TCRAP_Public/111222.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, December 22, 2011, Vol. 14, No. 253

                            Headlines



A U S T R A L I A

AUSTRALIAN CAPITAL: Execs Lied in 2004 Prospectus, Court Hears
B&H WHOLESALE: Jewellery Distributor Placed in Liquidation
HILLSIDE ABATTOIR: Two Parties Show Interest in Buying Stake


C H I N A

CDC CORP: Court OKs Moelis as Financial Advisor
SINO-FOREST: Gets Default Notice; Forms Restructuring Committee


H O N G  K O N G

ALLSWELL MEDICAL: Court Enters Wind-Up Order
A-ONE INVESTMENTS: Creditors' Proofs of Debt Due Dec. 30
ARTAKE DESIGN: Court Enters Wind-Up Order
ASSON HOLDINGS: Court Enters Wind-Up Order
BESTWAY (H.K.): Court Enters Wind-Up Order

BILLION FORWARD: Court Enters Wind-Up Order
BLACK PEARL: Court Enters Wind-Up Order
CANTON PROPERTY: First Meetings Slated for Jan. 6
CAPITAL GLOBE: Borrelli and Walsh Appointed as Liquidators
CHIH LIK: Court Enters Wind-Up Order

CHINA COPPER: Court Enters Wind-Up Order
CHINALINK INTERNATIONAL: Court Enters Wind-Up Order
COASTAL PRINTING: Court Enters Wind-Up Order
COMEPHONE INDUSTRIAL: Court Enters Wind-Up Order
PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 17

RIBO INDUSTRIAL: Members' Final General Meeting Set for Jan. 18
SOL MELIA: Members' Final Meeting Set for Jan. 6
SUMORE CORPORATION: Creditors' Meeting Set for Dec. 23
TUNG WAH: Pui Chiu Wing Appointed as Liquidator
WELLS FARGO: Joseph Roderick Thom Appointed as Liquidator


I N D I A

AIR INDIA: Unit Offers INR1 Lakh Hardship Allowance to Pilots
ANNEX GLASS: CRISIL Cuts Rating on INR150MM LT Loan to 'CRISIL D'
AXIS EDUCATIONAL: CRISIL Places CRISIL D Rating on INR149MM Loan
DHANTURI GROUP: CRISIL Assigns CRISIL B Rating on INR163.8MM Loan
CHOUDHARI CONSTRUCTION: CRISIL Rates INR40MM Loan at 'CRISIL B+'

KINGFISHER AIRLINES: To Face Action After Defaulting TDS
KUNDAN RICE: Fitch Rates INR400-Mil. Working Capital at 'BB'
JAIKRISHNAA AUTOSALES: CRISIL Puts 'BB-' Rating on INR10MM Loan
NAGARSHETH SHIPBREAKERS: CRISIL Rates INR40MM Loan at 'CRISIL B'
SAFIRE INDUSTRIES: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loan

SAFIRE OFFSET: CRISIL Assigns 'CRISIL B-' Rating to INR60MM Loan
SHREENATHJI INFRA: CRISIL Puts 'CRISIL B+' Rating on INR10MM Loan
SHRI VAARI: CRISIL Assigns 'CRISIL BB' Rating to INR23.5MM Loan
SRI DURGA: CRISIL Assigns CRISIL BB- Rating to INR43MM Term Loan
SRI JAYAMALAR: CRISIL Assigns 'CRISIL C' Rating to INR46.5MM Loan

TOLANI PROJECTS: CRISIL Cuts Rating on INR9MM Term Loan at 'BB'
VELA STEEL: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loan


K O R E A

CITIBANK KOREA: Fitch Affirms Individual Rating at 'C'


N E W  Z E A L A N D

AMI INSURANCE: Has Not Consulted Policyholder Over Sale
CRAFAR FARMS: Chinese Bidder Yet to Submit "Key Info" to OIO
PULSE UTILITIES: Ordered to Refund NZ$50,000 to Customers


T A I W A N

E. SUN BANK: Fitch Affirms Rating on NTD0.87-Bil. Notes at 'Dsf'


                            - - - - -


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


AUSTRALIAN CAPITAL: Execs Lied in 2004 Prospectus, Court Hears
--------------------------------------------------------------
The Sydney Morning Herald reports the New South Wales District
Court has heard that three directors of the collapsed property
group Australian Capital Reserve lied about the group's financial
position in a 2004 prospectus, and enabled the group to raise
AU$132 million in new and rollover funds from investors.

SMH relates that Robert Bromwich, SC, for the Commonwealth
Director of Public Prosecutions, said the group was the fund-
raising arm for Estate Property Group, which developed
residential, lifestyle and commercial projects in NSW and
Victoria until its collapse in 2007.

Mr. Bromwich told Judge Anthony Garling the case was not about
the group's ultimate collapse, and loss of funds to investors,
according to SMH.  "This is a market integrity case, it's about
what investors are entitled to know, and what the correct
position is," the report quotes Mr. Bromwich as saying.  "Money
is being committed, and it is being committed in the face of a
prospectus that is not truthful."

According to the report, the directors -- executive directors
Samuel Pogson of Wahroonga and Murray Lapham of Turramurra, and
non-executive director Steven Martin of West Pennant Hills --
have pleaded guilty to obtaining a financial advantage by making
false and misleading statements, when they portrayed to investors
in the 2004 prospectus that the group was AU$7.4 million in
profit, when it had a AUD1 million loss.  Mr. Pogson has pleaded
guilty to an additional charge under the Corporations Act dealing
with the same material, SMH adds.

Mr. Bromwich, as cited by SMH, said that after the Australian
Securities and Investments Commission put a stop order on the
prospectus and asked for the financial position to be reported,
the directors decided to purchase some of the Gosford units and
the Pokolbin development.  Those sales contracts were backdated
and included in the 2003 accounts, taking the group into profit.
The $9.5 million Pokolbin sale did not proceed, and the Crown
alleges it was a sham transaction.

SMH notes that Robert Sutherland, SC, for Mr. Pogson and
Mr. Lapham, argued that his clients were likely to receive a
sentence in the range where they could be considered for an
intensive correction order, which is served in the community.

SMH reports that Mr. Bromwich told Judge Garling he would press
for a full-time custodial sentence.  "The practical effect of an
ICO for white-collar offenders of this kind is really a headline
'custodial sentence', but in truth no more than community
service," Mr. Bromwich said.

Judge Garling said while he would request the authorities to
assess whether the three were eligible for an intensive
correction order, he would not be bound to proceed down that path
when the matter returned for a full sentencing hearing in
February, SMH relates.

                      About Australian Capital

Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- was an investment group based in
North Sydney New South Wales, Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2007, ACR was placed in voluntary administration in late
May amid fears that 7,000 noteholders could lose substantial
amounts of money.  Reportedly, ACR has been running out of cash
with less than AU$10 million left at the end of 2006.

PricewaterhouseCoopers serves as the group's administrators.


B&H WHOLESALE: Jewellery Distributor Placed in Liquidation
----------------------------------------------------------
Jeweller reports that B&H Wholesale, the Australian distributor
of Roy King Jewellery, was placed in liquidation on November 29.

Richard Rohrt, from insolvency firm Hamilton Murphy, has been
appointed liquidator following a creditor's meeting on
December 16, according to the report.

Jeweller relates that a draft report by the liquidator reveals
debts totaling over AU$700,000, with the majority (AU$596,000)
owed to the Australian Taxation office.

Jeweller says company spokesperson, Caron Wong confirmed that B&H
had closed, though it still held unpaid Roy King Jewellery in
stock.

Mr. Wong declined to confirm details of the exact size of the
debt owed to Roy King, although the liquidator's report confirms
the company is on the creditor list, the report notes.

Roy King Jewellery was established in London in 1927, appointing
B&H Wholesale as its Australian distributor in 2009.


HILLSIDE ABATTOIR: Two Parties Show Interest in Buying Stake
------------------------------------------------------------
Amy Wilson-Chapman at PerthNow reports that two parties are said
to be interested in purchasing Narrogin-based Hillside Abattoir's
stake.

