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        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 9, 2010, Vol. 13, No. 243

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Assigns Ratings on Various Classes of Notes
BNY TRUST: Moody's Assigns Ratings on Various Classes of Notes
CENTRO PROPERTIES: Sells Major Stake in 25 U.S. Centers to Inland
SOUVLAKIHUT: Sold to Private Investors Following Administration
TRIO CAPITAL: Former Director Pleads Guilty to Dishonest Conduct


C H I N A

LDK SOLAR: Issuing US$300 Million of Convertible Senior Notes


H O N G  K O N G

HK COPYRIGHT: So Yin Wai Alex Steps Down as Liquidator
HOMA INTERNATIONAL: Creditors' Proofs of Debt Due December 24
HONCHIEF INDUSTRIES: Court to Hear Wind-Up Petition on January 26
HOUSTON OFFSHORE: Creditors' Proofs of Debt Due January 3
HUNG KEE: Lui and Yuen Step Down as Liquidators

INFINITI ADVANTAGE: Ho Wai Chi Appointed as Liquidator
KINGDOM WAY: Court to Hear Wind-Up Petition on January 5
KONG CHUN: Puen and Lo Appointed as Liquidators
LASCO GROUP: Court to Hear Wind-Up Petition on January 26
LEHMANBROWN LIMITED: Court Hears Wind-Up Petition on December 8

LUSANGER LIMITED: Yuen and Pang Step Down as Liquidators
M & T INT'L: Members' and Creditors Meetings Set for December 15
MAX & FULL AGENCY: Placed Under Voluntary Wind-Up Proceedings
MAHR CHINA: Ralf Seibitz Steps Down as Liquidator
NEW ISLAND: Si Tin Yau Steps Down as Liquidator


I N D I A

ADHUNIK METALIKS: Fitch Cuts National Long-Term Rating to 'D'
AMRIT ENVIRONMENTAL: CRISIL Reaffirms 'B' Rating on INR125MM Loan
AMRITSAR CROWN: CRISIL Assigns 'BB+' Rating to INR270MM Term Loan
AVENUES PHARMA: CRISIL Reaffirms 'BB' Rating on Cash Credit
AVI GLOBAL: CRISIL Assigns 'BB+' Rating to INR166.4MM Term Loan

DSL HYDROWATT: Fitch Assigns 'B-' Rating on Senior Loans
EXPRESS PROJECTS: CRISIL Rates INR199.9 Mil. Cash Credit at 'BB-'
FREEWORLD EXPORTS: CRISIL Assigns 'P4+' Rating to INR195MM Debt
GLOBAL INSTITUTE: CRISIL Lifts Rating on INR130.1MM Loan to 'BB-'
GOPAL GLASS: CRISIL Assigns 'BB+' Rating to INR124.4MM LT Loan

HI-TECH CHEMICALS: CRISIL Assigns 'BB+' Rating to INR338.2MM Loan
K B A INFRA: CRISIL Assigns 'B+' Rating to INR25MM Cash Credit
KHODAY INDIA: CRISIL Downgrades Rating on INR456MM Loan to 'BB-'
MALA TEXTILES: CRISIL Rates INR 200 Million Cash Credit at 'B+'
MITTAL HOSPITAL: Fitch Upgrades National Long-Term Rating to 'BB'

R. A. ASSOCIATES: CRISIL Rates INR1 Billion LT Loan at 'BB-'
SATIA SYNTHETICS: CRISIL Reaffirms 'D' Rating on INR468.1MM Loan
STURDY INDUSTRIES: CRISIL Upgrades Rating on Various Debts to 'BB'
VEEJAY LAKSHMI: CRISIL Assigns 'BB' Rating to INR140.3MM LT Loan
WAVE BEVERAGES: CRISIL Assigns 'BB+' Rating to INR106.6M Term Loan


I N D O N E S I A

XL AXIATA: Moody's Upgrades Corporate Family Rating to 'Ba1'


J A P A N

INCUBATOR BANK: Depositors to Receive 25% Refund
TOSHIBA CORPORATION: Fitch Lifts Issuer Default Rating from 'BB'


K O R E A

GM DAEWOO: Parent to Buy Back Preferred Shares from Banks


M A L A Y S I A

BANENG HOLDINGS: Classified as Affected Listed Issuer Under PN17
BASWELL RESOURCES: Reports MYR11.63MM Net Loss in September 30 Qtr
LUSTER INDUSTRIES: Posts MYR3.41 Million Net Loss in Sept. 30 Qtr
NGIU KEE: Posts MYR14.58 Million Net Loss in Qtr Ended Sept. 30
SATANG HOLDINGS: Posts MYR7.15MM Net Loss for Qtr Ended Sept. 30

SATANG HOLDINGS: Sells Land to Mega Regal For MYR18 Million


N E W  Z E A L A N D

PIKE RIVER: CEO Denies Looming Receivership for Mine


P H I L I P P I N E S

BENGUET CORP: Secures PHP150-Million Loan From PhilEXIM
PHILIPPINE AIRLINES: Ochoa to Broker Talks With Workers
QUEZON POWER: Moody's Upgrades Ratings on Senior Bonds to 'B1'


                            - - - - -


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A U S T R A L I A
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BELLA TRUST: Fitch Assigns Ratings on Various Classes of Notes
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the Bella Trust
Series 2010-2 automotive loan receivables-backed securitization,
due December 2011 (Class A1) and June 2017.  Ratings, Outlooks and
Loss Severity Ratings are assigned:

  -- AUD64.0m Class A1 notes: 'F1+sf';

  -- AUD236.0m Class A2 notes: 'AAAsf'; Outlook Stable; Loss
     Severity Rating assigned at 'LS1';

  -- AUD43.0m Class B notes: 'Asf'; Outlook Stable; Loss Severity
     Rating assigned at 'LS2';

  -- AUD8.0m Class C notes: 'BBBsf'; Outlook Stable; Loss Severity
     Rating assigned at 'LS4';

  -- AUD3.0m Class D notes: 'BBsf'; Outlook Stable; Loss Severity
     Rating assigned at 'LS5';

  -- AUD5.0m Class E notes: 'Bsf'; Outlook Stable; Loss Severity
     Rating assigned at 'LS4'; and

  -- AUD8.5m Seller notes: 'NRsf'.

The notes will be issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Bella Trust Series 2010-2.  The
Bella Trust Series 2010-2 is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 16,518
automotive loan receivables totalling approximately AUD363.8m,
with an average size of AUD22,026.  The pool is comprised of loan
receivables originated by Capital Finance Australia Limited whose
ultimate parent is the Lloyds Banking Group plc ('AA-'/Outlook
Stable/'F1+').  The pool is comprised of amortizing principal and
interest loans for both new (65.2%) and used (34.8%) vehicles,
with varying balloon amounts payable at maturity.  The weighted
average balloon payment for the portfolio is 30.9%.

"This will be the second transaction originated by Capital Finance
this year.  This transaction is very similar to the first, except
that this transaction will feature a short-term note with a one
year maturity," notes Adam Daman, Associate Director in Fitch's
Structured Finance team.

The expected ratings assigned to the Class A1 and A2 notes are
based on the quality of the collateral; the 18.37% credit
enhancement provided by the subordinate notes; the liquidity
reserve account of 1.0% of outstanding notes, funded by issuance
proceeds; an interest rate swap provided by Lloyds TSB Bank Plc,
Australia branch; and CFAL's auto receivable underwriting and
servicing capabilities.

The expected ratings on the Class B, C, D and E notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.

Final ratings are contingent upon receipt of final documentation
conforming to information already received.


BNY TRUST: Moody's Assigns Ratings on Various Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional long-term
ratings to notes issued by BNY Trust Company of Australia Limited
as Trustee of Bella Trust Series 2010-2.

Issuer: Bella Trust Series 2010-2

  -- AUD64.0 million Class A1 Notes, Assigned (P)P-1 (sf)
  -- AUD236.0 million Class A2 Notes, Assigned (P)Aaa (sf)
  -- AUD43.0 million Class B Notes, Assigned (P)Aa2 (sf)
  -- AUD8.0 million Class C Notes Assigned (P)A2 (sf)
  -- AUD3.0 million Class D Notes, Assigned (P)Baa1 (sf)
  -- AUD5..0 million Class E Notes, Assigned (P)Ba1 (sf)

The AUD8.5 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.

The transaction is a securitization of a portfolio of Australian
auto loans extended to individual and small business obligors.
All loans are secured by motor vehicles and originated by Capital
Finance Australia Limited, a wholly owned subsidiary of Lloyds
International Pty Limited.

"Bella Trust Series 2010-2 is the eleventh Australian ABS
transaction rated this year and CFAL's second", says Ilya Serov,
Moody's lead analyst for the transaction.  "2010 has been a record
year for the sector, a sign of securitization remaining an
important funding source for smaller banks and non-bank players",
he adds.

"To some extent, the success of the sector is underpinned by its
relative conservatism: for the Bella Trust, the credit support of
18.4% provided to the Aaa rated notes is significantly higher than
the Moody's Aaa credit support number (13.5%), which has been the
typical situation this year", says Serov.

                        Ratings Rationale

From both a collateral pool composition as well as transaction
structure perspective, Bella Trust Series 2010-2 is similar to
CFAL's previous securitizations issued in December 2009 and July
2010.  The pool includes a relatively low proportion of
receivables backed by used vehicles (34.8%).  This is a positive
feature of the transaction, given that contracts secured by used
cars have historically experienced higher default rates as well as
lower recoveries compared to contracts taken out to finance new
cars.

At the same time, the deal is exclusively backed by motor
vehicles, predominantly cars.  In Moody's opinion, receivables
backed by cars exhibit less cyclical default patterns and, on
average, higher recovery rates.

In order to fund the purchase price of the revolving portfolio,
the Trust will issue seven classes of notes.  The notes will be
repaid on a sequential basis in the initial stages and during the
tail end of the transaction.

Following the first anniversary of the note issue date, the Class
A2, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

Moody's base case assumptions are a default rate of 3.30% and a
recovery rate of 30%.  These imply a expected (net) loss of 2.31%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 3.1% and 38.8%
respectively.

    Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, Moody's has been
provided with detailed vintage data segregated for different
receivable categories for the 2001-2010 period.  This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating Bella Trust Series 2010-2.  Moreover,
CFAL retaining a significant proportion of the transaction helps
to better align incentives compared to other transactions where no
or a minor proportion of notes is retained by the sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of Bella Trust Series 2010-2, the Class A2 Notes
remain strongly investment grade under all scenarios, i.e.  A2
under the most severe stress assumptions under which the default
rate rises to 6.60% (double of Moody's assumption of 3.30%) and
the recovery rate decreases to 10% (a third of Moody's assumption
of 30%).  Due to the over-subordination provided to the Class A2
Notes (18.3% provided vs.  13.5% required) the Aaa rating is
maintained when the base recovery rate is stressed from the
assumed 30% to 20% (holding other factors, including the assumed
default rate of 3.30%, constant).

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


CENTRO PROPERTIES: Sells Major Stake in 25 U.S. Centers to Inland
-----------------------------------------------------------------
The Wall Street Journal's Kris Hudson reports that Centro
Properties Group has sold a majority stake in 25 of its U.S.
shopping centers to a unit of Inland American Real Estate Trust
Inc.

According to the Journal, the Inland subsidiary has paid
$161 million for the majority stake in the shopping centers
in 13 states.

The Inland subsidiary and Centro also have lined up a $310 million
mortgage on 24 of the centers from Goldman Sachs Group Inc. and
J.P. Morgan Chase & Co., the Journal says.

