TCRAP_Public/110111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, January 11, 2011, Vol. 14, No. 7

                            Headlines



A U S T R A L I A

AMBULANCE PRIVATE: Blames Government as Firm Faces Insolvency
* AUSTRALIA: Queensland Hotels Face Receivership
* AUSTRALIA: 80 Tasmanian Firms Go Into Administration, ASIC Says


C H I N A

SINOBIOMED INC: Issues 10 Million Shares to Michael Tan


H O N G  K O N G

ALIOTH LIMITED: Commences Wind-Up Proceedings
ASIA GAIN: Keung and Wai Appointed as Liquidators
ASSOCIATION OF CERTIFIED: Lau Chi Yuen Appointed as Liquidator
BAX GLOBAL: Commences Wind-Up Proceedings
CREE LED: So Kwok Keung Keith Appointed as Liquidator

DAEWOO HK: Lai and Haughey Step Down as Liquidators
DOBHE LIMITED: Commences Wind-Up Proceedings
EAGLE'S EYE: Tam and Lok Appointed as Liquidators
HANIL LEASING: Kim Chan Su Appointed as Liquidator
QI DEVELOPMENT: Seng and Lo Appointed as Liquidators


I N D I A

AGL POLYFIL: CRISIL Assigns 'D' Rating to INR225MM Term Loan
ANTHEM BIOSCIENCES: CRISIL Reaffirms 'BB' Rating on Cash Credit
B.D. TEXTILE: CRISIL Reaffirms 'B+' Rating on INR110MM Cash Credit
FLEMING LABORATORIES: CRISIL Assigns 'D' Rating to INR142.9MM Loan
JSK METALEX: CRISIL Assigns 'B+' Rating to INR330 Mil. Term Loan

KOTHARI FOODS: CRISIL Assigns 'BB' Rating to INR2MM Cash Credit
KUNDIL ALLOYS: CRISIL Reaffirms 'B-' Rating on INR1.6MM LT Loan
KUNDIL ISPAT: CRISIL Reaffirms 'B-' Rating on INR87.5M Cash Credit
KUNDIL ROLLING: CRISIL Reaffirms 'B-' Rating on INR90M Cash Credit
KUNDIL SPONGE: CRISIL Reaffirms 'D' Rating on INR168.5MM LT Loan

MIL INDUSTRIES: Fitch Affirms 'BB-' National Long-Term Rating
PRIJAI HEAT: CRISIL Downgrades Rating on INR82.4MM Term Loan
SAGAR CEMENTS: CRISIL Cuts Rating on INR864MM Cash Credit to 'BB'
SAMRUDDHI INDUSTRIES: CRISIL Reaffirms 'BB-' Rating on Cash Credit
STATIONERY POINT: CRISIL Cuts Rating on INR375MM Loan to 'B-'


J A P A N

JAPAN AIRLINES: Sacked Pilots and Cabin Attendants to Sue JAL
JAPAN AIRLINES: To End Joint IT Venture With IBM Japan
JAPAN AIRLINES: Inks Code Sharing Agreement With China Southern
SHINGINKO TOKYO: Governor Denies Share Sale to H.I.S. Affiliate


N E W  Z E A L A N D

JP & BM HOLDINGS: Faces Liquidation Over Unpaid Debts


P H I L I P P I N E S

* Moody's Gives Positive Outlook on Seven Philippine Banks
* Moody's Gives Positive Outlook on the Philippines 'Ba3' Rating


S I N G A P O R E

CHINA HEPING: Court to Hear Wind-Up Petition on January 14
GLOBAL CONNECT: Creditors' Proofs of Debt Due February 7
HOLZ-HER ASIA: Court to Hear Wind-Up Petition on January 21
HONGXIN CHEMICALS: Creditors' Proofs of Debt Due February 7
INFINIO GROUP: Court to Hear Wind-Up Petition on January 21

KCH GROUP: Court Enters Wind-Up Order
NIPPON SP: Members and Creditors' Meeting Set for January 17
SEMBAWANG MUSIC: Creditors Get 100% & 8.12% Recovery on Claims


T A I W A N

AMERICAN INT'L: Questioned by U.S. Regulators Over AIA IPO


X X X X X X X X


* BOND PRICING: For the Week January 3 to January 7, 2011


                            - - - - -


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


AMBULANCE PRIVATE: Blames Government as Firm Faces Insolvency
-------------------------------------------------------------
ABC News reports that Ambulance Private, Tasmania's largest
private ambulance service, is facing insolvency.

Ambulance Private's owner, David Watson, blames the State
Government and said Ambulance Tasmania will need millions of
dollars to pick up the thousands of patients his company
transports every year, ABC News says.

ABC News discloses that a State Government review in 2007
recommended Ambulance Tasmania stop outsourcing non-emergency
patient transport to private companies and set up its own business
unit.  As a result, Ambulance Private's managing director David
Watson said his company will go under within a week, according to
ABC News.

According to ABC News, Mr. Watson said if his company fails,
Ambulance Tasmania will have to pick up an extra thousand patients
a month.

Ambulance Private is believed to be Australia's only fully private
owned Ambulance service.  Ambulance Private has 70 staff and 18
ambulances, which cover sporting events and transport non-
emergency patients.


* AUSTRALIA: Queensland Hotels Face Receivership
------------------------------------------------
Josh Robertson at the Courier Mail reports that up to 60
Queensland pubs will struggle to convince banks they can trade out
of trouble amid a nationwide financing crunch on hotels.  The
report relates that inflated prices paid during the property boom
of the mid-2000s are coming back to bite industry "young bucks"
whose risk-taking is now on the nose for financiers worried about
sliding values.

The Queensland Hotels Association's Justin O'Connor denied the
industry was facing a spate of foreclosures, with the bank most
affected, BankWest, committed to these businesses continuing "to
operate as going concerns," according to Courier Mail.

"There's not going to be a fire sale in Queensland," the Courier
Mail quoted Mr. O'Connor as saying.

However, the report notes, industry talk has it that BankWest has
already placed enough pubs into receivership that one of its
subsidiaries had become the state's single largest creditor to
liquor giant Foster's.  Courier Mail relates that one industry
source suggested up to 80% of the Queensland hotels on BankWest's
books had breached debt covenants as falling revenues dragged down
the values of pubs.

Mr. O'Connor, Courier Mail notes, said that more than 5% of
Queensland's 1150 pubs or taverns were "under financial pressure".
These were mostly small operators struggling with debt agreements
after paying too much during the boom, Mr. O'Connor added.

"Typically, the blokes who get into trouble are basically the
young bucks who put everything on the line.  They might have half-
a-million dollars between them, they go and borrow AU$5 million
from a bank at 80% lending ratio and then work their asses off and
hope for the best.  If the tide turns against them, like the GFC
or the value of the lease turns, your margin for error is very
small," Courier Mail quoted Mr. O'Connor as saying.

BankWest moved last year to wind up the business running
Brisbane's Exchange and GPO hotels before placing it into
receivership, Courier Mail recounts.  The report relates that
Allied Hospitality, which borrowed heavily to redevelop the
Exchange, struggled to maintain repayments amid low weekday
turnover and annual rents of more than AU$2.2 million.  Both
hotels were acquired by new owners last month, with BankWest
taking a hit on the previous loan, the report says.

Mr. O'Connor said banks wanted troubled pubs in Queensland "to
trade out of their financial concerns," Courier Mail adds.


* AUSTRALIA: 80 Tasmanian Firms Go Into Administration, ASIC Says
-----------------------------------------------------------------
ABC News reports that Tasmanian Liberals want more assistance for
the increasing number of failing small businesses.

Figures released by the Australian Securities and Investments
Commission show 80 Tasmanian businesses went into administration
in the 12 months to last October, according to ABC News.

According to the report, the Shadow Minister for Small Business,
Adam Brooks, said that is the highest in a decade.

"There are 37,000 businesses out there and most of them are on
Struggle Street and the Government doesn't seem to care. It's very
tough, they've got soaring electricity prices, they've got the
water and sewerage rates debacle, they've got continued wage
pressure plus we're in a retail recession," ABC News quoted Mr.
Brooks as saying.  Local companies should be chosen over
interstate bidders for Government contracts, he added.

Mr. Brooks, the report notes, said: "The global financial crisis
obviously had an impact on business but again it's about the
government setting economic conditions that will help business and
they don't seem to do that with the programs that they've got in
place, they don't help the local fish and chip shop, or the local
corner store or the hairdresser."

The acting Economic Development Minister, Lin Thorp, issued a
statement saying the government already provided a number of
programs to support small businesses, and would continue to
develop strategies, ABC News adds.


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


SINOBIOMED INC: Issues 10 Million Shares to Michael Tan
-------------------------------------------------------
On December 6, 2010, Sinobiomed Inc. entered into a settlement and
conversion of debt letter agreement, dated December 2, 1010, with
Michael Tan, whereby Mr. Tan agreed to convert the debt of
US$561,370 owing to him from the Company into 10,000,000 shares of
the Company's common stock.  A full-text copy of the Settlement
and Conversion Agreement is available for free at:

               http://ResearchArchives.com/t/s?71e3

On December 29, 2010, Sinobiomed issued the 10,000,000 shares of
common stock to Mr. Michael Tan with respect to the Settlement and
Conversion Agreement.  On the same day, the Company also issued
3,400,000 shares of its common stock to two offshore individuals
due to the third closing of its private placement at US$0.015 per
share for total gross proceeds of US$51,000.