The company closed its doors in June this year, and now under the
control of PricewaterhouseCoopers after falling out of
administration, according to PerthNow.  The report relates that
an unnamed employee said the strong Australian dollar and the
diminishing sheep flock were just some of the reason for the
company's demise.

PerthNow discloses that the company was paying exorbitant wages,
well above its earning, in the weeks leading up to its closure.

The report relates that the second creditors' meeting was
adjourned on Dec. 19, so PwC could continue negotiations with two
"interested parties" for another 45 days with the hope of selling
the company.

But, until then, the company has let go more than 100 staff with
just two administrators and the chief executive remaining, the
report discloses.


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


CDC CORP: Court OKs Moelis as Financial Advisor
-----------------------------------------------
CDC Corp. sought and obtained from the U.S. Bankruptcy Court for
the Northern District of Georgia authority to employ Moelis &
Company LLC as its financial advisor and investment banker, nunc
pro tunc to Nov. 10, 2011.

Moelis will, among other things:

   a) undertake, in consultation with members of management
      of the Company and Business, a customary business and
      financial analysis of the Company and the business;

   b) assist the Company in reviewing and analyzing a potential
      Debt Transaction, Equity Transaction, Division Sale
      Transaction, CDC Software Sale Transaction or a
      Restructuring Transaction;

   c) assist the Company in identifying potential Purchasers
      of a Debt Capital Transaction and/or an Equity Capital
      Transaction and potential Acquirers of a Division Sale
      Transaction and/or a CDC Software Sale Transaction;

   d) contact potential Purchasers and Acquirers that Moelis
      and the Company have agreed may be appropriate for a
      Transaction, and meet with and provide them such
      information about the Company or the Business as may
      be appropriate and acceptable to the Company, subject
      to customary business confidentiality;

   e) assist the Company in preparing Information Materials
      to be distributed to potential Purchasers and Acquirers;

   f) assist the Company in developing a strategy to effectuate
      the Transaction; and

   g) assist the Company, upon further request, in structuring
      and negotiating the Transaction and participate in such
      negotiations as requested.

The Debtor has agreed to pay Moelis the proposed compensation
based on the parties' Engagement Letter:

   a) Monthly Retainer Fee.  A non-refundable monthly retainer
      fee of $100,000 per month, payable in advance for the
      period commencing on the Commencement Date until the
      termination of the Engagement Letter.  The first payment
      of the Monthly Retainer Fee shall be payable on the
      Order Date and shall cover the period from the
      Commencement Date until the Order Date pro-rated for
      any partial months included), and subsequent payments
      will be payable on each monthly anniversary of the
      Order Date.  After the Company pays Moelis three full
      Monthly Retainer Fees, Moelis agrees to credit 25% of
      the subsequent three Monthly Retainer Fees paid to
      Moelis, on a dollar-for-dollar basis, against a CDC
      Software Sale Transaction Fee; Moelis further agrees to
      credit 50% of all subsequent Monthly Retainer Fees (that
      is after the first full six Monthly Retainer Fees) paid
      to Moelis, on a dollar-for-dollar basis, against a CDC
      Software Sale Transaction Fee, up to a maximum credit
      of all Monthly Retainer Fees credited of $300,000.

   b) Capital Transaction Fee. A transaction fee, payable
      promptly at the closing of each Debt Capital Transaction
      and an Equity Capital Transaction equal to:

      * 3.0% of the gross amount or face value of any Debt
        Capital Transaction (including any unfunded commitments),
        Plus

      * 5.0% of the gross amount or face amount of any Equity
        Capital Transaction.

      The Company will pay a separate Capital Transaction Fee in
      respect of each Capital Transaction in the event that more
      than one Capital Transaction occurs.

   c) Sale Transaction Fee.  A transaction fee, payable promptly
      at the closing of each Division Sale Transaction or CDC
      Software Sale Transaction equal to:

      * with respect to eight potential purchasers who have
        signed Letters of Intent with the Company as of the
        Commencement Date ("Identified Purchasers"):

         (i) 1.5% of Transaction Value for amounts up to $7.50
             per share; plus

        (ii) 2.5% of Transaction Value for amounts in excess
             of $7.50 per share; and

      * with respect to other purchasers:

         (i) 1.5% of Transaction Value for amounts up to $5.50
             per share; plus

        (ii) 2.5% of Transaction Value for amounts in excess of
             $5.50 per share; and

      The Debtor will pay a separate Sale Transaction Fee in
      respect of each Sale Transaction in the event that more
      than one Sale Transaction occurs.

   d) Restructuring Transaction Fee.  At the closing of a
      Restructuring, a non-refundable cash fee of $2.0 million.
      For the avoidance of doubt, (i) in the event a Sale
      Transaction Fee for a CDC Software Sale Transaction is
      paid to Moelis, a Restructuring Fee shall not be payable
      to Moelis.  If the Company receives a dividend which is
      used to repay or resolve the Evolution claim that will
      constitute a Restructuring Transaction (unless the
      dividend is proceeds from a CDC Software Sale Transaction
      for which a Sale Transaction Fee is payable).

   e) Termination Fee.  A termination fee equal to 25% of any
      "termination fee," "break-up fee," "topping fee,"
      "expense reimbursement" or other form of compensation
      payable to the Company (or the Business) or of the value
      of any option to purchase any securities or assets that
      the Company (or the Business) has been granted if, after
      the execution of an agreement in principle, letter of
      intent, definitive agreement or similar agreement for a
      Transaction, the Transaction fails to close and the
      Company (or the Business) receives any such compensation
      or option.  The Company will pay the Termination Fee when
      it receives any such compensation or is able to exercise
      any such option.  If the Company (or the Business)
      receives any such compensation in the form of, or receives
      an option for, securities or assets, the value will be the
      fair market value on the day the Company receives such
      compensation or are able to exercise such option.

   f) Expenses.  Whether or not any Transaction is consummated,
      the Company will reimburse Moelis for all of its reasonable
      out-of-pocket expenses for travel, copying, delivery,
      teleTel, etc. as they are incurred in entering into and
      performing services; provided, however, that prior approval
      of the Company will be required if the expenses exceed
      $75,000.  In addition, the Debtor agrees to reimburse
      Moelis for its customary and reasonable expenses incurred
      by Moelis in connection with the matters contemplated by
      the Engagement Letter, including, without limitation,
      reasonable fees, disbursements, and other charges of
      Moelis' counsel.

   g) Form of Payment.  All fees, expenses and any other amounts
      payable hereunder are payable in U.S. dollars.

In addition, if, at any time prior to the expiration of 12 months
following the termination of the Engagement Letter, the Company
enters into an agreement or a plan of reorganization is filed
that subsequently results in a Transaction, or consummates a
Transaction, then the Company will pay Moelis the Capital
Transaction Fee or the Sale Transaction Fee (as the case may be)
as specified in cash promptly upon the closing of each such
Transaction.  If, at any time prior to the expiration of 12
months following the termination of the Engagement Letter, the
Company enters into an agreement or a plan of reorganization is
filed for a Transaction and the Transaction subsequently fails to
close then the Company will pay Moelis the Termination Fee upon
receipt of any compensation or option as specified.

John P. Joliet, managing director of Moelis & Company, attests
that the firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson serves as chief restructuring officer.  The Debtor
estimated assets and debts at $100 million to $500 million as of
the Chapter 11 filing.


SINO-FOREST: Gets Default Notice; Forms Restructuring Committee
---------------------------------------------------------------
Sino-Forest Corporation has received written notices of default
dated Dec. 16, 2011 in respect of its Senior Notes due 2014 and
its Senior Notes due 2017.  The notices, which were sent by the
Trustee under the Senior Note Indentures, reference the Company's
previously disclosed failure to release its 2011 third quarter
financial results on a timely basis.  An "Event of Default" under
the Senior Note Indentures will have occurred if the Company
fails to cure or otherwise fails to address the breach of
indenture giving rise to the notices of default within 30 days
following receipt of the notices.  The Company does not expect to
be able to file the Q3 Results and cure the default within the
30-day cure period.