The Journal notes that the banks intend to securitize the loan.

The deal values the 25 centers at $471 million, says the Journal.

The joint venture comes as Centro is fielding buyout proposals
ahead of billions of dollars of its debt coming due at the end of
2011, the Journal adds.

                      About Centro Properties

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

                          *     *     *

Centro Properties Group owes its creditors as much as
AU$18.4 billion and its deadline to repay these debts has been
extended four times since December 2007, when the company's market
value plunged.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.


SOUVLAKIHUT: Sold to Private Investors Following Administration
---------------------------------------------------------------
David Olsen at Dynamic Business reports that following the
appointment of an administrator, a contract of sale has now been
entered into for the purchase of the business of the franchisor of
the Souvlakihut network.

The buyer is a group of private investors, according to Dynamic
Business.

Dynamic Business notes that it is the buyer's intention to
continue the trading of the business with as little disruption as
possible to the franchisees and their customers for a seamless
transition of business ownership.

Following settlement, the report says, the medium term plan is to
review the structure and format of the business to ensure the best
outcomes for both the franchisor and the network for the future.

A short settlement period is anticipated with the target to
achieve completion before Christmas, Dynamic Business adds.

Founded by Bill & John Fotiadis, Souvlakihut was launched in the
Melbourne suburb of Hillside in 2004.  The aim was to create a
chain of casual Greek restaurants with an authentic product range
as well as bringing fresh and exciting new flavor profiles to the
Australian market.  Its vision is to become one of Australia's
leading casual restaurant chains.


TRIO CAPITAL: Former Director Pleads Guilty to Dishonest Conduct
----------------------------------------------------------------
The former director of investment manager Astarra Asset Management
Pty Limited, Shawn Richard, has pleaded guilty to two charges of
dishonest conduct in the course of carrying on a financial
services business, and admitted a third charge of making false
statements in relation to financial products.  The charges had
been laid following an investigation by the Australian Securities
and Investments Commission.

Mr. Richard appeared at Sydney's Downing Centre Local Court on
December 7, 2010, to face ASIC allegations that he dishonestly
received undisclosed payments in his role as investment manager of
the Astarra Stategic Fund and Astarra Superannuation Plan, and
that he knowingly made materially misleading statements about the
value of investments made by the ASF.

ASIC's investigation began on October 2, 2009, and looked at
conduct between 2005 and 2009.

ASIC alleged, among other things, that Mr. Richard was involved in
causing the ASF and ASP to place investor monies in overseas hedge
funds, in circumstances where Mr. Richard would personally receive
a significant portion of the monies for his own benefit and for
the benefit of his company, AAM.  The monies Mr. Richard placed in
the overseas hedge funds had been raised by the responsible entity
of ASF, Trio Capital Limited.  ASIC alleged that Mr. Richard and
AAM received in excess of AU$6.4 million in undisclosed payments.

ASIC also alleged that Mr. Richard made materially misleading
statements about the value of the ASF's investments in the
overseas hedge funds, knowing that these statements were included
in valuation statements provided to Trio and were likely to have
the effect of inducing Trio to seek further investments in the
hedge funds.

In October 2009, ASIC obtained Court orders restraining
Mr. Richard, who is a Canadian national, from leaving Australia.

Mr. Richard has also entered into an enforceable undertaking with
ASIC banning him for life from providing financial services.

The charges each carry a maximum penalty of 5 years' imprisonment
or a AU$220,000 fine, or both.

Mr. Richard was granted bail subject to a number of conditions.
Mr. Richard was committed for sentence to the Supreme Court of NSW
and is scheduled to appear for arraignment on February 4, 2011.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                         About Trio Capital

Trio Capital Limited was formerly known as Astarra Capital Limited
and prior to that Tolhurst Capital Limited.  Trio is one of around
26 entities that held a licence to act both as a superannuation
fund trustee and the responsible entity of managed investment
schemes.

As super fund trustee, Trio operated five super funds worth
AU$300 million and with 10,000 investors.  Trio invested the
superfund money it was entrusted in various proportions among the
17 active managed investment schemes Trio operated as responsible
entity.

Trio's managed investment schemes were also available to non-super
fund investments, and around AU$126 million from around 700
investors was contributed among Trio's various managed investment
schemes.

Trio also operated a superfund administration service, which
provided back-office superannuation administration to its own, and
five third party superannuation trustees.

Trio is now operated by Liquidators ? PPB.   The role that Trio
played as a superannuation trustee has been moved to a McGrath
Nicol entity (ACT Super).

On March 19, 2010, after an application from PPB, the NSW Supreme
Court ordered that the following Trio schemes be wound up:

   -- Asttar Wholesale Portfolio Service;
   -- Asttar Portfolio Service (formerly known as Astarra
      Diversified No. 4 Pool);
   -- Astarra Overseas Equities Pool;
   -- Astarra Strategic Fund; and
   -- ARP Growth Fund.


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LDK SOLAR: Issuing US$300 Million of Convertible Senior Notes
-------------------------------------------------------------
In a Form T-3 filing with the Securities and Exchange Commission
on November 24, 2010, LDK Solar Co., Ltd., disclosed that it
intends to offer a US$300,000,000 worth of 4.75 Convertible Senior
Notes due 2013 pursuant to an Indenture, to be effective as of the
Date of the closing of the Exchange Offer, by and between the
Company and The Bank of New York Mellon, as Trustee.

The New Notes will be executed by the Company by either of its
Chairman of the Board, Chief Executive Officer, Chief Operating
Officer, Chief Financial Officer, any Executive Vice President or
the Secretary.  The signature of any of these officers on the
Securities may be manual or facsimile.  Upon proper delivery of
the New Notes to the Trustee for authentication, the Trustee shall
authenticate and deliver such securities.  There will be no
proceeds to the Company resulting from issuance of the Notes.

The Indenture will cease to be of further effect if (a) either (i)
all outstanding New Notes have been delivered to the Securities
Agent for cancellation or (ii) all outstanding New Notes have
become due and payable at their scheduled maturity or upon
Repurchase at Holder's Option, Redemption or Repurchase Upon
Fundamental Change, and in either case the Company irrevocably
deposits, prior to the applicable due date, with the Paying Agent
cash sufficient to pay all amounts due and owing on all
outstanding Securities on the Maturity Date or Redemption Date or
Fundamental Change Repurchase Date, as the case may be and (b) the
Company pays to the Trustee and the Securities Agent all other
sums payable under the Indenture by the Company.

                         About LDK Solar

LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/--
manufactures photovoltaic products and multicrystalline wafers.
LDK Solar's headquarters and manufacturing facilities are located
in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China.  LDK Solar's office in the United
States is located in Sunnyvale, California.

The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.

                        Going Concern Doubt

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2010, LDK Solar said in its annual report on Form 20-F for
the year ended December 31, 2009, that at yearend, the Company had
a working capital deficit of US$833.6 million and an accumulated
deficit of US$32.8 million.  The Company said, "During the year
ended December 31, 2009, we incurred a net loss of US$234.2
million [attributable to LDK Solar Co., Ltd. shareholders].  As of
December 31, 2009, we had cash and cash equivalents of US$384.8
million, most of which are held by subsidiaries in China.  Most of
our short-term bank borrowings and current installments of our
long-term debt totaling US$978.6 million are the obligations of
these subsidiaries.  We may also be required by the holders of our
convertible senior notes to repurchase all or a portion of such
convertible senior notes with an aggregate principal amount of
US$400.0 million on April 15, 2011.  These factors initially
raised substantial doubt as to our ability to continue as a going
concern.  We are in need of additional funding to sustain our
business as a going concern, and we have formulated a plan to
address our liquidity problem."

The Company cautioned that "we cannot assure you that we will
successfully execute our liquidity plan.  If we do not
successfully execute such plan, we may have substantial doubt as
to our ability to continue as a going concern."


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


HK COPYRIGHT: So Yin Wai Alex Steps Down as Liquidator
------------------------------------------------------
So Yin Wai Alex stepped down as liquidator of Hong Kong Copyright
Association Limited on November 1, 2010.


HOMA INTERNATIONAL: Creditors' Proofs of Debt Due December 24
-------------------------------------------------------------
Creditors of Homa International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 24, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 30, 2010.

The company's liquidators are:

         Ho Wai Shun
         Leung Wai Hung
         Rm B 16/F., Loyong Court Comm Bldg
         212 Lockhart Road
         Wanchai, Hong Kong


HONCHIEF INDUSTRIES: Court to Hear Wind-Up Petition on January 26
-----------------------------------------------------------------
A petition to wind up the operations of Honchief Industries
Development Limited will be heard before the High Court of Hong
Kong on January 26, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Tony Kan & Co
          Suite 1808, World-Wide House
          No. 19 Des Voeux Road
          Central, Hong Kong


HOUSTON OFFSHORE: Creditors' Proofs of Debt Due January 3
---------------------------------------------------------
Creditors of Houston Offshore International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 3, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Ng Kin Yung Tony
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


HUNG KEE: Lui and Yuen Step Down as Liquidators
-----------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Hung Kee Electrical Material Limited on November
29, 2010.


INFINITI ADVANTAGE: Ho Wai Chi Appointed as Liquidator
------------------------------------------------------
Ho Wai Chi on November 24, 2010, was appointed as liquidator of
Infiniti Advantage Limited.

The liquidator may be reached at:

         Ho Wai Chi
         20th Floor, Golden Centre
         No. 188 Des Voeux Road
         Central, Hong Kong


KINGDOM WAY: Court to Hear Wind-Up Petition on January 5
--------------------------------------------------------
A petition to wind up the operations of Kingdom Way Industrial
Limited will be heard before the High Court of Hong Kong on
January 5, 2011, at 9:30 a.m.

The Hong Kong and Shanghai Banking Corporation Limited filed the
petition against the company.

The Petitioner's Solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


KONG CHUN: Puen and Lo Appointed as Liquidators
-----------------------------------------------
Puen Wing Fai and Lo Yeuk Ki Alice on November 26, 2010, were
appointed as liquidators of Kong Chun Industries Limited.

The liquidators may be reached at:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


LASCO GROUP: Court to Hear Wind-Up Petition on January 26
---------------------------------------------------------
A petition to wind up the operations of Lasco Group Limited will
be heard before the High Court of Hong Kong on January 26, 2011,
at 9:30 a.m.

Sha Guoling filed the petition against the company.

The Petitioner's Solicitors are:

          Edward Lau, Wong & Lou
          8th Floor, EIB Centre
          40-44 Bonham Strand
          Sheung Wan, Hong Kong


LEHMANBROWN LIMITED: Court Hears Wind-Up Petition on December 8
---------------------------------------------------------------
The High Court of Hong Kong on December 8, 2010, heard a petition
to wind up the operations of Lehmanbrown Limited.

Effiscient Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Richards Butler
          20th Floor, Alexandra House
          16-20 Chater Road
          Central, Hong Kong


LUSANGER LIMITED: Yuen and Pang Step Down as Liquidators
--------------------------------------------------------
Yuen Shu Tong and Pang Hon Chung stepped down as liquidators of
Lusanger Limited on November 24, 2010.


M & T INT'L: Members' and Creditors Meetings Set for December 15
----------------------------------------------------------------
Members and creditors of M & T International Limited will hold
their annual meetings on December 15, 2010, at 2:30 p.m., and
3:00 p.m., respectively, at Room 1909, Nan Fung Tower, 173 Des
Voeux Road Central, in Hong Kong.

