---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, December 7, 2011, Vol. 14, No. 242

                            Headlines



A U S T R A L I A

INVESTEC BANK: Fitch Keeps 'C' Individual Rating at RWN
INVESTEC BANK: Moody's Lowers Senior Unsecured Rating to 'Ba1'
REFUND HOME: Holding Firm's Liquidation No Effect on Franchisees
RYGEL AUSTRALIA: Internal Company Trouble Spurs Administration
SMART COMPANY: Court Awards Clipsal AUD2.7 Million Legal Costs


H O N G  K O N G

GREEN POWER: Chow and Cheng Appointed as Liquidators
HEROMATE INDUSTRIAL: Creditors' Proofs of Debt Due Jan. 20
HONG LOK: Creditors' Proofs of Debt Due Dec. 20
IMPERIAL WORLD: Members' and Creditors' Meetings Set for Dec. 23
JOS J.D.: Creditors' Proofs of Debt Due Dec. 23

LEHMAN BROTHERS: HKMA Reports Progress of Probe
MACY CONSULTANTS: First Meetings Set for Dec. 15
MASSKIND INVESTMENT: Chan and Chow Step Down as Liquidators
MF GLOBAL: Court to Hear Wind-Up Petition on Jan. 11
MF GLOBAL HK: Court to Hear Wind-Up Petition on Jan. 11

NIDEC PIGEON: Wakisaka Shoji Appointed as Liquidator
SING WAN: Creditors' First Meeting Set for Dec. 9
SMART UNION: First Meetings Set for Dec. 9


I N D I A

BHARAT URBAN: Reserve Bank Cancels License Due to Insolvency
BIAX SPECIALTY: Fitch Withdraws 'BB+' Rating on 2 Loan Classes
DOLPHIN INT'L: CRISIL Assigns 'CRISIL B' Rating to INR16.6MM Loan
DSL HYDROWATT: Inadequate Info Cues Fitch to Migrate Low-B Rating
FLICKER PROJECTS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating

GANGOTRI PAPER: CRISIL Places CRISIL BB- Rating on INR335MM Loan
GENCOR PACIFIC: Delay in Loan Payment Cues 'CRISIL C' Ratings
HILLS CEMENT: ICRA Assigns [ICRA]D Rating to INR93.4cr Term Loan
INDOSOLAR LTD: Loan Defaults Prompt Fitch to Cut Rating to 'D'
JAI INTERNATIONAL: CRISIL Assigns CRISIL B Rating on INR15MM Loan

JALANDHAR AMRITSAR: Fitch Cuts Rating on INR1.98BB Loan to 'BB-'
JOP HOTELS: ICRA Assigns '[ICRA]BB+' Rating to INR44cr Term Loans
PALM FIBRE: ICRA Assigns [ICRA]BB- Rating to INR1.51cr Term Loan
PROGRES COMMUNICATIONS: CRISIL Rates INR50MM Loan at 'CRISIL B+'
SPECIAL ENG'G: CRISIL Raises Rating on INR40MM Loan to 'B'

SRI SURYA: Delay in Debt Servicing Cues CRISIL Junk Ratings
SRS MODERN: Fitch Affirms Rating on Two Loan Facilities at Low-B
STARWOOD CONTRACTS: ICRA Places '[ICRA]BB+' to INR20cr Bank Lines
SUPER SPINNING: ICRA Revises Rating on INR49.67cr Loan to 'B+'
SWARAJ SULZ: ICRA Assigns '[ICRA]B+' to INR12.67cr Bank Loan

TODI HOSIERY: CRISIL Assigns 'CRISIL BB' Rating to INR280MM Loan
TRANSPEK INDUSTRY: ICRA Cuts Rating on INR25cr Loan to '[ICRA]BB'
TRANSSTROY TIRUPATI: Fitch Rates INR4-Bil. Bank Loans at 'BB+'
VHCL INDUSTRIES: ICRA Puts '[ICRA]BB+' Rating to INR17.6cr Loan


I N D O N E S I A

BANK CIMB: Fitch Affirms Individual Rating at 'C/D'
BANK OCBC: Fitch Affirms Individual Rating at 'C/D'


