TCRAP_Public/111114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 14, 2011, Vol. 14, No. 225

                            Headlines



A U S T R A L I A

CHARA GERRINGONG: Creditors to Get Nothing From Liquidation
CLYNE FOODS: In Administration, Business to be Wound Up
PROSERPINE SUGAR: Mill in Administration After Two Take-Over Bids
PLATINUM AUSTRALIA: Fails to Meet Capital Raising Deadline
PULSE PHARMACY: In Receivership, Retail Outlets Unaffected

RELIANCE RAIL: Moody's Confirms B3/Caa2 ratings; Outlook Negative


C H I N A

BIOPACK ENVIRONMENTAL: Court Orders Asset Transfer to Landlord
DECOR PRODUCTS: Tai Chim Lau and Chak Ming Li Resign from Board
SHANGHAI INDUSTRIAL: S&P Retains 'B' Corporate Credit Rating


H O N G  K O N G

ALCOA HK: Members' Final Meeting Set for Dec. 15
CLEARSKIES LIMITED: Members' Final Meeting Set for Dec. 13
EXPRESS BUILDERS: Final General Meetings Set for Dec. 13
FILENET HK: Placed Under Voluntary Wind-Up Proceedings
FIREWORKS LOGISTICS: Members' Final Meeting Set for Dec. 12

FU MING: Placed Under Voluntary Wind-Up Proceedings
GC HOLDINGS: Creditors' Proofs of Debt Due Dec. 12
HSBC GUYERZELLER: Members' Final General Meeting Set for Dec. 12
M003 COMPANY: Seng and Wong Step Down as Liquidators
MARSHALLS CMTS: Creditors' Proofs of Debt Due Dec. 9

PANEA INTERNATIONAL: Commences Wind-Up Proceedings
PATSON (HK): Members' Final Meeting Set for Dec. 16
REPE HK: Commences Wind-Up Proceedings
TAPPA HOLDINGS: Creditors' Proofs of Debt Due Dec. 9
V.I.P. DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 11


I N D I A

ANTONY METALS: CRISIL Assigns 'CRISIL BB' Rating to INR15MM Loan
BANSAL SHIP: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
BLUEPARK SEAFOODS: CRISIL Puts 'BB-' Rating on INR150MM Loan
DHRUV GLOBALS: CRISIL Raises Rating on INR76MM Loan to 'CRISIL B'
FORTUNE RICE: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'

GOYAL KNITWEARS: Delay in Debt Repayment Cues CRISIL Junk Ratings
JAGARAN MICROFIN: CRISIL Rates INR1.5BB LT Loan at 'CRISIL BB-'
MECAPLAST INDIA: CRISIL Puts 'CRISIL BB+' Rating on INR170MM Loan
MOOKIAH & SONS: CRISIL Places 'CRISIL C' Rating on INR4.4MM Loan
S. I. PATEL: CRISIL Assigns 'CRISIL B+' Rating to INR2.5MM Loan

SPECIAL CABLES: CRISIL Assigns 'BB+' Rating to INR107.5MM Loan
SREE ANANDHAKUMAR: Delay in Debt Payment Cues CRISIL Junk Ratings
TWENTY FIRST: CRISIL Reaffirms 'CRISIL B+' INR2.5MM Loan Rating
U.S. IMPEX: CRISIL Rates INR55MM Cash Credit at 'CRISIL B'


I N D O N E S I A

BAKRIE SUMATERA: Moody's Ups CFR to Caa2 After Bond Refinancing
BAKRIE SUMATERA: S&P Raises Corp. Credit Rating to 'CCC+'


J A P A N

ARSENAL TRUST: Moody's Assigns Provisional Ratings
* JAPAN: Corporate Bankruptcies Falls 14% October 2011


K O R E A

HYNIX SEMICONDUCTOR: SK Telecom Named as Preferred Bidder


M O N G O L I A

GOLOMT BANK: Moody's Assigns 'D-' Bank Financial Strength Rating


N E W  Z E A L A N D

ALLIED FARMERS: Former Hanover Investors Feel More Pinch
PIKE RIVER: Labor Department Lays Numerous Charges Against Firm


S I N G A P O R E

AGRI INTERNATIONAL: Moody's Raises CFR to Caa2; Outlook Stable


T A I W A N

* TAIWAN: Premier Wu Asks FSC for List of Problem Banks


                            - - - - -


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


CHARA GERRINGONG: Creditors to Get Nothing From Liquidation
-----------------------------------------------------------
Chris Paver at Illawara Mercury reports that former Bellachara
Boutique Hotel employees and suppliers will get nothing out of
the hotel operator's liquidation as two major creditors fight
over the bones of the company.

The news agency, citing a creditors' report, says investigations
are also underway into about AUD106,000 in payments made to
hotelier Gregg Currie in August and September. Mr. Currie has
said the cheques were for wages.

Illawara Mercury relates that the company behind the award-
winning Gerringong hotel, Chara Gerringong Pty Ltd, was placed in
liquidation last month, leaving a string of creditors including
local business suppliers.  Debts to unsecured creditors exceed
AU1.4 million.

A creditors' meeting will be held next week, the report says.

Liquidator William Hamilton's report states that more than
AUD169,000 is also owed in employees' entitlements, according to
Illawary Mercury.

"They stand to receive no return on their debts in the winding up
but have a limited claim against GEERS [General Employee
Entitlements and Redundancy Scheme], a government body," the
liquidator said in its report.

Chara Gerringong Pty Ltd runs and operates the Bellachara
Boutique Hotel in Gerringong, Kiama & the Illawarra area on the
NSW South Coast.


CLYNE FOODS: In Administration, Business to be Wound Up
-------------------------------------------------------
Deb O'Callaghan at ABC Rural reports that Clyne Foods has gone
into administration.

The company had been in talks with its bank but the negotiations
failed and it is going to be wound up, according to ABC News.

Chairman of Dried Fruits Australia, Mark King, said the news
couldn't come at a worse time for growers, with some payments
from the company for last season's fruit still outstanding,
according to ABC Rural.  "The cash flow for those growers from
now until the end of harvest, with such terrible years the last
two and especially last year, will even make this harder." ABC
Rural quoted Mr. King as saying.

Clyne Foods is a dried fruits processing company.  The company in
Victoria's Wimmera region employs about 20 staff and is supplied
by 260 growers in Sunraysia, including some from NSW and South
Australia.


PROSERPINE SUGAR: Mill in Administration After Two Take-Over Bids
-----------------------------------------------------------------
ABC News report that the Proserpine Sugar mill in north
Queensland has been placed into voluntary administration.

The mill was placed in administration following two failed take-
over bids by Sucrogen, and the board's decision to reject another
revised offer by Tully COFCO, according to ABC News.

The report discloses that Tully Sugar said it is seeking urgent
meetings with the administrator, adding that it is extremely
disappointed with the actions of the Proserpine board.

Proserpine cane farmer Gary Simpson says he is not surprised the
mill has been placed into voluntary administration, ABC News
relates.  Mr. Simpson, who farms at Strathdickie, said a decision
on the future of the mill needs to be made quickly, the report
notes.  "As time goes on, our equity's diminishing so hopefully
sooner, whether it be Sucrogen or COFCO, the administrator will
sell it for whoever's the highest bidder I suppose," the report
quoted Mr. Simpson as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2011, ABC News related that Proserpine Sugar's board is
worried about the prospect of being placed into administration,
if an amended takeover bid by Sucrogen fails.  A small number of
growers met to hear from the board and an independent expert, who
has reviewed the Sucrogen and Tully offers, according to ABC
News. The report noted that acting Chief Executive Officer Ian
McBean
said analysis confirms the board's position that the Tully offer
cannot be accepted.  ABC News related that Mr. McBean said the
results of a ballot on whether to accept the Sucrogen bid will be
announced in a fortnight.  The mill is required to repay
AU$15 million loan to Sucrogen within five working days, and meet
a significant financial commitment to Westpac Bank, which
involves reducing its debt from AU$70 million to AU$35 million by
the end of October, according to ABC Rural.


PLATINUM AUSTRALIA: Fails to Meet Capital Raising Deadline
----------------------------------------------------------
David Fickling at Dow Jones Newswires reports that a planned
capital raising by troubled platinum miner Platinum Australia
hasn't been completed as anticipated by the start of trade
Friday, the company said.

According to the news agency, Platinum Australia requested the
Australian Securities Exchange suspend trading in its shares
until the planned capital raising is complete.

Dow Jones says the company has suffered workforce problems with
its Smokey Hills mine in northeastern South Africa over the past
two years, leading to the death of one employee during a protest
by former employees in May.

Based in Australia, Platinum Australia Limited (ASX:PLA) --
http://www.platinumaus.com -- is engaged in platinum and
palladium exploration, development and production. Its projects
include the Smokey Hills Project, the Kalahari Platinum Project
(Kalplats), Kalplats area of influence (AoI) Project and the
Stellex North Project. The Smokey Hills Project is located on the
eastern limb of the Bushveld Complex on the farm Maandagshoek 254
KT, Mineral Portion four, which is in the Limpopo Province of
South Africa, 300 kilometers north-east of Johannesburg.
Kalplats is located 350 kilometers west of Johannesburg in the
North West Province and approximately 25 kilometers north of the
township Stella.

                           *     *     *

Platinum Australia reported three consecutive annual net losses
of AUD7.2 million, AUD26.87 million, and AUD35.29 million for the
years ended June 30, 2009, 2010 and 2011.


