TCRAP_Public/110131.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 31, 2011, Vol. 14, No. 21

                            Headlines



A U S T R A L I A

ABC LEARNING: Two Former Executives Face Criminal Charges
GREAT SOUTHERN: Liquidators Closer to Pursuing Legal Action
GREAT SOUTHERN: AIMCo and New Forests Buy Timberland for AU$415MM
VICTORIAN FINANCE: Ponzi Scheme Operator Sentenced on ASIC Charges
* AUSTRALIA: Up to 90% of Pubs on Sale are Distressed, Expert Says


C H I N A

CHINA FORESTRY: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
DELONG HOLDINGS: Fitch Affirms Issuer Default Rating at 'B'
TEXHONG TEXTILE: Moody's Places Rating on $200 Mil. Notes at 'Ba2'


H O N G  K O N G

ALLIED FINE: Creditors' Proofs of Debt Due February 28
BOD INDUSTRIAL: Members' Final Meeting Set for March 2
BABCOCK & BROWN LTD: Creditors' Proofs of Debt Due February 25
BEST PRINTING: Members' Final Meeting Set for March 4
CHAMPION CHANCE: Creditors' Proofs of Debt Due February 28

CITI-GRACE LTD: Members and Creditors' Meetings Set for Feb. 21
DIODES ZETEX: Members' Final Meeting Set for March 4
FUJI EIC: Seng and Lo Step Down as Liquidators
GLENEAGLES MARITIME: Creditors' Proofs of Debt Due February 28
HK SPACE: Creditors' Proofs of Debt Due February 18

HOMIE HOLDINGS: Gao Luxington Steps Down as Liquidator
ISHIYAMA SALT: Philip Brendan Gilligan Steps Down as Liquidator
LAM TIN: Creditors' Proofs of Debt Due February 24
LONG SURE: Ng Lai Hung Steps Down as Liquidator
KO NGAR GEMS: Shek Kwok Choi Steps Down as Liquidator


I N D I A

AGIO PHARMACEUTICALS: CRISIL Reaffirms 'D' Rating on INR250MM Loan
AJOY MODERN: CRISIL Assigns 'D' Rating to INR47.1 Mil. Term Loan
AMAZON WOOD: CRISIL Upgrades Rating on INR7.5MM Term Loan to 'BB'
AROMA AGROTECH: CRISIL Assigns 'B' Rating to INR5.4 Mil. LT Loan
BIRD WORLDWIDE: CARE Assigns 'CARE BB+' Rating to INR58.10cr Loan

BIYANI SHIKSHAN: CRISIL Rates INR500.0 Million Term Loan at 'BB-'
GHAZIABAD PRECISION: CRISIL Puts 'BB+' Rating on INR75.3MM Loan
HINDUSTAN SEMICONDUCTORS: CRISIL Rates INR110MM LT Loan at 'B'
INNOVATIVE SPINNING: CARE Places 'CARE BB+' Rating on INR17cr Loan
JVS FOODS: CRISIL Assigns 'B+' Rating to INR3 Million LT Loan

KIAH LIFESTYLE: CARE Rates LT Bank Facilities at 'CARE BB+'
MACROCOSM METALS: CRISIL Rates INR250 Million Cash Credit at 'B'
MAHAKALI FOODS: CRISIL Puts 'B+' Rating on INR49MM Long Term Loan
MEGAFLEX PLASTICS: CRISIL Reaffirms 'BB-' Rating on INR68MM Loan
S G POLYPLAST: CARE Assigns 'CARE BB' Rating to INR3cr LT Loans

SANT BABA: CRISIL Assigns 'D' Rating to INR135MM Long Term Loan
SHREE RAJMOTI: CRISIL Assigns 'B+' Rating to INR200MM Loan Limit
SUGAJOTHI TEX: CRISIL Assigns 'D' Rating to INR40.70MM LT Loan
VIMLESH INDUSTRIES: CRISIL Assigns 'BB-' Rating to INR10MM Loan


I N D O N E S I A

FAJAR SURYA: Fitch Upgrades LT Foreign Currency Rating to 'B+'
GARUDA INDONESIA: Government Sets Stock Price at IDR750 Per Share


J A P A N

JCREF CMBS: Moody's Reviews Ratings on Various Classes of Notes


M A L A Y S I A

HO HUP CONSTRUCTION: Restraining Order Extended Until April 23
NAM FATT: Unit Sells Land to JS Bina for MYR2.85 Million
RAMUNIA HOLDINGS: 7th Annual General Meeting Set for February 18
TRANSMILE GROUP: Restraining Order Extended for 90 Days


N E W  Z E A L A N D

ROCKFORTE FINANCE: Government May Get 10c on the Dollar Payout
WESTPAC NEW: Moody's Concludes Review on 'C+' BSF Rating


S I N G A P O R E

FONG FAN: Court Enters Wind-Up Order
FOOSTI PTE: Court Enters Wind-Up Order
HUP HENG POULTRY: Court to Hear Wind-Up Petition on February 11
JUN-YU CONSTRUCTION: Creditors Get 20.6% Recovery on Claims
METRONOME PTE: Creditors Get 100% Recovery on Claims

PTS ENGINEERING: Creditors Get 5.52165% Recovery on Claims
RETROSEAL SERVICES: Creditors Get 0.64364% Recovery on Claims


T A I W A N

UNION INSURANCE: Fitch Affirm 'BB+' Rating on Insurance Strength


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A U S T R A L I A
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ABC LEARNING: Two Former Executives Face Criminal Charges
---------------------------------------------------------
The Australian Securities and Investments Commission said that two
former executive directors of ABC Learning Centres Ltd on Friday
appeared in the Brisbane Magistrates Court on criminal charges of
breaching their directors' duties.

The executives are Edmund Stuart Groves of Palm Beach, Queensland,
ABC's former Chief Executive Officer Global, and Martin Vincent
Kemp of Daisy Hill, Queensland, ABC's former Chief Executive,
Australia and New Zealand Operations.  Mr. Groves is charged with
one count of breaching section 184(1) of the Corporations Act 2001
and Mr. Kemp one count of breaching section 184(2) and two counts
of breaching section 184 (1) of the Corporations Act 2001.

The charges are part of an ongoing ASIC investigation which
commenced in November 2008 when ABC was placed into
administration.

The charges relate to contracts which were approved by Mr. Groves
through which Mr. Kemp purported to sell three childcare centres
owned by companies controlled by him to ABC.  The childcare
centres are known as: Hamilton House Early Childhood Centre at
Hamilton, Queensland; Parklands Drive Early Childhood and Pre
School Centre at Boronia Heights, Queensland; and Children's
Centre of Beenleigh, Queensland.  In January 2008, with the
approval of Mr. Groves, ABC paid deposits of AU$3.082 million,
which is approximately 75% of the purchase prices, to companies
associated with Mr. Kemp (Volbane Pty Ltd and Silipo Pty Ltd).
The Board of ABC was not informed of the transactions.

The charges allege:

    * Mr. Groves failed to discharge his duties as an ABC
      director in good faith and in the company's best
      interests and was dishonest by approving the payments
      made to Mr. Kemp's companies between Jan. 9, 2008, and
      Jan. 12, 2008.

    * Mr. Kemp breached his duties as a director and used
      his position as an ABC director to dishonestly gain
      an advantage for himself whereby he sought to sell
      three childcare centres to ABC between Jan. 9, 2008, and
      Jan. 12, 2008.

    * Mr. Kemp failed to discharge his duties as a director
      of ABC in good faith and was dishonest on Feb. 1, 2008,
      and Feb. 21, 2008, by not disclosing the transactions
      to ABC's board members.

The criminal charges each carry a maximum penalty of five years
imprisonment and/or a AU$200,000 fine.

Mr. Groves and Mr. Kemp were granted bail subject to a number of
conditions including that their passports be held by ASIC.  The
matter returns to Court on Feb. 25, 2011.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

                 Groves Pleads Not Guilty to Charges

The Herald Sun reports that Mr. Groves said he will defend a
criminal charge relating to the collapse of Australia's biggest
childcare chain.

According the Herald Sun, Mr. Groves, who founded ABC Learning,
denied having been involved in an allegedly dishonest deal with
the former director of the chain's Australian and New Zealand
operations, Martin Vincent Kemp.

"I've pleaded not guilty today [Jan. 18] and I will vigorously
defend the charge, and that's really all I can say right now," the
Herald Sun quoted Mr. Groves as saying.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Company filed its Chapter 15 petition in Wilmington, Delaware,
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Debtor in the Chapter 15 case.  ABC estimated debts and assets of
US$100 million to US$500 million.

An affiliate, A.B.C. USA Holdings Pty Ltd., filed a separate
Chapter 15 petition, also listing assets and debts of at least
US$100 million.


GREAT SOUTHERN: Liquidators Closer to Pursuing Legal Action
-----------------------------------------------------------
Stock & Land, citing The Australian Financial Review, reports that
the liquidator of Great Southern Limited is a step closer to
bringing legal action against the failed agribusiness group after
striking a deal with a listed litigation funding company to fund
potential court proceedings.

Stock & Land relates that Hillcrest Litigation Services told the
Australian Securities Exchange (ASX) that it had entered into a
funding agreement with Ferrier Hodgson to allow the liquidator to
complete its investigations into Great Southern, which buckled in
May 2009 under more than $800 million of debt, and potentially
fund legal actions to recover funds for investors.

"HLS has agreed to provide funding to enable the liquidators to
complete their investigations into certain aspects of the affairs
of the companies and thereafter to pursue any recovery actions as
appropriate," HLS said in a statement, according to Stock & Land.

Stock & Land notes that Ferrier Hodgson, in a report into Great
Southern's affairs, released in November 2009, appeared to rule
out pursuing the directors for trading while insolvent but said it
would continue to investigate several transactions, including
Project Transform, the plan that involved grower-investors
swapping cattle scheme lots for shares in the ASX-listed parent
company.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain of
its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


GREAT SOUTHERN: AIMCo and New Forests Buy Timberland for AU$415MM
-----------------------------------------------------------------
Alberta Investment Management Corporation ("AIMCo") said Friday
that it has agreed on behalf of its clients to acquire, together
with partner Australia New Zealand Forest Fund, the timberland
assets of Great Southern Plantations for a total purchase price of
AU$415 million.

The assets are being acquired out of receivership and represent a
diversified rural land portfolio encompassing over 2,500 square
kilometres in prime forestry and agricultural regions across six
Australian states.  By area, this transaction represents the
largest private forestry estate transaction in Australia to date.

New Forests Pty Limited, a Sydney-based timber investment
management firm specializing in sustainable forestry investments,
will manage the estate on behalf of AIMCo and ANZFF.