J A P A N

OLYMPUS CORP: Panel Finds No Evidence of Gangster in Cover-Up
TOKYO ELECTRIC: Starts Second Round of Compensation Claims


N E W  Z E A L A N D

AORANGI SECURITIES: Managers Seek Court OK of Distribution Plan
NATIONAL FINANCE: Former Director Faces Indefinite Ban
RANEX GROUP: Closes Eurocell Timber Mill; 40 Workers Lose Jobs


P H I L I P P I N E S

LEHMAN BROTHERS: PSALM Denies $3.5MM Exposure to Firm's Bust


S I N G A P O R E

JIN LI: Court to Hear Wind-Up Petition on Dec. 9
LUCKY SPRING: Court to Hear Wind-Up Petition on Dec. 9
MAIESTA SHIPPING: Creditors' Proofs of Debt Due Jan. 2
MICROSOFT HOLDINGS: Creditors' Proofs of Debt Due Dec. 30
ROCKWOOD PIGMENTS: Creditors' Proofs of Debt Due Jan. 3


X X X X X X X X

* ADB Cuts East Asia 2012 Growth Forecast on Global Slowdown
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


INVESTEC BANK: Fitch Keeps 'C' Individual Rating at RWN
-------------------------------------------------------
Fitch Ratings has downgraded Investec Bank (Australia) Limited's
Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BBB'.  Its
Short-Term IDR, Viability Rating and Support Rating have also
been downgraded.

Simultaneously, the agency has placed the bank's Long-Term IDR on
Rating Watch Negative (RWN) and maintained the RWN on the Short-
Term IDR, Viability Rating and Individual Rating.

These downgrades follow negative rating action taken on IBAL's
parent, UK-based Investec Bank plc (IBP; 'BBB-'/Negative/'F3') on
Nov. 30, 2011.

While Fitch views IBP's propensity to provide support to IBAL as
unchanged, the downgrade of the Support Rating reflects a reduced
ability, following the downgrade of the parent's Viability Rating
and Long-Term IDR.

Due to the downgrade of the Support Rating, the Viability Rating
becomes the driver of IBAL's Long-Term IDR. Viability Ratings
reflect Fitch's view of a bank's intrinsic creditworthiness,
incorporating ordinary support.  Due to its close operational
relationship with IBP, ordinary support is a key factor in IBAL's
Viability Rating.  The downgrade of IBP's Viability Rating to
'bbb-' from 'bbb' weakens the level of ordinary support
incorporated in IBAL's Viability Rating and is the driver of the
downgrade of this rating.  This action is also reflected in the
downgrade of the IDRs.  As the RWN on the Viability Rating has
been maintained, the Long-Term IDR has been placed on RWN.

IBAL's Short-Term IDR, Viability Rating and Individual Rating
were placed on RWN on Nov. 24, 2011, largely due to significant
asset quality deterioration and high impairment charges during
the half year ended Sept. 30, 2011.  The agency anticipates
resolving the RWN following the publication of IBAL's full year
to 31 March 2012 results, when greater clarity on the success of
an asset sale process to reduce its legacy commercial property
development exposures is expected.  As part of the review, Fitch
will also consider the impact of a weaker operating environment
on IBAL's business model.

Established in 1997, IBAL is a provider of niche lending and
investment banking services in Australia and is part of the
global Investec group.

The following rating actions have been taken:

Investec Bank (Australia) Limited

  -- Long-Term IDR: downgraded to 'BBB-' from 'BBB'; placed on
     RWN

  -- Short-Term IDR: downgraded to 'F3' from 'F2', RWN maintained

  -- Viability Rating: downgraded to 'bbb-' from 'bbb'; RWN
      maintained

  -- Individual Rating: 'C'; RWN maintained

  -- Support Rating: downgraded to '3' from '2'

  -- AUD government-guaranteed debt: affirmed at 'AAA'

  -- Unguaranteed senior unsecured debt: downgraded to 'BBB-'
     from 'BBB'; placed on RWN

  -- Subordinated debt: downgraded to 'BB+' from 'BBB-'; placed
     on RWN


INVESTEC BANK: Moody's Lowers Senior Unsecured Rating to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Investec Bank
(Australia) Limited's long-term senior unsecured ratings to Ba1
from Baa3. The bank's financial strength rating (BFSR) was
downgraded to D from D+ and the short-term ratings were lowered
to Not Prime from Prime-3. The BFSR maps to a rating of Ba2 on
Moody's traditional rating scale.  The difference between this
rating and the Ba1 senior unsecured rating incorporates the
assumption of one notch of support from the parent, Investec Bank
plc. The outlook for all ratings remains negative.