PULSE PHARMACY: In Receivership, Retail Outlets Unaffected
----------------------------------------------------------
Patrick Stafford at SmartCompany reports that PPB Advisory has
appointed David McEvoy and Daniel Bryant as receivers and
managers of Pulse Pharmacy Pty Ltd, the property company behind
the Pulse Pharmacy chain, as the National Australia Bank (NAB) is
organizing a new financing arrangement.

"What NAB is basically trying to do is get finance out of the
Pulse Pharmacy name, and the leases into the name of the owners,"
SmartCompany quoted owner entrepreneur Rohan Aujard as saying.

PPB said that the receivership will only affect this entity and
not the retail stores, which will continue to trade as normal,
according to SmartCompany.  "The company is one step removed from
the operations of the Pulse retail stores and, as such, the
appointment of receivers and managers will have no impact on the
operations of these pharmacies, their branding or their
employees, including entitlements," the report quoted PPB as
saying.

SmartCompany notes that the receivers also noted that pharmacies
will continue to operate on a "business as usual" basis.

PPB Advisory said it will work with pharmacy owners, "to achieve
prompt and optimal outcomes in respect of the lease
arrangements," the report adds.


RELIANCE RAIL: Moody's Confirms B3/Caa2 ratings; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has confirmed Reliance Rail Finance Pty
Ltd's B3 senior debt rating and Caa2 subordinated debt rating.
Outlook on these ratings is negative.

Ratings Rationale

This rating action concludes the review initiated on August 18,
2011, after Reliance Rail received a reservation of rights notice
from its financial guarantors in respect of claimed breaches
under its debt financing documents.

Confirmation of the B3 rating considers the postponement of a
court hearing -- to February 2012 -- to consider the financial
guarantor's claim of breaches outlined in the reservation of
rights notice. The delay has removed an immediate threat for
RRF's rating and has reduced risks of the court case complicating
the process for securing a solution for the looming funding
shortfall in February 2012.

Moody's understands that Reliance Rail is having on-going
discussions with the relevant stakeholders to consider
restructuring options in order to improve its financial profile
and to secure a solution for its potential funding gap by
February 2012.

On August 17, Reliance Rail announced that its intercreditor
agent had received a reservation of rights notice from its
financial guarantors, Syncora Guarantee Inc. (rated Ca,
developing outlook) and FGIC UK Limited (unrated), claiming
breaches of financing covenants under RRF's debt financing
documents. Reliance stated that -- in its view -- there is no
breach under the documents.

The B3 senior debt rating and negative outlook continue to
reflect significant risks associated with a potential funding
shortfall for the Waratah project due to its reliance on a
wrapped bank facility to complete the delivery phase of the
project. The provision of these facilities includes outs to
funding should the bank facilities' financial guarantors be
insolvent. The rating and negative outlook also consider the risk
that the bank facility, and potentially other debt, could be re-
priced at scheduled refinancing dates at a level that will
substantially pressure Reliance Rail's financial profile.

While there has been positive developments on the manufacturing
side of the project - with the fourth train-set having been
delivered and accepted by Rail Corp - the project's credit
profile remains highly dependent on the issues raised above,
which if unresolved in the next 1-2 months, could lead to a
precipitous ratings downgrade. The ratings could also be
pressured in the event of 1) wrapper insolvency, or 2) failure to
deliver trains as per the revised timetable.

Upward rating momentum is very limited in the near term, given
the negative outlook. Over time, the rating would benefit if a
sustainable solution is reached to address the uncertainty in the
availability of the bank debt funding in February 2012, and if
delivery of the balance of the train sets remains substantially
in line with the current timetable.

The principal methodologies used in this rating were Construction
Risk in Privately-Financed Public Infrastructure (PFI/PPP/P3)
Projects published in December 2007, and Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private (PPP) project. Reliance Rail is in
the process of manufacturing 78 eight-car "Waratah" trains for
the Sydney suburban rail network and has completed an associated
maintenance facility. Reliance Rail will also maintain the trains
and the maintenance facility from completion until 2043.


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C H I N A
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BIOPACK ENVIRONMENTAL: Court Orders Asset Transfer to Landlord
--------------------------------------------------------------
The People's Court of Guandong Jiangmen Pengjiang District held a
hearing relating to Biopack Environmental Solutions Inc.
landlord's claim for unpaid rent for the Company's factory plus
penalty interest and other claims.  As disclosed in a June 3,
2011, Form 8-K, the landlord had made a claim for payment of
overdue rent in the amount of RMB 1,236,000, penalty interest in
the amount of RMB 1,067,930 and a claim for potential loss of
income in the amount of RMB 618,000, for a total amount claimed
of RMB 2,921,930 (approximately $451,379).

At the hearing, the Court ruled that after two unsuccessful
attempts to auction the factory's assets at the minimum level set
by the Court appointed independent valuation Company's fair
market assessment price, the Court set the reference value at
RMB3,613,139 (approximately US$569,359) and transferred all the
assets to the landlord.  The landlord is now legally responsible
for settling any claims made by creditors, and the case has been
closed.

                     About Biopack Environmental

Kowloon, Hong Kong-based Biopack Environmental Solutions Inc.
develops, manufactures, distributes and markets bio-degradable
food containers and disposable industrial packaging for consumer
products.  The Company supplies its biodegradable food containers
and industrial packaging products to multinational corporations,
supermarket chains and restaurants located across North America,
Europe and Asia.

The Company has a factory in Jiangmen City in the People's
Republic of China.

The Company reported a net loss $472,596 on $3,594 of revenue for
the three months ended March 31, 2011, compared with net profit
of
$28,966 on $68,639 of revenue for the same period during the
prior
year.

The Company's balance sheet at March 31, 2011, showed $959,834 in
total assets, $3.45 million in total liabilities and a
$2.49 million total stockholders' deficit.

                           Going Concern

As reported by the TCR on April 26, 2011, Wong Lam Leung & Kwok
C.P.A. Limited, in Hong Kong, expressed substantial doubt about
Biopack Environmental's ability to continue as a going concern.
The independent auditors noted that the Company incurred a net
loss of $2.4 million for the year ended Dec. 31, 2010, and had an
accumulated deficit of $7.3 million and a working capital deficit
of $2.2 million as of Dec. 31, 2010.

In the Form 10-Q, the Company noted that it had a loss for the
three month period ended March 31, 2011, of $472,596 and, on
March 31, 2011, it had an accumulated deficit of $7,749,519 and a
working capital deficit of $2,287,474.  These conditions raise
substantial doubt as to the Company's ability to continue as a
going concern, according to the quarterly report.

The Company said that its future is dependent upon its attaining
profitable operations and raising the capital it will require in
order to achieve profitable operations through the issuance of
equity securities, borrowings or a combination thereof.


DECOR PRODUCTS: Tai Chim Lau and Chak Ming Li Resign from Board
---------------------------------------------------------------
Tai Chim Lau, and Chak Ming Li resigned as directors of Decor
Products International, Inc., and Wai Fai Law resigned as the
Company's chief financial officer.  The resignation of each of
these individuals was not the result of any disagreement with the
Company, known to an executive officer of the Company, on any
matter relating to the Company's operation, policies or
practices.

Effective Nov. 1, 2011, the Company's board of directors
appointed the following individuals to the positions, to fill the
vacancies caused by the resignations.  Those individuals will
hold office until the next annual meeting of shareholders and
until their respective successors are duly elected and qualified
or until
their resignation or removal.

Qing Hua Lin, age 30, has been appointed as the Company's Chief
Financial Officer and a member of the Company's board of
directors.  Since April 2005, Mr. Lin has been the accounting
supervisor of our wholly owned subsidiary Dongguan CHDITN
Printing Co., Ltd.  Mr. Lin is responsible for the Company's
daily accounting reporting and management.  In 2003, Mr. Lin
graduated from Guangzhou Maritime College with an Associate
Degree in Accounting.  Mr. Lin has received a Certificate of
Accounting Professional Qualification in China.

The board of directors appointed Mr. Lin as director and Chief
Financial Officer based on his experience in accounting and
financial management for our company and the contributions he can
make to our strategic direction.  Mr. Lin has not served as a
director of any company during the past five years which is
required to file reports with the Securities and Exchange
Commission under the Securities Exchange Act of 1934 or is
subject to the requirements of Section 15(d) of the Exchange Act
or is registered as an investment company under the Investment
Company Act of 1940.

Mr. Lin is an employee of the company and has agreed to serve as
a director without additional compensation.

Zhang Xie, age 33, has been appointed as the Company's corporate
secretary and a member of our board of directors.  Since 2005,
Mr. Xie has been working as Chairman Assistant of CHDITN Printing
and provides assistance in coordinating corporate matters,
strategic planning, marketing, corporate financing, and
management of daily operations.  From September 2002 until
December 2004, Mr. Xie was engaged in sales of our products.  Mr.
Xie graduated from Guangdong University of Business Studies in
2002 with a Bachelor Degree of Economics concentrating in
marketing.

The board of directors appointed Mr. Xie as director based on his
experience in sales and marketing for the company and the
contributions he can make to the Company's strategic direction.
Mr. Xie has not served as a director of any company during the
past five years which is required to file reports with the
Securities and Exchange Commission under the Exchange Act is
subject to the requirements of Section 15(d) of the Exchange Act
or is registered as an investment company under the Investment
Company Act of 1940.

Mr. Xie is an employee of the company and has agreed to serve as
a director without additional compensation.

                         About Decor Products

Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture
decorative
paper and related products in the People's Republic of China.
The
Company is headquartered in Chang'an Town, Dongguan, Guangdong
Province, between Shenzhen and Guangzhou in southern China.


The Company's balance sheet at June 30, 2011, showed
US$40.44 million in total assets, US$8.57 million in total
liabilities and US$31.86 million in total stockholders' equity.