The Company and its advisors met on Dec. 14, 2011 with an ad hoc
committee of note holders and their legal counsel.  The Company
was informed by the ad hoc committee's legal counsel that the
note holders attending and others represented at the meeting by
legal counsel hold a substantial portion of the Company's four
series of senior and convertible notes.  As there is no registry
of beneficial holders for the notes, the Company cannot
independently verify the holdings of those who attended or were
represented by counsel.  The note holders and their legal counsel
expressed a willingness to work cooperatively with the Company in
an effort to preserve value for the benefit of the Company's
stakeholders.  The Company has since been informed that the note
holders present at the meeting or represented by counsel did not
initiate or support the issuance of the notices of default that
the Company has received from the Trustee.

The Company's breach of the Senior Note Indentures relating to
the Q3 Results can be waived for a series of Senior Notes by the
holders of at least a majority in principal amount of that
series. The Company has begun discussions with its note holders
with a view to obtaining waivers under the two relevant series of
Senior Notes or with a view to having the Trustee withdraw the
notices of default.  There can be no assurance that the notices
of default will be withdrawn or that any such waivers will be
obtained.

If the notices are not withdrawn and the required waivers are not
obtained within the 30 day cure period, and the Q3 Results are
not filed within the 30 day cure period, an Event of Default will
have occurred under each series of Senior Notes.  Under the
Senior Note Indentures, if such an Event of Default occurs and is
continuing, the Trustee or the holders of at least 25% in
aggregate principal amount of a series of Senior Notes may by
written notice declare the principal of, premium, if any, and
accrued and unpaid interest on that series of Senior Notes to be
immediately due and payable. Upon a declaration of acceleration,
such amount would become immediately due and payable.  Also, the
trustee under the Senior Note Indentures may pursue any available
remedy to collect the payment of principal of and interest on the
Senior Notes or to enforce the performance of any provision of
the Senior Notes or the Senior Note Indentures.  In addition, the
trustee under the Senior Note Indentures may instruct the
"Security Trustee" to foreclose on the collateral pledged by the
Company and its affiliates in respect of the Senior Notes.

As the Company has previously disclosed, the Board has determined
that it must consider all strategic options available to the
Company.  Those options may include the recapitalization of the
company, the sale of some or all of its business or assets, as
well as creditor-protection or other insolvency-related
proceedings in jurisdictions in which the Company and its
subsidiaries carry on business.

On Dec. 16, 2011 the Board of Directors established a Special
Restructuring Committee of the Board, comprised exclusively of
directors independent of management of the Company, for the
purpose of supervising, analyzing and managing the strategic
options available to the Company.  The members of the Committee
are Mr. William Ardell, Chair of the Board of Directors, who will
be Chair of the Committee, and Mr. Garry West.

The Company has commenced discussions with its stakeholders, and
the success of these discussions will be a key element in
determining the future of the Company and the courses of action
available to it.

The aggregate amount of principal owing under the four series of
outstanding senior and convertible notes is approximately US $1.8
billion.  In addition to its outstanding senior and convertible
notes, as of Sept. 30, 2011, the Company has loan facilities in
China totaling US $70.5 million (unaudited).

                  About Sino-Forest Corporation

Sino-Forest Corporation -- http://www.sinoforest.com-- is a
leading commercial forest plantation operator in China. Its
principal businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products. Sino-Forest also holds a majority interest in
Greenheart Group Limited , a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2011, Moody's Investors Service downgraded to Ca from
Caa1 the corporate family and senior unsecured debt ratings of
Sino-Forest Corporation.  At the same time, Moody's will withdraw
all the ratings of Sino-Forest.


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


ALLSWELL MEDICAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 19, 2010,
to wind up the operations of Allswell Medical Equipment Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


A-ONE INVESTMENTS: Creditors' Proofs of Debt Due Dec. 30
--------------------------------------------------------
Creditors of A-One Investments Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
Dec. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


ARTAKE DESIGN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of Artake Design & Associates Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


ASSON HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 9, 2009, to
wind up the operations of Asson Holdings Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


BESTWAY (H.K.): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 9, 2009, to
wind up the operations of Bestway (H.K.) Toys Co. Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


BILLION FORWARD: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of Billion Forward Industrial Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


BLACK PEARL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011,
to wind up the operations of Black Pearl Nominee's Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


CANTON PROPERTY: First Meetings Slated for Jan. 6
-------------------------------------------------
Contributories and creditors of Canton Property Investment
Limited will hold their first meetings on Jan. 6, 2012, at 10:00
a.m., and 10:30 a.m., respectively at Room 203, Duke of Windsor
Social Service Building, at No. 15 Hennessy Road, Wanchai, in
Hong Kong.

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


CAPITAL GLOBE: Borrelli and Walsh Appointed as Liquidators
----------------------------------------------------------
Cosimo Borrelli and Jacqueline Walsh on Nov. 30, 2011, were
appointed as liquidators of Capital Globe Limited.

The liquidators may be reached at:

          Cosimo Borrelli
          Jacqueline Walsh
          Level 17, Tower 1
          Admiralty Centre 18
          Harcourt Road
          Hong Kong


CHIH LIK: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 9, 2009, to
wind up the operations of Chih Lik Plastic & Nylon Factory
Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


CHINA COPPER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 9, 2009, to
wind up the operations of China Copper (Holdings) Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


CHINALINK INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2009, to
wind up the operations of Chinalink International Holdings
Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


COASTAL PRINTING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Oct. 5, 2009, to
wind up the operations of Coastal Printing HK Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


COMEPHONE INDUSTRIAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Sept. 30, 2009,
to wind up the operations of Comephone Industrial Limited.

The company's liquidator is:

         Huen Ho Yin
         Huen & Partners
         The whole of 22nd Floor
         9 Des Voeux Road West
         Hong Kong


PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 17
-----------------------------------------------------------------
Members of Procter & Gamble Distributing (HK) Limited will hold
their final general meeting on Jan. 17, 2012, at 11:00 a.m., at
20/F., Prince's Building, Central, in Hong Kong.

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


RIBO INDUSTRIAL: Members' Final General Meeting Set for Jan. 18
---------------------------------------------------------------
Members of Ribo Industrial Limited will hold their final general
meeting on Jan. 18, 2012, at 11:00 a.m., at its Registered Office
at 11th Floor, Lai Sun Commercial Centre, at 680 Cheung Sha Wan
Road, Kowloon, in Hong Kong.

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


SOL MELIA: Members' Final Meeting Set for Jan. 6
-------------------------------------------------
Members of Sol Melia China Limited will hold their meeting on
Jan. 6, 2012, at 10:30 a.m., at 27/F., Alexandra House, at 18
Chater Road, Central, in Hong Kong.

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


SUMORE CORPORATION: Creditors' Meeting Set for Dec. 23
------------------------------------------------------
Creditors of Sumore Corporation Limited will hold a meeting on
Dec. 23, 2011, at 3:00 p.m., at Room 10, 16/F, Parklane Centre,
at 25 Kin Wing Street, Tuen Mun N.T., in Hong Kong.

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


TUNG WAH: Pui Chiu Wing Appointed as Liquidator
-----------------------------------------------
Pui Chiu Wing on Dec. 5, 2011, was appointed as liquidator of
Tung Wah International Co. Limited.

The liquidator may be reached at:

         Pui Chiu Wing
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N.T.
         Hong Kong


WELLS FARGO: Joseph Roderick Thom Appointed as Liquidator
---------------------------------------------------------
Joseph Roderick Thom on Dec. 2, 2011, was appointed as liquidator
of Wells Fargo Financial Hong Kong Limited.

The liquidator may be reached at:

         Joseph Roderick Thom
         90 South 7th Street
         MAC N9305-135, Minneapolis
         MN 55402, U.S.A.