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


MAX & FULL AGENCY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on November 26, 2010,
creditors of Max & Full Agency Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Mr. Poon Wai Hung Richard
         Unit 3, 10th Floor
         Skyway House, No. 3 Sham Mong Road
         Kowloon, Hong Kong


MAHR CHINA: Ralf Seibitz Steps Down as Liquidator
-------------------------------------------------
Ralf Seibitz stepped down as liquidator of Mahr China Limited on
December 3, 2010.


NEW ISLAND: Si Tin Yau Steps Down as Liquidator
-----------------------------------------------
Si Tin Yau stepped down as liquidator of New Island Plastic
Factory Limited on December 3, 2010.


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ADHUNIK METALIKS: Fitch Cuts National Long-Term Rating to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded India's Adhunik Metaliks Limited's
National Long-term rating to 'D(ind)' from 'A-(ind)', and
simultaneously re-assigned it a rating of 'BBB(ind)', reflecting
the company's revised credit profile.  The Outlook is Stable.  The
agency has also downgraded and then re-assigned ratings to AML's
bank loans,:

  -- Outstanding INR8,834.2m long-term loans (enhanced from
     INR5,545.3m): downgraded to 'D(ind)' from 'A-(ind)' and re-
     assigned at 'BBB(ind)';

  -- Sanctioned INR3,700m fund-based limits: downgraded to
     'D(ind)' from 'A-(ind)' and re-assigned at 'BBB(ind)'; and

  -- Sanctioned INR3,750m non-fund-based limits: downgraded to
     'F5(ind)' from 'F2+(ind)' and re-assigned at 'F2(ind)'.

Fitch has withdrawn the ratings of 'F2+(ind)' on AML's INR500m
commercial paper as there is no amount outstanding against the
programme.

The downgrades reflect the significant delays by AML in interest
and instalment payments of term loans to some banks.  Fitch notes
that there are no current defaults to any of the banks; and while
Fitch expects AML's liquidity to improve on account of its various
initiatives, the reassigned ratings reflect higher credit risk
relative to other entities with similar business and financial
risk profiles.  AML's National Long-term rating of 'BBB(ind)'
reflects the anticipated improvement in EBIDTA margins to 18.96%
in FY10 (FY09: 13.80%) on account of the increase in revenues from
value-added products, as sales increased to around 60% of rolled
steel capacity in FY10 (FY09: 30%).  Also, there was an increase
in the company's profitability per tonne of steel, resulting in an
improvement in its financial leverage (net debt/EBIDTA) to 4.9x in
FY10 (FY09: 8.1x) and interest coverage to 1.6x in FY10 (FY09:
1.38).  In H1FY11, AML's revenues increased to INR6,647.9 million
(H1FY10: 5,469.75 million) and EBIDTA margin improved to 21.95%
(H1FY10: 18.29%), reflecting benefits from capex incurred during
FY10 and the company's continued focus on value-added products.
Fitch expects AML's EBIDTA margin to remain around this level in
the near-term.

AML's ratings are constrained due to the delay in obtaining iron
ore and coal from its captive mine as envisaged earlier with iron-
ore benefits, likely to accrue from Q4FY11.  Furthermore, the
capex plan of INR4,146 million for enhancing capacity of coal
washery to 1.4m ton from 0.7m ton, sponge iron by 105,000 TPA and
captive power plant by 45 MW and the ongoing capex in subsidiaries
might lead to a deterioration in AML's leverage and stretch
liquidity in the short-term.  Also, the company raised only
INR1,371.3 million of equity capital through qualified institution
placement as against INR2,500 million planned for FY10.  AML's
subsidiary, Adhunik Power and Natural Resources ('BB(ind)'/ Stable
Outlook), has tied up part of a scheduled equity infusion of
INR3.75bn as against INR4 billion envisaged earlier.

Positive rating triggers include commissioning of captive iron ore
mines, leading to an improvement in AML's operating margins and
net financial leverage of below 5x on a sustained basis.
Conversely, an increase in the company's net financial leverage of
beyond 6x on a sustained basis would act as a negative rating
trigger.

In FY10, AML reported revenues of INR12,585.9 million (FY09:
INR11,637.9 million) with EBIDTA of INR2,386.1 million
(FY09: 1,606.1 million) and total debt of INR12,184.8 million
(FY09: INR13,212.1 million).  Its total debt comprised
INR6,267.1 million of term loans and INR5917.7 million of short-
term debt.  AML reported negative free cash flow of
INR1,809.8 million in FY10 (FY09: negative INR3,874.4 million),
and Fitch expects the company's net FCF to remain negative over
the short- to medium-term due to its ongoing capex.


AMRIT ENVIRONMENTAL: CRISIL Reaffirms 'B' Rating on INR125MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Amrit Environmental
Technologies Pvt Ltd continues to reflect AETPL's weak financial
risk profile marked by accumulated losses, and limited track
record of consistent power generation.  These weaknesses are
partially offset by the expectation that AETPL will receive need-
based support from its parent, Orient Green Power Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR50 Million Cash Credit     B/Stable (Reaffirmed)
   INR125 Million Term Loan      B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AETPL's profitability will remain weak
because of the ongoing upgrade, repairs, and maintenance
activities at its biomass plant which may lead to erratic power
generation over the near to medium term.  CRISIL also believes
that although AETPL will continue to receive both operational and
need-based financial support from OGPL over the medium term,
OGPL's credit risk profile will remain constrained by its planned
large capital expenditure (capex) programme for setting up about
15 power plants over the next two years.  The outlook may be
revised to 'Positive' if there is significant improvement in
AETPL's financial risk profile, most likely driven by generation
of positive cash accruals form operations.  Conversely, the
outlook may be revised to 'Negative' if the support the AETPL
receives from OGPL is below expectations, or if there is
deterioration in AETPL's financial risk profile, most likely
driven by increased cash losses.

Update

In 2009-10 (refers to financial year, April 1 to March 31),
AETPL's topline increased by 25 per cent over that in the previous
year.  The plant was shut off for three months in 2009-10 due to
modifications done in the plant's boiler because of excessive soot
deposition. Because of the operational issues, OGPL has taken over
the operation and management of AETPL's plant with effect from
September 01, 2010.  AETL generated an operating profit of INR12.0
million in 2009-10, against an operating loss of INR12.0 million
in 2008-09.  The company's cash losses in 2009-10 reduced to
INR33.0 million from INR99.0 million in 2008-09. OGPL had infused
equity of INR11.0 million in, and extended interest-free unsecured
loans of INR36.0 million to, AETPL in 2009-10 to support AETPL's
term debt repayments and working capital requirements. AETPL
reported a net loss of INR48.7 million on net sales of INR134.9
million for 2009-10, against a net profit of INR85.5 million on
net sales of INR108.0 million for 2008-09.

                      About Amrit Environmental

AETPL, a wholly owned subsidiary of OGPL, operates a 8-megawatt
(MW) power plant using mustard husk as fuel.  OGPL, in turn, is a
wholly owned subsidiary of Orient Green Power Pte Ltd (Singapore-
based holding company), which is part of Shriram EPC Ltd.  AETPL's
plant is located in Kotputli (Rajasthan) and it was acquired by
OGPL from SM Environmental Technologies Pvt Ltd in December 2008.
AETPL has signed a 10-year power purchase agreement (PPA) with
Jaipur Vidyut Vitran Nigam Ltd for sale of power generated at
about INR4.7 per unit in 2009-10 (the PPA has an tariff escalation
clause of 5 per cent per year).


AMRITSAR CROWN: CRISIL Assigns 'BB+' Rating to INR270MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
Amritsar Crown Caps Pvt Ltd, which is part of the Wave group.

   Facilities                          Ratings
   ----------                          -------
   INR186.4 Million Cash Credit        BB+/Stable (Assigned)
   INR270.0 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR20.0 Million Proposed LT Bank    BB+/Stable (Assigned)
                      Loan Facility

The rating reflects the Wave group's large capital expenditure
(capex) programme constraining its financial risk profile over the
short term, and its vulnerability to adverse changes in
regulations.  These rating weaknesses are partially offset by the
Wave group's stable revenues and profitability, supported by an
exclusive franchise agreement with Coca Cola India, and healthy
operating efficiencies because of the group's presence in
returnable glass bottles (RGB) and polyethylene terephthalate
(PET) bottle manufacturing segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ACCL and Wave Beverages Pvt Ltd (WBPL).
This is because the two companies, together referred to as the
Wave group, have a common management, significant operational
linkages, and fungible funds.

Outlook: Stable

CRISIL believes that the Wave group will continue to benefit from
its operations as a franchisee bottler for CCI. With the
additional capex for the PET line, the group's market reach is
likely to increase. The outlook may be converted to 'Positive' if
the Wave group's debt protection metrics improve, most likely
because of increase in sales and profitability. Conversely, the
outlook may be revised to 'Negative' if the group faces any delays
in completion of its ongoing project, or reports less-than-
expected offtake from its new capacities, leading to pressures on
its financial risk profile.

                          About the Group

ACCL and WBPL together form the integrated bottling operations
under the Wave group.  The group is owned by the Kandhari and the
Chadha families.  All the sales and distribution activities are
concentrated within WBPL, while the manufacturing operations are
under ACCL.  The Wave group forms the franchisee bottling
operations for CCI in 13 districts, eight in Punjab and five in
Himachal Pradesh.  In its RGB division, the group manufactures 3.6
million crates per annum (cpa) of aerated water, and 1.32 million
cpa of Maaza; it also has a 0.9 million cpa capacity for
manufacturing PET bottles.

ACCL reported a provisional profit after tax (PAT) of INR36
million on provisional net sales of INR915 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR9 million on net sales of INR760 million for 2008-09.


AVENUES PHARMA: CRISIL Reaffirms 'BB' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Avenues Pharmaceuticals
Associates continues to reflect Avenues Pharma's moderate
financial risk profile marked by moderate debt protection
measures, and limited financial flexibility because of high bank
limit utilization.  The impact of these weaknesses is mitigated by
the firm's established market presence and the benefits that it
derives from the vast experience of its promoters, and its robust
technological and logistics infrastructure.

   Facilities                        Ratings
   ----------                        -------
   INR180.0 Million Cash Credit      BB/Stable (Reaffirmed)
   INR10.0 Million Standby Line      BB/Stable (Reaffirmed)
                       of Credit

Outlook: Stable

CRISIL believes that Avenues Pharma will maintain its business
risk profile on the back of established relationships with key
customers and suppliers, and the steady growth in demand for
pharmaceutical products.  The outlook may be revised to 'Positive'
if the firm's gearing, operating margins, and debt protection
measures, improve significantly. Conversely, the outlook may be
revised to 'Negative' if Avenues Pharma undertakes large debt-
funded capital expenditure programme, or reports sharp
deterioration in operating margins or debt protection measures.

Update

Avenues Pharma has maintained its business risk profile with
steady revenues and stable margins.  The firm's financial risk
profile remained constrained because of its high total outside
liabilities to total net worth ratio of above 3 times as on
March 31, 2010; this has been caused by large short-term bank
borrowings.  The firm's bank limit utilization was high, at around
88 per cent on an average, from April to September 2010. The firm
has low inventory and debtor risk.

                         About Avenues Pharma

Set up in 1978 by Mr. K G Subbaraj as a partnership firm, Avenues
Pharma is engaged in the distribution of pharmaceutical products.
The entity is a stockist for GlaxoSmithkline, MSD, Astrazeneca,
Allergan India Pvt Ltd, Ranbaxy Laboratories Ltd, Pfizer Ltd,
Sanofi Aventis, Sanofi Pasteur, Galderma, Wyeth and Johnson &
Johnson Ltd, among others. The firm is also a super stockist for
Bio-med Ltd, and consignee agent for Albert David Ltd.


