TCRAP_Public/110210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 10, 2011, Vol. 14, No. 29



FAIRFIELD CITY FARM: Denies Facing Possible Receivership
FIREPOWER HOLDINGS: Associate Companies Accused of Breaches
RAY WHITE BROADBEACH: Broadbeach Waters Franchisee Dumped


COUNTRY GARDEN: Moody's Assigns 'Ba3' Rating to Senior Unsec. Debt
COUNTRY GARDEN: S&P Affirms 'BB' Long-Term Corp. Credit Rating
DELONG HOLDINGS: Fitch Retains 'B' Rating on Senior Unsec. Debt
SINOBIOMED INC: Chris Metcalf Resigns as Chairman and Director

H O N G  K O N G

KOPERY LIMITED: Members' Final Meeting Set for March 2
LUEN HING: Yiu and Wai Appointed as Liquidators
MARITIME SQUARE: Creditors' Meeting Set for February 17
PROUNO HK: Court Enters Wind-Up Order
RICOH COMPONENTS: Creditors' Proofs of Debt Due March 2


ALTA LABORATORIES: CARE Puts 'CARE BB+' Rating on INR2.02cr Loan
AMOLI ORGANICS: CARE Assigns 'CARE BB' Rating to INR7.5cr Loan
ANNAMALAIAR MILLS: CRISIL Assigns 'B+' Rating to INR26.3MM Loan
CHERMA'S EXQUISITE: CARE Puts 'CARE B+' Rating on INR36.9cr Loan
FINE JEWELLERY: CRISIL Reaffirms 'B+' Rating on Various Bank Debts

GLOBEGROUND (I): CARE Rates INR53.25cr LT Bank Loan at 'CARE BB+'
JAY AMBE: CARE Assigns 'CARE BB+' to INR18.34cr LT Bank Loans
KALYAN AQUA: CRISIL Assigns 'P4' Rating to INR80MM Packing Credit
PRESIDENCY EXPORTS: CRISIL Reaffirms 'P4' Packing Credit Rating
R. K. FROZEN: CARE Rates INR7.55cr LT Loan at 'CARE BB'

TITAN ENERGY: CRISIL Assigns 'P5' Rating to INR265MM Cash Credit
VEELINE MEDIA: CRISIL Reaffirms 'BB-' Rating on INR24MM Term Loan
VEDAGIRI HI-TECH: CRISIL Upgrades Rating on INR100MM Loan to 'BB-'


JAPAN AIRLINES: Chairman Denies Merger Plans
* S&P Puts Ratings on Japanese Tranches on CreditWatch Positive

N E W  Z E A L A N D

CENTRAL MORTGAGE: Liquidators Recover Less Than NZ$2.1MM Owed
EQUITABLE MORTGAGES: Investors Frustrated Over Claim Form Delay
PLUM DUFF: Cavalier Wool Bids for Wool Services International
ST LAURENCE LTD: Bluestone Pulls Out Deal to Buy Irongate Contract
VEGAR ESTATE: Faces Interim Liquidation Over SCF Statutory Demand

                            - - - - -


FAIRFIELD CITY FARM: Denies Facing Possible Receivership
Fairfield Advance reports that Fairfield City Farm is here to stay
after its management team allayed fears that it is about to go
into receivership.

The report relates that concerns about the farm's future were
raised when entry prices were raised from AU$48 to AU$60 for a
family ticket.  At the same time, the cafe lease at the farm ended
and a position for a general manager was advertised on a jobs Web
site, according to Fairfield Advance.

However, the report notes, Ellyse Turner, City Farm business
development manager, said the general manager position was a newly
created job and the entry prices were increased to cover the cost
of more hands-on activities at the farm.

"We strongly deny the apparent rumour about receivership,"
Fairfield Advance quotes Ms. Turner as saying.  "We are continuing
to invest in City Farm," she added.

Fairfield City Farm is a tourist and education attraction.

FIREPOWER HOLDINGS: Associate Companies Accused of Breaches
The Sydney Morning Herald reports that Owston Nominees No. 2 has
been found to have breached the Corporations Act in its offering
of shares in failed Firepower Holdings, the Federal Court has
found.  Owston Nominees No. 2 is private company owned by Perth
property tycoon Warren Anderson.

Firepower's controversial boss, Tim Johnston, though will have to
wait until a later date to find out whether he will be banned from
ever managing an Australian company, SMH reports.

According to SMH, Mr. Johnston and associates had been accused of
breaching the Corporations Act by improperly offering or selling
shares in Firepower.

SMH relates that Mr. Johnston earned notoriety as the promoter of
an unproven fuel-saving pill until Firepower Holdings Group,
collapsed, costing hundreds of ordinary investors tens of millions
of dollars.

The Australian Securities and Investments Commission alleged
Mr. Johnston, Firepower, certain shareholders and intermediaries
offered shares for sale without providing disclosure documents,
SMH discloses.  ASIC estimated AU$80 million was raised from
Firepower share sales to about 1,400 investors between mid-2005
and early 2007, according to SMH.

According to the report, Justice John Gilmour on February 1 found
Axis International Management and its sole director Quentin Ward
had contravened the Corporations Act by unlawfully distributing
application forms to investors for sale of nearly two million
shares in Firepower.  Axis and Mr. Ward, acting as intermediaries,
distributed the forms without the necessary disclosure documents.

Furthermore, SMH notes, Mr. Anderson's company, Owston Nominees
No. 2, was also found to have breached the act by offering shares
in Firepower without proper disclosures.

SMH says that no declarations orders were made against
Mr. Johnston's companies, Green Triton and Firepower, however,
Justice Gilmour found that they had contravened the Corporations

A hearing as to whether Mr. Johnston as well as Mr. Ward will be
banned from managing a company in Australia will be held at a
later date, SMH reports.

SMH states that Justice Gilmour dismissed allegations that company
Seaswan Holdings, which held shares in Firepower, breached the

ASIC had sought that investors who were unlawfully sold shares in
Firepower be informed by the companies involved they now have the
right to recoup their money or pursue compensation through legal
action, SMH adds.

                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group, a
fuel technology company based in the British Virgin Islands.
According to, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AU$80 million and AU$100 million.

The New South Wales Federal Court, subsequently, appointed Pitcher
Partners Perth managing partner Bryan Hughes as liquidator of
Firepower Operations, which owes creditors about AU$16 million.

RAY WHITE BROADBEACH: Broadbeach Waters Franchisee Dumped
Tracey McBean at The Gold Coast Bulletin reports that Ray White
head office has pulled the plug on a fledgling agency affiliated
with Gary Gannon's troubled Ray White Broadbeach group.