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


AIR INDIA: Unit Offers INR1 Lakh Hardship Allowance to Pilots
-------------------------------------------------------------
The Times of India reports that after losing 49 pilots this year
due to non-payment of salaries, Air India is now pulling all
stops to retain the ones who are still in its wings.  The report
relates that Air India Express is offering to pay INR1 lakh extra
per month to commanders who are willing to be posted in non-metro
cities in south India.  This move comes on the heels of the
management signing a deal with Indian Airlines pilots for giving
them fix pay of 72 hours' flying irrespective of the actual time
spent in air to partly meet their demand of pay parity with AI
pilots, the report says.

According to the report, AI Express has offered a "hardship
allowance" of INR1 lakh per month for commanders who opt for
postings in cities like Kochi, Mangalore, Kozikhode and
Trivandrum.  The move, sources said, was necessitated after yet
another strike-averting deal the management signed with AI pilots
for bringing them back to the parent company from the LCC.  Under
the new agreement, commanders and co-pilots working on deputation
in AI Express from AI will be sent back to the parent company
after flying in the LCC for 1,500 and 2,000 hours, respectively.

"AI Express has 100 commanders and as many co-pilots. Of them, 44
commanders and 60-odd co-pilots would start returning to AI as
per the new agreement. We need commanders and co-pilots for our
flights. So this hardship allowance of Rs 1 lakh should be able
to attract talent from even the private Indian carriers. After
all, a jump is not very common in today's environment but we are
doing it out of necessity," a senior official told TOI.

                        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.


ANNEX GLASS: CRISIL Cuts Rating on INR150MM LT Loan to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Annex
Glass Industries Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR150.00 Million Long-Term Loan   CRISIL D (Downgraded from
                                            'CRISIL B+/Stable')

   INR40.00 Million Cash Credit       CRISIL D (Downgraded from
                                            'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by the company
in servicing its term debt; the delays have been caused by the
company's weak liquidity. AGIPL has a weak liquidity because of
lower operating rates, as a result of delay in commercialization
and ramping up of its glass manufacturing unit. The company
incurred cash losses of around INR4 million in 2010-11 (refers to
financial year, April 1 to March 31).

AGIPL also has a weak financial risk profile, marked by a small
net worth, a high gearing, and weak debt protection metrics, and
a limited track record. The company, however, benefits from the
increasing demand for architectural glass from the construction
sector.

                         About Annex Glass

AGIPL was incorporated in 2007 by its current chairman Mr.
Parvataneni Bapaiah, his sons Mr. P Krishna Kiran and Mr. P
Krishna Kishore, and Mr. Sunkara Anil Kumar. The company
manufactures various types of architectural glass such as
toughened/tempered glass, heat strengthened glass, insulated
glazing glass, laminated glass, designer glass, fire resistant
glass, and bullet-resistant glass. It mainly caters to customers
in the construction business. AGIPL has a total glass processing
capacity of around 1.2 million square meters per annum. The
company commenced commercial production in February 2010.

AGIPL reported a net loss of INR6.7 million on net sales of
INR8.7 million for 2010-11, its first year of commercial
operations. On provisional basis, it has reported a net profit
after tax of INR1.8 million on net sales of INR6.3 million for
the six months ended September 30, 2011.


AXIS EDUCATIONAL: CRISIL Places CRISIL D Rating on INR149MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Axis Educational Society. The rating reflects
instances of delay by AES in servicing its debt; the delays have
been caused by the society's weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR149 Million Term Loan       CRISIL D (Assigned)
   INR451 Million Proposed LT     CRISIL D (Assigned)
   Bank Loan Facility

AES also has a weak financial risk profile, marked by moderate
gearing, and weak debt protection metrics, exposure to risks
related to limited track record, and vulnerability to regulatory
risks associated with educational institutions. These rating
weaknesses are partially offset by the healthy demand prospects
for the education sector in India.

AES was promoted in 2009 by Mr. Raj Kushwaha. The trust operates
six institutes comprising two engineering colleges, two Masters
of Business Administration colleges, a fashion technology
college, and an architecture college located on the same campus
spread across a 70-acre land in Kanpur (Uttar Pradesh). All the
colleges under the trust commenced operations in 2010. The
colleges under the trust are affiliated to Gautam Buddha
Technical University (formerly known as Uttar Pradesh Technical
University) and have been approved by the All India Council of
Technical Education.

AES is expected to report a deficit of INR7.9 million on an
income of INR46.9 million in 2010-11.


DHANTURI GROUP: CRISIL Assigns CRISIL B Rating on INR163.8MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhanturi Group of Hotels Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR163.80 Million LT Loan      CRISIL B/Stable (Assigned)

   INR36.20 Million Proposed
   Long-Term Bank Loan Facility   CRISIL B/Stable (Assigned)

The rating reflects Dhanturi Group's below-average financial risk
profile, marked by a high gearing, small net worth and below-
average debt protection metrics, small scale of operations, and
vulnerability to cyclicality and intense competition in the hotel
industry. These rating weaknesses are partially offset by
extensive experience of Dhanturi Group's promoters in the hotel
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hotel Swagath (Veg & Non Veg) and
Sitara Family Dining Bar & Multicuisine Restaurant with DGHPL,
collectively referred to as the Dhanturi group. This is because
all the entities are under a common management and have intra-
group operational and financial linkages.

Outlook: Stable

CRISIL believes that Dhanturi Group will continue to benefit over
the medium term from its established regional market position and
its promoters' extensive experience in the hotel industry. The
expected adverse impact on Dhanturi Group's financial risk
profile because of debt-funded capital expenditure (capex) plan
will be partially offset by the growth in the group's operating
income and cash accruals. The outlook may be revised to
'Positive' in case Dhanturi Group completes its planned capex
ahead of schedule without any cost overrun and achieves better-
than-expected occupancy levels, resulting in revenue and
profitability growth. Conversely, the outlook may be revised to
'Negative' in case Dhanturi Group's operations or profitability
decline significantly because of economic downturn in the
industry or increased competition.

                       About Dhanturi Group

DGHPL was incorporated in 2008. Dhanturi Group operates a chain
of hotels and restaurants in Hyderabad and Secunderabad (Andhra
Pradesh). It is promoted and managed by Mr. D Ravinder and Mr. D
Hari Shankar. Currently, the group consists of seven hotels and
restaurants in Hyderabad. Till 2010-11 (refers to financial year,
April 1 to March 31), Dhanturi Group operated only two hotels -
Hotel Sitara Grand and Hotel Sitara Royal. In April 2011, two
partnership firms, Hotel Swagath and Sitara Family Dining Bar &
Multicuisine Restaurant were merged with DGHPL. DGHPL has
undertaken a debt-funded capex programme of about INR163 million
for setting up three hotels in Hyderabad; the capex is funded by
term loan of INR124 million and all the upcoming hotels are
expected to become operational by January 2012.

Dhanturi Group reported a profit after tax (PAT) of INR7.92
million on net sales of INR141.2 million for 2010-11, against a
PAT of INR4.85 million on net sales of INR105.1 million for
2009-10.


CHOUDHARI CONSTRUCTION: CRISIL Rates INR40MM Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Choudhari Construction Company.

   Facilities                     Ratings
   ----------                     -------
   INR40 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR10 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect CCC's modest scale of operations in the
highly competitive construction industry, limited medium-term
revenue visibility on account of its modest order book position
as on October 31st 2011, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of CCC's partner in the civil construction
industry.

Outlook: Stable

CRISIL believes that CCC will benefit over the medium term from
the extensive industry experience of its partner and its long-
standing relationship with local governing bodies. The outlook
may be revised to 'Positive' in case of significant scale-up of
its operations while maintaining its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of time or cost overruns in the execution of projects,
resulting in a significant weakening of its business or financial
risk profiles.

