TCRAP_Public/110110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, January 10, 2011, Vol. 14, No. 6

                            Headlines



A U S T R A L I A

ADVANCED MEDICAL: Owes More Than AU$50 Mil. to Staff and Creditors
INDOPHIL RESOURCES: Extends Exclusivity Talk With SMC Until Feb.


C H I N A

CHINA SCE: Moody's Assigns Corporate Family Rating at 'B1'
CHINA SCE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
LDK SOLAR: Signs Pact for Minority Stake in Polysilicon Business


H O N G  K O N G

AMSI KNOWLEDGE: Cheng Tim Appointed as Liquidator
AUTO ELECTRIC: Commences Wind-Up Proceedings
BENLIM LIMITED: Yan Tat Wah Appointed as Liquidator
CARTER HOLT: Creditors' Proofs of Debt Due February 8
CREATION PROFIT: Au and Wong Step Down as Liquidators

DETERMINED PRODUCTIONS: Boucher Steps Down as Liquidator
DRAGON BAND: Creditors' Proofs of Debt Due January 25
EURO ASIA: Creditors' Proofs of Debt Due January 28
EVER GROUP: Creditors' Proofs of Debt Due February 14
GLOBAL DESIGN: Lai Kim Man Steps Down as Liquidator

GLOBAL HUMAN: Creditors' Proofs of Debt Due February 8
INDOVER ASIA: Commences Wind-Up Proceedings
INTERNATIONAL CHINESE: Mr. Pui Chiu Wing Steps Down as Liquidator
KAI SHING: Creditors' Proofs of Debt Due February 7
LANECOURT LIMITED: Seng and Cheng Step Down as Liquidators

LI & FUNG: Commences Wind-Up Proceedings
LI & FUNG RETAILING: Commences Wind-Up Proceedings
SMART GALLANT: Creditors' Proofs of Debt Due February 14
VOTARY LIMITED: Wong Cho Ming Steps Down as Liquidator
POLYGRACE INT'L: Mr. Pui Chiu Wing Steps Down as Liquidator


I N D I A

BISHWANATH FERRO: CRISIL Reaffirms 'BB' Rating on INR50M Term Loan
CISC-CMAT (JV): CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
CTS INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR24MM LT Loan
HOWRAH MILLS: CRISIL Places 'D' Ratings to Various Bank Facilities
JIA AUTO: CRISIL Assigns 'BB-' Rating to INR8 Million Term Loan

JINDAL SPECIALTY: CARE Assigns 'CARE BB+(SO)' Rating to LT Loans
KINGSTON PAPTECH: CRISIL Assigns 'BB-' Rating to INR150MM LT Loan
MAHAAMERU SPINNING: CRISIL Reaffirms 'B' Rating on INR82MM LT Loan
NEDCOMMODITIES INDIA: CRISIL Reaffirms 'BB+' Rating on Cash Credit
ROTOMAC EXIM: CRISIL Reaffirms 'P4+' Rating on INR499.5MM LOC

ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Rating on INR40MM Term Loan
ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on Cash Credit
TIRUPATI FUELS: CARE Assigns 'CARE BB+' Rating to INR50cr LT Loan
VANTECH CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR25M LT Loan


J A P A N

RESONA HOLDINGS: To Raise Up to JPY630 Billion in Share Sale


K O R E A

HYUNDAI ENG'G: Creditors Name Hyundai Motor as Preferred Bidder


P H I L I P P I N E S

NATIONAL POWER: Moody's Gives Positive Outlook on 'Ba3' Rating
POWER SECTOR: Moody's Gives Positive Outlook on 'Ba3' Rating
* Moody's Assigns 'Ba3' Rating to the Philippines Global Bonds


S I N G A P O R E

888 GROUP: Court Enters Wind-Up Order
BOUGAINVILLAE INVESTMENTS: Creditors' Proofs of Debt Due Feb. 7
BRIGHT MOUNTAIN: Creditors' Proofs of Debt Due February 7
COLORADO INVESTMENTS: Creditors' Proofs of Debt Due February 7
KNIGHTSBRIDGE INVESTMENT: Creditors' Proofs of Debt Due February 7

LAREDO INVESTMENTS: Creditors' Proofs of Debt Due February 7
LSW BUILDER: Court to Hear Wind-Up Petition on January 14
METROPOLE INVESTMENTS: Creditors' Proofs of Debt Due February 7
ORQUIDEA INVESTMENTS: Creditors' Proofs of Debt Due February 7
PACRIM INVESTMENTS: Court to Hear Wind-Up Petition on January 14

SEVILLA INVESTMENTS: Creditors' Proofs of Debt Due February 7
SINGWIN SERVICES: Meetings Slated for January 14
STATS CHIPPAC: S&P Assigns 'BB+' Rating to US$200 Mil. Notes
WANDSWORTH PTE: Creditors' Proofs of Debt Due February 7


T A I W A N

AMERICAN INT'L: Got $3BB Bid for Nah Shan; Secom, Primus Tie Up


                            - - - - -


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


ADVANCED MEDICAL: Owes More Than AU$50 Mil. to Staff and Creditors
------------------------------------------------------------------
Michael Evans at The Sydney Morning Herald reports that Advanced
Medical Institute's administrators said the company owed staff and
creditors more than AU$50 million when it collapsed last month.

The Herald says nearly 90 creditors registered claims against AMI
at its first meeting of creditors on January 6, and the company's
controversial figurehead, Jack Vaisman, is among those claiming
they are owed money.

According to the Herald, interests linked to Mr. Vaisman and other
AMI executives said they are owed about AU$40 million, far
outweighing other creditors.  Another company linked to
Mr. Vaisman, Life Sciences, claims it is owed AU$2.7 million as a
secured creditor, having assumed AMI's bank debt just before he
put AMI into administration last month.

The Tax Office is owed AU$140,000, and AMI staff are owed more
than AU$2 million in superannuation entitlements, the Herald
notes.  Unsecured creditors said they are owed AU$7.7 million,
including the marketing firms PHD Networks (AU$2 million) and
Ooh! Media (AU$800,000).

The Herald says Fairfax Media, publisher of the Herald, has
claimed AU$500,000 after Mr. Vaisman took legal action to stop
this newspaper publishing damaging allegations about his
operations.  AMI went into voluntary administration just after
costs were awarded against it.

According to the Herald, fresh links also emerged between
Mr. Vaisman and Trio Capital, the company linked to Australia's
biggest superannuation theft.  The liquidator of Trio, PPB, is
also claiming it is owed AU$1.5 million by AMI.

The Herald relates that Trent Hancock of the accountancy firm BDO,
the administrator of AMI, told creditors the company's cash flow
position meant he would continue to let the business trade.  It is
not clear how changes to the company's refund policy would affect
AMI's cash flow position.

Mr. Hancock, as cited by the Herald, said a restructure was
likely, confirming that directors of the company, who include
Mr. Vaisman, were working on a restructure of their own.  It was
unclear whether Mr. Vaisman would remain in an executive role.

The Herald adds that unhappy customers will now also be able to
obtain refunds more easily after the administrator extended the
company's refund policy to 30 days.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2010, The Australia said the Australian Competition &
Consumer Commission is suing Advanced Medical Institute Pty Ltd
for alleged unconscionable conduct.  The company is known for its
controversial TV and outdoor ads, two of which were among the most
complained, according to the Advertising Standards Bureau.
The ACCC has launched proceedings in the Federal Court alleging
that between 2008 and this year, the company supplying services to
men suffering erectile dysfunction had engaged in unconscionable
conduct.

                      About Advanced Medical

Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.

AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB.  AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.


INDOPHIL RESOURCES: Extends Exclusivity Talk With SMC Until Feb.
----------------------------------------------------------------
The Australian reports that Indophil Resources NL has agreed to
extend by a month the due diligence that San Miguel Corp. is
conducting on the Australian mining company.

The Australian quoted an Indophil statement saying that "The
binding exclusivity agreement means that until February 10,
Indophil will not, among other things, initiate control proposal
discussions with any interested third parties."

"Extension of the exclusivity period does not represent a
statement of intention on the part of San Miguel to submit a
control proposal for Indophil, and there is no assurance that any
proposal will be submitted," Indophil said.

The Australian discloses that the Philippine conglomerate
completed in October last year its acquisition of a 10.1% stake in
Indophil for US$41.29 million.

The share placement agreement also gave San Miguel an exclusive
right to conduct due diligence and decide whether it should
initiate a tender offer to acquire additional shares in Indophil,
The Australian adds.

Indophil Resources has a 37.5% stake in the Tampakan copper-gold
project while Xstrata Copper, the world's fourth largest copper
producer, holds the remaining 62.5%, according to BusinessWorld.