According to the Bulletin, Ray White Queensland chief executive
Peter Camphin said Ray White Broadbeach Waters would shut because
of the Broadbeach group's financial situation which prompted its
move into receivership in December.

"The business (Ray White Broadbeach) cannot afford, based on the
fact that it's in receivership, to be expanding into other
entities which don't generate any income at this stage," the
Bulletin quotes Mr. Camphin as saying.  "It's a financial decision
rather than an operational decision."

The Bulletin says the Broadbeach Waters franchise was established
in October last year by a company linked to Mr. Gannon's
operations manager and long-term staffer Brodie West.

The Bulletin relates that Ms. West said staff from the office
would move to the Broadbeach and Mermaid Beach agencies.  She said
the Monaco Centre premises would be retained until the
receivership issue was resolved.

Mr. Camphin, as cited by the Bulletin, said the Broadbeach Waters
agency was unlikely to be sold with the Broadbeach and Mermaid
Beach businesses which are the subject of a receiver sale.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2011, said receivers to Gary Gannon's Ray
White Broadbeach/Mermaid Beach franchise have placed the troubled
business on the market.  Mr. Gannon, who called in the receivers
just before Christmas, had been optimistic he could trade his
high-profile group through its financial woes.

According to, advertisements placed in newspapers
by receivers Graham Killer and Michael McCann, of Grant Thornton,
on January 28, sought expressions of interest in the group's
residential, commercial and property-management businesses, which
have combined revenue of AU$11 million a year.


COUNTRY GARDEN: Moody's Assigns 'Ba3' Rating to Senior Unsec. Debt
Moody's Investors Service has assigned a Ba3 senior unsecured debt
rating to Country Garden Holdings Company Limited's proposed US
dollar bonds.

At the same time, Moody's has affirmed Country Garden's Ba3
corporate family rating.

The outlook for both ratings is stable.

                        Ratings Rationale

The proceeds from the US dollar bonds will be used for land
acquisitions and general corporate purposes.

"The proposed bonds will improve Country Garden's liquidity, which
will in turn help the company operate through the challenging bank
credit conditions likely to be prevalent in China in 2011," says
Peter Choy, a Moody's Senior Vice President.

"Moreover, the bonds will improve the debt maturity profile of
Country Garden," says Choy.

"On the other hand, the slight increase in debt leverage to
debt/total capitalization of 50% - 55% and a weakening in its
EBITDA/interest coverage to around 3.4x -- 2.9x in the next 12 --
18 months -- estimated by Moody's based upon a tighter bank credit
environment -- will position the company less favorably than the
Ba3 peers," says Choy.

"But, looking ahead, Moody's expects Country Garden to continue
exercising caution in the management of its debt and land
acquisitions, such that debt leverage will not be in excess of 50%
- 55% level," adds Choy.

Country Garden's Ba3 rating reflects its strong sales in the
suburban markets of economically strong Guangdong Province; low
land costs; offering of products at affordable prices; niche
markets in second- and third-tier cities less vulnerable to severe
regulatory measures; and diversified portfolio of more than 80

At the same time, the rating is tempered by its moderately high
debt leverage, and its reliance on cash flow contributions from
Guangdong Province.

Moody's has not notched the rating on Country Garden's senior
unsecured debt, as the company has increased its offshore
unsecured borrowings, totaling US$1.6 billion, and kept its
onshore borrowings at the subsidiary level at around 13% of total
assets at end-December 2010.

To stabilize its capital structure -- especially since Chinese
bank credit growth will likely slow in 2011 -- Country Garden will
continue to access the offshore bond market.

In Moody's view, the company's total secured debt and subsidiary
debts will remain below 15% of total assets for the next 2-3

The stable outlook reflects Country Garden's strong sales
execution and ability to maintain reasonable liquidity to manage
its development business.

Downward rating pressure could emerge if Country Garden (1)
experiences difficulty in implementing its business plan; (2) sees
its profit margins erode further; or (3) suffers from a further
weakening in the Chinese property market, such that its operating
cash flow weakens more than expected.

Thus, a downgrade could be considered if its EBITDA margin falls
below 20%; adjusted debt/total capitalization remains above 50%-
55% and is unlikely to decline; EBITDA/interest declines below
3.0x for a prolonged period; or the company reports continuous
negative operating cash flow (before land payments), which further
weakens its liquidity.

Upward rating pressure could emerge if Country Garden maintains
(1) strong sales execution; (2) a prudent approach to acquiring
land; (3) debt leverage below 50%; (4) profit margin at 25%--30%;
and (5) EBITDA/interest above 3.5x--4.0x.

The last rating action on Country Garden was taken on 4 January
2011 when the corporate family rating of Country Garden was
downgraded to Ba3 due to the company's ambitious future sales
target and growth plan, which entail higher debt funding,
resulting in adjusted debt to total capitalization higher than 50%
for the foreseeable future.  The ratings outlook was changed to
stable from negative.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.

COUNTRY GARDEN: S&P Affirms 'BB' Long-Term Corp. Credit Rating
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Country Garden Holdings
Co. Ltd.  The outlook is negative.  At the same time, Standard &
Poor's assigned its 'BB-' issue rating to the company's proposed
issue of senior unsecured notes.  The rating on the notes is
subject to S&P's review of the final issuance documentation.  The
proceeds will be used to fund land acquisitions, construction, and
other corporate purposes.

S&P affirmed the rating on Country Garden following a review of
the company's financial and operational performance in 2010 as
well as its growth strategy for 2011, including a proposed bond

"The company is likely to maintain credit ratios that are
supportive of the current rating.  S&P is, however, uncertain
about its aggressive growth appetite and a significant increase in
its debt (including a proposed bond) against a clouded property
market outlook," said Standard & Poor's credit analyst Bei Fu.

The rating also reflects the volatility in the property
developer's margins, and the cyclical and competitive nature of
the Chinese real estate industry, with its evolving regulatory

S&P believes Country Garden is likely to maintain a reasonable
level of contract sales in 2011, unless the property market
weakens more than S&P expected.  The majority of the company's
more than 70 projects on sale are established projects, and more
than RMB20 billion in presale from 2010 could be recognized in
2011.  Stabilizing profitability is also likely to enable it to
maintain financial metrics in line with the current rating.

The issue rating is one notch lower than the corporate credit
rating.  In S&P's view, Country Garden is likely to maintain its
ratio of onshore borrowings to total assets above its notching
threshold of 15% for speculative-grade debt issues over the next
two years.  This is because the company is likely to increase on-
shore funding for its expanding development portfolio.

