TCRAP_Public/111123.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


          Wednesday, November 23, 2011, Vol. 14, No. 232

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Restructuring, Merger Plan Wins Investors Nod
EQUITITRUST LTD: ASIC to Appoint BDO Australia as Receivers
WATER AT WOOYUNG: Director Sentenced to Seven Years Imprisonment
* AUSTRALIA: ASIC Reveals Annual Overview of Corp. Insolvencies


C H I N A

CHINA GREEN: Incurs US$21,363 Net Loss in Third Quarter


H O N G  K O N G

AFEX INTERNATIONAL: Creditors' Meeting Set for Nov. 30
AFEX PROCUREMENT: Creditors' Meeting Set for Nov. 30
AMPRESS PACIFIC: Creditors' Proofs of Debt Due Dec. 23
AMPRESS PACKAGING: Creditors' Proofs of Debt Due Dec. 23
CALF INVESTMENT: Members' Final General Meeting Set for Dec. 23

DUNHUANG (CHINA): Creditors' and Members' Meetings Set for Dec. 23
EC (ASIA): Creditors' Proofs of Debt Due Dec. 23
EC MANUFACTURING: Creditors' Proofs of Debt Due Dec. 23
EVER SMART: Ma and Lee Appointed as Liquidators
FRIENDS OF THE SOCIETY: Creditors' Proofs of Debt Due Dec. 12


I N D I A

ABC RAILROAD: CARE Assigns 'CARE BB' Rating to INR10.98cr LT Loan
AIR INDIA: Panel Approves INR30,000cr Capital Infusion
CHINTTPURNI ENG'G: CARE Rates INR30.78cr LT Loan at 'CARE BB'
CHITKARA EDUCATION: CARE Puts 'CARE C' Rating on INR113.71cr Loan
FAHRENHEIT AUTOMOBILES: CARE Rates INR12cr LT Loan at 'CARE B+'

JALARAM COTTON: CARE Rates INR43.44cr Long-Term Loan at 'CARE BB-'
KIRAN INFRA: Fitch Withdraws Rating on INR11.4 Mil. Loan at 'BB+'
LALWANI INDUSTRIES: CARE Puts 'CARE BB' Rating on INR1.4cr Loan
LIPPI SYSTEMS: CARE Reaffirms 'CARE BB+' Long-Term Loan Rating
SATGURU POLYFAB: CARE Assigns 'CARE B' Rating to INR6.96cr Loan

SURINA IMPEX: Fitch Affirms Rating on Two Loan Classes at Low-B
SURYA PROCESSORS: Fitch Affirms Rating on Three Loans at Low-B
TIRUPATI LTD: Fitch Withdraws Rating on INR6 Mil. Loan at 'BB+'
ZEALTOP GRANITO: CARE Puts 'CARE BB' Rating on INR44.89cr Lt Loan


I N D O N E S I A

PERUSAHAN LISTRIK: Fitch Puts rating on $1 Bil. Bond at 'BB+'
* INDONESIA: Moody's Assigns Definitive Ba1 Rating for Sukuk


J A P A N

OLYMPUS CORP: Former CEO to Attend Board Meeting Today


N E W  Z E A L A N D

AMI INSURANCE: Capital Raising Nears End Amid Buyout Reports
DORCHESTER PACIFIC: Offers to Repay Investors 70c Per Note
ENERGYSMART LTD: Terra Lana Buys Firm Out of Liquidation
SIGNATURE HOMES: Southland Franchise in Receivership


S I N G A P O R E

K-F&B PTE: Court to Hear Wind-Up Petition Dec. 2
MAARINE TUBES: Court Enters Wind-Up Order
MALACOA HOLDING: Creditors' Proofs of Debt Due Dec. 16
MECH-TECH MARINE: Creditors' Meeting Set for Dec. 5
RUBICON RESERVE: Court to Hear Wind-Up Petition Nov. 25


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: Restructuring, Merger Plan Wins Investors Nod
----------------------------------------------------------------
Bloomberg News reports that Centro Properties Group on Tuesday
averted liquidation as investors approved a plan to cancel debt
and pool assets into a new real estate trust with AUD4.4 billion
($4.3 billion) of Australian shopping center properties.

Bloomberg says the vote resolves a four-year battle to stave off
bankruptcy after a $9 billion U.S. buying spree between 2006 and
2007 backfired as the subprime mortgage crisis triggered the worst
recession since the great depression.  Approval allows Centro to
erase AUD2.9 billion of debt maturing on Dec. 15 and gives lenders
equity stakes in a new trust to be called Centro Retail Australia,
according to Bloomberg.

Centro Retail said in a filing to the Australian stock exchange on
Tuesday that a majority of shareholders in Centro Retail Trust,
managed by Centro Properties, voted in favor of all resolutions,
including acquisition of its assets and services business and a
change in the responsible entity, Bloomberg reports.

According to Bloomberg, Centro Properties shareholders also
approved the sale of the group's assets to the new trust, with
almost 90% supporting the plan.  About 89% of investors voted to
transfer the group's share of the new entity to its senior
lenders, the report relays.

Centro's hybrid lenders and convertible bond holders also backed
the restructuring plan, the report notes.

The final tally included votes by shareholders in Centro, its
affiliate Centro Retail Group, senior lenders and convertible bond
holders, at a series of meetings that lasted all day, reports
Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, Centro Properties said it entered into an
agreement with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail Trust
and certain Centro managed funds.  Centro's merger agreement
involves a debt for equity swap that will result in its lenders,
chiefly hedge funds, taking about 78% equity in the new listed
vehicle, the Australian said.

The TCR-AP, citing The Australian, reported on Aug. 30, 2011,
that Centro Properties warned shareholders when handing down its
full-year results that the debt-bloated company still faces
liquidation if it does not merge with the less indebted Centro
Retail Group.

                    About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand, and the United States.
Centro has funds under management of US$24.9 billions.


EQUITITRUST LTD: ASIC to Appoint BDO Australia as Receivers
-----------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission was on Tuesday
expected to appoint an independent receiver to Equititrust's
flagship fund in an attempt to stave off further losses by
investors who entrusted more than AUD200 million with the Gold
Coast mortgage fund operator.

SMH relates that the company's board on Monday applied to the
Supreme Court of Queensland to have the Equititrust Income Fund
wind up the fund.

According to the news agency, Equititrust's directors were granted
their wish when the court agreed to close the troubled fund but
ASIC intervened to organize the appointment of David Whyte --
david.whyte@bdo.com.au -- of BDO Australia as independent
receiver.

