TCRAP_Public/110117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 17, 2011, Vol. 14, No. 11

                            Headlines



A U S T R A L I A

TIMBERCORP LTD: Gets reprieve on Joint Venture Deal With Costa


C H I N A

WEST CHINA: Moody's Assigns (P)Ba3 Senior Unsecured Debt Rating


H O N G  K O N G

ALNERY NO. 130: Chan and Ying Appointed as Liquidators
ALNERY NO. 133: Chan and Ying Appointed as Liquidators
CI INVESTMENTS: Commences Wind-Up Proceedings
DOULTON TRADING: Tam Yim Man Kuen Appointed as Liquidator
FANTASMA HONG KONG: Yip and Ku Step Down as Liquidators

FRESH MEDIA: Members' Final Meeting Set for February 26
GOLDMAN LEATHER: Creditors Get 100% and 0.44% Recovery on Claims
GYPSY LIMITED: Kristi Lynn Swartz Appointed as Liquidator
KEDRON ENTERPRISES: Chan and Ying Appointed as Liquidators
LIBERTY INTERNATIONAL: Commences Wind-Up Proceedings


I N D I A

A R POLYMERS: CRISIL Reaffirms 'BB' Rating on INR35MM Cash Credit
ASHA ISPAT: ICRA Assigns 'LBB-' Rating to INR1.3cr Term Loan
ESKAY DYESTUFFS: CRISIL Reaffirms 'BB+' Rating on INR17.4MM Loan
KAUR SAIN: CRISIL Upgrades Rating on INR170MM Cash Credit to 'BB-'
KALP DIAMONDS: CRISIL Reassigns 'BB-' Rating to INR80MM Credit

MAGNUM STEELS: CRISIL Reaffirms 'P4+' Rating on INR50MM LOC
MD Frozen: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines
RAJASTHAN VIKAS: ICRA Reaffirms 'LBB' Rating on INR21.25cr Loans
SS FABRICATORS: CRISIL Upgrades Rating on INR1.8MM Loan to 'BB+'
SS INFRASTRUCTURES: CRISIL Assigns 'D' Rating to INR100MM Loan

SHETRON LTD: Fitch Puts Rating on Fund-Based Capital at 'BB(ind)'
SUNRISE ENTERPRISES: ICRA Puts 'LBB' Rating on INR11.15cr Limits
VEER OVERSEAS: CRISIL Upgrades Rating on Cash Credit to 'BB-'
VEER OIL: CRISIL Upgrades Rating on INR11.8MM Term Loans to 'BB-'


I N D O N E S I A

BAKRIE SUMATERA: Moody's Lowers Rating on Secured Bond to Caa1


J A P A N

JLOC XXX: Moody's Reviews Junk Ratings for Possible Downgrade
* JAPAN: Corporate Bankruptcies Fall 13.9% in 2010


K O R E A

HYUNDAI ENGINEERING: Signs Preliminary MOU With Hyundai Motor
SAMHWA MUTUAL: FSC Suspends Bank's Operations for Six Months


N E W  Z E A L A N D

CRAFAR FARMS: MAF Lays Animal Welfare Charges Against Five Parties
PIKE RIVER: Closing Mine "Worst-case Scenario", Receiver Says


S I N G A P O R E

ENGAGE ELECTRONIC: Creditors' Proofs of Debt Due January 24
GRANDSTAND PTE: Court Enters Wind-Up Order
HANPIN SINGAPORE: Creditors' Proofs of Debt Due February 14
JL GLOBAL: Court Enters Wind-Up Order
NLC CONSTRUCTION: Creditors' Proofs of Debt Due February 14

PACIFIC DENTAL: Creditors' Proofs of Debt Due February 25
PIONEER SMITH: Court to Hear Wind-Up Petition on January 21
SALTE PTE: Creditors' Proofs of Debt Due February 15
SOLVATORS INC: Creditors' Meetings Set for January 21
SUPPLY BASE: Court to Hear Wind-Up Petition on January 21


                            - - - - -


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


TIMBERCORP LTD: Gets reprieve on Joint Venture Deal With Costa
--------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that Timbercorp
Ltd has been given more time to decide whether it wants to pull
out of a joint venture with fruit and vegetable king Frank Costa.

According to the report, the Costa Group had set January 15 as a
deadline for Timbercorp's liquidator, KordaMentha, to decide
whether to disclaim its role in the CostaExchange joint venture.

SMH relates that Costa Group alleges Timbercorp is no longer able
to fulfill requirements under a 2006 agreement, including raising
fresh capital and finding new agricultural opportunities.  At an
urgent Federal Court hearing in Melbourne last week, Justice
Christopher Jessup extended the deadline by three weeks, SMH
notes.  KordaMentha, says SMH, had originally sought eight weeks
to decide whether to abandon the 2006 joint-venture agreement.

But after last-minute negotiations outside the courtroom, SMH
says, the parties agreed to an extension until February 3, when
the matter will return to court.

According to SMH, Justice Jessup ordered Costa Group to file any
affidavits it intended to rely on in its defense by January 27.
He ordered 10 exhibits tendered by KordaMentha that relate to the
business of the joint venture be kept confidential, SMH adds.

                          About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Ltd called in voluntary administrators
to the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.


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


WEST CHINA: Moody's Assigns (P)Ba3 Senior Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a first-time provisional (P)Ba3
corporate family rating to West China Cement Limited.
Concurrently, the rating agency has assigned a (P)Ba3 senior
unsecured debt rating to WCC for its proposed issuance of US
dollar-denominated senior unsecured notes.

The outlook on the ratings is stable.

The company plans to use the proceeds of the notes issuance to
refinance its existing bridge loans, business expansion and for
general corporate purposes.

The provisional status of the CFR and the senior unsecured debt
rating will be removed following a successful completion of the
proposed issuance of senior notes and upon satisfactory terms and
conditions in the final bond indenture.

"The (P)Ba3 CFR reflects WCC's leading position in its core cement
market in southeastern Shaanxi, protected by a significant entry
barrier and the solid demand for cement from infrastructure-
related projects in the next few years," says Jiming Zou, a
Moody's Analyst.

"The rating considers the company's track record of strong
operating performance -- with an operating margin in the 30-40%
range and high plant utilization -- which has been supported by
its connected business network, cost pass-through and protection
by geographic barrier," continues Mr. Zou.

"At the same time, WCC's rating is constrained by its exposure
to the regional economy of Shaanxi, the tightening regulatory
environment for the cement industry in China and the company's
business plan, which targets rapid capacity expansion" says Zou.

"Therefore, WCC could find it challenging to replicate its market
dominance and strong profitability in new locations, especially in
the context of increasing concern regarding overcapacity in the
Chinese cement industry and volatile raw material prices," adds
Mr. Zou.

WCC has maintained a track record of moderate debt leverage, with
an adjusted debt/EBITDA ratio of 1.5x-2.3x during 2006-2009.
Indeed, Moody's would expect WCC's debt leverage to remain below
4.0x -- which is commensurate with a Ba3 rating -- following the
company's issuance of the proposed bonds.