HKCMCPA Company Limited, in Hong Kong, expressed substantial
doubt
about Decor Products International's ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that as of Dec. 31, 2010, the Company
defaulted on the repayment of convertible notes and promissory
notes with an aggregate amount of $2.2 million ($2.0 million as
of
March 31, 2011).


SHANGHAI INDUSTRIAL: S&P Retains 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B' long-term
corporate credit rating on Shanghai Industrial Urban Development
Group Ltd. and the 'B-' issue rating on the company's $400
million senior unsecured notes on CreditWatch with positive
implications. "We also kept our 'cnBB-' Greater China scale
rating on SIUD and the 'cnB+' issue rating on the notes on
CreditWatch with positive implications. We originally placed the
ratings on CreditWatch on April 19, 2011," S&P related.

"We have kept the ratings on SIUD on CreditWatch because the
company has yet to receive approval from independent shareholders
and bondholders to acquire a 59% stake in Shanghai Urban
Development (Holdings) Co. Ltd. from Shanghai Industrial Holdings
Ltd.," said Standard & Poor's credit analyst Bei Fu. "In our
view, the proposed acquisition would make SIUD more strategically
and financially integrated with its parent, SIH, and would likely
have a positive impact on its credit profile."

The Hong Kong stock exchange has given its approval in principle
to the new listing application. SIUD expects to obtain the
remaining approvals from independent shareholders and bondholders
and complete the transaction soon after the company's special
general meeting scheduled for Nov. 17, 2011. "We placed the
ratings on CreditWatch with positive implications after SIUD
announced the proposed acquisition on April 14, 2011, to acquire
a 59% stake in SUD and other interests for a total of Hong Kong
dollar (HK$) 6.11 billion in new share issues. SIUD will also
take over the shareholders' loan from SIH to SUD. Upon completion
of the transaction, SIH would increase its shareholding in SIUD
from 45% to 70%," S&P said.

"We aim to resolve the CreditWatch action within the next three
months after the company's shareholders and bondholders approve
the proposed transaction," said Ms. Fu. "To determine the rating
impact of the acquisition and resolve the CreditWatch placement,
we will assess SIUD's pro-forma financial performance after
consolidating SUD, its future growth strategy, and any group
support from SIH."


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


ALCOA HK: Members' Final Meeting Set for Dec. 15
------------------------------------------------
Members of Alcoa Hong Kong Limited will hold their final meeting
on Dec. 15, 2011, at 9:30 a.m., at 35th Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


CLEARSKIES LIMITED: Members' Final Meeting Set for Dec. 13
----------------------------------------------------------
Members of Clearskies Limited will hold their final meeting on
Dec. 13, 2011, at 10:00 a.m., at 25/F., Wing On Centre, at 111
Connaught Road Central, in Hong Kong.

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


EXPRESS BUILDERS: Final General Meetings Set for Dec. 13
--------------------------------------------------------
Members and creditors of The Express Builders Company Limited
will hold their final general meetings on Dec. 13, 2011, at 10:00
a.m., and 10:30 a.m., respectively at 602 The Chinese Bank
Building, at 61-65 Des Voeux Road, Central, in Hong Kong.

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


FILENET HK: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 4, 2011,
creditors of Filenet Hong Kong Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Chan Wah Tip Michael
         Ho Man Kei Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


FIREWORKS LOGISTICS: Members' Final Meeting Set for Dec. 12
-----------------------------------------------------------
Members of Fireworks Logistics Association Limited will hold
their final general meeting on Dec. 12, 2011, at 10:00 a.m., at
Room 1401, 14/F., Shun Kwong Comm. Bldg., at 8 Des Voeux Road
West, Sheung Wan, in Hong Kong.

At the meeting, Ng Kan Wah Webster, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FU MING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Nov. 4, 2011,
creditors of Fu Ming Transport Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Suen Fuk Yuen Bernie
         Cheun Hok Hin Alan
         Wing United CPA Limited
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road West
         Sheung Wan, Hong Kong


GC HOLDINGS: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------
Creditors of GC Holdings Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec.
12, 2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 28, 2011.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


HSBC GUYERZELLER: Members' Final General Meeting Set for Dec. 12
----------------------------------------------------------------
Members of HSBC Guyerzeller Far East Limited will hold their
final general meeting on Dec. 12, 2011, at 10:00 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


M003 COMPANY: Seng and Wong Step Down as Liquidators
----------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of M003 Company Limited on Oct. 25, 2011.


MARSHALLS CMTS: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------------
Creditors of Marshalls CMTS Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 9, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 28, 2011.

The company's liquidators are:

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


PANEA INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Panea International Trading Limited, on Nov. 1, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Robertus Johannes Wilhelmus Maria Teunissen
         De Steeg, Kerkstraat 26
         Velp, 6883 HT, The Netherlands


PATSON (HK): Members' Final Meeting Set for Dec. 16
---------------------------------------------------
Members of Patson (HK) Limited will hold their final general
meeting on Dec. 16, 2011, at 10:30 a.m., at 5th Floor, Jardine
House, 1 Connaught Place, Central, in Hong Kong.

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


REPE HK: Commences Wind-Up Proceedings
--------------------------------------
Members of Repe Hong Kong Limited, on Nov. 4, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F, Edinburgh Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


TAPPA HOLDINGS: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------------
Creditors of Tappa Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 9, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 28, 2011.

The company's liquidators are:

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


V.I.P. DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 11
---------------------------------------------------------
Creditors of V.I.P. Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 7, 2011.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man Stephen
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


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


ANTONY METALS: CRISIL Assigns 'CRISIL BB' Rating to INR15MM Loan
----------------------------------------------------------------
CRISIL has assigned the rating 'CRISIL BB/Stable/CRISIL A4+' on
the bank facilities of Antony Metals Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR15 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR50 Million Foreign Letter    CRISIL A4+ (Assigned)
   of Credit

The ratings reflect the group's moderate financial risk profile,
marked by moderate gearing and debt protection measures and the
extensive experience of the group's promoters in the timber
industry. These rating strengths are partially offset by the
group's working-capital-intensive nature of operations and
exposure to intense competition in the timber industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AMPL and John Saw Mill Pvt Ltd and,
together referred to herein as the John group.  This is because
both these entities are under the same promoters and management,
and have a common distribution network and operational linkages
with each other.

Outlook: Stable

CRISIL believes that John group will continue to benefit over the
medium term from its promoters' experience in the timber
industry. The outlook may be revised to 'Positive' if the group
generates better-than-expected cash accruals or scales up its
operations, while it manages its working capital efficiently.
Conversely, the outlook may be revised to 'Negative' in case of
any large debt-funded capital expenditure/acquisition or decline
in profitability.

                          About the Group

Set up in 1981 by Mr. S Maria John, the John group operates in
the timber industry. In 1988, the group started their own saw
mill unit named John Saw Mill Timber Depot, in Tirunelveli (Tamil
Nadu). In 1988, the group set up Xavier Traders for purchase of
timber from Kerala and Karnataka. However, the group currently
has one saw mill unit in Tenkasi (Tamil Nadu). The group has its
own infrastructure to manage its timber business with a customs
bonded warehouse (around 12 acres), 6 trailers, and 5 cranes in
Tutucorin port (Tamil Nadu), which is the nearest port for its
imports. The John group began trading in other building materials
in 2000, when it set up Antony Metals mainly to trade in thermo-
mechanically-treated (TMT) bars and cement. As part of a
consolidation exercise in 2010-11, the promoters combined all
timber related business under JSML and all TMT and cement related
businesses under AMPL.

The John group started JSML and AMPL in 2011- 12. The sales of
John Saw Mill Timber Depot, Xavier Traders, and John Plywoods are
being routed through JSML from July 2011. Sales from Antony
Metals and Antony Steel Corporation are being routed through AMPL
since July 2011.


BANSAL SHIP: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bansal Ship Breakers.

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

The ratings reflect BSB's small scale of operations in the
cyclical and fragmented shipping industry, and vulnerability to
adverse changes in government regulations. These rating
weaknesses are partially offset by the benefits that BSB derives
from its promoter's extensive experience and the high global
availability of ships for breaking which is expected to benefit
Indian ship breakers.

Outlook: Stable

CRISIL believes that BSB will continue to benefit over the medium
term from its promoter's extensive experience in the ship-
breaking industry. The outlook maybe revised to 'Positive' if
BSB's sales and profits increase more than expected, with
continued moderate risk management policies. Conversely, the
outlook may be revised to 'Negative' if the firm's operating
margin declines significantly, most likely because of a sharp
decline in scrap prices.

                         About Bansal Ship

Set up in 1993 as a sole proprietorship concern, BSB undertakes
ship-breaking activity in Maharashtra and Gujarat; it has a track
record of breaking about 40 ships, since its inception. The firm
is promoted by Mr. B C Bansal and undertakes ship-breaking
activity at Mazgaon in Mumbai (Maharashtra), where plots are made
available for short periods as per ships in hand. The promoter
has been in the ship-breaking business for the past 35 years.

BSB estimated a book profit of INR15.97 million on net sales of
INR66.43 million for 2010-11 (refers to financial year, April 1
to March 31), against a reported book profit of INR3.26 million
on net sales of INR104.81 million for 2009-10.


BLUEPARK SEAFOODS: CRISIL Puts 'BB-' Rating on INR150MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISILA4+' ratings to
the bank facilities of Bluepark Seafoods Pvt Ltd.