The Company believes that the issuances are exempt from
registration under Regulation S or Section 4(2) under the
Securities Act of 1933, as amended, as the securities were issued
to the individuals through offshore transactions which were
negotiated and consummated outside of the United States.

In relation to the Company's private placement offering at
US$0.015 per share, the Company have paid a cash finder's fee in
the amount of US$4,080 to one individual in Hong Kong.

The Company said proceeds from the transactions have been or will
be used for general corporate purposes.

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines.  Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development.  The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended December 31, 2007.  The auditing
firm reported that the Company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The Company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.


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


ALIOTH LIMITED: Commences Wind-Up Proceedings
---------------------------------------------
Members of Alioth Limited, on December 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ASIA GAIN: Keung and Wai Appointed as Liquidators
-------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on December 21,
2010, were appointed as liquidators of Asia Gain Investment
Limited.

The liquidators may be reached at:

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


ASSOCIATION OF CERTIFIED: Lau Chi Yuen Appointed as Liquidator
--------------------------------------------------------------
Mr. Lau Chi Yuen on December 31, 2010, was appointed as liquidator
of The Association of Certified Insurance Financial Advisers
Limited.

The liquidator may be reached at:

         Mr. Lau Chi Yuen
         5/F, Lee Kong Commercial Building
         115 Woosung Street
         Jordan, Kowloon
         Hong Kong


BAX GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
Members of Bax Global Limited, on December 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


CREE LED: So Kwok Keung Keith Appointed as Liquidator
--------------------------------------------------------
So Kwok Keung Keith on December 28, 2010, was appointed as
liquidator of Cree LED Lighting Solutions Hong Kong Limited.

The liquidator may be reached at:

         So Kwok Keung Keith
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


DAEWOO HK: Lai and Haughey Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Daewoo Hong Kong Limited on December 29, 2010.


DOBHE LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Dobhe Limited, on December 29, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


EAGLE'S EYE: Tam and Lok Appointed as Liquidators
--------------------------------------------------
Tam Yau Shing Franky and Lok Wai on December 31, 2010, were
appointed as liquidators of The Eagle's Eye International Limited.

The liquidators may be reached at:

         Tam Yau Shing Franky
         Lok Wai
         Suite 806, 8/F
         Devon House, Taikoo Place
         979 King's Road
         Quarry Bay, Hong Kong


HANIL LEASING: Kim Chan Su Appointed as Liquidator
--------------------------------------------------
Kim Chan Su on December 28, 2010, was appointed as liquidator of
Hanil Leasing & Finance (Hong Kong) Limited.

The liquidator may be reached at:

         Kim Chan Su
         Rooms 1806-1808, 18/F
         Tower II, Admiralty Centre
         18 Harcourt Road
         Admiralty, Hong Kong


QI DEVELOPMENT: Seng and Lo Appointed as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo on December 24, 2010, were
appointed as liquidators of QI Development Company Limited.

The liquidators may be reached at:

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


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


AGL POLYFIL: CRISIL Assigns 'D' Rating to INR225MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to AGL Polyfil Pvt Ltd's
bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR137.50 Million Cash Credit      D (Assigned)
   INR225.00 Million Term Loan        D (Assigned)
   INR9.70 Million Letter of Credit   P5 (Assigned)
                  & Bank Guarantee
   INR0.30 Million Bank Guarantee     P5 (Assigned)

The rating reflects delay by AGL in servicing its term loan
obligations; the delays have been caused by AGL's weak liquidity
on account of delay in the commissioning of its polyester staple
fibre (PSF) plant.

The rating reflects AGL's weak financial risk profile and limited
pricing power owing to dominance of large players.  These rating
weaknesses are partially offset by experience of AGL's promoters
in trading of PSF and recycled polyethylene terephthalate (PET)
bottles.

                         About AGL Polyfil

AGL, set up in 1989, is a joint venture between Mr. Sunil Kumar
Agarwal and his brother-in-law, Mr. Suresh Kumar Agarwal, to
manufacture regenerated PSF.  The plant will have capacity of 40
tonnes per day (TPD) to manufacture fine denier and hollow fibre
ranging between 1.5-15 deniers primarily through use of recycled
PET flakes. For this, AGL is integrating backwards by setting up a
72-TPD PET flakes unit which will use scrap PET bottles as raw
material.  The project is in commissioning stage and its trial run
has already started. Originally, the company expected the project
to commence commercial production by end of September 2010.
However, the project got delayed and commercial operations have
begun in November 2010.


ANTHEM BIOSCIENCES: CRISIL Reaffirms 'BB' Rating on Cash Credit
---------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Anthem Biosciences Pvt Ltd (Anthem) to 'Stable' from
'Positive', while reaffirming the rating at 'BB'; the rating on
the short-term facilities has been reaffirmed at 'P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR62.5 Million Cash Credit       BB/Stable (Reaffirmed;
                                                Outlook Revised
                                                from 'Positive')

   INR192.5 Million Long-Term Loan   BB/Stable (Reaffirmed;
                                                Outlook Revised
                                                from 'Positive')

   INR15 Million Letter of Credit    P4+ (Reaffirmed)

   INR7.5 Million Bank Guarantee     P4+ (Reaffirmed)

The outlook revision reflects CRISIL's belief that Anthem's credit
risk profile will not improve as expected earlier because of
pressure on its profitability and ongoing debt-funded capital
expenditure (capex) for its biotechnology research division.
Anthem's revenues have remained stagnant, while its profitability
for the six months ended September 30, 2010, has declined because
of rationalization of research and development (R&D) expenditure
by its clients.

The ratings continue to reflect Anthem's short track record, and
limited financial flexibility because of small net worth and
relatively large debt.  These rating weaknesses are mitigated by
the experience of Anthem's promoters in the biotechnology and
early-stage drug discovery research segments, and the company's
linkages with leading pharmaceutical and biotechnology players.

Outlook: Stable

CRISIL believes that Anthem's financial risk profile will remain
commensurate with its rating category.  The outlook may be revised
to 'Positive' if there is significant improvement in Anthem's
capital structure and cash accruals over the medium term supported
by increase in contribution from its upcoming biotechnology
facility, which is expected to commence commercial operations in
2011-12 (refers to financial year, April 1 to March 31).
Conversely, the outlook may be revised to 'Negative' if Anthem
faces significant cost and time overruns in its ongoing project,
or deterioration in its revenues, profitability, or capital
structure.

                      About Anthem Biosciences

Incorporated in June 2006, Anthem began commercial operations in
October 2007.  The company provides early-stage drug discovery
services to international innovator pharmaceutical and
biotechnology companies.  Anthem is an export-oriented unit, with
facilities in Bengaluru.


B.D. TEXTILE: CRISIL Reaffirms 'B+' Rating on INR110MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the cash credit facility of B.D. Textile Mills
Pvt Ltd continues to reflect BDTMPL's weak financial risk profile
marked by a low net worth, high gearing, and weak debt protection
indicators, and its low operating profitability.  These weaknesses
are partially offset by the benefits that BDTMPL derives from its
established market position and promoters' extensive industry
experience.

   Facilities                        Ratings
   ----------                        -------
   INR110.0 Million Cash Credit      B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BDTMPL will continue to benefit over the
medium term from its well-diversified customer base and promoters'
extensive industry experience.  The outlook may be revised to
'Positive' if the company improves its financial risk profile, led
by significant equity infusion by promoters, or if it improves its
operating margin while maintaining its revenue growth. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates most likely because of weak
liquidity or significant debt-funded capital expenditure.

Update

BDTMPL's overall rating remains constrained by its weak financial
risk profile.  The company's net sales improved to INR476.2
million during 2009-10 (refers to financial year, April 1 to
March 31), as compared with INR438.2 million in the previous year;
however, its low operating profit margin of 4.2 per cent resulted
in correspondingly low net cash accruals of INR4.3 million for the
year.  This led to low accretion to reserves, causing the
company's net worth to remain small at around INR52 million as on
March 31, 2010.  Increased borrowings for meeting working capital
requirements caused BDTMPL's gearing to deteriorate to 2.94 times
by the end of 2009-10, as against 2.3 times a year earlier.  The
company's debt protection metrics have continued to be weak with
the net cash accruals to total debt ratio at 3 per cent and the
interest coverage ratio at 1.29 times for the year ended March 31,
2010.

BDTMPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR476.2 million for 2009-10, against a PAT of INR1.7
million on net sales of INR438.2 million for 2008-09.

                        About B.D. Textile

Set up in 1975 in Rajasthan, BDTMPL manufactures textile fabrics
(dyed 2 x 2 rubia, chiffon, terry rubia, and poplin) mainly used
as blouse material for women.  The company's day-to-day operations
are managed by Mr. Ganpatraj Chopra and his brother, Mr. Devichand
Chopra, with assistance from Mr. Rajesh Chopra, Mr. Vikas Chopra,
and Mr. Pankaj Chopra.  The company has in-house facilities for
processing (mercerising, texturising, dyeing, and pressing) grey
fabric, whereas it outsources its spinning and weaving activities
to its associate concerns, Bachraj Weaving and Manufacturing Mills
and Maha Padmawati Textile Service Pvt Ltd in Maharashtra.