In addition, Moody's would expect WCC's liquidity profile to be
strengthened by the proposed issuance.  WCC's debt capital
structure would also be improved as the senior notes replace some
of the company's short-term debt.  Moody's will remove the
provisional status of the CFR after an adequate amount of bonds
has been issued.

The stable rating outlook reflects favorable demand for cement
in the region in which WCC operates and no major change to the
company's level of profitability as it expands into new locations.
The stable outlook also takes into account that WCC has adequate
funding to pursue its expansion.

Given the size of WCC and its reliance on the regional economy,
upward pressure on the rating in the near future is unlikely, in
Moody's view.

However, upward rating pressure could emerge in the long term if
the company were able to establish: (i) a track record of good
geographic and customer diversification; (ii) a strong market
position with strong profitability; (iii) increased scale with
sound credit metrics; and (iv) disciplined financial management
and acquisitions.

Upward rating pressure could develop if WCC were to exhibit an
EBITDA/interest expense ratio above 6.0x and a debt/EBITDA ratio
below 2.0x.

On the other hand, downward rating pressure could be triggered by:
(i) a material loss in WCC's market share in its core market; (ii)
a decline in the company's sales and profitability due to an
adverse change in the local operating environment or cement price
erosion; or (iii) aggressive expansion, driven by debt-funded
acquisitions or capital expenditures.

Indicators for a rating downgrade could be a deterioration in
operating margin below 20%, an EBITDA/interest expense ratio below
4.0x or a debt/EBITDA ratio above 4.0x.

The principal methodology used in rating WCC was the "Global
Building Materials Industry" published in July 2009.

WCC is the second-largest cement producer in Shaanxi Province of
China.  As of November 2010, the company had an annual cement
production capacity of approximately 11.4 million tons in eight
facilities located in southeastern Shaanxi.  As of the last 12
months ending 30 June 2010, WCC's sales amounted to RMB2.2
billion.


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


ALNERY NO. 130: Chan and Ying Appointed as Liquidators
------------------------------------------------------
Chan Mi Har and Ying Hing Chiu on December 31, 2010, were
appointed as liquidators of Alnery No. 130 Limited.

The liquidators may be reached at:

         Chan Mi Har
         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ALNERY NO. 133: Chan and Ying Appointed as Liquidators
------------------------------------------------------
Chan Mi Har and Ying Hing Chiu on December 31, 2010, were
appointed as liquidators of Alnery No. 133 Limited.

The liquidators may be reached at:

         Chan Mi Har
         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CI INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------
Members of CI Investments Limited, on Dec. 15, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Padraig Liam Walsh
         c/o Barlow Lyde & Gilbert
         19th Floor, Cheung Kong Centre
         2 Queen's Road
         Central, Hong Kong


DOULTON TRADING: Tam Yim Man Kuen Appointed as Liquidator
---------------------------------------------------------
Tam Yim Man Kuen on January 7, 2011, was appointed as liquidator
of Doulton Trading Company Limited.

The liquidator may be reached at:

          Tam Yim Man Kuen
          Unit 903A, 9th Floor
          Yue Xiu Building
          160-174 Lockhart Road
          Wanchai, Hong Kong


FANTASMA HONG KONG: Yip and Ku Step Down as Liquidators
-------------------------------------------------------
Yip Hon Kit and Ku Wing Yan Genevieve stepped down as liquidators
of Fantasma Hong Kong Limited on January 3, 2011.


FRESH MEDIA: Members' Final Meeting Set for February 26
-------------------------------------------------------
Members of Fresh Media Limited, which is in members' voluntary
liquidation, will hold their final meeting on February 26, 2011,
at 11:00 a.m., at Suite 905, 9/F, Centre Point, 181-185 Gloucester
Road, Wanchai, in Hong Kong.

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


GOLDMAN LEATHER: Creditors Get 100% and 0.44% Recovery on Claims
----------------------------------------------------------------
Goldman Leather and Hide Limited, which is in liquidation, paid
the first and final dividend to its creditors on Jan. 14, 2011.

The company paid 100% and 0.44% for preferred and ordinary claims,
respectively.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         c/o John Lees Associates
         20/F, Henley Building
         5 Queen's Road Central
         Hong Kong


GYPSY LIMITED: Kristi Lynn Swartz Appointed as Liquidator
---------------------------------------------------------
Kristi Lynn Swartz on December 31, 2010, was appointed as
liquidator of Gypsy Limited.

The liquidator may be reached at:

          Kristi Lynn Swartz
          Suite 702, 7/F
          Dina House, Ruttonjee Centre
          Duddell Street
          Central, Hong Kong


KEDRON ENTERPRISES: Chan and Ying Appointed as Liquidators
----------------------------------------------------------
Chan Mi Har and Ying Hing Chiu on December 31, 2010, were
appointed as liquidators of Kedron Enterprises Limited.

The liquidators may be reached at:

         Chan Mi Har
         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


LIBERTY INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Liberty International (HK) Limited, on Dec. 15, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Padraig Liam Walsh
         c/o Barlow Lyde & Gilbert
         19th Floor, Cheung Kong Centre
         2 Queen's Road
         Central, Hong Kong


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


A R POLYMERS: CRISIL Reaffirms 'BB' Rating on INR35MM Cash Credit
-----------------------------------------------------------------
CRISIL ratings continue to reflect A R Polymers Pvt Ltd's below-
average financial risk profile, marked by small net worth, low
profitability, and modest debt protection metrics, small scale of
operations, and its exposure to intense competition and
cyclicality in the wood panel industry.  These weaknesses are
partially offset by the experience of ARPL's promoters in the
plywood and army products business, and its established
relationships with its large customers.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        BB/Stable (Reaffirmed)
   INR2.2 Million Rupee Term Loan   BB/Stable (Reaffirmed)
   INR15 Million Bank Guarantee     P4+ (Reaffirmed)
   INR10 Million Letter of Credit   P4+ (Reaffirmed)
                 & Bank Guarantee

Outlook: Stable

CRISIL believes that ARPL will benefit over the medium term from
its promoters' experience and established market position in the
plywood and army products businesses.  The outlook may be revised
to 'Positive' if the company successfully consolidates its
presence in these businesses by entering into new segments, and by
introducing value-added products, thereby improving realizations
and profitability.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
significantly owing to a large, debt-funded capital expenditure
programme or increased working capital requirements.

                        About A R Polymers

Set up in 1995 by Mr. G K Gupta, ARPL manufactures plywood and
products, such as footwear, tents, tarpaulin, and body protectors,
which it supplies to the army. ARPL's facilities are in Fatehpur
(Uttar Pradesh).

ARPL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR240.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.7 million on net sales
of INR136.5 million for 2008-09.


ASHA ISPAT: ICRA Assigns 'LBB-' Rating to INR1.3cr Term Loan
------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR1.30 crore of term
loan and INR4.70 crore of fund based bank facilities of Asha Ispat
Private Limited.  The outlook on the long term rating is stable.