"The downgrade primarily reflects continuing deterioration in
asset quality, relating to commercial property development loan
exposures originated in 2005-2008, the resolution of which has
not yet been completed. It also reflects ongoing profitability
challenges as a result of low financial market activity," said
Daniel Yu, an Analyst with Moody's Sydney office.

"Impaired loans have increased significantly, as a result of
IBAL's decision to speed up the resolution of those impaired
loans, which has driven up provision expenses and resulted in the
bank reporting a loss for the first half of financial year 2012",
added Mr. Yu.

Ratings Rationale

IBAL's asset quality problems have been driven by a number of
large exposures to commercial property developers originated
during the 2005 - 2008 period. New loan impairments have
continued to arise, with impaired loans rising from AUD214
million at FY11 to AUD353 million at 1H12.

The bank is currently in the process of selling off a portion of
its troubled exposures. However, given the large size of the
portfolio being sold, and the short timeframe in which this
process is expected to be completed, likely realizable values of
the properties used as collateral against these loans are less
than the bank's initial estimates. This has required IBAL to
raise further provisions against these exposures, which has
contributed to the rise in impairment expense in 1H12 and may
drive additional impairment expenses in 2H12 as the sale process
is completed.

IBAL has ceased originating loans to pure-play property
developers, reflecting a realignment of its risk appetite away
from stand-alone property exposures. Whilst this will likely
improve the risk profile of the bank, existing exposures remain
at risk of further declines in asset quality, in light of the
pressures on Australia's non-resource sector and concerns about
the global economic outlook.

On a pre-provision basis, IBAL's profitability has been
challenged by reduced advisory and structuring fee income, as
well as lower principal transaction flows as a result of reduced
financial market activity. More positively, a key reason why the
bank's interest income is structurally lower than pre-crisis, is
due to its large holdings of liquid assets, which were prudently
built up during the crisis. Similarly, the bank's specialised
lending to professionals is lower margin, but also much more
stable than the bank's legacy, and high risk, property
development lending business.

From a funding perspective, approximately half of IBAL's total
funding is derived from wholesale sources, made up of primarily
government guaranteed debt and securitization. Whilst the
issuance of government guaranteed debt allowed the bank to
lengthen the duration of its wholesale funding, it does represent
a mid-term refinancing burden. Moody's notes that the bank
maintains strong a liquidity cushion, which covers all of its
wholesale funding maturities out to two years.

Retail deposits make up the other half of IBAL's funding and is
comprised predominantly of term/investment accounts which are
likely to be more price sensitive than traditional transaction
deposits. Moody's notes that upcoming reduction of the Financial
Claim Scheme's coverage to AUD250,000 (from AUD1 million) on
Feb. 1, 2012, carries some risk of deposit outflow for IBAL,
given the bank's relatively large average deposit size, which is
a function of its focus on high net worth clients. As noted
above, IBAL's strong liquidity holdings should provide an
adequate buffer to mitigate potential funding risk.

The negative outlook on IBAL's ratings reflects the possibility
of further impairments to the bank's loan portfolio (which has
yet to show signs of improvement), which would not facilitate
efforts by the bank to improve key asset quality metrics to a
level that would be consistent with its current rating. Any signs
of diminished support from IBAL's parent would also be a negative
rating factor. On the other hand, the outlook on the current
ratings could be stabilized should the bank successfully exits
its troubled commercial property exposures and demonstrates a
sustainable improvement in asset quality trends.

IBAL has continued to exhibit a number of positive aspects
including capital resources, which despite declining over the
past year, remain strong and provide a buffer against loan
losses.

The bank has also taken steps to support profitability by
establishing a number of new businesses (such as Institutional
Stockbroking). However, given that these businesses are still
relatively new, they have yet to make a meaningful contribution
to fee income generation.