Equititrust's fate was sealed this month when the company revealed
it was unlikely to find an insurer to cover it for professional
indemnity, and any possible fraud by its officers, beyond
November 21, SMH relays.  A lack of insurance would have prevented
Equititrust from continuing to act as responsible entity for the
fund.

SMH says Sydney businessman Ian Lazar is expected to continue his
quest to have provisional liquidators appointed to Equititrust on
Friday.

For investors the wild ride is over, although the full extent of
their losses is yet to be revealed, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2011, The Sydney Morning Herald related that a court
application has been made to wind up Equititrust, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.
Equititrust confirmed on May 3 that the application was filed by
Rural Security Holdings, a company associated with Ian Lazar.

The company has frozen investor redemptions and income
distributions at its AUD260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well
as a restructure, according to SMH.  Equititrust was forced to
suspend payments and renegotiate terms with NAB on the loan
earlier this year when EIF was almost out of cash, SMH disclosed.
NAB agreed to defer repayments for last December until February
while it considered a new proposal that would match bank
repayments with loan repayments by Equititrust clients.

Equititrust earlier this year blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AUD12.3 million loss for
the half-year ending Dec. 31, 2010.

Equititrust Limited -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.  Equititrust is the responsible entity of the
Equititrust Income Fund (EIF) and Equititrust Priority Class
Income Fund (EPCIF).  EIF is a mortgage fund whose primary
business is lending retail investors' pooled funds for property
development and taking mortgages over the property.  The EPCIF is
currently dormant.


WATER AT WOOYUNG: Director Sentenced to Seven Years Imprisonment
----------------------------------------------------------------
The Australian Securities and Investments Commission said Water at
Wooyung Pty Ltd director Robert Norman Dale has been sentenced to
seven-and-a-half years in jail following an ASIC investigation.
Mr. Norman defrauded investors in a property unit trust of AUD2
million, ASIC said.

Following a four-week trial, Mr. Dale was found guilty by a
Southport District Court jury of six charges of dishonestly
gaining a benefit under section 408C(1)(d) of the Criminal Code
(Qld) and one charge of dishonestly applying property belonging to
another under section 408C(1)(a) of the Criminal Code (Qld).  He
will serve a minimum of three years and two months, being eligible
for parole on 15 January 2015.

ASIC alleged that between July and November 2004, Mr. Dale
dishonestly induced four investors to pay AUD2 million to acquire
units in the Water at Wooyung Unit Trust for the development of
property at Wooyung in the Northern Rivers area of New South
Wales.  At the time, Mr. Dale was the sole director of Water at
Wooyung Pty Ltd, which was the corporate trustee of the Water at
Wooyung Unit Trust.

The investors, who each paid $500,000 or more to Mr. Dale, told
the Court that they never received the promised units in the unit
trust.  ASIC alleged Mr. Dale used significant proportions of the
investor funds for private purposes.

ASIC Commissioner, Peter Kell, welcomed the sentence, noting that
the regulator would continue to focus on deterring and dealing
with illegal behaviour.

"Building and enhancing confidence among investors is a key
priority for ASIC. This includes taking action against directors
who fail to fulfil their responsibilities," Mr. Kell said.

As a result of his convictions, Mr. Dale will be automatically
disqualified from being involved in the management of a
corporation for five years commencing from the day on which he is
released from his served term of imprisonment.

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

In June 2005, a provisional liquidator was appointed to Water at
Wooyung Pty Ltd.  The company was placed into liquidation on 1
August 2005.


* AUSTRALIA: ASIC Reveals Annual Overview of Corp. Insolvencies
---------------------------------------------------------------
The Australian Securities and Investment Commission on Tuesday
published an annual overview of corporate insolvencies based on
statutory reports lodged by external administrators for the
2010-2011 financial year.

Report 263 Insolvency Statistics: External administrators' reports
1 July 2010 - 30 June 2011 (REP 263) includes comprehensive
information about the profile of companies placed into external
administration, including industry types, employee numbers, the
causes of company failure, the estimated number and value of a
company's unsecured creditor debts and estimated dividends to
unsecured creditors.

In addition, the report details the frequency with which external
administrators report misconduct by company officers, the types of
alleged misconduct most frequently reported (both criminal and
civil breaches) and information about the number of cases that
might warrant further enquiry by ASIC.

Key findings and data included in the report follow as an
attachment to this release.

Adrian Brown, Senior Executive Leader of ASIC's Insolvency
Practitioners team, said the data in REP 263 had broad relevance
for the insolvency profession, creditors, academics, the
Australian Government and other interested stakeholders. "This is
one of ASIC's initiatives to address the need for better
insolvency statistics identified by the Senate Inquiry in its
September 2010 report," Mr. Brown said.

Mr. Brown noted that the reports lodged by external administrators
also provided an important intelligence and assessment tool for
ASIC, acting as a 'first alert' about possible misconduct by
company officers and focus for further enquiry.

In assessing which matters to pursue further, ASIC considers,
among other things:

  -- the nature of the possible misconduct reported;
  -- amount of the liabilities;
  -- deficiency suffered;
  -- availability of evidence;
  -- prior misconduct; and

  -- the advice of the external administrator that the
     reported possible misconduct warrants further
     investigation.

REP 263 notes that, as a result of ASIC's risk assessment, ASIC
asked external administrators to prepare supplementary reports in
558 (9.8%) of the 5,670 reports for 2010-11 where company officer
misconduct was alleged. The remaining reports were assessed and
recorded for future intelligence purposes.

Supplementary reports are typically detailed, free-format reports,
which set out the results of the external administrator's
inquiries and the evidence to support the alleged offences.
Generally, ASIC can determine whether to commence a formal
investigation on the basis of a supplementary report. In both
2009-10 and 2010-11, after assessment, we referred 33 per cent of
these cases for investigation or surveillance.

The risk assessment approach to external administrators' reports
and supplementary reports is consistent with ASIC's broader
approach to assessing which matters to pursue for further
regulatory action, which includes consideration of:

   -- evidence;
   -- level of harm or loss; and
   -- cost versus regulatory benefit.

REP 263 is ASIC's third report since external administrators'
reports could be lodged electronically.