The rating takes into account the experience of the promoters,
partially integrated operations resulting from manufacturing of
ingot and TMT bars, AIPL's proximity to raw material sources that
ensures timely supply at low freight costs and its diversified
customer base.  The rating also factors in AIPL's nominal levels
of profits and cash accruals from business, its relatively
moderate scale of current operations and the cyclicality inherent
in steel business which makes profit and cash flow volatile to
fluctuation in prices. ICRA also notes AIPL's low utilization of
its installed capacity, which depresses its overall returns.

                          About Asha Ispat

AIPL was incorporated in 1996 by Mr. Rajesh Kumar Agarwal.  The
company currently owns a steel plant, with an induction furnace
and rolling mill having capacities of 9,600 MTPA and 18,000 MTPA
respectively.  The company is involved in the manufacturing of
ingot and TMT bars.  The manufacturing facility of the company is
located at Siliguri, West Bengal.

Recent Results

The company reported a net profit of INR0.19 crore in FY 2010 on
an operating income of INR47.98 crore, as compared to a net profit
of INR0.16 crore on an operating income of INR38.13 crore during
FY 2009.


ESKAY DYESTUFFS: CRISIL Reaffirms 'BB+' Rating on INR17.4MM Loan
----------------------------------------------------------------
The ratings continue to reflect Eskay Dyestuffs & Organic
Chemicals Private Limited's limited financial flexibility because
of its small net worth and small scale of operations,
concentration in supplier profile, and exposure to intense market
competition.  These rating weaknesses are partially offset by the
company's established market position, healthy operating
efficiency (reflected in its robust operating margin), and
promoters' industry experience.

   Facilities                       Ratings
   ----------                       -------
   INR17.4 Million Term Loan        BB+/Stable (Reaffirmed)
   INR50.0 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR12.3 Million Proposed LT      BB+/Stable (Reaffirmed)
            Bank Loan Facility
   INR7.5 Million Letter of Credit  P4+ (Reaffirmed)
   INR0.5 Million Bank Guarantee    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Eskay Dyestuffs will maintain its business
risk profile over the medium term, supported by healthy
operational efficiency and technical expertise.  The outlook may
be revised to 'Positive' if there is a significant increase in
Eskay Dyestuffs' scale of operations, increase in its net worth,
and improvement in its capital structure.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expenditure (capex) programme,
thereby weakening its capital structure.

Update

Eskay Dyestuffs' gross sales in 2009-10 (refers to financial year,
April 1 to March 31) was INR263 million, no growth over the
previous year's gross sales.  However, operating profitability has
improved to 13.5% in 2009-10 from 12.1% in 2008-09, with
improvement in product-mix.  The company has a small capex plan of
INR12 million for setting up a nano-filter-technology holding tank
at its Taloja plant, to be implemented over the next six months.
The capex is expected to be funded by a term loan of INR9 million
and internal accruals. The planned unit is expected to further
improve the operating efficiency of the company.

For 2009-10, Eskay Dyestuffs reported a profit after tax (PAT) of
INR5.1 million on net sales of INR260.0 million, against a PAT of
INR4.0 million on net sales of INR242.0 million for 2008-09.

                       About Eskay Dyestuffs

Eskay Dyestuffs, incorporated in 1982, manufactures optical
brightening agents (OBAs) under the brand Skaywhit.  The company
was originally set up in the 1960s as a partnership firm, Eskay
Chemical Corporation, by the Bhumgara family.  The company is
managed by Dr. Shavak Bhumgara, who has over 25 years of
experience in the industry. Eskay Dyestuffs' factories are located
in Ghatkopar and Taloja in Mumbai, with a combined installed
capacity of 3000 tonnes per annum (tpa).


KAUR SAIN: CRISIL Upgrades Rating on INR170MM Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kaur
Sain Spinners Ltd to 'BB-/Positive/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR170.00 Million Cash Credit       BB-/Positive (Upgraded from
                                                     'B+/Stable')

   INR349.70 Million Term Loan         BB-/Positive (Upgraded from
                                                     'B+/Stable')

   INR40.00 Million Letter of Credit   P4+ (Upgraded from 'P4')

   INR9.50 Million Bank Guarantee      P4+ (Upgraded from 'P4')

The rating upgrade reflects improvement in the business and
financial risk profiles of KSSL, supported by increase in revenues
following a rapid increase in capacity utilization at its newly
added unit.  The company's profitability has improved because of
its improving operating efficiency.  Also, its gearing is expected
to improve over the near term with the expected increase in its
net worth and regular repayment of term debt.  KSSL's debt
protection metrics have improved, driven by increase in its net
cash accruals.

The ratings reflect KSSL's high gearing, of around 2 times, over
the past three years.  Gearing has been high because of debt-
funded capital expenditure (capex) programme undertaken in 2010-11
(refers to financial year, April 1 to March 31) and increase in
working capital borrowings. Gearing is expected to moderate, to
around 1.5 times, over the near term with the expected increase in
its net worth and regular repayment of term debt.  The ratings
also reflect KSSL's moderate scale of operations and vulnerability
to volatility in raw material prices. These rating weaknesses are
partially offset by KSSL's promoters' extensive experience in the
yarn business.

Outlook: Positive

CRISIL believes that KSSL's capital structure will improve over
the medium term with the expected increase in its net worth and
regular repayment of term debt; this will be supported by increase
in net cash accruals, driven by the expected increase in the
company's scale of operations.  The ratings may be upgraded if
KSSL reports higher-than-expected profitability, or completes its
ongoing capacity expansion project and stabilizes operations at
its completed units earlier than expected, leading to a more-than-
expected increase in scale of operations.  Conversely, the outlook
may be revised to 'Stable' if KSSL reports lower-than-expected
revenues and profitability, or faces time or cost overrun in its
ongoing capacity expansion project, thereby adversely affecting
its capital structure and liquidity.

                          About Kaur Sain

KSSL was incorporated in September 1997 and is promoted by Mr.
Sushil Kumar Mittal and his brothers.  The company manufactures
polyester spun yarn.  KSSL commenced operations in 2002. It has an
installed capacity of 32,928 spindles.  In 2010-11, as part of
Mega project scheme, KSSL is adding 16,800 spindles, which will
increase its capacity to 49,728 spindles.  KSSL's associate
company, Kaur Sain Spinning Mills Ltd, manufactures polyester and
cotton yarn; another associate entity, Kaur Sain Spinning Mills,
manufactures texturised synthetic yarn. 65% of KSSL's sales come
from hosiery units and the remaining from traders.

KSSL reported a net profit of INR29.9 million on net sales of
INR1085.0 million for 2009-10, against a net loss of INR11.5
million on net sales of INR605.0 million for 2008-09.


KALP DIAMONDS: CRISIL Reassigns 'BB-' Rating to INR80MM Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of Kalp Diamonds; these were earlier short-term
facilities, which were rated 'P4' by CRISIL.  The rating continues
to reflect Kalp's modest scale of operations in the diamond
industry.  This rating weakness is partially offset by the
extensive experience of Kalp's promoters in the diamond processing
and exports business and the improving efficiency of the firm's
working capital cycle.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Post-Shipment Credit   BB-/Stable (Reassigned)
   INR40.0 Million Packing Credit         BB-/Stable (Reassigned)

Outlook: Stable

CRISIL believes that Kalp will continue to benefit over the medium
term from its established market presence and its promoters'
extensive industry experience.  The outlook may be revised to
'Positive' if Kalp significantly improves its revenues and cash
accruals, while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case
Kalp's operating margin or debt protection metrics deteriorate, or
if the firm's working capital cycle stretches.