The Tampakan mine is considered Southeast Asia's largest
undeveloped copper-gold prospect.  It is estimated to contain 13.5
million tons of copper and 15.8 million ounces of gold, at a grade
of 0.6% copper and 0.2 grams per ton of gold.

                     About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                          *     *     *

Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.


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


CHINA SCE: Moody's Assigns Corporate Family Rating at 'B1'
----------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to China SCE Property Holdings Limited.

At the same time, Moody's has assigned a provisional (P)B2 rating
to its proposed US$ senior unsecured bond issue.

The outlook for the ratings is positive.

The proceeds from the proposed bonds will be used to fund new land
acquisitions and general corporate purposes.

The provisional rating status of the bond rating will be removed
after China SCE has completed the US$ bond issuance on
satisfactory terms and conditions.

                        Ratings Rationale

"China SCE's B1 corporate family rating reflects its strong
branding and market position in the mid- and high-end market
segments in Fujian Province, where demand for properties has been
strong," says Ivan Chung, a Moody's Vice President and Senior
Analyst.

China SCE has a strong presence in Quanzhou city which has a
vibrant private sector and reports the highest GDP among cities in
Fujian.

"The rating also considers its low cost land bank, and its quality
products" continues Chung.

"At the same time, the B1 rating is constrained by the risks in
its geographic concentration and its rapid expansion" says Chung.

Currently, half of the company's land bank is in Quanzhou and over
70% of its projected revenue will come from projects in Fujian in
the next 2 to 3 years.

While China SCE has started to diversify into the Bohai Rim
region, there is uncertainty over its ability to replicate its
success in this new geography.

China SCE has a short track record since it listed in early 2010.
Its fast growth strategy attracts execution and financial risks.

China SCE's bond rating is notched down to B2 due to subordination
risk.  Secured and subsidiary debt to total assets was 23% as of
June 30, 2010.  This ratio will stay above 15-20% over the next 2
to 3 years.

The positive outlook reflects Moody's expectation that China SCE's
medium-term growth, which will mainly come from its base in
Quanzhou, will enable the company to strengthen its credit
metrics.

Upgrade pressure could emerge over the next 12 -- 18 months if
China SCE (1) consistently achieves its planned sales; (2)
demonstrates a track record of good financial discipline over land
acquisitions; (3) achieves a reasonable level of sales beyond
Fujian Province; and (4) broadens its offshore banking
relationships.

With respect to its credit metrics, Moody's sees annual sales
revenues over RMB 6 billion, EBITDA/interest coverage consistently
above 4 - 5x, and adjusted leverage -- Debt/Total Capitalization -
- below 50% as indications of a potential for a rating upgrade.

The ratings outlook could change to stable if China SCE (1) fails
to meet its sales target; (2) suffers a decline in profit margin,
(3) fails to develop sales beyond Fujian Province; and (3) debt
leverage remains high relative to its peers on a sustained basis.

In terms of credit metrics, Moody's would see a stable outlook if
China SCE's (1) EBITDA profit margin below 25% and (2) credit
metrics would likely include EBITDA/interest around 2.5x - 3x and
adjusted leverage consistently at 50% - 55%.

Founded in 1996 and listed on the Hong Kong Stock Exchange in
February 2010, China SCE Property Holdings Limited is a leading
property developer in Fujian Province, China.  The Chairman, Mr.
Wong Chiu Yeung, holds a 57.5% of shareholding.


CHINA SCE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to China SCE Property
Holdings Ltd.  The outlook is stable.  At the same time, Standard
& Poor's assigned its 'B' issue rating to the company's proposed
issue of senior unsecured notes.  CSCE will use the proceeds to
finance potential land acquisitions and for general corporate
purposes.  The rating on the notes is subject to S&P's review of
the final issuance documentation.

"The rating on CSCE reflects the company's small scale and high
concentration risk, its weak and historically volatile financial
metrics, and its aggressive expansion plan for the next three
years.  These weaknesses are tempered by the company's established
market position in its home city of Quanzhou, a relatively low-
cost land bank, and no outstanding land premiums at the end of
2010," said Standard & Poor's credit analyst Christopher Lee.

The issue rating on CSCE's proposed notes is one notch lower than
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  In S&P's view, the
company's ratio of priority borrowings to total assets will remain
above its notching threshold of 15% for speculative-grade debt.

CSCE has a small scale and higher concentration risk compared with
similarly rated peers, in S&P's view.  All but one of its
completed projects are in Fujian province.  As of September 2010,
more than half of the company's land bank is in Quanzhou.  The
company delivered and recognized a limited number of projects
between 2007 and 2009, resulting in weak and volatile credit
ratios.

In S&P's view, CSCE has an aggressive growth plan.  The company
was listed in February 2010, raising Hong Kong dollar (HK$)1.5
billion.  The company has bought four plots of land (three of
which are outside Fujian) for a total of Chinese renminbi
(RMB)1.03 billion since its IPO.  It aims to almost triple its
gross floor area sold and contracted sales in 2011 from its 2010
budget of 466,000 square meters and RMB3.3 billion, respectively.

In S&P's opinion, CSCE also faces execution risks as it is
expanding outside its home market and has a limited track record
in new markets in northern China.  Further, the company has yet to
demonstrate its ability to achieve satisfactory property sales by
managing multiple projects in an expanded geographic footprint.

CSCE has established a good market position in Quanzhou, a "third-
tier" city with a relatively stable but small real estate market
and owner-occupier driven demand.  Further, S&P believes the
company's emphasis on product quality should help to improve the
pricing of its projects.

In S&P's view, CSCE's financial performance is likely to improve
over the next two years.  S&P estimates that the company's revenue
grew significantly in 2010, with an improved EBITDA margin and
EBITDA interest coverage.  Continued improvement in the company's
financial performance would depend on its ability to meet its
property sales targets and control its costs.  S&P expects its
financial ratios to improve to a level that is more in line with a
'B+' rating from 2010 onwards.

CSCE's liquidity is adequate, in S&P's view.  As at June 30, 2010,
it had cash on hand totaling RMB1,226 million against short-term
debt of RMB728 million.  It also had about RMB10 billion in unused
and uncommitted bank facilities.  The company had no outstanding
land premiums at the end of 2010.

S&P expects the company's construction costs to increase over the
next 12 months as it grows in scale.  S&P believes it can satisfy
most of its capital outflow needs with cash sales as well as
proposed financing activities.

"The stable outlook reflects S&P's expectation that CSCE will
maintain an EBITDA margin of more than 25% in 2010-2012 and at
least RMB1 billion in unrestricted cash annually in the next three
years.  S&P also expect its financial performance to improve.
Compared with the greatly improved 2010 financial ratios, its
leverage ratios may weaken slightly and temporarily in fiscal 2011
as leverage rises ahead of cash flow contributions.  S&P expects
these ratios to recover in fiscal 2012 onwards with increased
property sales and expanding scale," said Mr. Lee.

S&P is likely to lower the rating if CSCE's presales and margins
are materially weaker than S&P expected, and debt-funded expansion
is more aggressive than S&P anticipated, such that its debt-to-
EBITDA ratio is above 5x and its EBITDA interest coverage ratio is
below 3x.

S&P is likely to raise the rating if CSCE can maintain its market
position in Fujian and its profitability while operating on a
larger scale, i.e., with the completion of 1 million sqm of
properties per year.


LDK SOLAR: Signs Pact for Minority Stake in Polysilicon Business
----------------------------------------------------------------
LDK Solar Co., Ltd., and its wholly owned polysilicon
manufacturing subsidiaries entered into a definitive agreement
with China Development Bank Capital Corporation Ltd., a wholly
owned subsidiary of China Development Bank Corporation, Excel Rise
Holdings Limited and Prosper East Limited, investment funds
affiliated with China Construction Bank Corporation, and an
investment fund affiliated with another major Chinese bank.

Under terms of the agreement, the Investors agreed to subscribe to
an aggregate amount of $240 million of series A redeemable
convertible preferred shares of LDK Silicon & Chemical Technology
Co., Ltd., a wholly owned subsidiary of LDK Solar incorporated in
the Cayman Islands, which will, subject to the various PRC
governmental approvals relating to foreign investments, hold and
operate LDK Solar's polysilicon business.  The preferred shares on
an as-if-converted basis represent approximately 18.46% of the
aggregate issued and outstanding share capital of the LDK Solar
polysilicon subsidiary on a post-money basis.  The preferred
shares are convertible into the ordinary shares of the polysilicon
subsidiary at the option of the holders at an initial conversion
ratio of 1:1 basis, subject to customary anti-dilution provisions
and to an investment internal rate of return of 23% for the fiscal
year 2010 and 2011 as calculated by targeted net profit during
such fiscal years.