Country Garden's liquidity is adequate, in S&P's view.  At the end
of 2010, the company had RMB5.09 billion in unrestricted cash and
RMB4.76 billion in restricted cash related to presales and
collateral for an equity swap transaction.  The cash, together
with cash flow from property sale, should be sufficient to cover
short-term debt and capital expenditure.  Short-term debt totaled
less than RMB6 billion at the end of 2010, including the
redemption portion of a convertible bond in February 2011.  In
addition, land premium outstanding is RMB3.1 billion payable in
2011.  Country Garden had an undrawn, uncommitted onshore bank
facility of close to RMB18 billion as at Dec. 31, 2010.

The negative outlook reflects S&P's uncertainty about Country
Garden's aggressive debt-funded appetite and its expectation of a
significant increase in the company's debt in 2011 against a
clouded property market outlook.

S&P could lower the rating if Country Garden's EBITDA-interest-
coverage ratio falls below 3x, and the debt-to-EBITDA ratio rises
above 5x on a sustainable basis due to a more aggressive-than-
expected increase in borrowings or weaker-than-expected property

The rating could also be lowered if: (1) Country Garden's
unrestricted cash falls below RMB2 billion; (2) the company makes
a major shift in its business model; and (3) it introduces
aggressive shareholder capital returns.

S&P may revise the outlook to stable if the company achieves at
least RMB17 billion in contract sales and profitability continues
to stabilize or improve for the first six months of 2011, and it
demonstrates disciplined and consistent financial management.

DELONG HOLDINGS: Fitch Retains 'B' Rating on Senior Unsec. Debt
Fitch Ratings has said that the expected rating of China-based
Delong Holdings Limited's ('B'/Stable) proposed US$ senior
unsecured debt remains unchanged at 'B(exp)' following the launch
of the issue.

The rationale for the rating was discussed in the agency's
affirmation of Delong's ratings.  The final rating is contingent
upon receipt of final documents conforming to information already

SINOBIOMED INC: Chris Metcalf Resigns as Chairman and Director
On January 28, 2011, Mr. Chris Metcalf resigned as Chairman and a
Director of Sinobiomed Inc. effective immediately without any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

In addition, on January 28, 2011, Mr. George Yu was appointed as a
Director of Sinobiomed, which fills the vacancy created by the
resignation of Mr. Chris Metcalf.

Mr. Yu, age 38, is currently the President and CEO of the Company
since September 1, 2010, and has over 15 years of management and
corporate development experience.  Prior to his appointment, he
served, from September 2009 to August 2010, as the Managing
Partner, Bay2Peak S.A., a financial advisory and investment
management firm, and from September 2005 to August 2009, as the
Managing Partner of Bay2Peak Strategies, Ltd., a financial
advisory and investment management firm, where he was responsible
in both instances for the sourcing and execution of transactions,
including financings, mergers and acquisitions, and investor
relations.  Prior to that, Mr. Yu served in various operational
management and consulting roles and has worked with small-cap
hedge and venture capital funds in emerging markets and investment
banking at Lehman Brothers.  Mr. Yu holds a Bachelor of Science
Degree from the University of Tuebingen, Germany, and a Masters in
Business Administration, cum laude, in Finance and Economics from
the Columbia Business School.

Mr. Yu is not, and has not been, a participant in any transaction
with the Company that requires disclosure under Item 404(a) of
Regulation S-K.  There is no family relationship between Mr. Yu
and any director, executive officer, or person nominated or chosen
by the Company to become a director or executive officer.

                          About Sinobiomed

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

                        Going Concern Doubt

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

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

H O N G  K O N G

KOPERY LIMITED: Members' Final Meeting Set for March 2
Members of Kopery Limited will hold their final meeting on
March 2, 2011, at 10:00 a.m., at Flat E, 2/F, 7 Yin Hing Street,
San Po Kong, Kowloon, in Hong Kong.

At the meeting, Lee Yin Kwan, the company's liquidator, will give
a report on the company's wind-up proceedings and property

LUEN HING: Yiu and Wai Appointed as Liquidators
Messrs. Stephen Liu Yiu Keung and David Yen Ching Wai on December
20, 2010, were appointed as liquidators of Luen Hing Fat Limited.

The liquidators may be reached at:

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

MARITIME SQUARE: Creditors' Meeting Set for February 17
Creditors of Maritime Square Treasure Seafood Restaurant Limited
will hold their meeting on February 17, 2011, at 4:30 p.m., for
the purposes provided for in Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.

The meeting will be held at Room 602, The Boys' and Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong

PROUNO HK: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on January 24, 2011,
to wind up the operations of Prouno HK Limited.

The official receiver is E T O'Connell.

RICOH COMPONENTS: Creditors' Proofs of Debt Due March 2
Creditors of Ricoh Components (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 2, 2011, to be included in the company's dividend

The company commenced wind-up proceedings on January 26, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


ALTA LABORATORIES: CARE Puts 'CARE BB+' Rating on INR2.02cr Loan
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Alta Laboratories Limited.

   Facilities                   (INR cr)   Ratings
   ----------                   --------   -------
   Long-term Bank Facilities      2.02     'CARE BB+' Assigned
   Short-term Bank Facilities    10.50     'PR4' Assigned
   Long-Term/Short-Term Bank      3.50     'CARE BB+/PR4' Assigned

Rating Rationale

The ratings are constrained by high financial risk profile of ALL
characterized by low tangible net worth and low profitability
margins.  The ratings are also constrained by small size of
operations of the company, limited product offerings coupled with
volatility of raw material prices and price regulations over its
key products.  However, the ratings derive strength from the
experienced promoters and the long track record of the company in
the bulk drugs/speciality chemicals business.  The ratings also
take into consideration the consistent growth in turnover.

The volatility in raw material prices, regulatory concerns
affecting the trade of key products and the ability of ALL to
achieve the projected sales and profitability are the key rating

                      About Alta Laboratories

Alta Laboratories Limited, the flagship company of the Alta group,
was incorporated in the year 1954 by the late Dr. R.K. Dhote.  The
manufacturing facilities of the company are located at Girivihar,
Khopoli in Raigad district of Maharashtra.

Net sales of ALL have shown an increasing trend over the period of
FY08-10 with a Compounded Annual Growth Rate (CAGR) of 18.52%
primarily volume driven.  However profitability has been on the
lower side on account of high material costs over the last three
years, the debt to equity ratio has been comfortable below unity.
However, the overall gearing level was high at 1.22x as at end of
FY10.  The current ratio has also been on the lower side being
close to unity as at the end of the last three financial years due
to paucity of long term funds and higher dependence on bank
borrowings for working capital requirements.

As per the unaudited five-months result ending August 31, 2010,
the net sales of ALL have improved by 16.04% vis-a-vis
corresponding previous period, however, the profitability has
declined significantly due to increase in raw material cost and
interest cost.

AMOLI ORGANICS: CARE Assigns 'CARE BB' Rating to INR7.5cr Loan
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Amoli Organics Pvt. Ltd.