AVI GLOBAL: CRISIL Assigns 'BB+' Rating to INR166.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Avi Global Plast Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR166.4 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR135.0 Million Cash Credit        BB+/Stable (Assigned)
   INR112.5 Million Letter of Credit   P4+ (Assigned)
   INR7.5 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Avi Global's average financial risk profile,
marked by high gearing, low net worth, and weak debt protection
measures, exposure to risks relating to fluctuations in raw
material prices and in the value of the Indian rupee, and intense
competition in the polyvinyl chloride (PVC) films industry,
restricting pricing flexibility. These weaknesses are, however,
partially offset by the company's established presence and its
promoters' experience in the PVC films business.

Outlook: Stable

CRISIL believes that Avi Global will maintain a stable business
risk profile, on the back of healthy business relationships with
key customers, and promoters' experience in the PVC films
industry.  The outlook may be revised to 'Positive' if Avi
Global's financial risk profile and revenues improve
substantially, while its operating margins remain healthy.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens materially owing to
higher-than-expected debt-funded capital expenditure.

                          About Avi Global

Incorporated in 2001 by Mr. Kameshwar Prasad Bhargava and his
family, Avi Global (formerly, Collor Pack Pvt Ltd) manufactures
PVC films used by garment manufacturing companies for making
readymade shirts, and the packaging industry.  The company has
manufacturing facilities at Daman (Daman and Diu).

Avi Global reported a profit after tax (PAT) of INR17.2 million on
net sales of INR714.4 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR6.1 million on
net sales of INR682.3 million for 2008-09.


DSL HYDROWATT: Fitch Assigns 'B-' Rating on Senior Loans
--------------------------------------------------------
Fitch Ratings has assigned India's DSL Hydrowatt Ltd.'s
INR571 million senior long-term rupee loans a 'B-(ind)' rating.
The Outlook is Stable.  The agency has also assigned 'B-(ind)'
ratings to DSLH's INR9 million cash credit limits and INR30m
letter of credit/bank guarantee facilities.

DSLH is promoted by Vindhyachal Hydro Power Ltd, which operates
two small hydel plants in Maharashtra.  DSLH owns two hydro power
plants - Sarbari I (S1) and Sarbari II (S2).  S1 is a 5MW run-of-
the-river project on Sarbari river (a tributary of Beas), and has
been producing power since May 2008.  S2 is a 5.4MW cascading
project downstream of S1, and was commissioned on August 2010.

DSLH's ratings are constrained by an extremely aggressive debt
amortization profile that severely impairs its debt service
capacity, and also by the fact that repayments are dependent on
equity injections and realization of revenues from the proposed
sale of certified emission reduction credits.  The timing and
quantum of the latter revenue stream is highly uncertain.
Besides, extension of the Kyoto Protocol - that governs the sale
of CER credits under the Clean Development Mechanism - beyond 2012
is also uncertain at this juncture.

In the near-term, Fitch notes that additional equity of
INR45 million by the sponsors in FY11, along with project cash
flows, should adequately cover debt service payments due in FY11;
INR43 million out of INR53 million has already been paid so far.
However, in FY12 the project's ability to meet debt service
commitments are contingent on receipt of INR28 million subsidy
from the federal government's Ministry for Non Conventional Energy
Sources and sale of CERs, or in the absence or shortfall of the
above, through the infusion of additional sponsor equity.

The fact that both plants are now fully operational - S1 has a
two-year track record of producing power (at 67% plant load
factor), and S2 has been producing power for the last three months
- and the existence of a 40-year power purchase agreement (albeit
with fixed tariffs of INR2.5/kWh and INR2.95/kWh for the two
projects, respectively) with Himachal Pradesh State Electricity
Board are rating positives.  However, in the absence of a well
spread out amortization profile, DSLH's credit quality is unable
to secure the full benefit from these strengths.  Fitch also notes
the sponsor group's experience in building and operating small
hydro-power plants.

Fitch notes that DSLH's ability to actually monetize the CER
credits and regulatory clarity on the continuation of the scheme
beyond 2012 could act as positive rating triggers over the medium-
term.  However, any delay/ shortfall in realizing MNES subsidy and
further equity contribution, if needed, to support debt repayments
would result in a negative rating action.  Fitch has also noted
that the loans have already been rescheduled once, though the
project is now reportedly on its debt service payments.


EXPRESS PROJECTS: CRISIL Rates INR199.9 Mil. Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Express Projects
Pvt Ltd's cash credit facility.

   Facilities                         Ratings
   ----------                         -------
   INR199.90 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects EPPL's exposure to risks related to
uncertainty in demand offtake of its ongoing residential projects,
large scheduled debt-related payments, and its weak financial risk
profile.  These rating weaknesses are partially offset by EPPL's
established market position in the real estate business in
National Capital Region.

Outlook: Stable

CRISIL believes that EPPL's financial risk profile will continue
to be below average with high gearing, and its business risk
profile, average, marked by exposure to demand risks associated
with its ongoing projects.  The outlook may be revised to
'Positive' if EPPL's significantly increases its operating income
and cash accruals, thereby enhancing its financial flexibility.
Conversely, the outlook may be revised to 'Negative' if the
company's financial flexibility deteriorates, most likely because
of lower-than-expected sale of inventory of ongoing projects under
construction.

                       About Express Projects

EPPL is managed by Mr. Pankaj Goel and Mr. Vinay Goel.  The
company is into real estate development and undertakes residential
projects. Its recent projects are: a group housing project in
Indirapuram, Ghaziabad (Uttar Pradesh) and a land development
project in Sonepat (Haryana).  The company has completed work on
the Indirapuram project, comprising 670 apartments, during 2010-11
(refers to financial year, April 1 to March 31); it has sold
around 550 apartments so far.  The ongoing Sonepat project
involves residential development work on a 100-acre land plot
comprising around 800 apartments, for an estimated cost of INR1.92
billion; it has sold around 200 plots so far.

EPPL reported a profit after tax (PAT) of INR15 million on net
sales of INR519 million for 2008-09, against a PAT of INR0.85
million on net sales of INR215 million for 2008-09.


FREEWORLD EXPORTS: CRISIL Assigns 'P4+' Rating to INR195MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Freeworld Exports Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR195.00 Million Packing Credit    P4+ (Assigned)
   INR80.00 Million Foreign Bill       P4+ (Assigned)
                     Discounting
   INR15.60 Million Bank Guarantee     P4+ (Assigned)

The rating reflects FWEPL's below average financial risk profile
marked by high gearing and weak debt protection metrics resulting
from working capital intensive operations.  The rating also
reflects the susceptibility of FWEPL's operating margin to
fluctuations in foreign exchange rates, and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the experience of the promoters in quarrying
and the export of granite blocks, as reflected in its healthy
operating efficiencies.

Outlook: Stable

CRISIL believes that FWEPL will benefit over the medium term from
its promoters' experience in quarrying and the export of granite
blocks.  The outlook may be revised to 'Positive' in case FWEPL is
able to increase its revenues and margins leading to a substantial
improvement in its capital structure and also geographically
diversifies its revenue profile.  Conversely, the outlook may be
revised to 'Negative' in case of a decline in revenues or its
operating margin, or undertakes a large debt-funded capital
expenditure (capex) programme or if its relationships with its
customers deteriorate.

                       About Freeworld Exports

FWEPL, established in 1992 as a partnership firm by Mr. R Shankar
and his friend Mr. S Ramesh, was converted into a private limited
company in 2004.  The company is into mining and export of rough
granite blocks, primarily to China, Taiwan, Poland and Italy. It
has over 70 products under its portfolio and operates out of its
own quarries in Tamil Nadu, Andhra Pradesh, Orissa and Karnataka.
The company derives around 50 per cent of its sales from mining
activities, and the remaining through trading activities.
Currently, Mr. Shankar manages the day-to-day operations of the
quarries while Mr. S Ramesh takes care of the trading activity.

FWEPL reported a profit after tax (PAT) of INR15.3 million on net
sales of INR761.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR17.4 million on net
sales of INR824.6 million for 2008-09.


GLOBAL INSTITUTE: CRISIL Lifts Rating on INR130.1MM Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Global
Institute of Technology Society to 'BB-/Stable' from 'B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR130.10 Million Term Loan     BB-/Stable (Upgraded from
                                               'B+/Stable')

The upgrade in the rating reflects the expected improvement in
GITS's business and financial risk profiles following All India
Council for Technical Education's approval for commencement of
operations at the society's new engineering college, Global
College of Technology.  The new college has an intake capacity of
300 students; this is in addition to the intake capacity of 420
students of GITS's other institute, Global Institute of
Technology.  The society has also received approval from AICTE for
operating GIT in two shifts: morning and evening shifts; the
evening shift will have an intake capacity of 120 students. This
is expected to lead to significant growth in GITS's revenues and
cash accruals.

CRISIL has treated the interest-bearing unsecured loans of
INR68.8 million from GITS's members as neither debt nor equity, as
the society has undertaken that the unsecured loans and the
interest charged on the loans will not be withdrawn for at least
five years.

The rating reflects GITS's moderate financial risk profile marked
by a small net worth, and moderate gearing and debt protection
metrics, moderate scale of operations with limited track record in
the education industry, segmental concentration in its revenue
profile, and susceptibility to adverse regulatory changes.  These
rating weaknesses are partially offset by GITS's established
market position in the engineering education segment in Rajasthan,
and the funding support it receives from its governing members.

Outlook: Stable

CRISIL believes that GITS's scale of operations and its financial
risk profile will remain moderate over the medium term.  The
outlook may be revised to 'Positive' if GITS improves its
financial risk profile significantly, most likely by way of
improvement of cash accruals or infusion of fresh corpus.
Conversely, the outlook may be revised to 'Negative' if the
society undertakes a larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                         About the Society

GITS was established in 2000 by Mr. Anand Singhal and Mr. Narendra
Kumar Kandoi. In 2002, GITS started engineering courses in GIT,
which is affiliated to Rajasthan Technical University (RTU) and
approved by AICTE.  The institute started with 240 students in
four streams of engineering. Subsequently, the intake capacity
increased to 420 students; the institute has added two more
engineering streams.  In 2004-05 (refers to financial year, April
1 to March 31), the society began a management course approved by
AICTE and and affiliated with RTU.  The management course
currently has an intake capacity of 60 students. In 2010-11, the
society started another engineering institute called GCT, with an
intake capacity of 300 students and night-shift facilities, with
intake capacity of 120 students. The institutes operated by the
society are in Jaipur (Rajasthan).

GITS reported a surplus (excess of income over expenditure) of
INR3.8 million on revenues of INR114.8 million for 2009-10,
against a surplus of INR5.6 million on revenues of INR104.6
million for 2008-09.


GOPAL GLASS: CRISIL Assigns 'BB+' Rating to INR124.4MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Gopal Glass Works Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR124.40 Million Long-Term Loan    BB+/Stable (Assigned)
   INR105.00 Million Cash Credit       BB+/Stable (Assigned)
   INR20.00 Million Standby Line of    BB+/Stable (Assigned)
                             Credit
   INR40.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect GGWL's sub-par financial risk profile marked
by high gearing and vulnerability of its profitability to
fluctuations in availability and prices of fuel.  The ratings also
factor in the company's high investment in Govind Glass and
Industries Ltd, a company that has been referred to the Board for
Industrial and Financial Reconstruction.  These weaknesses are
partially offset by GGWL's moderate business risk profile, marked
by sound operating efficiency and adequate profitability.