FLEMING LABORATORIES: CRISIL Assigns 'D' Rating to INR142.9MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to the bank facilities of
Fleming Laboratories Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR142.90 Million Term Loan           D (Assigned)

   INR2.10 Million Proposed Long-Term    D (Assigned)
                   Bank Loan Facility

   INR150.00 Million Packing Credit/     D (Assigned)
                       EBD/EBP/EBN

   INR35.00 Million Inland/Import        P5 (Assigned)
                 Letter of Credit

   INR5.00 Million Bank Guarantee        P5 (Assigned)

The rating reflects instances of delay by Fleming in servicing its
term loan; the delays have been caused by the company's weak
liquidity.

Fleming has a below-average financial risk profile, marked by high
gearing and modest debt protection metrics; furthermore, the
company has large working capital requirements and an average
scale of operations. However, Fleming benefits from its
experienced management team, and the geographical and product
diversity in its revenue profile.

                     About Fleming Laboratories

Incorporated in 1992, Fleming was promoted by Mr. B Ravishankar
and his family members.  The company manufactures active
pharmaceutical ingredients (APIs).  It manufactures about 20 APIs
in different therapeutic segments at its manufacturing units
located in Jeedimetla, Hyderabad, and Navapet Village, Medak
District (Andhra Pradesh).  Its key products are carisoprodol,
cinnarizine, risedronate, and meclizine.  It has two formulation
patent products, ibandronate sodium monohydrate and risedronate
sodium hemipentahydrate.  The company has filed for patents for
its new molecule strontium ranelate during August 2010.  About 85
per cent of its revenues come from the export markets, covering
over 80 countries, and the remaining from within India.

Fleming is setting up a new manufacturing unit in Navapet Village,
for a cost of about INR160 million; the company intends to obtain
certification from U S Food and Drug Administration for this
facility.  The unit is expected to commence operations by the end
of June 2011.

Fleming reported a profit after tax (PAT) of INR32 million on net
sales of INR434 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8 million on net sales
of INR413 million for 2008-09.


JSK METALEX: CRISIL Assigns 'B+' Rating to INR330 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of JSK Metalex Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR330.0 Million Term Loan        B+/Stable (Assigned)

The rating reflects JSKM's exposure to implementation and demand
risks associated with its ongoing pipe manufacturing project, and
to limited financial flexibility because of a small net worth and
expected large working capital requirements.  The impact of these
weaknesses is mitigated by JSKM's expected operational efficiency,
which includes ample availability of raw material and subsidised
power because of location advantage.

Outlook: Stable

CRISIL believes that JSKM will remain exposed to risks related to
timely commissioning and stabilisation of its facility. CRISIL
also believes that funding support from the promoters will help
the company to service its debt in a timely manner.  The outlook
may be revised to 'Positive' if JSKM commissions its project as
per schedule and establishes a track record of healthy cash flows
from the project. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in the implementation
of the company's ongoing project resulting in delays in cash
accruals, which will ultimately lead to pressure on timely
servicing of debt.

                          About JSK Metalex

JSKM was incorporated in 2009 by Mr. Vineet Chhabra and his family
to enter into the pre-galvanised and galvanised pipe segments.
The company is currently setting up a manufacturing unit at Raipur
(Chhattisgarh), with an investment of INR522 million (including
margins money for working capital) to be funded through a term
loan of INR330 million.  The manufacturing unit will be backward
integrated with a hot-rolled strip manufacturing capacity of
30,000 tonnes per annum.  The capacity for manufacturing pre-
galvanised and galvanised pipes is expected to be 18240 tonnes and
18720 tonnes respectively on a two-shift basis.  The project is
expected to become operational by June 2011.


KOTHARI FOODS: CRISIL Assigns 'BB' Rating to INR2MM Cash Credit
---------------------------------------------------------------
CRISIL's has assigned 'BB/Stable/P4+' to the bank facilities of
Kothari Foods & Fragrances (KFF), which is a part of the Rotomac
group.

   Facilities                            Ratings
   ----------                            -------
   INR2.0 Million Cash Credit            BB/Stable (Assigned)
   INR500.0 Million Letter of Credit     P4+ (Assigned)

The rating reflects Rotomac Group 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.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of KFF, Rotomac Global Pvt Ltd (RGL) and
its subsidiary Crown Alba Writing Instruments India Pvt Ltd (Crown
Alba), Rotomac Polymers Pvt Ltd (RPPL), Rotomac Exports Pvt Ltd
(REL) and Rotomac Exim Pvt Ltd (REPL). 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

KFF was incorporated in 2005-06 (refers to financial year, April 1
to March 31) for the sale of Gutkha and Pan Masala.  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 et up REL in 2002 to trade in agricultural
products.  He established Crown Alba in March 2004, to manufacture
pens for the export markets. 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.  The promoter also
started a new company RPPL in 2009-10, primarily for import and
sale of polymers in the domestic market and for physically trading
in polymers.

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.


KUNDIL ALLOYS: CRISIL Reaffirms 'B-' Rating on INR1.6MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kundil Alloys Pvt Ltd
(Kundil Alloys; part of the Kundil group) continue to reflect the
Kundil group's weak liquidity?there have been instances of delays
in debt servicing by the group companies.  The ratings also factor
in the group's exposure to competition in the thermo-mechanically
treated (TMT) steel bar industry, susceptibility to downturns in
end-user industries and to volatility in steel prices, and
moderate financial risk profile.  These rating weaknesses are
partially offset by the group's moderate operating efficiency
because of its semi-integrated operations, and industry experience
of its promoters.

   Facilities                        Ratings
   ----------                        -------
   INR95.0 Million Cash Credit       B-/Negative (Reaffirmed)
   INR1.6 Million Long-Term Loan     B-/Negative (Reaffirmed)
   INR9.0 Million Letter of Credit   P4 (Reaffirmed)
   INR29.0 Million Bank Guarantee    P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kundil Sponge Iron Ltd (manufactures
sponge iron), Kundil Alloys and Mandovi Metals Pvt Ltd (both
manufacture mild-steel [MS] ingots), Kundil Rolling Mills Pvt Ltd
and Kundil Ispat Ltd (both manufacture TMT bars), and Kundil
Infrastructure Co Ltd (setting up a railway siding).  This is
because these entities, herein collectively referred to as the
Kundil group, have fungible cash flows, and common promoters and
management.  Furthermore, all the group entities, except Kundil
Infrastructure Co Ltd, are engaged in the same line of business
with strong operational linkages with each other.

Outlook: Negative

CRISIL believes that the Kundil group's liquidity will remain weak
over the medium term because of large working capital requirements
and large debt repayment obligations.  The rating may be
downgraded if there is more-than-expected weakening in the group's
liquidity, leading to continuously overdrawn bank lines.
Conversely, the outlook may be revised to 'Stable' if the group's
liquidity improves significantly.

Update

In 2009-10 (refers to financial year, April 1 to March 31), the
Kundil group's performance has been in line with CRISIL's
expectation.  The group's liquidity remains weak because of small
cash accruals and large working capital requirements.  Cash
accruals have been subdued because of low operating profitability.
The group's large working capital requirements arise from its
large inventory storage requirements and delays in collection of
receivables from customers, particularly, dealers.  These factors
have led to the group fully utilizing or overutilising its fund-
based limits; a few group entities have also delayed in servicing
term debt.

                          About the Group

The Kundil group is a family-run business, promoted by Mr. Surajit
Baruah.  The group is currently managed by Mr. Surajit Baruah and
Mr. Vijay Kashyap (executive director).  Kundil Alloys was
promoted in 1998.  The company primarily manufactures MS ingots.


KUNDIL ISPAT: CRISIL Reaffirms 'B-' Rating on INR87.5M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kundil Ispat Ltd
(Kundil Ispat; part of the Kundil group) continue to reflect the
Kundil group's weak liquidity-there have been instances of delays
in debt servicing by the group companies.  The ratings also factor
in the group's exposure to competition in the thermo-mechanically
treated (TMT) steel bar industry, susceptibility to downturns in
end-user industries and to volatility in steel prices, and
moderate financial risk profile.  These rating weaknesses are
partially offset by the group's moderate operating efficiency
because of its semi-integrated operations, and industry experience
of its promoters.

   Facilities                        Ratings
   ----------                        -------
   INR87.5 Million Cash Credit       B-/Negative (Reaffirmed)
   INR3.0 Million Letter of Credit   P4 (Reaffirmed)
   INR4.0 Million Bank Guarantee     P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kundil Sponge Iron Ltd (manufactures
sponge iron), Kundil Alloys Pvt Ltd and Mandovi Metals Pvt Ltd
(both manufacture mild-steel [MS] ingots), Kundil Rolling Mills
Pvt Ltd and Kundil Ispat (both manufacture TMT bars), and Kundil
Infrastructure Co Ltd (setting up a railway siding).  This is
because these entities, herein collectively referred to as the
Kundil group, have fungible cash flows, and common promoters and
management. Furthermore, all the group entities, except Kundil
Infrastructure Co Ltd, are engaged in the same line of business
with strong operational linkages with each other.

Outlook: Negative

CRISIL believes that the Kundil group's liquidity will remain weak
over the medium term because of large working capital requirements
and large debt repayment obligations.  The rating may be
downgraded if there is more-than-expected weakening in the group's
liquidity, leading to continuously overdrawn bank lines.
Conversely, the outlook may be revised to 'Stable' if the group's
liquidity improves significantly.

