TCRAP_Public/111110.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, November 10, 2011, Vol. 14, No. 223

                            Headlines



A U S T R A L I A

HARVEY NORMAN: Places Bendigo Franchise Into Administration
MF GLOBAL: Aussie Units in Administration, Deloitte In
SMART SERIES 2011-4US: Fitch Rates AUD12MM Class D Notes at 'BB'
* AUSTRALIA: Insolvency Appointments Rise in Qtr Ended Sept. 2011


C H I N A

CHINA QINFA: Moody's Says 'B1' CFR Unaffected by Acquisition
SHANGHAI ZENDAI: Moody's Caa1 CFR Unaffected by Disposal Plan
WINSWAY COKING: Moody's Says 'Ba3' CFR Unaffected by Acquisition


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
LEHMAN BROTHERS: Asia Creditors to Meet on Nov. 10
LUEN HING: Creditors Get 100% Recovery on Claims
LUNG WAH: Court Enters Wind-Up Order
MARUKA (HK): Court Enters Wind-Up Order

NEW CHINA: Creditors Get 100% Recovery on Claims
NEW CHINA HK: Creditors Get 3% Recovery on Claims
NEW CHINA HK INDUSTRIAL: Creditors Get 2.7% Recovery on Claims
NEW CHINA HK PROPERTIES: Creditors Get 100% Recovery on Claims
NEW CHINA HK TRADING: Creditors Get 1.1% Recovery on Claims

SILVER SEA: Members' Final Meeting Set for Dec. 9
SIN MEI: Tsui Kei Pang Appointed as Liquidator
SIN YEH: Tsui Kei Pang Appointed as Liquidator
TAI SHING: Members' Final Meeting Set for Dec. 9
TITANIUM TECH: Contributories and Creditors to Meet on Nov. 18


I N D I A

BRAHMAPUTRA PAPER: CRISIL Places CRISIL D Rating on INR85MM Loan
GAJANAN EXTRACTION: CRISIL Rates INR47.5MM Loan at 'CRISIL B+'
MEENAKSHI ENTERPRISES: CRISIL Reaffirms 'BB-' INR30MM Loan Rating
MEHTA GOLD: CRISIL Assigns 'CRISIL B+' Rating to INR135MM LT Loan
NATWEST ESTATES: CRISIL Places CRISIL B+ Rating on INR5.5MM Loan

NAVEEN TIMBER: CRISIL Places 'CRISIL BB' Rating on INR50MM Loan
NIKITA PAPERS: CRISIL Assigns CRISIL BB Rating on INR54.4MM Loan
PANINI GRANITES: CRISIL Rates INR105MM LT Loan at 'CRISIL B+'
RANA ROLLING: Delay in Debt Repayment Cues CRISIL Junk Ratings
RASHMI METALIKS: Inadequate Info Cues Fitch to Move Low-B Rating

RELIABLE EXPORTS: CRISIL Cuts Rating on INR750MM Loan to CRISIL D
RELIABLE SPONGE: CRISIL Puts 'CRISIL BB+' Rating on INR100MM Loan
SAHAYATA MICROFINANCE: CRISIL Cuts Rating on INR700MM Loan to 'B'
SIVANSSH INFRA: CRISIL Assigns CRISIL BB- Rating to INR35MM Loan
VALSON POLYESTER: CRISIL Puts 'CRISIL B+' Rating on INR60MM Loan

VINNY OVERSEAS: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan


I N D O N E S I A

BANK INTERNASIONAL: Fitch Assigns Individual Rating at 'C/D'


J A P A N

ASAHI MUTUAL: Fitch Holds Rating on Insurer Finc'l Strength at BB
OLYMPUS CORP: Block & Leviton to Probe Possible Fraud Claims


K O R E A

SK GROUP: Prosecutors Secure Evidence to Back Embezzlement Case


N E W  Z E A L A N D

CENTURY CITY: Unsecured Creditors Unlikely to Get Repayment
FIVE STAR: Former Director Argues Culpability
HIGHMARK HOMES: Placed in Liquidation
NZ FARMING: Liquidation Looms as Shareholders Vote on Extension
PGG WRIGHTSON: S&P Raises Issuer Credit Ratings From 'BB/B'

* NEW ZEALAND: Dairy Conversion Farm Up for Receivership Sale


S I N G A P O R E

FLEXTRONICS INTERNATIONAL: S&P Puts BB+ Rating to $1.5BB Revolver


                            - - - - -


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


HARVEY NORMAN: Places Bendigo Franchise Into Administration
-----------------------------------------------------------
Australian Associated Press reports that a Bendigo Harvey Norman
franchise is one of three subsidiaries placed in the hands of
administrators by the retail giant.

Chartered accountant and liquidator David Levi has been appointed
to act as administrator of two wholly owned Harvey Norman
subsidiaries in Western Australia and one in Victoria, according
to AAP.  The affected stores are O'Connor and Mandurah in West
Australia and Bendigo in Victoria, the retailing giant said in a
statement obtained by the news agency.

AAP says that Harvey Norman closed four Clive Peeters and three
Rick Hart outlets in the September quarter when sales fell due to
the strength of the Australian dollar, price deflation, and
intense competition.

PerthNow relates that in Harvey Norman's 2011 financial year
report, the company reported a loss of just over AU$41 million
for the Rick Hart and Clive Peeters brands, which it bought for
AU$55 million several years ago.

In August, Harvey Norman Chairman Gerry Harvey said it was a
"mistake" buying the Rick Hart chain stores and that the retailer
would be in a better financial position had it not made the
purchase, PerthNow notes.

The Australian Financial Review reported that landlords were
suing a Harvey Norman subsidiary for refusing to pay rent for the
now closed Mandurah and Osborne Park Rick Hart stores, PerthNow
relays.

Harvey Norman is Australia's leading retail chain.


MF GLOBAL: Aussie Units in Administration, Deloitte In
-------------------------------------------------------
The Australian Securities and Investments Commission said in a
statement dated Nov. 1 that MF Global's units in Australia were
placed into administration.

Insolvency firm Deloitte has been appointed administrator to the
MF Global group in Australia.

The ASIC noted that trading activity of equities under MF Global
Securities Limited, futures trading under MF Global Australia
Limited have halted.  MF Global Australia Limited is also in
administration.

The Australian Securities Exchange has advised ASIC that MF
Global UK Limited has been put into an event of Default.  MF
Global UK Limited has also entered the Special Administration
Regime in the UK.

ASX 24 has advised ASIC that Grain Futures will not open and Wool
Futures have been suspended to preserve the integrity of the
market.

ASX spokesman Matthew Gibbs said the exchange had suspended trade
in the small grain and wool futures markets, where MF Global held
relatively large positions, The Sydney Morning Herald reported.

Deloitte partner Chris Campbell told SMH in a separate interview
that his firm is commencing a process to reconcile all client
positions as at the date of the firm's appointment to determine
monies owed to each client.  The process, Mr. Campbell added,
will include the necessary close-out of most, if not all client
positions, in the books of the companies.  This statement though
was refuted by Mr. Gibbs as incorrect.  Mr. Gibbs told SMH that
ASX is managing its exposures and working through the impact of
the suspensions.

According to SMH, clients of Commonwealth Bank's CommSec
business,
Westpac and ANZ's E*TRADE were affected by margin calls, with MF
Global increasing its margin on CFDs to a minimum of 25% on
Monday.

CommSec, the report said, suspended its over-the-counter CFD
business on Tuesday, which affected a small number of clients.
It
is working to close out all open client positions in an orderly
manner and its ASX CFD business has not been affected, a CBA
spokeswoman said, according to SMH.

MF Global is the only CFD option on Westpac Online's investing
platform but fewer than 100 clients have exposures, a Westpac
spokesman told SMH.  An ANZ spokesman told SMH that less than one
per cent of E*TRADE's clients trade CFDs and any margin calls
were issued by MF Global directly.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It is easily the largest bankruptcy filing so
far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by MF Global Inc. and other insolvency and bankruptcy
proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SMART SERIES 2011-4US: Fitch Rates AUD12MM Class D Notes at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned SMART Series 2011-4US Trust (SMART)
notes expected ratings.  The transaction is an asset-backed
securitization backed by automotive lease receivables originated
by Macquarie Leasing Pty Limited.

  -- USD100-mil. Class A-1 notes: 'F1+(exp)sf'

  -- USD158-mil. Class A-2 (a & b) notes: 'AAA(exp)sf';
     Outlook Stable

  -- USD161-mil. Class A-3 (a & b) notes: 'AAA(exp)sf';
     Outlook Stable

  -- USD81 mil.-Class A-4 (a & b) notes: 'AAA(exp)sf';
     Outlook Stable

  -- AUD11.35-mil. Class B notes: 'AA(exp)sf'; Outlook Stable

  -- AUD15.60-mil. Class C notes: 'A(exp)sf'; Outlook Stable

  -- AUD14.19-mil. Class D notes: 'BBB(exp)sf'; Outlook Stable

  -- AUD12.77-mil. Class E notes: 'BB(exp)sf'; Outlook Stable

  -- AUD8.51-mil. seller notes: not rated

The final ratings are contingent on receipt of final documents
conforming to information already received.

