TCRAP_Public/111124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 24, 2011, Vol. 14, No. 233

                            Headlines



A U S T R A L I A

CRUSADE ABS: S&P Raises Rating on Class E Notes From 'B'
FRASER COAST: Owes About AUD200,000 to Maryborough Businesses
HEALTHZONE LTD: In Receivership, Business to Continue Operating
JFTA: In Administration on Legal Battle With Building Contractor
STUDIO 2000: Goes Into Administration, Owes AU$1.5 Million


C H I N A

* CHINA: Losses at Solar Firms May Continue Amid Sales Slump


H O N G  K O N G

HK SNG: Ma and Lee Appointed as Liquidators
INDUSTRIAL COMMUNICATIONS: Ma and Lee Appointed as Liquidators
LANDWIDE LIMITED: Creditors' Proofs of Debt Due Dec. 2
LANDWIDE TEXTILES: Creditors' Proofs of Debt Due Dec. 2
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

MARITIME SQUARE: Creditors' and Members' Meetings Set for Dec. 23
MILLION GOOD: Ma and Lee Appointed as Liquidators
NUMEROUS LIMITED: Ma and Lee Appointed as Liquidators
PRESTIGE CORPORATION: Creditors' Proofs of Debt Due Dec. 23
PRINCE OF PEACE: Creditors' Proofs of Debt Due Dec. 16

SONWAY LIMITED: Members' Final Meeting Set for Dec. 19


I N D I A

AIR INDIA: Looks Into Cabin Restructuring to Increase Yields
DUNLOP INDIA: Creditors Files Wind Up Petition Over Dues
ELECTRO-MECH CORP: ICRA Puts '[ICRA]BB-' Rating on INR5.85cr Loan
JAY PRABHU: ICRA Assigns '[ICRA]BB-' Rating to INR5.71cr Loan
JET AIRWAYS: Plans to Give INR500 Million Loans to JetLite

JET AIRWAYS: To Raise Funds Through Aircraft Sale and Lease Back
KANHA CABLE: Fitch Withdraws Low-B Ratings on Two Loan Class
KINGFISHER AIRLINES: Defaults on INR1-Bil. Airport Operator Dues
KINGFISHER AIRLINES: Has to Infuse More Funds to Stay Afloat
KOHINOOR TECHNOLOGIES: ICRA Puts '[ICRA]B' Rating to INR35cr Loan

LALITPUR POWER: ICRA Assigns [ICRA]BB+ Rating to INR8,886cr Loan
MITTER FASTENERS: ICRA Reaffirms [ICRA]BB INR17.51cr Loan Rating
MOHAN RAO: ICRA Assigns [ICRA]B Rating to INR7cr Bank Facilities
N Y HOSPITALITIES: ICRA Puts '[ICRA]B+' Rating on INR25cr Loan
PUNJAB CROCKERY: ICRA Places '[ICRA]BB' Rating to INR53cr Loan

SAPTARISHI HOTELS: ICRA Puts '[ICRA]BB-' Rating to INR150cr Loan
SENSO GRANITO: ICRA Assigns '[ICRA]BB-' Rating to INR20.16cr Loan
SHREE KRISHNA: ICRA Reaffirms '[ICRA]D' Rating on INR66cr Limits
SONA PROCESSORS: ICRA Places '[ICRA] BB+' Rating on INR11cr Loan
SRI VENKATACHALAPATHY: ICRA Rates INR4.63cr Loan at '[ICRA]BB'

SUSEE AUTOMOBILES: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating


J A P A N

HN TRUST: Fitch Affirms Rating on JPY20 Mil. Notes at 'BBsf'


N E W  Z E A L A N D

FELTEX CARPETS: Directors Lose Bid to Shift Class Action Suit
MCKECHNIE GROUP: To Close Manufacturing Operations
NZNET: Placed in Liquidation Amid Coverage Scare
SOUTH VINEYARD: Has Until Next Week to Pay Back Creditors


P H I L I P P I N E S

LBC BANK: PDIC Payout Ongoing Until December 2011
RURAL BANK OF SINAIT: PDIC to Settle Creditors' Claims
RURAL BANK OF VALENCIA: Placed Under PDIC Receivership


S I N G A P O R E

NAVIANT PTE: Court Enters Wind-Up Order
SPURWAY COOKE: Creditors Get 10% Recovery on Claims
STEEL HOUSE: Creditors' Proofs of Debt Due Dec. 16
SUPERDOG PTE: Court to Hear Wind-Up Petition Dec. 2


                            - - - - -


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


CRUSADE ABS: S&P Raises Rating on Class E Notes From 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class B, C, D, and E notes issued by BNY Trust Co. of Australia
Ltd. as trustee for Crusade ABS Series 2008-2 Trust.  "At the
same time, we affirmed the 'AAA (sf)' ratings on the
transaction's class A-2 T1 and A-2 T2 notes. The underlying
assets of this transaction are receivables generated by a pool of
hire purchase, chattel mortgage loan, finance lease and consumer
finance contracts backed by motor vehicles originated by
St.George Bank Ltd.," S&P said.

The portfolio is well seasoned with a weighted average seasoning
of 46 months and as at Aug. 31, 2011, about 87% of the portfolio
balance has been paid down. The transaction has performed
strongly over time with cumulative net losses totaling 0.86% of
the original portfolio balance. All losses experienced to date
have been covered by excess spread.

The level of arrears for this portfolio has been among the
highest compared to other auto-loan backed transactions rated by
Standard & Poor's. Nevertheless, the transaction continues to
perform within Standard & Poor's stressed scenarios at the
corresponding rating levels, due to the build-up of credit
support to the rated notes.

Ratings Raised
                                  Class     Rating to    Rating
from
Crusade ABS Series 2008-2 Trust   B         AAA (sf)     A (sf)
Crusade ABS Series 2008-2 Trust   C         AA (sf)      BBB (sf)
Crusade ABS Series 2008-2 Trust   D         A (sf)       BB (sf)
Crusade ABS Series 2008-2 Trust   E         BBB (sf)     B (sf)

Ratings Affirmed
                                   Class      Rating
Crusade ABS Series 2008-2 Trust    A-2 T1     AAA (sf)
Crusade ABS Series 2008-2 Trust    A-2 T2     AAA (sf)


FRASER COAST: Owes About AUD200,000 to Maryborough Businesses
-------------------------------------------------------------
Fraser Coast Chronicle reports that Maryborough businesses have
been left out of pocket almost AUD200,000 after Fraser Coast
Meals On Wheels went into liquidation last month.

About 130 creditors from small businesses to wholesale suppliers
have been short-changed, with reports that the organization
racked up bills of more than AUD15,000 with some local shops and
even added to their tab a day before it was wound up, according
to the report.

The Chronicle, citing preliminary information from liquidator
Terry Rose -- terry.rose@svp.com.au -- of SV Partners, says the
organisation owes about half a million dollars, and the figure
could rise.

According to the report, Mr. Rose said the organization owed
AUD193,318 to trade creditors; AUD186,341 to the tax office;
AUD92,238 in unpaid superannuation; and AUD27,555 in unpaid
annual leave entitlements.

Further entitlements may be owed to the organization's 30 staff
who lost their jobs when the service went broke after a lengthy
period of financial troubles, the Chronicle relays.

The Chronicle notes that the administration of Fraser Coast Meals
On Wheels has been handed over to its Hervey Bay counterpart,
while a team of volunteers is still producing and delivering
meals from the Maryborough kitchen.

However, it is uncertain whether that arrangement will be able to
continue, as the building is considered an asset of the collapsed
organization, the report states.

"The liquidators have agreed to continue this arrangement in the
interim to ensure that the clients are continued to be serviced,"
the report quotes Mr. Rose as saying.  "However, the liquidators
have a duty to realize the assets of the organization for the
benefit of its creditors."

He said a meeting of creditors would be held "in the near
future", and details of the organization's assets -- including
the building, cars, equipment, furniture and cash -- would be
revealed, according to the Chronicle.

Fraser Coast Meals On Wheels's former chair Anne Maddern told the
Chronicle the financial problems first came to light in December
last year, when it was discovered tax and superannuation had not
been paid.


HEALTHZONE LTD: In Receivership, Business to Continue Operating
---------------------------------------------------------------
Patrick Stafford at smartcompany reports that Healthzone Limited
has gone into receivership as the retail industry continues to
suffer, despite figures showing sales have increased in three
consecutive months, with the highest growth in over two years.

Phil Carter and Chris Hill of PPB Advisory have been named as
receivers and managers.  Barry Taylor and Andrew Needham of HLB
Mann Judd were also appointed as voluntary administrators of the
business and its divisions.