AIMCo CEO Leo de Bever said, "AIMCo wants to capitalize on growing
world demand for timber and agricultural products. We are
delighted to be part of this extraordinary opportunity to assist
in the development of these Australian assets, at an attractive
return to AIMCo's clients."

David Brand, Managing Director of New Forests, commented, "This
transaction is indicative of the trend to move towards
institutional ownership of Australia's plantation forestry estate,
which will allow the industry to consolidate and become
internationally competitive.  As a local investment manager
specialized in timberland management, New Forests has the
expertise and capacity to manage this diverse and valuable
forestry estate on a sustainable and commercial basis."

GSP was placed into administration and receivership in May 2009
after the downturn of the Managed Investment Scheme industry
during the global financial crisis.  Most of the plantations on
the land will continue to be managed by third parties on behalf of
the MIS investors, and those schemes are continuing.  AIMCo and
New Forests expect that the GSP timberland assets will evolve into
a high-quality institutional estate as the MIS projects are
completed, encompassing timber plantations and mixed agricultural
land uses.

                             About AIMco

AIMCo is one of Canada's largest and most diversified
institutional investment managers.  AIMCo was established on
January 1, 2008, with a mandate to provide superior long-term
investment results for its clients.  AIMCo operates independently
from the Government of Alberta and invests globally on behalf of
26 pension, endowment and government funds in the Province of
Alberta, including the Alberta Heritage Savings Trust Fund.

                    About New Forests and ANZFF

New Forests is an investment management firm specialized in
timberland and associated environmental markets, such as carbon,
biodiversity and water.  New Forests offers investment strategies
across sustainable forestry in Australia and New Zealand,
sustainable forestry in Asia and emerging ecosystem services
markets to institutional and private equity clients.  ANZFF is New
Forests' first branded product and closed in October 2010.  ANZFF
is an approximately AU$500 million fund that will invest in a
diversified portfolio of timberland properties and forestry-
related investments in Australia and New Zealand on behalf of
international and regional institutional investors.  New Forests
is headquartered in Sydney, Australia, with staff in New Zealand,
Washington, D.C., San Francisco, and Kota Kinabalu, Malaysia.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain of
its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


VICTORIAN FINANCE: Ponzi Scheme Operator Sentenced on ASIC Charges
------------------------------------------------------------------
Hazel Bucello, the sole director of Victorian Finance Broking
Services Pty Ltd, has been sentenced in the County Court of
Victoria to four years and nine months imprisonment following an
Australian Securities and Investments Commission investigation.

Ms. Bucello will serve a minimum of two and a half years in prison
before being considered for parole after pleading guilty on
March 1, 2010, to these charges:

   * five counts of obtaining property worth AU$2,384,339 by
     deception; and

   * one count of obtaining a financial advantage by deception
     worth AU$141,800.

ASIC alleged that between 2004 and 2006, five individuals invested
more than AU$2.5 million with Ms. Bucello on the understanding
their funds would be used to provide bridging finance to other
VFBS clients.  The investors were promised between 4% and 5%
interest per month on their invested capital.

ASIC's investigation found that investors were in fact being
repaid their own money, as is typical of a ponzi scheme, and that
the scheme was reliant on new funds being invested to meet the
promised interest payments.  Those who invested at the very start
fared much better than the last investor, who received no interest
payments.  While some of the investors received interest payments,
the capital invested was not repaid.  Ms. Bucello used the
remaining money to meet the financial obligations of VFBS and for
her own purposes.  VFBS collapsed in June 2006.

Ms. Bucello was also ordered by the Court to pay AU$1,207,537 in
compensation to the investors.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Victorian Finance Broking Services Pty Ltd was a Melbourne-based
loan and mortgage broking business.


* AUSTRALIA: Up to 90% of Pubs on Sale are Distressed, Expert Says
------------------------------------------------------------------
Maurice Dunlevy at The Australian reports that the besieged pub
sector has gone from bad to worse with industry claims that up to
90% of pubs currently on the market are facing some sort of
financial pressure.

The estimate, along with 2011 forecasts of a further softening of
yields -- which have already caused a 40 per cent fall in pub
values -- is the latest setback for the debt-laden sector which
recently claimed its latest scalp, Sydney's Icon Hospitality Group
of companies.  "The vast majority of pubs offered for sale -- and
that's about 90 per cent of them -- are distressed sales," said
one senior industry figure who declined to be named, according to
The Australian.

"Many distressed pubs are in the hands of bank management teams
and will never find themselves in receivership; increasing numbers
of owners are facing reality and voluntarily putting properties up
for sale."

The Australian discloses that two high-profile pub casualties,
listed freehold owner Redcape Properties and venue operator
National Leisure & Gaming collectively owe about AU$860 million to
their bank lenders.

A senior banker told The Australian that pub loans totaling
"several billion dollars" were spread across the bigger lenders,
with the absence of pub buyers leaving few options but to extend
debt repayments.

Australian Hotels Association NSW Chief Executive Sally Fielke
said the reality of hotel failures was that buyers paid record
prices for properties prior to the introduction of 2007 smoking
bans.

"With the subsequent downturn in trade, increasing interest rates
and an explosion in compliance costs, these hotels, while trading
well, have not been able to service debt or lease repayments set
at pre-smoking ban levels," The Australian quoted Ms. Fielke as
saying.

However, she said hotels remained an attractive business, a claim
supported by recent sales data and the fact that some of
Australia's wealthiest individuals had bought Sydney hotels, The
Australian added.


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C H I N A
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CHINA FORESTRY: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on China Forestry Holdings Co. Ltd. and
the 'B+' issue rating on the Company's US$300 million senior
unsecured notes on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because of the lack of
clarity from China Forestry regarding the suspension of trading in
its shares since Jan. 26, 2011.  In our view, the Company's credit
profile will have weakened if the suspension is a result of
negative developments in its business, accounting, or financial
positions.  The senior management is inaccessible to us for
comments," said Standard & Poor's credit analyst Frank Lu.

S&P aim to resolve the CreditWatch as soon as it gets some clarity
from China Forestry.  S&P may lower the ratings if it believes the
event has a material negative impact on the Company's operations,
or its financial or liquidity positions, affecting its ability to
repay its debt.  In resolving the CreditWatch, S&P will also
consider whether this event has a prolonged negative
impact on the Company's future access to the capital markets for
financing.


DELONG HOLDINGS: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------------
Fitch Ratings affirmed China-based steel manufacturer, Delong
Holdings Limited's Long-term foreign currency Issuer Default
Rating at 'B'.  The Outlook of the IDR is Stable.

The rationale for the ratings remains unchanged from when the
ratings were first assigned on 15 Nov 2010 and is summarised
below.  In addition, Fitch considers the impact of recent coking
coal supply disruptions to the Chinese steel producers as not
significant, since 90% of Chinese coking coal is supplied
domestically while steel producers can draw down on their
inventory as a temporary measure.  The agency has also observed
that the increase in steel prices in China this year has more than
offset raw material price increases.

Delong's small scale of operations, with total production capacity
of 2.6 million tonnes per annum, is the main constraining factor
on its rating.  This relatively smaller scale does not give it the
scope to have multiple product lines nor distinguish itself in a
field of over 40 other steel companies of similar size in Hebei
province alone.  Given the Chinese government's restriction on the
building of any new steel plants, Delong can expand its capacity
only via acquisition.  While Fitch noted that Delong's strategy is
to rely heavily on debt funding to acquire steel companies within
the Hebei Province, these plans have not been finalized and have
inherent execution risks.  Based on Delong's current operating
scale, its market position may be further marginalised as the
Chinese steel industry consolidates.  Fitch also notes that Delong
completed a debt restructuring exercise in December 2009 which
resulted in offshore convertible bondholders taking an 18% haircut
compared to the value they would have received had they exercised
a put option in June 2010.  The exercise was initiated in Q109,
when the company was facing difficult industry and financing
conditions.

Delong's ratings are supported by its relatively stable operating
performance and its ability to generate positive free cash flow.
Delong's metal spread, defined as gross profit per tonne of steel
produced, has remained stable between CNY250 to CNY300 after the
2008 global financial crisis, despite market price fluctuations of
both steel products and raw materials.  The agency expects Delong
to continue generating positive FCF as the company has completed
its expansion and plant modernisation plan in 2008 and is unable
to spend additional expansion capex given the government
restrictions.  Delong also has a modest financial profile, with
net debt/operating EBITDAR of 2.2x and operating EBITDAR/gross
interest expenses of 5.3x at the end of 2009.  While short term
debt amounted to CNY1,019 million compared to an unrestricted cash
balance of CNY768 million at end September 2010, Fitch believes
that Delong should be able to roll over the short term facilities
given its positive FCF generation and strong asset cover.

The Stable Outlook reflects Fitch's expectation that the Chinese
steel price may be supported by the government's drive in
restructuring the industry.  In August 2010, the Ministry of
Industry and Information Technology announced the shuttering of
plants with total capacity of 35mpta.  Furthermore, the ongoing
restriction on steel capacity expansion should eventually improve
the supply demand balance.  The expected increase in global supply
of iron ore beginning 2013 may also support the improvement in
industry profitability as raw material cost pressure eases.

Factors that may cause a negative rating action include Delong's
onshore debts to total assets rising above 20%, and its annual
metal spread falling below CNY200, and/or a deterioration of its
net debt/EBITDAR to above 3.0x for two consecutive years, and
Operating EBITDAR/Gross interest expenses falling below 2.5x, and
FCF becomes negative over two consecutive years.  Also, any
material adverse changes in the terms of the proposed senior
unsecured notes, its funding or investment plans may result in a
negative rating action.

Positive rating triggers include the company's ability to increase
its scale beyond 5mtpa crude steel capacity, while maintaining its
net debt/EBITDAR below 2.0x and remaining FCF positive for at
least two consecutive years.  Any of these factors alone would be
insufficient in supporting an upward rating action.


TEXHONG TEXTILE: Moody's Places Rating on $200 Mil. Notes at 'Ba2'
------------------------------------------------------------------
Moody's Investors Service assigned definitive Ba2 senior unsecured
bond rating to the US$200 million 7.625% notes due 2016 issued by
Texhong Textile Group Limited.

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on 4th January 2011.  Moody's rating
rationale was set out in a press release and explored more fully
in a Credit Opinion published on January 12, 2011.

The bond proceeds will be used for refinancing, capex and other
general corporate purposes.

The principal methodology used in this rating was Global
Manufacturing Industry published in December 2010.

The last rating action on Texhong was taken on January 4, 2011,
when Moody's assigned first-time Ba2 corporate family rating to
Texhong and (P)Ba2 to its proposed senior unsecured notes.