The notes have been issued by Perpetual Trustee Company Limited
as trustee for SMART Series 2011-4US Trust.  SMART Series 2011-
4US Trust is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the Macquarie Leasing's representative
collateral portfolio consisted of 23,098 automotive lease
receivables totalling approximately AUD777.3 million, with an
average size of AUD33,652.  The pool comprises passenger and
light commercial vehicle lease receivables from Australian
residents across the country, consisting of amortizing principal
and interest leases with varying balloon amounts payable at
maturity.  The weighted average balloon payment for the portfolio
is 26.4% (percentage of leases' original balance).  The majority
of leases consist of novated contracts (60.7%), where the lease
is novated to the employer in salary packaging arrangements.
Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases ranged between 0.6% and 1.5%, and
between 0.5% and 5.0%, respectively.

"The transaction features a liquidity reserve funded from
Macquarie Bank, where as the limit reduces each month the excess
will be available to cover losses and principal draws, before
being paid back to Macquarie, adding up to 1% credit support,"
said Adam Daman, Associate Director in Fitch's Structured Finance
team.

The expected Short-Term 'F1+(exp)sf' Rating on the Class A-1
notes and the expected Long-Term 'AAA(exp)sf' Rating with Stable
Outlook on the Class A-2a, A-2b, A-3a, A-3b, A-4a and A-4b notes,
are based on: the quality of the collateral; the 11% credit
enhancement provided by the subordinate Class B, C, D and E notes
and the unrated seller notes and excess spread; the liquidity
reserve account sized at 1% of the aggregate invested amount of
the notes at closing; the interest rate swap arrangements the
trustee has entered into with Macquarie Bank Ltd ('A+'/
Stable/'F1'); and Macquarie Leasing Pty Ltd's lease underwriting
and servicing capabilities.

The expected ratings assigned to the other classes of notes are
based on all the strengths supporting the Class A notes,
excluding their credit enhancement levels, but including the
credit enhancement provided by each class of notes' respective
subordinate notes.


* AUSTRALIA: Insolvency Appointments Rise in Qtr Ended Sept. 2011
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Wednesday released new data showing a strong overall rise in
companies entering external administration (EXAD) in the three
months to September 2011.

Mr. Adrian Brown, ASIC's Senior Executive Leader of Insolvency
Practitioners, said that each month of the September quarter saw
a consistently high number of appointments, notwithstanding a
decrease from August (1049) to September (991), resulting in a
higher quarterly total compared with both the June 2011 quarter
and the same period last year.

For the quarter to September 30, 2011, there were 2,961 EXADs
compared with 2,656 EXADs in the previous quarter (+11.5%) and
2,502 EXADs for the same quarter last financial year (+18.3%).

"We have now seen two consecutive quarters where appointments
exceeded 2,600 with the quarter ended December 2008 being the
only other occasion this occurred in recent times. For the
calendar year to date, companies entering EXAD increased 9.6 per
cent compared to the same period last year," Mr. Brown said.

ASIC statistics show that creditor-initiated court liquidations
(+33.7%) and receivership appointments (+12.7%) drove the
quarterly increase of 11.5% in EXAD appointments over the
previous quarter. Court liquidations rose strongly in the two
largest states of NSW (+42.6%) and Victoria (+34.4%).

"The trend towards creditor-initiated court liquidations supports
feedback from insolvency practitioners that they're seeing more
activity as creditors, including the Australian Taxation Office,
and various workers compensation insurers, continue to tighten up
on debt recovery," Mr. Brown said.

Mr. Brown also noted that appointments of receivers/controllers
by secured lenders increased in NSW (+ 21.5%) and remained at
high levels in Queensland where the raw number of appointments
(305 over the calendar year to date) were only marginally below
those of NSW (310), the largest state, and above that of Victoria
(282). Receivership/controller appointments were also up in
Western Australia (52.3%) for the calendar year to date compared
to the same period last year.

"Feedback from the market suggests that activity in Queensland,
and to a lesser extent, in Western Australia, is largely driven
by property-related appointments. We understand that certain
secured lenders are crystallising long-standing problem loan
positions or taking control of an underlying security where other
creditors initiated an external administration," Mr. Brown said.


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


CHINA QINFA: Moody's Says 'B1' CFR Unaffected by Acquisition
------------------------------------------------------------
Moody's Investors Service sees no immediate impact on China Qinfa
Group Limited's B1 corporate family rating from the announcement
of its proposed acquisition of Huameiao Energy.

At the same time, Moody's has withdrawn the provisional (P)B2
rating on Qinfa's proposed senior notes due to the company's
decision not to proceed with the issuance in the near term.

The outlook for the corporate family rating is stable.

Under the agreement, Qinfa will increase its equity interest in
coal-mining company Huameiao to 80% from 32%.  The interest was
acquired in June 2011 for approximately RMB2.9 billion (US$450
million).

The acquisition requires shareholder and regulatory approvals
with a target completion by end-2011.

The consideration of around RMB2.9 billion includes the
assumption of around RMB650 million of debt at Huameiao. The
balance amount of RMB2.2 billion will be paid in stages - RMB1.0
billion upon completion and the remainder of RMB1.2 billion
before June 2013.

"Qinfa's existing rating has incorporated its investment in
upstream assets. The first-stage payment of RMB1.0 billion will
be settled through existing cash and prepayment with Huameiao, as
well as an additional borrowing of RMB500 million which Qinfa is
likely to obtain," says Ken Chan, a Moody's Vice President /
Senior Analyst.

At the close of the transaction by end-2011, Qinfa will take on
additional debt without the benefit of the full-year EBITDA
contribution from Huameiao. Therefore, Qinfa's debt leverage,
measured by its Debt/EBITDA ratio, will be around 6.0x in FY
2011.

"On the other hand, Moody's expects Qinfa's debt leverage will
decline to around 3.5x over the next 12-18 months, mainly due to
the ramping up of output at Huameiao, which has a higher profit
margin relative to Qinfa's logistics and process operations,"
says Chan, adding "The expected stronger cash flow in the next
two years for Qinfa will also reduce the quantum of borrowings
needed to settle the outstanding acquisition payment of RMB1.2
billion."

"Although Qinfa is increasing its investment in a company with a
strong level of expertise, there is still some execution risk in
Huameiao expanding its output. At present, Huameiao has only one
mine with production of 2.8 million tonnes of coal in 2010.
Huameiao plans to increase output by 77% by end of 2012" says Mr.
Chan.

China Qinfa Group Limited is the largest non-state-owned thermal
coal supplier in China. The company operates an integrated coal
supply chain, including mining and procurement, storage,
filtering and blending, transportation, and marketing and
distribution. Listed on the Hong Kong Stock Exchange in July
2009, Qinfa is 57.16% controlled by Mr Xu Jihua, the founder and
CEO. Qinfa generated revenue of RMB6.5bn (US$1.0bn) and EBITDA of
RMB700m (US$107m) in 2010.


SHANGHAI ZENDAI: Moody's Caa1 CFR Unaffected by Disposal Plan
-------------------------------------------------------------
Moody's Investors Service sees no impact on Shanghai Zendai
Property Limited's corporate family rating of Caa1 and senior
unsecured debt rating of Caa2 from the company's plan to dispose
of the Huangpu District Bund project to a joint venture, Shanghai
Haizhimen Property Management Co. Ltd.

The ratings outlook remains negative.

Under the proposed transaction, Zendai will transfer
substantially the execution risk of the Huangpu District Bund
project in Shanghai to the joint venture and will receive net
cash proceeds of about RMB1 billion after deducting the RMB8.54
billion payable to Haizhimen.

"If the transaction proceeds, the cash proceeds of RMB1 billion
will still be inadequate to address Zendai's short-term funding
requirement of about RMB2 billion," says Jiming Zou, a Moody's
Analyst and also the lead analyst for Zendai.

The short-term debt includes US$150 million (RMB950 million)
notes due in June 2012 and a trust loan of RMB958 million due in
April 2012.

"Furthermore, although Zendai has a 35% interest in the joint
venture, a significant improvement in its liquidity position from
cash generation by the joint venture is unlikely in the near
future," says Zou.

Moody's will continue to monitor the company's ability to improve
its property contract sales and raise additional funds to
refinance its trust loans and US dollar notes by monetizing its
assets and/or raising new equity. Downgrade pressure could emerge
if Zendai fails to meet its payment obligations.