   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR396 Million Packing Credit     CRISIL A4+ (Assigned)
   INR12 Mil. Proposed Short-Term    CRISIL A4+ (Assigned)
   Bank Loan Facility

The ratings reflect Bluepark's healthy operating efficiencies and
its promoter's extensive experience in the sea food industry.
These rating strengths are partially offset by Bluepark's below-
average financial risk profile, marked by high gearing, the
susceptibility of its operating margin to volatility in raw
material prices and foreign exchange rates and its exposure to
risks inherent in the seafood industry.

Outlook: Stable

CRISIL believes that Bluepark will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if the company increases its scale of operations on a sustained
basis or if there is considerable improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if Bluepark undertakes a large, debt-funded capital expenditure
programme, causing its capital structure to weaken or in case of
deterioration in customer relationships, or in case of adverse
regulatory changes, leading to pressure on the company's
operating margins.

                      About Bluepark Seafoods

Bluepark was promoted by Mr. N Mohan Rao in 1997. It processes
shrimp, which it exports, predominantly to the US and Europe. The
company's integrated processing facility in Pamarru (Andhra
Pradesh) has an installed capacity to process 30 tonnes of shrimp
per day. Bluepark's day-to-day operations are managed by the
promoter and his son, Mr. M Hemanth Kumar.

Bluepark reported a profit after tax (PAT) of INR15 million on
net sales of INR1048 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR6.6 million on
net sales of INR770 million for 2009-10.


DHRUV GLOBALS: CRISIL Raises Rating on INR76MM Loan to 'CRISIL B'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank loan
facilities of Dhruv Globals Ltd to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'; while reaffirming the rating on short term bank loan
facilities at 'CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR17.5 Million Cash Credit      CRISIL B/Stable (Upgraded
from
                                              'CRISIL B-/Stable')

   INR76.0 Million Term Loan        CRISIL B/Stable (Upgraded
from
                                              'CRISIL B-/Stable')

   INR42.5 Million Standby Line     CRISIL B/Stable (Upgraded
from
   of credit                                   'CRISIL B-
/Stable')

   INR90.0 Million Export Packing   CRISIL A4 (Reaffirmed)
   Credit

   INR24.0 Million Bank Guarantee   CRISIL A4 (Reaffirmed)

   INR100.0 Million Bill Purchase   CRISIL A4 (Reaffirmed)

The rating upgrade reflects expected improvement in DGL's
liquidity, with enhancement in bank limits to INR375 million in
October 2011 from INR250 million. The upgrade also reflects
CRISIL's belief that the company's cash accruals will be adequate
to meet the maturing debt over the near term. DGL's profitability
has also been marginally higher than CRISIL's belief, resulting
in increased cash accruals; the improvement in profitability is
expected to be sustained over the near to medium term because of
enhancement in the company's dyeing, knitting, and manufacturing
capacities. DGL has also installed in-house embroidery capacities
in 2011-12 (refers to financial year, April 1 to March 31). The
upgrade also reflects improvement in DGL's financial risk profile
driven by improvement in the company's net worth to INR188
million as on March 31, 2011, following infusion of equity in
2010-11. DGL's net worth is further estimated to improve to about
INR260 million following the conversion of unsecured loans worth
INR50 million into equity in 2011-12.

The ratings continue to reflect DGL's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, small scale of operations, and vulnerability of the
company's margins to volatility in raw material prices. These
rating strengths are partially offset by the benefits that the
company derives from its established customer base and its
promoters' extensive experience in the ready-made garments
industry.

Outlook: Stable

CRISIL believes that DGL will continue to benefit over the medium
term from its established customer base and its promoters'
extensive experience in the ready-made garments industry. The
outlook may be revised to 'Positive' if the company generates
more-than-expected profitability while it maintains its capital
structure. Conversely, the outlook may be revised to 'Negative'
if DGL's financial flexibility weakens because of lower-than-
expected accruals from business or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme.

                        About Dhruv Globals

DGL was incorporated in 2001 by the New Delhi-based Mittal and
Goyal families. The company manufactures ready-made garments,
specialising in T-shirts for all age groups. Its plant in
Faridabad (Haryana) has capacity to manufacture 4 million pieces
per annum. DGL is currently increasing its capacity to 5.2
million pieces per annum. The company primarily caters to the
exports market such as the US, Canada, and Europe.

DGL reported a profit after tax (PAT) of INR9.8 million on net
sales of INR628.6 million for 2010-11; against a PAT of INR3.7
million on net sales of INR560.0 million for 2009-10.


FORTUNE RICE: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Fortune Rice Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR70 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects FRL's small scale of operations with low
profitability and weak financial risk profile, driven by large
working capital requirements. The rating also factors in the
company's susceptibility to erratic rainfall. These rating
weaknesses are partially offset by the extensive experience of
the company's promoters in the rice industry and expected
improvement in scale of operations due to recent capacity
expansion.

Outlook: Stable

CRISIL believes that FRL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if FRL's liquidity improves
driven by higher than expected cash accruals, because of
significant improvement in the company's scale of operations
arising out of better capacity utilization, or if FRL's capital
structure improves significantly because of additional equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in FRL's capital
structure or pressure on the company's profitability.

                        About Fortune Rice

Incorporated in 2005, FRL is a public limited company which
processes and exports basmati rice (including traditional basmati
rice, and Pusa and Pusa 1121 quality). It is also engaged in the
trading of basmati rice. The company is promoted by Mr. Dinesh
Sharma and Mr. Ajay Bhalotia. FRL has one processing centre at
Greater Noida in New Delhi, with a total milling capacity of 7
tonnes per hour (tph) and sorting capacity of 4 tph; it operates
in two shifts of 10 hours each. The company primarily exports
parboiled rice (contributing to 75% of its total production) to
Gulf countries, including United Arab Emirates, Iran, and Iraq,
and raw rice (contributing to 25% of the total production) to
Europe and the US.

FRL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR464.6 million for 2010-11, as against a PAT of INR1.5
million on net sales of INR401.3 million for 2009-10.


GOYAL KNITWEARS: Delay in Debt Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the bank facilities
of Goyal Knitwears Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR158.5 Mil. Cash Credit Limit   CRISIL D (Assigned)

   INR1.0 Million Bank Guarantee     CRISIL D (Assigned)

   INR5.0 Million Foreign Letter     CRISIL D (Assigned)
    of Credit

   INR5.0 Million Inland/Import      CRISIL D (Assigned)
    letter of Credit

   INR35.5 Million Term Loan         CRISIL D (Assigned)

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

GKPL also has a small scale of operations and a small net worth,
and its profitability remains susceptible to volatility in
commodity prices and in foreign exchange rates. GKPL, however,
benefits from its promoters' extensive experience in the ready-
made garment manufacturing industry and its established
relationships with its customers.

                      About Goyal Knitwears

Set up in 1999 by Mr. Kamal Prakash Goyal and his brothers, GKPL
manufactures ready-made garments (hosiery) comprising sweaters,
T-shirts, gloves, and caps at its facility in Ludhiana (Punjab).
The company sells these ready-made garments in both the domestic
as well as export markets. GKPL exports its products to retail
outlets in the UK, France, Denmark, and Australia through various
sourcing agents. Exports contributed to around 60% of GKPL's
sales in 2010-11 (refers to financial year, April 1 to March 31).

GKPL reported, on a provisional basis, a profit after tax (PAT)
of INR19.8 million on net sales of INR629.7 million for 2010-11;
it reported a PAT of INR6.4 million on net sales of INR459.1
million for 2009-10, against a PAT of INR10.2 million on net
sales of INR492.8 million for 2008-09.


JAGARAN MICROFIN: CRISIL Rates INR1.5BB LT Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the
proposed long-term bank facilities of Jagaran Microfin Pvt Ltd, a
wholly owned subsidiary of GTFS Multiservice Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR1.5 Billion Proposed LT      CRISIL BB-/Stable (Assigned)
    Bank Loan Facility

The rating reflects Jagaran's comfortable capitalization level,
access to GTFS' branches and experience in rural markets, and
senior management's extensive experience in the financial
services industry. These rating strengths are partially offset by
Jagaran's small scale of operations marked by regional
concentration, unseasoned portfolio given the short track record
in microfinance business, and constrained funding environment for
microfinance institutions in India.

Outlook: Stable

CRISIL believes Jagaran will benefit over the medium term from
its adequate capitalization levels and experience of its senior
management within the financial services industry. However, the
company's scale of operations, asset quality and earnings are
expected to remain modest. The outlook may be revised to
'Positive' if Jagaran substantially scales up its operations
while maintaining its asset quality and improving its earnings
profile. Conversely, the outlook may be revised to 'Negative' in
case the company is unable to raise adequate funds required to
scale up its operations or if its asset quality deteriorates
substantially, thereby impacting its capitalization levels.

                       About Jagaran Microfin

Set up as a wholly owned subsidiary of GTFS, Jagaran was started
in December 2010 by acquiring a non-banking financial company
licence of SBT Consultants Pvt Ltd. Jagaran was set up by Mr.
Bhavesh Majumdar, the promoter of GTFS group. Jagaran operates
through the joint liability group model with operations mainly in
West Bengal, where the parent, GTFS, has been present for more
than a decade. Jagaran operates using the hub and spoke model,
with the GTFS branch being the hub. Spokes are formed around the
hub to be able to leverage the existing branch network of GTFS.
Established in 1995 by Mr. Majumdar, GTFS is a financial services
company engaged in the distribution of insurance and mutual
funds.

Jagaran reported a profit before tax of INR9.32 million on a
total income of INR20.36 million for the half year ended Sept.
30, 2011, on a total loan portfolio of INR199.05 million.  For
2010-11 (refers to financial year, April 1 to March 31), the
company reported profit after tax of INR0.3 million on total
income of INR3.6 million.