Outlook: Stable

CRISIL believes that GGWL will maintain its business risk profile
over the medium term.  The company's financial risk profile will,
however, remain constrained due to high gearing and exposure to
GGIL.  The rating may be revised to 'Positive' in case of
improvement in GGWL's financial risk profile and good return on
its investment in GGIL.  Conversely, the outlook may be revised to
'Negative' in case of any large debt-funded capital expenditure,
or additional support to group companies.

                         About Gopal Glass

Incorporated in 1978, GGWL is a closely held company established
by Mr. Jayantilal J Shah, Chairman and Managing Director, along
with a group of glass traders.  The company manufactures patterned
glass at its facility in Kadi Taluka in Mehsana District
(Gujarat). GGWL manufactures three types of patterned glass-
figured glass, rolled glass, and wired glass-and has a capacity to
manufacture 9.87 million square metres of glass (of 3-millimetre
thickness) per annum.  The company also has a 1.6-megawatt
windmill. In December 2008, GGWL acquired a 51.76 per cent stake
in GGIL, with the balance being acquired by GGWL's promoters.
GGIL, a non-operational glass manufacturing unit under BIFR, has a
licence for sourcing 30,000 cubic metres of natural gas from Gas
Authority of India Ltd at a subsidised rate.

For 2009-10 (refers to financial year, April 1 to March 31), GGWL
reported a net profit of INR29.5 million on net sales of INR811
million, against a net profit of INR12.6 million on net sales of
INR819 million for 2008-09.


HI-TECH CHEMICALS: CRISIL Assigns 'BB+' Rating to INR338.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Hi-Tech Chemicals Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR300 Million Cash Credit         BB+/Stable (Assigned)
   INR338.2 Million Long-Term Loan    BB+/Stable (Assigned)
   INR7.2 Million Proposed Long-Term  BB+/Stable (Assigned)
                  Bank Loan Facility
   INR20 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect HTCPL's exposure to risks related to marginal
presence in a highly fragmented industry, volatility in raw
material prices, susceptibility to cyclicality in end-user
industries and working capital intensive operations.  These rating
strengths are partially offset by HTCPL's healthy financial risk
profile marked by a low gearing, a high net worth, and healthy
interest coverage ratio and a moderate business risk profile
supported by promoters' experience in refractory industry.

Outlook: Stable

CRISIL believes that HTCPL will continue to benefit over the
medium term from its promoters' extensive experience of over two
decades in the refractory industry.  The stabilization of the
expanded facility will remain a key rating sensitivity factor.
The outlook may be revised to 'Positive' if HTCPL improves its
revenues and subsequently its accruals.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expenditure programme, adversely
impacting its capital structure, or if its profitability
deteriorates from current levels.

                      About Hi-Tech Chemicals

HTCPL is engaged in manufacturing refractory products and was
taken over by Mr. Raj Kumar Agarwal in 1989.  The plant is located
in Jamshedpur (Jharkhand).  HTCPL manufactures special refractory
products such as slide gate plates, slag arresting darts, and
tundish nozzles etc. Its two units in Adityapur in Jamshedpur have
a combined capacity of 21,600 tonnes per annum (tpa).  The plant
is located on an area of 12 acres.  HTCPL is expanding its current
capacities by setting up a unit of 6000 tpa capacity in Adityapur;
the unit will be a continuous casting refractory and will
manufacture special refractory products. The unit is expected to
be operational by January 2011.

HTCPL reported a profit after tax (PAT) of INR21.8 million on net
sales of INR458.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR22.7 million on net
sales of INR446.4 million for 2008-09.


K B A INFRA: CRISIL Assigns 'B+' Rating to INR25MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of K B A Infrastructure Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR25.0 Million Cash Credit         B+/Stable (Assigned)

   INR37.5 Million Proposed LT Bank    B+/Stable (Assigned)
                      Loan Facility

   INR10.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect KBA's working-capital-intensive operations,
resulting in a weak financial risk profile, marked by high
gearing, small net worth and average debt protection metrics,
small scale of operations in the intensely competitive
infrastructure construction segment, and its exposure to risks
related to high geographical concentration in revenue profile. The
weaknesses are partially offset by the healthy growth prospects of
the infrastructure construction segment.

KBA has taken over the business, including the assets and
liabilities, of Karan Builders and Associates.  Hence, CRISIL,
while assigning rating to KBA, has considered the business and
financial risk profiles of Karan.

Outlook: Stable

CRISIL believes that KBA will maintain its stable business risk
profile over the medium term, supported by healthy growth
prospects in the infrastructure construction segment.  The outlook
may be revised to 'Positive' in case of significant improvement in
its financial risk profile, most likely because of fresh equity
infusion by promoters, or in case of significant improvement in
turnover while maintaining profitability.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates materially because of a large, debt-funded
capital expenditure, or delays in receivable collection or
realisation of its additional security deposits.

                       About K B A Infrastructure

KBA was incorporated in 2009 by Mr. Rajesh Shah and his family.
Mr. Shah had established Karan in 2002, operations of which were
taken over from April 1, 2010 by KBA. KBA undertakes government
contracts for construction of drains, drain desilting work, and
beautification of gardens.  KBA is managed by Mr. Rajesh Shah, who
has more than 20 years' experience in the construction business.
The firm, which is engaged in civil construction activities mainly
in and around Mumbai, is a Class AA contractor for Municipal
Corporation of Greater Mumbai and is eligible to bid directly for
large contracts without a cap on contract value.

Karan reported a profit after tax (PAT) of INR5.7 million on net
sales of INR183.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.5 million on net sales
of INR239.8 million for 2008-09.


KHODAY INDIA: CRISIL Downgrades Rating on INR456MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Khoday India Ltd to 'BB-/Stable' from 'BB/Negative', while
reaffirming its rating on the short-term facilities at 'P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR456 Million Term Loans         BB-/Stable (Downgraded from
                                                 'BB/Negative')

   INR650 Million Cash Credit        BB-/Stable (Downgraded from
                       Limits                    'BB/Negative')

   INR33 Million Letter of Credit    P4+ (Reaffirmed)

The downgrade has been driven by KIL's continuing weak
performance, which has been below CRISIL's expectations.  KIL
reported a net loss of INR72 million for the six months ended
September 30, 2010, in continuation to a loss of INR56 million in
2009-10 (refers to financial year, April 1 to March 31).  The
downgrade also takes into account KIL's weak liquidity because of
almost complete utilization of its bank lines.   Given the cash
losses incurred by the company, it would need to rely on
additional borrowings to meet its upcoming debt repayments and
working capital requirements.

The ratings reflect KIL's moderate market share in the Indian-made
foreign liquor (IMFL) market in Karnataka, and its weak financial
risk profile marked by below average debt protection measures and
stretched liquidity.  These rating weaknesses are partially offset
by the healthy business prospects for the IMFL segment, the
moderate geographical diversity of KIL's revenues, and the recent
restructuring initiatives taken by the company, including closing
down of its loss-making glass division after the first quarter of
2010-11, and plans for converting its 1000-seater business
processing unit (BPO) into an exhibition centre. The company's
plans for monetising its sizeable land banks are at a conceptual
stage.  CRISIL believes that KIL's aforementioned initiatives will
have a sustained and sizeable impact on the company's
profitability not before the medium term. There has been an
improvement in KIL's IMFL business in terms of higher capacity
utilisation levels, launch of new brands, and 35 per cent growth
in liquor sales in 2009-10 over the previous year.

Outlook: Stable

CRISIL expects KIL's financial profile to remain constrained
because of below-average debt protection metrics and weak
liquidity. The outlook may be revised to 'Positive' if there is a
sustained improvement in KIL's business risk profile, led by
revenue growth, along with an improvement in margins with the
successful implementation of its restructuring initiatives.
Conversely, the outlook may be revised to 'Negative' if KIL's
business performance continues to be sluggish, or if the company
contracts more-than-expected debt.

                        About Khoday India

KIL, part of the Khoday group of companies, was incorporated in
1965. It manufactures IMFL under its own brands, Peter Scot (a
premium brand) and Red Knight (a prestige brand). The company sold
1.48 million cases of IMFL in 2009-10.

For 2009-10, KIL reported a net loss of INR56 million on net sales
of INR1.3 billion, against a net loss of INR35 million on net
sales of INR1.1 billion for the preceding year.


MALA TEXTILES: CRISIL Rates INR 200 Million Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Mala Textiles Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR 200.00 Million Cash Credit      B+/Stable (Assigned)

The rating reflects Mala's exposure to risks related to geographic
and product concentration in its revenue profile, and to a small
scale of operations and limited track record of operations.  These
rating strengths are partially offset by the benefits that Mala
derives from its promoters' extensive industry experience,
established relationship with its suppliers, and diversified
customer profile.

Outlook: Stable

CRISIL believes that Mala will continue to benefit over the medium
term from its promoters' extensive industry experience, and strong
relationship with its customers and vendors. The outlook may be
revised to 'Positive' if the company significantly scales up its
operations, while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if Mala contracts larger-
than-expected debt to fund its capex, or faces steep decline in
its profitability.

                        About Mala Textiles

Incorporated in 2010, Mala commenced commercial operations in
April 2010.  The company is involve into manufacturing of
innerwear (vests and briefs) for men.  Its production centre is
located in Kolkata.  The company is engaged in the job work for
various hosiery manufacturers in Kolkata and also for there own
brand "See India."


MITTAL HOSPITAL: Fitch Upgrades National Long-Term Rating to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded India's Mittal Hospital Ltd's National
Long-term rating to 'BB(ind)' from 'BB-(ind)'.  The Outlook is
Stable.  The agency has simultaneously affirmed the ratings on
MHL's INR14.819 million fund based facilities (reduced from
INR17.669 million) at 'F4(ind)'.  The agency has also upgraded the
ratings on MHL's bank facilities,:

  -- INR171.2m term loans (enhanced from INR108.5m): upgraded to
     'BB(ind)' from 'BB-(ind)'; and

  -- INR17.5m cash credit limits (enhanced from INR6.5m): upgraded
     to 'BB(ind)' from 'BB-(ind)'.

The upgrades reflect the consistent improvement in MHL's financial
performance over the past two years.  Its EBITDA margins have
improved consistently over FY08-FY10 driven by strong revenue
growth resulting in positive cash flows from operation; MHL's free
cash flows however remained negative on account of the ongoing
INR140 million capex for increasing bed capacity to 300beds from
150beds and to set up an additional building for its nursing
college.  MHL added a cardiac bypass surgery facility in FY10.
The ratings are supported by the improvement in MHL's liquidity
position as demonstrated by its interest coverage (FY10: 3.7x;
FY09: 1.9x), leverage (adjusted debt/EBIDTA: FY10: 2.6x; FY09:
4.8x) and low utilization of its fund-based working capital
limits.  The ratings benefit from MHL's ability to tie up with
various entities for empanelments.  Over FY06-FY10, MHL has tied
up with 50 clients from corporates, government and semi-government
institutions.

MHL's ratings remain constrained by the implementation risks
associated with its capex.  The funding mix comprises debt of
INR105m and equity contribution of INR35m (from the sponsors' viz.
Mittal family).  Fitch notes that any delay in project execution
could affect the firm's liquidity.  The ratings are also
constrained by MHL's small scale of operations and high working
capital requirements due to large inventory requirements towards
its pharmacy (FY10: 30days).  Fitch notes that due to large
empanelments from the government organizations, the company's
working capital requirements could increase on account of higher
receivables.