                         About Kalp Diamonds

Set up as partnership firm in 1995 by Mr. Anandlal Shah and his
family, Kalp processes, and trades in, rough and polished
diamonds.  Currently, Mr. Anandlal Shah looks after the
manufacturing operations of Kalp in Surat (Gujarat).  His son,
Mr. Bhavik A Shah, and son-in-law, Mr. Jayesh Shah, look after the
procurement and marketing aspects of the business in Mumbai
(Maharashtra).

Kalp reported a profit after tax (PAT) of INR2.4 million on net
sales of INR521 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.1 million on net sales
of INR440 million for 2008-09.


MAGNUM STEELS: CRISIL Reaffirms 'P4+' Rating on INR50MM LOC
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Magnum Steels Ltd,
which is part of the Magnum group, continue to reflect the Magnum
group's average financial risk profile, constrained by low
profitability, large working capital requirements, and large
capital expenditure (capex) programme.  The ratings also factor in
the Magnum group's exposure to risks related to trading in the
capital markets, downturns in the steel business, and
concentration of revenues in the automobile sector. These rating
weaknesses are partially offset by the benefits that the Magnum
group derives from its promoter's extensive experience in the
spring steel industry as well as its backward integration
initiatives, which partially offsets the risks related to shortage
of raw material.

   Facilities                           Ratings
   ----------                           -------
   INR65.00 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR50.00 Million Letter of Credit    P4+ (Reaffirmed)
   INR10.00 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MSL, Magnum Iron & Steel Pvt Ltd,
Deluxe Alloys Pvt Ltd, and N. R. Sponge Pvt Ltd, collectively
referred to, herein, as the Magnum group.  This is because these
entities share the same value chain, are under a common
management, and have significant inter-company transactions.

Outlook: Stable

CRISIL believes that the Magnum group will continue to benefit
over the medium term from its promoters' extensive experience and
its comfortable capital structure.  However, CRISIL believes that
the Magnum group's business and financial risk profiles will
continue to remain constrained by the group's small scale of
operations, low profitability, and large working capital
requirements.  The outlook may be revised to 'Positive' if the
group's working capital management and operating margin improve
significantly.  Conversely, the outlook may be revised to
'Negative' if the Magnum group contracts larger-than-expected
quantum of debt to fund its capex, or faces pressure on its
revenues and profitability.

                        About the Group

Set up in 1991 as a private limited company by Mr. I C Jindal, MSL
manufactures spring steel flats, high strength deformed steel
bars, and thermo-mechanically treated bars through the electric
arc process. MSL was reconstituted as a closely held public
company in 1995.  The Magnum group integrated backwards by
acquiring DA in 1990-91 (refers to financial year, April 1 to
March 31) and MISPL (formerly, Vibha Steel Pvt Ltd) in 1997. In
2006-07, MSL began manufacturing steel ingots and castings, by
acquiring two group entities, BR Associates and IRS Industries.
MSL acquired NRS in 2007.

MSL reported a profit after tax (PAT) of INR8 million on net sales
of INR1219 million for 2009-10, against a PAT of INR6 million on
net sales of INR1224 million for 2008-09.


MD Frozen: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines
----------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR15.00 crore bank lines of
M.D. Frozen Food Exports.  The outlook on the rating is stable.

The rating factors in the modest scale of operations of MDF;
intense competition in the meat export industry; changes in
Government regulations; and the inherent business risk pertaining
to the industry, whereby it remains susceptible to adverse
movements in raw material prices.  The rating is further
constrained by MDF's exposure to fluctuations in exchange rates
and  the significant working capital requirements of the business,
which coupled with recent debt-funded capex, has resulted in high
gearing levels (of 1.3 times as on March 31, 2010).  The rating,
nevertheless, derives comfort from the significant experience of
the promoters in this business; the established relationships of
the group with overseas clients and favorable location of its
facilities, ensuring easy accessibility to raw materials.  The
rating also takes into account that the firm is committed to the
quality of processing, as reflected by the certification that it
received from the Agricultural and Processed Food Products Export
Development Authority (APEDA).

                          About M.D. Frozen

M.D. Frozen Food Exports, a partnership firm formed in 1992, is
engaged in processing and export of frozen meat to various
countries in Asia, Middle East and Africa. MDF purchases raw meat
from various local butchers and government-run slaughter houses.
The meat is then processed at its facilities in Ghaziabad (Uttar
Pradesh).  MDF also processes meat on job work basis for its group
concern- MD Frozen Food Exports Private Limited. The firm is
currently operating a processing unit (set up in 2010) with
chiller capacity of 220 MT, blast freezer capacity of 96 MT and
plate freezer capacity of 16 MT.

Recent Results

In the financial year ending March 31, 2010, the company
registered an operating income of INR 10.22 crore and profit after
tax (PAT) of INR 1.27 crore.


RAJASTHAN VIKAS: ICRA Reaffirms 'LBB' Rating on INR21.25cr Loans
----------------------------------------------------------------
ICRA has reaffirmed 'LBB' rating to the INR21.25 crore term loans
and INR2.0 crore of non-fund based limits of Rajasthan Vikas
Sansthan.  The outlook on the rating is 'stable'.

The reaffirmation of RVS' rating positively factors in healthy
growth witnessed in the operating income of the society in FY2010,
addition of new courses by its institutes which will further help
in increasing its revenues going forward, and recognition received
for its dental college from the Central Government.  However, the
rating is constrained by the significant debt-funded capex
incurred by the society which has resulted in higher gearing, and
challenges involved in attracting high quality students
and faculty. The rating also factors in the modest scale of its
operations, limited track record of its flagship institutes, and
the intensely competitive nature of the education industry.

Rajasthan Vikas Sansthan was registered as a Society under the
Societies Registration Act in the year 1999.  RVS is primarily
engaged in providing higher education, with seven colleges
providing courses at the undergraduate as well as post graduate
level in dental science (BDS), engineering (B.Tech.), management
(MBA and BBA), nursing and teacher training (B.Ed.).  The society
is also running a 150 bedded general hospital. RVS has two
campuses in Jodhpur, Rajasthan.

For the FY2010 (financial year ending March 31, 2010), RVS
reported an operating income of INR15.1 crore and profit of
INR2.84 crore as compared to an operating income of INR10.5 crore
and profit of INR4.08 crore in FY2009.