Established in 1997, Texhong now operates 12 yarn production bases
-- 11 in the Yangtze River Delta region in China and one in
Vietnam.  It specializes in core-spun yarn and textile products.
It has been listed on the Hong Kong Stock Exchange since 2004.
Its founder, Mr. Tianzhu Hong, holds 52.2% of the company.


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H O N G  K O N G
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ALLIED FINE: Creditors' Proofs of Debt Due February 28
------------------------------------------------------
Creditors of Allied Fine Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 18, 2011.

The company's liquidator is:

         Chow Kai Yip Lawrence
         Room 904, President Commercial Centre
         608 Nathan Road
         Mong Kok, Kowloon


BOD INDUSTRIAL: Members' Final Meeting Set for March 2
------------------------------------------------------
Members of B.O.D. Industrial Limited will hold their final meeting
on March 2, 2011, at 9:00 a.m., at Room 3, 8/F., Yue Xiu Building,
160 Lockhart Road, Wanchai, in Hong Kong.

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


BABCOCK & BROWN LTD: Creditors' Proofs of Debt Due February 25
--------------------------------------------------------------
Creditors of Babcock & Brown Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 21, 2011.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


BEST PRINTING: Members' Final Meeting Set for March 4
-----------------------------------------------------
Members of The Best Printing International Limited will hold their
final meeting on March 4, 2011, at 9:00 a.m., at Room 3, 8/F., Yue
Xiu Building, 160 Lockhart Road, Wanchai, in Hong Kong.

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


CHAMPION CHANCE: Creditors' Proofs of Debt Due February 28
----------------------------------------------------------
Creditors of Champion Chance Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 19, 2011.

The company's liquidator is:

         Tso Yin Yee
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


CITI-GRACE LTD: Members and Creditors' Meetings Set for Feb. 21
---------------------------------------------------------------
Members and creditors of Citi-Grace Limited will hold their annual
meetings on February 21, 2011, at 2:30 p.m., and 3:00 p.m.,
respectively at 12th Floor, Grand Building, Nos. 15-18 Connaught
Road Central, in Hong Kong.

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


DIODES ZETEX: Members' Final Meeting Set for March 4
----------------------------------------------------
Members of Diodes Zetex Procurement (AP) Limited will hold their
final meeting on March 4, 2011, at 2:30 p.m., at Unit 511, 5/F,
Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FUJI EIC: Seng and Lo Step Down as Liquidators
----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Fuji EIC HK Co., Limited on January 15, 2011.


GLENEAGLES MARITIME: Creditors' Proofs of Debt Due February 28
--------------------------------------------------------------
Creditors of Gleneagles Maritime Medical Centre (China) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by February 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 20, 2011.

The company's liquidator is:

         Wong Man Hung Windy
         Room 1708 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


HK SPACE: Creditors' Proofs of Debt Due February 18
---------------------------------------------------
Creditors of The Hong Kong Space Technology Research Foundation
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by February 18, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on January 21, 2011.

The company's liquidators are:

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


HOMIE HOLDINGS: Gao Luxington Steps Down as Liquidator
------------------------------------------------------
Gao Luxington stepped down as liquidator of Homie Holdings Company
Limited on January 18, 2011.


ISHIYAMA SALT: Philip Brendan Gilligan Steps Down as Liquidator
---------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Ishiyama
Salt Limited on January 18, 2011.


LAM TIN: Creditors' Proofs of Debt Due February 24
--------------------------------------------------
Creditors of Lam Tin Wai Hoi Public Light Bus Merchants
Association Limited, which is in members' voluntary liquidation,
are required to file their proofs of debt by February 24, 2011, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on January 24, 2011.

The company's liquidator is:

         Fung Chi Keung
         Room 1102, 11/F
         Henan Building
         90 Jaffe Road
         Wanchai, Hong Kong


LONG SURE: Ng Lai Hung Steps Down as Liquidator
-----------------------------------------------
Ng Lai Hung stepped down as liquidator of Long Sure Industries
Limited on January 27, 2011.


KO NGAR GEMS: Shek Kwok Choi Steps Down as Liquidator
-----------------------------------------------------
Shek Kwok Choi stepped down as liquidator of Ko Ngar Gems Factory
Limited on January 18, 2011.


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


AGIO PHARMACEUTICALS: CRISIL Reaffirms 'D' Rating on INR250MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agio Pharmaceuticals
Ltd continue to reflect the delays by Agio Pharma in servicing its
term loans and overdrawn cash credit limits for more than 30 days,
because of weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Term Loans        D (Reaffirmed)
   INR120 Million Cash Credit       D (Reaffirmed)
   INR60 Million Bill Discounting   P5 (Reaffirmed)
   INR5 Million Short Term Bank     P5 (Reaffirmed)
               Facility
   INR115 Million Letter of Credit  P5 (Reaffirmed)
   INR7.5 Million Bank Guarantee    P5 (Reaffirmed)

Incorporated in January 1992 and promoted by Mr. Madhusudhan Ruia,
Agio Pharma is a recognised pharmaceutical exporter.  It initially
marketed the products of other pharmaceutical companies.
Subsequently, it began manufacturing its own products and
exporting them to Russia and the Commonwealth of Independent
States.  To reduce its dependence on these markets, which
contributed to more than 90% of its export revenues in 2006-07
(refers to financial year, April 1 to March 31), Agio Pharma has
expanded its operations to markets in Africa, Southeast Asia, and
Latin America.

For 2009-10, Agio Pharma's profit after tax (PAT) is estimated at
INR14 million on estimated net sales of INR954 million, against a
reported PAT of INR10 million on net sales of INR792 million for
2008-09.


AJOY MODERN: CRISIL Assigns 'D' Rating to INR47.1 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Ajoy
Modern Rice Mill Pvt Ltd.  The rating reflects delay by AMRM in
servicing its term loan; the delay is because of the company's
weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR160.00 Million Cash Credit      D (Assigned)
   INR47.10 Million Term Loan         D (Assigned)
   INR109.90 Million Proposed Term    D (Assigned)
                              Loan

AMRM has a weak financial risk profile, marked by a small net
worth, average gearing, and weak debt protection metrics, and is
exposed to risks related to unfavorable changes in government
regulations and to volatility in raw material prices. However,
AMRM benefits from its promoters' extensive experience in the rice
milling business.

                         About Ajoy Modern

Set up in 1998, AMRM mills and processes paddy into rice and its
by-products, namely broken rice, rice bran, and husk.  The company
is promoted by Mr. Arup Kumar Jash and his brother, Mr. Anup Kumar
Jash. AMRM sells rice under the brand name, Ajoy Gold.  It has a
paddy milling capacity of 20 tonnes per hour and about 1.7 million
quintals per annum, at its mill in Burdwan (West Bengal).  In
2009-10 (refers to financial year, April 1 to March 31), the
company diversified into a 1-megawatt power plant for captive
consumption.

AMRM reported a profit after tax (PAT) of INR1.2 million on
net sales of INR773 million for 2009-10, against a PAT of
INR0.5 million on net sales of INR327 million for 2008-09.


AMAZON WOOD: CRISIL Upgrades Rating on INR7.5MM Term Loan to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Amazon
Wood Pvt Ltd to 'BB/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR65.00 Million Cash Credit          BB/Stable (Upgraded from
                                                    'B+/Stable')
   INR7.50 Million Term Loan             BB/Stable (Upgraded from
                                                    'B+/Stable')
   INR170.00 Million Letter of Credit    P4+ (Upgraded from 'P4')

The upgrade has been driven by Amazon's improved operating
performance and financial risk profile (including liquidity).
Amazon's year-on-year revenue growth of 92% in 2009-10 (refers to
financial year, April 1 to March 31) was much more than expected;
net sales were 419.3 million for the year.  Operating margin
improved to 10.1% in 2009-10 from 8.2% in 2008-09, better than
CRISIL's expectations. The momentum in growth has continued in
2010-11 as well.  Amazon generated gross sales of INR533.1 million
for April to December 2010.  Also, promoters infused INR17.0
million in 2010-11 (till date) and INR3.0 million in 2009-10 as
share application money.  Healthy cash accruals and equity
infusion have led to the company's gearing improving to 1.41 times
as on March 31, 2010 from 2.53 times as on March 31, 2009.
Liquidity has also improved, as reflected in its reduced fund-
based bank limits utilization level.  Debt protection metrics have
improved, with interest coverage ratio increasing to 3.91 times in
2009-10 from 1.74 times in 2008-09, and net cash accruals to total
debt ratio increasing to 0.28 times in 2009-10 from 0.08 times in
2008-09.  The upgrade also reflects CRISIL's belief that Amazon
will maintain its financial risk profile (including liquidity) at
the improved level over the medium term despite its debt-funded
capital expenditure (capex) plans.

The ratings reflect Amazon's large working capital requirements,
small scale of operations, small net worth, and susceptibility to
volatility in foreign exchange rates.  These rating weaknesses are
partially offset by the extensive experience of Amazon's promoters
in the wood industry, and its moderate financial risk profile,
marked by moderate gearing and comfortable debt protection
metrics.

Outlook: Stable

CRISIL believes that Amazon will continue to benefit over the
medium term from its promoters' extensive industry experience.
The company's financial risk profile is expected to remain
moderate over the medium term because of its working-capital-
intensive operations.  The outlook may be revised to 'Positive' if
Amazon's financial risk profile (including liquidity) improves
further, most likely driven by more-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of larger-than-expected debt-funded capex,
more-than-expected working capital requirements, or pressure on
cash accruals.

                         About Amazon Wood

Amazon was set up as an equal joint venture (JV) between
Mr. Rakesh Verma, Mr. Sanjiv Gupta, and Mr. Rajinder Singh.
Incorporated in 2006, Amazon manufactures pre-laminated particle
boards from baggasse and wood board in Pune (Maharashtra).  The
installed capacity of the manufacturing unit was 3000 to 3200
boards per day as on December 31, 2010. Amazon also trades
imported baggasse boards.  The trading business accounts for 36%
of its total revenues.  In 2010-11, the JV partners handed over
the ownership of the company to Mr. Rakesh Verma and family.

Amazon reported a profit after tax (PAT) of INR17.0 million on
net sales of INR419.3 million for 2009-10, against a PAT of
INR2.0 million on net sales of INR218.3 million for 2008-09.


AROMA AGROTECH: CRISIL Assigns 'B' Rating to INR5.4 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Aroma Agrotech Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR5.4 Million Long-Term Loan       B/Stable (Assigned)
   INR40.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR150.0 Million Packing Credit     P4 (Assigned)
   INR120.0 Million Bill Purchase      P4 (Assigned)

The ratings reflect AAPL's working-capital-intensive operations,
and weak financial risk profile marked by small net worth, high
gearing, and weak debt protection metrics.  The ratings also
reflect AAPL's small scale of operations, and susceptibility to
volatility in raw material prices and adverse regulatory changes.
These rating weaknesses are partially offset by the extensive
experience of AAPL's promoters in basmati rice business and strong
growth in the company's operating income over the past few years
and healthy growth prospects for basmati rice industry.