Any time or cost overruns in completion of MHL's capex, which
would result in debt/EBITDA of beyond 4x on a sustained basis
could act as negative rating triggers.  Successful completion of
the capex programme coupled with debt/EBIDTA of below 2x on a
sustained basis could act as positive rating triggers.

In FY10, MHL reported revenues of INR209m (FY09: INR142m) and
EBITDA margin of 21.7% (FY09: 15.6%).  The company had a debt of
over INR115.5m in FY10.

MHL started operations in November 2005.  It is strategically
located in Ajmer which is well connected with adjoining districts
like Nagaur, Pali, Rajsamand, Bhilwara, Bundi and Tonk.


R. A. ASSOCIATES: CRISIL Rates INR1 Billion LT Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term loan
facility of R. A. Associates.

   Facilities                          Ratings
   ----------                          -------
   INR1000.0 Million Long-Term Loan    BB-/Stable (Assigned)

The rating reflects RAA's implementation risks associated with its
commercial cum residential project in Dadar (Mumbai) and
geographical concentration as regards the projects of KB Kothari
Group.  These weaknesses are partially offset by the experience of
RAA's promoters in the real estate business.

Outlook: Stable

CRISIL expects RAA to benefit over the medium term from its
promoters' longstanding experience in the construction business.
The outlook may be revised to 'Positive' in case of a significant
improvement in its business and financial risk profiles, on
account of better than expected revenue generation from the
project. Conversely, the outlook may be revised to 'Negative' in
case sales of the firm's project is lower than expected, or in
case of delays in project implementation or a prolonged slowdown
in the real estate market, affecting realisations.

                       About R. A. Associates

RAA, set up in 2006, is a partnership firm formed as a special
purpose vehicle for a commercial cum residential real estate
project in Dadar.  The concern is part of the KB Kothari group.
Mr. Vinay Kothari, Mr. Rajendra Kothari and Mr. Ashok Kothari,
Mr.Vivek Kothari and Mr. Varun Kothari are partners in the firm.
One of their close associates, Mr. Chandraprakash D. Siroya along
with his firm, M/s Siroya Infrastructure Pvt. Ltd., holds 35%
share in the firm.

The firm has acquired around 12,751 square metres of land in
Dadar. The construction and development activity began in 2010-11
(refers to financial year, April 1 to March 31), and the project
is expected to be completed by 2013-14.


SATIA SYNTHETICS: CRISIL Reaffirms 'D' Rating on INR468.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Satia Synthetics Ltd
continue to reflect delays by SSL in servicing its term loan
because of financial indiscipline; the company, however, has
adequate liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR468.1 Million Term Loan         D (Reaffirmed)
   INR600 Million Cash Credit         D (Reaffirmed)
   INR170 Million Letter of Credit    P5 (Reaffirmed)
   INR15 Million Bank Guarantee       P5 (Reaffirmed)

SSL has a below-average financial risk profile, and is exposed to
risks related to fluctuations in cotton prices and to intense
competition in the yarn industry. SSL, however, benefits from its
established position in the cotton yarn manufacturing industry.

Update
SSL has demonstrated a healthy performance over the 18 months
through September 2010, largely buoyed by the rising cotton and
yarn prices.  Healthy profitability in the recent past has
improved the company's liquidity.  All its term loans have been
rescheduled; while repayments for loans from State Bank of
Hyderabad have already commenced, repayments of loans from other
banks in the consortium will commence from March 2011. Moderate
utilization of fund-based limits, averaging at 73 per cent for the
12 months through September 2010, also indicates the improvement
in the company's liquidity, which was quite stretched during 2008-
09 (refers to financial year, April 1 to March 31) as a result of
larger-than-expected losses and large debt-funded capital
expenditure (capex) of about INR670 million.  The capex was for
expanding the company's spindle capacity by approximately 75 per
cent to 55,248 spindles; the added capacity has now been
successfully commissioned in entirety.

SSL's promoters also infused preference capital of INR90 million
in 2009-10 to fund a loss of about INR96 million incurred during
2008-09. The reported loss was largely attributed to the
recognition of commencement of commercial operations in August
2008 as against January 2009 assumed by the management earlier. As
a result, significant costs, which were earlier classified as pre-
operative in nature and had been capitalized, had to be charged to
the profit and loss account.  The infusion of funds via preference
capital, while improving the company's liquidity, has deteriorated
its capital structure. SSL does not have any immediate capex
plans.  The company's liquidity is expected to come under pressure
over the near term as a result of increase in working capital
requirements with the commencement of the cotton stocking season.

                       About Satia Synthetics

SSL is a joint venture between Mr. Anil Satia and Punjab State
Industrial Development Corporation. SSL manufactures cotton-carded
and combed yarn in counts ranging from 10s to 34s.

For 2009-10, SSL, on a provisional basis, reported net profits of
INR41.0 million on net revenues of INR1.84 billion, as against a
net loss of INR96.3 million on net revenues of INR1.28 billion in
the preceding year.


STURDY INDUSTRIES: CRISIL Upgrades Rating on Various Debts to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sturdy
Industries Ltd (SIL; part of the Sturdy Industries group) to
'BB/Stable/P4+' from 'BB-/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR317.2 Million Cash Credit        BB/Stable (Upgraded from
                                                  'BB-/Stable')

   INR37.8 Million Foreign Currency    BB/Stable (Upgraded from
                          Term Loan               'BB-/Stable')

   INR22.1 Million Long-Term Loan      BB/Stable (Upgraded from
                                                  'BB-/Stable')

   INR15.0 Million Packing Credit      P4+ (Upgraded from 'P4')

   INR15.0 Million Post-Shipment       P4+ (Upgraded from 'P4')
                         Credit
   INR80.0 Million Letter of Credit    P4+ (Upgraded from 'P4')

   INR70.0 Million Bank Guarantee      P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Sturdy Industries group's
business risk profile, driven by higher-than-expected growth in
revenues and improvement in liquidity.  The group's revenues grew
by 123 per cent to INR4.96 billion in 2009-10 (refers to financial
year, July 1 to June 30) from INR2.22 billion in 2008-09 because
of commissioning of the group's aluminum conductor plant (capacity
of 9000 tonnes per annum [tpa]) in Baddi (Himachal Pradesh) and
increase in revenues from its trading operations.  The group's
liquidity has improved because of improvement in working capital
management, reflected in lowering in inventory level, addition of
new customers such as Power Grid Corporation of India Ltd,
increased scale of operations, and increase in cash accruals.
This has led to improvement in debt protection metrics.  CRISIL
expects the growth momentum in the Sturdy Industries group's
revenues to continue over the medium term, supported by good
growth prospects for the group's key business segments.

The upgrade also reflects the clarity emerging on the Sturdy
Industries group's future plans.  The group has scrapped
unrelated, large capital expenditure (capex) plans pertaining to
power projects and is now focusing on its aluminum conductor
division.  It is coming up with INR650-million aluminum conductor
plant with capacity of 45,000 tpa in Assam, funded in a debt-
equity mix of 1:1.  The project is likely to be commissioned by
the end of 2011-12.  While Sturdy Industries group is exposed to
the risk of timely commissioning of this plant, CRISIL believes
that the group will significantly benefit post the commissioning
of the plant, primarily because of the large subsidies it is
expected to avail of.

The ratings also reflect the Sturdy Industries group's low
operating margin, high gearing, and exposure to intense
competition in the polyvinyl chloride (PVC) pipes, aluminum
conductors, and aluminum composite panel segments.  The group's
operating margin declined to 3.3 per cent in 2009-10 from
5.6 per cent in 2008-09, mainly on account of increase in trading
revenues, where the margins are low.  The margins are expected to
remain low because of high trading revenues and the tender-based
contracts the group executes.  The group's capital structure
remains leveraged on account of its large working capital
requirements and ongoing capex plans.  These rating weaknesses are
partially offset by the benefits that the group derives from the
healthy growth prospects for its end-user industries and its
promoters' industry experience.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SIL, Swati Storwell Pvt Ltd, and Nu-Line
Industries Pvt Ltd.  This is because the companies, collectively
referred to as the Sturdy Industries group, have common promoters,
and significant operational, financial, and management linkages
with each other. Moreover, the companies will be amalgamated
following approval of the High Court of Himachal Pradesh.

Outlook: Stable

CRISIL believes that the Sturdy Industries group will maintain its
healthy revenue growth over the medium term, supported by good
growth prospects for its key end-user segments.  The group's
financial risk profile, however, is expected to remain constrained
by low operating profitability and high gearing.  The outlook may
be revised to 'Positive' if there is a significant improvement in
the group's capital structure, higher-than-expected profitability,
and timely commissioning of, and/or stabilization of operations
at, its upcoming aluminium conductor plant in Assam.  Conversely,
the outlook may be revised to 'Negative' if the group faces
significant time and cost overruns in the ongoing projects,
undertakes any larger-than-expected debt-funded capex programme,
and/or if its operating margin declines, leading to deterioration
in financial risk profile.

                          About the Group

SIL was established in 1995.  The company is into manufacturing
PVC pipes and irrigation systems, asbestos cement roofing sheets,
aluminium composite panels, aluminium cables and conductors and
trading of aluminium products.  The company is listed on the
Bombay Stock Exchange and is based in Parwanoo (Himachal Pradesh).
The day-to-day operations are managed by Mr. Mohan Lal Gupta
(chairman and managing director) and his brother, Mr. Ramesh Kumar
Gupta.  The company's manufacturing units are in Baddi and
Debrassi (Punjab).  SIL is coming up with an aluminium conductor
plant in Assam and a hydro-power plant in Himachal Pradesh. The
INR650-million aluminium conductor plant, with capacity of 45,000
tpa, is being funded in a debt-to-equity mix of 1:1.  The project
is likely to be commissioned by the end of 2011-12. The INR110-
million 1.5-megawatt hydro-power project is being funded in a
debt-to-equity mix of 7:3 and is likely to be commissioned by the
end of 2010-11.

The Sturdy Industries group reported a profit after tax (PAT) of
INR58.6 million on net sales of INR5.0 billion for 2009-10,
against a PAT of INR45.5 million on net sales of INR2.2 billion
for 2008-09.


VEEJAY LAKSHMI: CRISIL Assigns 'BB' Rating to INR140.3MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Veejay Lakshmi Textiles Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR140.30 Million Long-Term Loan    BB/Stable (Assigned)
   INR105.00 Million Cash Credit       BB/Stable (Assigned)
   INR40.00 Million Letter of Credit   P4+ (Assigned)
   INR10.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect VLTL's below-average financial risk profile
marked by high gearing and weak debt protection metrics, and
susceptibility to volatility in raw material prices and large
working capital requirements.  These rating weaknesses are
partially offset by financial support that VLTL receives from its
parent, Veejay Lakshmi Engineering Works Ltd, and VLTL's
promoters' extensive experience in the textile segment.

Outlook: Stable

CRISIL believes that VLTL will continue to benefit over the medium
term from the support from VLEWL. The outlook may be revised to
'Positive' if VLTL improves its capital structure and reports
more-than-expected sales growth and improvement in margins.
Conversely, the outlook may be revised to 'Negative' if VLTL's
liquidity deteriorates further, its revenues or margins decline
significantly, or if the company contracts larger-than-expected
debt to fund its capital expenditure.

                        About Veejay Lakshmi

Incorporated in 2001, VLTL has capacity of 12,480 spindles and
primarily manufactures cotton yarn of 20s and 30s count.  VLTL set
up a garment unit in 2006-07 (refers to financial year, April 1 to
March 31) to diversify into the manufacture of knitted garments.