LDK Solar will be required to compensate the Investors with cash
if it fails to achieve such net income targets; and the Investors
will waive such compensation if the polysilicon subsidiary
achieves a qualified IPO during 2011.  The Investors have a
redemption right against LDK Solar and its polysilicon subsidiary
within a two-year period of the consummation of the investment at
a redemption price equal to 100% of the subscription price plus a
23% annual internal rate of return, if there occurs certain
material events of breaches prior to its qualified IPO or the
polysilicon subsidiary fails to consummate a qualified IPO within
the two-year period.  The definitive agreement also gave the
Investors certain veto rights over specified matters, right to
access to certain information relating to the polysilicon
business, and certain registration rights.  The investment is
subject to certain closing conditions, including governmental and
corporate approvals of each party.

As a part of restructuring of the LDK Solar polysilicon business
for the above-mentioned investment, LDK Solar has recently
completed the repurchase of the 15% ownership stake in its 15,000-
metric-ton polysilicon plant from Jiangxi International Trust and
Investment Co., Ltd.

"We are very pleased with the continued support of our business
from strong and reputable financial institutions," stated Xiaofeng
Peng, Chairman and CEO of LDK Solar.  "Attracting this premier
group of investors speaks to our success in growing our
polysilicon business as we vertically expand our manufacturing
capabilities and ramp polysilicon production.  We remain
optimistic about the continued growth in our polysilicon
business."

Mr. Zhang Xuguang, President of CDBC, said: "New energy revolution
is a technology transformation marked by the wide applications of
direct utilization of natural energy.  A successful new energy
company in the future must have the following characteristics:
superiority in technology, economics of scale and the ability to
lower costs.  We believe LDK Solar is a company with such
capabilities, and the $240 million investment in LDK Silicon led
by CDBC will continue to strengthen LDK Solar's leading position
in the solar industry."

Mr. Hu Zhanghong, CEO of CCB International, said: "The new energy
sector has always represented a strong focus for CCB
International, which has successfully completed numerous corporate
finance, direct investment and financial advisory projects for
companies in this sector over the years.  Our investment in LDK
Solar's polysilicon business represents a very important
investment decision.  We believe our investment in this world
leading solar company will procure its ongoing rapid development,
which will in turn contribute generally to the development of the
new energy sector and the environmental protection."

                        About CDB Investor

China Development Bank is the largest and the most influential
developmental financial institution in China.  It is the only full
service bank that provides the spectrum of investing, lending,
bond issuing, leasing and brokerage nationwide.  CDB is also the
largest wholesale bank and the primary medium and long-term
investment and financial services provider in China, with national
economic development as one of its main business considerations.
China Development Bank Capital Corporation Ltd. is a wholly-owned
subsidiary of China Development Bank established in Aug 2009 with
a registered capital of RMB35 billion, pursuant a special approval
by the State Council.  Currently CDBC is the only investment
institution with a RMB investment license affiliated with Chinese
banks and it maintains a unique and significant position within
the CDB system.

                        About CCB Investors

Excel Rise Holdings Limited and Prosper East Limited are
investment funds affiliated with CCB International Asset
Management Limited and Shandong Peninsula Ocean Blue Economic
Investment Company Limited.  CCB International Asset Management
Limited is a company incorporated in Hong Kong and wholly-owned by
CCB International (Holdings) Limited.  The entire issued share
capital of CCB International (Holdings) Limited is beneficially
owned by China Construction Bank Corporation.  Shandong Peninsula
Ocean Blue Economic Investment Company Limited is a company
incorporated in the Cayman Islands as an exempted company and is
jointly-owned by CCB International Assets Management Limited and
Shandong Luxin High-Tech Industry Co., Ltd.

                          About LDK Solar

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

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

                        Going Concern Doubt

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

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


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


AMSI KNOWLEDGE: Cheng Tim Appointed as Liquidator
-------------------------------------------------
Cheng Tim on January 3, 2011, was appointed as liquidator of Amsi
Knowledge Foundation Limited.

The liquidator may be reached at:

         Cheng Tim
         Room 1203, 12th Floor
         Capitol Centre
         Tower II, 28 Jandine's Crescent
         Causeway Bay, Hong Kong


AUTO ELECTRIC: Commences Wind-Up Proceedings
--------------------------------------------
Members of Auto Electric Limited, on December 28, 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
         22/F, Prince's Building
         Central, Hong Kong


BENLIM LIMITED: Yan Tat Wah Appointed as Liquidator
---------------------------------------------------
Yan Tat Wah on December 31, 2010, was appointed as liquidator of
Benlim Limited.

The liquidator may be reached at:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


CARTER HOLT: Creditors' Proofs of Debt Due February 8
-----------------------------------------------------
Creditors of Carter Holt Harvery Asia Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 8, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


CREATION PROFIT: Au and Wong Step Down as Liquidators
-----------------------------------------------------
Au Wai Keung and Wong Kam Wah stepped down as liquidators of
Creation Profit Limited on December 29, 2010.


DETERMINED PRODUCTIONS: Boucher Steps Down as Liquidator
--------------------------------------------------------
Theodore Lee Boucher stepped down as liquidator of Determined
Productions (Hong Kong) Limited on December 25, 2010.


DRAGON BAND: Creditors' Proofs of Debt Due January 25
-----------------------------------------------------
Creditors of Dragon Band 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:

         Sin Chi Keung
         Room 901, 9th Floor
         Emperor Group Centre
         288 Hennessy Road
         Wanchai, Hong Kong


EURO ASIA: Creditors' Proofs of Debt Due January 28
---------------------------------------------------
Creditors of Euro Asia Equipment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 28, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 28, 2010.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


EVER GROUP: Creditors' Proofs of Debt Due February 14
-----------------------------------------------------
Creditors of Ever Group Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yip Pui Yee
         24th Floor
         Prosperous Commercial Building
         54-58 Jardine's Bazaar
         Causeway Bay
         Hong Kong


GLOBAL DESIGN: Lai Kim Man Steps Down as Liquidator
---------------------------------------------------
Lai Kim Man stepped down as liquidator of Global Design Management
Limited on December 29, 2010.


GLOBAL HUMAN: Creditors' Proofs of Debt Due February 8
------------------------------------------------------
Creditors of Global Human Network Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 8, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre Tower I
         18 Harcourt Road
         Hong Kong


INDOVER ASIA: Commences Wind-Up Proceedings
-------------------------------------------
Members of Indover Asia Limited, on December 31, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


INTERNATIONAL CHINESE: Mr. Pui Chiu Wing Steps Down as Liquidator
-----------------------------------------------------------------
Mr. Pui Chiu Wing stepped down as liquidator of International
Chinese Dental AID Limited on December 24, 2010.


KAI SHING: Creditors' Proofs of Debt Due February 7
---------------------------------------------------
Creditors of Kai Shing Nominees Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 7, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Ching
         Lee Yik Moon Alex
         1st Floor, Chow Sang Sang Building
         229 Nathan Road
         Kowloon


LANECOURT LIMITED: Seng and Cheng Step Down as Liquidators
----------------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of Lanecourt Limited on December 30, 2010.


LI & FUNG: Commences Wind-Up Proceedings
----------------------------------------
Members of Li & Fung Pacific Holdings Limited, on December 28,
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
         22/F, Prince's Building
         Central, Hong Kong


LI & FUNG RETAILING: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Li & Fung Retailing (Taiwan) Limited, on December 28,
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
         22/F, Prince's Building
         Central, Hong Kong


SMART GALLANT: Creditors' Proofs of Debt Due February 14
--------------------------------------------------------
Creditors of Smart Gallant Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 14,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Yau Yin Kwun Joseph
         13/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


VOTARY LIMITED: Wong Cho Ming Steps Down as Liquidator
------------------------------------------------------
Wong Cho Ming stepped down as liquidator of Votary Limited on
January 3, 2011.


POLYGRACE INT'L: Mr. Pui Chiu Wing Steps Down as Liquidator
-----------------------------------------------------------
Mr. Pui Chiu Wing stepped down as liquidator of Polygrace
International Limited on December 24, 2010.


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


BISHWANATH FERRO: CRISIL Reaffirms 'BB' Rating on INR50M Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bishwanath Ferro Alloys
Ltd continue to reflect BFAL's weak debt protection metrics and
working-capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that BFAL derives from its
diversified product portfolio, and promoters' experience in the
steel industry.

   Facilities                          Ratings
   ----------                          -------
   INR250.50 Million Cash Credit       BB/Stable (Reaffirmed)
   INR50.00 Million Term Loan          BB/Stable (Reaffirmed)
   INR30.00 Million Letter of Credit   P4+ (Reaffirmed)
   INR10.00 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that BFAL will maintain its market position over
the medium term, backed by its promoters' experience and
diversified product profile.  The outlook may be revised to
'Positive' if the company scales up its operations and
significantly improves its operating margin. Conversely, the
outlook may be revised to 'Negative' if BFAL reports a sharp
decline in revenues, or contracts a larger-than-expected quantum
of debt to fund its capital expenditure, thereby deteriorating its
financial risk profile.