ASIC's previous reports are Report 225 Insolvency statistics:
External administrators 1 July 2007-30 June 2010 (REP 225),
covering external administrator reports lodged in the financial
years 2007-08, 2008-09 and 2009-10 and External administrators:
Schedule B statistics 1 July 2004-30 June 2007 covering external
administrator reports lodged in the financial years 2004-05, 2005-
06 and 2006-07.

The report complements data published by ASIC each month on the
number and type of corporate insolvency appointments.

Background


ASIC compiled REP 263 from the estimates and opinions contained in
statutory reports lodged with ASIC by liquidators, receivers and
managers and voluntary administrators (external administrators) in
the standard format of Schedule B to Regulatory Guide 16 External
administrators: Reporting and lodging (RG 16) (Schedule B report).
The Schedule B report is designed to gather basic statistical
information about corporate insolvencies.

Under the Corporations Act 2001 (the Act), external administrators
must lodge statutory reports for corporate insolvencies as soon as
practicable where they identify possible misconduct by company
officers, and/or where unsecured creditors are likely to receive
less than 50 cents in the dollar on their debts.

The statistics are based on external administrators' estimates and
opinions at the time they are lodged and are, therefore, not an
actual account of the outcomes of external administrations.
Nevertheless, the statistics provide a broad picture of corporate
insolvencies in Australia for the 2010-2011. The total number of
electronic reports lodged directly by external administrators
stands at 97% in 2010-11.

Access to the report's statistical data, including industry-
specific data for the five largest industry classifications and
seven years' of data comparison from 2004 to 2011, is also
available from ASIC's Web site.


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C H I N A
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CHINA GREEN: Incurs US$21,363 Net Loss in Third Quarter
-------------------------------------------------------
China Green Creative, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting a
net loss of US$21,363 on US$322,767 of revenue for the three
months ended Sept. 30, 2011, compared with net income of
US$826,523 on US$1.59 million of revenue for the same period a
year ago.

The Company also reported net income of US$47,899 on US$1.44
million of revenue for the nine months ended Sept. 30, 2011,
compared with net income of US$40,318 on US$2.16 million of
revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$5.25 million in total assets, US$7.46 million in total
liabilities, and a US$2.21 million total stockholders' deficit.

Madsen & Associates CPA's, Inc., in Salt Lake City, says China
Green Creative, Inc., does not have the necessary working capital
to service its debt and for its planned activity, which raises
substantial doubt about the Company's ability to continue as a
going concern.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/vBQsGh

                         About China Green

Shenzhen, China-based China Green Creative, Inc., a Nevada
Corporation, was incorporated on Aug. 17, 2006, under the name of
Glance, Inc.  On Jan. 21, 2009, the Company changed its name to
China Green Creative, Inc.  CGC and its subsidiaries are
principally engaged in the distribution of consumer goods in the
People's Republic of China.


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


AFEX INTERNATIONAL: Creditors' Meeting Set for Nov. 30
------------------------------------------------------
Creditors of Afex International (HK) Limited will hold their
meeting on Nov. 30, 2011, at 2:45 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong.


AFEX PROCUREMENT: Creditors' Meeting Set for Nov. 30
----------------------------------------------------
Creditors of Afex Procurement Company Limited will hold their
meeting on Nov. 30, 2011, at 2:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong.


AMPRESS PACIFIC: Creditors' Proofs of Debt Due Dec. 23
------------------------------------------------------
Creditors of Ampress Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


AMPRESS PACKAGING: Creditors' Proofs of Debt Due Dec. 23
--------------------------------------------------------
Creditors of Ampress Packaging Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


CALF INVESTMENT: Members' Final General Meeting Set for Dec. 23
---------------------------------------------------------------
Members of Calf Investment Advisors Limited will hold their final
general meeting on Dec. 23, 2011, at 1:35 p.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DUNHUANG (CHINA): Creditors' and Members' Meetings Set for Dec. 23
------------------------------------------------------------------
Creditors and members of Dunhuang (China) Limited will hold their
meetings on Dec. 23, 2011, at 9:30 a.m., and 10:00 a.m.,
respectively at 25th Floor, 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.


EC (ASIA): Creditors' Proofs of Debt Due Dec. 23
------------------------------------------------
Creditors of EC (Asia) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 23,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


EC MANUFACTURING: Creditors' Proofs of Debt Due Dec. 23
-------------------------------------------------------
Creditors of EC Manufacturing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


EVER SMART: Ma and Lee Appointed as Liquidators
-----------------------------------------------
Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were
appointed as liquidators of Ever Smart Asia Pacific Limited.

The liquidators may be reached at:

         Andrew C. C. Ma
         Felix K. L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


FRIENDS OF THE SOCIETY: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------------------
Creditors of The Friends of The Society of Rehabilitation and
Crime Prevention Hong Kong, 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 Nov. 14, 2011.

The company's liquidator is:

         Lau Vui Cheong
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road
         Central, Hong Kong


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I N D I A
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ABC RAILROAD: CARE Assigns 'CARE BB' Rating to INR10.98cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of ABC
Railroad Products Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.98     CARE BB Assigned

Rating Rationale

The rating is constrained by ABC Railroad Products Pvt. Ltd.'s
limited track record, smallscale and capital intensive nature of
operations and moderate order book position. The rating is further
constrained by weak financial risk profile characterized by high
gearing ratio, somewhat stressed liquidity position and working-
capital intensive nature of operations. However, the rating
derives strength from ABC's experienced promoters, successful
technological tie ups of the company, diversified sources of
revenue and low competition in the industry on account of high
entry barrier.

Going forward, the ability of the company to scale up its
operations and improve its financial risk profile while
effectively managing its working-capital requirements would remain
the key rating sensitivities.

                        About ABC Railroad

ABC, incorporated in December 2006, was promoted by Mr. Rajeev
Agarwal is a closely-held company primarily managed by the family
members. ABC is engaged in the business of rail crossing
reconditioning (repairing), rail testing and trading of railway
tools and equipments like hydraulic track jacks, rail saws,
catenary measuring instruments, etc. The order book of the
company as on Aug. 5, 2011, stood moderate at INR7.80 crore.


AIR INDIA: Panel Approves INR30,000cr Capital Infusion
------------------------------------------------------
The Times of India reports that a panel of secretaries has voted
in favor of providing support of INR30,000 crore to Air India
besides exploring the possibility of disinvesting government stake
once it turns profitable.