MECAPLAST INDIA: CRISIL Puts 'CRISIL BB+' Rating on INR170MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Positive' rating to the long-
term bank facilities of Mecaplast India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20.5 Million Cash Credit      CRISIL BB+/Positive
(Assigned)

   INR170 Million Long-Term Loan    CRISIL BB+/Positive
(Assigned)

   INR22.5 Million Proposed Cash    CRISIL BB+/Positive
(Assigned)
    Credit Limit

   INR40 Million Proposed LT Bank   CRISIL BB+/Positive
(Assigned)
    Loan Facility

The rating reflects MIPL's moderate financial risk profile,
marked by moderate gearing and healthy debt protection metrics,
and the strong operational support that MIPL gets from its
parent, Mecaplast International BV (MIBV). These rating strengths
are partially offset by MIPL's modest scale of operations and
customer concentration, as its operations are in the start-up
phase.

Outlook: Positive

CRISIL believes MIPL's business risk profile will improve over
the medium term, backed by expected addition of new customers
resulting in increase in scale of operations and continued
technological support from Mecaplast group. The rating may be
upgraded if MIPL reports higher-than-expected revenue growth,
while maintaining its healthy profitability and capital
structure. Conversely, the outlook may be revised to 'Stable' if
there is a significant decline in MIPL's profit margin, or if the
company's capital structure and debt protection metrics weaken
because of lower-than-expected growth in revenues or more-than-
expected debt levels.

                       About Mecaplast India

Set up in 2005 and based in Chennai (Tamil Nadu), MIPL is a 100%
subsidiary of the Monaco-based, MIBV. MIPL manufactures high-end
automotive plastic components used in engine and car body. The
company currently derives its entire revenues from Ford India Pvt
Ltd and is also developing moulds for other multinational
automobile companies in the domestic market. The company is led
by Mr. B S Rao, who has over a decade of experience in this
industry.

MIBV is based in Monaco and is part of the Mecaplast group, which
was founded in 1955 by Mr. Charles Manni. The group designs,
develops, and manufactures parts and complete systems for vehicle
body and engine. The company has over 5800 employees based in 14
countries across the world, with 26 production sites, 11
technical centres, state-of-the-art testing centres, and two
skill centres, which serve automotive markets across the world.

MIPL reported a profit after tax of INR27.9 million on net sales
of INR333.6 million for 2010, as against a net loss of INR6.1
million on net sales of INR9.3 million for 2009.


MOOKIAH & SONS: CRISIL Places 'CRISIL C' Rating on INR4.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Mookiah & Sons.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL C (Assigned)
   INR4.4 Million Long-Term Loan    CRISIL C (Assigned)
   INR30 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect MS' weak financial risk profile, particularly
its liquidity, marked by a moderate gearing and weak debt
protection metrics, and exposure to risks related to geographical
concentration and small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
MS' partners in the civil construction segment.

                        About Mookiah & Sons

Mookiah & Sons was set up as a proprietorship concern in 1963 by
the late Mr. M Mookiah in Pondicherry; it was reconstituted as a
partnership concern in 2005 when Mr. Mookiah's son, Mr. M Ganesh,
joined the business The firm is registered as a class I
contractor with Central Public Works Department and Pondicherry
Public Works Department, which are MS' major customers. The firm
also undertakes civil construction works for industrial
consumers.

MS reported a profit after tax (PAT) of INR4 million on net sales
of INR71 million for 2010-11 (refers to financial year, April 1
to March 31), as against a PAT of INR5 million on net sales of
INR111 million for 2009-10.


S. I. PATEL: CRISIL Assigns 'CRISIL B+' Rating to INR2.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of S. I. Patel Industries.

   Facilities                     Ratings
   ----------                     -------
   INR2.5 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR95 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR2.5 Million Proposed LT     CRISIL B+/Stable (Assigned)
    Bank Loan Facility

The rating reflects SIP's weak financial risk profile, marked by
a high gearing, small net worth, and weak debt protection
metrics, small scale of operations in highly fragmented crude
cotton oil industry, and vulnerability of its business and
profitability to changes in government policy. These rating
weaknesses are partially offset by the extensive industry
experience of SIP's promoter.

Outlook: Stable

CRISIL believes that SIP will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its capital structure either by equity infusion or cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SIP's financial risk profile deteriorates further due to
increased working capital-related debt, or in case any change in
government policy has a negative impact on its operations.

                        About S. I. Patel

Started in 2005, SIP is engaged in cotton ginning activity along
with the production of crude cotton oil. Located in Vijapur
(Gujarat), the firm has an installed ginning capacity of 85
candies per day and 20 tonnes per day for crushing cotton seeds.
SIP is promoted and managed by Mr. Prakash Chandra Patel.

SIP reported book profit of INR2.4 million on net sales of
INR310 million for 2010-11 (refers to financial year, April 1 to
March 31), as against book profit of INR1.7 million on net sales
of INR249.2 million for 2009-10.


SPECIAL CABLES: CRISIL Assigns 'BB+' Rating to INR107.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Special Cables Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR107.5 Million Term Loan      CRISIL BB+/Stable (Assigned)

   INR80 Million Cash Credit       CRISIL BB+/Stable (Assigned)

   INR36 Million Proposed Bill     CRISIL A4+ (Assigned)
    Discounting Facility

   INR96.5-Mil. Letter of Credit   CRISIL A4+ (Assigned)
    & Bank Guarantee

The ratings reflect the extensive industry experience of SCPL's
promoters, established customer relations, and above-average
financial risk profile, marked by a moderate net worth,
comfortable gearing, and moderate debt protection metrics. These
rating strengths are partially offset by SCPL's small scale of
operations in the competitive and fragmented cable industry.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its established customer relations. The outlook may
be revised to 'Positive' on timely completion of project within
budgeted cost with significant ramp-up in sales and
profitability. Conversely, the outlook may be revised to
'Negative' if there are any significant delays in project
completion, cost overrun, or lower-than-expected ramp-up in sales
and profitability.

                       About Special Cables

SCPL was incorporated in 1985. The company manufactures telephone
cables, co-axial cables, screened instrumentation cables,
flexible cables, radio-frequency cables, compensating and
thermocouple cables, and rubber cables. Initially, SCPL traded
cables, but commenced its manufacturing operations in 1996 in
Badarpur
(New Delhi). The company is promoted by Mr. S K Khanna. The
second-generation of the family, Mr. Mukul Khanna, Mr. Anshul
Khanna, and Mr. Rahul Khanna have joined the business over the
past five years. SCPL operates from its plant in Mohan Co-
operative Industrial Estate, Badarpur. The company recently set
up a new unit in Industrial Estate Pantnagar, Uttaranchal, and is
in the process of phase-wise expansion of this new unit.

SCPL reported a profit after tax (PAT) of INR11.8 million on net
sales of INR705.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR10.9 million on net
sales of INR564.7 million for 2009-10.


SREE ANANDHAKUMAR: Delay in Debt Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to Sree
Anandhakumar Mills Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR118.4 Million Term Loan      CRISIL D (Assigned)

   INR59.0 Million Cash Credit     CRISIL D (Assigned)

   INR5.0 Mil. Export Promotion    CRISIL D (Assigned)
    Capital Goods Guarantee

   INR20.0 Million Inland/Import   CRISIL D (Assigned)
    Letter of Credit

The ratings reflect the delay by SAML in servicing its term loan;
the delay has been caused by SAML's weak liquidity, owing to huge
amount of slow moving high cost inventory and small scale of
operations.

SAML has a weak financial risk profile marked by high gearing and
weak debt protection metrics, small scale of operations and
susceptibility of margins to volatility in raw material prices.
However, SAML derives benefit from SAML's healthy track record in
the cotton yarn spinning industry.

                     About Sree Anandhakumar

Set up as a closely held public limited company in 1956 by Mr.
Natarajan and Mr. M N Padmanabhan, SAML manufactures cotton yarn.
The company produces fine and superfine combed yarn of 90s and
100s counts. SAML was acquired by Mr. R Rathindran in 2003-04
(refers to financial year, April 1 to March 31), when the company
was in distress. The new management increased the company's
manufacturing capacity to about 51,000 spindles from 30,000 in
2003-04. SAML has its manufacturing unit at Saravanampatti in
Coimbatore (Tamil Nadu).

SAML reported a loss after tax of INR3.4 million on net sales of
INR235.8 million for 2010-11, against profit after tax of
INR21.3 million on net sales of INR232.2 million for 2009-10.


TWENTY FIRST: CRISIL Reaffirms 'CRISIL B+' INR2.5MM Loan Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Twenty First Century
Castings Pvt Ltd continue to reflect the expected deterioration
in TFCCPL's financial risk profile owing to large capital
expenditure (capex) plan and continued large working capital
requirements marked by high receivable and work-in-progress
inventory levels. These weaknesses are partially offset by the
established track record of TFCCPL in steel and alloy casting
industry.

   Facilities                     Ratings
   ----------                     -------
   INR2.5 Million Term Loan       CRISIL B+/Negative (Reaffirmed)
   INR50 Million Cash Credit      CRISIL B+/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that TFCCPL's credit risk profile will remain
constrained over the medium term on account of its large,
planned, debt-funded capex and high utilization of bank limits
because of large working capital requirements. The ratings may be
downgraded in case of considerable cost overruns in the planned
capex, or if there is further stretch in the working capital
cycle, leading to deterioration in liquidity. Conversely, the
outlook may be revised to 'Stable' if TFCCPL's financial risk
profile improves as a result of higher-than-expected accruals or
significant equity infusion by the promoters.