Update

BFAL has deferred its proposed project of setting up a billet
plant in Giridih (Jharkhand) because of a weak operating
environment.  Furthermore, the company now plans to set up a
sinter plant at an estimated cost of INR20 million over the next
six months.  The project is expected be funded at a debt-to-equity
ratio of 3:1. For the first six months of 2010-11 (refers to
financial year, April 1 to March 31), the company registered net
sales of INR475 million, as its operations were marginally
impacted because of inadequate power supply.  BFAL's liquidity is
expected to remain weak, driven by low cash accruals and high bank
limit utilisation for funding working capital requirements.
However, CRISIL believes that BFAL's cash accruals will be
sufficient to meet its debt obligations over the medium term.

                      About Bishwanath Ferro

Set up as private limited company in 1999, BFAL was reconstituted
as a public limited company in 2002.  The company manufactures
sponge iron, pig iron, and silico and ferro manganese, for which
it has manufacturing capacities of 45,000 tonnes per annum (tpa),
15,000 tpa, and 8,063 tpa, respectively.

BFAL reported a profit after tax (PAT) of INR3 million on an
operating income of INR906 million for 2009-10, against a PAT of
INR5 million on an operating income of INR897 million for 2008-09.


CISC-CMAT (JV): CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4+' ratings to the bank
facilities of CISC-CMAT.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          BB-/Negative (Assigned)
   INR80 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect CISC-CMAT's limited revenue visibility and
weak financial risk profile, marked by small net worth, high
gearing, and inadequate debt protection metrics.  These rating
weaknesses are partially offset by the strong technical and
financial support CISC-CMAT receives from the joint venture (JV)
partners.

Outlook: Negative

CRISIL believes that CISC-CMAT's liquidity will remain constrained
over the medium term on account of the expected cash accruals
being insufficient to meet its working capital requirements.  The
ratings may be downgraded if the JV partners do not infuse equity
into the business in time to enable repayment of CISC-CMAT's cash
credit (CC) facilities. Conversely, the outlook may be revised to
'Stable' in case of timely equity infusion by the JV partners.

                     About the Joint Venture

The JV is a 70:30 agreement between Calcutta Industrial Supply
Corporation and Coal Mines Associated Traders Pvt Ltd, towards
excavation, overburden removal, and coal mining in Pandeshwar
(West Bengal).  The total project cost is INR1.247 billion, and is
scheduled to be completed by September 2011.

The JV reported a profit after tax (PAT) of INR2.7 million on net
sales of INR247.65 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.1 million on net sales
of INR245.92 million for 2008-09.


CTS INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR24MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of CTS Industries Ltd
continue to reflect CTS's modest scale of operations, and its weak
liquidity driven by working-capital-intensive operations and
aggressive repayment schedule of the term loans.  These weaknesses
are partially offset by CTS's moderate financial risk profile,
marked by comfortable gearing and moderate net worth, and the
promoters' extensive industry experience and track record of
providing financial support to the company.  In the last three
years through 2009-10 (refers to financial year, April 1 to
March 31), the promoters have infused INR155 million as equity and
INR38 million as unsecured loans; this was followed with fresh
unsecured loans of INR40 million in 2010-11.

Outlook: Stable

   Facilities                          Ratings
   ----------                          -------
   INR24.0 Million Long-Term Bank      B+/Stable (Reaffirmed)
                    Loan Facility
   INR185.0 Million Cash Credit        B+/Stable (Reaffirmed)
   INR36.0 Million Standby Line of     B+/Stable (Reaffirmed)
                            Credit
   INR25.0 Million Letter of Credit    P4 (Reaffirmed)
   INR30.0 Million Bank Guarantee      P4 (Reaffirmed)

CRISIL believes that CTS will continue to benefit from the
extensive experience of its promoters, and maintain its moderate
financial risk profile, on the back of stable cash accruals, over
the medium term.  The outlook may be revised to 'Positive' if the
company manages its working capital requirements prudently leading
to improvement in its liquidity, or in case of exceptional topline
growth along with improved profitability margins.  Conversely, the
outlook may be revised to 'Negative' if CTS undertakes a larger-
than-expected debt-funded capital expenditure (capex) programme,
resulting in a further weakening in its liquidity, which in turn
could seriously impact on its overall credit risk profile.

                        About CTS Industries

CTS was initially mainly engaged in trading in petrochemical
products such as paraffin wax, slack wax, and residue wax. It was
amalgamated with its group company, Annapurna Global Ltd, in
April 2006.  The wax production facilities, which were with AGL,
were transferred to the amalgamated entity. Till 2010, CTS
operated in three segments: wax trading, which contributed about
25 per cent of revenues; pre-stressed concrete (PSC) pole
manufacturing, about 5 per cent; and stone crushing, about
70 per cent.

CTS is exiting the wax trading business as it is making losses.
The available capacity for PSC poles is 360 pieces per day at its
Begusarai (Bihar) plant. In the stone-crushing segment, CTS has
six plants for aggregates, GSB, dust, and boulders at Chitragadia
(Jharkhand; 220 tonnes per hour [tph]), Chaibasa (Jharkhand; 220
tph), Chandiasthan (Bihar; 220 tph), Bokaro (Jharkhand; 1000
tonnes per day [tpd]), Manpur, Gaya (Bihar; 1000 tpd), and Koderma
(Jharkhand; 1000 tpd). Moreover, CTS has undertaken a capex
programme involving an outlay of around INR220 million to set up
two crusher plants of 220 tph capacity each in West Bengal and
Jharkhand.

For 2009-10, CTS reported a net profit of about INR20 million on
net revenues of about INR1.1 billion, as against a net profit of
INR32 million on net revenues of INR890 million for the preceding
year.


HOWRAH MILLS: CRISIL Places 'D' Ratings to Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Howrah Mills Company
Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR230.00 Million Cash Credit             D (Assigned)
   INR30.00 Million Standby Line of Credit   D (Assigned)
   INR20.00 Million FCDL                     D (Assigned)
   INR10.00 Million Overdraft                D (Assigned)
   INR127.60 Million Term Loan               D (Assigned)
   INR32.10 Million Corporate Loan           D (Assigned)
   INR62.80 Million FRSL                     D (Assigned)
   INR20.00 Million FBD                      P5 (Assigned)
   INR20.00 Million FDBP                     P5 (Assigned)
   INR100.00 Letter of Credit                P5 (Assigned)
   INR55.00 Million Bank Guarantee           P5 (Assigned)

The ratings reflect delay by the company in servicing its term
loan; the delay has been caused by HMCL's weak liquidity.

HMCL is exposed to risks related to regulated nature of jute
industry and weak financial risk profile.  HMCL, however, benefits
from its promoters' extensive experience in the jute industry and
its diversified product profile.

                         About Howrah Mills

HMCL is the flagship company of the Mall group.  The company was
originally registered in 1890 and was operated by the Managing
Agency House of Jardine and Henderson Company Ltd.  However, HMCL
started incurring losses from 1980 onwards and was referred to the
Board for Industrial and Financial Reconstruction.  The current
promoters, Mr. O. P. Mall and Mr. S.L. Jhawar took over HMCL from
BIFR in 1987, and have managed to successfully turn around its
operations; the company exited from BIFR in 2004.

HMCL has jute production capacities of 43,500 tonnes per annum.
The company manufactures a wide range of products including
hessian, polybags, jute yarn, soil savers, jute cloth, and
decorative bags.  HMCL is constantly upgrading its product
portfolio and introducing value added products like geotextiles,
net jute products as a part of its product line extension.

HMCL reported a profit after tax (PAT) of INR 21.4 million on net
sales of INR 2094.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 5.1 million on net
sales of INR1567.1 million for 2008-09.


JIA AUTO: CRISIL Assigns 'BB-' Rating to INR8 Million Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Jia Auto Sales Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR90.0 Million Cash Credit       BB-/Stable (Assigned)
   INR8.0 Million Term Loan          BB-/Stable (Assigned)
   INR30.0 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect Jia's weak financial risk profile, marked by
highly leveraged capital structure and weak debt protection
metrics and limited negotiating power with its principal coupled
with intense competition in the passenger vehicle segment.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the automobile
dealership business and its established position as a Skoda dealer
in eastern India.

Outlook: Stable

CRISIL believes that Jia will maintain a moderate business risk
profile over the medium term backed by its established
relationship with its principal ? Skoda Auto and the promoters'
industry experience.  The outlook may be revised to 'Positive' if
Jia's capital structure and debt protection metrics improve
significantly coupled with significant improvement in the net cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
there is significant decline in the volumes or operating margins
or if there is any significant deterioration of the debt
protection metrics.