The principal methodology used in rating Zendai was the Global
Homebuilding Industry Methodology published in March 2009.

Shanghai Zendai Property Limited develops, invests in, and
manages residential and commercial properties in China. The
company currently has property projects under development in 12
cities in three regions, including northern China, Shanghai and
adjacent areas, and the Hainan province.


WINSWAY COKING: Moody's Says 'Ba3' CFR Unaffected by Acquisition
----------------------------------------------------------------
Moody's Investors Service sees no immediate rating impact on
Winsway Coking Coal Holdings Limited's Ba3 corporate family
rating and B1 senior unsecured rating as a result of its
announcement of the possible acquisition of Grande Cache Coal
Corporation, a Canadian-based coal mining company.

The ratings outlook is stable.

Under the proposed joint acquisition, Winsway will own 60% of GCC
and Marubeni Corporation (Marubeni, Baa2/stable) 40% -- with a
total cash consideration of approximately HKD7.7 billion.

Winsway targets to complete the acquisition by February 2012 if
it receives acceptance and approvals from shareholders and
regulators.

The company plans to fund 30-40% of its HKD4.6 billion share with
new project finance debt and the remainder with internal cash.

"Winsway, which reported internal cash of HKD5.7 billion as of
June 2011, has enough liquidity to fund its acquisition," says
Ken Chan, a Moody's Vice President/Senior Analyst.

"Furthermore GCC, which has an estimated mine life of over 30
years and is estimated to increase its annual production to 3.0 -
3.5 million tonnes in March 2013 from 1.4 million in FYE March
2011, offers higher quality coking coal -- and this will enhance
Winsway coal blending competence to better serve its customers,"
says Mr. Chan.

In addition, Marubeni's long operating history in Canada, as well
as its exclusivity of being the sole sales agent of GCC's coal
since 2004 will partially mitigate the integration risks due to
the acquisition.

"But GCC, with its higher operating costs and its exposure to the
cyclical demand of the steel industry, will add volatility to
Winsway's profit and cash flow. However, GCC's contribution will
account for around 30% of total proforma EBITDA only," says Mr.
Chan.

"If the acquisition proceeds, Winsway's leverage, as measured by
debt/EBITDA, will increase to around 3.0x from 2.5x which is
still within its rating level," explained Mr. Chan.

Winsway Coking Coal Holdings is one of the largest suppliers of
coking coal for China and other international markets. It also
processes coal and provides logistic services to its customers,
mainly Chinese steel makers and coke plants, through its
integrated coking coal supply chain in China. It listed on the
Hong Kong Stock Exchange in September 2010 and is 49.7%
controlled by founder and CEO, Wang Xingchun.


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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,830 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 15,779 cases, which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 2,733 cases, which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,269 cases, which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 806 cases (including minibond cases), which are under
       disciplinary consideration after detailed investigation by
       the HKMA, of which proposed disciplinary notices are being
       prepared in respect of 663 such cases and proposed
       disciplinary notices or decision notices have been issued
       in respect of the other 143 cases; and

     * 141 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 100 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?7741

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable
LBHI and its affiliated debtors to pay an estimated $65 billion
to their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Asia Creditors to Meet on Nov. 10
--------------------------------------------------
Contributories and creditors of Lehman Brothers Commercial
Corporation Asia Limited and Lehman Brothers Asia Holdings
Limited will hold their separate meetings on Nov. 10, 2011, at
27/F, Alexandra House, at 18 Chater Road, Central, in Hong Kong
and on Nov. 11, 2011, at Cliftons, 33/F, at 9 Queen's Road
Central, in Hong Kong, respectively.  The meetings will be the
second for the company's creditors and contributories.

At the meeting, Paul Jeremy Brough and Edward Simon Middleton,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable
LBHI and its affiliated debtors to pay an estimated $65 billion
to their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LUEN HING: Creditors Get 100% Recovery on Claims
------------------------------------------------
Luen Hing Fat Limited, which is in liquidation, will declare the
first and final dividend to its creditors on or after Nov. 9,
2011.

The company will pay 100% for preferential and ordinary claims.

The company's liquidators are:

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


LUNG WAH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 26, 2011, to
wind up the operations of Lung Wah Imperial Restaurant Limited.

The official receiver is Teresa S W Wong.


MARUKA (HK): Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 26, 2011, to
wind up the operations of Maruka (Hong Kong) Co., Limited.

The official receiver is Teresa S W Wong.


NEW CHINA: Creditors Get 100% Recovery on Claims
------------------------------------------------
The New China Hong Kong Asset Management Limited, which is in
creditors' liquidation, will declare the first and final dividend
to its creditors on or after Nov. 18, 2011.

The company will pay 100% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK: Creditors Get 3% Recovery on Claims
-------------------------------------------------
The New China Hong Kong Development Limited, which is in
creditors' liquidation, will declare the first interim dividend
to its creditors on or after Nov. 9, 2011.

The company will pay 3% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK INDUSTRIAL: Creditors Get 2.7% Recovery on Claims
--------------------------------------------------------------
The New China Hong Kong Industrial Limited, which is in
creditors' liquidation, will declare the first interim dividend
to its creditors on or after Nov. 9, 2011.

The company will pay 3% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK PROPERTIES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------------
The New China Hong Kong Properties Limited, which is in
creditors' liquidation, will declare the first interim dividend
to its creditors on or after Nov. 18, 2011.

The company will pay 100% for preferential and 2.5% for ordinary
claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW CHINA HK TRADING: Creditors Get 1.1% Recovery on Claims
-----------------------------------------------------------
The New China Hong Kong Trading Limited, which is in creditors'
liquidation, will declare the first interim dividend to its
creditors on or after Nov. 9, 2011.

The company will pay 1.1% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


SILVER SEA: Members' Final Meeting Set for Dec. 9
-------------------------------------------------
Members of Silver Sea Consultancy Limited will hold their final
general meeting on Dec. 9, 2011, at 11:30 a.m., at 6th Floor St.
John's Building, at 33 Garden Road Central, in Hong Kong.

At the meeting, Eliza Suk Ying Wu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SIN MEI: Tsui Kei Pang Appointed as Liquidator
----------------------------------------------
Tsui Kei Pang on Oct. 31, 2011, was appointed as liquidator of
Sin Mei (Nominee) Limited.

The liquidator may be reached at:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


SIN YEH: Tsui Kei Pang Appointed as Liquidator
----------------------------------------------
Tsui Kei Pang on Oct. 31, 2011, was appointed as liquidator of
Sin Yeh Shing Company Limited.

The liquidator may be reached at:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


TAI SHING: Members' Final Meeting Set for Dec. 9
------------------------------------------------
Members of Tai Shing Company Limited will hold their final
general meeting on Dec. 9, 2011, at 10:00 a.m., at 13/F., Amber
Commercial Building, at 70 Morrison Hill Road, Wanchai, in Hong
Kong.

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


TITANIUM TECH: Contributories and Creditors to Meet on Nov. 18
--------------------------------------------------------------
Contributories and creditors of Titanium Technology Limited will
hold their first meetings on Nov. 18, 2011, at 2:00 p.m., and
2:15 p.m., respectively at the whole of 22nd Floor, at 9 Des
Voeux Road West, in Hong Kong.

At the meeting, Huen Ho Yin and Huen Yuen Fun, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


BRAHMAPUTRA PAPER: CRISIL Places CRISIL D Rating on INR85MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Brahmaputra Paper Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL C (Assigned)
   INR85 Million Term Loan         CRISIL D (Assigned)

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

CRISIL has assigned its 'CRISIL C' rating to BPPL's cash credit
facility. The rating reflects BPPL's weak liquidity.

BPPL also has large working capital requirements and small scale
of operations. These weaknesses are partially offset by the
benefits BPPL derives from the strategic location of its plant.

                      About Brahmaputra Paper

Brahmaputra Paper Pvt Ltd. manufactures kraft paper. It commenced
commercial operations in May 2009. Its manufacturing unit in
Tezpur (Assam) has an installed capacity of 15,000 tonnes per
annum. BPPL manufactures a variety of kraft paper, ranging
between 90 and 180 grams per square meter, with burst factor of
14. The company's sales are concentrated in Assam. BPPL procures
waste paper, its key raw material, from traders in Assam and the
neighboring states.


GAJANAN EXTRACTION: CRISIL Rates INR47.5MM Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Gajanan Extraction Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR47.5 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR120 Million Cash Credit        CRISIL B+/Stable (Assigned)

The rating reflects GEL's average financial risk profile, marked
by weak debt protection metrics, moderate gearing, and modest net
worth, exposure to intense industry competition leading to low
bargaining power, and vulnerability of the company's business and
profitability to changes in government policy and to volatility
in prices of inputs. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that GEL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company significantly increases its
scale of operations, while maintaining its profitability, or if
there is a substantial improvement in its net worth on the back
of equity infusion. Conversely, the outlook may be revised to
'Negative' if GEL's profitability declines sharply from the
current levels, or if there is deterioration in company's
financial risk profile driven by larger-than-expected working
capital requirements.