Update

In 2009-10 (refers to financial year, April 1 to March 31), the
Kundil group's performance has been in line with CRISIL's
expectation.  The group's liquidity remains weak because of small
cash accruals and large working capital requirements. Cash
accruals have been subdued because of low operating profitability.
The group's large working capital requirements arise from its
large inventory storage requirements and delays in collection of
receivables from customers, particularly, dealers.  These factors
have led to the group fully utilizing or overutilizing its fund-
based limits; a few group entities have also delayed in servicing
term debt.

                          About the Group

The Kundil group is a family-run business, promoted by Mr. Surajit
Baruah.  The group is currently managed by Mr. Surajit Baruah and
Mr. Vijay Kashyap (executive director).  Kundil Ispat was
purchased as a sick unit in 2004.  The company sells its product
under the brand name of Kamdhenu.


KUNDIL ROLLING: CRISIL Reaffirms 'B-' Rating on INR90M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kundil Rolling Mills
Pvt Ltd (Kundil Rolling Mills; part of the Kundil group) continue
to reflect the Kundil group's weak liquidity-there have been
instances of delays in debt servicing by the group companies.  The
ratings also factor in the group's exposure to competition in the
thermo-mechanically treated (TMT) steel bar industry,
susceptibility to downturns in end-user industries and to
volatility in steel prices, and moderate financial risk profile.
These rating weaknesses are partially offset by the group's
moderate operating efficiency because of its semi-integrated
operations, and industry experience of its promoters.

   Facilities                        Ratings
   ----------                        -------
   INR90.0 Million Cash Credit       B-/Negative (Reaffirmed)
   INR3.0 Million Letter of Credit   P4 (Reaffirmed)
   INR3.0 Million Bank Guarantee     P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kundil Sponge Iron Ltd (manufactures
sponge iron), Kundil Alloys Pvt Ltd and Mandovi Metals Pvt Ltd
(both manufacture mild-steel [MS] ingots), Kundil Rolling Mills
and Kundil Ispat Ltd (both manufacture TMT bars), and Kundil
Infrastructure Co Ltd (setting up a railway siding).  This is
because these entities, herein collectively referred to as the
Kundil group, have fungible cash flows, and common promoters and
management.  Furthermore, all the group entities, except Kundil
Infrastructure Co Ltd, are engaged in the same line of business
with strong operational linkages with each other.

Outlook: Negative

CRISIL believes that the Kundil group's liquidity will remain weak
over the medium term because of large working capital requirements
and large debt repayment obligations.  The rating may be
downgraded if there is more-than-expected weakening in the group's
liquidity, leading to continuously overdrawn bank lines.
Conversely, the outlook may be revised to 'Stable' if the group's
liquidity improves significantly.

Update

In 2009-10 (refers to financial year, April 1 to March 31), the
Kundil group's performance has been in line with CRISIL's
expectation.  The group's liquidity remains weak because of small
cash accruals and large working capital requirements. Cash
accruals have been subdued because of low operating profitability.
The group's large working capital requirements arise from its
large inventory storage requirements and delays in collection of
receivables from customers, particularly, dealers.  These factors
have led to the group fully utilizing or overutilizing its fund-
based limits; a few group entities have also delayed in servicing
term debt.

                          About the Group

The Kundil group is a family-run business, promoted by Mr. Surajit
Baruah.  The group is currently managed by Mr. Surajit Baruah and
Mr. Vijay Kashyap (executive director).  Kundil Rolling was set up
in 1998.  It primarily manufactures TMT bars and rods for sale
under the Kamadhenu brand.


KUNDIL SPONGE: CRISIL Reaffirms 'D' Rating on INR168.5MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kundil Sponge Iron Ltd
(Kundil Sponge; part of the Kundil group) continue to reflect
delays by Kundil Sponge in servicing its debt; the delay has been
caused by the Kundil group's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR162.5 Million Cash Credit      D (Reaffirmed)
   INR168.5 Million Long-Term Loan   D (Reaffirmed)
   INR50.0 Million Letter of Credit  P5 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kundil Sponge (manufactures sponge
iron), Kundil Alloys Pvt Ltd and Mandovi Metals Private Limited
(both manufacture mild-steel [MS] ingots), Kundil Rolling Mills
Pvt Ltd and Kundil Ispat Ltd (both manufacture thermo-mechanically
treated [TMT] bars), and Kundil Infrastructure Co Ltd (setting up
a railway siding).  All the entities are, herein, collectively
referred to as the Kundil group.  This is because these entities,
herein collectively referred to as the Kundil group, have fungible
cash flows, and common promoters and management. Furthermore, all
the group entities, except Kundil Infrastructure Co Ltd, are
engaged in the same line of business with strong operational
linkages with each other.

Update

In 2009-10 (refers to financial year, April 1 to March 31), the
Kundil group's performance has been in line with CRISIL's
expectation.  The group's liquidity remains weak because of small
cash accruals and large working capital requirements. Cash
accruals have been subdued because of low operating profitability.
The group's large working capital requirements arise from its
large inventory storage requirements and delays in collection of
receivables from customers, particularly, dealers.  These factors
have led to the group fully utilising or overutilising its fund-
based limits, and delays in repayment of term loan by Kundil
Sponge.

                          About the Group

The Kundil group is a family-run business, promoted by Mr. Surajit
Baruah.  The group is currently managed by Mr. Surajit Baruah and
Mr. Vijay Kashyap (executive director).  Kundil Sponge was set up
in 2006, and primarily manufactures sponge iron.


MIL INDUSTRIES: Fitch Affirms 'BB-' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has affirmed India's MIL Industries Limited's
National Long-term rating at 'BB-(ind)'.  The Outlook is Stable.
The agency has also affirmed the ratings on MIL's bank facilities:

  - INR22m fund-based working capital limits: 'BB-(ind)'; and
  - INR65m non-fund based working capital limits: 'F4(ind)'.

MIL's ratings take into account its operating performance in FY10
which is in line with Fitch's expectations, with net turnover
improving to INR174 million (FY09: INR165.2 million) and operating
EBITDA to INR23.4 million (FY09: INR11.5 million).  Furthermore,
MIL reported debt/EBITDA of 2.6x (FY09: 5.4x) and EBITDA interest
cover of 3.8x (FY09: 1.9x) in FY10.  Also, the turnover from the
high performance polytetrafluoroethylene hose facility in FY10 did
not improve to levels comparable to that from the rubber lining
division by way of any new long-term contracts.

Negative rating triggers include an inability or delay on MIL's
part in achieving milestones in a significant large order which
poses concentration risk and/ or an increase in the company's
debt/EBITDA to above 5.5x.

Positive rating triggers include a substantial increase in MIL's
turnover from the high performance PTFE hose facility to levels
comparable to the rubber lining division, by way of new long-term
contracts, or a decrease in its debt/EBITDA to below 2x.

MIL is in the business of providing anti-corrosion and anti-
abrasion lining and products to the process and flow industry,
specifically rubber and PTFE lining and products.  MIL's EBITDA
margins improved to 13.5% in FY10 (FY09: 7%) on account of
favorable rubber lining business market conditions and increased
revenues from the more profitable PTFE lining division.  The
rubber lining business accounted for 66% (INR114.3m) of MIL's net
turnover in FY10 (FY09: 69%), with the remaining 34% was from the
PTFE lining division (FY09: 31%).


PRIJAI HEAT: CRISIL Downgrades Rating on INR82.4MM Term Loan
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Prijai
Heat Exchangers Pvt Ltd to 'B+/Stable/P4' from 'BB-/Stable/P4+'.
The downgrade reflects the deterioration in PHEPL's financial risk
profile because of lower-than-expected net cash accruals, leading
to increase in gearing and weakening of debt protection metrics.
The downgrade also reflects CRISIL's belief that PHEPL's financial
risk profile will continue to remain weak over the near to medium
term.

   Facilities                           Ratings
   ----------                           -------
   INR87.5 Million Cash Credit Limit    B+/Stable (Downgraded from
                                                   'BB-/Stable')

   INR82.4 Million Term Loan            B+/Stable (Downgraded from
                                                   'BB-/Stable')

   INR295.1 Million Proposed LT Bank    B+/Stable (Downgraded from
                       Loan Facility               'BB-/Stable')

   INR35.0 Million Letter of Credit    P4 (Downgraded from 'P4+')

The ratings reflect PHEPL's weak financial risk profile, marked by
a high gearing, with weak liquidity.  The ratings also factor in
the company's small scale of operations when compared to that of
other industry players.  These rating weaknesses are partially
offset by PHEPL's established relationships with major original
equipment manufacturers (OEMs).

Outlook: Stable

CRISIL believes that PHEPL will continue to benefit over the
medium term from its relationships with major OEMs and continued
financial support, in the form of low interest-bearing unsecured
loans, from promoters.  However, the company's small scale of
operations, and leveraged capital structure will continue to
constrain the ratings.  The outlook may be revised to 'Positive'
in case of more-than-expected improvement in PHEPL's profitability
and capital structure, or more-than-expected operating income and
margin on account of the recently enhanced capacities. Conversely,
the outlook may be revised to 'Negative' in case of higher-than-
expected deterioration in profitability, leading to further
weakening of PHEPL's financial risk profile, particularly
worsening of the company's overall liquidity.