                        About Twenty First

TFCCPL was incorporated in 2010 by Mr. Ramnatraju R Naidu. TFCCPL
took over Twenty First Century Castings (a partnership firm set
up in 1996 by Mr. Ramnatraju R Naidu and his wife, Mrs. Sandhya R
Naidu) on April 01, 2011. TFCCPL manufactures steel and alloy
castings, catering mainly to companies setting up plants for
cement and power industries, such as Larsen & Toubro Ltd (rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+'), ThyssenKrupp India Pvt Ltd,
and FLSmidth Pvt Ltd. TFCCPL has two units in Anand (Gujarat),
with a combined capacity of 1800 tonnes per annum (tpa) and is
undertaking a capex programme of around INR60 million to increase
its capacity to about 3600 tpa.

TFCCPL reported a profit after tax (PAT) of INR13 million on net
sales of INR259 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR10 million on net
sales of INR215 million for 2009-10.


U.S. IMPEX: CRISIL Rates INR55MM Cash Credit at 'CRISIL B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facilities of U.S. Impex.

   Facilities                     Ratings
   ----------                     -------
   INR55 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects USI's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, small scale of operations, low profitability in
fragmented industry, and susceptibility to volatility in prices
of non-ferrous metals and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
USI's promoter in the non-ferrous alloys industry and established
clientele.

Outlook: Stable

CRISIL believes that USI will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if USI registers better-than-expected cash
accruals or there is a significant improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case the liquidity deteriorates substantially due to large
working capital requirement.

                         About U.S. Impex

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scraps, such as zinc, aluminium, brass, and copper. However, zinc
constitutes more than 80% of the firm's total revenue. Imports
constitute around 60% of USI's purchase and they are procured
mainly from suppliers in France, Belgium, and the USA.

USI reported a profit after tax (PAT) of INR1 million on net
sales of INR273 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR222 million for 2009-10.


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


BAKRIE SUMATERA: Moody's Ups CFR to Caa2 After Bond Refinancing
---------------------------------------------------------------
Moody's Investors Service has raised the corporate family rating
of Bakrie Sumatera Plantations Tbk (P.T.) to Caa2 from Ca. The
rating outlook is stable.

Moody's has also withdrawn the Ca secured bond rating of BSP
Finance B.V., following the repayment of the bond at maturity on
Nov. 1, 2011.

Ratings Rationale

The rating action follows the drawdown of US$ 237.5 million of a
new, two tranche secured loan facility established to refinance
the US$185 million notes repaid on November 1, 2012 and to repay
another short-term loan of US$30 million, in order to make its
security package available to the new facility.

"The upgrade reflects the successful refinancing of the BSP bond.
However, its 99%-owned subsidiary, Agri International (Caa2/
stable) has its own secured bond to refinance in July 2012 and
Moody's anticipates a similar, nail-biting end to its refinancing
process, if slow credit market conditions persist and given
Agri's weak standalone credit metrics," says Alan Greene, a
Moody's Vice President and Senior Credit Officer.

"While the group's key loan facilities are secured on ring-fenced
collections of obligors - namely the BSP plantation companies,
Agri International's plantations and Domba Mas - Agri's
plantations, as they steadily mature, are fundamental to the
future operations of the group. As a result, ratings for BSP and
Agri remain inseparable at this stage," adds Greene, who is also
Lead Analyst for BSP.

Moody's notes that a holder of the maturing US$185 million bonds
contributed to the new loan which may have involved a swap into
the new loan. However, Moody's does not view the refinancing as a
distressed exchange as there is no evidence that a bondholder has
lost money by participating in the new loan.

The outlook reflects the underlying viability of BSP's operations
while incorporating the overhanging refinancing risk of Agri
International's US$150 million bonds in July 2012 and the
investment needed to bring the Domba Mas oleochemical operations
fully onstream. While the Caa2 rating can accommodate the
volatility expected in the months ahead, as the due date for
Agri's bond approaches, unless refinancing action is taken, the
ratings of Agri and Bakrie Sumatera could diverge, in order to
recognise differences in expected recovery rates.

"Nevertheless, we continue to view BSP as a viable business, with
scope to deleverage in the medium-term if crude palm oil and
rubber prices remain at current levels", continues Greene.

The US$227.5 million tranche of the new loan amortizes over 5
years with 7% of principal due in year one, scaling up to 25% in
the final year. An interest margin step up of 200bps, to 3month
LIBOR +9.0%, at the end of year one, may encourage BSP to
refinance before maturity.

Bakrie Sumatera Plantations Tbk. (P.T.)'s ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Bakrie Sumatera Plantations Tbk. (P.T.)'s core industry
and believes Bakrie Sumatera Plantations Tbk. (P.T.)'s ratings
are comparable to those of other issuers with similar credit
risk.

Bakrie Sumatera Plantations Tbk is a plantation company operating
mainly in Sumatra, Indonesia, with rubber plantations of some
19,000 hectares and oil palm plantations of 110,000 hectares. It
is 29.8%-owned by the conglomerate PT Bakrie & Brothers Group
(BNBR) (as of June 30, 2011) and is accounted for as an
investment in BNBR's financial statements. BSP was listed on both
the Jakarta and Surabaya Stock Exchanges in 1990.


BAKRIE SUMATERA: S&P Raises Corp. Credit Rating to 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based plantation company PT Bakrie
Sumatera Plantations Tbk. to 'CCC+' from 'CC'.  The outlook is
negative. "We removed the rating from CreditWatch, where it had
been placed with positive implications on Nov. 1, 2011," S&P
said.

"We raised the rating on BSP because we believe the pressure on
the company's liquidity has temporarily eased after it refinanced
its $185 million senior secured notes due Nov. 1, 2011," said
Standard & Poor's credit analyst Vishal Kulkarni. "We expect BSP
to maintain its vulnerable business risk profile and highly
leveraged financial risk profile."

The rating on BSP reflects the company's sizable debt maturities
in the next 12 months and weak operating efficiency. The rating
also reflects the volatility in BSP's earnings due to its
exposure to the cyclicality in the prices of crude palm oil (CPO)
and rubber. "We expect the demand for CPO to remain steady over
the next one to two years. The steady demand for CPO and the
commencement of BSP's downstream facilities partly offset the
weaknesses. The BSP management's established record and
experience in the plantation business underpin the rating," S&P
stated.

"We assess BSP and its 99.02% owned subsidiary Agri International
Resources Pte. Ltd. (CCC+/Negative/--) as a consolidated entity.
We expect BSP to put in place a plan to refinance Agri
International's $150 million senior secured notes due July 2012,
even though it does not guarantee the notes," S&P related.

BSP's weak operating profile and high debt stemming from recent
acquisitions have resulted in fragile cash flow protection
measures. "In addition, cyclical and volatile CPO prices have led
to unpredictable earnings and cash flows for the company.
Nevertheless, BSP will continue to benefit from high CPO and
rubber prices over one to two years. In addition, we expect BSP's
acquisition of Indonesia-based oleo chemicals producer Domba Mas
in 2010 to help stabilize the company's cash flows, because the
prices of oleo chemicals are generally less volatile than the
prices of CPO," S&P stated.

"In our view, BSP's liquidity is weak. The company's ratio of
sources of liquidity to uses of liquidity is about 0.7x, where we
expect it will remain in 2012 and 2013. We expect BSP's debt
servicing burden to be higher starting 2012 because of the
amortizing nature of most of the debt at the company and at Domba
Mas," S&P said.

"The negative outlook on BSP reflects our expectation that the
company's liquidity will remain weak because of: (1) significant
debt maturing in the next 12 months; and (2) higher debt
servicing needs due to the amortizing nature of most of its
debt," said Mr. Kulkarni.

"We may lower the rating if BSP in unable to come up with a plan
to refinance Agri International's notes in the next six months,"
S&P related.

Given the absence of a cross-default clause between BSP and Agri
International, a default by Agri International may not
necessarily lead to a default by BSP. But such a situation would
likely constrain BSP's access to funding sources and put pressure
on the ratings.

"We could revise the outlook to stable if BSP maintains adequate
liquidity and complies with its loan covenants," S&P said.


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


ARSENAL TRUST: Moody's Assigns Provisional Ratings
--------------------------------------------------
Moody's SF Japan K.K. is a registered credit rating agency under
the Financial Instrument and Exchange Act, but not a Nationally
Recognized Statistical Rating Organization. Therefore, the credit
ratings assigned by Moody's SF Japan K.K. are Registered Credit
Ratings to the FSA but are not NRSRO Credit Ratings.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for ultimate payments
of dividends (in scheduled amounts) and principal by the legal
final maturity.

Moody's issues provisional ratings in advance of the final sale
of securities. These ratings, however, represent Moody's
preliminary credit opinions only. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the securities. Definitive
ratings may differ from provisional ratings. The provisional
ratings are based on information received as of November 08,
2011.

Deal Name: Arsenal Trust

Class, Amount, Interest, Rating, Credit Support*1

Class A1 Trust Certificate, JPY 1.9 billion, Fixed, (P)Aa1 (sf),
71.4%

Class A2 ABL, Approximately JPY 0.42 billion, Fixed, Non-Rated,
65.1%

Class B ABL, Approximately JPY 0.6 billion, Fixed, Non-Rated,
31.4%

Class B Trust Certificate, Approximately JPY 1.63 billion, Fixed,
(P)Baa1 (sf), 31.4%

Class C ABL, Approximately JPY 2.08 billion, Fixed, Non-Rated,
0.2%

Class E Trust Certificate*2, JPY 10.0 million, -, Non-Rated, 0.0%

*1 The formula used to calculate the credit support in place for
  this transaction:

  Credit support %: A/B, where

  A: Total principal amount of the debt subordinate to the rated
  debts

  B: Total amount of debts (Approximately JPY 6.65 billion)

  *2 Class E Trust Certificate represents the right to receive
  excess cash flow from the water fall at trust level.