                      About Gajanan Extraction

Gajanan Extraction Ltd. was incorporated as a private limited
company in 1985 by Mr. Purshotam Taori, Mr. Rajendra Bhala, and
Mr. Radheshyam Chandak. In 2006, the company was reconstituted as
a closely held public limited company. GEL extracts and processes
edible oil (solvent oil as well as refined oil) and manufactures
de-oiled cakes. Its manufacturing facilities in Beed
(Maharashtra) have an installed solvent extraction capacity of
250 tonnes per day (tpd), oil mill capacity of 350 tpd, and
refining capacity of 100 tpd.

GEL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR556 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR14.2 million on net
sales of INR953.5 million for 2009-10.


MEENAKSHI ENTERPRISES: CRISIL Reaffirms 'BB-' INR30MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Meenakshi Enterprises,
part of the Meenakshi group, continue to reflect the Meenakshi
group's weak financial risk profile, marked by a small net worth,
large working capital requirements, and weak debt protection
metrics, small scale of operations, and susceptibility to
volatility in sponge iron prices.

  Facilities                       Ratings
  ----------                       -------
  INR30.0 Million Cash Credit      CRISIL BB-/Stable (Reaffirmed)
  INR150.0 Mil. Letter of Credit   CRISIL A4+
  (Enhanced from INR130.0 Million)

These rating weaknesses are partially offset by the group's
diversified supplier profile and promoters' experience in the
steel trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Meenakshi and Sponge Sales India Pvt
Ltd.  The two entities are together referred to as the Meenakshi
group. This is because the entities are in similar businesses,
and have common promoters, and operational and financial linkages
with each other.

Outlook: Stable

CRISIL believes that the Meenakshi group will maintain its
business risk profile on the back of its relationships with its
multiple suppliers and its well-entrenched position in the North-
Indian markets of Punjab, Himachal Pradesh, and Jammu & Kashmir
(J&K). The group's financial risk profile is expected to remain
weak because of its large working capital requirements and small
net worth. The outlook may be revised to 'Positive' if the
group's financial risk profile strengthens, primarily because of
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of deterioration of the group's
profitability, or if the group undertakes larger-than-expected
debt-funded capital expenditure (capex) programme, thereby
weakening its capital structure.

Update

For 2010-11 (refers to financial year, April 1 to March 31), the
Meenakshi group reported, on provisional basis, a 56.4 per cent
year-on-year sales growth and an operating income of INR2.31
billion; it reported an operating income of INR1.48 billion for
the previous year. The sales growth in 2010-11 was mainly driven
by increase in the group's trading volumes. Before 2010-11, the
group had been undertaking more of consignment sales because of
shortage of funds. It earned a commission from its consignors,
including Bihar Foundry and Castings Limited full official name,
for being the exclusive provider of the consignor's products in a
particular area. However, the group has now been sanctioned
various bank limits, which has enabled it to scale up its trading
operations. The group continues to earn commission from direct
sales and consignment sales.

The group's bank limit utilization for the period 10 months
through March 31, 2011 was 100 per cent. Despite, enhancement in
bank facilities in the past two years, the group's liquidity is
expected to remain stretched over the medium term because of its
increasing scale of operations leading to increase in its already
large working capital requirements. The company does not have any
term debt obligations apart from interest payments of around
INR2 million per month on loans from non-banking financial
companies (NBFCs). These loans from NBFC's have been contracted
by the group's promoters against pledged personal properties.
These loans are for meeting the group's increasing working
capital requirements.

The Meenakshi group reported, on provisional basis, a profit
after tax (PAT) of INR6.24 million on an operating income of
INR2.31 billion for 2010-11; the group reported a PAT of INR4.8
million on an operating income of INR1.48 billion for 2009-10.

                          About the Group

Meenakshi was established in 2004 by Mr. Pramod Goyal and his
father. It trades in sponge iron, steel ingots and ferro-alloys.
Meenakshi is based in Mandi Gobindgarh (Punjab), and is currently
managed by Mr. Pramod Goyal, Mr. Rajesh Goyal, Mr. Kuldeep Garg,
and Mr. Pankaj Khetan.

The promoters of the Meenakshi group also own and manage SSIPL,
which was established in 1993. The company trades in sponge iron
and steel ingots.

The group is an authorized trader of sponge iron for the
companies such as Welspun Power and Steel Ltd, Tata Sponge Iron
Ltd, Bihar Foundry and Castings Ltd, Adhunik Alloys and Power
Ltd, and Bhushan Steel Ltd, all based in North India.


MEHTA GOLD: CRISIL Assigns 'CRISIL B+' Rating to INR135MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' to Mehta
Gold's long-term bank facility.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR135 Million Proposed LT      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects MG's weak financial risk profile and exposure
to intense competition in jewellery business. These rating
weaknesses are partially offset by the promoter's extensive
experience in the industry.

Outlook: Stable

CRISIL believes that MG will continue to benefit over the medium
term from its promoter's extensive experience in the gold
jewellery manufacturing and trading business. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves substantially, marked by improvement in debt protection
measures due to improvement in operating profitability or capital
structure improves significantly most likely because of large
equity infusion. Conversely, the outlook may be revised to
'Negative' if MG's capital structure and liquidity deteriorate
materially, most likely because of stretched receivables or large
inventory.

                         About Mehta Gold

MG, established in 2003, is a proprietorship firm set up by
Mr. Dilip Mehta, a first-generation entrepreneur. The firm
manufactures gold ornaments and jewellery and sells them in the
wholesale market. MG operates only in the domestic market and
sells to local retailers based in South India and Maharashtra.

MG reported a profit after tax (PAT) of INR0.7 million on net
sales of INR 209 million for 2010-11(refers to financial year,
April 1 to March 31), against a reported PAT of INR0.7 million on
net sales of INR182 million for 2009-10.


NATWEST ESTATES: CRISIL Places CRISIL B+ Rating on INR5.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Natwest Estates Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR5.50 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR75.00 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR114.90 Million Proposed LT     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects NEPL's relatively small scale of operations,
geographical concentration, below-average financial risk profile,
marked by high gearing and small net worth, and susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by NEPL's healthy track record in
the regional real estate segment, supported by its promoters'
experience in the industry. .

Outlook: Stable

CRISIL believes that NEPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if NEPL's net worth and scale of operations
increase significantly and the company reports earlier-than-
expected booking of apartments and receipt of customer advances,
leading to more-than-expected cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
NEPL's liquidity, either due to delays in receipt of customer
advances, or time or cost overrun ion ongoing project, or a sharp
increase in number of projects undertaken.

                      About Natwest Estates

Set up in 2001 by Mr. A R Sudhakar and his brother-in-law, Mr. T
V Rama Kumar, Natwest Estates Pvt Ltd. undertakes residential and
commercial real estate projects. Mr. A R Sudhakar is an engineer
by profession and has experience of around 25 years in the real
estate business. So far, NEPL has executed around four real
estate projects in Tamil Nadu (TN). The company is currently
executing two residential-cum-commercial real estate projects in
Pallikarani and Urapakkam (Chennai, TN).

NEPL reported a profit after tax (PAT) of INR5.7 million on
operating revenues of INR102.7 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.7
million on operating revenues of INR15.4 million for 2009-10.


NAVEEN TIMBER: CRISIL Places 'CRISIL BB' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Naveen Timber Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR200 Million Import Letter    CRISIL A4+ (Assigned)
   of Credit Limit

The ratings reflect the benefits that NTPL derives from its
promoters' experience in the timber industry, and the improvement
expected in NTPL's operational efficiency following the set up of
its Singapore operations. These rating strengths are partially
offset by NTPL's weak financial risk profile, marked by small net
worth, low profitability, and exposure to intense competition and
risks relating to unfavorable changes in regulations governing
the timber industry.

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the
medium term from its promoters' long standing experience in the
timber trading business. The outlook may be revised to 'Positive'
if there is sustained improvement in NTPL's profitability, and if
the promoters infuse substantial equity to enhance NTPL's net
worth. Conversely, the outlook may be revised to 'Negative' if
NTPL undertakes any large, debt-funded capital expenditure
programme or reports a decline in its profitability.

                       About Naveen Timber

Naveen Timber Pvt Ltd, incorporated in 2007 by Mr. Parveen Goyal
and Mr. Vishal Goyal, is engaged in trading and sawing of
imported timber. The firm imports timber logs from Malaysia, New
Zealand, Africa, Germany, Austria, Vietnam and United States of
America (USA), and saws and sells the logs to traders in the
domestic market. The firm has a saw mill at Gandhidham (Gujarat)
and godowns in Karnal (Haryana), Delhi, Ludhiana (Punjab).