Outlook: Stable

CRISIL expects AAPL's financial risk profile to remain weak over
the medium term because of its highly working-capital-intensive
operations and ongoing debt-funded capital expenditure (capex)
programme. The company's scale of operations is expected to remain
small, though it is expected to increase from current level, over
the near term. The outlook may be revised to 'Positive' if AAPL's
profitability improves and cash accruals increase significantly
after the capacity expansion, or its capital structure improves
significantly because of more-than-expected equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' if
there is significant deterioration in the company's capital
structure or there is significant pressure on its profitability.

                        About Aroma Agrotech

AAPL was established in August 2009 by the partner-promoters of
the partnership firm Aroma Agrotech (established in 2003-04
[refers to financial year, April 1 to March 31]). AAPL took over
the business of the partnership firm on April 1, 2010.  The
promoters had been associated with the basmati rice industry as
partners in other entities in this industry before establishing
Aroma Agrotech. AAPL is engaged into milling and processing
basmati rice, which it mainly exports to the Middle East.  AAPL's
plant is in Gharunda (Haryana), which is a large market for
basmati paddy. AAPL's current milling capacity is around 3 tons
per hour (tph) and sorting capacity is around 8 tph.  AAPL is
increasing its milling capacity by 6 tph; the upcoming capacity is
expected to be operational from March 2011 onwards.

AAPL reported a profit before tax (PBT) of INR9.4 million on net
sales of INR1000.4 million for 2009-10, against a PBT of INR7.5
million on net sales of INR946.1 million for 2008-09.


BIRD WORLDWIDE: CARE Assigns 'CARE BB+' Rating to INR58.10cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of Bird Worldwide Flight Services (I) Pvt Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities    58.10        'CARE BB+' Assigned
   Short-term Bank Facilities    6.10        'PR 4+' Assigned

Rating Rationale

The rating is constrained by BWFS's limited track record of
operations and weak financial profile consequent to net losses
incurred in the last two years and low equity share capital.
Further, BWFS is also exposed to government regulations in the
industry and business risk associated with the renewability of the
contractual agreements with the airlines w.r.t. tenure, ground-
handling charges, etc. However, the rating draws comfort from the
experience and resourcefulness of the promoters as well as their
demonstrated support through capital infusion, technical support
from Worldwide Flight Services, France (WFS) and improvement in
profitability during H1FY11.

Going forward, the ability of BWFS to profitably scale up its
operations to generate adequate cash accruals as well as improve
its capital structure would be the key rating sensitivities.  Any
alteration in the regulations w.r.t. to the ground-handling
business and in the contracts with its customers shall also be the
key rating sensitivities.

                       About Bird Worldwide

Incorporated in October 2008, Bird Worldwide Flight Services
(BWFS) is a Bird group company and is engaged in the business of
providing ground-handling services at Indian airports including
cargo handling, passenger handling, segregation, custom clearance,
ramp handling, cabin cleaning, load planning, turnaround of
aircraft, etc. Presently, BWFS operates as a third-party ground-
handling service provider at the Delhi and Cochin airport.
During FY10, GGI achieved total operating income of INR26 cr with
PBILDT and net loss of INR1.86 cr and INR0.8 cr respectively.  As
per the provisional results for H1FY11, the company has achieved
total operating income of INR37.84 cr with PBILDT and PAT margin
of 8.99% and 2.69% respectively.


BIYANI SHIKSHAN: CRISIL Rates INR500.0 Million Term Loan at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative' rating to the bank
facilities of Biyani Shikshan Samiti.

   Facilities                      Ratings
   ----------                      -------
   INR500.0 Million Term Loan      BB-/Negative (Assigned)

The rating reflects an expected deterioration in the society's
financial risk profile and liquidity position owing to large debt-
funded capital expenditure (capex) over the medium term and high
level of competition, and the society's limited track record in
conducting engineering courses.  These rating weaknesses are
partially offset by BSS' wide portfolio of courses.

Outlook: Negative

CRISIL believes that BSS' financial risk profile and liquidity
will weaken over the medium term because of the planned debt-
funded capex entailing more than 16 times its current net worth.
The company's business risk profile is, however, supported by the
wide portfolio of courses offered by the society and expected
inclusion of new courses after the opening of its new campus,
Biyani's Interdisciplinery Research & Development University
(BIRDU).  The outlook could be revised to 'Stable' if BSS
generates higher-than-expected cash accruals, strengthening its
liquidity position.  Conversely, the rating may be downgraded if
the society's financial risk profile weakens on account of higher-
than-expected debt-funded capex, or if there is a drop in
enrolment for its courses.

                       About Biyani Shikshan

Set up in 1997 by Mr. Rajeev Biyani, Dr. Sanjay Biyani and
Dr. Manish Biyani, BSS was initially a coaching institute.  The
society set up its first institute ? Biyani Girls College ? at
Jaipur (Rajasthan) in 2003.  It currently operates five institutes
under the Biyani brand in Jaipur.  The institutes offer courses in
the fields of commerce, nursing, education, technology,
information technology and management. BSS has total student
strength of around 2500. All its campuses are enabled with Wi-Fi
systems, and have other facilities such as air-conditioned
libraries, computer labs, hostel, sports complex, auditorium, and
cafeteria. The society has recently received a letter of intent
from the government of Rajasthan to set up a state university in
Japiur; the university, named as BIRDU, is expected to commence
operations from 2011-12.

For 2008-09 (refers to financial year, April 1 to March 31), BSS
reported a profit after tax (PAT) of INR3.9 million on net income
of INR67.8 million, compared with a PAT of INR1.8 million on net
sales of INR42.7 million for 2007-08.


GHAZIABAD PRECISION: CRISIL Puts 'BB+' Rating on INR75.3MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Ghaziabad Precision Products Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB+/Stable (Assigned)
   INR30 Million Cash Credit/Packing   BB+/Stable (Assigned)
                              Credit
   INR75.3 Million Term Loan           BB+/Stable (Assigned)
   INR5.7 Million Proposed LT Bank     BB+/Stable (Assigned)
                     Loan Facility
   INR30.0 Million Foreign Bill        P4+ (Assigned)
           Purchase
   INR7.5 Million Bill Discounting     P4+ (Assigned)
   INR7.5 Million Packing Credit       P4+ (Assigned)
   INR6.0 Million Letter of Credit     P4+ (Assigned)
   INR1.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect GPPPL's weak financial risk profile, marked by
a high gearing and moderate debt protection metrics, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by GPPPL's diverse customer profile, the
extensive experience of the company's promoters in the domestic
and export markets.  The rating also factors in the expected
improvement in demand conditions, resulting in an improvement in
the company's revenue growth rate.

Outlook: Stable

CRISIL believes that GPPPL will continue to have a stable demand
for its products over the medium term on the back of its
longstanding relations with its key customers.  The outlook may be
revised to 'Positive' if there is more-than-expected improvement
in the company's operating income and profitability.  Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in GPPPL's profitability, resulting in reduced cash
accruals, or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme.

                      About Ghaziabad Precision

Set up in 1988 by Mr. I C Aggarwal, GPPPL manufactures valve train
components such as valve push rods, rocker arms, shafts,
assemblies, shifter rails, and different types of springs for
engines at its two plants, one each in Ghaziabad (Uttar Pradesh)
and Sitarganj (Uttarkhand).  GPPPL has a diversified customer
base, with presence in both the domestic and international
markets. GPPL's key clientele includes Ashok Leyland Ltd (rated
'AA-/Positive/P1+' by CRISIL), Caterpillar Inc, Perkins Engines
Company Ltd, UGC Supply Chain Solution Pvt Ltd, and VE Commercial
Vehicles Ltd.

GPPPL reported a profit after tax (PAT) of INR7.0 million on net
sales of INR324.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR16.0 million on net
sales of INR322.0 million for 2007-08.


HINDUSTAN SEMICONDUCTORS: CRISIL Rates INR110MM LT Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Hindustan Semiconductors Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR110.00 Million Proposed LT Bank    B/Stable (Assigned)
                             Facility

The rating reflects HSL's exposure to risks related to the
implementation of its ongoing greenfield project, and expected
weak financial risk profile over the medium term, driven by the
start-up nature of the company's operations and large working
capital requirements.  These rating weaknesses are partially
offset by the experience of HSL's promoters in the semiconductors
industry, and the moderate demand prospects for the company's
product.

Outlook: Stable

CRISIL believes that HSL will benefit over the medium term from
its promoters' experience in scaling up operations of project post
commissioning.  The outlook may be revised to 'Positive' in case
of more-than-expected ramp up in revenues and profitability,
leading to higher cash accruals.  Conversely, the outlook may be
revised to 'Negative' in case of significant delays in the
commencement of commercial production, or cost overrun during
project implementation, or lower-than-expected cash accruals
pressurising the company's liquidity.

Incorporated in August 2007, HSL is currently setting up a light-
emitting diode (LED) manufacturing facility in Wardha
(Maharashtra).  The plant, once operational, will have capacity to
manufacture 180 million display LEDs per annum.  The facility is
being set up at a total cost of around INR112.4 million, which is
being funded by debt to the extent of INR75 million.  HSL's
manufacturing facility is expected to commence commercial
operations in April 2011.


INNOVATIVE SPINNING: CARE Places 'CARE BB+' Rating on INR17cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Innovative Spinning And Knitting Pvt. Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities     17.00       'CARE BB+'

Rating Rationale

The rating is constrained by ISPL's limited presence in the
textile value chain, limited track record, high working capital
utilization, small scale of business activity in a fragmented
industry with intense competition from the organized and
unorganized sectors.  The rating derives strength from experienced
management, locational advantage and support of the group.
The ability of ISPL to maintain profitability margins in the
scenario of intense competition coupled with volatility in the
cotton and synthetic fibre price remains the key rating
sensitivity.

Innovative Spinning and Knitting Private Limited was incorporated
in January 2010 by the Baid group and started commercial
operations in June 2010.  ISPL manufactures undergarments and
currently has cutting, stitching and packing facility at Tirupur,
Tamilnadu.  ISPL during its first three months of commercial
operations (July 2010 ? September 2010) reported
net sales of INR58.07 crore.


JVS FOODS: CRISIL Assigns 'B+' Rating to INR3 Million LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of JVS Foods Pvt Ltd (JFPL; part of the JVS group).