The receivers can be reached at:

         Phil Carter
         Chris Hill
         PPB ADVISORY
         Level 10
         26 Flinders Street
         Adelaide, SA 5000
         Tel: +61 8 8211 7800
         Fax: +61 8 8211 8922
         E-mail: pcarter@ppbadvisory.com
         E-mail: chill@ppbadvisory.com

The voluntary administrators can be reached at:

         Barry Taylor
         Andrew Needham
         HLB Mann Judd
         Level 19, 207 Kent Street
         Sydney, NSW 2000
         Tel: +61 2 9020 4000
         Fax: +61 2 9020 4190
         E-mail: btaylor@hlbnsw.com.au
         E-mail: aneedham@hlbnsw.com.au

"The company will continue to operate as usual, the receivers
said in a statement obtained by the news agency.  We will keep
key stakeholders informed of developments . . . .  We will work
constructively with Healthzone's employees, franchisees,
suppliers and other stakeholders to ensure the business continues
to operate effectively. . . .  We are now undertaking a review of
the business and our intention is to prepare the company for sale
as a going concern," the report quoted Mr. Carter as saying.

The business, which is over 25 years old, remains profitable,
with its most recent financial report revealing a profit of
AU$2.9 million after tax, with revenue of AU$90 million,
smartcompany says.  However, the report relates that that fell
from revenue of AU$110 million and a profit of AU$4.3 million in
2010.

Healthzone Limited is a health products distributor, producer and
retail franchise.  The business itself is a distributor of
natural health and beauty products, although distributes health
products to stores in Asia, Europe and North America.  The
business has 250 employees and 110 stores, 80 of them franchised.


JFTA: In Administration on Legal Battle With Building Contractor
----------------------------------------------------------------
SmartCompany reports that JFTA has collapsed into administration
after falling into legal issues with building contractor John
Holland over a number of projects underway in a defense base in
Queensland.

Administrator Sule Arnautovic, a partner at Jirsch Sutherland,
suggested that the business could either be saved through a deed
of company arrangement, a creditor's trust, or through a sale
process.

The administrator can be reached at:

          Sule Arnautovic
          JIRSCH SUTHERLAND
          Level 4, 55 Hunter Street
          Sydney NSW 2000
          Tel:  02 9236 8333
          Fax: (02) 9236 8334
          E-mail: sule@jirschsutherland.com.au


Mr. Arnautovic explains JFTA had been working on a defense base
contract, but ran into problems when John Holland alleged the
project was not completed to specifications, according to
SmartCompany.

"The appointment was the result of a contractual dispute with
John Holland.  There have been a number of claims in the range of
AU$5-7 million, which have caused cashflow issues . . . .
Essentially John Holland through some of its consultants provided
plans to JFTA, which then built a pipeline following those
specifications.  However, there was a flaw in the pipeline," the
report quoted Mr. Arnautovic as saying.

SmartCompany discloses that Mr. Arnautovic explained that JFTA
believes it should be paid because it built the pipeline due to
the specifications it was given.  "Due to some conditions in the
soil, it caused an issue that punched a few holes in the
pipeline.  They had to redo the works, it's very specialist
work," Mr. Arnautovic said, the report relays.

SmartCompany notes that Mr. Arnautovic explained that the firm's
creditors include its 80 employees, along with about 100
statutory creditors, and secured creditors worth AU$7.5 million.
"The company is currently looking at either a deed of company
arrangement or a creditor's trust, and we're also running a
parallel sale component as well. We have to achieve a
restructure, but the creditors need to decide on how that goes
forward," the report quoted Mr. Arnautovic as saying.

JFTA, which is over 30-years-old, has about 80 employees and
focuses on end-to-end services in design, engineering,
construction, equipment manufacturing and supply, along with
maintenance support.  It also provides petrochemical services and
fluid handling.


STUDIO 2000: Goes Into Administration, Owes AU$1.5 Million
----------------------------------------------------------
KordaMentha Pty Ltd, the administrator for Studio 2000, said the
firm has a debt of about AU$1.5 million.

Korda Mentha said the business in Waymouth Street in the city
went into administration about a week ago, according to ABC News.

Korda Mentha partner Chris Powell said Studio 2000 employs about
70 people but all still have their jobs, the report notes.

"We've advertised the business for sale and we'll see what comes
of that process. . . .  We're working through at the moment some
potential plans for the business going forward outside of a sale
of the business," the report quoted Mr. Powell as saying.

The administrator can be reached at:

         Chris Powell
         KORDAMENTHA PTY LTD
         Level 24, 333 Collins Street
         Melbourne 3000
         Victoria, Australia
         Tel: +61 8 8212 6322
         E-mail: cpowell@kordamentha.com

Headquartered in Adelaide, Studio 2000 is a photography company.
It has operated for more than 25 years and has an annual turnover
of more than AU$5 million.


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


* CHINA: Losses at Solar Firms May Continue Amid Sales Slump
------------------------------------------------------------
Bloomberg News reports that losses for China's largest solar
manufacturers, including Suntech Power Holdings Co. and JA Solar
Holdings Co. may continue through next year as declining
shipments prompt them to slash prices and liquidate inventory.

Bloomberg relates that Suntech said in its third-quarter earnings
report that it expects shipments to fall about 20% in the fourth
quarter from the third.  JA Solar also said its shipments will
fall sequentially, and it wrote off inventory in response to
falling prices, driving down gross margins, the report says.

Cell prices have fallen 59% since Dec. 27, according to Bloomberg
New Energy Finance.  Seven Chinese companies reported lower gross
margins since Nov. 22 and three said margins have moved into
negative territory, an unsustainable level, Hari Chandra
Polavarapu, an analyst at Auriga USA in New York said, according
to Bloomberg.

"Liquidation is leading to suicidal pricing." Mr. Polavarapu told
Bloomberg in an interview Tuesday.  There are too many solar
companies in China, he said, and they are cutting prices to
maintain share.  "China's strongest manufacturers are sacrificing
profitability because the weakest players still exist," he added

Bloomberg says Chinese solar manufacturers expanded capacity
faster this year while demand growth slowed in Europe, the top
regional market.

"We are seeing a softening in the European market continue into
the fourth quarter," the report quotes Suntech Chief Executive
Officer Zhengrong Shi as saying.  "We expect that the fourth
quarter of 2011 and the first half of 2012 will be a challenge
for all solar companies."   Panel shipments for 2011 will be
about 2,000 megawatts, down from an Aug. 22 forecast of 2,200
megawatts, Suntech, as cited by Bloomberg, said.


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


HK SNG: Ma and Lee Appointed as Liquidators
-------------------------------------------
Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were
appointed as liquidators of HK SNG Fashion 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


INDUSTRIAL COMMUNICATIONS: Ma and Lee Appointed as Liquidators
--------------------------------------------------------------
Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were
appointed as liquidators of Industrial Communications 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


LANDWIDE LIMITED: Creditors' Proofs of Debt Due Dec. 2
------------------------------------------------------
Creditors of Landwide Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 2,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


LANDWIDE TEXTILES: Creditors' Proofs of Debt Due Dec. 2
-------------------------------------------------------
Creditors of Landwide Textiles Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on Nov. 18,
2011, that investigation of over 99% of a total of 21,835
Lehman-Brothers-related complaint cases received has been
completed. These include:

   * 15,773 cases, which have been resolved by a settlement
     agreement reached under section 201 of the Securities and
     Futures Ordinance;

   * 2,890 cases, which have been resolved through the enhanced
     complaint handling procedures required by the settlement
     agreement;

   * 2,250 cases, which were closed because insufficient prima
     facie evidence of misconduct was found after assessment or
     no sufficient grounds and evidence were found after
     investigation;

   * 695 cases (including minibond cases) which are under
     disciplinary consideration after detailed investigation by
     the HKMA, of which proposed disciplinary notices are being
     prepared in respect of 603 such cases and proposed
     disciplinary notices or decision notices have been issued
     in respect of the other 92 cases; and

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

   Investigation work is underway for the remaining 93 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7750

                        About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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

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


MARITIME SQUARE: Creditors' and Members' Meetings Set for Dec. 23
-----------------------------------------------------------------
Creditors and members of Maritime Square Treasure Seafood
Restaurant Limited will hold their meetings on Dec. 23, 2011, at
10:30 a.m., and 11:00 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.