The ratings of IBAL's subordinated debt have been lowered to Ba2
from Ba1 in accordance with Moody's standard notching process.
There is no impact from this action on the Aaa ratings of the
debt securities issued by IBAL between 2008 and 2010 under the
Australian government's guarantee scheme.

A combination of these would likely stabilize the rating:

(i) Sustainable improvement in asset quality, demonstrated by
     non-performing loans (defined as impaired plus 90 day past
     due loans) falling below 6% of gross loans for multiple
     reporting periods

(ii) Pre-provision profits as a percentage of average risk
     weighted asset maintained above 1.5%

A combination of these would likely trigger a rating downgrade:

(i) Further unexpected and significant impairments in the loan
     book

(ii) Inability to maintain pre-provision profits as a percentage
     of average risk weighted above 0.8%

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

IBAL is headquartered in Sydney, Australia. It reported assets of
AUD5,377 million (approximately USD5,565million) at HY2012,
ending Sept. 30, 2011.


REFUND HOME: Holding Firm's Liquidation No Effect on Franchisees
----------------------------------------------------------------
Australian BrokerNews reports that Refund Home Loans'
administrator has assured franchisees that a wind up resolution
will only affect a shell company, not Refund Home Loans'
businesses.

Australian Securities and Investments Commission documents have
shown that Refund Pty Ltd creditors have resolved to wind up the
company, but administrator SV Partners has told Australian
BrokerNews the wind up will not impact Refund Home Loans
franchisees.

SV Partners' David Stimpson -- david.stimpson@svp.com.au -- told
Australian BrokerNews that the company put into liquidation is a
holding company, and that franchisees' businesses will continue
to operate as normal.

"Refund Pty Ltd, an associated company is in liquidation.
However, it is basically the holding company of a number of
companies in the group and is not a trading business. The
liquidation of Refund Pty Ltd has no effect on the franchisees or
the continued viability of the Refund Home Loans business," the
report quotes Mr. Stimpson as saying.

The report relates that Mr. Stimpson assured franchisees that
Refund Home Loans remains in voluntary administration, and a sale
of the business is being negotiated.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 20, 2011, SmartCompany said Refund Home Loans has been
placed in administration, but several buyers are considering
acquiring the business.  The announcement comes just 18 months
after the Australian Competition and Consumer Commission slammed
the company and its founder Wayne Ormond, after he admitted
making false and misleading statements to franchisees about an
agreement with the ACCC itself.  SmartCompany noted that the
administration does not affect either the real estate or
financial planning divisions of the business.  A sale process is
currently underway, led by administrators SV Partners.  Two other
businesses operated by Mr. Ormond, Refund Real Estate or Refund
Financial Planning, are not in administration and are unaffected,
SmartCompany added.

                        About Refund Home

Refund Home Loans -- http://www.refundhomeloans.com.au/-- is an
Australian mortgage broking service.  Founder and Executive
Chairman Wayne Ormond launched Refund Home Loans in April 2004.
The company has over 350 franchisees in Australia.


RYGEL AUSTRALIA: Internal Company Trouble Spurs Administration
--------------------------------------------------------------
SmartCompany reports that Rygel Australia Pty Ltd has been placed
into administration, as SMEs continue to suffer in what has been
the worst year for corporate collapses on record.

Rygel was placed into administration on November 25, although
administrator Glenn Franklin -- gfranklin@lawlerdd.com.au -- told
SmartCompany that the collapse was more due to internal problems
than any outside influences.

"It's more of an individual company issue, but we're continuing
to trade," the report quotes Mr. Franklin as saying.  "The
purpose of the administration is to restructure business,
potentially through a deed of company arrangement.  So we want to
allow the company to continue to operate and come through
everything with the possibility of continuing."

According to the report, an advertisement states the business has
33 distribution locations, with turnover of approximately
AUD7.4 million in the 2011 financial year. Current stock is also
approximated to be AUD875,000.

Based in Melbourne, Rygel Australia Pty Ltd --
http://www.rygel.com.au/-- manufactures agricultural chemical
products.