   Facilities                          Ratings
   ----------                          -------
   INR52.50 Million Cash Credit        B+/Stable (Assigned)
   INR3.00 Million Long-Term Loan      B+/Stable (Assigned)
   INR35.00 Million Letter of Credit   P4 (Assigned)
                  and Bank Guarantee

The ratings reflect the JVS group's weak financial risk profile,
marked by a small net worth, high gearing and weak debt protection
metrics, large working capital requirements, and its exposure to
risks related to tender-based nature of business and volatility in
raw material prices.  These weaknesses are partially offset by the
experience of the group's promoters in the manufacture and supply
of ready-to-eat nutritional food supplements, and its improving
scale of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JFPL and its group entities M P
Agrotonics Pvt Ltd, Flora-O-Foods and Vital Multimeal Ltd,
together referred to as the JVS group. This is because all the
companies are in the same line of business, managed by the same
promoters, and have financial and business linkages.

Outlook: Stable

CRISIL believes that the JVS group's financial risk profile and
liquidity will remain weak driven by large working capital
requirement.  However, the business risk profile will continue to
be supported by the extensive experience of the promoters in the
ready-to-eat nutrition food business.  The outlook may be revised
to 'Positive' in case of significant improvement in capital
structure and liquidity driven by higher-than-expected cash
accruals or significant fresh equity infusion.  Conversely, the
outlook may be revised to 'Negative' in case of further pressure
on liquidity owing to a deterioration in revenues and
profitability of the group or any significant stretch in the
group's receivables.

                         About the Group

Incorporated in 1995, JFPL manufactures ready-to-eat nutritional
food supplements. Its customers are mainly state government
departments, under the Integrated Child Development Services
programme1 , or non-governmental agencies connected with welfare
schemes of the United Nations World Food Programme and United
Nations Children's Fund. JFPL's unit in Jaipur (Rajasthan) has a
capacity of 150 tonnes per day (tpd).  The company is promoted by
Mr. P C Mahnot who looks after the overall management of the
group. In 2003, the promoters entered into a joint venture (JV)
with the Government of Madhya Pradesh (GoMP) to start MPAPL. JFPL
holds a 63% stake in MPAPL, 26% is held directly by the group's
promoters, while 11% is held by the GoMP. The company also
manufactures nutritional food, and has a capacity of around 200
tpd.

FOF, whose proprietor is Mrs. Shikha Jain, the daughter of Mr. P C
Mahnot, was started to expand operations of JFPL and increase
capacities by around 80 tpd.  It supplies mainly to the state
governments of Rajasthan, Gujarat, Orissa and the World Foods
Programme. VML was incorporated in 2003 in Uttaranchal to cater to
the requirements of Uttaranchal. The company did not, however,
receive any orders due to which it is currently non-operational.

The JVS group reported a profit after tax (PAT) of INR11.2 million
on net sales of INR1515.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR8.4 million on net
sales of INR771.1 million for 2008-09.

The scheme was launched in 1975 by the Government of India (GoI)
under the ministry of Women and Child Welfare Department. The
objective of the scheme is to eradicate malnutrition and
immortality rate among children and nursing mothers, irrespective
of the economic level.  The budgetary allocation for any state is
shared equally (50:50) by both central and state governments. The
scheme envisages supply of both processed and cooked food.


KIAH LIFESTYLE: CARE Rates LT Bank Facilities at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Kiah
Lifestyle Pvt Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities     16.00       'CARE BB+' Assigned

Rating Rationale

The rating is constrained by the small scale of business activity,
moderate financial profile with losses at PAT level for the last
three financial years, negative net worth and fragmented industry
with high level of competition from both organized and unorganized
sector.  The rating, however, derives strength from experienced
management and group support.  Ability of KLPL to achieve healthy
profitability in the scenario characterised by intense competition
from other domestic players remains key rating sensitivity.

Incorporated in 1994, Kiah Lifestyle Private Limited (KLPL) is
engaged in manufacturing and retail of diamond and precious stone
studded jewellery through its six retail outlets under brand name
?KIAH? situated across India.  KLPL is also engaged in wholesale
business of jewellery.  KLPL is a part of the Sheetal group, a DTC
sightholder  and a select Diamaintaire of Rio Tinto Diamonds.  The
group is promoted by Mr. Govindbhai Kakadia, and his brothers, Mr.
Vallabhbhai Kakadia and Mr. Ravjibhai Kakadia having more than
three decades of experience in the industry.

In FY10, KLPL recorded a net sales of INR128.59 crore and net loss
of INR0.02 crore.  In H1FY11, KLPL reported net sales of INR66.26
crore and PBT of INR0.49 crore.


MACROCOSM METALS: CRISIL Rates INR250 Million Cash Credit at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Macrocosm Metals & Energy Pvt Ltd (MMEPL; part of the
Macrocosm group).

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       B/Stable (Assigned)

The ratings reflect the Macrocosm group's exposure to project
implementation risks, its aggressive capital expenditure (capex)
plans, which are likely to weaken its financial risk profile and
the susceptibility of its profitability margin to volatility in
copper prices.  These weaknesses are partially offset by the
Macrocosm group's healthy operating efficiencies.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MMEPL and Macrocosm Infrastructure &
Power Pvt Ltd.  This is because the two companies, together
referred to as the Macrocosm group, have a common management team
and significant operational linkages.

Outlook: Stable

CRISIL believes that the Macrocosm group will continue to benefit
from its healthy operating efficiencies on account of significant
investments in state-of-the-art plant and machinery, and its
established customer base. The outlook may be revised to
'Positive' if higher-than-expected capacity utilization leads to
substantial increase in the group's net cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected deterioration in the group's capital structure
and lower-than-expected net cash accruals, leading to pressure on
its debt servicing ability.

                          About the Group

The Macrocosm group manufactures copper alloy tubes, copper alloy
billets, sections, and profiles.  The group plans to have two
manufacturing facilities; MMEPL's plant is located in Sanand
(Gujarat) while MIPPL proposes to set up a manufacturing plant in
Raigad (Maharashtra).  MMEPL was set up in 2008-09 and commenced
commercial production in October 2009.  It has capacity to produce
7500 tonnes per annum (tpa) of various copper alloy tubes; the
capacity is expected to be increased to 10,000 tpa in 2010-11.
The promoters are setting up a plant with capacity to manufacture
10,000 tpa of copper alloy billets, copper tubes, and sections,
under MIPPL.

The Macrocosm group is promoted by brothers Mr. Hrishikesh Shah
and Mr. Jaikishen Shah, each having direct or indirect stake of
50% in all group companies. The promoters' father, Mr. BK Shah,
has been involved in the gems and jewellery business.  To
diversify the business, Mr. Hrishikesh Shah and Mr. Jaikishen Shah
entered the business of trading in copper alloy tubes, wires,
sections, and rods in 2001 through a group concern Macrocosm
Metals & Alloys, which outsourced manufacturing to Gujarat
Cypromet Ltd (GCL) on job work basis. In 2009, the promoters took
over GCL, made significant additions to its plant and machinery,
and renamed it Macrocosm Metals & Energy Pvt Ltd.

Macrocosm Metals & Energy reported a profit after tax (PAT) of
INR13 million on net sales of INR 398 million for 2009-10


MAHAKALI FOODS: CRISIL Puts 'B+' Rating on INR49MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Mahakali Foods Pvt Ltd .

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        B+/Stable (Assigned)
   INR49 Million Long-Term Loan     B+/Stable (Assigned)
   INR41 Million Proposed LT Bank   B+/Stable (Assigned)
                    Loan Facility

The rating reflects MFPL's weak financial risk profile, marked by
small net worth and high gearing, the susceptibility of its
operating margin to volatility in soya bean prices, and its
exposure to risks related to intense competition and fragmentation
in the soya industry.  These weaknesses are partially offset by
MFPL's diversified revenue base, and the increasing contribution
of value-added products to its turnover.

Outlook: Stable

CRISIL believes that MFPL will maintain its position in the soya
business, on the back of the increasing contribution of value-
added products to its turnover.  The outlook may be revised to
'Positive' if its capital structure improves, or if sales of its
value-added products increase, resulting in more-than-expected net
cash accruals.  Conversely, the outlook may be revised to
'Negative' in case of less-than-expected net cash accruals, if the
company undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its liquidity deteriorates.

                        About Mahakali Foods

The Mahakali group is promoted by the Saha family of Indore
(Madhya Pradesh).  Established in 1990, it comprises several sole
proprietary concerns and companies operating in the Indian food
processing industry.  MFPL is its flagship company, whose
operations are carried out in two units. Unit-I manufactures soya
nuggets and granules, and contributed to less than 5% of its
revenues. Unit-II, which contributes to over 90% of the revenues,
is engaged in the crushing of soya beans to manufacture crude
edible oil and soya de-oiled cakes. The other group concerns
include M/s Mahakali Coal Industries, M/s Indian Flame
Enterprises, M/s Pranav Enterprises, and M/s Saraswati
Enterprises, manufacture and trade in soya nuggets, vermicelli,
papad, and coal.

MFPL reported a profit after tax (PAT) of INR 7 million on net
sales of INR1,143 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of Rs 2 million on net
sales of INR41 million for 2008-09.


MEGAFLEX PLASTICS: CRISIL Reaffirms 'BB-' Rating on INR68MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Megaflex Plastics Ltd
continues to reflect small scale, and working-capital-intensive
nature, of MPL's operations, and its exposure to risks relating to
intense competition in the polypropylene bags industry.  These
weaknesses are, however, partially offset by average growth in
MPL's revenues, supported by increased potential in the
polypropylene bags market.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         BB-/Stable (Reaffirmed)
   INR68 Million Term Loan           BB-/Stable (Reaffirmed)
   INR8.8 Million Proposed LT Bank   BB-/Stable (Reaffirmed)
          Loan Facility
   INR3.2 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that MPL will maintain a stable business risk
profile on the back of increasing growth prospects of the
industry. The outlook may be revised to 'Positive' if there is
substantial improvement in MPL's financial risk profile, supported
by capital infusion, and the company maintains steady growth in
topline and operating margins.  Conversely, outlook may be revised
to 'Negative' if MPL's financial profile deteriorates on account
of large, debt-funded capital expenditure.

Update:

MPL's revenues in 2009-10 (refers to financial year, April 1 to
March 31) has grown steadily backed by high demand of its
polypropylene bags, which in turn was driven by good agriculture
during that period.  Also, the company has added 20 numbers of
leno looms during 2009-10 at an estimated cost of INR 30 million.
The liquidity of the company is moderate; and the company has an
average bank line utilization of 21% for 12 months ended November
2010. However, the net worth of the company remains low, exposing
it to the adversities of the business.

MPL reported a profit after tax (PAT) of INR 4.7 million on net
sales of INR190 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1.2 million on net
sales of INR95 million for 2008-09.