   Facilities                      (INR cr)    Ratings
   ----------                      --------    -------
   Short-term Bank Facilities        7.50      'PR4' Assigned
   Long/Short-term Bank Facilities  22.00      'CARE BB/PR4'

Rating Rationale

The ratings are constrained by the small size of operations,
product concentration and weak financials characterized by dip in
sales in FY10, low profitability and high overall gearing ratio.
Nevertheless, the ratings derive strength from experienced
promoters, USFDA and EDQM approved manufacturing plants, reputed
clients, and diversified geographical presence.

The successful launch of new Active Pharmaceutical Ingredients
(APIs) and ability of the company to increase sales and improve
profitability margins are the key rating sensitivities.

                         About Amoli Organics

Amoli Organics Pvt. Ltd. was incorporated in 1991 as a closely-
held company by the late Mr. Umed B. Doshi and his son, Mr. Manish
U. Doshi. The company is engaged in the manufacturing of Bulk
Drugs and Active Pharmaceutical Ingredients through its facilities
in Vapi and Baroda, both in Gujarat.  The company's facilities
have approval from European Directorate for Quality of Medicine &
Healthcare (EDQM) since 2005, while one of the six production
units at the Baroda facility received USFDA approval in October
2009 for Venlafaxeine HCL (used in treating antidepressants).
AOPL also has an in-house R&D centre at Baroda to design the
products through process enhancements as per customers' specific

On a total operating income of INR127.38 crore in FY10, AOPL
reported PBILDT and PAT margins of 11.74% and 2.98%, respectively.
As per un-audited Q1FY11 results, AOPL continued to have lesser
demand and reported sales, PBILDT and PAT of INR30.55 crore,
INR3.68 crore and INR0.90 crore, respectively.

ANNAMALAIAR MILLS: CRISIL Assigns 'B+' Rating to INR26.3MM Loan
CRISIL has assigned its 'B+/Stable/P4' rating to the bank
facilities of Annamalaiar Mills Pvt Ltd.

   Facilities                                 Ratings
   ----------                                 -------
   INR25.00 Million Cash Credit               B+/Stable (Assigned)
   INR26.30 Million Term Loan                 B+/Stable (Assigned)
   INR30.00 Million Inland Letter of Credit   P4 (Assigned)

The rating reflects AMPL's below-average financial risk profile,
marked by moderate gearing, small net worth and average debt
protection metrics; the rating also reflects low profitability and
susceptibility of its operating margin to volatility in raw
material prices, and small scale of operations. These weaknesses
are partially offset by the experience of AMPL's promoters in the
textile industry.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit from its
promoters' industry experience over the medium term.  The outlook
may be revised to 'Positive' if AMPL significantly increases its
scale of operations and improves its profitability and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if AMPL undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its revenues decline sharply,
resulting in a decline in profitability and liquidity, thereby
weakening its financial risk profile.

                      About Annamalaiar Mills

AMPL, based in Dindigul (Tamil Nadu), was promoted by Mr. Saketh
Ramasamy Naidu in 1956.  It currently manufactures combed cotton
yarn in counts ranging from 10's to 92's, but focuses primarily on
the 55's count.  It has a capacity of 25,888 spindles.  It also
has 750 kilo-watt wind mill power unit at Udumalpet in Tamil Nadu.
The company is managed by Mr. G Ravindran (nephew of Mr. Naidu)
and Mr. S Jayabalan (son of Mr. Naidu).

AMPL reported a profit after tax (PAT) of INR6 million on net
sales of INR307 million for 2009-10 (refers to financial year,
April 1 to March 31), against net loss of INR5 million on net
sales of INR242 million for 2008-09.

CHERMA'S EXQUISITE: CARE Puts 'CARE B+' Rating on INR36.9cr Loan
CARE assigns 'CARE B+' and 'PR4' rating to the bank facilities of
Cherma's Exquisite Ltd.

   Facilities                   (INR cr)   Ratings
   ----------                   --------   -------
   Long-term Bank Facilities     36.90     'CARE B+' Assigned
   Short-term Bank Facilities     6.50     'PR 4' Assigned

Rating Rationale

The ratings take into account relatively small size of operations
of CEL and lack of economies of scale, exposure to foreign
exchange volatility risk, lower profitability, competition from
the domestic and international players, stagnant sales over the
years, high gearing levels and strained liquidity position on
account of working capital intensiveness. The ratings are however,
underpinned by the experience and long track record of the
promoters in the apparel industry, established brand name and long
term business relations with the key customers.  The company's
ability to enhance scale of operations and improve liquidity are
the key rating sensibilities.

Incorporated in 1985, Cherma's Exquisite Limited, is a part of
Cherma's group.  The group is engaged in manufacturing, trading
and retailing of apparels.  The group is one of the leading
apparel retailers in the state of Andhra Pradesh, having seven
retail outlets; five in Hyderabad and one each in Vijayawada and

The company has registered total income of INR129.64 cr in FY10.
The company has reported PBILDT and PAT of INR9.88cr and
INR0.92 cr respectively in FY10.

FINE JEWELLERY: CRISIL Reaffirms 'B+' Rating on Various Bank Debts
CRISIL's rating on the bank facilities of Fine Jewellery India Ltd
continues to reflect FJIL's average financial risk profile, marked
by weak debt protection measures, and working-capital-intensive
operations.  These rating weaknesses are partially offset by the
benefits that FJIL derives from its established market presence,
supported by the extensive experience of its promoters.

   Facilities                            Ratings
   ----------                            -------
   INR254.0 Million Cash Credit          B+/Negative (Reaffirmed)
   INR40.0 Million Working Capital       B+/Negative (Reaffirmed)
                       Demand Loan
   INR15.0 Million Proposed Long-Term    B+/Negative (Reaffirmed)
                   Bank Loan Facility
   INR20.0 Million Packing Credit        P4 (Reaffirmed)
   INR20.0 Million Post Shipment Credit  P4 (Reaffirmed)
   INR49.5 Million Bank Guarantee        P4 (Reaffirmed)
   INR20.0 Million Letter of Credit      P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FJIL and FJIL's wholly owned, US-based
subsidiary, FJIL Inc.

Outlook: Negative

CRISIL believes that FJIL's credit risk profile will continue to
be influenced by the risk of invocation of the corporate guarantee
extended to its group company, Fine Platinum (India) Ltd, which is
currently facing liquidity pressures.  The ratings may be
downgraded in case of deterioration of FJIL's financial risk
profile or invocation of the corporate guarantee. Conversely, the
outlook may be revised to 'Stable' in case of significant
improvement in the financial risk profiles of FJIL and FPIL.