NTPL reported a profit after tax (PAT) of INR2.49 million on net
sales of INR580.92 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.97 million on net
sales of INR281.61 million for 2009-10.


NIKITA PAPERS: CRISIL Assigns CRISIL BB Rating on INR54.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the long-term bank facilities of Nikita Papers Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR52.5 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR54.4 Million Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR6 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
    Bank Loan Facility
   INR30 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect NPL's established track record and its
promoters' extensive experience in the paper industry. These
rating strengths are partially offset by NPL's relatively small
scale of operations in the fragmented kraft paper segment with
below average operating efficiencies, and moderate financial risk
profile, constrained by debt funded capex plans.

Outlook: Stable

CRISIL believes that NPL will benefit over the medium term from
its long track record in the paper industry. The outlook may be
revised to 'Positive' if NPL improves its scale of operations and
reports a significant and sustained improvement in its operating
margin. Conversely, the outlook may be revised to 'Negative' if
there is further pressure on NPL's margins or if the company
undertakes a larger-than-expected debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

                        About Nikita Papers

Incorporated in 1989 by Mr. Naresh Chandra Bansal along with his
sons, Mr. Sudhir Kumar Bansal and Mr. Ashok Kumar Bansal, NPL is
engaged in the production of kraft paper having 16 to 32 burst
factor, in grammage ranging from 120 to 300. The company's plant
in Shamli (Uttar Pradesh) has an installed capacity of 25,000
tonnes per annum. The company has a network of four distributors
through which it sells its products across India. NPL is planning
a capex of INR70 million over the medium term to be funded in a
debt-equity ratio of 70:30.

NPL reported a profit after tax (PAT) of INR7 million on net
sales of INR537 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR4 million on net
sales of INR425 million for 2009-10.


PANINI GRANITES: CRISIL Rates INR105MM LT Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term loan facility of Panini Granites Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR105 Million Long-Term Loan     CRISIL B+/Stable (Assigned)

The rating reflects Panini's exposure to risks related to
implementation, and stabilization of operations after completion,
of its ongoing project. The rating also reflects the expected
high gearing of Panini, working capital intensive operations and
its susceptibility to competition in the export market. These
rating weaknesses are partially offset by the extensive
experience of Panini's promoters in the granites industry and
healthy exports prospects of granites from India.

Outlook: Stable

CRISIL believes that Panini will commence commercial operations
in the last quarter of 2011-12 (refers to financial year, April 1
to March 31) without any time or cost overrun, and stabilize
operations in the beginning of 2012-13. The outlook may be
revised to 'Positive' if Panini's performance in the initial
years of its operations exceeds expectations, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case Panini faces delays
in stabilizing operations, if its performance is below
expectations, or if it undertakes larger-than-expected debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

                        About Panini Granites

Incorporated in October 2011, Panini was promoted by Mr. Srikanth
Yadlapati, Mr. Veeru Koritala, and Mr. Nag Donthineni. Mr.
Srikanth Yadlapati is responsible for the day-to-day operations
of the company, while the other promoters are responsible for
marketing activities in the overseas markets.

Panini is setting up a 100 per cent export-oriented unit for
processing of granite, with capacity of 4560 cubic metres, in
Ongole District, Andhra Pradesh. The cost of the project is
estimated at around INR177 million, of which INR67.1 million will
be funded through equity and unsecured loans from promoters, and
the rest through debt. Panini is scheduled to commence commercial
production in January 2012.


RANA ROLLING: Delay in Debt Repayment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Rana Rolling Mills Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL D (Assigned)
   INR25 Million Rupee Term Loan     CRISIL D (Assigned)
   INR20 Million Letter of Credit    CRISIL D (Assigned)

The rating reflects the instances of delay by Rana in servicing
its debt; the delays have been caused by Rana's weak liquidity.

Rana's financial risk profile is also susceptible to limited
pricing power because of intense industry competition and the
company's small scale of operations. Rana, however, benefits from
its promoters' experience in the steel industry.

                        About Rana Rolling

Incorporated in 2008, Rana manufactures steel structural
products, such as mild steel angles and channels/flats, used in
the construction industry. Based in Muzaffarnagar (Uttar
Pradesh), the company is promoted by Mr. Hazi Qamruzama Rana and
his family; it has an installed capacity of 22,500 tonnes per
annum.

Rana reported a net profit (PAT) of INR8.5 million on net sales
of INR179.6 million for 2010-11 (refers to financial year, April
1 to March 31), against a PAT of INR0.8 million on net sales of
INR176 million for 2009-10.


RASHMI METALIKS: Inadequate Info Cues Fitch to Move Low-B Rating
----------------------------------------------------------------
Fitch Ratings has migrated India-based Rashmi Metaliks Limited's
'Fitch BB+(ind)' National Long-Term rating to the "Non-Monitored"
category.  This rating will now appear as 'Fitch BB+(ind)nm' on
the agency Web site.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of RML.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during the six-month period,
the ratings could be re-activated and will be communicated
through a "Rating Action Commentary".

Rating actions on RML's bank loans:

  -- INR2,000 million long-term debt: migrated to 'Fitch
     BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR2,100 million cash credit limits: migrated to 'Fitch
     BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR1,900 million non-fund based limits: migrated to 'Fitch
     A4+(ind)nm' from 'Fitch A4+(ind)'


RELIABLE EXPORTS: CRISIL Cuts Rating on INR750MM Loan to CRISIL D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Reliable Exports to 'CRISIL D' from 'CRISIL B+/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR750 Million Term Loan         CRISIL D (Downgraded from
                                          'CRISIL B+/Stable')

The downgrade reflects instances of delay by RE in servicing its
interest obligations on its bank loan; the delays have been
caused by the firm's weak liquidity, driven by slower-than-
expected progress in leasing out its real estate property in
Airoli, Navi Mumbai (Maharashtra). Installment repayment
obligations on the term loan will commence in November 2011,
which is expected to increase the pressure on RE's liquidity.

RE has a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics, is susceptible to
cyclicality inherent in the Indian real estate industry, and has
limited revenue diversity. However, the firm continues to benefit
from its established track record in executing commercial real
estate projects.

                      About Reliable Exports

Established in 1984 as a proprietorship concern, RE is a part of
the Reliable group and is engaged in commercial real estate
activity in Maharashtra. The firm ventured into the real estate
business in the middle of 2008-09 (refers to financial year,
April 1 to March 31), prior to which it manufactured readymade
garments for the export market. RE's prime commercial real estate
project, Reliable Corporate Park, is in Navi Mumbai.

RE reported, on provisional basis, a profit after tax (PAT) of
INR6.1 million on an operating income of INR11.3 million for
2010-11(refers to financial year, April 1 to March 31). The firm
reported a PAT of INR5.1 million on an operating income of
INR10.4 million for 2009-10.


RELIABLE SPONGE: CRISIL Puts 'CRISIL BB+' Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Reliable Sponge Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR238.1 Million Proposed Term   CRISIL BB+/Stable (Assigned)
    Loan
   INR310 Million Proposed Cash     CRISIL BB+/Stable (Assigned)
    Credit Limit
   INR10 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect RSPL's above average financial risk profile,
marked by moderate net worth, low gearing, and moderate debt
protection metrics, and the extensive experience of its promoters
in the steel industry. These rating strengths are partially
offset by RSPL's susceptibility to volatility in raw material
prices and intense industry competition.

Outlook: Stable

CRISIL believes that RSPL will benefit over the medium term from
its strong market position and integrated nature of operations.
The outlook may be revised to 'Positive' in case of a higher-
than-expected increase in revenues and profitability or greater
integration of operations. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected capacity
utilisation, or in case of any larger-than-expected debt-funded
capital expenditure, there by weakening its financial risk
profile.

                       About Reliable Sponge

Incorporated in 2004, and promoted by Mr. Arun Kumar Dua and his
family, Reliable Sponge Pvt Ltd manufactures sponge iron, thermo-
mechanically treated bars, and structural's. RSPL's facilities in
Rourkela (Orissa) have an aggregate installed capacity of 400
tonnes per day for its sponge iron plant, 72,000 tonnes per annum
for its rolling mill plant, 72,000 tpa for its structural plant,
and 30 tonnes per hour of iron are crushing capacity. RSPL's
promoter acquired Maa Vaishnavi Sponge Limited (MVPL) in 2006.
Post acquisition, until 2008-09 (refers to financial year, April
1 to March 31), MVPL continued to be a group company. However,
RSPL has subsequently taken over the business, assets, and
liabilities of MVPL with effect from April 1, 2009. The filed
scheme of amalgamation was approved by the High Court of Calcutta
vide its order dated July 28, 2010.