                      About Megaflex Plastics

Set up in 2007 by Mr. Rakesh Sethia, MPL manufactures
polypropylene bags, which are used for packing bulk quantities of
fruits, vegetables and food grains.  MPL has capacity to
manufacture 2400 tonnes of tapes per annum, and 47 leno looms for
making fabric.  MPL sells its products mostly through dealers and
distributors in West Bengal to various potato traders, farmers,
cold chains and bag traders.


S G POLYPLAST: CARE Assigns 'CARE BB' Rating to INR3cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to the bank facilities of
S. G. Polyplast Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities      3.00      'CARE BB' Assigned
   Short-term Bank Facilities    11.50      'PR4' Assigned

Rating Rationale

The rating is constrained by the small scale of operations of
S. G. Polyplast Pvt. Ltd. with very short track record and its
below-average financial risk profile marked by small net worth
base and low profit margins and low bargaining power in a highly
competitive industry.  The ratings are further constrained by
susceptibility of profit margins to foreign exchange rate
fluctuations and changes in prices of the polymers which are
directly linked with prices of crude oil.  However, the rating
takes into account the experience of the promoters in the plastic
industry and satisfactory debt servicing track record of the
group. SGPPL's ability to achieve scale of operations and gain
market share with improvement in profitability are the key rating
sensitivities.

                       About S. G. Polyplast

S. G. Polyplast Private Limited was incorporated in 2009 for
carrying out the trading of imported plastic raw materials.  The
company is headed by Mr. Ajit Kumar Gupta, Chairman and Managing
Director, having experience of more than 25 years in the plastic
industry. SGPPL imports various plastic raw materials such as
Polypropylene, PVC resins, HDPE, LDPE, and EVA and sells them to
domestic customers.

FY10 was the first year of the operations of SGPPL for which it
reported operating income of INR72.39 crore with PAT of INR0.59
crore. As per provisional results for six months in FY11, SGPPL
reported operating income of INR75.55 crore with a PBILDT of
INR1.37 crore and PAT of INR0.15 crore.


SANT BABA: CRISIL Assigns 'D' Rating to INR135MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank
facilities of Sant Baba Bhag Singh Memorial Charitable Society.

   Facilities                             Ratings
   ----------                             -------
   INR135.00 Million Long-Term Loan       D (Assigned)
   INR35.00 Million Overdraft Facility    D (Assigned)

The ratings reflect instances of delay by SBB in servicing its
debt; the delays have been caused by the society's weak liquidity.

SBB also has a small scale of operations, low profitability, and
is exposed to risks related to geographical concentration in
revenue profile, and adverse regulatory changes in the education
sector. These rating weaknesses are partially offset by SBB's
diverse course offerings.

SBB was set up in 2000 by Sant Baba Malkiat Singh to improve the
standard of education in over 500 villages near Khiala, in
Jalandhar district (Punjab).  SBB operates four educational
institutes, besides a school and a hospital.  Its educational
institutions offer various courses in engineering, management,
nursing, education, and information technology.  The school offers
classes from nursery to standard XII. SBB also operates a
hospital, which is primarily a training unit for nursing students.
The SBB campus is spread over 125 acres, bordering the Jalandhar
and Hoshiarpur districts.

SBB reported an excess of income over expenditure of
INR8.4 million on net revenues of INR150 million for 2009-10
(refers to financial year, April 1 to March 31), against an excess
of expenditure over income of INR10.2 million on net revenues of
INR128.7 million for 2008-09.


SHREE RAJMOTI: CRISIL Assigns 'B+' Rating to INR200MM Loan Limit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the pledge loan
facility of Shree Rajmoti Industries, while reaffirming the rating
on its cash credit facility at 'B+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR400.00 Million Cash Credit     B+/Stable
   Limit (Enhanced from INR350.00 Million)

   INR200.00 Million Pledge          B+/Stable (Assigned)
   Loan Limit

CRISIL's ratings reflect Rajmoti's below-average financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, large working capital requirements, and its
exposure to risks related to intense competition in the edible oil
industry and to the commodity-like nature of its product. These
rating weaknesses are partially offset by Rajmoti's established
market position in the edible oil industry.

Outlook: Stable

CRISIL believes that Rajmoti will maintain its credit risk profile
over the medium term, backed by the firm's position in the
groundnut oil market in Gujarat, and capital infusion by the
partners.  The outlook may be revised to 'Positive' if Rajmoti's
revenues and operating margin improve significantly or if the
firm's net worth improves in a sustained manner, on the back of
further capital addition by the partners.  Conversely, the outlook
may be revised to 'Negative' if the firm's capital structure
deteriorates because of increased working capital requirements or
large debt-funded capital expenditure, or in case of a decline in
the firm's net worth due to drawings by the partners.

                        About Shree Rajmoti

Set up as a partnership firm in 1962, Rajmoti manufactures and
trades in double-filtered and refined groundnut oil, and refined
cottonseed oil.  The Rajkot-based firm sells groundnut oil under
the brand, Rajmoti. The firm is promoted by its three partners,
Mr. Sameer Shah, Mr. Shyam Shah, and Mr. Bhavdeep Vajubhai Vala,
with a profit sharing of 28.5 % , 28.5%, and 43% respectively.

Rajmoti reported a profit after tax (PAT) of INR8.0 million on net
sales of INR2.4 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.0 million on net sales
of INR2.6 billion for 2008-09.


SUGAJOTHI TEX: CRISIL Assigns 'D' Rating to INR40.70MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sugajothi Tex.  The ratings reflect instances of delay by
Sugajothi in servicing its debt; the delays are on account of the
company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR40.70 Million Long-Term Loan   D (Assigned)
   INR65.00 Million Cash Credit      D (Assigned)
   INR20.00 Million Bill Purchase    P5 (Assigned)
            Discounting Facility

Sugajothi has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, large working capital
requirements, and is exposed to risks related to customer
concentration in its revenue profile.  These weaknesses are
partially offset by the experience of Sugajothi's promoters in the
textile industry, and its moderate execution capabilities.

Established in 1970 as a partnership firm, Tamil Nadu based
Sugajothi Tex manufactures industrial and institutional terry
towels.  The firm's facility has 150 shuttle and non-shuttle
looms. The promoter of the firm, Mr. P. Subramani has 30 years'
experience in the textile industry.

Sugajothi reported a profit after tax (PAT) of INR0.02 million on
net sales of INR286 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 1 million on net sales
of INR 295 million for 2008-09.


VIMLESH INDUSTRIES: CRISIL Assigns 'BB-' Rating to INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vimlesh Industries Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit           BB-/Stable (Assigned)
   INR10.0 Million Term Loan             BB-/Stable (Assigned)
   INR50.0 Million Bill Discounting      P4+ (Assigned)
   INR100.0 Million Letter of Credit     P4+ (Assigned)
   INR20.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect VIPL's weak financial risk profile marked by a
small net worth despite its long track record of operations, and
its volatile operational performance over the past two years.  The
ratings also factor in VIPL's small scale of operations in the
manufacturing and selling of aluminium and copper wires (wire
drawing and insulation) industry and susceptibility to
fluctuations in metal prices. These weaknesses are partially
offset by the benefits that VIPL derives from its reputed client
base and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that VIPL will continue to benefit from its
healthy relations with its key buyers in the domestic market, over
the medium term.  The outlook may be revised to 'Positive' in case
of a significant increase in cash accruals generated from
business. Conversely, the outlook may be revised to 'Negative' in
case of significant deterioration in VIPL's capital structure,
most likely due to any large debt-funded expansion plans.

                      About Vimlesh Industries

Incorporated in 1986, VIPL manufactures aluminium and copper wires
(wire drawing and insulation) and copper and aluminium strips. Its
manufacturing facilities, located at Bahalgarh, Sonipat (Haryana),
comprise of one drawing plant with a capacity of 500 tonnes per
month (tpm) and four extrusion machines, along with different
insulations for its diversified product range; these include
paper, kapton, fibre glass, enamel, field coils, and cotton.
Winding wires and strips (bare wires), which contribute 30% of
VIPL's sales, are mainly used in manufacturing of diverse
electronic products such as transformers, alternators, and
rotating machines.  Insulated wires, which contribute 70% of the
company's sales, have diversified uses depending on their
insulations.

For 2009-10 (refers to financial year, April 1 to March 31), VIPL
reported a profit after tax of INR1.17 million on net sales of
INR769.70 million, against a net loss of INR16.10 million on net
sales of INR640.32 million for 2008-09.


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


FAJAR SURYA: Fitch Upgrades LT Foreign Currency Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based PT Fajar Surya Wisesa
Tbk's Long-term foreign currency and local currency Issuer Default
Ratings (IDRs) to 'B+' from 'B'.  At the same time, Fitch has
upgraded Fajar's National Long-term rating to 'A(idn)' from 'A-
(idn)'.  The Outlooks on these Ratings are Stable.  The senior
unsecured rating of Fajar's US$100 million senior notes due in
2011 has also been upgraded to 'B+' from 'B'; the recovery rating
remains at 'RR4'.

The upgrade reflects Fitch's expectation of a continued
improvement in Fajar's credit metrics from FY11 onwards, following
the on schedule completion of its paper machine 5 (PM-5) expansion
supported by healthy domestic demand for containerboard and
boxboard. PM-5 increased Fajar's production capacity by 40% to 1m
metric tonnes per annum in December 2010.  However, given the
robust demand for Fajar's products, plant utilization levels are
not expected to weaken much over the short- to medium-term; the
company has been operating at full capacity in the past few years.
The company's ratings are also supported by its position as one of
the largest non-integrated producers of industrial paper in
Indonesia, its long standing relationships with its main customers
and its low cost production base.

The recovery in domestic demand and international paper prices
since mid 2009 has allowed Fajar to increase its average selling
prices by about 20% compared to FY09.  This has consequently
enabled it to increase its EBITDA to IDR520 billion in the nine
months to September 2010 (FY09: IDR570 billion), an annualized
improvement of 22%. Fajar's financial leverage as measured by net
adjusted net debt to EBITDAR increased to 2.6x at September 2010
(FYE09: 2.3x), due to the IDR564 billion of capex that was mostly
spent on the PM-5 expansion in this period.  However, Fitch
expects Fajar's leverage to decline starting FY11, with higher
EBITDA generation supported by the new capacity and as its capital
expenditure requirements fall over the medium-term.

Fajar's liquidity remains adequate.   It had undrawn credit
facilities of about IDR1,800 billion which is sufficient to cover
its short term debt maturities of IDR260 billion up to September
2011 and the USD notes due in October 2011.  In addition, it had
cash reserves of IDR89bn at September 2010.