                         About Prijai Heat

Incorporated in 1992, PHEPL manufactures coils used in air-cooled
chillers, precision and telecommunication cooling systems,
package-air-conditioning units, and condensing units for deep
freezers. It has manufacturing units at Dadra and Nagra Haveli,
and Thane and Navi Mumbai (both in Maharashtra).  The company has
capacity to produce around 1.2 million square feet of coils and
around 0.2 million sets of copper fittings.

For 2009-10 (refers to financial year, April 1 to March 31), PHEPL
reported a loss of INR 4 million on net sales of INR339 million,
against a PAT of INR 5 million on net sales of INR347 million for
2008-09.


SAGAR CEMENTS: CRISIL Cuts Rating on INR864MM Cash Credit to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sagar
Cements Ltd, part of the Sagar group, to 'BB/Negative/P4+' from
'BBB/Negative/P3+'.

   Facilities                        Ratings
   ----------                        -------
   INR864 Million Cash Credit        BB/Negative (Downgraded from
                                                  'BBB/Negative')

   INR2086 Million Term Loan         BB/Negative (Downgraded from
                                                  'BBB/Negative')

   INR55 Million Bank Guarantee      P4+ (Downgraded from 'P3+')

   INR125 Million Letter of Credit   P4+ (Downgraded from 'P3+')

The downgrade reflects the weakening of SCL's financial risk
profile because of weak liquidity resulting from a net loss of
INR47.6 million over the six months ended September 30, 2010.  SCL
registered a net loss because of the prevailing weak cement price
scenario in Andhra Pradesh, and its low capacity utilization
level.  The liquidity pressure is further accentuated by high
maturing term debt of INR450 million in 2010-11 (refers to
financial year, April 1 to March 31).  To meet its working capital
requirements and term debt obligations, SCL availed a short-term
loan of INR450 million in October 2010, and decided to divest its
stake in its subsidiary, Sagar Power Ltd, for INR99 million. The
downgrade also factors in CRISIL's belief that SCL's liquidity
will remain weak over the medium term, because of a demand-supply
mismatch situation in Andhra Pradesh.

The ratings continue to reflect the Sagar group's revenue
concentration in Andhra Pradesh and exposure to risks related to
downturns in the cement business and to the commodity nature of
cement. These rating weaknesses are, however, partially offset by
the Sagar group's established brand in Andhra Pradesh, and
moderate operating efficiency supported by the group's proximity
to major raw materials.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of SCL and SPL. This is because both these entities,
together referred to herein as the Sagar group, have strong
operational linkages and are under a common management.

Outlook: Negative

CRISIL believes that the pressure on the Sagar group's earnings
and profitability will continue over the medium term, because of
the challenging operating environment for the cement business,
particularly in Andhra Pradesh.  The rating may be downgraded in
the event of further weakening in profitability, driven by a
prolonged downturn in cement prices or low capacity utilisation,
resulting in low accruals.  Conversely, the outlook may be revised
to 'Stable' if the Sagar group substantially improves its
profitability, leading to an improvement in its financial risk
profile and liquidity.

                            About the Group

SCL started operations in 1985 with a single cement manufacturing
unit at Nalgonda (Andhra Pradesh), with an ordinary Portland
cement capacity of 60,000 tonnes per annum (tpa) and a clinker
capacity of 66,000 tpa. Currently, SCL has a clinker capacity of
2.05 million tpa and cement capacity of 2.21 million tpa.  It has
an established brand Sagar, and a presence in Andhra Pradesh's
coastal districts, Telangana and Rayalaseema, and parts of
Karnataka, Maharashtra, Orissa, and Tamil Nadu.  SCL in joint
venture with Vicat SA is setting up a 5.5-million tpa cement plant
in Gulbarga (Karnataka). SPL has two hydel power plants, with a
combined capacity of 8.3 megawatts (MW), and a 1.65-MW Vestas wind
generator in Tamil Nadu.

For 2009-10, the Sagar group reported a profit after tax (PAT) of
INR202 million on net sales of INR4.24 billion, against a PAT of
INR195 million on net sales of INR2.70 billion for the previous
year. For the six months ended September 30, 2010, SCL reported a
net loss of INR47.6 million on net sales of INR2.17 billion
(provisional).


SAMRUDDHI INDUSTRIES: CRISIL Reaffirms 'BB-' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Samruddhi Industries
Ltd continue to reflect SIL's average financial risk profile,
constrained by weak liquidity and large working capital
requirements, and susceptibility to volatility in raw material
prices, small scale of operations, and exposure to intense
competition in the moulded plastic products industry.  These
rating weaknesses are partially offset by SIL's comfortable market
position in the plastic containers industry, and the benefits that
the company derives from the extensive experience of its promoters
in the industry.

   Facilities                        Ratings
   ----------                        -------
   INR120.0 Million Cash Credit      BB-/Stable (Reaffirmed)
   INR73.0 Million Term Loan         BB-/Stable (Reaffirmed)
   INR4.0 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SIL will continue to benefit from its
comfortable market position in the plastic containers industry;
SIL's scale of operations will, however, remain small and its
liquidity weak over the medium term.  The outlook may be revised
to 'Positive' if there is an improvement in SIL's liquidity,
driven by more-than-expected cash accruals or fresh equity
infusion. Conversely, the outlook may be revised to 'Negative' if
there is increased pressure on the company's liquidity because of
lesser-than-expected cash accruals or large incremental working
capital requirements.

Update
SIL's financial performance in 2009-10 (refers to financial year,
April 1 to March 31) has been in line with CRISIL's expectations.
SIL generated revenues of INR769.3 million and an operating margin
of 13.5 per cent in 2009-10. Its performance has improved in
2010-11, driven by increase in market penetration.  The company
has reported revenues of around INR425.0 million for the six
months ended September 30, 2010, with an operating margin of
around 14.3 per cent resulting in increase in cash accruals. SIL
is setting up another plant in Andhra Pradesh, with an installed
capacity of 250 tonnes per month (tpa) for a cost of INR76.0
million, which will be funded by debt of INR64.5 million. The
project, which is expected to start commercial production in
January 2011, is expected to improve SIL's operating margin by
reducing the company's dependence on job-work for production and
lowering transportation costs for sales in South India. SIL's
liquidity continues to be weak, reflected in high bank limit
utilisation of 92 per cent on an average over the six months
ending September 30, 2010 and the company borrowing INR15 million
ad-hoc. SIL's liquidity is expected to remain weak because of
utilisation its cash accruals for funding its capital expenditure
(capex), repaying debt, and meeting incremental working capital
requirements. SIL reported a profit after tax (PAT) of INR35.9
million on net sales of INR763.7 million for 2009-10, against a
PAT of INR27.7 million on net sales of INR582.2 million for 2008-
09.

                      About Samruddhi Industries

Incorporated in 1993 by Mr. Ramakant Malu, SIL (formerly, Malsons
Organics Ltd) is a closely held public limited company that
manufactures and markets moulded plastic consumer products.
Initially, the company manufactured crates for the dairy industry
at Sangli (Maharashtra) on a tender basis. In 2006 the company
commissioned another manufacturing facility in Rudrapur
(Uttarakhand).  The product range of the company includes tubs,
kettles, fruit-crates, buckets, dustbins, furniture, step ladders,
horticulture pots, mugs, and glasses. The company's name was
changed to the current one in 2004.


STATIONERY POINT: CRISIL Cuts Rating on INR375MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Stationery Point India Ltd to 'B-/Negative/P4' from
'BB/Stable/P4+'.


   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       B-/Negative (Downgraded from
                                                 'BB/Stable')

   INR375 Million Long-Term Loan    B-/Negative (Downgraded from
                                                 'BB/Stable')

   INR25 Million Letter of Credit  P4 (Downgraded from 'P4+')

The downgrade reflects significant deterioration in SPIL's
financial risk profile because of weakening in its liquidity and
financial flexibility. Liquidity deteriorated because of the
company's increased working capital requirements and closure of
the company's manufacturing facilities for around two months in
2010 (refers to calendar year, January 1 to December 31). CRISIL
expects SPIL's liquidity to remain weak over the near to medium
term because of SPIL's large working capital requirements and
large planned capital expenditure (capex).

The ratings reflect SPIL's weak operating margin because of
intense market competition arising from fragmentation in the
flexible packaging industry, and volatility in raw material
prices. These rating weaknesses are partially offset by SPIL's
good customer profile and its plant's favourable locations.

Outlook: Negative

CRISIL expects SPIL's financial risk profile to witness
substantial pressure in the near to medium term because of the
weakening in its liquidity.  The rating may be downgraded in case
of weaker-than-expected business performance of SPIL or further
deterioration in its liquidity. Conversely, the outlook may be
revised to 'Stable' if there is a sustained improvement in SPIL's
financial risk profile, supported by an improvement in its
liquidity.

                       About Stationery Point

SPIL, promoted by Mr. Shankar Kashid, Mr. Makarand Pandit, and Mr.
Paul Macwan in 1999, commenced operations as a small unit,
manufacturing stationery products such as staple pins, U-clips,
pointed pins, and note books. In 2005, the company diversified
into manufacturing flexible packaging laminates for consumer
products. Currently, flexible packaging products account for more
than 80 per cent of SPIL's total revenues. SPIL has an installed
capacity of 10,600 metric tonnes per annum (mtpa) for flexible
packaging laminates (FPL). It has capex plans of INR2.92 billion
to set up a facility to manufacture biaxial oriented polyethylene
terephthalate film which along with metallised polyester film is
used to make FPL. The capex is expected to be funded in a debt-
equity ratio of 1.4:1; the project is yet to achieve financial
closure.