Scheduled Total Borrowing/Issuance Amount in Trust: Approximately
JPY 6.65 billion

Expected Interest/Dividend Payment: Quarterly

Expected Closing Date: November 15, 2011

Expected Maturity Date: November 15, 2015

Legal Final Maturity Date: November 15, 2019

Underlying Debts for Trust: New Class A Specified Loan and
Existing Class A Specified Loan

Underlying Property: 33 residential properties

Originator: Two companies -- Mizuho Securities Co., Ltd. ("Mizuho
Securities") and the other company

Arranger: Mizuho Securities

Trustee: Mizuho Trust & Banking Co., Ltd. (A1 under review for
downgrade/P-1)

Servicer: ORIX Asset Management & Loan Services Corporation
("ORIX Servicer")

Rating Rationale

A property holding company will re-finance its existing debt with
the New Class A Specified Loan so that it can retain its
properties. The Trustee will raise funds through the Class A1
through B Trust Certificates/ABLs and acquire the New Class A
Specified Loan as well as partially redeem its existing debt.

Dividends/interests on the Trust Certificates/ABLs will depend on
interest payments on the Underlying Debts. Interests on the
Underlying Debts will be depend on a cash flow from the
Underlying Property.

The waterfall in trust is sequential.

ORIX Servicer will be in charge of servicing the Underlying Debts
for Trust.

The transaction has a 4-year tail period between the expected
maturity and the legal final maturity.

The subject deal is a single-borrower/multi-asset CMBS
transaction. The ratings are based mainly on 1) the quality of
Underlying Property ; 2) the amortization mechanism; 3) the
credit support provided by the senior/subordinate structure as
illustrated by the loan-to-value (LTV) and level of stressed
DSCR; and 4) the legal and structural integrity of the
transaction.

Moody's estimated the credit support levels for each of the rated
classes based on Moody's net cash flow and value for the
Underlying Property. The following are Moody's LTVs and Stressed
DSCRs for each rated class. Moody's considers these numbers
appropriate for each of the ratings.

Moody's LTV:

Total amount of the subject classes and the classes senior to the
subject classes/Moody's Value for the Underlying Property

Class A1 Trust Certificate: Closing, 33.1%; Balloon*3, 12.2%

Class B Trust Certificate: Closing, 79.5%; Balloon, 58.6%

*3 The Balloon LTV in each case is based on Moody's expected
  outstanding balances of the rated trust certificates at the
  expected maturity.

Moody's Stressed DSCR:

Moody's Stressed DSCR: Moody's Net Cash Flow/(Total amount of the
subject debt and senior to the debt x a 6.5% Loan Constant).

Class A1 Trust Certificate: Closing, 4.27x; Balloon*4, 11.58x

Class B Trust Certificate: Closing, 1.78x; Balloon, 2.41x

*4 The Balloon Stressed DSCR in each case is based on 1) Moody's
expected outstanding balances of the rated trust certificates at
the expected maturity and 2) a 6.5% loan constant.

Moody's considers the Servicer sufficiently capable of servicing
the Underlying Debts, given its substantial experience in the
industry.

The principal methodology used in this rating was Moody's
"Updated: Moody's Approach to Rating CMBS Transactions in Japan,"
published on September 30, 2010.

Moody's received and took into account one or more third-party
assessments on the due diligence performed regarding the
underlying assets or financial instruments in this transaction
and the assessments had a neutral impact on the rating.

The V Score for this transaction is Medium, which is same as the
Medium V Score assigned to the Japanese Single Borrower CMBS
sector.

Moody's V scores provide a relative assessment of the quality of
available credit information and the potential variability of
various inputs in a rating determination. The V score ranks
transactions by the potential for significant rating changes
owing to uncertainty about the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, modelling, and the transaction governance that
underlie the ratings.

V scores apply to the entire transaction, not to individual
tranches.

If Moody's valuation of the property -- used in determining the
initial rating -- was reduced by 5%, 15%, or 25%, the model-
indicated rating for the Class A1 Trust Certificate would not be
affected in the stressed scenarios.  The Class B ABL would be
Baa3, Ba2, B1 respectively (the "parameter sensitivities").

Parameter sensitivities are not intended to measure how the
rating might migrate over time; rather, they are designed to
provide a quantitative calculation of how the initial rating
might change if key input parameters used in the initial rating
process differed. The analysis assumes that the deal has not
aged, and does not factor structural features such as sequential
payment effect. Parameter sensitivities reflect only the ratings
impact of each scenario from a quantitative/model-indicated
standpoint. Qualitative factors are also taken into consideration
in the ratings process, so the actual ratings that would be
assigned in each case could vary from the information presented
in the parameter sensitivity analysis.

The rating implementation guidance, Moody's "Updated Report on V
Scores and Parameter Sensitivities for Structured Finance
Securities," published on September 30, 2010, and "V Scores and
Parameter Sensitivities in the Asian CMBS Sector," published on
September 30, 2010.


* JAPAN: Corporate Bankruptcies Falls 14% October 2011
------------------------------------------------------
Kyodo News reports that Tokyo Shoko Research said business
failures fell 14.1% in October to 976 from the previous year,
slipping below 1,000 for the first time in eight months thanks to
government financing support for small businesses.

Kyodo relates that the credit research agency said the failures
are the fewest in October since 1992, after the implosion of the
asset-inflated bubble economy.


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


HYNIX SEMICONDUCTOR: SK Telecom Named as Preferred Bidder
---------------------------------------------------------
Yonhap News Agency reports that creditors of Hynix Semiconductor
Inc. selected Friday South Korea's top mobile carrier SK Telecom
Co. as the preferred bidder for a major stake in the chip maker,
paving the way for its long-pending sale.

"SK Telecom offered a price higher than the minimum price
standard agreed to by the creditors and was selected as the
preferred bidder," the news agency cited KEB said in an e-mailed
statement, without disclosing the minimum price limit.

According to Yonhap, the decision came a day after SK Telecom
submitted a solo bid for the 146.1 million shares valued at
around KRW3.2 trillion (US$2.8 billion). A total of 44.25 million
shares owned by creditors as well as 101.85 million new shares
are up for sale, the report discloses.

If nominated as the preferred bidder, notes Yonhap, SK Telecom
would have to purchase a stake of 20% or more in Hynix.

The news agency relates that KEB, controlled by U.S. private
buyout fund Lone Star Funds, said creditors aim to wrap up the
deal in the first quarter of next year at the latest following a
share purchase agreement, due diligence and price negotiation.

The price for the new shares will be finalized at a Hynix board
meeting scheduled for today, November 14, according to Yonhap.

Dow Jones Newswires has said creditors have been trying for years
to sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in
the chip maker.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an
Icheon, South Korea-based memory semiconductor supplier offering
Dynamic Random Access Memory chips and Flash memory chips to a
wide range of established international customers.  The Company's
shares are traded on the Korea Stock Exchange, and the Global
Depository shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, Fitch Ratings revised Hynix Semiconductor Inc.'s
Outlook to Positive from Stable. Its Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDRs) have been affirmed
at 'BB-'. Its senior unsecured rating has also been affirmed at
'BB-'.


===============
M O N G O L I A
===============


GOLOMT BANK: Moody's Assigns 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
Golomt Bank LLC.  The outlook for all ratings is stable.

The ratings are:

   D- Bank Financial Strength Rating (BFSR)

   Ba3 global local currency (GLC) long-term deposit ratings

   B2 foreign currency long-term deposit ratings

   Ba3 foreign currency long-term issuer rating

   Ba3 global local currency long-term issuer rating

   Ba3 foreign currency senior unsecured debt rating

Moody's has assigned Golomt a B2 foreign currency deposit rating
with a stable outlook, in view of Mongolia's B2 foreign currency
deposit ceiling.

Ratings Rationale

"The BFSR of D-, which maps to a standalone rating of Ba3 on
Moody's long-term scale, reflects the bank's strong franchise in
Mongolia, as well as its financial fundamentals," says Hyun Hee
Park, a Moody's analyst.

The key drivers of Golomt's rating are:

First, there is Golomt's leadership position in Mongolia's
banking system, in which it held 23.8% of deposits and 20.7% of
loans at end-June 2011.

Second, there is the bank's adequate level of capital, including
a Tier 1 capital ratio of 11.9%, the highest among the three
Group 1 Mongolian banks as defined by The Bank of Mongolia as of
June 2011.

Third, asset quality appears satisfactory. Its NPL ratio --
defined as the substandard and below ratio -- was 2.7% as of
June 2011, the lowest among the Group 1 Mongolian banks. And
asset quality is likely to improve over the rest of 2011 because
of Mongolia's rapid economic growth.

"On the other hand, the rating considers the bank's concentrated
loan portfolio given it is the biggest lender to the country's
industrial sectors, which show a relatively restrained degree of
diversification," adds Park.

In this context, Moody's notes that Golomt's exposure to its top
20 borrowers equals around 355% of its Tier 1 capital at end-2010
and fell to 292% of Tier 1 capital at end-June 2011. The rating
is also constrained by the bank's operating environment. While
Mongolia is going through a period of rapid economic growth as it
develops its vast mineral resources, the economy has the
potential to experience "boom/bust" cycles due to fluctuating
commodity prices.