SMART COMPANY: Court Awards Clipsal AUD2.7 Million Legal Costs
--------------------------------------------------------------
news.com.au reports that Clipsal has been awarded AUD2.7 million
in legal costs at the end of a seven-year tussle with The Smart
Company over unpaid royalties.

news.com.au recalls that Clipsal was sued by The Smart Company in
2004 over allegations it had incorporated Smart's technology into
its products without paying agreed licensing royalties.

According to the report, Federal Court Justice Bruce Lander
dismissed the case in April and last week awarded costs against
Smart, which is now in liquidation, criticizing its "mutated and
evolv(ing)" case.

"The applicant prosecuted its proceeding for nearly seven years
without ever getting its case in order or preparing itself for
trial," news.com.au quotes Justice Lander as saying in his
judgment.  "It was always inefficient about the prosecution of
the proceeding, which put the respondents to significant costs
from time to time."

The report notes that Clipsal incurred more than AUD3.2 million
but accepted that some of those costs might have been
"unreasonably incurred" - thus settling for 85 per cent of those
costs, or AUD2.7 million.

Justice Lander revealed Clipsal offered a settlement of more than
AUD536,000 in 2004, but Smart counter-claimed with a
AUD1.75 billion licensing and settlement claim -- an offer
Justice Lander described as "simply commercially unrealistic,"
according to news.com.au.

Although The Smart Company is in liquidation, Clipsal -- now
owned by French group Schneider Electrical -- might still be able
to recover some costs pertaining to limited periods, the report
relays.

news.com.au adds that Clipsal can now lodge proof of the debt
with liquidators of The Smart Company, BRI Ferrier.

BRI Ferrier can be reached at:

          Level 30, Australia Square
          264 George Street
          Sydney NSW 2000
          Tel: +61 2 8263 2300
          E-mail: info@briferriernsw.com.au


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


GREEN POWER: Chow and Cheng Appointed as Liquidators
----------------------------------------------------
Chow Cheuk Lap and Cheng Siu Hang on Nov. 15, 2011, were
appointed as liquidators of Green Power Health Products
International Co. Limited.

The liquidators may be reached at:

          Chow Cheuk Lap
          Cheng Siu Hang
          3rd Floor, Alliance Building
          130-136 Connaught Road
          Central, Hong Kong


HEROMATE INDUSTRIAL: Creditors' Proofs of Debt Due Jan. 20
----------------------------------------------------------
Creditors of Heromate Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Lai Ping
         9th Floor, Chiyu Bank Building
         78 Des Voeux Road Central
         Central, Hong Kong


HONG LOK: Creditors' Proofs of Debt Due Dec. 20
-----------------------------------------------
Creditors of Hong Lok Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 20, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wai Kee Kau
         Flat B, 3rd Floor
         11 Tung Shan Terrace
         Hong Kong


IMPERIAL WORLD: Members' and Creditors' Meetings Set for Dec. 23
----------------------------------------------------------------
Members and creditors of Imperial World Company Limited (formerly
known as Pico Austria Limited) will hold meetings on Dec. 23,
2011, at 10:00 a.m., and 10:15 a.m., respectively at Room 203,
Duke of Windsor Social Services Building, at 15 Hennessy Road,
Wan Chai, in Hong Kong.

At the meeting, Kam Chi Kan Elson, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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

The company commenced wind-up proceedings on Nov. 11, 2011.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe
-----------------------------------------------
The Hong Kong Monetary Authority announced on Dec. 2, 2011,
that investigation of over 99% of a total of 21,838
Lehman-Brothers-related complaint cases received has been
completed. These include:

    * 15,763 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 3,032 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,276 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 548 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 480 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 68 cases; and

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

    Investigation work is underway for the remaining 92 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?775f

                        About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


MACY CONSULTANTS: First Meetings Set for Dec. 15
------------------------------------------------
Contributories and creditors of Macy Consultants Limited will
hold their first meetings on Dec. 15, 2011, at 3:15 p.m., and
3:30 p.m., respectively for the purposes provided for in Sections
241, 242, 243, 244, 251 and 255A of the Companies Ordinance.

The meeting will be held at the whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.


MASSKIND INVESTMENT: Chan and Chow Step Down as Liquidators
-----------------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of
Masskind Investment Limited on Dec. 2, 2011.