VLTL reported a net loss of INR13 million on net sales of INR404
million for 2009-10, against a net loss of INR46 million on net
sales of INR287 million for 2008-09.

The Coimbatore (Tamil Nadu)-based Veejay group was set up in 1974
by Mr. V Jayaraman. VLEWL manufactures two-for-one twisters and
automatic cone winders used in the cotton yarn spinning process.
Its customers include National Textile Corporation and other
players in the spinning segment.


WAVE BEVERAGES: CRISIL Assigns 'BB+' Rating to INR106.6M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
Wave Beverages Pvt Ltd, which is part of the Wave group.  The
rating reflects the Wave group's large capital expenditure (capex)
programme constraining its financial risk profile over the short
term, and its vulnerability to adverse changes in regulations.

   Facilities                          Ratings
   ----------                          -------
   INR106.6 Million Rupee Term Loan    BB+/Stable (Assigned)

   INR0.6 Million Proposed Long-Term   BB+/Stable (Assigned)
                  Bank Loan Facility

   INR90.0 Million Cash Credit         BB+/Stable (Assigned)

These rating weaknesses are partially offset by the Wave group's
stable revenues and profitability, supported by an exclusive
franchise agreement with Coca Cola India, and healthy operating
efficiencies because of the group's presence in returnable glass
bottles (RGB) and polyethylene terephthalate (PET) bottle
manufacturing segment.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of WBPL and Amritsar Crown Caps Pvt Ltd.
This is because the two companies, together referred to as the
Wave group, have a common management, significant operational
linkages, and fungible funds.

Outlook: Stable

CRISIL believes that the Wave group will continue to benefit from
its operations as a franchisee bottler for CCI. With the
additional capex for the PET line, the group's market reach is
likely to increase.  The outlook may be converted to 'Positive' if
the Wave group's debt protection metrics improve, most likely
because of increase in sales and profitability.  Conversely, the
outlook may be revised to 'Negative' if the group faces any delays
in completion of its ongoing project, or reports less-than-
expected offtake from its new capacities, leading to pressures on
its financial risk profile.

                           About the Group

ACCL and WBPL together form the integrated bottling operations
under the Wave group. The group is owned by the Kandhari and the
Chadha families. All the sales and distribution activities are
concentrated within WBPL, while the manufacturing operations are
under ACCL.  The Wave group forms the franchisee bottling
operations for CCI in 13 districts, eight in Punjab and five in
Himachal Pradesh. In its RGB division, the group manufactures 3.6
million crates per annum (cpa) of aerated water, and 1.32 million
cpa of Maaza; it also has a 0.9 million cpa capacity for
manufacturing PET bottles.

WBPL reported a provisional profit after tax (PAT) of INR61
million on provisional net sales of INR1559 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR8.5 million on net sales of INR1056 million for 2008-09.


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


XL AXIATA: Moody's Upgrades Corporate Family Rating to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has upgraded the local currency
corporate family rating for PT XL Axiata Tbk to Ba1 from Ba2.  The
outlook on the rating is stable.

                        Ratings Rationale

"The decision to upgrade XL reflects the improvement in the
company's operating and financial profile such that financial
metrics -- particularly debt/EBITDA of 1.6x - are now strong for
the fundamental Ba2 rating level," says Laura Acres, a Moody's
Vice President and Senior Credit Officer.

"Such a profile provides the company with the financial
flexibility to withstand any short term spike in competition as
well as the payment of dividends in line with the stated policy of
15% to 20%," adds Acres, Moody's Lead Analyst for XL.

XL's rating combines an assessment of its fundamental strength
which at Ba2 reflects its established network and market position
as Indonesia's third largest cellular operator in terms of revenue
and subscribers, and by the expectation of moderate growth in the
cellular market, an improving macro-environment, and XL's
improving and strong financial profile.  However, this view is
counter-balanced by various challenges, including a very
competitive environment and exposure to emerging market risk.

The final rating of Ba1 incorporates a one-notch uplift arising
from the credit support that Moody's believes the parent, Axiata
Group Berhad (rated Baa2), is likely to provide in a distress
situation.  XL is majority owned by Axiata and is its largest non-
domestic business -- representing 26% of its subscribers, 39% of
revenues, and 46% of reported EBITDA (for YTD September 2010) --
therefore, Moody's considers it a strategic investment for Axiata.

The stable outlook reflects Moody's expectation that XL will
maintain its current financial profile and execute on its business
plan as outlined.

Further upward rating pressure is limited given the degree of
competition in the Indonesian cellular market as well as the
company's third player status.  Moody's is also cognizant of
emerging market risks which need to be incorporated into the
rating and which are currently evidenced by the Government rating
of Ba2/under review for possible upgrade.

Downward pressure on XL's stand-alone rating could emerge should
there be any material deterioration in its underlying credit
strength, and which would arise from diminishing operating
margins, weaker operating cash flow, or rising FX risk; all of
which may be reflected in adjusted debt/adjusted EBITDA rising
above 2.5-3.0x, or retained cash flow/adjusted debt falling below
25%.

In addition, the one-notch uplift derived from the support from
Axiata could be removed if Axiata's shareholding in XL falls below
50%, or if Axiata indicates that it is no longer a core asset for
the group.

The last rating action on XL was on 14th December 2009 when
Moody's revised the outlook on XL's Ba2 ratings to stable from
negative following the successful completion of a US$300 million
rights issue resulting in an improved capital structure.

XL is the third largest cellular provider in Indonesia in terms of
revenues and subscribers; as of 30th September 2010, XL had 38.5
million subscribers, of which 99% were prepaid.  XL owns a
nationwide cellular network covering all major cities in Java,
Bali and Sumatra as well as population centers in Sulawesi and
Kalimantan.  It has the second largest mobile network in
Indonesia, with 21,623 base transceiver stations as of September
2010, and of which one third are outside Java.

XL is 66.7% owned by Axiata, in turn 68.2% owned by Khazanah
Nasional Berhad and other Malaysian government related entities.
UAE-based Emirates Telecommunications Corp (Aa3/URPD) holds 13.3%
of XL's shares and the public the remainder.


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


INCUBATOR BANK: Depositors to Receive 25% Refund
------------------------------------------------
Kyodo News reports that the Deposit Insurance Corp. of Japan said
Tuesday it will provisionally pay back 25% of unprotected deposits
at the Incubator Bank of Japan to depositors on behalf of the
failed bank.

Kyodo relates that the DICJ, which serves as the failed bank's
government-appointed administrator, will cover up to JPY10 million
for each depositor under the limited deposit protection system and
use the remaining assets at the bank for the provisional extra
payback starting within this year.  Unprotected deposits at the
bank total some JPY11 billion for more than 3,400 depositors.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, the Incubator Bank of Japan Ltd. filed for
bankruptcy proceedings with the Financial Services Agency under
the Deposit Insurance Law.  The FSA is expected to invoke the
deposit protection scheme for the first time since it was
instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  The bank had about JPY592.7 billion in
deposits as of March 31, 2010, of which JPY68.6 billion had been
deposited in excess of the JPY10 million threshold by some 4,800
depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


TOSHIBA CORPORATION: Fitch Lifts Issuer Default Rating from 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Toshiba Corporation's Long-term foreign
currency Issuer Default Rating and local currency IDR to 'BBB-'
from 'BB'.  The Outlook is Stable.  Fitch has also upgraded
Toshiba's Short-term FC and LC IDRs to 'F3' from 'B'.

"The upgrade of Toshiba's ratings reflect the recent improvement
in the company's operating results and credit metrics as well as
its strong global positions in NAND flash memory and nuclear power
plant businesses", said Alvin Lim, Director in Fitch's Asia
Pacific Telecom Media and Technology rating team.  Although
Toshiba was unable to avoid negative revenue growth for the year
ending 31 March 2010, the company still managed to post a positive
operating profit margin at 1.8%(compared to -3.76% in FYEMar09)
thanks mainly to strong demand for NAND flash memory.  Amid such
an improved operating environment, the company was able to
significantly reduce its financial leverage, measured in terms of
Funds From Operation adjusted leverage, to 3.4xin FYEMar10 from
14.3x in FYEMar09.

Fitch expects that Toshiba's two main business segments, NAND
flash memory and nuclear power plants, will continue to perform
strongly in FYEMar11 and drive the company's operating profit
margin back to pre-economic crisis levels (FYEMar08) of around 3%
with revenue growth of 6.7%.  Given rising demand for smartphones,
tablet PCs and solid state drive hard drives, the agency
anticipates that demand for NAND will remain strong over the next
two to three years.  In addition, as more countries opt for
environment friendly energy sources including nuclear power,
Toshiba should be able to benefit from this business line as the
world's largest nuclear power plant constructor.

The Stable Outlook on Toshiba reflects Fitch's expectation that
the company will be able to sustain its improved business and
financial profile over the medium-term, underpinned by its healthy
operating performance led by technology leadership, and a solid
liquidity profile.  In addition, Fitch notes that the company is
well positioned to mitigate the risk from a recent rally of the
Japanese Yen by expanding overseas production and procuring raw
materials in US Dollars.

Fitch will consider a further positive rating action if the
company is able to prove its ability to better withstand the
severe cyclicality of the industries it operates in, while
maintaining positive Free Cash Flow generation, an operating
profit margin over 5% and FFO adjusted leverage below 3.0x on a
sustained basis.  Meanwhile, a negative rating action could occur
if deterioration in the NAND flash memory business causes
segmental operating profit to turn negative.  A Negative rating
could also occur if Fitch expects the company's overall operating
profit margin to fall below 1.5% and/or FFO adjusted leverage to
rise above 4.0x, both on a sustained basis.


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


GM DAEWOO: Parent to Buy Back Preferred Shares from Banks
---------------------------------------------------------
Yonhap News reports that General Motors Co. on Wednesday signed an
agreement with Korea Development Bank for the long-term
development of its South Korean unit GM Daewoo Auto & Technology.

According to the report, GM pledged to buy back preferred shares
from KDB, the main creditor of GM Daewoo, and other creditor banks
to its local unit in case the auto subsidiary fails to earn enough
profits to repay about KRW2 trillion (US$1.7 billion) of preferred
shares that come due by 2017.

Yonhap News, citing a KDB official, says the agreement would
effectively guarantee long-term support from GM to keep its local
car maker afloat.

                          About GM Daewoo

GM Daewoo Auto & Technology is a South Korean-based automobile
manufacturer.  GMDAT is a subsidiary of US-based General Motors
Company.

GM Daewoo suffered a cash squeeze since early 2009 as the 2008
global crisis troubled the company's vehicle sales.  The Korea
Development Bank has been negotiating with General Motors on GM's
injection of fresh cash into the embattled unit and other ways of
keeping it afloat, including a transfer of key auto technologies,
shareholder rights and a dispatch of officials to oversee the
subsidiary's finances.  The lender is considering retrieving the
loans from GM Daewoo if both sides fail to reach agreement on the
turnaround plan.


===============
M A L A Y S I A
===============


BANENG HOLDINGS: Classified as Affected Listed Issuer Under PN17
----------------------------------------------------------------
Baneng Holdings Bhd is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.

As a listed Company under the Amended PN17 of the Bursa
Securities, Baneng Holding is required to submit a reform plan to
regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.  In the event the Company fails to comply with all
the provisions of PN 17, Bursa Securities may commence delisting
proceedings against the Company.