The report notes that the capital infusion plan, spread over
10 years, is expected to face criticism from certain quarters on
the grounds that the government will nurse a sick airline only to
sell its stake to private players once it is healthy.  This will
also mark a reversal of the disinvestment policy followed by the
UPA which has stayed away from roping in private players even in
loss making public sector companies. It has instead followed a
policy of shedding stake and disinvesting through public issue of
shares.

The committee of secretaries, says The Times of India, opted to go
with the recapitalization plan after looking at seven other
options.  According to the plan, the government estimates that Air
India will make cash profits by financial year 2018 on equity
infusion of INR30,231 crore.

According to the report, the revival scheme envisages that the
cash-strapped carrier will be barred from inducting new aircraft,
except Boeing 787, and, if needed, any additional aircraft should
be acquired on lease.  Besides, it will come with the stipulation
that fresh induction will come only after the profitability of a
route is assessed.  The government envisages that Air India would
be made earnings before interest, taxes, depreciation and
amortization (EBITDA) positive in 2013 with upfront equity of
INRR6,750 crore.

The report states that the plan talks of setting up of Oversight
Committee with representatives from finance ministry to monitor
Air India with the mandate to ensure the national carrier achieves
operational efficiency.  The empowered committee will also monitor
Air India's expenditure, the report says.

According to the Times of India, the ambitious plan aims that
Air India will have to improve passenger load factor to 73% by
2015 and 75% by 2020 from current passenger load at 67%, along
with improving ontime performance to 90% by 2013.  The current on-
time performance is at 71.7%.  The report adds that plan suggests
review of HR policy across AI and subsidiaries and VRS package to
be worked out in three months to right-size staff.

The restructuring package was suggested by the committee of
secretaries for consideration of a group of ministers, The Times
of India says.

                       About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.


CHINTTPURNI ENG'G: CARE Rates INR30.78cr LT Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of
Chinttpurni Engineering Work Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      30.78      CARE BB Assigned

Rating Rationale

The rating is constrained by Chinttpurni Engineering Work Pvt.
Ltd.'s small-scale, workingcapital intensive nature of operations
and low profitability margins. The rating is further constrained
by the projects implementation risk associated with the successful
competition of the projects within envisaged cost and time and
offtake of the same. However, the ratings derive strength from the
experienced promoters, established marketing arrangements,
moderate order book position and low competition in the industry
on account of high entry barriers.

Going forward, the ability of the company to scale-up its
operations, complete its project in a timely manner and avail the
envisaged benefits from the same and to effectively manage its
workingcapital requirements would remain the key rating
sensitivities.

                   About Chinttpurni Engineering

CEW, started as a partnership firm in 1993, got converted into a
private limited company in July 2009. It was promoted by Mr Rajeev
Agarwal and is primarily managed by the family members. The
company is engaged in the manufacturing and supply of railway
track items like points, switches, sets, etc. CEW is an approved
vendor of the Indian Railways and has been involved in designing
various items used for railway tracks for the last 17 years. CEW
has a manufacturing unit at Village Dhakauli, Barabanki (U.P). The
order book of the company as on August 06, 2011 stood at INR35 cr.


CHITKARA EDUCATION: CARE Puts 'CARE C' Rating on INR113.71cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Chitkara
Education Trust.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      113.71     CARE C Assigned

Rating Rationale

The rating takes into consideration the stressed liquidity
position resulting in irregularity in debt servicing in the past.
Furthermore, the rating is also constrained by weak financial
profile marked by high gearing levels and weak debt coverage
indicators, exposure to intense competition and regulatory
challenges to the education sector in the country. The rating
somewhat draws comfort from the long track record, experienced
promoters and established reputation of the trust.

Going forward, financial discipline, improvement in financial risk
profile with strengthening of capital structure and maintaining
the profitability of operations would be the key rating
sensitivities.

                         About Chitkara Education

Chitkara Education Trust was constituted in 1998. The trust
established two universities, one at Baddi (H.P.) in 2002 and the
other at Patiala (Punjab) in 2008. The universities offer courses
in engineering, information technology, pharmacy, architecture,
management, media, hospitality, food production etc. For academic
year, 2011-12 session, the universities had student strength of
4,066 and 4,924 respectively. The enrolment ratio in both the
universities was healthy at around 90% for 2011-12. CET also
established a school in 2003 viz. 'Chitkara International School'
(K-12) in Chandigarh. The school had student strength of 588
during the academic year 2011-12.  CET has posted surplus of
INR7.14 crore on the total income of INR60.73 crore in FY10.


FAHRENHEIT AUTOMOBILES: CARE Rates INR12cr LT Loan at 'CARE B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' rating to the bank facilities
of Fahrenheit Automobiles Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term bank facility         12.0      CARE B+
   Long term bank facility          2.7      CARE B+
   Long term / short term           4.0      CARE A4
   bank facility

Rating Rationale

The rating assigned are constrained by FAPL's relatively short
track record, geographical limitation, high competition leading to
pricing constraints & pressure on margins, supplier concentration
risk and current slowdown in economic growth impacting the
prospects of automobile industry. These constraints far outweigh
the benefits derived from integrated nature of services being
offered under long term dealership agreement with Skoda Auto India
and company's diversified client portfolio.

Ability of the company to manage working capital requirements
efficiently with simultaneous enhancement in its scale of
operation, improvement in industrial scenario and continuing
demand for Skoda cars are the key rating sensitivities.

                       About Fahrenheit Automobile

Fahrenheit Automobile Pvt. Ltd., promoted in the year 2008, by
Shri Kunal Ramchandani and Shri Sumit Nanda is one of the leading
Skoda Auto India authorized dealer in the city of Delhi. Besides
being engaged in trading of entire range of Skoda cars and
providing after sales services, the company also sells Skoda car
spare parts, accessories, oil and lubricants in its outlets.

The company commenced operation from March, 2009 and currently,
has two showrooms and two workshops in Delhi region. Apart from
these, it also has storage space at Najafgarh and Rajendra
Place in Delhi where approx 200 cars can be stored. Both the
promoters are actively involved in management of the business.


JALARAM COTTON: CARE Rates INR43.44cr Long-Term Loan at 'CARE BB-'
------------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Jalaram
Cotton & Proteins Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      43.44      CARE BB- Assigned

Rating Rationale

The rating is constrained on account of Jalaram Cotton & Proteins
Ltd's JALARAM COTTON below average financial risk profile marked
by low profitability and highly leveraged capital structure and
its working-capital intensive nature of operations. Susceptibility
of JCPL's margins to the cotton price fluctuations, unfavorable
changes in the government policies and presence in the highly
fragmented cotton ginning industry further constrains the rating.
These constraints far offset the benefits derived from the wide
experience of the promoters having established track record,
relatively deeper presence in cotton value chain and JCPL's
proximity to the cotton-growing area of Gujarat.