SAHAYATA MICROFINANCE: CRISIL Cuts Rating on INR700MM Loan to 'B'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Sahayata Microfinance Pvt Ltd to 'CRISIL B/Rating
Watch with Negative Implications' from 'CRISIL BB-/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR700.0 Million Long-Term Bank    CRISIL B/Rating Watch with
   Loan Facilities                    Negative Implications
                                      (Downgraded from
                                       'CRISIL BB-/Stable')

The downgrade reflects Sahayata's inability to raise adequate
funding and equity capital within the expected timelines, which
has led to the shrinking of its loan portfolio. In addition, the
company's top management has been replaced by its board since
mid-September following concerns on its performance, after which
there has been a significant slowdown in the operations of the
company. The rating also reflects Sahayata's modest asset quality
and earnings profile. These rating weaknesses are partially
offset by Sahayata's adequate capitalization levels.

Sahayata has been unable to raise any material amount of fresh
funding through bank lines (except from INR195 million non-
convertible debentures raised through Developing World Markets in
April 2011) since the promulgation of the Andhra Pradesh
ordinance in October 2011. Furthermore, the company expected
additional equity infusion of around INR250 million from its
existing investors by the end of 2010-11 (refers to financial
year, April 1 to March 31); this, however, did not materialized
as well. The lack of adequate funding has led to the shrinking of
Sahayata's loan portfolio to around INR800 million as of mid-
October 2011 compared to INR1260 million as on March 31, 2011.
While Sahayata's current liquidity is sufficient to enable it to
make its debt repayments for the next few months, CRISIL believes
that the company will need funding support thereafter.

Moreover, in September 2011, Sahayata's board took the decision
of suspending most of its senior management, including its
managing director, following concerns on the performance of its
portfolio. The board had also temporarily decided to stop
disbursements for a few months, since this development. Sahayata
is currently undergoing a comprehensive independent audit of its
operations, the findings of which will be available over the next
few months. Until then, Sahayata's operations will be managed by
special advisors appointed by its existing investors, Caspian
Advisors and Microventures SPA. CRISIL believes that the
company's financial position will be clearer, subsequent to the
findings of the independent audit. Sahayata's ability to put in
place a new management team, successfully address the issues
highlighted in the independent audit, strengthen its risk control
systems and procure funding to maintain adequate liquidity will
be the key monitorables for its rating.

Furthermore, Sahayata's asset quality and earnings profile remain
modest. Its 90 days past due (including write-offs) as a
percentage of its loan portfolio deteriorated materially to 4.71
per cent as on March 31, 2011, compared to 0.48 per cent as on
March 31, 2010. In addition, the company reported a net loss of
INR49 million for 2010-11 compared to a net profit of INR52
million for 2009-10. While Sahayata's capitalisation levels are
adequate, with a net worth of INR313 million as on March 31,
2011, CRISIL believes its ability to raise adequate and timely
equity capital will be critical to maintain its liquidity and
support its growth plans over the medium term.

CRSIIL will continue to monitor the impact of the funding and
management-related issues on Sahayata's credit profile. Further
rating actions may be taken in case of significant deterioration
in the company's financial risk profile, particularly its
liquidity.

                     About Sahayata Microfinance

Sahayata Microfinance Pvt Ltd commenced operations as a society
in September 2006 in Udaipur (Rajasthan); the promoters came
together with their own investments to test the viability of the
business in Rajasthan. In August 2007, the promoters acquired a
non-banking finance company named Shree Hari Fintrade Pvt Ltd. In
August 2009, the company got its present name. Sahayata's assets
under management amounted to INR800 million during mid-October
2011 compared to INR1260 million as on March 31, 2011.

Sahayata reported a net loss of INR26 million on a total income
of INR80 million for the quarter ended June 30, 2011. For 2010-
11, the company reported a net loss of INR49 million on total
income of INR482 million compared to a net profit of INR52
million on total income of INR237 million in 2009-10.


SIVANSSH INFRA: CRISIL Assigns CRISIL BB- Rating to INR35MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sivanssh Infrastructure Development Pvt
Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR35.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR17.5 Million Proposed LT       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility
   INR290.0 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect experience of Sivanssh's management in
construction industry and the company's healthy gearing and debt
protection metrics. These rating strengths are partially offset
by susceptibility of Sivanssh's operating margin to volatility in
input prices and intense competition in the infrastructure
industry, and its large working capital requirements.


Outlook: Stable

CRISIL believes that Sivanssh will benefit over the medium term
from its promoters' industry experience and healthy order book
position. The outlook may be revised to 'Positive' if Sivanssh
reports significant and sustained increase in revenues, order
book and net worth, while maintaining its healthy debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
Sivanssh's debt protection metrics deteriorate significantly,
most likely because of a significant decline in profitability, if
the company undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its working capital cycle lengthens
considerably.

                     About Sivanssh Infrastructure

Sivanssh was established as a private limited company (Smart
Constructions Pvt Ltd) in June 2000 by Mr. S R K Reddy and his
wife, Mrs. S Saraswathi, and Mr. S Adinarayana. The company's
name was changed to the current one in January 2009. Sivanssh is
into infrastructure development activities, including civil
construction for government and private bodies, as well as
construction of roads. The company's managing director is Mr. S R
K Reddy.

Sivanssh reported a profit after tax (PAT) of INR13.1 million on
net sales of INR357 million for 2010-11 (refers to financial
year, April 1 to March 31) as against a PAT of INR11.9 million on
net sales of INR414 million for 2009-10.


VALSON POLYESTER: CRISIL Puts 'CRISIL B+' Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the
corporate loan facilities of Valson Polyester Ltd, while
reaffirming the rating on its other bank facilities at 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Corporate Loan    CRISIL B+/Stable (Assigned)

   INR255.0 Million Rupee Term Loan  CRISIL B+/Stable
   (Enhanced from INR196.1 Million)

   INR270.0 Million Cash Credit      CRISIL B+/Stable
   (Enhanced from INR100.0 Million)

   INR95.0 Million Letter of credit  CRISIL A4
   & Bank Guarantee
   (Enhanced from INR20.0 Million)

The ratings continue to reflect VPL's operating margins
susceptibility to fluctuations in raw material prices, limited
pricing flexibility. These rating weaknesses are partially offset
by VPL's established position in the blended polyester yarn and
fabric markets and established clientele base.

Outlook: Stable

CRISIL believes that VPL will maintain its market position over
the medium term on the back of its diversified product portfolio,
its well-established marketing network, and its long-standing
relationships with its customers. The outlook may be revised to
'Positive', if the company generates higher-than-expected
revenues from its incremental capacity, while maintaining its
profitability margins. Conversely, the outlook may be revised to
'Negative' if VPL reports a steep decline in its profitability
margins, thereby adversely affecting its debt protection metrics.

                      About Valson Polyester

Incorporated in 1985, Valson Polyester Ltd primarily manufactures
and dyes polyester, nylon, and cotton yarn. It also has small
knitting and weaving capacities. The company is managed by Mr.
Shamlal Mehta and his sons, Mr. Vipin Mehta and Mr. Amit Mehta.
VPL has manufacturing facilities at Vapi (Gujarat), and Silvassa
(both in the Union Territory of Dadra and Nagar Haveli), and
Daman (the Union Territory of Daman and Diu).

VPL has texturising, twisting, and dyeing capacities of 7,400
tonnes per annum (tpa), 5,210 tpa, and 4,455 tpa, respectively;
the same has been increased from 6,500 tpa, 4,220 tpa and 4,445
tpa in September 2010. The company also has knitting and weaving
capacities of 1,074 tpa and 3,012,000 meters respectively; the
same has been increased from 829 tpa and 1,944,000 tpa in
September 2010.

VPL reported a profit after tax (PAT) of INR46 million on net
sales of INR1.3 billion for 2010-11, against a PAT of INR37
million on net sales of INR929 million for 2009-10.


VINNY OVERSEAS: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Vinny Overseas Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR81.9 Million Rupee Term Loan   CRISIL BB/Stable (Assigned)

The rating reflects VOPL's efficient working capital management
and promoters' extensive experience in the textile processing
industry. These rating strengths are partially offset by VOPL's
below-average financial risk profile marked by high gearing and
moderate debt protection measures, and susceptibility to intense
competition in the highly fragmented textile processing industry.

Outlook: Stable

CRISIL believes that VOPL will maintain its business risk profile
over the medium term on the back of its established market
position and promoters' industry experience. The outlook may be
revised to 'Positive' in case of a sustained increase in scale of
operations and improvement in margins, and strengthening of its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant stretch in VOPL's working
capital requirements, or weakening in its capital structure
because of larger-than-expected debt-funded capital expenditure
(capex).