MF GLOBAL: Court to Hear Wind-Up Petition on Jan. 11
----------------------------------------------------
A petition to wind up the operations of MF Global Holdings HK
Limited will be heard before the High Court of Hong Kong on
Jan. 11, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Linklaters
          10th Floor, Alexandra House
          Chater Road, Hong Kong


MF GLOBAL HK: Court to Hear Wind-Up Petition on Jan. 11
-------------------------------------------------------
A petition to wind up the operations of MF Global Hong Kong
Limited will be heard before the High Court of Hong Kong on
Jan. 11, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Linklaters
          10th Floor, Alexandra House
          Chater Road, Hong Kong


NIDEC PIGEON: Wakisaka Shoji Appointed as Liquidator
----------------------------------------------------
Wakisaka Shoji on Nov. 21, 2011, was appointed as liquidator of
Nidec Pigeon (H.K.) Co., Limited.

The liquidator may be reached at:

          Wakisaka Shoji
          Unit 2605-2606, Level 26
          Metroplaza Tower 2
          No. 223 Hing Fong Road
          Kwai Fong, N.T., H.K.


SING WAN: Creditors' First Meeting Set for Dec. 9
-------------------------------------------------
Creditors of Sing Wan Decoration Materials Co., Limited will hold
their first meeting on Dec. 9, 2011, at 3:00 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at Room 2301, 23/F, Ginza Square,
565-567 Nathan Road, Yaumatei, Kowloon, in Hong Kong.


SMART UNION: First Meetings Set for Dec. 9
-------------------------------------------
Contributories and creditors of Smart Union Industrial Limited
will hold their first meetings on Dec. 9, 2011, at 3:30 p.m., and
4:00 p.m., respectively at Suite Ming Hua Hall, No. 85, Stone
Nullah Lane, Wanchai, in Hong Kong.

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


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


BHARAT URBAN: Reserve Bank Cancels License Due to Insolvency
------------------------------------------------------------
The Reserve Bank of India has cancelled the license of Bharat
Urban Co-operative Bank Ltd. effective on Nov. 25, 2011, as the
bank becomes insolvent.

"In view of the fact that Bharat Urban Co-operative Bank Ltd.,
Solapur (Maharashtra), had ceased to be solvent, all efforts to
revive it in close consultation with the Government of
Maharashtra had failed and the depositors were being
inconvenienced by continued uncertainty, the Reserve Bank of
India (RBI) delivered the order cancelling its license to the
bank as on the close of business on Nov. 25, 2011," RBI said in a
statement.

The Registrar of Co-operative Societies, Maharashtra has also
been requested to issue an order for winding up the bank and
appoint a liquidator for the bank.

The bank was granted a licence by RBI on Feb. 5, 1998, to
commence banking business. The statutory inspection of the bank
under Section 35 of the Banking Regulation Act, 1949 (As
Applicable to Co-operative Societies), with reference to its
financial position as on March 31, 200,6 revealed deterioration
in its financial indicators such as CRAR was at 7.5% as against
the regulatory requirement of 9.0% and gross and net NPAs were
assessed at 39.9% and 34.3% of the gross and net advances,
respectively.  The assessed net loss during 2005-06 was '21.81
lakh.  The financial parameters of the bank continued to
deteriorate further as revealed during subsequent inspections
conducted with reference to its financial position as on March
31, 2007, March 31, 2008,
March 31, 2009, March 2010 and a scrutiny based on the financial
position as on Sept. 30, 2010.

The bank was issued supervisory instructions vide RBI letter
dated April 5, 2007, based on its financial position as on March
31, 2006. The supervisory instructions were amended on various
dates. In view of deteriorating financial position of the bank,
it was placed under all inclusive directions under Section 35 A
of the Act from the close of business as on April 13, 2011 vide
directive dated April 6, 2011, for a period of six months. The
directions were further extended for period of six months vide
order dated Oct. 10, 2011.