                           About Jia Auto

Jia, incorporated in 1996 and later taken over by Mr. Amit Kumar
Modi in 2007, is an authorised dealer of Skoda Auto's passenger
vehicles in the eastern region.  It is the sole dealer of Skoda in
West Bengal.  Jia operates two showrooms in Kolkata (west Bengal)
and one showroom in Siliguri (west Bengal). The company is
currently managed by Mr. Amit Kumar Modi and his wife Mrs. Priti
Modi.

Jia reported a profit after tax (PAT) of INR 1.35 million on net
sales of INR388.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 0.60 million on net
sales of INR235.9 million for 2008-09.


JINDAL SPECIALTY: CARE Assigns 'CARE BB+(SO)' Rating to LT Loans
----------------------------------------------------------------
CARE assigns 'CARE BB+(SO)')' ratings to the bank facilities of
Jindal Specialty Textiles Ltd.

                                Amount
   Facilities                  (INR cr)   Rating
   ----------                  --------   ------
   Long-term Bank Facilities     123      'CARE BB+ (SO)' Assigned

Rating Rationale

The ratings are constrained by the elevated financial risk due to
large debt-funded diversification projects undertaken in JCL and
its two wholly-owned subsidiaries; wherein JCL has an exposure as
equity and guarantee for debt.  The ratings of JCL also take into
consideration the working capital intensive operations, price
volatility in raw material and highly competitive nature of the
industry.  However, the constraints are partially offset by
experienced promoters & management, established relationship with
dealers and achievement of financial closure for the
diversification projects of JCL as well as its subsidiaries.
Going forward, the ability of JCL to successfully execute the
expansion project within the estimated cost and time would be the
key rating sensitivity.

Incorporated in 2008, JSTL is a wholly-owned subsidiary of JCL.
JSTL is setting up a manufacturing plant at Una, Himachal Pradesh
(HP) for manufacturing technical textile products (proposed
annual capacity of 60 million sq. mtr) like PVC-laminated
products, frontlit banner, backlit banner, inflatable banner etc.
The total cost of the project is estimated at INR151 cr funded
through debt of INR100 cr (financial closure achieved) and equity
of INR51 cr.  Till October 20, 2010, JSTL has incurred an
expenditure amounting INR39 cr funded through equity from JCL of
INR31 cr and debt of INR8 cr. The project is expected to commence
commercial production from March 2011.

                     About the Guarantor (JCL)

JCL, incorporated in 1998 is engaged in manufacturing synthetic
yarns viz. acrylic yarn (AY), polyester yarn (PY) & cotton yarn
(CY) and trading of knitted cloth and acrylics tops.  The company
has its manufacturing facilities located at Ludhiana (Punjab) with
an installed capacity of 48,672 spindles as on May 31, 2010.  The
company came out with an IPO issue in September 2009 amounting to
INR93.4 cr During FY10, on a total income of INR146 cr JCL had
registered PAT of INR7 cr.


KINGSTON PAPTECH: CRISIL Assigns 'BB-' Rating to INR150MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Kingston Paptech Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR150.0 Million Term Loan             BB-/Stable (Assigned)
   INR20.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect KPPL's small scale of operations, and limited
track record in the paper industry.  These weaknesses are
partially offset by KPPL's minimal exposure to project-execution
risks, and the benefits it derives from its strategically located
plant.

Outlook: Stable

CRISIL believes that KPPL will benefit over the medium term from
the high demand for industrial paper, especially the Kraft
variant, in the company's region of operation.  The outlook may be
revised to 'Positive' if the company successfully stabilizes its
capacities while achieving more-than-expected growth in revenues
and profitability. Conversely, the outlook may be revised to
'Negative' if volatility in wastepaper prices leads to less-than-
expected profits or if an increase in working capital requirements
reduces its financial flexibility.

                       About Kingston Paptech

Incorporated in 2009, KPPL manufactures multilayer kraft, kraft
board and kraft paper. KPPL's facility, which has a capacity of
100 tonnes per day, is in Sabarkantha (Gujarat).  The facility,
which was built at an estimated cost of INR260 million, was
completed in December 2010.  Commercial production is expected to
commence in January 2011.  KPPL plans to manufacture kraft paper
of 16-32 burst factor with 70-250 grammage per square metre.


MAHAAMERU SPINNING: CRISIL Reaffirms 'B' Rating on INR82MM LT Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Mahaameru Spinning Mills
Pvt Ltd continues to reflect MSMPL's limited revenue diversity,
below-average financial risk profile marked by high gearing and
weak debt protection metrics, and small scale of operations.
These rating weaknesses are partially offset by the benefits that
MSMPL derives from its experienced management.

   Facilities                         Ratings
   ----------                         -------
   INR82.00 Million Long-Term Loans   B/Stable (Reaffirmed)
   INR25.00 Million Cash Credit       B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSMPL will continue to benefit over the
medium term from its management's industry experience.  The
outlook may be revised to 'Positive' if MSMPL enhances its scale
of operations and diversifies its revenue base, while improving
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if MSMPL undertakes a large, debt-funded
capital expenditure (capex) programme, or its revenues and cash
accruals decline, leading to deterioration in its financial risk
profile.

Update

MSMPL generated revenues of INR102 million, in line with CRISIL's
expectation, in 2009-10 (refers to financial year, April 1 to
March 31), against INR32 million in 2008-09.  Profitability
margins were marginally higher than CRISIL's expectation on
account of higher yarn realizations and lower employee costs.
Although MSMPL increased its spindle capacity by 4800 as of
October 2010 for a cost of about INR25 million, and plans to add
further 3600 spindles by March 2011 for a cost of INR12 million
(to be funded in a debt-equity ratio of 2.13:1), its scale of
operations will remain small. MSMPL reported revenues of INR101.1
million for the period April to November 2010. MSMPL's financial
risk profile is marked by high gearing of 2 times as on March 31,
2010.  Furthermore, MSMPL's liquidity remains weak because of
subdued cash accruals vis-a-vis repayments obligations, high
utilisation of bank lines, and small net worth.  MSMPL reported a
profit after tax of INR4.4 million on net sales of INR102.0
million for 2009-10, against a net loss of INR12.0 million on net
sales of INR32.0 million for 2008-09.

                        About Mills Private

Set up by Mr. V R Balasundaram in 2005, MSMPL manufactures cotton
yarn of 80s count. The family-owned, Coimbatore-based company
commenced operations in October 2008. It has 16,800 spindles at
its facility. The company plans to add another 3600 spindles by
March 2011. MSMPL derives its entire revenues from Maharashtra.


NEDCOMMODITIES INDIA: CRISIL Reaffirms 'BB+' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Nedcommodities India Pvt
Ltd continues to reflect the company's large working capital
requirements and exposure to risks related to volatility in coffee
prices and foreign exchange rates.  These rating weaknesses are
partially offset by NIPL's limited exposure to trading risks
because of procurement support from parent Amtrada Holding BV,
Netherlands (Amtrada Holding), an international trading group.

   Facilities                        Ratings
   ----------                        -------
   INR520.0 Million Cash Credit      BB+/Positive (Reaffirmed)

Outlook: Positive

CRISIL believes that NIPL will, over the medium term, further
improve its working capital management and consequently, its
financial risk profile, on the back of support received from its
parent, Amtrada Holding.  The rating may be upgraded if the
company improves its financial risk profile, marked by improvement
in gearing and debt protection metrics.  The outlook may be
revised to 'Stable' in case of significant decline in volumes or
deterioration in debt protection metrics.

                     About Nedcommodities India

NIPL, incorporated in 2000, is based in Kushal Nagar (Karnataka).
The company procures coffee cherries, and processes and exports
coffee beans.  It is a wholly owned subsidiary of Amtrada Holding,
an international trading group specializing in coffee, cocoa,
nuts, and other agricultural commodities.  Ned reported a profit
after tax (PAT) of INR19.4 million on net sales of INR1.16 billion
for 2009-10 (refers to financial year, April 1 to March 31),
against a PAT of INR62.1 million on net sales of INR1.22 billion
for 2008-09.


ROTOMAC EXIM: CRISIL Reaffirms 'P4+' Rating on INR499.5MM LOC
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Rotomac Exim Private
Limited, which is a part of the Rotomac group, continue to reflect
the Rotomac group's exposure to significant debtor risk, with
unstable customer and product profiles, and to risks related to
volatility in foreign exchange (forex) rates.  The rating also
factors in Rotomac group's moderate financial risk profile, marked
by substantial total outside liabilities.  These weaknesses are
partially offset by the group's established market position in the
writing instrument (pen) industry and low inventory risk in the
trading business.