                    About Choudhari Construction

CCC, set up in 1983 as a partnership firm by Mr. Hamiram
Choudhari and his wife, Mrs. Ratanben Choudhari, undertakes
various infrastructure-related construction activities comprising
construction and repair of roads and buildings and sewerage
systems in Mumbai (Maharashtra). The construction and repair of
roads contributed around 70 per cent to CCC's total sales during
2010-11, followed by drainage systems, (about 20 per cent) and
building repair (about 10 per cent). The firm participates in
tenders floated by the Brihanmumbai Municipal Corporation (BMC),
Mumbai Metropolitan Regional Development Authority, and Public
Works Department, with majority of the orders received from the
BMC. The firm also sub-contracts about 70 per cent of its works
to a few outside entities on a regular basis. Mr. Hamiram
Choudhari is responsible for the overall management of the firm
and has close to three decades of experience in the civil
construction industry.

CCC reported a profit after tax (PAT) of INR7.1 million on net
sales of INR140.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.5 million on net
sales of INR130.2 million for 2009-10.


KINGFISHER AIRLINES: To Face Action After Defaulting TDS
--------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd is now
set to face the heat on deducting tax at source (TDS) from
payments it made without depositing the same with the Income Tax
department.  The report relates that the government on Tuesday
said Kingfisher had defaulted on depositing INR53.8 crore for
last fiscal and INR100 crore for the current one and that action
would be taken against the airline.

"Proceedings have been initiated for 2010-11 to crystallise the
default amount, levy interest on delayed payment and take further
statutory action . . . Out of (total liability), INR21.04 crore
has been collected by the I-T department. The airline has filed a
commitment letter and has undertaken to pay the balance TDS
liabilities by the end of the current financial year," the report
quotes S S Palanimanickam, minister of state for finance, as
saying.

The minister, however, added that the airline had so far not
defaulted on payment of employee provident fund, the Times of
India says. "No dues of Employees' Provident Fund Organisation
and Employees State Insurance Corporation are pending against
Kingfisher as on October 30, 2011," Mr. Palanimanickam said.

The Times of India had reported Kingfisher's TDS woes on
October 4 when Airports Authority of India found that the airline
had deducted almost INR21 crore in payment made to it for 2010-11
but the same was not getting reflected as tax deposited.

The report relates that the authority had then asked Kingfisher
to pay this sum, along with other dues of INR200 crore.  Later
employees also came out with similar complaints of not getting
Form 16 (certificate of employer deducting TDS and depositing
that with the government) for two years now, according to the
report.

                      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 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.


KUNDAN RICE: Fitch Rates INR400-Mil. Working Capital at 'BB'
------------------------------------------------------------
Fitch Ratings has assigned India's Kundan Rice Mills Limited's
(KRML) additional INR300m fund-based and INR400m non-fund based
working capital facilities 'Fitch BB(ind)'/'Fitch A4+(ind)'
ratings.

KRML's outstanding ratings (including above) are as follows:

  -- National Long-Term rating: 'Fitch BB(ind)'
  -- INR400m fund-based working capital limits: 'Fitch BB(ind)';
  -- INR830m non-fund based working capital limits: 'Fitch
     A4+(ind)'.


JAIKRISHNAA AUTOSALES: CRISIL Puts 'BB-' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Jaikrishnaa Autosales Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR10 Million Cash Credit      CRISIL BB-/Stable (Assigned)

   INR130 Million Inventory       CRISIL A4+ (Assigned)
   Funding Facility

   INR15 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of JAPL's promoters
in the automobile (auto) dealership business, and the company's
established market position in the Coimbatore (Tamil Nadu)
region. These rating strengths are partially offset by JAPL's
weak financial risk profile, marked by a small net worth, high
total outside liabilities to tangible net worth ratio, and weak
debt protection metrics; susceptibility to intense competition in
the auto industry; and low bargaining power with its principal.

Outlook: Stable

CRISIL believes that JAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
healthy demand for Maruti Suzuki India Ltd's (MSIL's; rated
'CRISIL AAA/Stable/CRISIL A1+') passenger vehicles. The outlook
may be revised to 'Positive' if JAPL's financial risk profile
improves, most likely driven by an increase in accruals and an
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case a slowdown in the automobile
industry adversely affects JAPL's revenues and profitability, or
if the company undertakes any large, debt-funded capital
expenditure programme, thereby weakening its capital structure.

                       About Jaikrishnaa Autosales

Set up in 2007 by Mr. M R Durairaj and his family members, JAPL
is an authorised dealer for MSIL's passenger vehicles in
Coimbatore, where it has three showrooms and three services
stations.

JAPL reported a profit after tax (PAT) of INR5 million on net
sales of INR1149 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
sales of INR746 million for 2009-10.


NAGARSHETH SHIPBREAKERS: CRISIL Rates INR40MM Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Nagarsheth Shipbreakers.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR180 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect NS' presence in cyclical and fragmented
nature of industry, vulnerability to government regulations, and
below-average financial risk profile, marked by a small net
worth, high total outside liabilities to tangible net worth
(TOLTNW), and low interest cover. These rating weaknesses are
partially offset by the extensive industry experience of NS'
partners and favourable growth prospects for ship-breaking
industry over the medium term.

Outlook: Stable

CRISIL believes that NS will benefit over the medium term from
the extensive industry experience of its partners and favourable
growth prospects for the ship-breaking industry. The outlook may
be revised to 'Positive' if there is significant improvement in
revenues while maintaining its profitability or significant
capital infusion by the partners, leading to improvement in
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there is significant
decline in profitability as a result of volatility in scrap steel
prices or foreign exchange rates.

                     About Nagarsheth Shipbreakers

NS was set up in 1983 and is engaged in ship-breaking activity in
Alang (Gujarat). The firm has acquired a 4365-square-metre plot
on lease from Gujarat Maritime Board. NS can dismantle up to
30,000 tonnes at a time. The overall activities of the firm are
managed by Mr. Mukund Nagarsheth and his son, Mr. Devang
Nagarsheth.

The firm was not operational for 15 months until January 2011 due
to issues related to retirement of Mr. Pravin Nagarsheth, elder
brother of Mr. Mukund Nagarsheth, in November 2010. NS reported a
profit after tax (PAT) of INR2.1 million on net sales of INR56.3
million for 2010-11 (refers to financial year, April 1 to
March 31), as against a PAT of INR8.7 million on net sales of
INR283.5 million for 2009-10.


SAFIRE INDUSTRIES: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of The Safire Industries, part of the Safire
group.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR46.5 Million Long-Term Loan   CRISIL B-/Stable (Assigned)
   INR5 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR10 Million Letter of Credit   CRISIL A4 (Assigned)

   (The above facilities are with Tamilnad Mercantile Bank)

The ratings reflect the Safire group's stretched receivables
resulting in large working capital requirements and its
susceptibility to fluctuations in the fortunes of its end user
industry. These rating weaknesses are partially offset by the
group's established market position in the printing and
publications industry, and above-average financial risk profile,
marked by moderate gearing and comfortable debt protection
metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SI with its group entities - The
Safire Offset Printers, Safire Cine Printograph, and Safire
Printograph - together referred to as the Safire group. The
consolidated approach is because all the entities are engaged in
the same line of business and are managed by the same promoters.
Also, there is significant financial fungibility among the four
entities. Furthermore, the group's management intends to merge
all the four entities into a single entity over the medium term.

Outlook: Stable

CRISIL believes that the Safire group will benefit over the
medium term from its established track record in the printing and
publishing business and healthy profitability levels. The outlook
may be revised to 'Positive' if the group substantially scales up
its operations, improves its receivable management significantly
while maintaining its profitability, resulting in improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is deterioration in the group's
working capital management, resulting in weak liquidity, or if
the group undertakes a large debt-funded capital expenditure
programme, resulting in weakening in its financial risk profile.

                         About the Group

Set up in 1989, SI is a part of the Safire group of companies,
which is engaged in printing of film posters, brochures,
calendars, text books, and school magazines. The Safire group
comprises SI, SOP, SCP, and SP. All the entities are based in
Sivakasi (Tamil Nadu) and are engaged in the same line of
business.

The group's promoter, the late Mr. Ayyanathan, was a trader of
film reels in Sivakasi and forayed into the printing business
after establishing contacts with film distributors. Currently,
the group's operations are managed by his three sons, Mr.
Dhanasekar, Mr. Gnanasekar, and Mr. Vijayasekar.