The Board of directors of the bank was found to be ineffective
and responsible for deterioration in the financial position of
the bank & for conducting the affairs of the bank in a manner
detrimental to the interest of the depositors. Accordingly, a
requisition dated May 23, 2011 was made to Registrar of Co-
operative Societies, Maharashtra [RCS] for supersession of the
Board of Directors of the bank and RCS vide his order dated
May 25, 2011, superseded the Board of the bank and appointed
Board of Administrators. Based on the financial position of the
bank as on March 31, 2010, and Sept. 30, 2010, the bank was
issued Show Cause Notice (SCN) for cancellation of license vide
RBI letter dated May 31, 2011. The reply submitted by the bank to
the above SCN vide its letters dated June 28, 2011 and July 27,
2011 were examined and found not to be satisfactory.

The statutory inspection of the bank under Section 35 of the Act,
with reference to the financial position of the bank as on
March 31, 2011 revealed further deterioration in its financial
position and other violations. Its net worth was assessed at (-)
'83.32 lakh and CRAR was assessed at (-)76.5%.  The erosion in
deposits was to the extent of 38.4%. The gross and net NPAs
formed 73.5% and 68.2% of the gross and net advances
respectively. The assessed net loss of the bank stood at '117.65
lakh for the year ended March 31, 2011, against the reported net
loss of '24.04 lakh by the bank.

Serious deficiencies as mentioned above revealed that the affairs
of the bank were being conducted in a manner detrimental to the
interests of the depositors. The bank did not comply with the
provisions of sections 11(1), 22(3)(a), 22(3)(b) and 24 of the
Act. Pursuant to the aforesaid serious
deficiencies/irregularities and the deteriorating financial
position of the bank, it was issued a notice vide letter dated
September 7, 2011 to show cause notice (SCN) as to why the
license granted to the bank on
Feb. 5, 1998, to conduct banking business should not be
cancelled. The bank submitted its reply to the SCN vide its
letter dated September 26, 2011. The reply to the SCN was
considered and examined but not found satisfactory. Further, no
concrete proposal was received from the bank for merger or any
viable revival / restructuring plan.

Therefore, RBI took the extreme measure of cancelling licence of
the bank in the interest of bank's depositors. With the
cancellation of license and commencement of liquidation
proceedings, the process of paying the depositors of the Bharat
Urban Co-operative Bank Ltd., Solapur (Maharashtra) the amount
insured as per the DICGC Act, will be set in motion subject to
the terms and conditions of the Deposit Insurance Scheme.

Consequent to the cancellation of its license, Bharat Urban Co-
operative Bank Ltd., Solapur (Maharashtra) is prohibited from
carrying on "banking business" as defined in Section 5(b) of the
Act.


BIAX SPECIALTY: Fitch Withdraws 'BB+' Rating on 2 Loan Classes
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Biax Specialty Films
Private Limited's 'Fitch BB+(ind)' National Long-Term rating with
a Stable Outlook.

The ratings have been withdrawn as BSFPL has been merged with its
parent company - Xpro India Ltd ('Fitch BBB(ind)'/Stable), with
retrospective effect from 1 April 2010.  BSFPL's bank loans
continue to be serviced by the parent.  Fitch will no longer
provide ratings or analytical coverage of BSFPL.

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

  -- INR100 mil. long-term bank loans: 'Fitch BB+(ind)'; rating
     withdrawn

  -- INR30 mil. fund-based working capital limits: 'Fitch
     BB+(ind)'; rating withdrawn

  -- INR20 mil. non-fund-based working capital limits: 'Fitch A4+
     (ind)'; rating withdrawn


DOLPHIN INT'L: CRISIL Assigns 'CRISIL B' Rating to INR16.6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Dolphin International.

   Facilities                       Ratings
   ----------                       -------
   INR16.6 Million Term Loan        CRISIL B/Stable (Assigned)
   INR198.4 Million Cash Credit     CRISIL B/Stable (Assigned)

The rating reflects the Dolphin group's weak financial risk
profile marked small net worth, high gearing, and weak debt
protection metrics. The ratings also reflect risks related to
large working capital requirements, small scale of operations,
and vulnerability to volatility in raw material prices. These
rating weaknesses are partially offset by the promoters'
experience in the polyester garments industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DI and Dolphin Knitters Pvt Ltd,
together referred to as the Dolphin group. This is because DI and
DKPL have common promoters, management, and lines of business
(manufacturing knitted garments), and fungible cash flows (DI
funds DKPL's capital expenditure [capex]).

