assigns 'BB+' Rating to INR95-Mil. LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term loan
facility of Windsor Gardens Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR95.00 Million Long-Term Loan     BB+/Stable (Assigned)

The ratings reflect WGPL's exposure to demand risks associated
with its ongoing project, concentrated revenue profile, and below-
average financial risk profile.  The rating weaknesses are
partially offset by the experience of WGPL's promoters in real
estate development, and its proven project execution capabilities.

Outlook: Stable

CRISIL believes that WGPL will benefit over the medium term from
the experience of its promoters in the residential real estate
development segment.  The outlook may be revised to 'Positive' if
the company generates larger-than-expected cash flows, most likely
on account of earlier-than-expected completion of its ongoing
project, or in case of more-than-expected sales realizations.
Conversely, the outlook may be revised to  'Negative' if there are
any delays in project completion or receipt of booking advances
from customers, or in case of a significant fall in realizations
or if the company undertakes a large, debt-funded capital
expenditure project.

                        About Windsor Gardens

WGPL was established in 1995 by Mr. M Srinivasa Rao. The company
constructs residential properties, primarily in Bangalore. WGPL
has completed 5 residential real estate projects aggregating over
260 apartments till date. The company is currently developing the
Phase II of its Windsor Four Seasons project on Bannerghatta Road,
Bangalore, which comprises of 84 apartments, scheduled to be
completed by November 2011. The total cost of construction of the
project is INR157 million, is being funded with term loans of INR
95 million, unsecured loans from the promoter's of INR 40 million
and the remaining through advances from customers. The company has
completed around 50% of the construction and has received customer
advances for 14 apartments totalling INR 63 million.

WGPL reported a profit after tax (PAT) of INR59.2 million on net
sales of INR366.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR13.2 million on net
sales of INR44.7 million for 2008-09.


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


JAPAN AIRLINES: To Terminate 170 Pilots and Flight Crews
--------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. said Tuesday it will
ax about 170 pilots and flight attendants on December 31 after its
voluntary retirement program failed to meet the job reduction
target.

Kyodo relates that the carrier said those facing dismissal include
about 80 pilots, 60 flight attendants and 30 employees who are on
leave.

"I feel very sorry for those who are subject to the dismissal and
their families," Kyodo quoted JAL President Masaru Onishi as
saying at a news conference.  "We'll aim to stand on the starting
line for reconstruction and revive the company as early as
possible (to keep the airline alive)."

The Tokyo District Court earlier in this month approved JAL's
rehabilitation plan, which aims to cut the company's payroll to
32,600 employees by the end of March, shedding roughly 16,000
jobs, or around 30% of its group workforce of 48,714 as of
March 31, the end of the last business year.

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

                       About Japan Airlines

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

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

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


SILVER SEIKO: Defaults on JPY1 Billion Promissory Notes
-------------------------------------------------------
Bloomberg News reports that Silver Seiko Ltd.'s banks halted
transactions with the company after it defaulted on JPY1 billion
(US$12 million) of promissory notes.

Bloomberg, citing a statement to the bourse on December 28, says
the company may be delisted from the Tokyo Stock Exchange.

Based in Japan, Silver Seiko Ltd. manufactures home use machines
and appliances, including knitting machines, sewing machines,
vacuum cleaners, air cleaners and dish dryers.  The Group is also
engaged in the manufacture of environmental equipment such as air
cleaner, and information equipment such as printers and shredders.


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


DAEWOO EN'G: KDB Acquires 89.9 Million New Shares in Daewoo
-----------------------------------------------------------
Yonhap News reports that the Korea Development Bank has taken part
in a KRW1 trillion (US$871 million) rights issue of Daewoo
Engineering & Construction Co. in a bid to help normalize the
builder's parent group, Kumho Asiana Group.

The lender said that some 89.9 million new shares in Daewoo
Engineering were acquired via a private equity fund headed by KDB,
according to Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2009, Kumho Asiana Group decided to put Daewoo Engineering
and Construction up for sale.  Kumho Asiana, which bought Daewoo
Engineering for US$5 billion in 2006, said it has not yet
determined the exact size of stake to be sold, the Financial Times
said.  The size of the sale would be designed to "minimize the
group's losses and to reduce a buyer's burden."  The announcement,
according to the FT, follows pressure on Kumho to raise money by
finding fresh investors in Daewoo by the end of July to ease a
liquidity crunch.  Kumho has a 33% stake in Daewoo with management
control while financial investors hold a further 39%.