JCPL's ability to move up in the cotton value chain and thereby
improve its profitability and efficient management of inventories
in light of raw material price fluctuation risk are the key rating
sensitivities.

                      About Rajkot (Gujarat)

Rajkot (Gujarat) based JCPL was promoted by Mr. Anand A. Popat and
his brothers. It was originally established in 2007 as a
partnership firm in the name of 'Jalaram Cottex' and was
subsequently converted into a closely-held public limited company
during FY09 (refers to April 1 to March 31) .

JCPL is engaged in the cotton ginning, pressing and manufacturing
of refined cottonseed oil. JCPL has 40 jumbo ginning machines, one
automatic press for conversion of cotton lint into cotton bales
and 16 expellers for oil extraction from cottonseed at its
manufacturing facility at Jasdan in Rajkot district. JCPL has a
capacity of 27,000 Metric Tonne per Annum (MTPA) of raw cotton
processing, 73,000 MTPA of cottonseed crushing and 18,000 MTPA of
edible oil refining.


KIRAN INFRA: Fitch Withdraws Rating on INR11.4 Mil. Loan at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Kiran Infra Engineers
Limited's National Long-Term 'Fitch BB+(ind)nm' rating.

The ratings have been withdrawn due to a lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of KIEL.

KIEL's bank loan ratings have been withdrawn as follows:

  -- INR11.4 mil. term loans: 'Fitch BB+(ind)nm'; rating
     withdrawn;
  -- INR20 mil. fund-based working capital limits: 'Fitch BB+
     (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn; and
  -- INR320 mil. non-fund based working capital limits:
     'Fitch BB+ (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn.


LALWANI INDUSTRIES: CARE Puts 'CARE BB' Rating on INR1.4cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' to the bank facilities of
Lalwani Industries Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.4       CARE BB Assigned
   Short-term Bank Facilities     10.5       CARE A4 Assigned

Rating Rationale

The ratings factor in volatility in prices of raw material and
finished goods, lack of backward integration, foreign currency
fluctuation, customer concentration risk, small scale of operation
with declining profitability and inherent cyclicality of the steel
industry.  The rating, however, takes into account long experience
of the promoters, reputed clientele and increasing capacity
utilization.

Ability of the company to improve the profitability parameters and
future trends in the sales price realization vis--vis price trend
of the key raw materials will be the key rating sensitivities.

                     About Lalwani Industries

Lalwani Industries Ltd, incorporated in August 1995, is primarily
engaged in the manufacturing of Ferro Alloys and caters to
domestic alloy steel and stainless steel manufacturers. It was
promoted by Mr. Kamal Kishore Lalwani and his family members who
have been engaged in the Ferro alloys business for the last 27
years. The company primarily manufactures Ferro Molybdenum, Ferro
Silicon Magnesium and Nickel Magnesium. It has an aggregate
installed induction furnace capacity of 883 tonne per annum (tpa)
for production of Ferro Silicon Magnesium & Nickel Magnesium and
installed capacity of 360 tpa for Ferro Molybdenum. It is also
involved in trading of Nickel, Moly oxide, Manganese ore and LCF
Chrome.

LIL belongs to the Lalwani Group of companies based out of
Kolkata. The flagship company of the group - Lalwani Ferro Alloys
Ltd. is an old player in the Ferro Alloy industry and enjoys good
reputation in the international and domestic market. LFAL is rated
as 'CARE BBB- / CARE A3' by CARE.

LIL is essentially a family managed business with three out of
four directors belonging to the promoter's family. The promoter,
Mr. Kamal Kishore Lalwani, alongwith his son, Mr. Sundeep Lalwani,
looks after the day-to-day affairs of the company with requisite
support from a team of experienced personnel.


LIPPI SYSTEMS: CARE Reaffirms 'CARE BB+' Long-Term Loan Rating
--------------------------------------------------------------
CARE reaffirms 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Lippi Systems Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.08       CARE BB+ Reaffirmed
   Short-term Bank Facilities    13.25       CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the increased focus
of Lippi Systems Ltd. (LSL) on trading activities resulting in
thin and declining profit margins, its moderate liquidity position
and modest scale of operations in a highly fragmented industry.
The ratings, however, continue to derive comfort from the vast
experience of the promoters, established operations of LSL with
long track record and comfortable leverage.  The ability of LSL to
increase its scale of operations with improvement in profitability
and liquidity position would be the key rating sensitivity.

Ahmedabad-based Lippi Systems Ltd, incorporated in 1993, was
promoted by the current chairman and managing director, Mr Nandlal
J. Agrawal. He is a commerce graduate and has good industrial
experience of about three decades. LSL started commercial
production in 1995 and is engaged in the engraving on rotogravure
cylinders which are used for decorative printing and adhesive
coating by packaging and other decorative and gravure printing
industries.

During FY11 (refers to April 1 to March 31), LSL reported a total
operating income of INR45.67 crore (FY10: INR31.51 crore) with a
PAT of INR0.19 crore (FY10: INR0.24 crore).


SATGURU POLYFAB: CARE Assigns 'CARE B' Rating to INR6.96cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB', 'CARE A4' and 'CARE BBB (SO)' ratings to
the bank facilities of Satguru Polyfab Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.96       CARE BB Assigned
   Short-term Bank Facilities     5.40       CARE A4 Assigned
   Long-term Bank Facilities      5.24       CARE BBB (SO)#
                                             Assigned

Rating Rationale

The ratings are constrained due to small scale of operations, high
working-capital cycle, high utilization of the bank borrowings,
volatility in the raw material price and sales concentration risk.
The ratings, however, derive strength from the relevant experience
of the parent company viz; Flexituff International Limited in the
packaging industry and location advantage due to the presence of
unit in Kandla Special Economic Zone.  Ability of Satguru Polyfab
Private Limited to manage the working-capital cycle and achieve
the desired scale of operations remains the key rating
sensitivities.

Rating Rationale

The rating factors in credit enhancement in the form of
irrevocable and unconditional Corporate Guarantee extended by the
parent company FIL rated 'CARE BBB' [Triple B] and 'CARE A3' [A
Three].