The Stable Outlook reflect Fitch's expectation that Fajar's net
adjusted debt to EBITDAR would remain below 2.5x and EBITDA to
gross interest expense would remain above 3.0x from FY11 onwards.
However, a sustained increase in Fajar's leverage above 3.5x or
EBITDA to interest weakening below 3.0x can result in a negative
rating action.  A positive rating action on its National Long-term
rating can be taken if the company maintains its leverage below
2.0x, along with positive free cash flow generation.  Further
positive rating actions on Fajar's IDRs are not anticipated in the
short- to medium-term, given its limited scale and its position as
a price taker for both end products and raw materials.


GARUDA INDONESIA: Government Sets Stock Price at IDR750 Per Share
-----------------------------------------------------------------
ANTARA News reports that the government has decided to sell
26.67% of PT Garuda Indonesia shares or 6.355 billion shares at a
price of IDR750 per share through a public offering soon.

"So the proceeds from the Garuda initial public offering will
reach IDR4.751 trillion," Antara quoted State Enterprises Minister
Mustafa Abubakar as saying.

Antara relates that the minister said the decision to set the
price at IDR750 per share was made following intensive discussion
and consideration of various aspects including macro-economic,
regional and local share market conditions and investors'
interest.

Of the total shares to be released, 4.4 billion belong to the
airline company while the other 1.935 billion belong to Bank
Mandiri, according to Antara.

Antara notes that based on that, Garuda would later receive
IDR3.3 trillion while Bank Mandiri would get IDR1.451 trillion of
the total proceeds.

According to the news agency, Mr. Mustafa said the funds would be
enough to meet Garuda's financial needs.

Antara says following the initial public offering, Bank Mandiri's
shares in Garuda will all be diluted in line with the agreement
that the shares had to be sold at the first opportunity.

So based upon the initial plan to release 30% shares, Garuda would
still have four percent shares left which could be sold at anytime
through a secondary public offering, Antara adds.

"[Mr.] Mustafa said 80% of total shares to be allocated for local
investors including institutional or retail investors while the
rest 30% for foreign investors," notes the Antara report.

"We will prioritize domestic investors because the government
wishes Garuda's share ownership will spread across the community,"
Antara quoted Mr. Mustafa as saying.

According to the news agency, the minister's deputy for
restructuring and privatization, Pandu Achiran Djajanto, admitted
10 foreign institutional investors, had expressed their strong
interest in the aviation company.

According to the schedule, Garuda's IPO would be carried out on
February 11, 2011, with the offering to be done on February 2, 4
and 7, while the distribution will be on February 9.

The Troubled Company Reporter-Asia Pacific, citing The Financial
Times, reported on Dec. 20, 2010, that Garuda Indonesia has signed
a deal with dozens of lenders to restructure nearly US$500 million
in debt, clearing the way for a long-delayed initial public
offering to raise US$400 million.  The FT said that the agreement,
inked in December 2010 in London after five years of tortuous
negotiations with the European Credit Agency and more than 20
commercial creditors, covers debts dating back 15 years.

Bloomberg News related that Chief Executive Officer Emirsyah Satar
said European export credit agencies including Compagnie Francaise
d' Assurance pour le Commerce Exterieur and Germany's Euler
Hermes, owed about US$288 million in unpaid loans, agreed to
extend maturities to mid-2016 and be repaid in installments of
between US$45 million to US$60 million a year.

Garuda, which received IDR1 trillion from the government in 2006
to help it keep flying, has been in debt restructuring talks since
2005.  The Troubled Company Reporter-Asia Pacific reported on
Aug. 11, 2010, that the carrier completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina.
Garuda had also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.  In
January 2010, Bloomberg News said, the airline won bondholder
permission to restructure US$122 million of floating-rate notes.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


JCREF CMBS: Moody's Reviews Ratings on Various Classes of Notes
---------------------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
its ratings on the Class A through E Notes and Class X
distribution issued by JCREF CMBS 2007-1 GK.  The notes will
mature in December 2015.

Details follow:

Deal Name: JCREF CMBS 2007-1 GK

  -- Class A, Aa1 (sf) Placed Under Review for Possible Downgrade;
     previously on July 14, 2009 Downgraded to Aa1 (sf) from Aaa
     (sf)

  -- Class B, A1 (sf) Placed Under Review for Possible Downgrade;
     previously on July 14, 2009 Downgraded to A1 (sf) from Aa2
     (sf)

  -- Class C, Baa1 (sf) Placed Under Review for Possible
     Downgrade; previously on July 14, 2009 Downgraded to Baa1
     (sf) from A2 (sf)

  -- Class D, Ba2 (sf) Placed Under Review for Possible Downgrade;
     previously on July 14, 2009 Downgraded to Ba2 (sf) from Baa2
     (sf)

  -- Class E, B3 (sf) Placed Under Review for Possible Downgrade;
     previously on July 14, 2009 Downgraded to B3 (sf) from Baa3
     (sf)

  -- Class X, Aa1 (sf) Placed Under Review for Possible Downgrade;
     previously on July 14, 2009 Downgraded to Aa1 (sf) from Aaa
     (sf)

  -- JCREF CMBS 2007-1, effected in November 2007, represents the
     securitization of five non-recourse loans and four specified
     bonds.  Three of the nine remaining loans have been placed
     under special servicing.

The current review was prompted by Moody's concerns about the
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, which will
incorporate their operating status and the progress of special
servicing.


===============
M A L A Y S I A
===============


HO HUP CONSTRUCTION: Restraining Order Extended Until April 23
--------------------------------------------------------------
Ho Hup Construction Company Berhad disclosed that the High Court
of Malaya at Kuala Lumpur on January 24, 2011, granted these
orders under Section 176(10) of the Companies Act, 1965:

   (a) The restraining order made on October 20, 2010, be
       extended for a further period of 90 days from
       Jan. 24, 2011, to April 23, 2011;

   (b) Consequently an order be made restraining all and any
       further action(s) and/or proceeding(s) against Ho Hup,
       Bukit Jalil Development Sdn Bhd and Tru-Mix Concrete
       Sdn Bhd including but not limited to any winding-up,
       execution, arbitration and/or industrial court
       proceedings for a further period of 90 days from
       Jan. 24, 2011, to April 23, 201;

   (c) The Restraining Order shall exclude the current action
       between Ho Hup and Pioneer Haven Sdn Bhd and 10 others
        bearing suit no.:D-22 NCC-792-2010; and

   (d) Ho Hup, Bukit Jalil Development Sdn Bhd and Tru-Mix
       Concrete Sdn Bhd be given leave to dispose and/or acquire
       property and/or carry on its activities, which are in the
       ordinary course of business and/or which are necessary for
       the implementation of the Proposed Restructuring Scheme
       and Creditors Scheme of Arrangement.

                           About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


NAM FATT: Unit Sells Land to JS Bina for MYR2.85 Million
--------------------------------------------------------
Maddusalat Berhad, a wholly owned subsidiary of Nam Fatt
Corporation Berhad, on January 25, 2011, entered into a Sale and
Purchase Agreement with JS Bina Sdn. Bhd. for the disposal of a
parcel of land known as Pajakan Negeri No. 11890,Lot 734, Seksyen
13, Bandar Shah Alam, Daerah Petaling, Negeri Selangor Darul Ehsan
for MYR2.85 million.

The disposal is subject to the approval of the shareholders of Nam
Fatt at an extraordinary general meeting to be convened pursuant
to Chapter 10.12(2)(c) of the Main Market Listing Requirement of
Bursa Malaysia Securities Berhad.

Details of the Sale and Purchase Agreement can be viewed for free
at http://ResearchArchives.com/t/s?7294

                          About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.  The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


RAMUNIA HOLDINGS: 7th Annual General Meeting Set for February 18
----------------------------------------------------------------
Ramunia Holdings Berhad will hold its seventh annual general
meeting on February 18, 2011, at 10:30 a.m., at Kuala Lumpur Golf
& Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit Kiara, in
Kuala Lumpur.

At the meeting, the members will be asked to:

   a. receive the Audited Financial Statements for the financial
      year ended Oct. 31, 2010, together with the Report of the
      Directors' and the Auditor's thereon;

   b. approve the payment of Directors' Fees for the financial
      year ended October 31, 2010;

   c. re-elect Dato' Md Zahari Bin Md. Zin who is retiring
      pursuant to Article 95 of the Company's Articles of
      Association, and being eligible, has offered himself for
      re-election;

   d. re-elect Too Kok Leng who is retiring pursuant to Article 95
      of the Company's Articles of Association, and being
      eligible, has offered himself for re-election;

   e. appoint Messrs. KPMG as auditors, in place of the retiring
      Auditors, Messrs. SJ Grant Thornton, and to authorize the
      Directors to fix their remuneration;

   f. consider and, if thought fit, with or without any
      modification, to pass this Ordinary Resolution:

       * Authority to Issue Shares Pursuant to Section 132d
         of the Companies Act, 1965

        "THAT subject to Section 132D of the Companies Act, 1965
         and approvals of the relevant governmental/regulatory
         authorities, the Directors be and are hereby empowered
         to issue and allot shares in the Company, at any time to
         such persons and upon such terms and conditions and for
         such purposes as the Directors may, in their absolute
         discretion, deem fit, provided that the aggregate number
         of shares to be issued does not exceed ten per centum
         (10%) of the issued and paid-up share capital of the
         Company for the time being and the Directors be and are
         also empowered to obtain the approval for the listing of
         and quotation for the additional shares so issued on
         Bursa Malaysia Securities Berhad; AND THAT such
         authority shall commence immediately upon the passing of
         this resolution and continue to be in force until the
         conclusion of the next Annual General Meeting of the
         Company,"; and


   g. transact any other ordinary business for which due notice
      has been given.
                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


TRANSMILE GROUP: Restraining Order Extended for 90 Days
-------------------------------------------------------
Transmile Group Berhad said that the High Court of Malaya at Kuala
Lumpur on January 19, 2011, granted:

   (i) a further extension of Restraining Order obtained on
       July 16, 2010, pursuant to Section 176(10) of the Act,
       to restrain all further proceedings in any actions or
       proceedings against the Company and Transmile Air
       Services Sdn Bhd, a wholly owned subsidiary of the
       Company, for a period of 90 days from Jan. 19, 2011,
       save that Malaysian Trustee Berhad is given leave and
       is at liberty to commence proceedings against TAS for
       breach of the Trust Deed dated August 8, 2003, executed
       between TAS and MTB, provided that no execution
       proceedings shall be commenced on any judgment or order
       obtained in such proceedings without leave from the
       Court; and

  (ii) an extension of the period for convening and holding of
       the Court Convened Meeting of the Company and TAS for a
       period of 90 days from Jan. 19, 2011.