                     About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


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


BANCO FILIPINO: Court Orders Implementation of Business Plan
------------------------------------------------------------
The Manila Standard Today reports that the Makati City Regional
Trial Court has ordered the Bangko Sentral ng Pilipinas and the
Monetary Board to carry out the business plan of Banco Filipino
and grant it without delay financial assistance and a package of
regulatory relief.

The Manila Standard says Judge Joselito C. Villarosa of RTC branch
66 issued last November 19, 2010, a writ of preventive injunction
that restrained the monetary officers and representatives from
committing acts prejudicial to Banco Filipino's operation.

According to the Manila Standard, the business plan for the once-
biggest savings bank in the country with almost four million
depositors before its illegal closure in 1985 during the time of
the late Central Bank Gov. Jose Fernandez, was approved by the
Monetary Board through Resolution No. 1668 and subsequent
amendments.  The Manila Standard, citing Banco Filipino sources,
relates the court-approved business plan entails PHP25 billion in
new financial assistance from the Bangko Sentral.

Banco Filipino, on orders of the trial court, posted a PHP50-
million bond for the enforcement of the writ and the immediate
implementation of the bank's Business Plan, the Manila Standard
notes.

In the same writ, the Manila Standard adds, the lower court
stopped both MB and Bangko Sentral "from enforcing other
regulatory measures and abuses calculated to coerce petitioner
(Banco Filipino) into agreeing to drop and/or withdraw its suits
and damage claims against respondents (MB and BSP) and to waive
future claims against respondents or their officers, employees,
representatives and all persons acting in their behalf."

The Manila Standard states that the high court earlier allowed
Banco Filipino to pursue its PHP18.8-billion damage suit against
the Bangko Sentral before the Makati City court in connection with
the bank's illegal closure in 1985.  In allowing the suits to
proceed, says the Manila Standard, the high tribunal upheld a
Court of Appeals' ruling that aid the Bangko Sentral is a
"successor-in-interest" of the Central Bank, which padlocked and
liquidated the savings bank controlled by the Aguirre family.

                        About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

Banco Filipino offers to the public full domestic banking
services, which are five main types, namely: cash services;
commercial services; loans; money market services; and trust
services.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that the Bangko Sentral ng Pilipinas approved an emergency
loan of PHP190 million to Banco Filipino in order for it to
remain liquid, after certain branches experienced heavy
withdrawals.

The state central bank had ordered Banco Filipino's closure in
1985 due to insolvency.  However, the Supreme Court overturned
Bangko Sentral's decision and ordered the bank to reopen in
1994 and resume business as a full service savings bank with
trust operations.


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


TT&T PCL: Thai Bankruptcy Court Approves Rehabilitation Plan
------------------------------------------------------------
Reuters reports that Thailand's Central Bankruptcy Court on
December 28, 2010, approved a rehabilitation plan for TT&T Pcl
involving the restructuring of THB26 billion in debt.

According to Reuters, TT&T Chief Executive Suwan Assadanukul said
the plan includes debt reduction, a debt-to-equity conversion and
repayment.  Creditors had been seeking repayment of THB61 billion
in debt, Reuters says.

Reuters relates that Suwan, who is in charge of the five-year
rehabilitation plan, said TT&T, which has cash in bank deposits of
THB2.4 billion, was due to repay 5% of debt to creditors within 15
days.

State-run telecoms firm TOT Pcl and Thailand's top lender, Bangkok
Bank, are among the creditors, Reuters notes.

Reuters discloses that T&T received court approval in 2008 to
start a business rehabilitation plan.  TT&T, which has suffered
five consecutive years of losses, has not given details about the
restructuring.

                          About TT& T Pcl

TT&T Public Company Limited (BAK:TT&T) is a Thailand-based company
engaged in the provision of fixed-line telecommunication services.
The Company operates a joint undertaking of and investments in the
expansion project of telephone services with TOT Public Company
Limited.  As of December 31, 2009, the Company had two
subsidiaries: TT&T Subscriber Services Co., Ltd., which is engaged
in the provision of Internet services, and Triple T Global Net
Co., Ltd., which is engaged in the provision of data communication
services.


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


VIETNAM SHIPBUILDING: Gets Government Loans to Pay Salaries
-----------------------------------------------------------
The International Business Times reports that the government of
Vietnam said it will provide interest-free loans Vietnam
Shipbuilding Industry Group (Vinashin) to pay wages, after the
company was unable to make the first repayment on a US$600-million
loan to Credit Suisse.

IBTimes says the loans, provided by the state-owned Development
Bank of Vietnam and Vietnam Bank for Social Policies, will also
pay for unemployment compensation and social, health and
unemployment insurance.

The government also provided the company significant tax
concessions, IBTimes adds.

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 overdiversified 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.


                             *********

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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, 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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