SS FABRICATORS: CRISIL Upgrades Rating on INR1.8MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of S. S.
Fabricators & Manufacturers to 'BB+/Stable/P4+' from
'BB/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR1.8 Million Term Loan           BB+/Stable (Upgraded from
                                                  'BB/Stable')

   INR32.2 Million Cash Credit        BB+/Stable (Upgraded from
                                                  'BB/Stable')

   INR84.0 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The upgrade is driven by the healthy growth in revenues and
operating margins in 2009-10 and CRISIL's belief that the revenue
growth will be maintained on the back of strong order book.  The
revenues of the firm have improved to INR740 million in 2009-10
from INR480 million in 2008-09 and the outstanding order-book is
at INR2.5 billion as on September 2010.  The operating margins of
the firm have improved to 12.1% in 2009-10 from 10.7% in 2008-09
as higher revenues positively impacted the absorption of fixed
costs.  The upgrade also reflects the expected improvement in the
liquidity position of the firm with enhancement in its cash credit
limits to INR150 million from just INR50 million.

The rating reflects SS Fabricators' exposure to risks relating to
limited revenue and geographical diversification, and its modest
scale of operations. These weaknesses are, however, partially
offset by SS Fabricators' above-average financial risk profile and
effective working capital management.

Outlook: Stable

CRISIL believes that SS Fabricators will maintain its credit risk
profile, backed by its healthy order book and above-average
financial risk profile.  The outlook may be revised to 'Positive'
if the firm is able to generate higher-than-expected revenues and
operating margins by geographic diversification or if there is an
improvement in the net worth of the firm on the back of capital
investments made by the partners.  Conversely, the outlook may be
revised to 'Negative' if the firm is unable to sustain the
improvement in its revenues and margins of the firm or if the
liquidity profile deteriorates due to higher-than-expected
reliance on debt to fund its working capital requirement.

                       About S. S. Fabricators

Incorporated as a partnership concern by the Chokhani family in
1983, SS Fabricators undertakes contracts for fabrication and
installation of gates at dams and barrages, laying of pipelines
and machine fabrication jobs.  The firm's major customers include
various state government irrigation divisions and projects; its
business is centered around Nagpur (Maharashtra). Its current
partners include Mr. Pawan Chokhani and his mother, Ms. K L
Chokhani.

SS Fabricators reported a profit after tax (PAT) of INR63.1
million on revenues of INR739.5 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR38.8
million on revenues of INR484.0 million for 2008-09.


SS INFRASTRUCTURES: CRISIL Assigns 'D' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan of S.S.
Infrastructures.  The rating reflects the delay by SSI in
repayment of its term loan instalments.  The delay is because of
SSI's weak liquidity, following the delay in the completion and
launch of its hotel.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Term Loan       D (Assigned)

SSI was jointly promoted by Green Meadows Pvt Ltd and SJN
Industries Pvt Ltd in 2008 to build a budget hotel in Delhi ahead
of the Commonwealth Games (CWG) 2010.  The firm purchased a
commercial plot spread over 1416 square metres in an open auction
for hotel plots by the Delhi Development Authority.  The initial
cost of the plot was around INR127 million and the floor area
ratio (FAR) was fixed at 1.5 times. DDA has subsequently increased
the FAR to 2.25 times, and with it the land acquisition cost has
been escalated by INR34 million, and the total project cost has
increased to INR405 million from INR210 million. The firm enjoys
income tax exemption under the investment-linked incentive scheme
announced in the Union Budget 2010-11 (refers to financial year,
April 1 to March 31). SSI has signed a professional management
agreement with Fortune Hotel chain of Welcome Group.

The hotel could not be completed in time for the CWG held in Delhi
in October 2010, and is now expected to be launched by January
2011.


SHETRON LTD: Fitch Puts Rating on Fund-Based Capital at 'BB(ind)'
-----------------------------------------------------------------
Fitch Ratings assigned India's Shetron Limited a National Long-
term rating of 'BB(ind)'.  The Outlook is Stable.  The agency has
also assigned ratings to Shetron's bank loans, as follows:

-- INR237.5m fund-based working capital limits:
    'BB(ind)/F4(ind)';

-- INR350m non-fund based working capital limits:
    'BB(ind)/F4(ind)'; and

-- INR524.9m term loans: 'BB(ind)'.

The ratings reflect the moderate size of Shetron's operations and
its established track record of more than two decades in India's
metal packaging sector.  The company's ratings draw strength from
its long-term business relationships with customers and strong
position in the market for value-added products - dry cell battery
jackets & components and metal food cans.

The ratings are constrained by India's small and nascent processed
food industry, dry cell battery industry's gradual recovery path
following the global economic downturn, and the pressure on
operating margins arising from volatility in tin plate (major raw
material) prices.  Shetron proposes to increase its capacity by
FY12, and new borrowings to fund the capex are expected to weaken
its credit metrics;  Also, the company's leverage was high in FY10
(debt/EBITDA: 4.1x).  Fitch notes that there were instances of
delays in servicing the bank loans in FY10.

The ratings could be downgraded if there is a sustained decline
in Shetron's EBIDTA margins from current levels, resulting in
deterioration in interest cover to below 1.5x and net debt /EBIDTA
to beyond 5x.  On the other hand, the ratings could be upgraded if
there is a sustained improvement in the company's profitability
margins, resulting in net debt/EBIDTA falling below 3.5x

Shetron is a Bangalore-based listed company established in 1980
by Mr. Diwakar S. Shetty and his associates jointly with the
Karnataka State Industrial & Investment Development Corporation.
It is involved in the production and sale of dry cell metal
battery jackets & components, metal food cans, printed metal
sheets, etc. In FY10, the company reported revenues of
INR1,068 million (FY09: INR1,191.1 million), EBIDTA of
INR192.2 million (FY09: INR188 million), and interest cover of
1.6x.  As per Shetron's H1FY11 figures (provisional, unaudited),
its revenues were INR607.8 million, EBIDTA was INR96 million (16%)
and interest coverage was 1.7x.


SUNRISE ENTERPRISES: ICRA Puts 'LBB' Rating on INR11.15cr Limits
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR11.15 crore fund based limits
and INR2.25 crore term loan of Sunrise Enterprises.  The outlook
on the long term rating is stable.  ICRA has also assigned 'A4'
rating to short term non fund based bank limits of SE.

The ratings factor in long track record of SE's operation in the
stainless steel industry, its established relationship with
customers & suppliers and favorable demand outlook for the
industry.  However the ratings are constrained by competitive
nature of the industry, its exposure to cyclicality of the steel
industry and vulnerability of its profitability to adverse
movement in  raw material prices.  Further the rating also takes
into consideration its moderate scale of operations, low
profitability, its relatively high gearing at 1.9 times as on
March 31, 2010 and weak debt protection indicators with Net Cash
Accruals / Total Debt (NCA/TD) at 10% in FY 2010.

Sunrise Enterprises is a partnership firm established in the year
1994 by Mr. Mahendra Shah, prior to which he was involved in
trading of Stainless Steel (SS) products.  Gradually the firm was
joined by other family members.  The firm has setup its
manufacturing facilities in Gandhinagar District, Gujarat and is
involved in manufacturing of Stainless Steel Sheets and Tubes.
Moreover it also has setup a fabrication division for fabricating
various structures form stainless steel tubes.