                        About Fine Jewellery

FJIL, set up by Mr. Premkumar Kothari in 1987, manufactures
diamond-studded gold and platinum jewellery.  The company caters
primarily to the domestic market and has two manufacturing units
in Mumbai (Maharashtra).

On a standalone basis, FJIL reported a net loss of INR1.2 million
on net sales of INR851.2 million for 2009-10 (refers to financial
year, April 1 to March 31), against a profit after tax of INR3.9
million on net sales of INR825.6 million in 2008-09.

GLOBEGROUND (I): CARE Rates INR53.25cr LT Bank Loan at 'CARE BB+'
CARE assigns 'CARE BB+' to the bank facilities of Globeground (I)
Pvt Ltd.

   Facilities                   (INR cr)    Ratings
   ----------                   --------    -------
   Long-term Bank Facilities      53.25     'CARE BB+' Assigned

Rating Rationale

The rating takes into account GGI's constrained financial profile
characterized by net losses incurred in FY08-09, high financial
and operating leverage and elevated business risk profile due to
concentration of operations at a single airport, tenure of the
contracts and subsequent renewability of the same.  The rating
also factors in the uncertainty relating to the regulatory
environment w.r.t. the proposed ground handling policy.  However,
the rating draws comfort from the experience and resourcefulness
of the promoters, established track record of operations of GGI
and improvement in profitability during FY10 and H1FY11.

Going forward, the ability of GGI 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.

Incorporated in 1999, GlobeGround India Pvt Ltd 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.  In the past, GGI has operated at
Delhi, Mumbai, Kolkata, Hyderabad and Chennai.  Presently, GGI
operates as a third-party ground handling service provider at the
Bengaluru airport.

During FY10, GGI achieved total operating income of INR64 cr with
PBILDT and PAT margin of 33.88% and 6.62% respectively.  As per
the provisional results for H1FY11, GGI achieved total operating
income of INR23 cr with PBILDT and PAT margin of 49.6% and 15.5%

JAY AMBE: CARE Assigns 'CARE BB+' to INR18.34cr LT Bank Loans
CARE assigns 'CARE BB+' and 'PR 4+' rating bank facilities of
Jay Ambe Gowri Petrochem Ltd.

   Facilities                   (INR cr)   Ratings
   ----------                   --------   -------
   Long-term Bank Facilities      18.34    'CARE BB+' Assigned
   Short-term Bank Facilities     25.00     'PR 4+' Assigned


The ratings factor in the trading nature of the business,
competition from other major companies in similar business, high
working capital utilization, low profitability margins, no selling
arrangements (contracts) with the customers, fluctuating prices of
the goods and stressed liquidity.  The rating is however
underpinned by experienced promoters, low debt to equity ratio,
increasing trend in revenue and profits and regular infusion of
funds by the promoters.  The ability of the company to maintain
and improve profitability margins, get repeat orders from the
existing customers and manage the working capital requirements
with the increase in the turnover are the key rating

                          About Jay Ambe

Jay Ambe Gowri Petrochem Ltd. was established by Mr. Narender
Kumar Patel and Mr. M Madhu in 2006.  JGPL is engaged in business
of trading of chemicals and solvents and solvents like Amino
Carbinol, Glipizide, Flucenazol and Methanol which find
application in pharmaceutical industry.  On a total income of
INR215cr, JGPL earned a PAT of INR.4cr in FY10.

KALYAN AQUA: CRISIL Assigns 'P4' Rating to INR80MM Packing Credit
CRISIL has assigned its 'P4' ratings to the bank facilities of
Kalyan Aqua & Marine Exports India Pvt Ltd.

   Facilities                                  Ratings
   ----------                                  -------
   INR80.00 Million Packing Credit             P4 (Assigned)
   INR80.00 Million Foreign Bill Discounting   P4 (Assigned)
   INR13.00 Million Letter of Credit           P4 (Assigned)
   INR1.50 Million Bank Guarantee              P4 (Assigned)

The ratings reflect KAMEIPL's weak financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and small scale of operations, on account of weak
operating efficiencies and intense competition in the marine
industry.  The ratings also reflect the company's susceptibility
to adverse regulatory changes and unfavorable climatic conditions.
These weaknesses are partially offset by the experience of
KAMEIPL's promoters in the seafood industry and its initiatives to
integrate operations.

                          About Kalyan Aqua

KAMEIPL was established as a partnership firm called Kalyan Aqua
and Marine Exports by Mr. P Rajendra Prasad in 2004.  The firm was
reconstituted as a private limited company in 2007.  KAMEIPL
exports processed shrimp.  It also owns a space of 75 acres of
water area, where it cultivates shrimp.  It has leased another 140
acres of water area, for the same purpose.

KAMEIPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR230.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.9 million on net
sales of INR125.3 million for 2008-09.

PRESIDENCY EXPORTS: CRISIL Reaffirms 'P4' Packing Credit Rating
CRISIL's rating on the bank facilities of Presidency Exports &
Industries Ltd continue to reflect Presidency's below-average
financial risk profile, and susceptibility to downturns in its
end-user industry (steel) and to adverse regulatory changes. These
rating weaknesses are partially offset by the company's moderately
sizeable order book.

   Facilities                           Ratings
   ----------                           -------
   INR150 Million Packing Credit        P4 (Reaffirmed)
   INR5 Mil. Foreign Bill Discounting/  P4(Reaffirmed)
             Foreign Bill Negotiation
   INR10 Million Bank Guarantee         P4(Reaffirmed)
   INR5 Million Letter of Credit        P4(Reaffirmed)


Presidency's topline increased by around 49 per cent year-on-year
in 2009-10 (refers to financial year, April 1 to March 31).
Turnover generated in the period April to December 2010 was INR350
million.  Operating profitability in 2009-10 has been lower than
that in 2008-09 because of increase in freight costs. The
company's gearing increased to 9 times as on March 31, 2010 from 8
times a year before.  There has been equity infusion of around
INR10 million in 2010-11 (against INR25 million expected earlier)
into the company. Presidency's liquidity is likely to remain weak
over the medium term.  Utilization of its fund-based bank limit
remained moderate at around 66 per cent on an average during the
nine months ended December 2010. The company's accruals are
expected to be sufficient to service its maturing debt obligations
of INR60 million in 2010-11.

Presidency has extended corporate guarantee of INR850 million on
the cash credit facility of its group company, Exponoval
Commercial Enterprises Ltd.  ECEL's banker has categorised the
company as a non-performing asset as ECEL has not made interest
payments on its bank facility. Though the guarantee extended by
Presidency has not yet been invoked by ECEL's bankers,
Presidency's liquidity is expected to come under pressure if it

Presidency reported a profit after tax of INR1.4 million on net
sales of INR545.0 million for 2009-10, against a net loss of
INR1.1 million on net sales of INR360.7 million for 2008-09.