MILLION GOOD: Ma and Lee Appointed as Liquidators
-------------------------------------------------
Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were
appointed as liquidators of Million good 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


NUMEROUS LIMITED: Ma and Lee Appointed as Liquidators
-----------------------------------------------------
Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were
appointed as liquidators of Numerous 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


PRESTIGE CORPORATION: Creditors' Proofs of Debt Due Dec. 23
-----------------------------------------------------------
Creditors of Prestige Corporation 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


PRINCE OF PEACE: Creditors' Proofs of Debt Due Dec. 16
------------------------------------------------------
Creditors of Prince of Peace Health Care Limited, 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 Wai Yung Alice
         Room 2402, 24/F
         101 King's Road
         Fortress Hill, Hong Kong


SONWAY LIMITED: Members' Final Meeting Set for Dec. 19
------------------------------------------------------
Members of Sonway Limited will hold their final general meeting
on Dec. 19, 2011, at 10:00 a.m., at Room 2302, CRE Building, at
303 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Chan Suit Fei Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AIR INDIA: Looks Into Cabin Restructuring to Increase Yields
------------------------------------------------------------
The Economic Times reports that an Air India Ltd official said
the carrier may opt for adding more economy seats on its domestic
flights being operated on Airbus aircraft to increase yields.

According to the report, Air India chairman-cum-managing director
Rohit Nandan has constituted a committee to look at ways to
increase per flight yields in accordance with occupancy ratio.

"A committee has been formed to look at ways to increase per
flight revenues.  One of the things in their consideration is the
cabin restructuring by adding more economy seats," the report
quotes a senior Air India official, who did not want to be named,
as saying.

The official told ET that the committee will submit its report to
the airline board, which will take the final call on the cabin
restructuring.

                         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.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


DUNLOP INDIA: Creditors Files Wind Up Petition Over Dues
--------------------------------------------------------
The Wall Street Journal's livemint.com reports that Dunlop India
Ltd's unsecured creditors have sought the liquidation of the
beleaguered tyre maker at the Calcutta high court.

livemint.com relates that a spokesperson for Dunlop said in an
e-mailed statement that the company was contesting the wind-up
petition.

According to the report, EV Mathai and Sons, a Kerala-based
partnership firm, has launched the wind-up petition after Dunlop
reneged on commitment to clear its dues. Justice Sanjib Banerjee
admitted the petition on November 8, the report notes.

In line with court orders, livemint.com says, the Kerala-based
firm issued a public notice in Tuesday's edition of The Statesman
newspaper, asking other creditors to join the petition.

livemint.com recalls that the dispute dates back several years.
In June 2008, EV Mathai and Sons had first moved the high court
to recover its INR2.09 crore dues from Dunlop.  After a
protracted legal battle, says livemint.com, the firm bought peace
with the creditor in May this year by agreeing to pay it INR57.25
lakh in nine equal instalments.

According to livemint.com, the law firm claims in its public
notice that Dunlop stopped paying it after four instalments,
following which it moved the wind-up petition and it was admitted
by the Calcutta high court.

Dunlop, according to lawyers for EV Mathai and Sons, hasn't
lately opposed the petition though notices were sent to it and
its law firm -- an indication that the management might allow
Dunlop to go into liquidation, the report adds.

"Neither did Dunlop ask for time to reschedule the payment to our
client nor did it appeal the 8 November order," said Shourya
Mandal, partner at law firm Fox and Mandal. "It isn't immediately
clear from their action whether Dunlop continues to contest the
petition."

After the advertisement was issued in Tuesday's newspapers, other
unsecured creditors are likely to join the petition.  At the end
of September, the company had unsecured loans, or ones obtained
without mortgage of any asset, of Rs. 286.77 crore, out of its
total indebtedness of Rs. 338 crore, according to regulatory
filings.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.


ELECTRO-MECH CORP: ICRA Puts '[ICRA]BB-' Rating on INR5.85cr Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB-' to
INR5.85 Crore fund based limits and short term rating of
'[ICRA]A4' to INR0.07 Crore non-fund based limits of Electro-Mech
Corporation.  The outlook on the long term rating is Stable.

Rating Rationale

The rating favorably factors in long experience of the promoter
and the firm in the industry at almost around 45 years, reputed
client base with Easun Reyrolle Limited, Bosch and Wipro
Peripheral Limited contributing to majority of the sales, healthy
operating and net profitability levels over last few years and
conservative working capital levels in comparison to the peers.
At the same time the ratings are constrained by moderate size of
the firm in terms of revenues and profitability and high
competitive intensity in the industry. The ratings are also
constrained by the proprietary nature of the constitution of the
firm. Further due to high dependence of the revenues of EMC on
three customers, the revenue and working capital performance of
these customers may affect the financial profile of EMC. Though
the debt repayment of one of the term loans would start from
February-2011, the repayment of some of other loans would get
completed at the same time- thus reducing the impact on debt
coverage indicators to a large extent.

                   About Electromech Corporation

Electromech Corporation was incorporated in 1967. It has 3
manufacturing facilities in Bangalore- 1 in Rajaji Nagar
Industrial area and 2 in Peenya. Key machining and fabrication
facilities of the company include Power Press, Knuckle Joint,
Hydraulic press, press brake and turret punch. It also has
facilities for CNC Laser cutting as well as Stainless Steel
cutting, projection and TIG welding centers and few CNC turning
centers and vertical machining centers. It supplies relay boxes
of various sizes, control levers and slotted washers and similar
components to industries in Bangalore, Mysore as well as Jaipur.

In FY-2011 EMC reported a profit before tax of 0.60 Cr, Operating
profit before depreciation and interest expense of INR1.75 Cr on
an operating income of INR11.00 Cr (Provisional).


JAY PRABHU: ICRA Assigns '[ICRA]BB-' Rating to INR5.71cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' to the INR5.71 crore term loan
and INR7.50 crore cash credit facility of Jay Prabhu Cotton
Industries. The outlook on the long term rating is 'stable'.

The rating is constrained by the weak financial profile of the
firm as reflected by low profitability on account of low value
addition and stretched capital structure leading to weak coverage
indicators. The rating also takes into account the susceptibility
of the cotton prices to seasonality and regulatory risks which
together with the highly competitive industry environment further
exert pressure on margins. The rating, however, positively
considers the long experience of the promoters and associates in
the cotton ginning and pressing business and favorable location
of the firm which gives it easy access to raw cotton. Also,
diversification into cotton spinning is expected to have a
favorable effect on the profitability indicators going forward.

Jay Prabhu Cotton Industries was established in 2006. It is
engaged in ginning and pressing of raw cotton to produce cotton
seeds and cotton bales. The business is managed by Mr. Dilip
Patel and Mr. Jayesh Patel. The factory is located at Vijapur
(Gujarat). The firm is equipped with 24 ginning machines and one
fully automated pressing machine. It has an annual installed
capacity of processing 19200 metric tons of raw cotton per annum
(considering 80 MT per day and 240 days operation). The firm from
December 2010 diversified into spinning to produce combed and
carded cotton yarn with a capacity of 12,000 spindles. The
spinning facility is fully automated with machines imported from
Switzerland requiring minimal technical and supervisory staff.


JET AIRWAYS: Plans to Give INR500 Million Loans to JetLite
----------------------------------------------------------
Dow Jones Newswires reports that Jet Airways (India) Ltd. said
Wednesday it plans to give INR500 million (US$9.6 million) of
interest-free loans to JetLite by the end of March as part of
immediate steps to keep the loss-making unit continue its
operations.

"These funds will be enough for JetLite . . . the environment is
improving now and we expect higher yields in the coming months to
generate the additional requirement of cash," the news agency
quotes M. Shivkumar, senior vice president in charge of finance
at India's biggest airline by market share, as saying.

Jet Airways had infused INR16.45 billion as equity and gave an
additional INR14.14 billion as loans to JetLite until the end of
September, Dow Jones discloses.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                           *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion and INR8.58 billion for the years
ended March 31, 2009 through 2011.


JET AIRWAYS: To Raise Funds Through Aircraft Sale and Lease Back
----------------------------------------------------------------
The Economic Times reports that Jet Airways Ltd said on Tuesday
that it was confident of generating enough cash to meet its
obligations and has plans to raise funds partly through the sale
and lease back of aircraft.

The report relates that earlier on Tuesday, auditors of Jet,
Deloitte Haskins & Sells and Chaturvedi & Shah, had said the
company needs to raise funds or generate cash flows in the future
to meets its obligations, including financial support to its
loss-making subsidiary JetLite.

"As we are entering the peak season, the yields are on the rise
and together with the cost reduction programme that we have put
in place, our operational cash flows will improve significantly,"
Jet Airways said in a statement to Reuters, the Economic Times
reports.

According to the Economic Times, Deloitte Haskins said in a
report dated Nov. 11 that raising money is crucial if Jet's
accounts have to be prepared on a "going concern basis" in the
future.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                           *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion and INR8.58 billion for the years
ended March 31, 2009 through 2011.


KANHA CABLE: Fitch Withdraws Low-B Ratings on Two Loan Class
------------------------------------------------------------
Fitch Ratings has withdrawn India's Kanha Cables Private
Limited's 'Fitch BB(ind)nm' National Long-Term Rating.