                       About Satguru Polyfab

Satguru Polyfab Private Limited, incorporated in 1997, is a
subsidiary of FIL (FIL acquired SPPL in 2008). SPPL
processes/recycles the waste to produce plastic granules and
agglomerates and sells the same in the domestic, other Asian and
European markets. The raw material required is Linear Low Density
Polyethylene/ Low Density Polyethylene (LLDPE/LDPE) and High
Density Polyethylene (HDPE) waste, which is imported from the
international markets such as Europe and America. The granules are
used in the drip irrigation products whereas agglomerates are used
in the manufacturing of agricultural pipes, roto-moulding tanks
and tarpaulins. SPPL sells the products directly to the market in
New Delhi. Besides, SPPL also carries out trading of Flexible
Intermediate Bulk Container (FIBC) bags.


SURINA IMPEX: Fitch Affirms Rating on Two Loan Classes at Low-B
---------------------------------------------------------------
Fitch Ratings has revised India's Surina Impex Pvt. Ltd.'s Outlook
to Positive from Stable.  Simultaneously, Fitch has affirmed the
company's National Long-Term Rating at 'Fitch B(ind)'.

The Positive Outlook reflects Fitch's expectations of an
improvement in Surina Impex's overall financial metrics, following
the completion of its capex.  The affirmed rating reflects the
company's timely completion of its capex involving the setup of
the remaining 20 circular knitting machines (out of the total
planned 40 machines) which will lead to an approximate doubling of
the output and revenue from self-produced fabric. The revenue from
trading is also expected to increase.

The rating remains constrained by the company's small scale of
operation and also less-than-adequate management experience in
manufacturing.  The interest coverage declined to 1.5x in FY11
(FY10: 1.7x) due to an increase in interest expenses to INR31.4
million (FY10: 6.1 million) as a result of higher debt availed by
the company.

Positive rating triggers would include interest coverage of above
2.2x on a sustained basis, while the rating may be downgraded if
interest coverage falls below 1.7x.

Surina Impex, incorporated in 2005, has its main manufacturing
facilities at Narayanpur in Kolkata.  It has a fabric knitting
capacity of 3,600 metric tonnes per annum.  For the financial year
to end-March 2011 the company reported net revenues of INR719.3
million (FY10: INR244.4 million), with an EBIDTA margin of 6.5%
(FY10: 4.3%).

Fitch has also taken the following rating actions on Surina
Impex's bank loans:

  -- INR106 million Long Term loans: 'Fitch B(ind)' rating
     withdrawn as paid in full;
  -- INR124 million fund-based limits: affirmed at 'Fitch
     B(ind)'/'Fitch  A4(ind)'; and
  -- INR21.7 million non-fund based limits: affirmed at
     'Fitch A4(ind)'.


SURYA PROCESSORS: Fitch Affirms Rating on Three Loans at Low-B
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Surya Processors Private
Limited's National Long-Term rating at 'Fitch BB-(ind)'. The
Outlook is Stable.

The ratings benefit from the company's sound operating track
record of more than 25 years in fabric processing, predominantly
domestic sales (99%) -- which are more stable than export sales --
and its established position as a key manufacturer and trader of
woven interlinings in the domestic market.

The ratings factor in the company's ability to achieve 35.5% yoy
revenue growth in the financial year ended March 2011 (FY11),
stable operating EBITDA margins over the last three years (FY11:
7.9%, FY10: 8%, FY09: 8.3%) and still comfortable net interest
coverage of 3.92x in FY11 (FY10: 5.2x).

The rating are constrained by weaker net financial leverage
(measured as net debt to EBITDA) of 9.54x in FY11 (FY10: 7.2x),
and tight liquidity as reflected by high working capital
utilization levels.  Leverage increased as completion of capex was
delayed by two quarters, leading to lower-than-expected earnings
in FY11.  However, with the commencement of additional capacity in
February 2011, and no further planned capex, Fitch expects the
company to de-leverage in FY12.

Positive rating action may result from significant growth in
revenue and EBITDA leading to net debt/ EBITDA below 5x.
Conversely, negative rating action may result from a sustained
fall in operating profitability and a sudden increase in working
capital requirements due to volatility in raw material prices that
could cause a delay in de-leveraging or tightened liquidity.
Failure to improve net debt/ EBITDA below 7x in FY12 is also seen
as a negative rating trigger.

Incorporated in 1986, SPPL is a fabric weaver and processor,
manufacturing a wide range of textile-based products.  In FY11,
SPPL reported revenue of INR766 million, EBITDA of INR60.17
million, and net income of INR7.96 million.

Fitch has also affirmed SPPL's bank loans as follows:

  -- INR164.4 million term loan (reduced from INR224.5m):
     'Fitch BB- (ind)'
  -- INR170 million fund-based working capital limits (enhanced
     from -- INR120 million): 'Fitch BB-(ind)'/ 'Fitch A4+(ind)'
  -- INR15 million non fund-based working capital limits (enhanced
     from INR10 million): 'Fitch BB-(ind)'/'Fitch A4+(ind)'


TIRUPATI LTD: Fitch Withdraws Rating on INR6 Mil. Loan at 'BB+'
---------------------------------------------------------------
Fitch Ratings has withdrawn India's Tirupati Plastomatics Private
Limited's (TPPL) National Long-Term 'Fitch BB+(ind)nm' Rating.

The ratings have been withdrawn due to a lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of TPPL.

TPPL's bank loan ratings have been withdrawn as follows:

  -- INR6 million long-term loans: 'Fitch BB+(ind)nm';
     rating withdrawn;
  -- INR30 million fund-based working capital limits: 'Fitch BB+
     (ind)nm'/'Fitch 'A4+(ind)nm'; ratings withdrawn; and
  -- INR134 million non-fund based working capital limits:
     'Fitch BB+ (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn.


ZEALTOP GRANITO: CARE Puts 'CARE BB' Rating on INR44.89cr Lt Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Zealtop Granito Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      44.89      CARE BB Assigned
   Short-term Bank Facilities      3.72      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the very short track
record with modest scale of operations of Zealtop Granito Pvt.
Ltd., its highly leveraged capital structure and modest liquidity
position. The ratings are further constrained on account of
susceptibility of its margins to the volatile raw material and
feedstock (natural gas) prices and its presence in the highly
competitive tile industry which is characterized by low entry
barriers and linkage with the cyclical real estate sector. The
above constraints far offset the benefits derived from its
presence in the ceramic tile manufacturing cluster of Morbi in
Gujarat.