                     About Presidency Exports

Set up in 1913, Presidency (formerly, Presidency Jute Mills
Company Ltd), is currently owned by Mr. D Bajoria and family.  The
company has been trading in iron ore fines since 2007; it also
provides warehousing facilities.  It procures iron ore fines
against advance payments from mine owners and crushers around port
cities such as Haldia (West Bengal), Paradeep (Orissa),
Visakhapatnam (Andhra Pradesh), and Goa. It exports 100 per cent
of the iron ore to China.

R. K. FROZEN: CARE Rates INR7.55cr LT Loan at 'CARE BB'
CARE assigns 'CARE BB' rating to the bank facilities of
R. K. Frozen Foods.

   Facilities                   (INR cr)    Ratings
   ----------                   --------    -------
   Long-term Bank Facilities       7.55     'CARE BB' Assigned

Rating Rationale

The rating is constrained by the small size of operations of R. K.
Frozen Foods, constitution of the entity being a partnership firm,
very short track record of operations, high working capital
requirements and competition from many organized & unorganized
players.  The rating draws strength from the promoters having
experience of over a decade in area of seeds & agri-commodity
production & marketing, healthy profit margins and stable demand
outlook of frozen foods.  Increase in scale of operation and
widening product portfolio while maintaining profitability
margins is a key rating sensitivity.  Deterioration in the
financial risk profile due to any large debt funded capex plan
and/or withdrawal of partners' capital from the firm would also be
determinants of RKF's credit risk profile going forward.

RKF is a partnership concern based in Uttaranchal and incorporated
on April 1, 2009 by Mr. Ajay Kumar Agarwal & Mrs. Priti Agarwal.
RKF is into processing of fresh fruits & vegetables into frozen
form through Individual Quick Freezing technique.

During FY10 (Audited), RKF reported PAT of INR0.68 crore on total
income of INR4.74 crore.

CARE assigns 'CARE BB' rating to the bank facilities of SNJ
Breweries Private Ltd.

   Facilities                   (INR cr)   Ratings
   ----------                   --------   -------
   Long-term Bank Facilities      93.00    'CARE BB' Assigned

Rating Rationale

The rating is constrained by project implementation risk, SNJ
being a new entrant in TN beer industry, challenges of operating
in a highly regulated environment characterized by stringent
control on production, distribution, pricing and advertising and
lack of debt tie-up for the project.  The rating also factors in
highly concentrated beer industry in TN with limited number of
players and promoters experience in various businesses. Above
rating also factor in demonstrated performance of the promoter in
infusing adequate equity to ensure timely completion of the
project.  Expected oversupply scenario in TN beer industry, any
delay in financial closure and consequent delay in project
execution and changes in government policies in the industry are
the key rating sensitivities.

                        About SNJ Breweries

SNJ Breweries Private Limited was incorporated in July 2009 for
the purpose of setting up a Brewery Unit in Madurantakam, near
Chennai with licensed capacity of One million Hecto Liter per
annum (HLPA).  SBPL is part of Chennai based SNJ group established
in the year 1989.  Mr. N. Jayamurugan, who has 21 years of
industry experience, is the promoter of SNJ group.

The company has started the project in May 2010.  The project is
expected to be completed by March 2011 and commercial production
is expected to start from April 2011.  The estimated cost of the
project is around INR141 Cr is proposed to be funded through bank
term debt of INR93 Cr and balance through promoters equity.  The
company is yet to achieve financial closure for the debt.  As on
October 18, 2010, the company spent total sum of INR58.5 Cr on the
project, funded entirely through promoter's contribution.

TITAN ENERGY: CRISIL Assigns 'P5' Rating to INR265MM Cash Credit
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Titan Energy Systems Ltd.  The ratings reflect instances of delay
be TESL in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR265 Million Cash Credit           D (Assigned)
   INR130 Million Letter of Credit      P5 ( Assigned)
   INR245 Million Bank Guarantee        P5 (Assigned)

TESL also has a below-average financial risk profile, marked by
small net worth and high gearing, and is susceptible to movements
in solar cell and solar module prices and intense competition in
the photovoltaic (PV) module manufacturing industry. These
weaknesses are partially offset by TESL's established market

                        About Titan Energy

In 1995, TESL was incorporated and commenced manufacture of solar
modules. Prior to that, the promoters were engaged in solar power
systems integration and telecommunication consultancy services.

Presently, the company designs and manufactures solar PV modules
using crystalline cells and thin film plates.  The company
manufactures standard and customised crystalline, amorphous, and
copper indium gallium selenide (CIGS) modules.  TESL has an
installed semi-automated module capacity of 96 megawatt peak

TESL reported a profit after tax (PAT) of INR34 million on net
sales of INR1415 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR79 million on net sales
of INR1709 million for 2008-09.

VEELINE MEDIA: CRISIL Reaffirms 'BB-' Rating on INR24MM Term Loan
CRISIL's rating on the bank facilities of Veeline Media Ltd
continue to reflect VML's limited track record in the water
dispenser business, small scale of operations, and limited
earnings diversity.  These rating weaknesses are partially offset
by VML's established relationships with key customers.

   Facilities                    Ratings
   ----------                    -------
   INR61 Million Cash Credit     BB-/Stable (Reaffirmed)
   INR24 Million Term Loan       BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VML will continue to benefit from its
association with its key customers over the medium term. The
outlook may be revised to 'Positive' if the company improves its
business risk profile, supported by stabilization of its newly
established product line, thereby improving its topline growth
rate and operating margin.  Conversely, the outlook may be revised
to 'Negative' if VML's financial risk profile deteriorates, most
likely because of large, debt-funded capital expenditure
(capex)/acquisition or lesser-than-expected sales of its new


VML achieved revenue growth of 43 per cent in 2009-10 (refers to
financial year, April 1 to March 31) over the previous year.
However, VML incurred an operating loss of about INR7 million in
2009-10.  VML's sales continue to be mainly to Voltas Ltd (Voltas)
and Usha International Ltd.  During 2009-10, the company shifted
its factory from Kolkata (West Bengal) to Himachal Pradesh because
of benefits derived from excise exemption, proximity to customers
and suppliers, and lower transportations costs. The change in the
location of VML's factory entailed a capex of about INR7.5
million, which was funded from internal sources. The company has
funded its losses through decline in working capital and part
liquidation of investments.  VML now has investments totalling
about INR30 million in various stocks and mutual funds. It
continues to have moderate liquidity despite the losses as the
bank limits were utilised at an average of around 69 per cent over
the 13 months through November 2010; the company's year-end cash
and bank balance was around INR8.4 million. VML has already
prepaid term loan instalments till June 2012.