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

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

  -- INR30 mil. fund-based working capital limits: 'Fitch
     BB(ind)nm'/'Fitch A4+(ind)nm' ratings withdrawn

  -- INR100 mil. non-fund based working capital limits: 'Fitch
     BB(ind)nm'/'Fitch A4+(ind)nm' ratings withdrawn


KINGFISHER AIRLINES: Defaults on INR1-Bil. Airport Operator Dues
-----------------------------------------------------------------
Dow Jones Newswires reports that Kingfisher Airlines Ltd. has
defaulted on INR1 billion (US$19.5 million) of payments to the
Airports Authority of India, prompting the state-run airport
operator to ask for more bank guarantees.

"We have already encashed INR1 billion worth of guarantees given
by Kingfisher against its dues," the report quotes Airports
Authority Chairman V.P. Agrawal as saying.  The authority has
sought additional bank guarantees from Kingfisher to cover its
remaining arrears of INR2.17 billion, he said.

Dow Jones relates that Mr. Agrawal also said the Airports
Authority would decide in the next few days on its future course
of action after consultations with officials from the civil
aviation ministry.

"We will see what can be done if Kingfisher fails to provide bank
guarantees," the report quotes Mr. Agrawal as saying.  "Putting
Kingfisher on cash-and-carry is an option. We are studying it.
It's not the best option as it sends flight schedules haywire."

Separately, Dow Jones Newswires reports that a senior aviation
ministry official, who declined to be named, said that Kingfisher
has submitted a new flight plan to sector regulator Directorate
General of Civil Aviation and that the airline "has indicated
that normal operations will be restored within four to five
months."

According to the news agency, the development adds to the
financial woes of the debt-ridden carrier that has never made a
net profit since its inception in 2005.  Kingfisher, like other
airlines in India, has been severely hit by rising jet fuel
prices, high interest costs on its debt and unprofitable flights,
Dow Jones says.  The carrier has recently cut dozens of flights
to reduce costs and has sought additional working capital loans
of up to INR8 billion from banks to remain operational, Dow Jones
relays.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KINGFISHER AIRLINES: Has to Infuse More Funds to Stay Afloat
------------------------------------------------------------
The Economic Times reports that auditors of Kingfisher Airlines
have said that the company will have to infuse more funds if its
wants to stay afloat, even as the carrier hoped that government
would reduce aviation turbine fuel prices and taxes which will
help it improve its finances.

Auditors B K Ramadhyani & Co said the carrier's ability to meet
its financial obligations depends on fresh infusion of funds, the
report relates.

Referring to a statement by Kingfisher that although its networth
has eroded the financial results have been prepared on a "going
concern basis", the auditors said, "The appropriateness of the
said basis is inter alia dependent on the company's ability to
infuse the requisite funds for meeting its obligations," the
Economic Times reports

The news agency discloses that Kingfisher has reported a loss of
INR468.66 crore in the quarter ended Sept. 30, 2011, against
INR230.81 crore in the same period last year.  The company
attributed the loss mainly to higher fuel prices.

The company, however, hoped that the government will reduce
aviation turbine fuel prices and sales tax, which in turn would
help the cash-strapped carrier improve finances, according to the
Economic Times.

"The reduction of prices of aviation fuel and reduction of sales
tax on such fuel, which is under active consideration of the
government with introduction of stringent cost reduction and
control measures, will have positive impact on the working
results of the company," the airline said while responding to the
'Limited Review' by its auditors.

Kingfisher further said that in future, the airlines will have
sufficient income to take care of deferred tax liabilities, the
report relates.

In the footnote to its financial results, the Economic Times
notes, Kingfisher had said that "having regard to improvement in
the economic sentiment, rationalization measures adopted by the
company . . . the request made by the company to its bankers for
further credit facilities . . ."

". . . these interim financial statements have been prepared on
the basis that the company is a going concern and that no
adjustments are required to the carrying value of assets and
liabilities."

                   About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


KOHINOOR TECHNOLOGIES: ICRA Puts '[ICRA]B' Rating to INR35cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR35 crore term
loan of Kohinoor Technologies Private Limited.  The assigned
rating is constrained by the lack of revenue visibility for KTPL,
excessive dependence on the promoter group for debt servicing and
significant re-financing risk on account of the bullet structure
of principal repayment. The rating, however, draws comfort from
the financial backing of the Kohinoor group and its established
track record in the real estate market of Mumbai with over 25
years of experience.

Incorporated in September 2000, Kohinoor Technologies Private
Limited is completely held by the Joshi family who are promoters
of the Mumbai based Kohinoor Group. KTPL owns the corporate
office building of the Group in Dadar (W), Mumbai which is given
on rent to different group companies.  KTPL has availed a INR35
crore general purpose corporate loan for purchase of commercial
space in Mumbai. Repayment of the loan is structured as a bullet
repayment in August 2013. At present, KTPL derives an annual
rental income of -INR0.7 crore.


LALITPUR POWER: ICRA Assigns [ICRA]BB+ Rating to INR8,886cr Loan
----------------------------------------------------------------
ICRA has assigned a '[ICRA]BB+' rating to the INR8886 crore term
loans of Lalitpur Power Generation Company Limited.  The outlook
on the long term rating is stable.

The rating derives strength from the progress made so far with
respect to several milestones in implementation of its 3 x 660 MW
coal based thermal power plant at Lalitpur district of Uttar
Pradesh. These include receipt of most of the key
approvals/clearances, securing of financial closure, acquisition
of majority part of land, and long term power sale arrangements
for large portion of the aforesaid capacity. While assigning the
rating, ICRA has also taken comfort from the fixed-price and
fixed-time contract for boiler- turbine-generator (BTG) unit with
BHEL, presence of adequate provision for liquidated damages' and
warranties in the contract and BHEL's technology tie-ups with
Alstom Power System, SA and Siemens AG, Germany who have long
experience in the domain of supercritical power technology.
Lending further comfort to the rating is the cost plus nature of
the tariff which insulates the project returns from variability
in fuel costs especially in case of higher landed cost of
imported fuel. The rating also factors in limited off-take risk
for the plant given expectations of demand-supply imbalance in
the state of Uttar Pradesh (where the entire power generated will
be sold). While assigning the rating, ICRA has derived comfort
from the project being a part of Shishir Bajaj group of companies
which is also reflected in the support available to LPGCL in the
form of sponsor undertaking from Bajaj Hindustan Limited (groups'
flagship company) to fund any cost/ time overrun in the project.

The rating is however constrained by the high project execution
risks that are typical of green-field power projects given that
the project is still at a relatively early stage of
implementation which can lead to cost and time overruns in the
project. This is accentuated by the limited prior experience of
BHEL in implementing super-critical plants although the
partnership with international players with long and successful
experience in this field partly mitigates this risk to some
extent. The rating is also affected by the fact that the company
has not tied up its entire coal requirements which is also the
pre-disbursement condition by the lenders. In the event of
unavailability of cheaper coal from domestic linkages, company
will have to depend entirely upon costlier imported fuel which
will decrease the competitive standing for the company due to
relatively higher cost of generation.

While assigning the rating, ICRA has suitably factored in the
counterparty credit risks arising out of poor financial health of
UP based distribution utilities although payment security
mechanisms in the PPA including penalty for delay, letter of
credit, escrow mechanism and third party sale in case of defaults
mitigate these risks to an extent. Further, the rating also
factors in the high financial risk profile of the project due to
high fixed capital intensity. The group plans to fund the equity
of the project through the cash accruals from other group
companies and the funding plan provides some visibility to the
planned equity infusion in the project. However, ICRA notes that
these cash flows remain linked to operational performance of
these group entities and any unexpected downturn in the key user
industries (sugar, FMCG, Real estate). Overall, the ability of
the company/group to obtain domestic coal linkage, infuse
requisite equity as per the schedule and implement the project in
a timely manner will remain key rating sensitivities.
Nonetheless, ICRA notes that portion of equity is already infused
for the project and promoters have long standing track record in
sugar industry (including sizeable expansions) and recent entry
into the thermal power sector (with 450 MW power project nearing
completion).

                        About Lalitpur Power

LPGCL is an SPV promoted by the Shishir Bajaj Group of Companies
for the development of a 1980 (3X660) thermal power project based
on super critical technology at Lalitpur (Uttar Pradesh). The
project was awarded to the Group by GoUP after EoI (Expression of
Interest) call and the subsequent bidding process. The total
project cost is INR11848 crore which will be funded through debt
of INR8886 crore and equity of INR2962 crore. As on date, approx
INR1580 crore has been infused in the project which has been
funded by equity of INR580 crore and the balance by INR1000
crores bridge loans being availed by the company. The power plant
is scheduled to be commissioned by Sep 2015. Of the total land
required of 1320 acres, 1220 acres have been acquired till date;
major approvals are in place.