In addition, the net interest margin (NIM) is narrower than that
of other Mongolian banks due mainly to the lower level of low-
cost deposits in its funding structure. However, to address this
relative weakness, the bank has increased its focus on expanding
its retail portfolio.

Moody's does not see much prospect for the bank's long-term debt
ratings to be upgraded in the foreseeable future given that its
Ba3 long-term senior debt ratings are one notch higher than
Mongolia's sovereign rating of B1. However, upward pressure on
the bank's BFSR could arise if the bank can maintain its
currently relatively healthy asset quality, capital and
profitability metrics through the economic cycle.

On the other hand, the rating could be downgraded if the bank's
financial profile were to deteriorate. Specific indicators that
would be negative for the rating would be NPLs rising above 4.5%
of loans, the Tier 1 ratio falling below 9%, and the ratio of
pre-provision profits to risk weighted assets falling below 2.0%
or net income to risk weighted assets falling below 1.4%.

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

Golomt Bank was established in 1995 as a wholly owned subsidiary
of Bodi International. Bodi was founded in 1993 with equal 33.3%
shareholdings held by the three families of Mr. Bold, Mr.
Bayasgalan, and Mr. Zorigt. The three founding families retain
89.3% of equity. Swiss Mo Investment Ag acquired 10.7% of the
equity by investing US$20 million in Golomt in June 2011. Credit
Suisse and Abu Dhabi Investment Council invested US$10 million
and US$25 million in 5-year subordinated convertible loans in
2007 and in 2010, respectively. Assuming all option holders
exercise their options, Bodi group, ADIC, Swiss Mo, CS, and
employees (through Employees Share Option Plan) will control
67.4%, 15.5%, 8.1%, 7.4% and 1.2%, respectively of the bank
equity.


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


ALLIED FARMERS: Former Hanover Investors Feel More Pinch
--------------------------------------------------------
Jason Krupp at Fairfax Media reports that former Hanover Finance
investors have found themselves even further underwater after a
rearrangement of deckchairs at Allied Farmers made Accident
Compensation Corporation the biggest single shareholder.

Citing Allied's statement filed with the NZX on November 9, the
news agency says Allied reported ACC now owns a 10.2% stake in
the company after an issue of shares, up from 0.23% on
September 28.

The move, according to Fairfax Media, comes in the wake of a
share placement deal in August last year, under which Allied
raised NZ$2.25 million by selling shares to institutional
investors at 2.5 cents apiece -- a 55% discount on the trading
price at the time.

According to the news agency, ACC investment manager Nicholas
Bagnall said the sweetener was the price of ACC's participation.

"We didn't entirely trust Allied's asset values in 2010 and we
wanted to protect ourselves by having the price adjusted
downwards to where we would have more shares if the asset values
were actually lower than stated at the time," the report quotes
Mr. Bagnall as saying.

The terms of the placement gave the institutional investors a
further 977 million shares if Allied's net tangible assets fell
below 2.5c a share in June this year, Fairfax Media relays.

Shortly after the placement Allied's lending subsidiary, Allied
Nationwide Finance, collapsed into receivership, the report
recalls.

Fairfax Media says Hanover investors, who converted
NZ$396 million in loan assets into Allied stock in 2009 as part
of a desperate debt for equity swap, will feel this as additional
salt in their wounds.

At the time their debentures converted into a stake in Allied of
about 98%, but share issues including the ACC issue have dropped
that holding to about 75% and it will fall much further, the
report discloses.

According to Faixfax Media, the number of Allied's shares, which
currently stand at 2.5 billion, will balloon even further when it
converts NZ$12.6 million worth of capital notes into shares on
November 15 and completes the rest of the placement sweetener.
Additionally, the report notes, holders of bonus securities
issued to Allied shareholders before the Hanover transaction will
also be recognised as holding 118 million additional shares.

The final share tally, which will be available only a day before
the issue takes place, has prompted the company to undertake a
100-to-1 share consolidation, Fairfax Media adds.

But who holds what percentage of the shares may be a moot point,
with the company having recently posted a full-year loss NZ$43
million on the back of further writedowns to its loan book, with
cash down to just NZ$137,000 as of June 30, the report states.
Net equity at balance date was negative NZ$5.5 million.

"Hanover was always going to be a mess, it has become a mess for
Allied," Fairfax Media quotes Des Hunt, corporate liaison for the
Shareholders Association, as saying.

Mr. Hunt, as cited by Fairfax Media, said the association, which
had under former head Bruce Sheppard lobbied Hanover debenture
holders to reject the debt-for-equity swap and instead pursue
directors through the courts, was now choosing to focus its
efforts where it could do the most good.

"With the Hanover situation, it's so complicated and there are so
many transactions I don't think you could make a good
recommendation."

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.  On June 29, 2007, Allied
Nationwide Finance Limited, Nationwide Finance Limited and Allied
Prime Finance Limited were amalgamated, with Nationwide Finance
Limited being the continuing entity.  Nationwide Finance Limited
subsequently changed its name to Allied Nationwide Finance
Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has
gained a nine-month reprieve on repaying a NZ$7.5 million loan to
the receivers of its failed Allied Nationwide Finance unit that
was due on July 1.  Allied Farmers entered into two loan
agreements with Allied Nationwide last year, converting its
existing debt factoring, credit enhancement and related party
loan arrangements.  All of Allied Farmers' assets are secured by
a general deed covering the loans.


PIKE RIVER: Labor Department Lays Numerous Charges Against Firm
----------------------------------------------------------------
The Pike River Receivers, PricewaterhouseCoopers, confirm that a
number of charges have been laid against the company by the
Department of Labor.  These were served on November 10.

The Receivers asked the District Court to lift the existing
suppression orders which had been previously sought by the
Department of Labor.

The matter is now sub ju dice and the Receivers will not be
making any further comment at this time.

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

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
Coal also owed another estimated NZ$10 million to NZ$15 million
to contractors, including some of the men who lost their lives in
the disaster.


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


AGRI INTERNATIONAL: Moody's Raises CFR to Caa2; Outlook Stable
--------------------------------------------------------------
Moody' Investors Service has raised the corporate family rating
of Agri International Resources Pte Ltd as well as its rating on
the senior secured bond issued by AI Finance B.V., which is
wholly owned and guaranteed by AIRPL, to Caa2 from Ca. The
outlook of the ratings is stable.

Ratings Rationale

"The rating action coincides with the upgrade of AIRPL's parent
company, Bakrie Sumatera Plantations, to Caa2/stable and reflects
both the close operating and financial dependencies between the
two companies", says Alan Greene, a Moody's Vice President and
Senior Credit Officer.

AIRPL's standalone performance has improved year on year in 1H
2011 but cash generation and liquidity remain weak.

"Interest cover remains weak and AIRPL will need external support
to refinance its bonds due in July 2012. In light of BSP's recent
struggle in obtaining refinancing, the refinancing of AIRPL's
bond is likely to also be difficult given the challenging credit
environment", adds Mr. Greene, also Lead Analyst for AIRPL.

The rating outlook incorporates the challenge of refinancing of
AIRPL's bonds due in July 2012, which given AIRPL's weakness,
hinges on BSP's ability to source the funds. Operationally the
companies are closely linked with BSP both the manager of AIRPL's
plantations and the sole buyer of its palm oil. As the bonds due
date approaches, it is possible for the BSP and AIRPL ratings to
diverge to reflect expected recovery. Were AIRPL unable to repay
the bond, Moody's anticipates that ultimately, BSP would still be
the main buyer of palm oil from AIRPL's plantations.

Agri International Resources Pte Ltd 's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Agri International Resources Pte Ltd's core industry and
believes Agri International Resources Pte Ltd's ratings are
comparable to those of other issuers with similar credit risk.

Agri International Resources Pte Ltd was incorporated in
Singapore in May 2007. AIRPL became a subsidiary of BSP in March
2010 and is now 99%-owned by BSP. It accounted for 32% of BSP's
mature palm oil plantations as of June 2011. AIRPL's operating
subsidiary (Agri Resources B.V.) owns two oil palm plantations in
Sumatra, with a total land utilization rights covering 56,618
hectares, of which 35,876 hectares were planted and 29,553
hectares were mature as at June 30, 2011.


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


* TAIWAN: Premier Wu Asks FSC for List of Problem Banks
-------------------------------------------------------
Shih Hsiu-chuan at Taipei Times reports that Taiwan's Premier Wu
Den-yih on Thursday demanded that the Financial Supervisory
Commission release a list of problem banks within one week and
seek compensation for depositors.

"We have to bring people who flout the law to justice," Mr. Wu
was quoted in a statement as saying after being briefed by an FSC
official on the operation of the Financial Reconstruction Fund,
which has been in place since 2001 to help banks write off bad
loans, Taipei Times relates.

According to the report, Mr. Wu said the commission should make
public the names of problem banks and the people responsible for
their irregularities.

The fund, which was established against the backdrop of falling
stock prices and a sluggish real-estate market, closes at the end
of this year, Taipei Times discloses.

The FSC, as cited by Taipei Times, said a statement that the fund
has spent NT$298 billion (US$9.85 billion) dealing with
problematic financial institutions, from a total of NT$319.3
billion composed of a NT$236.4 -billion government budget and
NT$82.9 billion from a deposit insurance reserve fund.  The
fund's remaining NT$20.9 billion would be used to deal with non-
performing loans withdrawn from the credit departments of
farmers' associations, the FSC added.

After the fund closes, says Taipei Times, another mechanism will
be established to finance the reconstruction of banks and other
financial institutions, with the aim of collecting NT$320 billion
by 2026 from the annual allocation of business tax revenues and
deposit insurance.


                             *********

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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