Achievement of the envisaged production levels and sales
realizations in light of highly competitive industry scenario and
resultant improvement in the overall financial risk profile with
rationalization of the debt levels are the key rating
sensitivities.

                         About Zealtop Granito

Incorporated in December 2007, ZGPL is promoted by Mr. Durlabhji
Patel and his son Mr. Sumit Patel. ZGPL's manufacturing facility
is located in the ceramic hub of Morbi in Gujarat. The current
manufacturing capacity of ZGPL is 19,000 square meter per day
(smpd) of ceramic glazed tiles and vitrified tiles. The commercial
production of ZGPL started in March 2009 and FY10 was the first
full year of operations.

During FY11 (refers to April 1 to March 31), ZGPL reported net
profit of INR2.35 crore on a total operating income of INR77.17
crore against the net profit of INR0.97 crore on a total operating
income of INR54.20 crore in FY10.


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


PERUSAHAN LISTRIK: Fitch Puts rating on $1 Bil. Bond at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to PT
Perusahaan Listrik Negara's US$1 billion 10-year bond issued under
its global medium term notes program.  This rating action follows
the completion of the notes issue and receipt of documents
conforming to information previously received.  The final rating
is the same as the expected rating assigned on Nov. 15, 2011.


* INDONESIA: Moody's Assigns Definitive Ba1 Rating for Sukuk
------------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of Ba1
to the securities under the Government of Indonesia's U.S. dollar-
denominated sovereign sukuk due 2018.

Ratings Rationale

Moody's definitive rating for these debt obligations confirms the
provisional rating assigned on October 12, 2011. Moody's rating
rationale was set out in a press release published on the same
day.

In Moody's opinion, the payment obligations represented by the
securities available on offer are ranked pari passu with other
senior, unsecured debt issuances of the Government of Indonesia
and thus justify a rating at an equal level.

Indonesia's sovereign rating has been supported by increasingly
robust domestic demand over the past few years, which has helped
to shield the economy from the global financial crisis. In the
ensuing recovery, the pickup in commodity prices has further
bolstered to the economic outlook. Overall, growth looks to be
sustainable and has not been accompanied by significant
overheating pressures.

In addition, government finances continue to be managed
conservatively with deficits averaging below 2% of GDP since 2001.
However, further improvement has been encumbered by the lack of
progress on subsidy reform, while structural issues impede the
effectiveness of government expenditure. Nonetheless, the
government's debt burden as a share of GDP has fallen even through
the global recession and is likely to remain on a gradually
improving trend.

Indonesia's foreign currency reserve adequacy has also benefited
since the crisis from strength in non-oil and gas commodities
exports and larger FDI and portfolio inflows, some of which may be
reversible. As a result, the stock of foreign currency reserves
have more than doubled from US$51.6 billion at end-2008 to
US$113.9 billion in October 2011, or more than two times residual
short-term external debt.

Challenges to the rating include the relatively shallow depth of
Indonesia's capital markets, manifested in fairly large non-
resident ownership of government securities. As this poses a key
vulnerability in the event of substantial capital outflows, the
government has put together a crisis management protocol to
stabilize the bond market and mitigate any adverse effects on
deficit financing.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


OLYMPUS CORP: Former CEO to Attend Board Meeting Today
------------------------------------------------------
Bloomberg News reports that former Olympus Corp. President Michael
C. Woodford will attend a company board meeting this week for the
first time since he was fired for questioning $687 million in
advisory fees paid by the Japanese company.

Mr. Woodford told Bloomberg in a telephone interview from London
that he will ask the board on Nov. 25 for a forensic investigation
of the accounting on past acquisitions.

"We need a fair and thorough investigation of everything that's
gone on," Bloomberg quotes Mr. Woodford as saying.  Mr. Woodford
remained on the Tokyo-based camera and endoscope maker's board
following his Oct. 14 dismissal, the report notes.

Bloomberg says the 51-year-old Briton flies into Tokyo today,
November 23, where he will also meet prosecutors.  According to
Bloomberg, Olympus's first foreign president left the Japanese
capital the same day he was fired, citing concerns for his safety
because of allegations the payments may have involved organized
criminals.  Tokyo Metropolitan Police will ensure his protection
during his visit to Japan, the report notes.

Bloomberg relates that a person familiar with the matter said
Mr. Woodford is also scheduled to meet with U.S. investigators
including the Securities and Exchange Commission as part of a
probe of the accounting scandal.  Law enforcement agencies in the
U.S., Japan and U.K. are all looking into the payments, says
Bloomberg.

Another person familiar with that case, who also declined to be
identified because the matter isn't public, told Bloomberg that
Mr. Woodford also has met with the intelligence team at Britain's
Serious Fraud Office, which started a formal probe into accounting
irregularities at the camera and endoscope maker.  The SFO, which
prosecutes white-collar crime, will work with the U.S. Justice
Department and Japanese authorities, the person, as cited by
Bloomberg, said.

                    Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

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

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

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

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

                        About Olympus Corp.

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


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


AMI INSURANCE: Capital Raising Nears End Amid Buyout Reports
------------------------------------------------------------
BusinessDesk reports that AMI Insurance is nearing the end of its
capital raising process amid reports a rival is interested in the
assets.

BusinessDesk relates that a well-placed industry source said AMI's
capital raising process is "coming to an end".  According to the
report, Goldman Sachs & Partners, which has been advising on the
sale process, had been actively shopping the AMI opportunity to
potential bidders in the last three-to-four weeks.

The report notes that AMI hired Goldman Sachs to advise on raising
new capital after the government provided a $500 million financial
backstop that allowed the insurer to cope with surging reinsurance
costs and gross quake claims of almost $2 billion.

According to BusinessDesk, Radio New Zealand reported that Suncorp
Group, the Australian owner of the Vero and AA Insurance brands,
was a front-runner in the process, though IAG and Tower, which
have expressed its interest in AMI publicly, had also received
presentations on AMI's behalf.

Industry sources said a key element of any transaction was likely
to be arrangements to minimise the government's exposure to the
cost of Christchurch earthquake claims, which pitched AMI into
crisis in the first place, BusinessDesk relates.

Among possible options would be a division of AMI's assets and
liabilities, with a buyer picking up only the assets, but giving a
guarantee to take on currently insured parties when their policies
came up for renewal, the report relays.

In September, the report recounts, AMI announced it had started a
programme to raise fresh capital.