                    About Vinny Overseas Pvt Ltd

Vinny Overseas Pvt Ltd was established in 1992 by Mr. Mohanlal B
Parekh and Mr. Hiralal J Parekh. The company is in the business
of fabric processing. It has capacity of processing 36 million
meters of grey cloth per annum at its mill in Ahmedabad
(Gujarat). The company processes various types of grey cloth
which includes cotton, linen, blended fabrics and synthetic
fabrics; almost 80 per cent of the processed cloth is cotton
based. VOPL has increasingly focused on job-work over the past
few years. In 2010-11 (refers to financial year, April 1 to March
31), around 62 per cent of its revenues came from job-work-
related business. In addition, VOPL also exports its products to
the Middle East. Exports contributed 15 per cent of its total
sales in 2010-11. VOPL also has a 1.65-megawatt windmill in Kutch
(Gujarat).

VOPL is undertaking a capex programme of INR30 million for
setting up an additional boiler, a reverse-osmosis water
treatment plant, and digital printing machines. The capex is
being funded by term loan of INR22.5 million and INR7.5 million
equity capital from promoters. The project is expected to be
completed by March 2012.

VOPL reported a profit after tax (PAT) of INR0.2 million on an
operating income of INR364.5 million for 2010-11, as against a
PAT of INR4.2 million on an operating income of INR375.5 million
for 2009-10.


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


BANK INTERNASIONAL: Fitch Assigns Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has assigned PT Bank Internasional Indonesia Tbk's
unsecured senior debt programme of up to IDR4trn 'AAA(idn)' and
subordinated debt programme up to IDR2trn 'AA(idn)', with the
bonds expected to be issued within two years.  These debt
programmes are offered under new regulations in Indonesia.

Fitch has also assigned 'AAA(idn)' to BII's proposed three and
five-year rupiah senior unsecured bond tranche I 2011 totalling
IDR2trn and 'AA(idn)' to seven-year rupiah subordinated bond
tranche I amounting to IDR500 billion.  These debts are issued
under the bond programmes.

BII's other ratings are stated below.

The National Long-term ratings reflect strong support from its
higher rated parent bank, Malayan Banking Berhard
('A-'/Stable).  Maybank's long-term plan is to develop BII as one
of its key regional growth platforms taking advantage of the
potential market in Indonesia.

The subordinated debt rating is two notches below BII's
'AAA(idn)' National Long-term rating reflecting the instrument's
cumulative interest deferral condition, which has complied with
Bank Indonesia's (BI) regulation on Minimum Capital Adequacy
Requirement for Commercial Banks (PBI No. 10/15/PBI/2008) and
Fitch's "Rating Hybrid Securities" criteria published on 29
December 2009.

Established in 1959 and listed in 1989, BII is the eight largest
bank in Indonesia with 2.6% of system assets.

The ratings of Bank Internasional Indonesia Tbk are as follows:

  -- Long-term Foreign Currency IDR: 'BB+', Outlook Positive;
  -- Short-term Foreign Currency IDR: 'B';
  -- National Long-term rating: 'AAA(idn)', Outlook Stable;
  -- Subordinated debt I/2011: 'AA(idn)';
  -- Support rating: '3';
  -- Individual rating: 'C/D';
  -- Viability rating: 'bb'.


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


ASAHI MUTUAL: Fitch Holds Rating on Insurer Finc'l Strength at BB
-----------------------------------------------------------------
Fitch Ratings has affirmed Asahi Mutual Life Insurance Co.'s
Insurer Financial Strength (IFS) rating at 'BB'.  The Outlook is
Stable.

The IFS rating reflects Asahi Life's weak capital adequacy
compared with its peers as well as its overall resilient life
insurance underwriting.  Asahi Life's insurance underwriting has
been stable owing to its sophisticated marketing strategy and
effective focus on profitable third (health) sector, but Fitch
notes that the company's negative spread remains sizable and
continues to offset the mortality and morbidity gain.

Asahi Life's profitable third (health) sector continues to
sustain its profitability.  Annual premium in-force policies of
Asahi Life's third sector grew 0.4% in FY10 (the fiscal year
ended March 2011).  At the same time the company's surrender and
lapse rate declined to 6.1% in FY10 from 6.4% in FY09.  Its large
negative spread is likely to gradually decrease supported by
declining guaranteed yield, although Fitch expects it will remain
the company's weakness over the foreseeable future.

Reduction in high-risk assets, especially equities, allowed the
company to report stable capital adequacy measures at end-March
2011 and should provide some protection against falls in equity
markets.  Asahi Life reported a statutory solvency margin ratio
(SMR) of 602.6% (under new SMR regime: 361.2%) at end-March 2011,
compared with 608.0% at end-March 2010.  Nevertheless, in
comparison with peers, Asahi Life's capital remains a weak point.
Measures taken to strengthen asset and liability management are
positive and should help to narrow the duration gap, which Fitch
sees as one of the primary risks for the company.

Key positive rating drivers include further strengthening of
capitalization, particularly if the new SMR exceeds 400%, or if
Fitch's internal capitalization measure improves further on a
sustained basis.  Further growth in the company's third sector
and/or further improvement in the surrender and lapse rates of
its profitable death protection products would also be viewed
positively by Fitch.

Key negative rating drivers include material erosion of
capitalization, specifically, if the new SMR declines to 300%, or
if Fitch's internal capitalization measure deteriorates on a
sustained basis.  Significant deterioration in core profit would
also put the rating under pressure.

Asahi Life is one of the nine traditional domestic life insurers
in Japan.  It had a 1.7% market share by assets at end-March
2011.


OLYMPUS CORP: Block & Leviton to Probe Possible Fraud Claims
------------------------------------------------------------
Block & Leviton LLP, a Boston-based law firm representing
investors seeking to recover money lost due to investment fraud,
said it is investigating possible securities fraud claims
involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the
$2.0 billion acquisition price, which is almost 30 times higher
than normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

If you acquired Olympus's ADRs between Nov. 19, 2007, (the date
the Company announced its acquisition of Gyrus) and Nov. 7, 2011,
and would like to learn more about your legal options, you may
contact Block & Leviton for more information.

Block & Leviton's lawyers have collectively been prosecuting
securities cases on behalf of investors for over 40 years.

Based in Japan, Olympus Corporation (TYO:7733) mainly
manufactures and sells medical products, life and industrial
products, imaging products, information communication products
and other products.  As of March 31, 2011, the Company has 188
subsidiaries and 11 associated companies.


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


SK GROUP: Prosecutors Secure Evidence to Back Embezzlement Case
---------------------------------------------------------------
Yonhap News Agency reports that investigation sources said the
Seoul Central District Prosecutors' Office has secured enough
evidence backing up suspicions that SK Group owners embezzled
nearly KRW100 billion (US$89.5 million) in company funds for
personal stock market investments.

The news agency relates that the South Korean prosecutors are
investigating allegations that SK Group Chairman Chey Tae-won and
his younger brother Vice Chairman Jae-won embezzled
KRW99.2 billion from subsidiaries.

According to the report, 18 affiliates of SK Group, whose key
business interests range from telecommunications to oil refinery,
made a joint investment worth KRW280 billion in venture capital
company Benex Investment headed by former SK Group executive Kim
Jun-hong.

Of the total, about KRW99.2 billion had reportedly been diverted
back to former employee Kim Won-hong, now hiding in China, who
manages a market investment fund for the two owners, Yonhap
relays.

The news agency recalls that prosecutors searched the
headquarters of SK affiliates in central Seoul on Tuesday as part
of their investigation into the embezzlement allegations. In the
search, prosecutors are believed to have seized evidence backing
the accusations, the sources said.

Yonhap notes that the money sent back to the brothers has
reportedly been used to make bets in stock futures, which
purportedly led in part to the chairman's investment loss of
KRW100 billion.

The news agency says prosecutors believe the younger brother
primarily led the embezzlement through money laundering and the
chairman was also involved in the process.

Charges of embezzlement and breach of duty are expected to be
raised against the Chey brothers, the news agency adds.

SK Group is South Korea's third-largest conglomerate.  Its major
group companies include SK Telecom and SK Innovation.


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


CENTURY CITY: Unsecured Creditors Unlikely to Get Repayment
-----------------------------------------------------------
APNZ reports that the unsecured creditors of Terry Serepisos,
former owner of Century City group of companies, are unlikely to
see any of the estimated NZ$23.7 million owed to them.

According to the news agency, an insolvency detail report with
asset progress updates has been released, and is the first report
since the Wellington businessman Eleftarious (Terry) Serepisos
was declared bankrupt.  Mr. Serepisos, 48, was declared bankrupt
at the Wellington High Court on Sept. 26, 2011.

APNZ relates that official assignee Joanne Basher has completed a
report detailing a summary of the businessman's assets, which
include eight Wellington properties, a 2002 Riviera boat, four
luxury cars, shares in 23 companies, household chattels, and an
interest in the Serepisos Family Trust.