SPIL reported, on provisional basis, a profit after tax (PAT) of
INR70.30 million on net sales of INR1.76 billion in 2009-10
(refers to financial year, October 1 to September 30), against a
PAT of INR38.70 million on net sales of INR1.09 billion for
2008-09.


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


JAPAN AIRLINES: Sacked Pilots and Cabin Attendants to Sue JAL
-------------------------------------------------------------
Kyodo News reports that 140 former Japan Airlines Corp pilots and
cabin attendants plan to file a lawsuit with the Tokyo District
Court on Jan 19, seeking nullification of the carrier's decision
to dismiss them as part of its rehabilitation efforts.

Kyodo, citing sources familiar with the matter, relates that the
140 are among the 165 pilots and cabin attendants JAL dismissed as
of Dec. 31 last year after its voluntary retirement program failed
to meet a job reduction target.

According to Kyodo, sources said lawyers for the 140 will question
the necessity of the dismissals and the reasonableness of the
criteria by which JAL chose the plaintiffs, while questioning if
JAL made adequate efforts to avoid having to dismiss them.

JAL, which has pursued its restructuring program including air
route cuts, has barred some pilots and cabin attendants from
working since last October, while encouraging them to apply for
the retirement program.

The 165 consist of 81 pilots and 84 cabin attendants, and include
some who took leave of certain durations for such reasons as
illness.  They also include captains aged 55 or over, deputy
captains aged 48 or over, and cabin attendants aged 53 or over.

The Tokyo District Court in December 2010 approved JAL's
rehabilitation plan, which aims to cut the company's payroll to
32,600 employees by the end of March, shedding roughly 16,000
jobs, or around 30% of its group workforce of 48,714 as of
March 31, the end of the last business year.

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

                       About Japan Airlines

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

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

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


JAPAN AIRLINES: To End Joint IT Venture With IBM Japan
------------------------------------------------------
Japan Airlines International and IBM Japan reached an agreement
after reviewing the terms of their "IT Partnership" -- entered
into by both companies in 2001, and thereby decided on the reforms
below.

In this review, the IT department of the airline will be
significantly reorganized to regain independence in carrying out
the renewal of outdated and complex system as part of its ongoing
efforts to achieve a successful corporate reorganization.

  1. Transfer and acquisition of stocks of subsidiary JAL
     Information Technology Co., Ltd.

     By the end of June 2011, all of IBM's stocks (51.0%) in JAL
     Information Technology Co., Ltd (JIT) -- a joint venture
     between JAL and IBM, will be transferred completely to JAL.

     JIT has been creating and maintaining business applications
     and providing almost all aspects of IT services to the JAL
     Group and has accumulated extensive know-how in related
     fields.  To ensure plans for the system renewal run smoothly
     in support of the revitalization of JAL, it is essential to
     reinvigorate JAL's internal IT department alongside the
     development of JIT.

     From hence, JIT will operate distinctly as a core subsidiary
     providing fundamental support that meets the IT needs of JAL.
     At the same time, it will also continue to expand and
     strengthen external businesses that it has developed thus
     far.  JIT will capitalize on know-how acquired from working
     with companies outside of the JAL Group as well as from
     relevant experience in system renewal projects to elevate the
     quality of its services.

  2. Review and new agreement on comprehensive IT services

     JAL and IBM Japan drastically reviewed their "Strategic
     Outsourcing Agreement" which has been in effect till now.
     In view of the consistency in the quality of their work, as
     well as their high levels of productivity, it has been
     decided that IBM Japan will continue to provide services in
     the area of system usage, and the new contract terms will be
     in effect for 3 years and 6 months beginning Jan. 2011 till
     June 2014.

In the new contract, IBM Japan will adapt IBM's Global Standard
Delivery Model to efficiently provide JIT with a uniform, high
quality production service.

Going forward, JAL and IBM Japan will carry on exploring the
possibilities of establishing new collaboration in the areas of
development and maintenance of business applications.

IBM Japan is committed to continue supporting JAL towards the
successful renewal of its systems.

                       About Japan Airlines

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

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

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


JAPAN AIRLINES: Inks Code Sharing Agreement With China Southern
---------------------------------------------------------------
Japan Airlines and China Southern Airlines have reached an
agreement to codeshare on the latter's operation on the route
between Tokyo (Narita) and Dalian starting from January 5, 2011.

Including CZ-operated flights connecting both Tokyo (Narita) and
Osaka (Kansai) in Japan with Guangzhou and Shenyang that JAL
currently markets, JAL and CZ now codeshare on 23 flights a week
on 5 routes.

Complementing JAL's extensive network of direct flights to China,
this expanded codeshare partnership brings greater support to
customers traveling between Japan and China for business or for
leisure.

                       About Japan Airlines

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

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

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


SHINGINKO TOKYO: Governor Denies Share Sale to H.I.S. Affiliate
---------------------------------------------------------------
Kyodo News reports that Tokyo Governor Shintaro Ishihara on Friday
denied the possibility of the Tokyo metropolitan government
selling shares in his brainchild bank Shinginko Tokyo to an
affiliate of travel agency H.I.S. Co, which has reportedly offered
to invest in the struggling bank.

However, Gov. Ishihara indicated at a press conference that the
metropolitan government could accept the H.I.S. affiliate's equity
participation in the bank, Kyodo says.

Citing the travel agency's acquisition of a large resort facility
in Nagasaki Prefecture, Kyodo relates the governor said H.I.S.
might have attempted to buy the facility at a bargain price for
money-making purposes.

Shinginko Tokyo has racked up huge loan losses due to problems in
its loan screening system and defects in its supervision system
for the extension of loans.  The metropolitan government injected
fresh capital of JPY40 billion into the bank in April 2008 as its
accumulated losses had come to JPY101.6 billion as of the end of
March in the same year.

                          About Shinginko

Shinginko Tokyo Ltd. was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


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


JP & BM HOLDINGS: Faces Liquidation Over Unpaid Debts
-----------------------------------------------------
John Edens at The Southland Times reports that JP & BM Holdings
and Develop Spotburn have until Friday to pay debts or face
liquidation.  The companies are behind the development of a
Cardrona Valley station.

Associate Judge David Abbott declined an application to set aside
demands for payment by Clark Fortune McDonald & Associates against
the JP & BM and Develop Spotburn, in the High Court at Auckland
last month.

Citing court documents, The Southland Times says Develop Spotburn
and the holding company -- run by Auckland-based developer
Jonathan Denize -- applied to set aside an overall debt demand of
NZ$29,600.

The Southland Times says Clark Fortune, a Southern Lakes
conveyancing firm, started consultancy and surveying in 2008 as
part of resource consent applications for the development of
Spotburn station.

JP & BM Holdings and Spotburn told the court the sums were not
payable until the development was refinanced but Clark Fortune
said there was no agreement, The Southland Times relates.  Work
was done and invoiced in 2008 and Clark Fortune asked for payment
on dates between December 2008 and March last year, The Southland
Times discloses.

According to Southland Times, Judge Abbott said the failure of the
companies to pay modest debts spoke for itself but allowed the two
firms more time to raise finance, after a satisfactory due
diligence exercise as part of the station's proposed sale.  He
dismissed the application to cancel the debt order and extended
the time to clear the balance to Friday, January 14, The Southland
Times adds.


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


* Moody's Gives Positive Outlook on Seven Philippine Banks
----------------------------------------------------------
Moody's has changed to positive from stable its outlook on the
foreign currency deposit ratings of seven Philippine banks, in
line with the sovereign rating action on January 6, 2010.

The ratings remain constrained, however, by the foreign currency
deposit ceiling of the Philippines.

The seven banks are: (1) Banco de Oro Unibank, (2) Bank of the
Philippine Islands, (3) Development Bank of the Philippines, (4)
Land Bank of the Philippines, (5) Metropolitan Bank and Trust
Company, (6) Philippine National Bank, and (7) Rizal Commercial
Banking Corporation.

All of the banks' other ratings remain unaffected and continue to
carry a stable outlook.

The sovereign rating action on the Philippines is discussed in
greater detail in a Moody's press release of January 6, 2011.

The ratings of the seven banks are listed below.  These bank
ratings carry a stable outlook, except for the foreign currency
deposit ratings, which carry a positive outlook.

Banco de Oro Unibank

  -- Bank Financial Strength Rating (BFSR) of D, mapping to a
     Baseline Credit Assessment (BCA) of Ba2

  -- Global local currency deposits rated Ba1/not Prime

  -- Foreign currency deposits rated Ba3/not Prime

  -- Foreign currency senior unsecured debt rated Ba2

Bank of the Philippines Islands

  -- BFSR of C-, mapping to a BCA of Baa2
  -- Global local currency deposits rated Baa2/Prime-2
  -- Foreign currency deposits rated Ba3/not Prime

Development Bank of the Philippines

  -- BFSR of D, mapping to a BCA of Ba2
  -- Global local currency deposits rated Ba1/ not Prime
  -- Foreign currency deposits rated Ba3/not Prime

Land Bank of the Philippines

  -- BFSR of D-, mapping to a BCA of Ba3
  -- Global local currency deposits rated Ba1/ not Prime
  -- Foreign currency deposits rated Ba3/not Prime

Metropolitan Bank and Trust Company

  -- BFSR of D, mapping to a BCA of Ba2
  -- Global local currency deposits rated Ba1/ not Prime
  -- Foreign currency deposits rated Ba3/not Prime
  -- Local currency subordinated debt rated Ba2
  -- Foreign currency hybrid tier-1 rated B2

Philippine National Bank

  -- BFSR of E+, mapping to a BCA of B2
  -- Global local currency deposits rated Ba2/ not Prime
  -- Foreign currency deposits rated Ba3/not Prime
  -- Local currency subordinated debt rated Ba3

Rizal Commercial Banking Corporation

  -- BFSR of D-, mapping to a BCA of Ba3
  -- Foreign currency deposits rated Ba3/not Prime
  -- Foreign currency senior unsecured debt rated Ba2
  -- Foreign currency hybrid tier-1 rated B3

All the ratings of two other banks rated by Moody's -- Allied
Banking Corporation and United Coconut Planters Bank -- are not
affected, as none of the ratings are constrained by the deposit or
debt ceilings of the Philippines.  They continue to carry a stable
outlook.