MITTER FASTENERS: ICRA Reaffirms [ICRA]BB INR17.51cr Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned
to the INR17.51 crore fund based bank facilities of Mitter
Fasteners.  The outlook on the long term rating is stable.  ICRA
has also reaffirmed '[ICRA]A4' rating assigned to INR1.70 crores
non-fund based bank facilities of Mitter Fasteners.

The ratings continues to factor in relatively high operating
risks in MF's core business of manufacturing fasteners arising
out of low value additive nature of its operations, high
competitive pressures arising out of low entry barriers and
vulnerability of operations to steel price movement. The ratings
are also constrained by the firm's stretched financial profile as
characterized by high gearing of 3.48X as on March 31, 2011,
driven by high working capital intensity of operations, and its
moderate debt protection indicators. ICRA also takes into account
the firm's modest scale of operations resulting in limited
bargaining power vis-a-vis suppliers and customers. The ratings,
however, derive comfort from the experienced management of Mitter
Fasteners with more than two decades of experience in the
business which coupled with its strong client profile has
resulted in robust growth in the firm's turnover.

                       About Mitter Fasteners

Established in 1982, Mitter Fasteners, a proprietorship firm,
promoted by Mr. Mukesh Sahani and his family members is involved
in the business of manufacturing of fasteners and other
fabricated items. The firm manufactures cold forged products,
sheet metal components, and machined products. It supplies its
products directly to reputed and established Original Equipment
Manufacturer (OEM) and ancillary units. The firm operates from
its manufacturing facilities located in Ludhiana, Rudrapur and
Lucknow.

Recent Results:

As per the audited results, Mitter Fasteners reported a net
profit of INR3.78 crore on an operating income of INR58.57 crore
for the year ended March 31, 2011 and a net profit of INR1.72
crore on an operating income of INR42.34 crore for the year ended
March 31, 2010.


MOHAN RAO: ICRA Assigns [ICRA]B Rating to INR7cr Bank Facilities
----------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to Rs7.00 crore fund based
facilities of Mohan Rao & Company.

The assigned rating is constrained by unfavorable demand
conditions with decline in lint prices and rising inventory
losses with dip in cotton lint prices post procurement season,
weak financial profile characterized by low profitability, high
gearing and weak coverage indicators, MRC's small scale which
restricts economies of scale and fragmented industry
characterized by competition from a large number of players which
limits the ability to pass on the hike in the input costs. The
rating however, favorably factor in MRC promoter's vast
experience in cotton business that helps in understanding the
market trend which results in procuring better raw material at
competitive rates. The rating also factor in MRC's healthy growth
in sales from Rs17.79 crore in FY10 to INR38.96 crore in FY11 and
proximity of the company to a major cotton growing area which
supports the company's operating profitability.

Mohan Rao & Co. was established in 1972 as cotton merchant and
commission agent for cotton bales, cotton seed and cakes. The
firm is located at Bhainsa (Dist. Adilabad). Due to lack of in
house capacity MRC procures kapas from local farmers and get it
processed from its sister concern firm i.e. Bhainsa Ginning &
Pressing factory. In FY11 out of total sales of INR39.65 cr.,
cotton lint, cotton seed and cotton cake accounted for 88.10%,
9.94%, and 1.96% respectively.


N Y HOSPITALITIES: ICRA Puts '[ICRA]B+' Rating on INR25cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR25.0 crore term
loan of N Y Hospitalities and Holdings Private Limited.

The assigned rating factors in lack of adequate promoter
experience in the hospitality business, pending financial closure
for the hotel project, future risk of execution delays and cost
over-runs and absence of sufficient cushion between expected
completion date of the hotel and proposed commencement of
principal repayments. Additionally, the growth in occupancy rates
and ARRs in the Bangalore market is likely to remain muted due to
large upcoming supply and growth concerns across major global IT
destinations.

However, the rating derives comfort from relatively better
demand-supply metrics in the micro-market (Electronic City,
Bangalore) in which the hotel is expected to operate, attractive
positioning of the hotel in 4-star category and
management/marketing tie-up with the Golden Tulip Hospitality
Group which is likely to ensure better occupancy and ARRs. In
addition, with majority of the approvals in place, the civil
structure for the hotel is already complete and the promoters
have also infused a significant portion of their investment in
the project.

                      About N Y Hospitalities

N Y Hospitalities & Holdings Private Limited has been floated
primarily to construct a 120-room 4-star hotel at Electronic
City, Bangalore under the Golden Tulip Brand. The hotel is
expected to be completed at a project cost of INR49.5 crore by
August 2012. NYHHPL has been promoted Mr. Sahanesh Narayan and
his father N.Y. Narayan.  Mr. Sahanesh has worked in TCS for over
12 years and has exhaustive experience in conceiving and
implementing technology projects for client's world over.  Mr. N
Y Narayan, a mechanical engineer in Civil Engineering, has around
35 years experience in public works department having retired in
1993. The promoters do not have any considerable experience in
the hospitality industry. Besides interest in NYHHPL, the
promoters own several commercial buildings in Bangalore which
have been leased out on long-term contracts.


PUNJAB CROCKERY: ICRA Places '[ICRA]BB' Rating to INR53cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR53 crores long term
fund based, INR2 crores long term non-fund based and INR15 crores
proposed long term fund based facilities of Punjab Crockery House
Private Limited. The outlook on the long term rating is stable.

ICRA's rating factors in the weak financial profile of Punjab
Crockery House Private Limited characterized by relatively high
gearing and moderate coverage indicators on account of debt
funded expansion and working capital intensive nature of
operations. The rating is also constrained by the high geographic
concentration of the company, with major proportion of the sales
being generated from Andhra Pradesh. With planned debt funded
expansion in near to medium term, ICRA expects the capital
structure to remain weak despite the proposed equity infusions
from promoter group as well as internal accruals of the company.
The rating however positively factor in the long track record of
the promoters in the distribution and retailing of apparel and
electronics from leading brands and established relations with
the premium brands such as Calvin Klein, Tommy Hilfiger, Apple
and French Connection among others for retailing and association
with Ray ban, Tata Sky and Aditya Birla Nova Limited for the
distribution business. The rating also positively factors in the
presence of retail outlets in important strategic locations which
provides for good revenue potential for PCHPL.

                       About Punjab Crockery

Punjab Crockery House Private Limited was established as a
proprietary concern by Mr. Huzur Singh in 1960 by setting up a
crockery retail store in Hyderabad. It was subsequently
reconstituted as a private limited company in 1995. The company
is engaged in distribution and retailing of leading brands such
as Peter England, Levi's Signature, Adidas, Tommy Hilfiger,
Calvin Klein, Apple and French Connection.

Recent Results:

During the financial year ending March 2011, the company recorded
net profit of INR2.99 crores on a turnover of INR102.67 crores as
against net profit of INR2.03 crores on a turnover of INR49.26
crores during FY 2009-10.


SAPTARISHI HOTELS: ICRA Puts '[ICRA]BB-' Rating to INR150cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR150.0 crore
long term loans of Saptarishi Hotels Private Limited.  ICRA has
also assigned an '[ICRA]A4' rating to the INR20.0 crore non-fund
based bank facilities of SHPL.  The outlook on the long term
rating is stable.

The ratings take into consideration the current status of project
which is at nascent stages with excavation work still going on.
The ability of the promoters to complete the project on time will
remain critical for the debt servicing of the company as
currently there is only a six month cushion between the COD and
commencement of debt repayment. Furthermore, any cost overrun
could create a funding gap. The ratings also take into
consideration the small scale of operations of the company with a
single hotel property, the growing competitive pressure in the
Hyderabad hotel market with the entry of numerous new players and
the negative impact the local issues such as Telengana separation
movement have had on the business sentiments in the city.

The rating however favorably factors in the hotel's management
contract with Hilton Worldwide for their 'Double Tree by Hilton'
brand and the expected benefits from Hilton's global marketing
and advertising network. The hotel is favorably located in
Gachibowli and is expected to benefit from the business demand
from both the IT hubs of Gachibowli and Hitec city in Hyderabad.
The ratings also take into consideration the promoter's past
experience in the hotel projects, the fact that the project has
achieved full debt tie up, and half the equity has been brought
in with remaining being tied up with FII investor Indus Hotel
Reality (Mauritius) Limited and the proposed Hilton Academy at
the hotel premises which would to earn regular rental income and
stable occupancy for the hotel apart from a possible revenue
share for the company.