The Safire group reported a profit after tax (PAT) of INR 21.43
million on net sales of INR 445.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR
26.3 million on net sales of INR 381.3 million for 2009-10.


SAFIRE OFFSET: CRISIL Assigns 'CRISIL B-' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its CRISIL has assigned its 'CRISIL B-
/Stable/CRISIL A4' ratings to the bank facilities of The Safire
Offset Printers, part of the Safire group.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit         CRISIL B-/Stable (Assigned)
   INR64.5 Million Long-Term Loan    CRISIL B-/Stable (Assigned)
   INR5 Million Bank Guarantee       CRISIL A4 (Assigned)
   INR10 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect the Safire group's stretched receivables
resulting in large working capital requirements and its
susceptibility to fluctuations in the fortunes of its end user
industry. These rating weaknesses are partially offset by the
group's established market position in the printing and
publications industry, and above-average financial risk profile,
marked by moderate gearing and comfortable debt protection
metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SOP with its group entities - The
Safire Industries, Safire Cine Printograph, and Safire
Printograph - together referred to as the Safire group. The
consolidated approach is because all the entities are engaged in
the same line of business and are managed by the same promoters.
Also, there is significant financial fungibility among the four
entities. Furthermore, the group's management intends to merge
all the four entities into a single entity over the medium term.

Outlook: Stable

CRISIL believes that the Safire group will benefit over the
medium term from its established track record in the printing and
publishing business and healthy profitability levels. The outlook
may be revised to 'Positive' if the group substantially scales up
its operations, improves its receivable management significantly
while maintaining its profitability, resulting in improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is deterioration in the group's
working capital management, resulting in weak liquidity, or if
the group undertakes a large debt-funded capital expenditure
programme, resulting in weakening in its financial risk profile.

                         About the Group

SOP is a part of the Safire group of companies, which is engaged
in printing of film posters, brochures, calendars, text books,
and school magazines. The Safire group comprises SI, SOP, SCP,
and SP. All the entities are based in Sivakasi (Tamil Nadu) and
are engaged in the same line of business.

The group's promoter, the late Mr. Ayyanathan, was a trader of
film reels in Sivakasi and forayed into the printing business
after establishing contacts with film distributors. Currently,
the group's operations are managed by his three sons, Mr.
Dhanasekar, Mr. Gnanasekar, and Mr. Vijayasekar.

The Safire group reported a profit after tax (PAT) of INR 21.43
million on net sales of INR 445.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR
26.3 million on net sales of INR 381.3 million for 2009-10.


SHREENATHJI INFRA: CRISIL Puts 'CRISIL B+' Rating on INR10MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the long-term bank facilities of Shreenathji Infrastructure Pvt
Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR10 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR50 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR10 Million Proposed LT      CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   INR50 Million Bank Guarantee   CRISIL A4 (Assigned)
   INR20 Million Proposed Bank    CRISIL A4 (Assigned)
    Guarantee

The ratings reflects SNIPL's small scale of operations due to
presence in highly fragmented industry, limited track record, and
large working capital requirements. These rating weaknesses are
partially offset by SNIPL's moderate financial risk profile,
marked by moderate gearing and comfortable debt protection
metrics.

Outlook: Stable

CRISIL believes that SNIPL will continue to benefit from its
moderate order-book position. The outlook may be revised to
'Positive' in case of higher-than-expected increase in the
company's scale of operations and improvement in profitability,
leading to higher-than-expected cash accruals while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower profitability or larger-than-expected
working capital requirements because of delays in project
execution and/or receivables puts pressure on SNIPL's financial
risk profile particularly its liquidity.

                 About Shreenathji Infrastructure

SNIPL was set up in 2006 by Mr. Amit Malpani and is engaged in
civil construction of roads and buildings. SNIPL is a class 1
contractor for government bodies especially in Madhya Pradesh,
such as Public Works Department and Madhya Pradesh Road
Development Corporation Ltd. The company also undertakes
government projects from sub-contractors. At present, SNIPL has
an order book of INR265.7 million, which is expected to be
completed by 2012-13 (refers to financial year, April 1 to
March 31).

SNIPL reported a profit after tax (PAT) of INR8.3 million on net
sales of INR189.5 million for 2010-11, as against a PAT of INR7.7
million on net sales of INR135.4 million for 2009-10.


SHRI VAARI: CRISIL Assigns 'CRISIL BB' Rating to INR23.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Shri Vaari Electricals Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR23.5 Million Long-Term Loan   CRISIL BB/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)
   INR16.8 Mil. Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflects SVEL's established position in the
electrical equipment industry, promoter's extensive industry
experience, and moderate financial risk profile, marked by
moderate gearing and debt protection metrics. These rating
strengths are partially offset by SVEL's small scale of
operations and susceptibility to intense competition in the
electric equipment industry and to volatility in raw material
prices.

Outlook: Stable

CRISIL believes that SVEL will benefit over the medium term from
its promoter's extensive industry experience and its operational
capabilities. The outlook may be revised to 'Positive' in case
the company reports higher-than-expected revenue growth while
diversifying its revenue profile. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profit
margins because of lower bargaining power with its customers, or
if the company contracts larger-than-expected debt to fund its
capital expenditure plans, resulting in weakening in its capital
structure.

                        About Shri Vaari

Incorporated in 2005, SVEL manufactures electric equipment,
primarily electrical control panels. The company is managed by
its promoter-director, Mr. V Rangarajan, who has around 15 years
of experience in similar lines of business. The electrical panel
boards have varieties of application, such as power control
centers, motor control centers, auto changeover and synchronizing
panels, automatic power factor correction and harmonic mitigation
panels, and bus ducts. SVEL also holds an 'ESA' grade electrical
contractors licence issued by the electrical licensing boards of
Tamil Nadu, Karnataka, and Andhra Pradesh to carry out electrical
project works of up to 400 kilo volts. SVEL has an installed
capacity of 20 panel boards per day.

For 2010-11 (refers to financial year, April 1 to March 31), SVEL
reported a profit after tax (PAT) of INR11 million on net sales
of INR321 million, as against a PAT of INR6 million on net sales
of INR184 million for 2009-10.


SRI DURGA: CRISIL Assigns CRISIL BB- Rating to INR43MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the
facilities of Sri Durga Cloth Stores.

   Facilities                     Ratings
   ----------                     -------
   INR43.0 Million Term Loan      CRISIL BB-/Stable (Assigned)
   INR31.5 Million Cash Credit    CRISIL BB-/Stable (Assigned)

The rating reflects SDCS's small scale of operations, geographic
and product concentration, and large working capital
requirements. These rating weaknesses are partially offset by
experience of SDCS's promoters in the readymade garment industry.

Outlook: Stable

CRISIL believes that SDCS will be able to generate steady
profitability over the medium term, supported by its initiative
to increase its scale of operations. The outlook may be revised
to 'Positive' if SDCS's revenues, operating profitability, and
capital structure improve. Conversely, the outlook may be revised
to 'Negative' in case SDCS's revenues and operational
profitability decline or in case of more-than-expected
deterioration in the capital structure.

                        About Sri Durga

SDCS was constituted as a Hindu undivided family in 1955, with
Mr. Nirmal Kumar as its karta; the store was set up in 1942 to
trade in readymade garments. The entity set up its own retail
showroom in Berhampur (Orissa). It set up one new store in
Bhubaneswar, which started its operations in May 2011.

SDCS reported a profit after tax (PAT) of INR4.2 million on net
sales of INR126.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.8 million on net
sales of INR106.3 million for 2009-10.


SRI JAYAMALAR: CRISIL Assigns 'CRISIL C' Rating to INR46.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C /CRISIL A4' ratings to the bank
facilities of Sri Jayamalar Spinning Mills Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR46.5 Million Cash Credit           CRISIL C (Assigned)
   INR12.5 Million Long-Term Loan        CRISIL C (Assigned)
   INR10 Mil. Foreign Bill Negotiation   CRISIL A4 (Assigned)

The ratings reflect instances of past delay by SJSM in servicing
its debt; the delays were caused by the company's weak liquidity
because of large working capital requirements and decline in
profitability.