Recent Results

SE reported an Operating Income of INR 81 crore and Profit after
Tax of INR 0.42 crore in FY2010.


VEER OVERSEAS: CRISIL Upgrades Rating on Cash Credit to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Veer
Overseas Ltd, which is part of the Veer group, to 'BB-/Stable/P4+'
from 'B+/Stable/P4'.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       BB-/Stable (Upgraded from
                                               'B+/Stable')
   INR747 Million Packing Credit   P4+ (Upgraded from 'P4')
   INR200 Million Export Bill      P4+ (Upgraded from 'P4')
                  Discounting

The upgrade reflects improvement in the Veer group's interest
coverage ratio to around 2.0 times in 2009-10 (refers to financial
year, April 1 to March 31) and 2008-09 from less than 1.5 times
earlier.  The improvement has been driven by the group's
management's revised practice of availing lesser high-cost credit
(around 18% interest rate) from open mandis. This practice has
helped lower the group's overall finance cost and increase its net
profit and cash accruals.

The ratings reflect the Veer group's weak financial risk profile,
despite the improvement in its interest coverage ratio,
profitability and cash accruals, because of its working capital-
intensive and small-scale operations, customer and geographic
concentration in revenue profile, and susceptibility to adverse
regulatory changes, volatility in raw material prices, and adverse
climatic conditions.  These rating weaknesses are partially offset
by the group's promoters' experience in, and healthy growth
prospects for, the rice industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VOL and Veer Oil & General Mills.  This
is because VOL and VOGM, herein, together referred to as the Veer
group, have strong operating and financial linkages with each
other and are under a common management.

Outlook: Stable

CRISIL believes that the Veer group's financial risk profile will
remain weak over the medium term because of its working-capital-
intensive operations, which is typical of entities in the rice
industry.  The outlook may be revised to 'Positive' if the Veer
group reports higher-than-expected profitability and cash
accruals, resulting in improvement in its net worth and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the group's capital structure deteriorates or if it reports
lower-than-expected profitability.

                          About the Group

Set up in 1979 as a partnership firm, VOL was reconstituted as a
public limited company in 1994.  VOL is into milling and
processing basmati rice.  The company primarily caters to the
export market; it mainly exports par-boiled rice, which has high
demand in the Middle East.  VOL also sorts unsorted rice procured
from smaller mills in its unit's vicinity, and exports the sorted
rice. VOGM, a partnership firm, was set up in 1980. It sorts
basmati rice and sells mainly in the international market. The
Veer group's plants in Gharunda in Karnal (Haryana) have combined
milling and sorting capacities of 18 tons per hour (tph) and 32
tph respectively.

For 2009-10, the Veer group reported a profit after tax (PAT) of
INR50.7 million on net sales of INR2833.0 million, against a PAT
of INR61.2 million on net sales of INR3588.0 million for the
previous year.


VEER OIL: CRISIL Upgrades Rating on INR11.8MM Term Loans to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Veer Oil
& General Mills, which is part of the Veer group, to 'BB-
/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR11.8 Million Term Loans        BB-/Stable (Upgraded from
                                                 'B+/Stable')
   INR204.5 Million Packing Credit   P4+ (Upgraded from 'P4')
   INR33.7 Million Export Bill       P4+ (Upgraded from 'P4')
                   Discounting

The upgrade reflects improvement in the Veer group's interest
coverage ratio to around 2.0 times in 2009-10 (refers to financial
year, April 1 to March 31) and 2008-09 from less than 1.5 times
earlier.  The improvement has been driven by the group's
management's revised practice of availing lesser high-cost credit
(around 18% interest rate) from open mandis.  This practice has
helped lower the group's overall finance cost and increase its net
profit and cash accruals.

The ratings reflect the Veer group's weak financial risk profile,
despite the improvement in its interest coverage ratio,
profitability and cash accruals, because of its working capital-
intensive and small-scale operations, customer and geographic
concentration in revenue profile, and susceptibility to adverse
regulatory changes, volatility in raw material prices, and adverse
climatic conditions.  These rating weaknesses are partially offset
by the group's promoters' experience in, and healthy growth
prospects for, the rice industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VOGM and Veer Overseas Ltd. This is
because VOL and VOGM, herein, together referred to as the Veer
group, have strong operating and financial linkages with each
other and are under a common management.

Outlook: Stable

CRISIL believes that the Veer group's financial risk profile will
remain weak over the medium term because of its working-capital-
intensive operations, which is typical of entities in the rice
industry.  The outlook may be revised to 'Positive' if the Veer
group reports higher-than-expected profitability and cash
accruals, resulting in improvement in its net worth and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the group's capital structure deteriorates or if it reports
lower-than-expected profitability.

                          About the Group

VOGM, a partnership firm, was set up in 1980.  It sorts basmati
rice and sells mainly in the international market.  The Veer
group's plants in Gharunda in Karnal (Haryana) have combined
milling and sorting capacities of 18 tons per hour (tph) and 32
tph respectively.

For 2009-10, the Veer group reported a profit after tax (PAT) of
INR50.7 million on net sales of INR2833.0 million, against a PAT
of INR61.2 million on net sales of INR3588.0 million for the
previous year.


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


BAKRIE SUMATERA: Moody's Lowers Rating on Secured Bond to Caa1
--------------------------------------------------------------
Moody's Investors Service has lowered the corporate family and
secured bond ratings of Bakrie Sumatera Plantations Tbk from B3 to
Caa1.  The outlook of the ratings is negative.

This rating action concludes the review for possible downgrade
initiated on September 27, 2010 which was triggered by rising debt
leverage, refinancing requirements and financial reporting
restatements.

"The downgrade reflects two main challenges facing Bakrie Sumatera
-- (a) the high level of leverage following the acquisition of the
Domba Mas businesses, despite a large rights issue of US$520
million in early 2010, and (b) heightened liquidity risk from
maturing debt" says Alan Greene, a Moody's Vice President and
Senior Credit Officer.

"BSP needs to obtain new funds before November 2011 when its
existing bonds of US$160 million mature." says Alan Greene, a
Moody's Vice President and Senior Credit Officer adding
"Furthermore, even if funds are raised to cover November's debt
maturity, another debt payment looms in July 2012, in the form of
a US$150 million bond issued by its subsidiary, Agri
International,".

"Meanwhile progress towards resolving the concerns that led to the
review -- such as the bond refinancing, the assimilation of Domba
Mas, and the level of disclosure and transparency -- has been
limited" says Greene.

Moody's has included Domba Mas in the assessment of BSP's debt
leverage.  Moody's notes that the debt of Domba Mas is ring-fenced
from the rest of BSP.  However, the operating linkages between BSP
and Domba Mas will increasingly strengthen, although the chemical
business will still require significant market crude palm oil in
addition to BSP's output.

The ability to reduce debt leverage rapidly, hinges on the
continuation of the strong palm oil and rubber prices seen in Q4
2010 and improved contributions from the acquired Domba Mas
assets.

The rating outlook could return to stable if BSP can demonstrate
it has successfully raise funds to address its maturing debts in
2011 and 2012.  Furthermore, the company has to show improvement
to its debt leverage -- Debt/EBITDA below 5.5x -- 6.0x.