   Facilities                           Ratings
   ----------                           -------
   INR499.5 Million Letter of Credit    P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of REPL, and its group companies, Rotomac
Global Pvt Ltd, Crown Alba Writing Instruments India Pvt Ltd,
Rotomac Exports Pvt Ltd, Rotomac Exim Pvt Ltd, Rotomac Polymers
Pvt. Ltd. and Kothari Food and Fragrances.  This is because these
entities, collectively referred to herein as the Rotomac group,
are in the same line of business, and have a common management,
and the same suppliers and customers.

RPPL incorporated in 2009-10 (refers to financial year, April 1 to
March 31) is primarily in import and sale of polymers in the
domestic market and physically trading in polymers.  RGL, the
flagship company of the Rotomac group was set up by Mr. M M
Kothari in 1992.  It started operations by manufacturing pens.
Since then, it has diversified into the business of trading in
agricultural commodities, primarily soya meal and Brazilian wheat.
Currently, RGL is managed by the founder's son, Mr. Vikram
Kothari, who also set up REL in 2002 to trade in agricultural
products.  He established Crown Alba, in March 2004, to
manufacture pens for the export markets and KFF was incorporated
in 2005-06 for the sale of Gutkha and Pan Masala.  In 2009,
Mr. Vikram Kothari set up REPL along with Mr. Suleman Vimanwala,
who has experience in the timber and other bulk commodities
trading business.  REPL is also involved in the trading business.
RGL also provides technical support to its 49:51 joint venture,
Rotorina Pen Manufacturing PLC, with the Ethopia-based Rina
International.

For 2009-10, Rotomac group reported a profit after tax (PAT) of
INR80 million on net sales of INR27.13 billion, against a PAT of
INR5.0 million on net sales of INR18.8 billion for 2009-10.


ROTOMAC GLOBAL: CRISIL Reaffirms 'BB' Rating on INR40MM Term Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Rotomac Global Pvt Ltd,
which is a part of the Rotomac group, continue to reflect the
Rotomac group's exposure to significant debtor risk, with unstable
customer and product profiles, and to risks related to volatility
in foreign exchange (forex) rates.  The rating also factors in
Rotomac group's moderate financial risk profile, marked by
substantial total outside liabilities. These weaknesses are
partially offset by the group's established market position in the
writing instrument (pen) industry and low inventory risk in the
trading business.

   Facilities                           Ratings
   ----------                           -------
   INR165.5 Million Cash Credit         BB/Stable (Reaffirmed)
   INR40.0 Million Term Loan            BB/Stable (Reaffirmed)
   INR1000.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR0.7 Million Bank Guarantee        P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of RGL, its subsidiary Crown Alba Writing
Instruments India Pvt Ltd, and group companies, Rotomac Exports
Pvt Ltd, Rotomac Exim Pvt Ltd, Rotomac Polymers Pvt. Ltd. and
Kothari Food and Fragrances.  This is because these entities,
collectively referred to herein as the Rotomac group, are in the
same line of business, and have a common management, and the same
suppliers and customers.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term, given the
significant exposure to debtor and forex fluctuation risks.  The
outlook may be revised to 'Positive' if the group improves its
business model and established sound risk management policies with
respect to debtor and forex fluctuation risks.  Conversely, the
outlook may be revised to 'Negative' in case of a significant
delay in receivable collection or large forex loss, leading to
liquidity pressure, or in case of exposure to the real estate
venture of the group.

                          About the Group

RPPL incorporated in 2009-10 (refers to financial year, April 1 to
March 31) is primarily in import and sale of polymers in the
domestic market and physically trading in polymers.  RGL, the
flagship company of the Rotomac group was set up by Mr. M M
Kothari in 1992.  It started operations by manufacturing pens.
Since then, it has diversified into the business of trading in
agricultural commodities, primarily soya meal and Brazilian wheat.
Currently, RGL is managed by the founder's son, Mr. Vikram
Kothari, who also set up REL in 2002 to trade in agricultural
products. He established Crown Alba, in March 2004, to manufacture
pens for the export markets and KFF was incorporated in 2005-06
for the sale of Gutkha and Pan Masala.  In 2009, Mr Vikram Kothari
set up REPL along with Mr. Suleman Vimanwala, who has experience
in the timber and other bulk commodities trading business. REPL is
also involved in the trading business. RGL also provides technical
support to its 49:51 joint venture, Rotorina Pen Manufacturing
PLC, with the Ethopia-based Rina International.

For 2009-10, Rotomac group reported a profit after tax (PAT) of
INR80 million on net sales of INR27.13 billion, against a PAT of
INR5.0 million on net sales of INR18.8 billion for 2009-10.


ROTOMAC EXPORTS: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rotomac Exports Pvt
Ltd, which is a part of the Rotomac group, continue to reflect the
Rotomac group's exposure to significant debtor risk, with unstable
customer and product profiles, and to risks related to volatility
in foreign exchange (forex) rates.  The rating also factors in
Rotomac group's moderate financial risk profile, marked by
substantial total outside liabilities. These weaknesses are
partially offset by the group's established market position in the
writing instrument (pen) industry and low inventory risk in the
trading business.

   Facilities                          Ratings
   ----------                          -------
   INR30 Million Cash Credit           BB/Stable (Reaffirmed)
   INR70.0 Million EPC/FBP             P4+ (Reaffirmed)
   INR780.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR20.0 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of REL, and its group companies, Rotomac
Global Pvt Ltd, Crown Alba Writing Instruments India Pvt Ltd,
Rotomac Exports Pvt Ltd, Rotomac Exim Pvt Ltd, Rotomac Polymers
Pvt. Ltd. and Kothari Food and Fragrances.  This is because these
entities, collectively referred to herein as the Rotomac group,
are in the same line of business, and have a common management,
and the same suppliers and customers.

Outlook: Stable

CRISIL believes that the Rotomac group's business risk profile
will remain constrained over the medium term, given the
significant exposure to debtor and forex fluctuation risks.  The
outlook may be revised to 'Positive' if the group improves its
business model and established sound risk management policies with
respect to debtor and forex fluctuation risks. Conversely, the
outlook may be revised to 'Negative' in case of a significant
delay in receivable collection or large forex loss, leading to
liquidity pressure, or in case of exposure to the real estate
venture of the group.

                           About the Group

RPPL incorporated in 2009-10 (refers to financial year, April 1 to
March 31) is primarily in import and sale of polymers in the
domestic market and physically trading in polymers. RGL, the
flagship company of the Rotomac group was set up by Mr. M M
Kothari in 1992.  It started operations by manufacturing pens.
Since then, it has diversified into the business of trading in
agricultural commodities, primarily soya meal and Brazilian wheat.
Currently, RGL is managed by the founder's son, Mr. Vikram
Kothari, who also set up REL in 2002 to trade in agricultural
products.  He established Crown Alba, in March 2004, to
manufacture pens for the export markets and KFF was incorporated
in 2005-06 for the sale of Gutkha and Pan Masala. In 2009, Mr
Vikram Kothari set up REPL along with Mr. Suleman Vimanwala, who
has experience in the timber and other bulk commodities trading
business.  REPL is also involved in the trading business. RGL also
provides technical support to its 49:51 joint venture, Rotorina
Pen Manufacturing PLC, with the Ethopia-based Rina International.

For 2009-10, Rotomac group reported a profit after tax (PAT) of
INR80 million on net sales of INR27.13 billion, against a PAT of
INR5.0 million on net sales of INR18.8 billion for 2009-10.


TIRUPATI FUELS: CARE Assigns 'CARE BB+' Rating to INR50cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and PR4+ RATINGS to the bank facilities of
Tirupati Fuels Pvt Ltd.

                                 Amount
   Facilities                   (INR cr)       Rating
   ----------                   --------       ------
   Long-term Bank Facilities      50.0         'CARE BB+' Assigned
   Short-term Bank Facilities     85.0         'PR4+' Assigned

Rating Rationale

The ratings are constrained by the company's short track record of
operation, pollution hazardness nature of the industry, low
capacity utilization, lack of backward integration for basic raw
material (coking coal), risk of volatility in raw material &
finished goods prices, volatility in prices of trading
materials, foreign exchange fluctuation risk, low profit levels &
margin with moderate leverage ratios, dependence on the fortunes
of steel industry and  stiff competition from organized &
unorganized sector players.  The ratings also factor in
considerable experience of the promoter, strategic location of the
plant in terms of proximity to market and access to quality raw
materials and improving outlook of the steel & coke industry.
Ability of the company to improve its profitability, future trend
in sales price realization vis-a-vis demand for the company's
products, price trend of key raw materials & trading materials and
future performance of the steel & coke industry are the key rating
sensitivities.