                      About Saptarishi Hotels

Saptarishi Hotels is an SPV company set up to build and own a 200
key 4-star business hotel and 40 key service apartments at
Gachibowli in Hyderabad. The property which is under construction
would be operated by Hilton Hotels Worldwide under its 4-star
business brand Double Tree by Hilton and is expected to commence
operations by January 2014. SHPL is an SPV promoted by Maha Hotel
Projects Private Limited who won this project which is a PPP with
National Institute of Tourism & Hospitality Management,
Hyderabad.

MHPPL is also the lead developer of the project Trident & The
Oberoi at Hitec City, Hyderabad which is also a PPP project with
GoAP that is nearing completion, and for which MHPPL has formed a
JV with JP Morgan Property Fund and Indus Hotel Realty Fund
Mauritius named Core Hotel Ventures Private Limited which in turn
is working in technical & equity collaboration with EIH Limited
and building the said ho


SENSO GRANITO: ICRA Assigns '[ICRA]BB-' Rating to INR20.16cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR20.16 crore
term loans and INR10.0 crore fund-based limits of Senso Granito
Private Limited.  ICRA has also assigned '[ICRA]A4' rating to the
3.4 crore non-fund based limits of SGPL. The outlook on the long-
term rating is 'stable'.

The ratings are constrained by SGPL's relatively modest size of
operations compared to organized pan India players, weak
financial profile characterized by high gearing levels on account
of continuous debt funded expansions in past three years, highly
competitive nature of the ceramic tile industry and relatively
lower visibility of its brand compared to other large organized
players. The ratings also take into account the vulnerability of
SGPL's profitability to increasing gas and power costs as well as
the cyclicality associated with the real estate industry.
However, the ratings favorably consider the growing plant
utilization levels of SGPL; extensive experience of the promoters
in ceramic industry, diversified product portfolio consisting of
ceramic wall tiles as well as large sized vitrified tiles, stable
demand for vitrified tiles in the domestic market and long term
supply contract with larger ceramic industry players covering a
major proportion of its sales volumes.

                        About Senso Granito

Senso Granito Private Limited was incorporated in the year 2008
to manufacture vitrified tiles by Mr. Praful Patel and Mr.
Kantilal Vadavia. In subsequent years, the company has undergone
expansions in the form of ceramic wall tiles capacity as well as
vitrified tiles capacity. The company manufactures vitrified
tiles of size 600 mm X 600 mm and 605 mm X 605 mm with the
current set of machineries at its production facilities. In wall
tiles segment, the company manufactures medium sized tiles
measuring 10 mm X 13 mm in size. Currently, the company has an
installed capacity of 95,000 MT per annum. The company's
manufacturing setup is located at Morbi, Rajkot.

As per the provisional results for FY 2010-11, SGPL reported a
profit after tax (PAT) of INR1.49 crore on an operating income of
INR71.53 crore.


SHREE KRISHNA: ICRA Reaffirms '[ICRA]D' Rating on INR66cr Limits
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR66 crore
fund based limits of Shree Krishna Paper Mills & Industries
Limited at "[ICRA] D". ICRA has also reaffirmed the long term
rating of "[ICRA] D" assigned to its INR5.00 crore Cumulative
Redeemable Preference Shares. ICRA has also reassigned a rating
of [ICRA] D rating to the INR14.00 crore non fund based short
term bank facilities.

The ratings reaffirmation takes into account the continued delays
in debt servicing by the company on account of weak financial
performance of the company as is reflected in continued net
losses of INR7.11 crore during the FY 2011 and loss of INR0.4
crore during Q1-2012 as against a net loss of INR8.46 crore in FY
2010 and net loss of INR2.83 crore in Q1-2011. The losses
incurred till the end of FY 2010 already resulted in an erosion
of net worth, which coupled with ongoing losses has further
deteriorated the financial profile. The rating also takes into
account the history of the debt reschedulement; twice in past
three years; latest being in August 2009, whereby the company
underwent a Corporate Debt Restructuring (CDR) exercise in the
backdrop of economic slowdown resulting in weak operational and
financial performance.

As a part of the CDR exercise, the company has undertaken various
initiatives to improve the operational performance of the company
by upgrading the plant & machinery at its Rajasthan Plant and its
liabilities have been restructured with longer debt repayment
tenure. Due to Upgradation of the plant & machinery at its
Rajasthan Plant, the plant was closed during H2-FY 2010, thereby
resulting in a sharp drop in its operating income, which coupled
with fixed overhead expenses resulted in cash losses and erosion
of net worth during FY 2010. Notwithstanding the weak financial
performance during FY 2010 and FY 2011, the company has restarted
the operations at its Rajasthan unit as per the schedule
submitted during the CDR exercise. Further there has been an
improvement in the capacity utilization levels and the company
has been able to achieve the targeted revenues as submitted under
CDR. However the profitability of the operations continue to
remain weak, though it is gradually improving. Going forward, the
ability to the company to improve its operational performance by
achieving high capacity utilization of its plant on consistent
basis, improve operating profitability and timely repayment of
its debt will remain key rating sensitivities.

                        About Shree Krishna

Shree Krishna Paper Mills & Industries was incorporated in
September 1972 by Pasari Group. The company has a coated paper
manufacturing unit at Bahadurgarh, Haryana, which was acquired
from Bansal Paper Mills in 1974. During 2005-06, the company also
commissioned a Greenfield paper plant of 30000 MTPA to
manufacture Printing and Writing Paper (PWP) at Kotputli
Rajasthan. During FY 2011, the company reported net sales of
INR106.97 crore and net loss of INR7.11 crore as against net
sales of INR61.39 crore and net loss of INR8.46 crore during FY
2010. During the 3 month period ended June 2011, the company
reported net sales of INR36.86 crore and net loss of INR0.4
crore.


SONA PROCESSORS: ICRA Places '[ICRA] BB+' Rating on INR11cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA] BB+' (rating to the bank facilities of
INR11 Crore of Sona Processors (India) Limited. The outlook on
the rating is Stable.

The assigned rating takes into account the long standing
experience of the company in the line of business, with over 18
years of operations the company has been able to establish a wide
network of customers who engage the company in job work for
processing of their products. The company caters to a diverse
clientele the top 5 customers account for around 30-35% of its
annual sales. While the recent debt of INR4.93 crore for capital
expenditure coupled with working capital borrowings is expected
to increase the leverage levels of the company beyond 1.0 times,
however the interest and debt coverage indicators are expected to
remain comfortable. However the rating is constrained by the
relatively moderate scale of operations as well as the limited
value addition performed by the company resulting in relatively
lower return on capital indicators characterized by Return on
Capital Employed over the last four years in the 8-9% range. The
lack of pricing power is also seen from the pressure on the
operating margins which declined by 107 basis points in FY11 on
the back of rising fuel costs. Furthermore with the nature of
business being working capital intensive as the company is
required to maintain high inventory days and relaxed payment
terms stretches the debtor days for the company while it does not
enjoy much credit from its suppliers; a prudent management of
working capital is critical towards maintaining adequate
liquidity

                       About Sona Processors

Sona Processors (India) Limited was established in the year 1994.
The company is mainly engaged in processing of fabrics on job
basis received from its customers. At processing stage various
properties/qualities are developed which make the grey fabrics in
its usable/acceptable form. The company has seen production
levels of around 300 lakh meters each year for the last three
years while the installed capacity has remained around 400 lakh
meters. Recent Result For the twelve months period ending March
31, 2011, Sona Processors (India) Limited reported a profit after
tax (PAT) of INR0.64 Crore on revenues of INR34.30 Crore as
against a PAT of INR0.58 Crore on revenues of INR30.02 Crore for
the twelve months period ending March 31, 2010.


SRI VENKATACHALAPATHY: ICRA Rates INR4.63cr Loan at '[ICRA]BB'
--------------------------------------------------------------
ICRA has revised the rating outstanding on the INR4.63 crore term
loan facilities, INR7.50 crore long term fund based bank
facilities and INR0.41 crore long term non-fund based bank
facilities of Sri Venkatachalapathy Spinning Mills Private
Limited from '[ICRA]BB' to '[ICRA]BB-'.  The outlook on the long
term rating is stable.  ICRA has also reaffirmed the '[ICRA]A4'
to the INR1.05 crore fund based bank facilities and INR2.00 non-
fund based bank facilities of the company.

The revision in long term rating considers the deterioration in
company's capital structure owing to the debt funded capital
expenditure, and anticipated pressure on the company's
profitability in the short to medium term owing to sharp swings
in cotton and yarn prices resulting in inventory losses. The
ratings also factor in the company's modest scale of operations
and intense competition in the fragmented industry that limits
pricing flexibility of the company. However, the rating considers
the experience of the management in the textile industry and the
long standing relationship with its customers.