Rating downgrade pressure could emerge if there is a further
deterioration in BSP's liquidity position or no further real
progress in addressing its maturing debt.  Furthermore, downgrade
could be triggered by deterioration in consolidated operating
performance. Credit metrics pointing to a lower rating could
include debt/EBITDA rising above 7.0x or EBITDA/interest coverage
declining -- and remaining -- below 1.2x.

The last rating action with respect to BSP was taken on
September 27, 2010, when its B3 corporate family and secured bond
ratings were put on review for potential downgrade.

BSP's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of BSP's core industry; its ratings are believed to be
comparable to those of other issuers of similar credit risk.

Bakrie Sumatera Plantations Tbk, is an Indonesian upstream
plantation company operating mainly in Sumatra, Indonesia, with
rubber plantations of some 19,000ha and oil palm plantations of
110,000ha.  It was 34.8%-owned by the conglomerate PT Bakrie &
Brothers Group (BNBR) (as of September 30, 2010) and is
consolidated into BNBR's financial statements.  BSP was listed
on both the Jakarta and Surabaya Stock Exchanges in 1990.


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


JLOC XXX: Moody's Reviews Junk Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Japan K.K. placed the ratings for the Class A through X
Trust Certificates issued by JLOC XXX and the Class 1 through 2
Trust Certificates issued by JLOC XXX Satellite Trust on review
for possible downgrade.

The final maturity of the trust certificates will take place in
April 2014.

Details follow:
Deal Names: JLOC XXX Trust, JLOC XXX Satellite Trust

-- Class A, A2 (sf) placed under review for possible downgrade;
    previously downgraded to A2 (sf) from Aaa (sf) on June 25,
    2010

-- Class B, Baa3 (sf) placed under review for possible downgrade;
    previously downgraded to Baa3 (sf) from Aa2 (sf) on June 25,
    2010

-- Class C, Ba3 (sf) placed under review for possible downgrade;
    previously downgraded to Ba3 (sf) from A2 (sf) on June 25,
    2010

-- Class D, Caa1 (sf) placed under review for possible downgrade;
    previously downgraded to Caa1 (sf) from Baa2 (sf) on June 25,
    2010

-- Class 1 and Class 2, Caa3 (sf) placed under review for
    possible downgrade; previously downgraded to Caa3 (sf) from B1
    (sf) on June 25, 2010

-- Class X, A2 (sf) placed under review for possible downgrade;
    previously downgraded to A2 (sf) from Aaa (sf) on June 25,
    2010

JLOC XXX Trust, effected in May 2006, represents the
securitization of five TMK bonds and the JLOC XXX Satellite Trust
Certificates.  The JLOC XXX Satellite Trust, effected in May 2006,
represents the securitization of one TMK bond.

Four of the bonds have been paid down in full, and the
transactions are currently secured by two bonds.  One of the two
is a liquidating bond backed by office buildings; the other (non-
liquidating) bond is backed by hotels.

The two remaining bonds are under special servicing.

Moody's received Asset Disposition Report dated December 27, 2010
for the bond backed by hotels.  According to the report, the
individual target sales prices were changed and the backing
properties are scheduled to be sold at substantially lower prices
than the previous targets.

The current review has been prompted by Moody's concerns about
recovery from the properties when they are sold and the need to
reconsider its recovery assumptions.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating
their operating status and the progress of special servicing.


* JAPAN: Corporate Bankruptcies Fall 13.9% in 2010
--------------------------------------------------
Kyodo News, citing Tokyo Shoko Research, reports that corporate
bankruptcies in Japan in 2010 fell 13.9% from a year earlier to
13,321 for the second consecutive year of drop, slipping below the
14,000 line for the first time in four years.  The amount of debts
left by the failed firms, however, rose due to a series of
failures of big firms, such as Japan Airlines Corp, the credit
research firm said.

According to the report, Tokyo Shoko Research said while the drop
in 2010 failures was attributable to government measures such as
an emergency loan guarantee system and other financial aid for
small businesses, the pace of decline in corporate failures slowed
toward the end of the reporting year as the effects of the
government's measures were fading.

Kyodo discloses that liabilities that accompanied the corporate
failures totaled JPY7.16 trillion in 2010, up 3.3% from a year
earlier.  Seven cases of large-scale failures, which left behind
at least JPY100 billion in liabilities each, accounted for more
than half the total debt amount, Kyodo reports.

Of the seven, adds Kyodo, the three biggest failures were JAL and
its two units, with JPY2.32 trillion in debts, Incubator Bank of
Japan with JPY680.5 billion in liabilities, and consumer loan firm
Takefuji Corp, which had JPY433.6 billion in debts.


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


HYUNDAI ENGINEERING: Signs Preliminary MOU With Hyundai Motor
-------------------------------------------------------------
The Dong-a Ilbo reports that creditors of Hyundai Engineering &
Construction signed Friday a memorandum of understanding on the
sale of the builder with Hyundai-Kia Automotive Group.

"Creditors signed an MOU, and a four-week due diligence will be
conducted from Monday [Jan. 17]," the report quoted Korea Exchange
Bank, the lead manager of the sale, as saying.  The sale will be
concluded if both sides sign the main contract around the middle
of next month after due diligence and the group delivers payment
by April, according to Dong-a Ilbo.

Under the deal, Dong-a Ilbo relates, the sale price could be
lowered within the 3-percent range from KRW5.1 trillion (US$4.57
billion), the price the group suggested when it submitted its bid,
based on the results of due diligence.  As such, the final sale
price of the construction company will likely be around KRW5
trillion (US$4.48 billion), Dong-a Ilbo notes.

According to the report, most of the provisions in the latest deal
were in the MOU the creditors exchanged with Hyundai Group,
including a clause allowing creditors to ask the automotive group
for materials on funding source.

Creditors of Hyundai Engineering & Construction Co. on Jan. 7,
2011, selected Hyundai Motor Group as the prime bidder for
South Korea's top builder.  The move came after a Seoul court on
January 4 turned down an injunction sought by Hyundai Group to
block creditors from scrapping the deal to sell a 35% stake in the
builder.

Hyundai Group signed a KRW5.5 trillion preliminary deal with KEB
on Nov. 29 to buy a 34.88% stake in the country's top builder,
beating its rival Hyundai Motor Group that had proposed to pay
KRW5.1 trillion.  But creditors of Hyundai E&C scrapped a takeover
deal for the builder signed with Hyundai Group as the group failed
to resolve suspicions over its ability to finance the deal.

                     About Hyundai Engineering

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

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


SAMHWA MUTUAL: FSC Suspends Bank's Operations for Six Months
------------------------------------------------------------
The Financial Services Commission on Friday suspended operations
of Samhwa Mutual Savings Bank as it accelerates efforts to
restructure the savings banks industry distressed with souring
construction loans, Yonhap News reports.

The news agency relates that South Korea's financial regulator
said it will suspend Samhwa for six months for failing to meet
regulatory capital requirements.