                       About Tirupati Fuels

TFPL, belonging to Balaji group, was incorporated by Shri Naresh
Sharma of Kolkata in June 2003.  The company is engaged in
manufacturing of Low Ash Metallurgical Coke (LAMC) and trading of
coking coal, LAMC and iron & steel products (TMT bars, steel flat,
etc.) in the domestic market.  The major user industries are
integrated steel plants, soda ash and zinc manufacturers,
foundries producing pig iron & ferro-alloys, engineering goods
units and chemical plants.

Net sales grew phenomenally during the last three years (FY07-
FY10) with y-o-y growth of 68.8% in FY10 (annualised basis).

The company earned PBILDT of INR29.5 crore (Rs.13.3 crore in FY09)
and PAT (after defd. tax) of INR5.6 crore (Rs.2.9 crore in FY09)
on net sales of INR426.2 crore for the 15 months period ended
June 30, 2010 (Rs.202.4 crore in FY09).  Long-term debt equity
ratio was comfortable as on last three account closing dates.
However, overall gearing ratio was bit on the higher side due to
higher utilization of bank borrowings.


VANTECH CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR25M LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vantech Chemicals Ltd
continue to reflect VCL's large working capital requirements, and
exposure to risks related to volatility in raw material prices and
to customer concentration in revenue profile.  These weaknesses
are partially offset by VCL's moderate financial risk profile,
marked by small net worth, and the benefits that the company
derives from its promoters' extensive industry experience, and its
strong track record in the pesticides business.

   Facilities                          Ratings
   ----------                          -------
   INR10.00 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR25.00 Million Proposed LT Loan   BB-/Stable (Reaffirmed)
   INR13.00 Million Letter of Credit   P4+ (Reaffirmed)
   INR1.00 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VCL will continue to benefit over the medium
term from its promoters' industry experience and its established
customer relationships.  The outlook may be revised to 'Positive'
if VCL scales up its operations considerably, thereby enhancing
its market share, and significantly improves its liquidity, most
likely by generating more-than-expected cash accruals or through
equity infusion by promoters.  Conversely, the outlook may be
revised to 'Negative' if the company faces a decline in revenue
growth or margins, undertakes a large, debt-funded capital
expenditure programme, reports reduced offtake from its key
customers, or faces an unfavorable outcome from its outstanding
litigation with the excise department.

Update

For 2009-10 (refers to financial year, April 1 to March 31),
VCL reported revenue growth of 51 per cent, which was marginally
higher than CRISIL's expectations mainly because of higher offtake
from its key customers, Zuari Industries Ltd and Aries Agro Ltd.
The company's profitability margins remained stable at 11 per cent
in 2009-10, in line with those in the past.  VCL has so far
registered revenues of INR165 million in the first two quarters of
2010-11. The increase in revenues is attributed to the addition of
new customers, such as Paradeep Phosphates Ltd, and higher demand
from the existing customers because of a better monsoon in India
and increase in agricultural activity.  Also, in September 2010,
VCL commissioned a new manufacturing plant dedicated to execute
job-work contracts for EI DuPont India Pvt Ltd. This is likely to
support VCL's business risk profile over the medium term. However,
the outstanding litigation between VCL and the excise department
with the Andhra Pradesh high court, which amounted to a contingent
liability of INR53 million as on March 31, 2010, continues to
remain a rating sensitive factor.

                       About Vantech Chemicals

Set up in 1994 by Mr. J A Rama Rao in Hyderabad (Andhra Pradesh),
VCL manufactures pesticides.  The company has annual capacities to
manufacture 900 kilolitres of liquid formulations, 400 tonnes of
formulations, and 3000 tonnes of granules.  It also undertakes
job-work contracts, wherein customers provide the raw materials
and the company receives fixed conversion charges.  At present,
VCL derives around 35 per cent of its revenues from job-work
contracts.

VCL reported a profit after tax (PAT) of INR11.2 million on a
turnover of INR161.4 million for 2009-10, against a PAT of INR6.7
million on a turnover of INR136.3 million for 2008-09.


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


RESONA HOLDINGS: To Raise Up to JPY630 Billion in Share Sale
------------------------------------------------------------
Atsuko Fukase at The Wall Street Journal reports that Resona
Holdings Inc. said Friday it will issue about 1.24 billion in
common shares to raise about US$7.2 billion as it strives to repay
the public funds it borrowed.

The Journal says the share issuance is Resona's first public share
offering since it was effectively nationalized in 2003.  The
offering price will be set between Jan. 24 and Jan. 26, the
Journal notes.

Of the shares to be issued, says the Journal, 479 million will be
sold to overseas investors.  The Journal notes that the total
amount includes 63 million shares in an overallotment option in
the event of exceptional demand.

The Journal relates that based on Resona's closing price of
JPY523 ($6.28) on the Tokyo Stock Exchange Friday, the bank would
raise about JPY630 billion, excluding fees.  The actual amount of
capital raised will depend on the stock price just before the
issuance, the Journal adds.

According to the Journal, Nomura Holdings Inc.'s Nomura
Securities, Bank of America Corp.'s Merrill Lynch unit and Daiwa
Securities Group Inc.'s Daiwa Securities Capital Markets were
named to underwrite the share offering to domestic investors.  For
the overseas share offering, Merrill Lynch, Nomura and Goldman
Sachs Group Inc. are joint underwriters and bookrunners, the
Journal states.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 9, 2010, Bloomberg News said Resona Holdings Inc. plans to
repay as much as JPY900 billion of government bailout funds using
proceeds from a share sale and internal reserves.  The Tokyo-based
bank on November 5, 2010, registered to sell as much as JPY600
billion of common stock over the next year.  It plans to use
money from the sale, plus JPY300 billion of reserves, to buy back
preferred stock from the government and retire the shares to avoid
potential dilution, Bloomberg noted.  The bank, the second-worst
performer on the Topix Banks Index last year, is under pressure to
repay a 2003 bailout to regain independence and compete with its
bigger rivals, according to Bloomberg.

                       About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


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


HYUNDAI ENG'G: Creditors Name Hyundai Motor as Preferred Bidder
---------------------------------------------------------------
Yonhap News reports that creditors of Hyundai Engineering &
Construction Co. on Friday selected Hyundai Motor Group as the
prime bidder for South Korea's top builder.

According to Yonhap, the move came after a Seoul court on
January 4, 2011, turned down an injunction sought by Hyundai Group
to block creditors from scrapping the deal to sell a 35% stake in
the builder.

Main creditor Korea Exchange Bank said creditors plan to clinch a
preliminary deal with Hyundai Motor this week and seek to complete
the deal by April after sealing a final contract in February,
Yonhap reports.

Yonhap adds that creditors said they plan to open the door for
discussing mediated alternatives with Hyundai Group.  The
creditors earlier said they would help Hyundai Group defend its
managerial rights by selling the builder's 8.3% holding of Hyundai
Merchant to the market or other parties should Hyundai Motor Group
purchase the construction firm.  They are also mulling returning a
down payment to Hyundai Group, Yonhap reports.

Yonhap relates that Hyundai Group, deprived of its former deal,
said it will appeal the decision in court.

"We cannot accept creditors' decision to hastefully give Hyundai
Motor Group the status as the preferred bidder when the final
court decision has not been made yet on the cancellation of the
deal (with Hyundai Group)," the group said.

Hyundai Group signed a KRW5.5 trillion preliminary deal with 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.  But creditors of Hyundai E&C scrapped a takeover
deal for the builder signed with Hyundai Group as the group failed
to resolve suspicions over its ability to finance the deal.

                    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.


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


NATIONAL POWER: Moody's Gives Positive Outlook on 'Ba3' Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook of National
Power Corporation's Ba3 senior unsecured bond rating to positive
from stable.

The rating action follows Moody's decision to change the
Philippine government's Ba3 long-term foreign-currency and local-
currency ratings outlook to positive from stable.

The last rating action with respect to NPC was taken on 23 July
2009, when the rating was upgraded to Ba3 from B1, in line with
the sovereign upgrade.

NPC's bond rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of NPC's core industry and NPC's rating is believed to be
compared to those of other issuers of similar credit risk.

National Power Corporation, 100% owned by the Philippines
Government, is the principal supplier of off-grid electricity in
the Philippines.


POWER SECTOR: Moody's Gives Positive Outlook on 'Ba3' Rating
------------------------------------------------------------
Moody's Investors Service has changed the outlook of Power Sector
Assets & Liabilities Management Corporation's Ba3 corporate family
and senior unsecured bond ratings to positive from stable.

The rating action follows Moody's decision to change the
Philippine government's Ba3 long-term foreign-currency and local-
currency ratings outlook to positive from stable.