The ratings also reflects SJSM's small scale of operations in the
intensely competitive cotton industry, susceptibility to
volatility in cotton prices, and below-average financial profile
marked by a high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SJSM's promoters.

                        About Sri Jayamalar

Incorporated in 2004 by Mr. K. Krishnaswamy and his wife, Ms. K
Rathinam, Tirupur (Tamil Nadu)-based SJSM manufactures cotton
yarn with counts of 20s, 30s, and 40s. The company derives 60 per
cent of its revenues from sale of hosiery fabric, the
manufacturing of which is outsourced to local players in the
Coimbatore-Tirupur region (Tamil Nadu). The company has capacity
of 8448 spindles, currently.

SJSM reported a profit after tax (PAT) of INR0.10 million on net
sales of INR224 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR175 million for 2009-10.


TOLANI PROJECTS: CRISIL Cuts Rating on INR9MM Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tolani Projects Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', and has reaffirmed the rating on the company's
short-term bank facilities at 'CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR9.0 Million Rupee Term Loan   CRISIL BB/Stable; (Downgraded
                                    from 'CRISIL BB+/Stable')

   INR21.0 Mil. Overdraft Facility  CRISIL BB/Stable; (Downgraded
                                    from 'CRISIL BB+/Stable')

   INR1.0 Million Proposed LT Bank  CRISIL BB/Stable; (Downgraded
   Loan Facility                    from 'CRISIL BB+/Stable')

   INR70.0 Mil. Letter of Credit    CRISIL A4+ (Reaffirmed)

   INR70.0 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

The downgrade reflects the weakening of TPPL's business risk
profile, following its inability to scale up its operations as
anticipated. TPPL's revenue profile will remain constrained over
the medium term by its moderate order book, decision to
concentrate only in its traditional operating geographies, and
increasing competition. Furthermore, TPPL's revenues fell by
40 per cent in 2010-11 (refers to financial year, April 1 to
March 31), against CRISIL's estimation of strong growth in its
revenues, because of operational difficulties faced by the
company in some projects which were to be executed outside
Gujarat.

The ratings reflect TPPL's extensive experience in the operations
and maintenance (O&M) services industry. This rating strength is
partially offset by TPPL's average financial risk profile marked
by a high gearing and a small net worth, small scale of
operations, and customer concentration.

Outlook: Stable

CRISIL believes that TPPL will continue to benefit from its
established presence in Gujarat and its promoters' experience in
laying pipelines for sewage and in the oil and gas industry. The
outlook may be revised to 'Positive' if the company improves its
business risk profile substantially led by diversification and
significant growth in its revenues, while it maintains its
profitability. Conversely, the outlook may be revised to
'Negative' if TPPL's financial risk profile deteriorates most
likely because of its inability to convert unsecured loans into
equity over the medium term, or if the company cannot arrest its
decline in its revenues or if it undertakes a large debt-funded
capital expenditure programme.

                       About Tolani Projects

TPPL (formerly, Tolani Fabricators) was set up in 1979 as a
proprietorship firm by Mr. Narainbhai Hundaldas Tolani. The firm
was subsequently reconstituted into a partnership firm in April
2009, and then into a private limited entity in January 2010. The
Surat (Gujarat)-based entity provides installation and
commissioning, including fabrication and coating, as well as
maintenance of pipelines for transportation and tanks for storage
requirements to the oil and gas industry. It is also engaged in
laying of sewage pipelines.

TPPL reported profit after tax of (PAT) of INR11.4 million on net
sales of INR245.8 million for 2010-11 (refers to financial year,
April 1 to March 31), against a reported PAT of INR19.2 million
on net sales of INR391.4 million for 2009-10.


VELA STEEL: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vela Steel Enterprises.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR40 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect VSE's small scale of operations and
susceptibility of the firm's operating margin to volatility in
foreign exchange rates and in metal scrap prices; the ratings
also factor in VSE's below-average financial risk profile marked
by a small net worth and modest debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the steel industry.

Outlook: Stable

CRISIL believes that VSE will benefit over the medium term from
its promoters' experience in the steel industry. The outlook may
be revised to 'Positive' if the firm scales up its operations
substantially while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if VSE's liquidity deteriorates because of large working capital
requirements or decline in operating margin, resulting in reduced
cash accruals, or if the firm undertakes a large debt-funded
capital expenditure programme, thereby negatively impacting its
financial risk profile.

                         About Vela Steel

Set up as a proprietorship firm in April 2011 by Mr. T Murugesan,
VSE trades in steel scrap. Based in Namakkal (Tamil Nadu), the
firm derives majority of its revenues from supplying to its
promoter's other business entity named Sri Vela Smelters Pvt Ltd
(SVSPL, rated 'CRISIL BB-/Stable/CRISIL A4+'). SVSPL manufactures
thermo mechanically treated bars and has a rolling mill capacity
of 260 tonnes per day. Over the next six months, VSE intends to
start trading in pipes and plates, and copper and aluminium
scrap, which are used in industrial pipe fittings and electrical
windings. Trading in pipes and plates is expected to become VSE's
major revenue source, accounting for close to 70 per cent of the
firm's revenues over the medium term.


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


CITIBANK KOREA: Fitch Affirms Individual Rating at 'C'
------------------------------------------------------
Fitch Ratings has downgraded Korea-based Citibank Korea Inc.'s
Long-Term Foreign Currency Issuer Default Rating (IDR) to 'A-'
from 'A' and removed the rating from Rating Watch Negative. The
Rating Outlook is Stable.

The rating action was triggered by the downgrade of the IDR of
its 100% parent Citigroup Inc. (Citi, 'A'/Stable).

The downgrade of CKI's IDR reflects Citi's weakened ability to
support the Korea-based subsidiary, although the propensity to
support the bank remains extremely high.  CKI shares Citi's brand
name and is strategically important to the group's international
banking operations.  In this regard, Fitch notes that Citi has
previously injected capital into the Korean bank subsidiary and
would expect further support (including for funding) to be
provided on a timely basis, if needed.

CKI's Viability Rating (VR) reflects the bank's solid
capitalisation and stable net interest margins (NIM), backed by
strong ordinary support from Citi, especially in foreign currency
funding/liquidity and risk-management.  It also takes into
account its moderate bottom-line profitability, large exposure to
unsecured consumer loans and reliance on wholesale funding.

CKI's regulatory NIM continued to be strong and stable at 2.9%
for 9M11. Its regulatory non-performing loan (NPL) ratio was low
at 1.1% with a high 169% coverage ratio (inclusive of loan loss
reserves booked in retained earnings) at end-Q311.  CKI had a
strong Tier 1 ratio of 13.3% at end-Q311 under Basel II
standardised approach for credit risk.  Fitch notes that the bank
decided in December 2011 to pay dividend to its parent of
KRW130bn, shaving 33bp off its Tier 1 ratio based on risk-
weighted assets at end-Q311.

Given CKI's IDRs are institutional support-driven, any
significant change in Citi's willingness and ability to support
CKI will directly affect CKI's IDRs.  Upside potential for VR is
limited given its moderate profitability and large exposure to
unsecured consumer loans.  Downside risk for VR could arise if
its loan quality deteriorates substantially, leading to
significantly weakened capitalization, although Fitch views this
as a remote prospect.

With total assets of KRW59trn at end-Q311, CKI had a 3.4% market
share in local deposits.  CKI accounted for 2.4% of Citi's total
assets at end-2010.