Allied Banking Corporation

  -- BFSR of E+, mapping to a BCA of B1
  -- Foreign currency deposits rated Ba3/not Prime
  -- Local currency subordinated debt rated B1

United Coconut Planters Bank

  -- BFSR of E, mapping to a BCA of Caa1
  -- Foreign currency deposits rated B2/not Prime
  -- Foreign currency long-term debt rated B2

All nine banks are headquartered in Manila and reported total
assets (consolidated) as of end-December 2009:

  -- Allied Banking Corporation: P188 billion
  -- Banco de Oro Unibank: P862 billion
  -- Bank of the Philippines Islands: P724 billion
  -- Development Bank of the Philippines: P263 billion
  -- Land Bank of the Philippines: P437 billion
  -- Metropolitan Bank and Trust Company: P854 billion
  -- Philippine National Bank: P283 billion
  -- Rizal Commercial Banking Corporation: P288 billion
  -- United Coconut Planters Bank: P120 billion


* Moody's Gives Positive Outlook on the Philippines 'Ba3' Rating
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Government of the Philippines' Ba3 foreign and local-currency bond
ratings to positive from stable.

The key drivers for the decision are:

(1) the strengthening trend in the Philippines's external payments
    position which has significantly reduced the vulnerability of
    government finances to external shocks;

(2) the successful conduct of monetary policy which has anchored
    inflation expectations and has also helped to lower the
    government's cost of funding; and

(3) improved prospects for economic reform policies which will
    likely have positive effects on government finances, investor
    sentiment, and economic growth.

The rating action also applies to the Philippines's Ba3 ceiling
for foreign currency bank deposits.  The outlook on the Ba1
country ceiling for FC bonds, however, remains stable and the "Not
Prime" short-term ratings and ceilings remain unaffected by this
action.  These ceilings act as a cap on ratings that can be
assigned to the foreign currency obligations of other entities
domiciled in the country.

In a related rating action, the outlook on the issuer rating for
the country's central bank, the Bangko Sentral ng Pilipinas, is
also changed to positive from stable.

                Rationale For The Positive Outlook

"An increasingly strong external payments position and well-
anchored inflation expectations have provided the new government
an advantageous position from which to pursue its reform agenda,"
said Mr.  Christian de Guzman, an Assistant Vice President at
Moody's and its lead sovereign analyst for the Philippines.
"Foreign exchange reserves continue to accrue at record levels on
the back of robust overseas foreign worker remittances, services
exports, and sizeable capital inflows.

The BSP's inflation targeting regime has gained traction and has
contributed to macroeconomic stability.  This is tangibly
reflected in a lower level of inflation than most Ba-rated peers
and in lower funding costs to the government."

Prospects for greater political stability following the
unambiguous outcome of the May 2010 presidential elections has
added further momentum to resilient economic growth by encouraging
greater inflows of foreign direct investment and in boosting
domestic consumer confidence.

The government has also effected a notable turnaround in fiscal
management in its first semester in office.  In level terms, the
cumulative fiscal deficit over the second half of the 2010 is
projected to be half the size of that in the first half largely
owing to expenditure restraint.

"While these developments suggest a likely return to fiscal
consolidation, the government's balance sheet is still
characterized by a large stock of debt relative to either revenues
or GDP as compared with its rating peers," added Mr. de Guzman.
"Moreover, the heavy burden of interest payments as a share of
revenue and expenditure remains much greater than other Ba-rated
governments, but the trend has been improving."

     Factors To Be Considered: What Would Move The Rating Up?

Moody's assessment over the near term of the Philippines' credit
fundamentals will focus on the national government's ongoing
commitment to fiscal consolidation in the context of the
improvements in the economic environment.  Most likely, this will
require continued expenditure restraint and improved revenue
performance.

Another area Moody's will evaluate is whether the government can
successfully begin implementation of its public-private
partnership program for infrastructure development.  As this
program forms a key pillar of the Aquino administration's economic
agenda, successful execution of associated projects would provide
a bellwether for an improved business climate and growth prospects
in general.

In addition, Moody's will monitor the capability of BSP to
continue to dampen inflationary pressures in an environment of
higher food and fuel commodity prices and potentially volatile
capital flows.

Moody's last rating action on the Philippines was taken on July
23, 2009 when the rating agency upgraded the sovereign rating from
B1 to Ba3 and assigned a stable outlook.


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


CHINA HEPING: Court to Hear Wind-Up Petition on January 14
----------------------------------------------------------
A petition to wind up the operations of China Heping Construction
Group (Far East) Pte Ltd will be heard before the High Court of
Singapore on January 14, 2011, at 10:00 a.m.

Bridgewerkz Pte Ltd filed the petition against the company on
December 10, 2010.

The Petitioner's solicitor is:

          Messrs Tan & Partners
          371, Beach Road, #03-09,
          Keypoint, Singapore 199597


GLOBAL CONNECT: Creditors' Proofs of Debt Due February 7
--------------------------------------------------------
Creditors of Global Connect Asia Investments 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 liquidator is:

         Victor Goh
         c/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03 Amara Corporate Tower
         Singapore 079027


HOLZ-HER ASIA: Court to Hear Wind-Up Petition on January 21
-----------------------------------------------------------
A petition to wind up the operations of Holz-Her Asia Pte Ltd will
be heard before the High Court of Singapore on January 21, 2011,
at 10:00 a.m.

Reich Spezialmaschinen GmbH filed the petition against the company
on December 23, 2010.

The Petitioner's solicitors are:

          M/s C P LEE & CO
          1 North Bridge Road
          #17-03, Singapore 179094


HONGXIN CHEMICALS: Creditors' Proofs of Debt Due February 7
-----------------------------------------------------------
Creditors of Hongxin Chemicals 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 liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


INFINIO GROUP: Court to Hear Wind-Up Petition on January 21
------------------------------------------------------------
A petition to wind up the operations of Infinio Group Limited
(formerly known as Auston International Group Ltd) will be heard
before the High Court of Singapore on January 21, 2011, at 10:00
a.m.

Ng Swee Hua filed the petition against the company on December 22,
2010.

The Petitioner's solicitors are:

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


KCH GROUP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up the operations of KCH Group Singapore Pte Ltd.

International Paint Singapore Pte Ltd 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 #06-11
         Singapore 069118


NIPPON SP: Members and Creditors' Meeting Set for January 17
------------------------------------------------------------
Members and creditors of Nippon SP Tech (S) Pte Ltd will hold
their meeting on January 17, 2011, at 4:00 p.m., at One Raffles
Quay, North Tower, Level 18, in Singapore 048583.

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


SEMBAWANG MUSIC: Creditors Get 100% & 8.12% Recovery on Claims
--------------------------------------------------------------
Sembawang Music Centre Pte Ltd declared the first and final
dividend on January 7, 2011.

The company paid 100% for preferential claims and 8.12% for
ordinary claims.

The company's liquidator is:

         Mich Aw
         c/o 10 Anson Road
         #29-15 International Plaza
         Singapore 079903


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


AMERICAN INT'L: Questioned by U.S. Regulators Over AIA IPO
----------------------------------------------------------
U.S. securities regulators last year challenged American
International Group Inc. over what it told U.S. investors about
its plans to sell shares in an Asian life-insurance unit.

In a letter to American International Group, Inc., dated
October 20, 2010, the U.S. Securities and Exchange Commission
commented on the company's press release on Form 8-K discussing
the initial public offering of shares of AIA Group Limited and the
Hong Kong prospectus posted on October 18, 2010.  The press
release identifies the Joint Global Coordinators and Joint
Sponsors of the Global Offering as well as the Joint Bookrunners
and Joint Lead Managers of the Global Offering.  The Commission
urged the Company to be certain that the filing includes the
information the Securities Exchange Act of 1934 and all applicable
Exchange Act rules require.

AIA Group Limited, on October 17, 2010, issued a press release
announcing the details of a global offering and proposed listing
of its shares on the Main Board of The Stock Exchange of Hongkong
Limited.

In response to the Commission's comments, Kathleen E. Shannon,
senior vice president and deputy general counsel at AIG, said a
practice has developed in the case of initial public offerings of
foreign subsidiaries of U.S. public companies that has involved
the filing with the SEC by the U.S. public company of materials
relating to the status of the offerings.  She added that the
filings in the United States as Current Reports on Form 8-K ensure
that foreign investors do not have an information advantage over
U.S. investors in the trading of the U.S. public company's
securities.