VML reported a net loss of INR20 million on net sales of INR144
million for 2009-10, against a net loss of INR28 million on net
sales of INR101 million for 2008-09.

                        About Veeline Media

VML (formerly, Veeline Exports Pvt Ltd), set up in 1989 by
Mr. Anil Kumar Gupta, began manufacturing water dispenser units
from 2009 after its audio division business volumes began
declining.  The capacity of the water dispenser plant is about
10,000 pieces in two shifts per month.  VML's clients for water
dispenser units include Voltas, Videocon Industries Ltd, Blue Star
Ltd, and Usha.

VEDAGIRI HI-TECH: CRISIL Upgrades Rating on INR100MM Loan to 'BB-'
CRISIL has upgraded its ratings on the bank facilities of Vedagiri
Hi-Tech Spinning Mills Ltd to 'BB-/Stable/P4+' from B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Long-Term Loan    BB-/Stable (Upgraded from
   INR12.20 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The upgrade reflects the improvement in Vedagiri's business risk
profile on the back of timely completion of its project and
stabilisation of operations.  The ratings, however, continue to
reflect Vedagiri's small scale of operations, lack of track record
in the viscose yarn industry, and exposure to risks related to
intense competition in the textile industry and to volatility in
raw material prices.  These weaknesses are partially offset by the
benefits that Vedagiri derives from its proximity to the end-user
market, and its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that Vedagiri will continue to improve its scale
of operations over the medium term, on the back of stabilization
of its operations.  The outlook may be revised to 'Positive' if
the company significantly scales up its operations while
maintaining its profitability, resulting in an improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if Vedagiri's capacity utilization and margins decline
substantially, or if the company undertakes a large, debt-funded
capital expenditure programme that weakens its financial risk

                       About Vedagiri Hi-Tech

Set up in 2008 in Komarapalayam (Tamil Nadu), Vedagiri
manufactures viscose yarn of counts 30s and 34s with a spindle
capacity of 12,096.  The company commenced its commercial
production in July 2010 with a total outlay of about INR200
million, of which 49 per cent was debt-funded and the balance was
funded through promoters' equity.


JAPAN AIRLINES: Chairman Denies Merger Plans
The Japan Times reports that Japan Airlines Corp. Chief Executive
Officer and Chairman Kazuo Inamori on Tuesday dismissed the
possibility of a merger with another airline in the near future,
stressing that the former flagship carrier will exit ongoing
court-led restructuring as an independent corporation.

"I am now working to restructure JAL, based on my belief that
there should be two (large Japanese) carriers," Mr. Inamori told
reporters at the Japan National Press Club, according to The Japan
Times.  "With only one carrier, the price of tickets might go very
high.  To avoid this situation, JAL must fully revitalize and have
fair competition with All Nippon Airways."

The Japan Times relates that Mr. Inamori said JAL isn't thinking
of going the merger route, at least "for the next few years," but
added this may change as time passes and the environment evolves.

Boasting that JAL's operating profit for the April-December period
was far better than planned under its rehabilitation -- about
JPY160 billion -- Mr. Inamori, as cited by The Japan Times, said
he hopes Enterprise Turnaround Initiative Corp. of Japan, the
government-backed body that injected JPY350 billion into JAL on
Dec. 1, will recoup the money by 2013 as the airline group
completes the restructuring process.  ETIC is currently JAL's sole

"I think (JAL) can relist its shares by the end of next year," The
Japan Times quotes Mr. Inamori as saying, while cautioning nothing
has been decided.  Asked about JAL's Dec. 31 dismissal of 165
pilots and cabin attendants, he said there was no other choice
under the court-backed rehabilitation plan, the report says.

"If I'm asked about whether it was possible to keep the 165
people, as many of you may know, it's not impossible.  But (JAL)
caused so much trouble to so many people . . . The rehabilitation
plan has gained court approval on the condition of reducing
(JAL's) personnel," Mr. Inamori said, The Japan Times reports.

                        About Japan Airlines

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

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

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

* S&P Puts Ratings on Japanese Tranches on CreditWatch Positive
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its ratings on two tranches relating to two
Japanese synthetic CDO transactions.

The two tranches placed on CreditWatch positive had synthetic
rated overcollateralization levels in excess of 100% at higher
ratings than the current ratings as of Jan. 31, 2011.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

By the end of the month, S&P intend to review the tranches listed
below, along with any other tranches with ratings that are
currently on CreditWatch with negative or positive implications,
in accordance with S&P's current CDO criteria.

                            Ratings List

                    Corsair (Jersey) No. 2 Ltd.
     Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

        To                     From           Issue Amount
        --                     ----           ------------
        CCC+ (sf)/Watch Pos    CCC+ (sf)      JPY1.0 bil.

                  Hummingbird Securitisation Ltd.
                           Series 1 loan

        To                     From           Issue Amount
        --                     ----           ------------
        BB+ (sf)/Watch Pos     BB+ (sf)       JPY4.0 bil.

N E W  Z E A L A N D

CENTRAL MORTGAGE: Liquidators Recover Less Than NZ$2.1MM Owed
Heather McCracken at Hawkes Bay Today reports that liquidators
appointed to The Central Mortgage Trust Limited have recovered
little of the NZ$2.1 million owed to investors.

Hawkes Bay Today relates that Central Mortgage Trust, a mortgage
company run from the offices of law firm McKay Hill, was placed in
liquidation in July 2010 after the Law Society froze the McKay
Hill trust account, which the company also used.

According to the report, loans totaling NZ$2.1 million were owed
to the company, which has 28 investors.  Some mortgages were
already in arrears prior to liquidation, the report adds.

Liquidator Kenneth Brown from RHB Chartered Accountants said in
his six-monthly report that he could give no assurance as to how
much money would be realized, according to Hawkes Bay Today.

Hawkes Bay Today notes that less than NZ$9,000 in loan repayments
and interest had been received since the liquidation.

"Collection of funds has proved difficult and in some cases
impossible," the report said, Hawkes Bay Today reports.

Central Mortgage Trust Limited is a mortgage company.  The company
was placed into liquidation by special resolution of the
shareholders on July 1, 2010.  Kenneth Peter Brown and Paul Thomas
Manning, Chartered Accountants, were appointed liquidators of the

EQUITABLE MORTGAGES: Investors Frustrated Over Claim Form Delay
Kenny Rodger at The New Zealand Herald reports that investors with
millions tied up in failed finance company Equitable Mortgages are
frustrated they still haven't received forms enabling them to
apply for their money back under the Government's deposit
guarantee scheme.

The Treasury, however, said it is a complicated process and the
Government has to be careful when handing over taxpayers' dollars,
the report relates.