As of the end of July, the FSC said, the savings bank's debts
exceeded assets by KRW50.4 billion (US$45.2 million) and its
capital adequacy ratio stayed at minus 1.42 percent as of end-
June, compared with the mandated regulatory level of 1 percent.

According to Yonhap, the suspension is the first of its kind since
the FSC halted business of Jeonil Mutual Savings Bank, a
provincial industry player, in December 2009, amid the global
financial crisis.

The regulator said Samhwa Mutual Savings Bank will be forced to be
sold to other financial institutions unless it normalizes its
capital strength in one month, Yonhap reports.

Yonhap relates the FSC also noted it will pick the preferred
bidder to buy the affected savings bank through an auction by mid-
February as part of preparatory actions to find a new owner, in
case Samhwa Mutual Savings Bank fails normalization.

"The decision to suspend the bank was made to minimize losses in
the country's deposit insurance fund," the FSC said, adding the
action will have only limited impact on the financial sector,
according to Yonhap.

Yonhap discloses that the suspended savings bank's total assets
reached KRW1.4 trillion as of end-June, accounting for only
1.6% of the total assets held by 105 local peers.

The suspension comes as the financial regulator steps up actions
to weed out non-viable savings banks through consolidations with
bigger commercial banks or regulator-led restructuring.

Samhwa Mutual Savings Bank is a savings bank based in Seoul.


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


CRAFAR FARMS: MAF Lays Animal Welfare Charges Against Five Parties
-----------------------------------------------------------------
The New Zealand Herald reports that the Ministry of Agriculture
and Forestry has laid charges against five parties involved in the
running of the Crafar farms.

According to the NZ Herald, the Animal Welfare Act charges were
laid in the Taupo District Court and relate to a farm, which was
investigated by MAF in October 2009, as part of a wider review of
all Crafar-owned properties.

MAF said the charges were against five parties for "being
owners/in charge of animals and not meeting their welfare needs",
the NZ Herald relates.

A MAF spokesperson declined to give the names of the parties
involved, the NZ Herald notes.

MAF's acting deputy director-general, Peter Thomson, said the
complex nature of the alleged breaches meant the investigation had
taken some time to complete.

The case is due in court on February 9.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


PIKE RIVER: Closing Mine "Worst-case Scenario", Receiver Says
-------------------------------------------------------------
BusinessDesk reports that Pike River Coal Ltd receiver said Friday
closing the coal mine and handing the land back to the government
is the worst-case scenario.

BusinessDesk says receiver John Fisk of PricewaterhouseCoopers
told NewstalkZB he has to get the "best price obtainable for the
assets" which are worth billions of dollars, and handing the land
back to the Department of Conservation is at the bottom of the
list.

According to BusinessDesk, police sealed the entrance to the mine
on Thursday after deciding it was too dangerous to continue
efforts to recover the bodies of the 29 miners killed in
November's explosions.

The receiver has until the close of business on Monday to make a
decision on the mine's future, BusinessDesk notes.

"The worst scenario for us is that a fence is put around it and
the land is handed back to DoC, who are the landowners.  That is a
possibility," BusinessDesk quoted Mr. Fisk as saying.  "If we get
the mine into an inert state so that we can have time to look at
the various options, and see if it's possible to do a capital
raising or to sell the mine and give somebody else the opportunity
to do something with it, we will obviously look at that."

BusinessDesk adds that Mr. Fisk said PRC has about NZ$10 million
in cash, and "we need to think carefully about how that could be
spent, and also what would be involved with doing that."

Mr. Fisk, as cited by BusinessDesk, said the receiver's priority
is to get the mine safe so they can assess the options.  "We have
to get the best price obtainable for the assets," Mr. Fisk said.
"We're told there's considerable value in the coal that is in
there."

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand company that operates the coal mine where 29
miners died in a series of explosions last month, has been placed
into receivership.  Bloomberg related that Pike River Chairman
John Dow said that its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.

The company owed NZ$80 million to secured creditors BNZ and
New Zealand Oil and Gas.  Pike River also owed another estimated
NZ$10 million to NZ$15 million to contractors, including some of
the men who lost their lives in the disaster.

                         About Pike River


Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.


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


ENGAGE ELECTRONIC: Creditors' Proofs of Debt Due January 24
-----------------------------------------------------------
Creditors of Engage Electronic (S) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


GRANDSTAND PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up Grandstand Pte Ltd's operations.

Anderco Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


HANPIN SINGAPORE: Creditors' Proofs of Debt Due February 14
-----------------------------------------------------------
Creditors of Hanpin Singapore International Co. Pte. Ltd., which
is in liquidation, are required to file their proofs of debt by
Feb. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


JL GLOBAL: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up JL Global Investments Pte Ltd's operations.

River Valley Tower Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


NLC CONSTRUCTION: Creditors' Proofs of Debt Due February 14
-----------------------------------------------------------
Creditors of NLC Construction Pte. Ltd., which is in liquidation,
are required to file their proofs of debt by Feb. 14, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

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


PACIFIC DENTAL: Creditors' Proofs of Debt Due February 25
---------------------------------------------------------
Creditors of Pacific Dental Implant Centre Pte. Ltd., which is in
liquidation, are required to file their proofs of debt by Feb. 25,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Chee Yoh Chuang
          15 Hoe Chiang Road
          #12-02 Tower Fifteen
          Singapore 089316


PIONEER SMITH: Court to Hear Wind-Up Petition on January 21
-----------------------------------------------------------
A petition to wind up the operations of Pioneer Smith (S) Pte.
Ltd. will be heard before the High Court of Singapore on
January 21, 2011, at 10:00 a.m.

Rico (Pte) Ltd filed the petition against the company on
January 5, 2011.

The Petitioner's solicitors are:

          Hin Tat Augustine & Partners
          No. 20 Upper Circular Road
          #02-10/12 The Riverwalk
          Singapore 058416


SALTE PTE: Creditors' Proofs of Debt Due February 15
----------------------------------------------------
Creditors of Salte Pte Ltd, which is in liquidation, are required
to file their proofs of debt by Feb. 15, 2011, to be included in
the company's dividend distribution.

The company's liquidators are:

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


SOLVATORS INC: Creditors' Meetings Set for January 21
-----------------------------------------------------
Solvators Inc Pte Ltd., which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on January 21,
2011, at 10:00 a.m., at 19 Keppel Road, #03-07 Jit Poh Building,
in Singapore 089058.

Agenda of the meeting includes:

   a. to report and update on the progress of the liquidation;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the Liquidators' and disbursements; and

   c. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


SUPPLY BASE: Court to Hear Wind-Up Petition on January 21
---------------------------------------------------------
A petition to wind up the operations of Supply Base Corporation
Pte Ltd will be heard before the High Court of Singapore on
January 21, 2011, at 10:00 a.m.

Marco Polo Shipping Co Pte Ltd filed the petition against the
company on January 6, 2011.

The Petitioner's solicitors are:

          M/s Gurbani & Co
          78 Shenton Wat
          #31-02
          Singapore 079120


                             *********


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.





                 *** End of Transmission ***