Ms. Shannon clarified that in order to constitute an "offer" for
purposes of Section 2(a)(3) of the Securities Act, the Press
Release would need to have been issued in a manner to create
interest in the ordinary shares of AIA as opposed to simply
keeping U.S. investors in AIG up to date with the status of the
AIA initial public offering.  Ms. Shannon maintained that the Form
8-K was not in any way used to inform the public about the initial
public offering of AIA.  AIG did not attempt to summarize, redact,
restate, supplement or otherwise modify the Press Release but
merely attached the Press Release as an exhibit to the Form 8-K,
keeping its U.S. shareholders equally informed about the status of
the offering, she asserted.  According to Ms. Shannon, the Press
Release was not prepared to be an offering document for U.S.
investors.

In considering all of these factors, AIG has determined that, even
if the Form 8-K were determined to be an offer for purposes of
Section 2(a)(3), the consequences of that determination would not
be material to AIG.

Approximately $7 billion of the ordinary shares of AIA Group
Limited were sold to qualified institutional buyers in the United
States pursuant to Rule 144A under the Securities Act.  The AIA
offering, with a total offering size of approximately $20.5
billion, was one of the largest ever listed on the Hong Kong Stock
Exchange and received significant publicity.

                             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.


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


* BOND PRICING: For the Week January 3 to January 7, 2011
---------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.12
AMITY OIL LTD           10.00    10/31/2013   AUD       2.00
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
AUST & NZ BANK           2.00    04/15/2018   AUD      74.02
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   AUD      59.07
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.99
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.67
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.40
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.86
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      63.92
NEW S WALES TREA         0.50    09/14/2022   AUD      52.27
NEW S WALES TREA         0.50    10/07/2022   AUD      52.09
NEW S WALES TREA         0.50    10/28/2022   AUD      51.93
NEW S WALES TREA         0.50    11/18/2022   AUD      51.87
NEW S WALES TREA         0.50    12/16/2022   AUD      51.55
NEW S WALES TREA         0.50    12/16/2022   AUD      55.28
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      70.95
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.64
RESOLUTE MINING         12.00    12/31/2012   AUD       1.32
TREAS CORP VICT          0.50    08/25/2022   AUD      52.20
TREAS CORP VICT          0.50    11/12/2030   AUD      34.57

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.30


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      35.00


  INDIA
  -----

AIRPORTS AUTH IN         7.40    01/22/2013   INR      15.12
DAMODAR VALLEY           7.70    01/03/2013   INR      17.74
GODAVAR IRR             11.25    01/15/2013   INR      22.77
GODAVAR IRR             11.50    01/15/2015   INR      23.28
GODAVAR IRR             13.50    08/16/2015   INR      58.58
HOUSING & UDCL          12.00    01/19/2011   INR       0.30
HOUSING & UDCL          11.50    09/25/2011   INR       8.25
HOUSING & UDCL          11.50    09/25/2011   INR       8.25
HOUSING & UDCL          11.50    09/25/2011   INR       8.25
HOUSING & UDCL          11.50    09/25/2011   INR       8.25
HOUSING & UDCL          11.50    09/25/2011   INR       8.25
HOUSING & UDCL          12.00    01/07/2012   INR      11.98
HOUSING & UDCL          12.00    01/07/2012   INR      11.98
HOUSING & UDCL           9.25    01/30/2012   INR      17.84
HOUSING & UDCL          10.00    03/27/2012   INR      20.35
HOUSING & UDCL           9.75    03/28/2012   INR      19.89
HOUSING & UDCL           9.72    06/28/2012   INR      16.44

HOUSING & UDCL          10.00    03/28/2012   INR      20.51
HOUSING & UDCL           6.05    02/11/2013   INR      16.10
HOUSING & UDCL           6.90    03/03/2013   INR      14.85
HOUSING & UDCL           7.30    03/03/2013   INR      15.72
HOUSING & UDCL           5.90    03/08/2013   INR      19.13
HOUSING & UDCL           6.30    03/08/2013   INR      15.73
HOUSING & UDCL           7.70    03/26/2013   INR      20.45
HOUSING & UDCL          10.00    06/28/2014   INR      35.27
KONKAN RAILWAY           8.50    09/01/2011   INR       7.00
KONKAN RAILWAY           6.90    03/30/2012   INR       0.81
KONKAN RAILWAY           6.65    05/01/2013   INR      17.52
KONKAN RAILWAY           6.65    05/01/2013   INR      17.52
KONKAN RAILWAY           6.65    05/01/2013   INR      17.52
NUCLEAR POWER CL         6.15    08/14/2011   INR       3.92
NUCLEAR POWER CL         8.20    02/20/2012   INR      10.32
NUCLEAR POWER CL         6.10    08/14/2012   INR      10.07
PUNJAB INFRA DB          0.40    10/15/2024   INR      67.86
PUNJAB INFRA DB          0.40    10/15/2025   INR      67.85
PUNJAB INFRA DB          0.40    10/15/2026   INR      67.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      68.00
PUNJAB INFRA DB          0.40    10/15/2028   INR      68.09
PUNJAB INFRA DB          0.40    10/15/2029   INR      68.18
PUNJAB INFRA DB          0.40    10/15/2030   INR      68.25
PUNJAB INFRA DB          0.40    10/15/2031   INR      68.32
PUNJAB INFRA DB          0.40    10/15/2032   INR      68.38
PUNJAB INFRA DB          0.40    10/15/2033   INR      68.44
WEST BENGAL INFR         8.75    10/16/2013   INR       9.33
WEST BENGAL INFR         9.00    10/16/2016   INR      26.22


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   USD      73.75
AIFUL CORP               6.00    12/12/2011   USD      73.75
AIFUL CORP               1.20    01/26/2012   JPY      73.00
AIFUL CORP               1.99    03/23/2012   JPY      69.92
AIFUL CORP               1.22    04/20/2012   JPY      65.96
AIFUL CORP               1.63    11/22/2012   JPY      58.34
AIFUL CORP               1.74    05/28/2013   JPY      48.94
AIFUL CORP               1.99    10/19/2015   JPY      38.93
CSK CORPORATION          0.25    09/30/2013   JPY      73.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.28
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.81
SHINSEI BANK             5.62    12/29/2049   GBP      73.36
TAKEFUJI CORP            9.20    04/15/2011   USD       9.50


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.30
CRESENDO CORP B          3.75    01/11/2016   MYR       1.24
DUTALAND BHD             6.00    04/11/2013   MYR       0.52
DUTALAND BHD             6.00    04/11/2013   MYR       0.48
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.27
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.26
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LEBUHRAYA KAJANG         2.00    06/12/2019   MYR      47.73
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.45
MITHRIL BHD              3.00    04/05/2012   MYR       0.60
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.52
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.92
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.96
SCOMI GROUP              4.00    12/14/2012   MYR       0.09
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.92
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.26


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

ALLIED FARMERS           9.60    11/15/2011   NZD      44.42
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      63.80
FLETCHER BUI             8.50    03/15/2015   NZD       6.70
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.06
INFRATIL LTD             8.50    09/15/2013   NZD       8.40
INFRATIL LTD             8.50    11/15/2015   NZD       9.25
INFRATIL LTD            10.18    12/29/2049   NZD      61.70
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
SKY NETWORK TV           4.01    10/16/2016   NZD       5.93
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.74
ST LAURENCE PROP         9.25    07/15/2010   NZD      51.44
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.06
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       7.50
VECTOR LTD               8.00    10/15/2014   NZD       6.50


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      72.01
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.93
WBL CORPORATION          2.50    06/10/2014   SGD       1.83


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      59.10
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.84
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.91
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.65
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.78
HOPE KOD 6TH            15.00    03/10/2013   KRW      35.02
IBK 12TH ABS            25.00    06/24/2011   KRW      74.74
IBK 16TH ABS            25.00    09/24/2012   KRW      62.79
IBK 17TH ABS            25.00    12/29/2012   KRW      59.24
KB 10TH SEC SPC         23.00    01/03/2011   KRW      59.38
KB 11TH SEC SPC         20.00    07/03/2011   KRW      67.29
KB 11TH SEC SPC         20.00    07/03/2011   KRW      64.67
KB 12TH ABS             25.00    01/21/2012   KRW      65.36
KB 13TH ABS             25.00    07/02/2012   KRW      61.56
KB 14TH ABS             23.00    01/04/2013   KRW      59.23
KDB 6TH ABS             20.00    12/02/2019   KRW      67.08
KEB 17TH ABS            20.00    12/28/2011   KRW      59.38
NACF-15 ABS SPS         25.00    03/18/2011   KRW      65.37
NACF-16 ABS SPS         15.00    01/03/2011   KRW      23.31
NACF-16 ABS SPS         25.00    02/03/2011   KRW      60.78
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.65
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.30
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      70.02
SAM HO INTL              6.32    03/28/2011   KRW      72.18
SHINSHAN 2ND SEC        25.00    06/11/2011   KRW      30.03

SINBO 1ST ABS           15.00    07/22/2013   KRW      30.71
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.41
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.67
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.51
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.75
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.44
SINGOK ABS               7.50    06/18/2011   KRW      53.48
SINGOK NS ABS            7.50    06/27/2011   KRW      53.50
SOLOMON SAVINGS          8.10    04/19/2015   KRW      11.37
UBOTRON CO LTD           8.00    07/30/2012   KRW      34.16


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.15


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie 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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