So far, 27 creditors have registered claims against Mr Serepisos
totalling NZ$28.5 million, APNZ relays.  Of these, 24 are
unsecured creditors who are people or companies that lent money
without collateral security.

APNZ notes that Ms. Basher has indicated in her report that these
24 companies are "unlikely" to get any money paid back to them.

The report says the process is likely to take three years, and is
estimated to finish on September 26, 2014, APNZ adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.

In August, BusinessDesk recalled, Mr. Serepisos was granted
adjournment to put forward a proposal to creditors that would
sell down his property portfolio in an orderly fashion, in a bid
to meet the entirety of the NZ$204 million owed to his lenders.

The portfolio, made up of some 150 residential properties and
more than six commercial buildings, was valued at NZ$232.5
million, BusinessDesk said.

The Serepisos-owned companies include Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


FIVE STAR: Former Director Argues Culpability
---------------------------------------------
BusinessDay.co.nz reports that Anthony Bowden, a former director
of Five Star Finance, maintains he did not control 14 loans which
are the subject of charges he will face at trial in the High
Court next year.

BusinessDay.co.nz relates that Mr. Bowden and Neill Williams, who
was not a director but was referred to by a judge in a lower
court last year as the mastermind in the business, are scheduled
for a trial of up to four weeks, beginning in mid-June, on
charges brought by the Serious Fraud Office.

Wednesday's pre-trial application was about Mr. Bowden trying to
argue he was less culpable than others running the company, says
BusinessDay.co.nz.  According to the report, Todd Simmonds,
Mr. Bowden's counsel, focused specifically on the first two of
the nine counts brought by the Serious Fraud Office, one
involving eight loans and the other count involving six
redeemable preference share loans.

The report notes that Mr. Simmonds contends the issue with these
counts is the element of control wielded by Mr. Bowden over the
funds in question.

But John Billington QC, for the Crown, argued that Mr. Bowden
knew his obligations under the trust deed and signed documents
creating those obligations.  There is sufficient evidence, he
said, that Mr. Bowden was in control, BusinessDay.co.nz reports.

Judge Patricia Courtney reserved her decision on the application,
the report notes.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


HIGHMARK HOMES: Placed in Liquidation
-------------------------------------
Otago Daily News reports that P&A Design Ltd, which traded as
Highmark Homes, has been placed in liquidation with debts of more
than NZ$700,000.

Otagao Daily News says the company was placed in liquidation by
sole director Paul Garbutt, of Dunedin, a fortnight ago.

According to Otago Daily News, liquidators Insolvency Management
Ltd delivered its first report on Monday, outlining almost
NZ$713,600 of debts to secured, preferential and unsecured
creditors.

The liquidators have said it is not yet possible to determine
whether a dividend to creditors can be paid, and the value of
assets, which could offset the NZ$713,600 debt, is not yet
confirmed, Otago Daily News relates.

The report states that it is understood three Highmark Homes
houses are still under construction, with liquidators hoping for
a "smooth transition to practical completion" for the clients.

Since 2005, five Otago building franchise operations have been
placed in liquidation, now including Highmark Homes (at
liquidation owing $713,600), Smith and Sons in September last
year ($348,000) and, earlier, the southern operators of Signature
Homes (twice in five years, respectively $1 million and $1.3
million), Land-mark Homes ($836,000) and Jennian Homes
($581,000).

P&A Design Ltd is Highmark Homes franchise holder.


NZ FARMING: Liquidation Looms as Shareholders Vote on Extension
---------------------------------------------------------------
BusinessDay.co.nz cites an independent report relaying that
shareholders in NZ Farming Systems Uruguay (NZFSU) could cause
the firm's collapse if they do not approve an extension of
lending by majority shareholder Olam International.

The independent report by Grant Samuel looks into the merits of
extending the loan, BusinessDay.co.nz says.

Earlier in the year, BusinessDay.co.nz recalls, Singaporean-based
Olam gained 85.93% of NZFSU, failing to get the 90% of shares it
needed to compulsorily buy the remaining shares.

According to BusinessDay.co.nz, NZFSU said in the report that
following discussions with a number of minority shareholders it
became apparent they would not support a rights issue planned by
the company.

The news agency relates that the rights issue had been dropped
and an extension of the Olam loan was being proposed as the only
funding alternative.

At its annual meeting in Auckland on November 24, NZFSU will ask
shareholders to approve a resolution to amend the Olam
shareholder loan facility, and to extend the term of the loan by
12 months to become repayable in full by Dec. 31, 2012, according
to BusinessDay.co.nz.

The company, says BusinessDay.co.nz, will also ask that the
credit limit available to NZFSU under the Olam loan is increased
from US$85 million to US$110 million.

The ordinary resolution must be passed by a majority of
shareholders not associated with Olam, BusinessDay.co.nz adds.

"Shareholders who vote against the resolution are putting the
company at significant risk of liquidation, potentially resulting
in a substantial erosion of value if the company were not to
continue with the existing Olam loan," the independent report, as
cited by BusinessDay.co.nz, said.

"Vivek Verma, managing director of Olam Dairy Products and the
chairman of NZFSU has confirmed that `in case the shareholders do
not approve the extension of the Olam loan, Olam would not take
any action to enforce payment of the existing loans in the short
to medium term," Grant Samuel added.

The key terms of the existing short-term loan facility include a
term of 12 months through Dec. 31, 2011, with an effective
interest rate withholding tax of 8.9% per annum,
BusinessDay.co.nz discloses.

Grant Samuel has reviewed the loan facility agreement and said
the terms and conditions are fair to the minority shareholders
not associated with Olam, the report says.

                      About NZ Farming Systems

Based in New Zealand, NZ Farming Systems Uruguay Limited
(NZE:NZS) -- http://www.nzfsu.co.nz/-- is engaged in developing
and operating dairy farming activities in Uruguay.  The Company's
wholly owned subsidiaries included Gimley S.A., Gabefox S.A.,
Lembay S.A., Ginok S.A., Gabegim S.A. and Dunkit S.A.  NZFSU is
listed on the New Zealand Stock Exchange (NZX).


PGG WRIGHTSON: S&P Raises Issuer Credit Ratings From 'BB/B'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit
ratings on PGG Wrightson Finance Ltd. to 'BBB-/A-3', from 'BB/B',
and removed the ratings from CreditWatch with positive
implications, where they had been placed on June 15, 2011. The
outlook is negative. Further and subsequent to that rating
action, the ratings are withdrawn on PWF's request.

The rating revision follows the successful acquisition of PWF by
Heartland Building Society (HBS, BBB-/Negative/A-3), upon which
the rating on PWF was equalised with that of HBS.  PWF is now a
wholly owned subsidiary of HBS.


* NEW ZEALAND: Dairy Conversion Farm Up for Receivership Sale
-------------------------------------------------------------
Voxy News Engine reports that a large dairy farm that has gone
into receivership just three years after undergoing a substantial
conversion is on the market for sale by tender.

The 210-hectare farm near Marton in the Rangitikei was previously
three units that were purchased separately and amalgamated in
2005 and 2008, with the ultimate intention of creating a large
scale dairy operation, according to Voxy News Engine.

The report notes that due to a number of issues, production
targets have not been achieved, however with planned adjustments,
the full potential is waiting to be unleashed.  Voxy News Engine
relates that the farm is now being marketed for sale by Bayleys
through a tender campaign closing on Dec. 7, 2011.

This property is centrally located some 42 kilometers from
Wanganui, and 54 kilometers from Palmerston North.  Marton town
centre is nine kilometers away and has amenities including rural
service stores and schooling.


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


FLEXTRONICS INTERNATIONAL: S&P Puts BB+ Rating to $1.5BB Revolver
-----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB+' issue-level
credit rating to Singapore-based Flextronics International Ltd.'s
new $1.5 billion senior unsecured revolving credit and $500
million unsecured term loan A facilities. "At the same time, we
assigned the senior unsecured debt a '3' recovery rating,
indicating a meaningful (50%-70%) recovery expectations in the
event of a payment default," S&P related.

"We also affirmed our 'BB+' corporate credit rating on the
company. The rating outlook is stable," S&P said.

"The rating on Flextronics reflects our expectation that the
company will sustain its current levels of profitability and
leverage profile," said Standard & Poor's credit analyst William
Backus, "despite highly competitive market conditions." With
annual revenues of approximately $29 billion, Flextronics
provides electronic manufacturing services to a broad range of
industries and maintains leadership market share in the
telecommunications, servers and storage, automotive, and
industrial end markets. The company's fair business risk profile
reflects its good market position as the second-largest global
EMS provider, offset by highly competitive and cyclical industry
dynamics and sector-wide low profit margins.


                             *********

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, 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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