According to the report, Finance Minister Bill English said the
Treasury "has been working closely with the AMI board on securing
new private capital for the company," whose capital has been
restructured from a mutual to allow a new owner.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.

AMI has since been seeking alternative sources of capital to
replace the government backing, BusinessDay.co.nz reported.

                             About AMI

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


DORCHESTER PACIFIC: Offers to Repay Investors 70c Per Note
----------------------------------------------------------
BusinessDay.co.nz reports that Dorchester Pacific is offering to
repay NZ$4 million of debt at 70c in the dollar for investors who
need the money now.

The "cash in hand" option offers to buy back up to NZ$4 million of
the notes issued through its NZ$10.3 million capital
reconstruction plan in June last year, BusinessDay.co.nz relates.

The NZ$1 notes, paying interest at 5%, are due to mature in June
2013, says BusinessDay.co.nz.

According to the report, managing director Paul Byrnes said the
company recognized some investors would prefer cash now because of
their personal circumstances.

"We acknowledge the support from investors as we have rebuilt the
business," BusinessDay.co.nz quotes Mr. Byrnes as saying.

The cash offer will pay investors 70c per note on December 16, the
report notes.

BusinessDay.co.nz states that the company recommended investors
seek advice before making any decisions about the offer, which
would be mailed to noteholders shortly.

This is the company's second buyback offer, after offering
investors 55c per note last November when acceptances of just
under $1.8 million were received, the report notes.

The latest offer came as Dorchester posted a net loss of
NZ$993,000 for the six months to September 30, compared with a
NZ$15.7 million profit for the same period in 2010,
BusinessDay.co.nz discloses.

Dorchester Pacific, parent company of Dorchester Finance and
Dorchester Life, froze NZ$176 million of investor funds in
June 2008.

                       About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.


ENERGYSMART LTD: Terra Lana Buys Firm Out of Liquidation
--------------------------------------------------------
Seamus Boyer at Wairarapa Times Age reports that Terra Lana bought
six branches across New Zealand following the September
liquidation of EnergySmart, a commercial arm of the Hutt Mana
Charitable Trust.

The report says the Masterton branch of EnergySmart Ltd will
remain open after the business was bought while in liquidation.

The branch, in Harlequin St, will continue to operate with reduced
staff after being bought by wool insulation company Terra Lana,
the report relates.

Wairarapa Times Age relates that Terra Lana general manager
James Gallagher said the Masterton office was one of four which
would remain open, providing insulation and clean heating devices
under the Energy Efficiency and Conservation Authority (EECA)
scheme.

Mr. Gallagher said while the business employed "at least 10" staff
before liquidation, it would now be run by a stripped-down staff
of just four, the report notes.

"The reality of the situation is that we're buying a company at
its lowest point in the annual cycle as it's a seasonal business,"
the report quotes Mr. Gallagher as saying.  "We're hoping that
some of the employees of EnergySmart we can attract back into the
business when business picks up in March."

Based in Lower Hutt, New Zealand, EnergySmart Ltd --
http://www.energysmart.co.nz/-- is an insulation installer.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, Hutt News said EnergySmart Ltd is in the hands of
liquidators.   The Hutt Mana Charitable Trust, which owns
EnergySmart through HMCT Holdings Ltd, called in Wellington
liquidators Shephard Dunphy after deciding they would not put more
capital into the company.

EnergySmart owed millions of dollars to a large number of
unsecured creditors, including several Wairarapa contractors and
suppliers, Wairarapa Times Age reports.

Shephard Dunphy can be reached at:

          Level 2, Zephyr House,
          82 Willis St
          PO Box 11793
          Wellington
          Tel: (04) 473-6747
          Fax: (04) 473 6748
          Email: office@shepharddunphy.co.nz


SIGNATURE HOMES: Southland Franchise in Receivership
----------------------------------------------------
The Southland Times reports that Cunningham Building and
Construction, the company that holds the Southland franchise of
Signature Homes, has been placed in receivership.

Receivers Colin Gower and Stephen Tubbs of BDO Christchurch
Limited were appointed November 18.  The first receivers' report
is due on January 26.

The receivers can be reached at:

        BDO Christchurch Limited
        30 Sir William Pickering Drive
        Burnside, Christchurch 8053
        Tel: (03) 379-5155
        Fax: (03) 366-1571

Directors of Signature Homes on Monday continued to refuse to
speak about the company's position despite out-of-pocket
tradesmen, angry suppliers and unhappy Signature Homes customers
contacting The Southland Times.

The Southland Times relates that concerns had been raised about
the financial situation of the Southland franchise since
Queenstown teacher Wendy Perkins went public with concerns over
franchise-holder Cunningham Building and Construction failing to
meet deadlines on the construction of her home.

Signature Homes is a New Zealand based residential building
company.


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


K-F&B PTE: Court to Hear Wind-Up Petition Dec. 2
------------------------------------------------
A petition to wind up the operations of K-F&B Pte Ltd. will be
heard before the High Court of Singapore on Dec. 2, 2011, at
10:00 a.m.

C.J. Management & Development Pte Ltd filed the petition against
the company on Nov. 8, 2011.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


MAARINE TUBES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 4, 2011, to
wind up Maarine Tubes Singapore Pte Ltd's operations.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

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


MALACOA HOLDING: Creditors' Proofs of Debt Due Dec. 16
------------------------------------------------------
Creditors of Malacoa Holding Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 16, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MECH-TECH MARINE: Creditors' Meeting Set for Dec. 5
---------------------------------------------------
Mech-Tech Marine Limited, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors and
contributories on Dec. 5, 2011, at 4:30 p.m., at 138 Cecil Street
#05-03, in Singapore 069538.

Agenda of the meeting includes:

   a. to approve Liquidators' remuneration; and

   b. to lay before the meeting, a statement of the company's
      affairs.

The company's liquidator is:

         Chee Fung Mei
         C/O VNP International Pte Ltd
         138 Cecil Street #05-03
         Cecil Court
         Singapore 069538


RUBICON RESERVE: Court to Hear Wind-Up Petition Nov. 25
-------------------------------------------------------
A petition to wind up the operations of Rubicon Reserve Wines Pte
Ltd. will be heard before the High Court of Singapore on Nov. 25,
2011, at 10:00 a.m.

Man O'War Vineyards Limited filed the petition against the company
on Nov. 1, 2011.

The Petitioner's solicitors are:

         UniLegal LLC
         150 Cecil Street #05-03
         Singapore 069543


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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