                    Status of Regularization Plan

Prior to its admission as PN17 Company, the Company had previously
announced that it proposes to undertake these proposals to
regularize the Company:

   a) Proposed Debt Restructuring Scheme
   b) Proposed Capital Reconstruction
   c) Proposed Share Premium Reduction
   d) Proposed Acquisitions
   e) Proposed Increase in authorized Share Capital
   f) Proposed Amendments to the Memorandum and Articles of
      Association
   g) Proposed Provision of Financial Assistance

The proposed restructuring scheme is mainly to develop a viable
debt repayment scheme to provide settlement for Baneng Group's
financial obligations to lenders and a better alternative to
enable management to rejuvenate the business of the Group as well
as place the Group on a stronger position to provide future
returns to its shareholders.  The proposed restructuring scheme
will not result in a significant change in the business direction
or policy of the Company.

The application pertaining to the proposed restructuring scheme
had been submitted to the Securities Commission on November 29,
2010.

                       About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments and
provision of agency services; Seri Azhimu Jaya Garments & Textiles
(B) Sdn. Bhd., which is engaged in the manufacturing of apparels,
textiles and garments; Herizen Investment Pte Ltd, and Baneng
Lesotho (Proprietary) Ltd.


BASWELL RESOURCES: Reports MYR11.63MM Net Loss in September 30 Qtr
------------------------------------------------------------------
Baswell Resources Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for quarter ended
September 30, 2010.

The Company reported net loss of MYR11.63 million on MYR1.73
million of revenues for the quarter ended September 30, 2010,
compared with a net loss of MYR7.07 million on MYR3.73 million of
revenue for the same quarter in 2009.

As of September 30, 2010, the Company had total assets of
MYR32.75 million, total liabilities of MYR32.46 million and
stockholders' equity of MYR285,000.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?709c

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company's
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.

Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company was also put under PN 17 after a proposed memorandum
of understanding with Metroplex Resources Ltd for a project in
Middle East was terminated.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.


LUSTER INDUSTRIES: Posts MYR3.41 Million Net Loss in Sept. 30 Qtr
-----------------------------------------------------------------
Luster Industries Berhad posted a net loss of MYR4.31 million
on revenue of MYR13.45 million for the three months ended
September 30, 2010, compared with a net loss of MYR2.01 million on
revenue of MYR8.97 million in the same quarter of 2009.

The loss after taxation for current quarter under review
was mainly due to initial development expenses and overheads
incurred to kick off the new projects.  The operating expenses are
expected to be stabilized upon reaching the optimum production
level whereby a more consistent stream of revenue will be
generated by these new projects.

At September 30, 2010, the Company's consolidated balance sheet
showed MYR70.71 million in total assets and MYR80.51 million in
total liabilities, resulting in a stockholders' deficit of
MYR9.79 million.

The Company's consolidated balance sheet at September 30, 2010,
also showed strained liquidity with MYR35.22 million in total
current assets available to pay MYR79.08 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?709b

                       Going Concern Doubt

The audited report of the preceding annual financial statements of
Luster Industries Bhd contained an emphasis of matter on the
uncertainties over its ability to continue as a going concern.
The going concern of the Group is dependent on the approval and
successful implementation of the proposed Regularization Plan.

                      About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


NGIU KEE: Posts MYR14.58 Million Net Loss in Qtr Ended Sept. 30
---------------------------------------------------------------
Ngiu Kee Corporation (M) Berhad posted a net loss of MYR14.58
million on revenue of MYR35.82 million for the three months ended
September 30, 2010, compared with net income of MYR7.24 million on
revenue of MYR36.32 million in the same quarter of 2009.

As of September 30, 2010, the Company's consolidated balance
sheet showed MYR58.75 million in total assets and MYR73.84 million
in total liabilities, resulting in a shareholders' deficit of
MYR15.09 million.

The Company's consolidated balance sheet at September 30, 2010,
also showed strained liquidity with MYR48.54 million in total
current assets available to pay MYR73.42 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?709d

                          About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company's subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.

                           *     *     *

Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.


SATANG HOLDINGS: Posts MYR7.15MM Net Loss for Qtr Ended Sept. 30
----------------------------------------------------------------
Satang Holdings Berhad disclosed with the Bursa Stock Exchange its
unaudited financial results for fourth quarter ended September 30,
2010.

The Company posted MYR9.22 million net loss on MYR7.15 million of
revenues in the quarter ended September 30, 2010, as compared to
MYR2.56 million net loss on MYR12.61 million of revenues in the
same quarter of 2009.

At September 30, 2010, the company's consolidated balance sheet
showed MYR39.57 million in total assets, MYR26.14 million in total
liabilities, and MYR13.43 million in total stockholders' equity.

The Company's consolidated balance sheet at September 30, 2010,
also showed strained liquidity with MYR20.19 million in total
current assets available to pay MYR23.11 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?709e

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


SATANG HOLDINGS: Sells Land to Mega Regal For MYR18 Million
-----------------------------------------------------------
Satang Holdings Berhad has entered into a conditional sale and
purchase agreement with Mega Regal Development Sdn Bhd for the
proposed disposal of land for MYR18 million.

The land is a freehold interest property of a vacant industrial
lot measuring 20,234 square metres (approximately 217,798.77
square feet).  The land is located within an established area
known as Section U8 (Mayang Sari), 40150 Bukit Jelutong, in
Selangor Darul Ehsan.

The Company said that the sale consideration of MYR18 million was
arrived at on a willing-buyer, willing-seller basis, after taking
into consideration the valuation of the Land carried out by
IPC at MYR16.0 million based on the valuation report dated
November 29, 2010.

The sale consideration represents a premium of MYR2 million or
12.5% over the market value of the land as appraised by IPC.

The gross proceeds of MYR18.0 million arising from the proposed
disposal is earmarked to be utilized for working Capital and
repayment of bank borrowings.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


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


PIKE RIVER: CEO Denies Looming Receivership for Mine
----------------------------------------------------
Tvnz reports that Pike River Coal Chief Executive Officer Peter
Whittall has dismissed media speculation that the company's
damaged West Coast mine could soon be put into receivership.

The Dominion Post has quoted "market sources" saying that "Pike
River Coal is unlikely to survive as a company until Christmas
because of the huge costs it faced," according to Tvnz.  The
report relates that the Dominion Post estimated it could be as
high as NZ$200 million to keep operating.

However, Tvnz notes, Mr. Whittall, speaking to Radio New Zealand
this morning, said that a suggestion of receivership is "extremely
premature".  "It is not even a word that has come up in
conversation yet," he added.

The NZ$200 million figure has not come from Pike River Coal, Mr.
Whittall said, "so I am not sure what the source is," Tvnz
discloses.

Mr. Whittall, Tvnz notes, said major shareholders New Zealand Oil
and Gas were supportive, as were the company's bank.  Minor
shareholders had provided support as well, he added.

The Pike River Mine is a coal mine operated by Pike River Coal Ltd
north-northeast of Greymouth in the West Coast Region of New
Zealand's South Island.


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


BENGUET CORP: Secures PHP150-Million Loan From PhilEXIM
-------------------------------------------------------
BusinessWorld reports that Benguet Corp., through wholly owned
subsidiary BEREC Land Resources, Inc., has tapped the Philippine
Export Import Credit Agency for a five-year loan facility to
develop the Acupan gold mine in Benguet.

According to BusinessWorld, Benguet said the subsidiary has
obtained the approval of PhilEXIM for a loan of up to
PHP150 million for the upgrade of the production capacity of the
Acupan mine.

The miner said that it plans to increase production capacity to
300 tons per day from 110 tons per day.

BusinessWorld relates Benguet also formalized an agreement with
BEREC Land Resources for the management and operation of the
Acupan mine.  BEREC Land Resources, as project manager, will be
responsible for fund management, the operation of the project, and
debt service, says BusinessWorld.

The miner reported a turnaround to PHP30.02 million in profit for
the third quarter, from a loss of PHP42.71 million last year.

                        About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


PHILIPPINE AIRLINES: Ochoa to Broker Talks With Workers
-------------------------------------------------------
The Daily Tribune reports that Philippine Airlines on Wednesday
welcomed the decision of President Aquino to designate Executive
Secretary Paquito Ochoa to broker talks between PAL and its ground
workers' union.

According to the report, PAL spokesman Cielo Villaluna said the
flag carrier wants to finally resolve the issue of whether or not
the PAL Employees Association (Palea) has legal grounds to conduct
a strike vote, much less engage in a work stoppage.

"PAL appreciates President Aquino's concern and desire to put
closure to the PAL-Palea dispute.  Like the President, PAL
believes that the public deserves a quick resolution to this issue
so as not to further cause anxiety to thousands of passengers who
have already firmed up their holiday travel plans," the Tribune
quoted Ms. Villaluna as saying.

Ms. Villaluna said it's business as usual at PAL despite the
ongoing strike vote by members of its rank-and-file union. "All
flights continue to operate normally according to published
schedules."

PALEA held a strike vote on December 7, 2010, after filing a
notice of strike to National Conciliation and Mediation Board.
The union needs more than 50% of yes votes to push through with
the strike.  PALEA President Gerry Rivera had warned they are
poised to go on strike if PAL management starts the termination of
its 2,700 employees as part of the carrier's outsourcing plan.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


QUEZON POWER: Moody's Upgrades Ratings on Senior Bonds to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded the senior secured bond
rating of Quezon Power (Philippines) Ltd. Co. to B1 from B2.  The
rating outlook is stable.

                        Ratings Rationale

"The rating action has been prompted by the strong improvement in
the financial and operational performance of Meralco, the largest
private electricity distributor in the Philippines and the sole
offtaker for Quezon," says Jennifer Wong, a Moody's Assistant Vice
President and Analyst.

Quezon's B1 rating also takes into consideration its strong
operating track record, fuel cost pass through under the PPA
agreement, and limited coal supplier risks because of long-term
supply contracts with PT Adaro Indonesia and PT Kaltim Prima Coal.

Quezon's debt servicing capacity, with an expected debt service
coverage ratio of over 1.4-1.6x over the next few years is strong
for its B1 rating.  Nevertheless, it remains closely linked to the
credit profile of its sole offtaker, Meralco.

Meralco has demonstrated strong and sustained improvement in its
financial performance driven by robust electricity sales growth
and higher distribution tariffs.  Its liquidity position is also
strong.

Meralco's operational efficiency has improved greatly due to a
record low in (1) system loss charge, (2) interruption frequency
rate, and (3) cumulative interruption time.  This operational
efficiency is positive under the PBR tariff structure.

The rating outlook is stable, reflecting Moody's expectation that
Meralco will continue to honor its obligations to Quezon so as to
generate income for the debt servicing.

Upward rating pressure could evolve over time if Meralco's credit
quality and liquidity position improve further, with Quezon
maintaining its current operating and financial profiles.

On the other hand, downward rating pressure could result if (1)
Meralco's credit quality and liquidity position deteriorate;
and/or (2) Quezon experiences problems receiving payments from
Meralco, which in turn affect its ability to honor its debt
obligations in a timely manner; and/or (3) further contract
renegotiations result in a significant weakening in Quezon's cash
flow; and/or (4) Quezon is unable to maintain the required
availability factor such that DSCR falls below 1.2x.

The last rating action on Quezon was taken on 15 December 2009,
when Moody's upgraded its senior secured rating to B2 with a
stable outlook.

Quezon Power (Philippines) Ltd. Co. owns a 460MW base load coal-
fired plant and 31 km of transmission lines located on the east
coast of Luzon, south east of Manila.  The company is 45.9% owned
by InterGen, 26.1% by Covanta Energy, 26.0% by Electricity
Generating Public Co Ltd, and 2.0% by PMR Ltd.


                             *********

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 C. Udtuhan, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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