                      About Sri Venkatachalapathy

Sri Venkatachalapathy Spinning Mills Private Limited was
incorporated in the year 1989 to set up a cotton yarn spinning
mill. The promoter, Mr. Ramathilagam who initially commenced the
business of trading of waste cotton, later installed open ended
machines to manufacture yarn from waste cotton at Rajapalayam,
Tamil Nadu. In 2007, the company underwent modernization of its
facilities and replaced the old machinery with five open ended
machines reaching the current capacity of 1600 rotors. During the
year 2010-11, the company has installed two windmills with a
capacity of 600 KWH each, in addition to already existing 2
windmills (which has capacities of 750 KWH each). The power
generated from the mills is used for captive consumption for the
company's cotton yarn manufacturing.

Recent Results:

For the fiscal year 2010-11, SVSMPL reported a net profit of
INR0.6 crore on an operating income of INR35.3 crore as against
net profit of INR0.5 crore on operating income of INR28.1 crore
during 2009-10. For the half-year ended September 2011, the
company reported net sales (unaudited) of INR21.1 crore.


SUSEE AUTOMOBILES: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating outstanding on the
INR0.65 crore term loan facilities, the INR2.00 crore (reduced
from INR9.50 crore) long term fund based facilities and the
INR7.95 crore proposed long term facilities of Susee Automobiles
Private Limited.  The outlook on the long term rating is stable.
ICRA has also withdrawn the '[ICRA]A4+' rating outstanding on the
INR1.00 crore short term non fund based facilities of SAPL, as
the company has closed the facility and there is no amount
outstanding against the instrument.

The reaffirmation of rating takes into account the established
position of the company as the sole authorized dealer in Madurai
and five other districts in Tamil Nadu for vehicles of Mahindra
and Mahindra Limited, the market leader in the domestic utility
vehicles segment and Mahindra Navistar Automotives Limited, and
the long standing experience of the promoters in the auto
dealership business. The rating also considers the company's
recent entry into the pre-owned vehicle segment through Mahindra
First Choice and introduction of new models by M&M, which are
likely to drive revenue growth for the company in the near to
medium term.  However, the rating is constrained by the weak
financial profile of the company, characterized by thin profit
margins, high gearing and stretched coverage indicators. Further,
the rating also factors in susceptibility of revenue to the
inherent cyclicality of the automobile industry.

While arriving at the rating, ICRA has considered the
consolidated risk profile of i) SAPL and ii) Susee Auto Sales and
Service Private Limited (SASSPL) and its subsidiaries, Susee Auto
Spares Private Limited (SASPL) and Susee Premium Automobiles
Private Limited.

                      About Susee Automobiles

Incorporated in 2004, Susee Automobiles Private Limited is the
sole authorised dealer for vehicles of M&M and MNAL in Madurai
and five other districts of Tamil Nadu. The company also
commenced sale of pre owned vehicles through Mahindra First
Choice from 2010-11. Prior to taking over the M&M dealership in
2008-09 from a group company, SASSPL, SAPL was engaged in
dealership of vehicles of Ford India Private Limited.  This is
now being addressed by another group company, SPAPL. SAPL, which
is wholly-owned by the promoter, Mr. S. Jeyabalan and his son,
Mr. J. Rajiv Subramanian, has ten outlets across Tamil Nadu, each
encompassing a showroom and workshop.

SAPL is the flagship company of the Susee Group of companies,
which is an established group in Madurai in the automobile
dealership space and has over fifty branches in spread across
Tamil Nadu. The group, which was started as an agricultural
business in the late 1930s by Mr. Subramania Nadar and
Ms. Seeniyammal and later expanded its horizon into other
businesses like distribution of FMCG products and gas stations,
currently has eight companies including four companies in
automobile dealership business, one in automobile spares, one
dealing with multi brand accessories, a non banking finance
company (NBFC) and a company engaged in business process
outsourcing.

Recent results:

SAPL reported profit after tax (PAT) of INR0.3 crore on operating
income of INR156.1 crore during 2010-11, against PAT of INR0.5
crore on operating income of INR101.5 crore for the corresponding
previous fiscal.  According to unaudited results, SAPL recorded a
profit before tax of INR0.9 crore on an operating income INR96.8
crore for the half year ended Sept. 30, 2011.


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

HN TRUST: Fitch Affirms Rating on JPY20 Mil. Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed HN Trust's senior beneficial interests
(BIs).  The transaction is a re-securitisation of two junior BIs
issued prior to the issuance of these senior BIs, and is
ultimately backed by multiple residential mortgage loan pools.

  -- JPY140 mil.* Class A1 senior BIs affirmed at 'AAAsf';
     Outlook Stable;

  -- JPY60 mil.* Class A2 senior BIs affirmed at 'BBBsf'; Outlook
     Stable;

  -- JPY20 mil.* Class A3 senior BIs affirmed at 'BBsf'; Outlook
     Stable;

  -- JPY600 mil.* Class B1 senior BIs affirmed at 'AAAsf';
     Outlook Stable; and

  -- JPY447.7 mil.* Class B2 senior BIs affirmed at 'Asf';
     Outlook Revised to Positive from Stable.

* as of Nov. 18, 2011

The affirmations reflect Fitch's view that available credit
enhancement (CE) levels are sufficient to support the current
ratings.

The overall transaction performance remains in line with the
agency's expectations.  The revision of Outlook on Class B2
reflects Fitch's expectation that its CE level will continue to
grow.


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


FELTEX CARPETS: Directors Lose Bid to Shift Class Action Suit
-------------------------------------------------------------
BusinessDesk reports that the directors of Feltex Carpets and
brokerages involved in the initial public float have lost their
bid to shift a class suit to Auckland.

In an October 7 written judgment, BusinessDesk relates,
Judge Judith Potter turned down an attempt to shift the class
action by some 1,800 former Feltex shareholders to Auckland,
saying Justice Christine French had closely managed the
proceedings in the Christchurch registry to date, and the
precedent-setting case needed consistency through the pre-trial
stages.

The decision was published on Justice Ministry's Web site this
week, the report notes.

"In a proceeding which is unique and complex, as this one is, the
efficiencies that can be provided by management through the
interlocutory stages to trial and preferably including trial, by
an assigned judge, offer greater advantages," the judgment said.

"Such cost savings that might be achieved by transfer, are more
than outweighed by the convenience and efficiency of continuing
the close management and control of the proceeding by Justice
French in the Christchurch registry."

Former Feltex chairman Tim Saunders, chief executive Peter Thomas
and directors Sam Magill, John Feeney, Craig Horrocks, Peter
Hunter, and Joan Withers are subject to a class action alleging
the company's 2004 prospectus contained misleading information,
or left out information that would impact on investment
decisions, according to BusinessDesk.

Credit Suisse First Boston Asian Merchant Partners, which offered
Feltex for sale, Credit Suisse Private Equity and joint lead
float managers, First New Zealand Capital and Forsyth Barr are
also subject to the suit, the report notes.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


MCKECHNIE GROUP: To Close Manufacturing Operations
--------------------------------------------------
Taranaki Daily News reports that Open Building Solutions, owned
by the McKechnie Group, has closed its manufacturing operations
following a decline in the building trade.

The company announced Tuesday it was closing its window and door
manufacturing operations in New Plymouth and Auckland and was
considering the options for its Bay of Plenty plant.

The move affects 37 staff, 27 in New Plymouth, and 10 in
Auckland, MCK chief executive Pramod Khatri told the Taranaki
Daily News on Tuesday.

According to the report, Mr. Khatri said the latest closures were
the result of a deteriorating market conditions and a poor
outlook for the future.

"Building consents in New Zealand have declined considerably
throughout 2010 and 2011 and statistical data recently released
predicts an uncertain outlook for 2012 and 2013," Taranaki Daily
News quotes Mr. Khatri as saying.

"This has been a tough decision for the board, however it is
considered this will be a positive move for the group and will
allow the McKechnie business to focus on key competencies, pursue
growth and development opportunities within its core business."

Mr. Khatri, as cited by Taranaki Daily News, could not say how
many of the staff would lose their jobs.

"The number is unknown at this stage, as we are working through a
consultation process which could result in transferring staff to
our McKechnie operations where there are a number of vacancies,"
he said.

Mr. Khatri also could not give a date when the operations would
be closed, the report adds.

Established in 2009, Open Building Solutions (NZ) Limited, a
subsidiary of McKechnie Ltd, supplies innovative aluminium
windows and doors.


NZNET: Placed in Liquidation Amid Coverage Scare
------------------------------------------------
Techday reports that NZNet has been placed into liquidation,
following a coverage scare in October.

According to the report, the Companies Office Web site states
that NZNet has been in liquidation since November 17, with
Waterstone Insolvency appointed to manage the operation.