Equitable Mortgages was placed into receivership at the end of
November owing $178 million to 6000 depositors.  At the time,
Treasury said it expected to take about eight weeks to gather
information about investors because of the Christmas and New Year

In early December, the Treasury revised that to say the "likely
timeframe for starting the claims process for Equitable Mortgages
depositors was during the first quarter of 2011."

The NZ Herald relates that investor Keith Flinders questioned the
delay in payouts to depositors despite the Government guarantee.

"[The] Firm [was] placed in liquidation nearly three months ago,
nil interest being paid on the sums invested since, and [receiver]
KordaMentha will not be starting work on the repayments until
after the end of March," the NZ Herald quotes Mr. Flinders as

According to the NZ Herald, a Treasury spokesman said there wasn't
a delay.  Although Treasury had initially expected it to take
eight weeks to gather information about Equitable Mortgages it had
revised this in December, the NZ Herald notes.

"We realized soon after it fell over that we were being too
optimistic," the Treasury spokesman said, according to the NZ

The NZ Herald notes the Treasury spokesman couldn't provide
investors with any more certainty as to when they would receive
the forms but said what appeared to be a simple process from the
outside was quite complicated and technical.

As reported in the Troubled Company Reporter-Asia Pacific on
November 30, 2010, Equitable Mortgages have called in receivers
for the company.  According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits.  Treasury's deputy secretary of
financial operations Phil Combes said eligible depositors with
Equitable Mortgages can claim repayment from the Crown, the report
related.  The NZHerald reported that Equitable Mortgages asked its
trustee to appoint receivers to the company, which is a default
triggering the Crown's guarantee under the terms of the Extended
Retail Deposit Guarantee Scheme.  The NZ Herald said that the
company also had about NZ$12 million of non-guaranteed deposits it
marketed as "Classic Debentures."  Mr. Combes said the Crown would
not repay deposits it had not guaranteed, the report added.

Headquartered in Auckland, Equitable Mortgages is a financial
institution that has around 6,000 depositors and approximately
NZ$178 million in Crown-guaranteed deposits.  It is a government
guaranteed firm.

PLUM DUFF: Cavalier Wool Bids for Wool Services International
Radio New Zealand News reports that Cavalier Wool Holdings is
trying to buy New Zealand Wool Services International.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 21, 2010, Business Day said Wool Services International is on
the market after its main shareholder, Allan Hubbard's company
Plum Duff, was placed in receivership.  Maurice Noone and Malcolm
Hollis of PricewaterhouseCoopers were appointed joint receivers to
Plum Duff Limited and Woolpak Holdings Limited by the receivers of
South Canterbury Finance Limited.  The companies' principal assets
comprise of 63.8% interest shares in NZ Wool Services
International Limited.  Maurice Noone said, "WSI is not affected
by the appointment of receivers to the companies."

Radio New Zealand News discloses that the Commerce Commission said
it will consider whether the purchase will substantially lessen
competition in the wool market, and whether the benefits outweigh
any loss of competition.

Wool Services, the report notes, said that it would resist any
move to buy its scours and has told Cavalier Wool that it is
opposed to any attempt to create a monopoly in wool scouring.

Wool Services International is Australia's largest wool exporter.

ST LAURENCE LTD: Bluestone Pulls Out Deal to Buy Irongate Contract
------------------------------------------------------------------ reports that Bluestone Capital Management has
withdrawn from talks to buy two contracts to manage Irongate
Property from St. Laurence's receiver Deloitte. relates that Bluestone said it has pulled the plug
on discussions that might have led to it taking on Irongate's
asset and investment management contracts.

This follows several months of talks with the Kevin Podmore-
chaired Irongate and Deloitte, the report notes.  Bluestone CEO
Peter McGuinness told amongst other things,
Bluestone's objectives included helping Irongate manage its NZ$50
million retail bond repayment due in May this year.

"Despite our offer to work more closely with Irongate to tackle
some of the challenges facing the business, the current manager
and the board of Irongate ultimately concluded that there were
preferred alternatives that should be explored in managing its
funding obligations," quoted Mr. McGuinness as

"To avoid further confusion in relation to our potential
involvement in the management of Irongate, we have therefore
written to the board of Irongate indicating the withdrawal of our
interest in the management contracts," Mr. McGuiness added.

Receiver Barry Jordan of Deloitte told in December
that the prospect of St Laurence's investors' getting back t he
promised up to one third of the money they're owed depended on the
fate of Irongate Property. relates that Mr. Jordan also said in December,
however, that the receivers had talked to other parties as well as
Bluestone who were potentially interested in taking over
Irongate's management and he hoped to have a deal done by the end
of January.  Irongate has been in breach of two Trust Deed ratios,
with trustee Perpetual Trust leaving itself the option of pulling
the plug. It faces repaying the NZ$50 million of bonds, paying
9.25 per cent per annum, on May 15 to about 1,500 investors.

In June last year, recalls, Bluestone arranged a
NZ$45 million loan for Irongate with U.S. vulture fund Varde
Partners which enabled Irongate to repay NZ$30 million of bonds
that matured last July.  Irongate also owes money to Westpac and
BNZ.  Combined with the Bluestone loan, this debt stood at NZ$87.2
million as of September 30 last year, discloses.

St Laurence also owns a 34% stake in Irongate, formerly St
Laurence Property & Finance.

                        About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.

VEGAR ESTATE: Faces Interim Liquidation Over SCF Statutory Demand
Kelly Gregor at The New Zealand Herald reports that South
Canterbury Finance's receivers will seek an interim liquidation
order against Vegar Estate Wines if the winery fails in its
application to set aside a statutory demand.

According to the NZ Herald, receivers for the failed financier are
concerned that Vegar could enter into a sale agreement while the
liquidation process is under way.  The NZ Herald says Vegar,
directed by Paul Vegar of Matakana, has several companies in
various stages of receivership and liquidation, including Dream B
Ay, Goldridge, in receivership, and Vintage 2008 (A) and Vintage
2008 (B), in liquidation.

The NZ Herald relates that SCF has filed a statutory demand
against Vegar, which is a demand for payment within 15 working
days.  If this is not paid, and no dispute is raised within that
time period, the company demanding the payment (SCF) can ask the
court to place the business into liquidation, the report notes.
Vegar has applied to set the demand aside, according to the
NZ Herald.

In October, the Commonwealth Bank of Australia filed proceedings
against SCF to determine who had priority over the development of
the collapsed Leefield Vineyards in Marlborough.  The development,
in receivership, included nine houses, farm buildings and 2165ha.

SCF's investment into Auckland developer Greg Olliver's
redevelopment of Leefield was one of the lender's largest

Vegar Estate Wines Ltd is a New Zealand-base winery.


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

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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