The Extended Restraining Order will allow the Company and TAS to
finalise a conclusive debt restructuring proposal with the lenders
under a scheme of arrangement to restructure the debts owing to
the lenders.  The debt restructuring proposal is an integral part
of the regularisation plan to regularise the financial condition
of the Company pursuant to Practice Note 17 of the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad.  The
full details of the proposed scheme of arrangement will be
announced in due course once finalised.

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which provides air transportation and related
services and deals in aircraft, aircraft parts and equipment;
Transmile Thailand Sdn. Bhd., which is engaged in investment
holdings; Transmile Management Sdn. Bhd., which provides
management services; Viunique Corporation Sdn. Bhd., which leases
aircraft; and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

                           *     *     *

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


ROCKFORTE FINANCE: Government May Get 10c on the Dollar Payout
---------------------------------------------------------------
BusinessDesk reports that the government will have to write-off
the majority of the NZ$3.5 million of guaranteed deposits in
Rockforte Finance, the lender to failed retailer Jean Jones.

Citing receivers' latest report, BusinessDesk relates that
receivers Dennis Parsons and Katherine Kenealy of Indepth Forensic
expect the Treasury won't get more than 10 cents in the dollar,
and that will be subject to its ability to claw back
NZ$4.8 million worth of loans and the successful resolution of
legal action already underway.

According to BusinessDesk, Mr. Parsons said a further NZ$610,000
invested in the company was identified during their
investigations, "whose funds appear to have been transferred to
third parties without their knowledge or consent."

BusinessDesk relates that when the firm called in the receiver in
May last year, it said some NZ$3.25 million was owed to 77
investors, though the government subsequently paid out
NZ$3.5 million to 66 depositors.

BusinessDesk states that the receiver filed complaints with the
Serious Fraud Office, Securities Commission and the Companies
Office's National Enforcement Office.

"These complaints cover the receivers' concerns of the apparent
misappropriation of investor funds; the accuracy of the registered
prospectus and the accuracy of the books and records of the
company," the receivers' report said, BusinessDesk notes.

According to BusinessDesk, Rockforte is under investigation by the
Serious Fraud Office over a series of partially disclosed events
involving the firm's principals, accountant Nigel O'Leary and John
Gardiner, who was also a close business adviser to Jean Jones'
owner Michael Ward.

The retailer accounted for about a quarter of Rockforte's loan
book, BusinessDesk reports.

Mr. Parsons, as cited by BusinessDesk, said the lender's loan
book, which had NZ$1.1 million classed as overdue, had poor, and
in some cases non-existent, security over the loans, with 35 files
of the 318 still missing.

"Our initial review of the loan book indicated that this overdue
figure was materially inaccurate as the company regularly
refinanced non-performing loans into new loans, creating a new and
current liability and by doing so had the effect of removing the
non-performing loan from its records," BusinessDesk quoted
Mr. Parsons as saying.

Given their concerns, BusinessDesk says, the receivers undertook
detailed investigations, which "revealed that a significant
proportion of the loan book had been underperforming for over 12
months, and that there was material undisclosed related party
lending" of NZ$2 million.

The receivers recovered NZ$290,000 from loans between May 7 and
December 3 last year, BusinessDesk adds.

                       About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz.  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
December 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.


WESTPAC NEW: Moody's Concludes Review on 'C+' BSF Rating
--------------------------------------------------------
Moody's Investors Service concluded its review of Westpac
New Zealand Limited's bank financial strength rating (BFSR) of C+,
with no change to the rating but maintaining a negative outlook.

The bank's debt and deposit ratings were not part of the review
process, and were affirmed with a stable outlook at Aa2/Prime-1
for senior unsecured and Aa3 for subordinated debt.  The stable
outlook on the bank's debt & deposit ratings is based on the very
high probability of support from its parent, Westpac Banking
Corporation, and the very high probability of systemic support, in
case of need.

"Westpac New Zealand Limited's BFSR was maintained at C+,
reflecting our view that asset impairment is likely to stabilize
in the near term" says Marina Ip, an Assistant Vice President at
Moody's Sydney office.

"However, a negative rating outlook was maintained on the BFSR, in
recognition of the still difficult operating environment in New
Zealand.  In addition, there is some uncertainty about the impact
of a potential transfer of business from Westpac's New Zealand
branch to WNZL at the end of calendar year 2011."

WNZL's impairment charges in FY2010 were 44% of pre-provision
profit, which remains well above a through-the-cycle average, but
has reduced from its peak of 64% in FY2009.  Non-performing loans
gross loans rose to 2.24% at FY2010 from 2.09% at FY2009, and have
remained above 2% over the past two years.

"With the local economy experiencing a slow recovery from its long
and shallow recession, we expect asset quality metrics to remain
under pressure as new single large stressed exposures make their
way through the cycle, which may cause further provisioning
expense if they become impaired" adds Ip.

WNZL's corporate portfolio has a fair degree of single-borrower
concentration, as is typical for a smaller market like
New Zealand.  A number of sizeable exposures have been significant
contributors to the bank's overall credit costs during the recent
downturn.

WNZL has an overweight position in the combined construction and
property sectors, with credit exposures at 297% of Tier 1 capital
at FY2010, an improvement from 319% at FY2009, but higher than
235% at end FY2007.  Moody's anticipates improvement to the level
of impaired loans to take some time, due to property and
construction exposures tending to be large and illiquid.

Following an independent review of WBC's business structure in New
Zealand, WBC's New Zealand branch may transfer circa NZ$6.7billion
in customer loans to WNZL.  As loans at the branch are likely to
include large, single-name corporate exposures, WNZL's borrower
concentration metrics could rise.  However, further details of
this transaction will need to be ascertained before the full
impact on WNZL's financial profile is assessed.

The outlook on the BFSR may be placed back to stable if there is
evidence of a sustainable improvement to asset impairment levels,
a reduction in borrower concentration, strengthening of WNZL's
capital ratios and the proposed transfer of assets from the New
Zealand Branch do not fundamentally weaken WNZL's financial
profile.

Alternatively, WNZL's BSFR may face an immediate downgrade should
its asset quality metrics deteriorate further, such as non-
performing % gross loans rising above 3%, or an equivalent spike
in write-offs.  Also, should the proposed transfer of assets from
WBC's New Zealand branch fundamentally weaken WNZL's financial
profile, a downgrade of the BFSR would also be considered.  In the
event that WNZL's BFSR were to be downgraded, there would be no
impact on its supported debt and deposit ratings of Aa2, so long
as there was no change to the ratings of its support providers,
Westpac Banking Corporation and the New Zealand sovereign.

The last rating action on WNZL was on 25 August 2010, when its
BFSR was placed on review for possible downgrade.

The principal methodologies used in rating WNZL were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007 and "Incorporation of Joint-Default Analysis into
Moody's Bank Rating Methodology" published in March 2007.

Westpac New Zealand Limited is headquartered in Auckland,
New Zealand.  It reported assets of NZD55.2billion at FY2010,
period ending 30 September 2010.


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


FONG FAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on January 14, 2011,
to wind up the operations of Fong Fan Engineering Pte Ltd.

Jurong SML 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, #05-11/#06-11
         Singapore 069118


FOOSTI PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on January 14, 2011,
to wind up the operations of Foosti Pte Ltd.

Starhub Mobile 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, #05-11/#06-11
         Singapore 069118


HUP HENG POULTRY: Court to Hear Wind-Up Petition on February 11
---------------------------------------------------------------
A petition to wind up the operations of Hup Heng Poultry
Industries Pte Ltd will be heard before the High Court of
Singapore on February 11, 2011, at 10:00 a.m.

N & N Agriculture Pte Ltd filed the petition against the company
on January 17, 2010.

The Petitioner's solicitor is:

          Messrs. Wong Thomas & Leong
          4 Battery Road
          #23-01 Bank of China Building
          Singapore 049908


JUN-YU CONSTRUCTION: Creditors Get 20.6% Recovery on Claims
-----------------------------------------------------------
Jun-Yu Construction Pte Ltd., formerly known as MG Construction
Pte Ltd, declared the first and final dividend on January 20,
2011.

The company paid 20.6% to the received claims.

The company's liquidator is:

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


METRONOME PTE: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Metronome Pte. Ltd. declared the first and final dividend on
January 28, 2011.

The company paid 100% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Yee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


PTS ENGINEERING: Creditors Get 5.52165% Recovery on Claims
-------------------------------------------------------------
PTS Engineering Pte Ltd. declared the first and final dividend on
January 13, 2011.

The company paid 5.52165% to the received claims.

The company's liquidator is:

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


RETROSEAL SERVICES: Creditors Get 0.64364% Recovery on Claims
-------------------------------------------------------------
Retroseal Services Pte Ltd. declared the first and final dividend
on January 21, 2011.

The company paid 0.64364% to the received claims.

The company's liquidator is:

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


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


UNION INSURANCE: Fitch Affirm 'BB+' Rating on Insurance Strength
----------------------------------------------------------------
Fitch Ratings affirmed the Insurance Financial Strength rating of
Taiwan's Union Insurance Company at 'BB+' and its National IFS
rating at 'A-(twn)'.  The Outlook is Stable.

The rating affirmations reflect Union's good risk-based
capitalization, reasonable risk appetite in insurance underwriting
as well as a conservative and liquid balance sheet.  The softening
premium prices amid a competitive environment and modest
investment yields due to low interest rates remain primary
offsetting factors, weighing on the company's earnings
performance.

Union has managed to reshuffle its product mix to improve
underwriting quality.  It maintained steady underwriting
performance in H110 with a combined ratio of 97%.  However, Fitch
notes that three fire incidents at the Formosa Plastics Group and
typhoons happened in H210, causing substantial losses to Taiwan's
non-life insurers.  The related loss claims are expected to
drive up Union's loss ratio in H210.  Despite that, Union's
capitalisation would remain good and commensurate with its current
ratings, as its capital position provides an adequate buffer for
mitigating the impact of potential large loss events.

Union maintained a conservative approach in investments with cash
and cash equivalents accounting for more than half of its
investment portfolio, while equity positions remained low at end-
September 2010.  This asset allocation has sustained its strong
liquidity position, though it contributed to low investment
yields.

Fitch expects market competition and low interest rates to
continue to challenge Union's profitability, though the rates
started to increase in H210.  In spite of this, a modest
underwriting profit margin should be achievable on account of
Union's multi-year business restructuring.  Key rating drivers
that could lead to a downgrade include sustained underwriting
losses and poor investment performance resulting in significantly
weakened capitalization.  On the other hand, consistent
improvements in insurance underwriting performance and the
containment of large losses as well as the maintenance of good
capitalization are major factors for Union to attain higher
ratings.


                             *********

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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