Waterstone can be reached at:

          Waterstone Insolvency - Auckland
          16 Piermark Drive
          Albany, Auckland
          E-mail: enquiries@waterstone.co.nz

Techday reported last month that that the company's Web site and
phone lines were suffering outages and clients were experiencing
intermittent service.

Ex-employees and suppliers to NZNet told Techday that the company
owed a lot of money to creditors after spending a significant
figure for advertising on the back of supermarket dockets.

Tony Vercauteren, director of Superdockets Advertising, has
contacted Techday to clarify that it wasn't his business that
pushed NZNet into liquidation.

"This all started happening a long time before Superdockets came
in," Mr. Vercauteren told Techday.

Mr. Vercauteren said NZNet ordered NZ$90,000 worth of supermarket
docket advertising but only a fraction of this amount was ever
paid.

When Superdockets took the matter to the High Court, NZNet
director Stephen Andrews argued that he was refusing to pay the
company because they didn't come through with the advertising, a
claim Vercauteren denies.

NZNet -- http://www.nznet.co.nz/-- is an Auckland-based ISP &
hosting company.


SOUTH VINEYARD: Has Until Next Week to Pay Back Creditors
---------------------------------------------------------
Fairfax Media reports that next week is D-Day for South Vineyard,
the production company behind the biblical movie Kingdom Come
that was given a year to pay back NZ$5.8 million that it owes to
285 creditors.

The company has until Wednesday to come up with NZ$4.4 million
still owing, the report says.

Faixfax Media recalls that the film, which has two North Otago
locations - one at Elephant Rocks near Duntroon, and a replica
fishing village and harbour at Falstone camping ground by Lake
Benmore, was subject to liquidation proceedings in the High Court
at Wellington last year.

Shooting was set to begin in early 2009 but was abandoned when
the production company, South Vineyard, ran into financial
strife. The budget for the movie was NZ$140 million, most of
which was to be spent in the South Island.

The High Court gave the film producers a year last December to
pay its debtors.  If the debt was not paid back in that time, the
creditors were eligible to bring liquidation proceedings back to
court.

According to the report, South Vineyard lawyer Stephen Brown said
Monday the company was confident it would meet next week's
deadline.

However, he was yet to hear whether the full amount had been
paid.  The intention was still to pay off the debts and resurrect
the project, he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 16, 2010, Otago Daily Times said creditors of South Vineyard
have approved a scheme that will give them NZ$1 million of the
almost NZ$6 million they are owed in exchange for a one-year
moratorium on debt collection against the company.  In July last
year, donations from the United States staved off liquidation for
the company.  Creditors agreed to the plan and liquidation
proceedings were adjourned.

The film, about the life of Jesus, was to have been filmed in
New Zealand, with Falstone in the Waitaki District to have become
Capernaum, a 3,000-year-old fishing village, and South
Canterbury's Lake Benmore becoming the Sea of Galilee.


=====================
P H I L I P P I N E S
=====================


LBC BANK: PDIC Payout Ongoing Until December 2011
-------------------------------------------------
The payout operations of the Philippine Deposit Insurance
Corporation (PDIC) to service claims of depositors of the closed
LBC Development Bank is ongoing at the LBC Bank branches and
designated payout sites until December 2011.

The PDIC started the receiving, processing and settlement of
depositors' claims on November 16, 2011. The schedules and other
information on the payout operations are posted in the bank
premises and designated sites and at the PDIC Web site,
www.pdic.gov.ph.

Payout operations are being held in the 18 LBC Bank branch
premises out of the total 20 banking units, as follows: Angeles,
Baguio, Balanga, Batangas, Cagayan de Oro, Cebu, Dagupan, Davao,
Iloilo, Kalibo, La Union, Laoag, Naga, Olongapo, San Pedro,
Timog, Urdaneta and Vigan.

Meanwhile, the payout operations for the LBC Bank Head Office is
ongoing at the PDIC Office in Chino Roces Avenue in Makati City
until December 16. The payout operations for the Imus branch is
ongoing at the bank premises of the closed GMA Rural Bank - Imus
Branch located at Aguinaldo Highway, Tanzang Luma, Imus, Cavite
until December 1.

Depositors who do not have appointment dates yet are advised to
proceed to the branches and designated sites for their Priority
Numbers. Priority Numbers are being issued by the PDIC to
depositors on a first come, first serve basis upon presentation
of their evidence of deposit. The Priority Number corresponds to
a specific appointment date or the schedule when the depositor's
claim will be serviced by PDIC representatives. The appointment
dates, requirements and procedures for filing claims are posted
at bank premises and designated sites and at the PDIC Web site.

PDIC said that claims of depositors with appointment dates will
be processed onsite. After processing, claims for valid deposits
with complete documentation will be paid onsite. Depositors who
lack supporting documents will be requested to submit the
necessary documents before they could receive their payments.
Depositors are urged to appear during their appointment dates.
Otherwise, their claims may not be processed onsite.

Depositors who are given Priority Numbers on dates beyond the
duration of the payout operations may file their claims with the
PDIC representatives during the onsite operations. However, their
claims will be processed at the PDIC-Home Office in Makati City
and notices of payment or document deficiencies will be sent to
the depositors through mail.

Depositors who failed to file their claims onsite are advised to
submit their claims either personally at PDIC, 4/F SSS Bldg.,
Ayala Avenue, Makati City during office hours, or through mail.

                          About LBC Bank

LBC Development Bank is a 20-unit thrift bank.  Its head office
is located at 809 J. P. Rizal St., Poblacion, Makati City.  Its
19 branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance
Corporation by virtue of MB Resolution No. 1354 dated Sept. 9,
2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than
PHP1 billion as of December 2010, according to Manila Standard
Today.  The bank also had more than PHP725 million in classified
loans and other risk assets as of December last year.  Against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the Manila
Standard disclosed.


RURAL BANK OF SINAIT: PDIC to Settle Creditors' Claims
------------------------------------------------------
The Regional Trial Court (RTC), Branch 24, in Cabugao, Ilocos Sur
has approved the Final Project of Distribution of Assets and
Termination of Liquidation Proceedings of the closed Rural Bank
of Sinait, Inc. filed by the Philippine Deposit Insurance
Corporation, the Liquidator of said bank.

Creditors with approved claims are advised to claim their check
payments starting Nov. 14, 2011 from Monday to Friday, 9:00 AM to
4:00 PM at the Claims Settlement Department, 4/F SSS Building,
Ayala Avenue in Makati City.

Rural Bank of Sinait, a single-unit bank based in Ilocos Sur, was
placed under PDIC receivership by the Monetary Board (MB) on
July 5, 1985, by virtue of MB Resolution No. 711.  PDIC began
servicing depositor claims for RBSI in November 1985, and as of
October 2011, PDIC has paid all insured deposits amounting to
PHP1.02 million for 477 accounts.


RURAL BANK OF VALENCIA: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board placed Rural Bank of Valencia (Negros
Oriental) Inc. under receivership of the Philippine Deposit
Insurance Corporation by virtue of MB Resolution No. 1702 dated
Nov. 17, 2011.  As Receiver, PDIC took over the bank on Nov. 18,
2011.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposit insurance
claims shall be paid to the extent of the maximum deposit
insurance coverage of PHP500,000.

The PDIC also reminded borrowers of Rural Bank of Valencia that
loan repayments should be made only to the PDIC Deputy Receiver
or the Assisting Deputy Receiver stationed at the bank premises,
or deposited to the designated Philippine National Bank (PNB)
accounts.

Rural Bank of Valencia is a single-unit bank located in Brgy. So.
Poblacion, Valencia (Luzurriaga), Negros Oriental.  Latest
available records show that as of Sept. 30, 2011, the Bank had
861 accounts with total deposit liabilities of PHP19.97 million.


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


NAVIANT PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Nov. 11, 2011, to
wind up Naviant Pte Ltd's operations.

Nuabs Pte Ltd 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


SPURWAY COOKE: Creditors Get 10% Recovery on Claims
---------------------------------------------------
Spurway Cooke Industries Pte Ltd declared the second and final
dividend on Nov. 15, 2011.

The company paid 10% to the received claims.

The company's liquidator is:

         Aw Eng Hai
         c/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01,
         Singapore Chinese Chamber of Commerce & Industry
          Building
         Singapore 179365


STEEL HOUSE: Creditors' Proofs of Debt Due Dec. 16
--------------------------------------------------
Creditors of Steel House 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


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

United Overseas Bank Limited filed the petition against the
company on Nov. 4, 2011.

The Petitioner's solicitors are:

         Rajah & Tann Llp
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


                             *********

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.





                 *** End of Transmission ***