"In light of PSALM's 100% ownership by the Philippine government,
its distinct policy role -- as mandated by law to restructure and
reform the Philippine power sector -- as well as the government's
intention to assume any remaining assets and liabilities at the
end of its corporate life, Moody's views PSALM as an extension of
the government," says Jennifer Wong, a Moody's AVP/Analyst.

"All debt issued by PSALM is unconditionally and irrevocably
guaranteed by the government.  As such, PSALM's rating is closely
integrated with, and strongly linked to, the government's credit
quality," adds Wong.

The last rating action on PSALM was on 16 November 2009 when
Moody's assigned a Ba3 senior unsecured rating with a stable
outlook to the US$ bonds maturing in 2024.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine Government, was established in 2001
to take ownership of and manage all generation-related assets,
liabilities, contracts with Independent Power Producers, real
estate and other disposable assets of the National Power
Corporation, including National Transmission Corporation, and to
privatize and dispose of these assets to liquidate NPC financial
obligations.


* Moody's Assigns 'Ba3' Rating to the Philippines Global Bonds
--------------------------------------------------------------
Moody's Investors Service will assign a Ba3 rating to the
Philippines government's forthcoming Philippine peso-denominated
global bond issuance.  Non-resident holders of these bonds may be
exempt from taxation under prevailing Philippine laws, rules, and
regulations.  The proposed rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed by
Moody's.

"The rating is well anchored by the continued strength in the
sovereign's external payments position and a favorable outlook for
domestic-demand driven economic growth.  In addition, the rating
is supported by a relatively sound and liquid banking system,
which does not pose foreseeable risks to the government's balance
sheet," says Christian de Guzman, a Moody's Assistant Vice
President and the lead sovereign analyst for the Philippines.

Robust overseas remittances over the past few years have coupled
with sizeable portfolio inflows more recently to boost foreign
exchange reserves to a historically high level, providing the
economy and government finances a significant buffer against
external shocks.

The stable outlook is also influenced by the continued ability of
the country's central bank to anchor inflationary expectations
under its formal inflation-targeting framework.  Inflation fell
close to the lower bound of Bangko Sentral's target range of 3.5
to 5.5 percent for 2010 and is expected to remain well within the
range of 3.0 to 5.0 percent for 2011.

"The sovereign's Ba3 rating, however, also reflects continued
weaknesses in revenue collection, as well as a large public-sector
debt overhang, relative to its rating peers," notes de Guzman.
"However, recent fiscal developments suggest a possible return to
fiscal consolidation through intensified tax enforcement and
expenditure restraint."

The national government is likely to meet its deficit target for
2010, but it remains unclear whether its current tax compliance
efforts can effect a structural improvement in revenue
performance.  Moreover, the Philippines has a larger stock of debt
and devotes a larger share of its revenues towards interest
payments than the median among its Ba-rated peers.  The
authorities' continued commitment to resume fiscal consolidation
will be crucial to supporting the rating outlook and augur well
for the Philippines' long-term economic fundamentals.

The last rating action on the Philippines was taken on July 23,
2009, when Moody's upgraded the sovereign bond rating to Ba3 from
B1.


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


888 GROUP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up the operations of 888 Group Holding Private Limited.

G.B. Kuari SDN BHD filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


BOUGAINVILLAE INVESTMENTS: Creditors' Proofs of Debt Due Feb. 7
---------------------------------------------------------------
Creditors of Bougainvillae Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


BRIGHT MOUNTAIN: Creditors' Proofs of Debt Due February 7
---------------------------------------------------------
Creditors of Bright Mountain Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 7, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


COLORADO INVESTMENTS: Creditors' Proofs of Debt Due February 7
--------------------------------------------------------------
Creditors of Colorado Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


KNIGHTSBRIDGE INVESTMENT: Creditors' Proofs of Debt Due February 7
------------------------------------------------------------------
Creditors of Knightsbridge Investment Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


LAREDO INVESTMENTS: Creditors' Proofs of Debt Due February 7
------------------------------------------------------------
Creditors of Laredo Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LSW BUILDER: Court to Hear Wind-Up Petition on January 14
---------------------------------------------------------
A petition to wind up the operations of LSW Builder Pte Ltd will
be heard before the High Court of Singapore on January 14, 2011,
at 10:00 a.m.

Lam Chee Holdings Pte Ltd filed the petition against the company
on December 8, 2010.

The Petitioner's solicitor is:

          Messrs Loy & Company
          133 New Bridge Road
          #13-06 China town Point
          Singapore 059413


METROPOLE INVESTMENTS: Creditors' Proofs of Debt Due February 7
---------------------------------------------------------------
Creditors of Metropole Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


ORQUIDEA INVESTMENTS: Creditors' Proofs of Debt Due February 7
--------------------------------------------------------------
Creditors of Orquidea Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PACRIM INVESTMENTS: Court to Hear Wind-Up Petition on January 14
----------------------------------------------------------------
A petition to wind up the operations of Pacrim Investments Pte Ltd
will be heard before the High Court of Singapore on January 14,
2011, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
December 21, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road #25-01
          Straits Trading Building
          Singapore 049910


SEVILLA INVESTMENTS: Creditors' Proofs of Debt Due February 7
-------------------------------------------------------------
Creditors of Sevilla Investments (Pte) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 7, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SINGWIN SERVICES: Meetings Slated for January 14
------------------------------------------------
Contributories and creditors of Singwin Services Pte Ltd will hold
their meetings on January 14, 2011, at 09:30 a.m., and 10:00 a.m.,
respectively at 8 Wilkie Road #03-08 Wilkie Edge, in Singapore
228095.

At the meeting, Chee Yoh Chuang and Lim Lee Meng, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


STATS CHIPPAC: S&P Assigns 'BB+' Rating to US$200 Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' issue rating to the proposed issue of US$200 million in
senior unsecured notes due 2016 by STATS ChipPAC Ltd.
(BB+/Stable/--).

The Singapore-based outsourced semiconductor assembly and testing
services provider will use the proceeds of the new notes, along
with cash of US$38 million, to refinance its outstanding term loan
facility of US$235 million.

In S&P's view, the company's refinancing plans do not affect the
rating on STATS ChipPAC.  S&P expects the refinancing to lengthen
the company's overall debt maturity profile to 4.7 years, compared
with the current 3.8 years.

Post-refinancing, S&P views STATS ChipPAC's liquidity as adequate.
S&P estimates that the company's cash balance will decline to
about US$200 million, which would be sufficient to cover US$17
million in short-term debt.  S&P notes that the company has also
established a committed but undrawn US$50 million revolving credit
facility.


WANDSWORTH PTE: Creditors' Proofs of Debt Due February 7
--------------------------------------------------------
Creditors of Wandsworth Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 7,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


===========
T A I W A N
===========


AMERICAN INT'L: Got $3BB Bid for Nah Shan; Secom, Primus Tie Up
---------------------------------------------------------------
Chris V. Nicholson, writing for The New York Times' DealBook,
reports that American International Group told the Securities and
Exchange Commission in November 2010 that it had received an
unsolicited $3 billion bid for its Nan Shan Life Insurance unit --
an offer well above the division's going price last summer.  The
letter, dated November 12, 2010, was released in a regulatory
filing Tuesday.  AIG, the report says, detailed recent
developments in the sale of Nan Shan.

"Other prospective buyers have approached AIG and have provided
unsolicited letters of interest in purchasing Nan Shan at prices
that range from $2.15 billion to $3.0 billion, which exceed AIG's
carrying value of Nan Shan at September 30, 2010.  AIG is
preparing information to permit these parties to conduct due
diligence on Nan Shan and believes these represent credible and
valid non-binding indications of interest.  AIG believes the
carrying value of Nan Shan at September 30, 2010 does not exceed
its fair value," AIG told the SEC in its letter.

As reported by the Troubled Company Reporter, AIG attempted to
sell Nan Shan for $2.15 billion to a consortium of two Hong Kong-
based buyers, private-equity firm Primus Financial Holdings Ltd.
and China Strategic Holdings Ltd.  However, the Financial
Supervisory Commission, Taiwan's financial watchdog, rejected the
sale in August 2010 over concerns about the acquirers' financial
strength and commitment to Nan Shan.

Meanwhile, Aries Poon, writing for Dow Jones Newswires, reports
that Taiwan Secom Co. Director Max Chu said Tuesday his company
has teamed up with Hong Kong-based Primus Financial and Goldsun
Development & Construction Co. to bid for Nan Shan.  Mr. Chu said
the three companies are in the process of setting up a joint
venture and have already expressed their interest in Nan Shan to
AIG.  Mr. Chu declined to disclose the amount the group offers for
Nan Shan.

Dow Jones says Goldsun and Primus weren't immediately available
for comment.  Dow Jones notes Secom and Goldsun were both founded
by Taiwan's Lin family.

A full-text copy of the letter is available at http://is.gd/kcy6R

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


                             *********

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 2011.  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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