The detailed list of rating actions is as follows:

  -- Long-term Foreign Currency IDR: downgraded to 'A-' from 'A';
     removed from Rating Watch Negative; assigned Stable Outlook

  -- Short-term Foreign Currency IDR: affirmed at 'F1'; removed
     from Rating Watch Negative

  -- Viability Rating affirmed at 'bbb+'

  -- Individual Rating affirmed at 'C'

  -- Support Rating: affirmed at '1'; removed from Rating Watch
     Negative


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


AMI INSURANCE: Has Not Consulted Policyholder Over Sale
-------------------------------------------------------
Fairfax NZ News reports that AMI Insurance has not consulted its
500,000 policyholders over the sale of the business for
NZ$380 million to Australian insurance firm IAG -- and does not
need to.

According to the report, policyholder Brian Walsh said he was
concerned that he had not had a letter advising of the annual
meeting being held Dec. 20 and had only seen a public notice in
The Press.

AMI is a mutual which is owned by its policyholders, called
members.  Unlike shareholders of a company, members do not put
capital into the company, the report notes.

"Members seem to have been treated as customers rather than equal
owners of a mutual organization," the report quotes Mr. Walsh as
saying.

Mr. Walsh, as cited by Fairfax NZ, said the sale to IAG would
demutualise AMI which would become part of another business but
"members" had not been consulted.

"I'm becoming a bit concerned about the AMI effective
demutualisation, (it) looks a lot like a Rogernomics style," Mr.
Walsh said.

Fairfax NZ relates that AMI Insurance chairman Kerry Nolan said
the way the firm was structured meant the sale of AMI to IAG did
not require members to vote.

AMI had set up a holding company to own AMI Insurance and the
directors of the holding company were the ones that voted on the
sale.  That was often why a company set up a holding company
which can make decisions in place of its shareholders.

"Because there is a holding company, we don't need the vote of
the trustee or the members for the sale.  That's what the
directors are for.  To take those decisions."

According to Fairfax NZ, Mr. Nolan said the "tortuous" structure
of having a holding company and appointing a trustee to protect
members' interests was required after changes to the Companies
Act in the 1990s which did not make provision for mutuals.

AMI policyholders had voted to preserve the mutual status and
that was achieved with these structures.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from Insurance Australia Group (IAG) to purchase 100% of a
reconfigured AMI company with a separate Government-owned company
being established to steadily resolve all AMI earthquake claims
existing at the time of purchase.  IAG said in a separate
statement that it had entered into an agreement to purchase the
AMI Insurance business for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on Sept.
4, 2010, and Feb. 22, 2011. AMI subsequently reported a NZ$705
million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

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


CRAFAR FARMS: Chinese Bidder Yet to Submit "Key Info" to OIO
------------------------------------------------------------
The New Zealand Herald reports that Chinese company Shanghai
Pengxin, the leading contender to buy the Crafar dairy farms, has
yet to give the Overseas Investment Office "key information"
about its $200 million offer, delaying any decision on it until
the new year.

Shanghai Pengxin's local subsidiary, Milk New Zealand Holdings,
lodged its application to buy the 16 Crafar farms in April, the
Herald says.  The OIO aims to deal with applications within 70
working days.

According to the report, the application was one of the first to
be considered under new investment rules set by the National
Government after public anxiety about foreign investment in
productive land, stoked by Hong Kong-based Natural Dairy NZ's
abortive bid for the Crafar farms.

The Herald notes that the Green Party has called on the
Government to indicate when a decision on Shanghai Pengxin's
offer will be announced.

"Given the proximity of Christmas, it would be in the public's
interest to know when exactly the Overseas Investment Office will
make its final decision," the Herald quotes co-leader Russel
Norman as saying.  "A successful bid by an overseas company for a
significant chunk of New Zealand's productive farmland will have
implications for our future as a nation which relies on dairy for
export earnings.

"Announcing any decision a day or two before Christmas will
likely stifle public debate on an issue which has vital
significance for New Zealand's economic sovereignty."

According to the Herald, an OIO spokesman said Milk New Zealand's
application was still under assessment.

"There is some key information that is still outstanding, so the
OIO is not yet in a position to submit its report to minister,"
the report quotes the spokesman as saying.  "The OIO does not
know at this time when a decision will be made."

On that basis, the Herald notes, the spokesman said it was
unlikely the OIO's decision, which then has to receive
ministerial approval, would be reached before the Christmas
break.

The OIO considered it was still within its 70-working-day
timeframe to reach a decision because it excluded time spent
waiting for additional information from applicants, the report
adds.

                          About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny -- mstiassny@kordamentha.com -- and
Brendon Gibson -- bgibson@kordamentha.com -- in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


PULSE UTILITIES: Ordered to Refund NZ$50,000 to Customers
---------------------------------------------------------
Fairfax NZ News reports that Pulse Utilities New Zealand Limited
has been ordered to refund NZ$50,000 to customers not given the
prompt payment discounts they were owed, after admitting a breach
of the Fair Trading Act.

The settlement relates to more than 2500 customers who left the
company between late 2009 and this month, but who were not given
a prompt payment discount on their final bill, according to the
news agency.

The report says the company, which is listed on the NZAX,
admitted the breach following an investigation by the Commerce
Commission.

Fairfax NZ states that Pulse Utilities, which trades under the
brands Just Energy and Pulse Energy, began life as a smart meter
company, but switched a marketing discount electricity to
residential customers in 2009.

It has since built up a customer base of more than 29,000, but
the growth came with heavy losses and rising bad debts, forcing
it into a rescue deal with West Coast lines company Buller
Electricity earlier this year, the report says.

Fairfax NZ reports that the Commerce Commission said Pulse would
now identify and contact the former customers who have a credit
against their account and arrange to pay the credit.

"Pulse will also refund some customers who had received their
final bill and were not aware they could still receive the prompt
payment discount from the previous month," the commission said.

                       About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.punz.co.nz/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.

                           *     *     *

Pulse Utilities New Zealand Ltd. reported three consecutive
annual net losses of NZ$5.31 million, NZ$7.05 million, and
NZ$7.56 million for the years ended March 31, 2009 through 2011.


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


E. SUN BANK: Fitch Affirms Rating on NTD0.87-Bil. Notes at 'Dsf'
----------------------------------------------------------------
Fitch Ratings has downgraded E. Sun Bank 2007-2 CBO
Securitisation Special Purpose Trust's class A2 and upgraded its
class B notes.  The transaction is a static cash flow
securitisation of a NTD-denominated bond and USD-denominated
principal protected notes issued by Citigroup Funding Inc.
(Citigroup, 'A'/Stable/'F1').  The rating actions are as follows:

  -- NTD5.64bn Class A2 zero coupon bond due February 2016:
     downgraded to 'AA+sf(twn)' from 'AAAsf(twn)'; off Rating
     Watch Negative; Outlook Stable
  -- NTD1.72bn Class B interest deferrable coupon bond due
     February 2016: upgraded to 'A+sf(twn)' from 'BBB+sf(twn)';
     Outlook Stable
  -- NTD0.87bn Class C interest deferrable coupon bond due
     February 2016: affirmed at 'Dsf(twn)'; Recovery Estimate of
     0%.

The downgrade and the resolution of the Watch follow a similar
rating action on Citigroup.

"The principal repayment of the class A2 notes largely relies on
the proceeds from the redemption of the zero coupon bond issued
by Citigroup.  Therefore, the downgrade of Citigroup results in a
corresponding downgrade of the class A2 notes," says April Chen,
Associate Director in Fitch's Structured Finance team.

The rating of the class B notes reflects the first-to-default
risk of the portfolio.  The portfolio currently only has two
bonds issued by Citigroup and Taipei Fubon Bank.  Following the
recent action on Citigroup, the first-to-default risk of the
portfolio is equivalent to 'A+sf(twn)'.  Were it not for
Citigroup's Rating Watch Negative, the class B notes would have
been rated higher following the amortisation of the pool.

The rating on the class C notes and the Recovery Estimate reflect
Fitch's expectations of a significant loss of principal and
capitalised interest.

The credit quality of the current portfolio has remained stable
since the previous rating action in October 2011.  The portfolio
has high obligor concentration risk, with Citigroup accounting
for 97.4% of the portfolio's notional balance as at the latest
payment date in November 2011.  Both bonds in the asset pool will
mature in 2013.


                             *********

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 ***