Outlook: Stable

CRISIL believes dolphin group's business risk profile will
continue to be supported by promoter's significant experience.
The outlook could be revised to 'Positive' in case of significant
improvement in scale of operations along with profitability
leading to improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' in case of pressure on profitability or
higher than expected working capital requirements leading to
pressure on financial risk profile, especially liquidity .

                          About the Group

The Dolphin group comprises DI (a partnership firm) and DKPL. DI
manufactures knitted garments for pre-winter, winter, and summer
season. The product range offered by the firm includes cardigans,
knitted coats, jackets, stole, knitted kurtis, and t-shirts for
summer. About 80 per cent of the group's total sales come from
the winter wear segment, 15 per cent from pre-winter wear, and
rest from summer-wear products. The group's unit is in Ludhiana
(Punjab). The products are manufactured under its own brands,
Snow Time, Kushi, and Jolie; products for the corporate customers
are labeled under the respective customers' brands. Around 15 per
cent of the products manufactured are sold to corporate
clients.DKPL was incorporated in 2009-10 (refers to financial
year, April 1 to March 31) and has recently set up a knitting
facility in Ludhiana (Punjab).

Dolphin group reported a profit after tax (PAT) of INR17.5
million against net sales of INR1092.2 million for 2010-11
(refers to financial year from April, 1 to March 31), against a
PAT of INR3.1 million on net sales of INR591.3 million for 2009-
10.


DSL HYDROWATT: Inadequate Info Cues Fitch to Migrate Low-B Rating
-----------------------------------------------------------------
Fitch Ratings has migrated the 'Fitch B-(ind)' National Long-Term
rating on India-based DSL Hydrowatt Limited's INR571 million
long-term rupee denominated project bank loans, INR9m cash credit
facility, and INR30 million letter of credit/bank guarantee to
the "Non-Monitored" category.

The rating has been migrated to the non-monitored category due to
lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of DSLH.  The rating will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the rating could be re-activated and will be communicated
through a "Rating Action Commentary".


FLICKER PROJECTS: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to
INR40.00 crore bank lines of Flicker Projects Private Limited at
'[ICRA]BB+'.  The rating carries a stable outlook.

The reaffirmation of rating factors in the support from the
infusion of funds by the promoters to meet the contractual
obligations of the company, promoters' experience in managing
retail projects and FPPL's favorable capital structure. The
rating is, however, constrained by the cash flow mismatches on
account of low lease rates and occupancy levels of the mall,
which are likely to lead to insufficient operational cash flows
to meet the debt servicing obligations in the short-to-medium
term. Moreover, ability of the company to generate and sustain
healthy footfalls, (which is important for higher tenant
retention) is yet to be demonstrated; however the risk is
partially mitigated by long experience of promoters in retail
business. The retention of rating is based primarily on the
committed support from the promoters, and the extent of such
support, pending an anticipated pick-up in operational
performance of company's property going forward will remain the
key rating sensitivity.

                       About Flicker Projects

Flicker Projects Pvt. Ltd. incorporated in August 2007, is a
joint venture between CapitaRetail Udaipur Mall (Mauritius)
Limited (CUML), holding 82%, and Advance India Projects Limited,
holding 18 %. CUML is an affiliate of Capitaland group of
companies, in which Temasek holdings is the largest shareholder.
Capitaland group is engaged in real estate business in Singapore,
Japan, China, Europe, Malaysia and India. 45.45% stake in CUML is
owned by Capitamalls Asia Limited (CMA) through the CapitaRetail
India Development Fund and 65.5% stake in CMA is held by
Capitaland Limited. CMA has interests in and manages a portfolio
of 87 retail properties across five countries of Singapore,
China, Malaysia, Japan and India. FPPL is developing a 0.388
million sq. ft. shopping mall-cum-multiplex in Udaipur, called
'The Celebration Mall'. The project is being developed at a cost
of INR177 crore.

Recent Results:

In FY2011, FPPL reported operating income of INR0.09 crore
(previous year INR0 crore) and net loss of INR6.95 crore
(previous year net loss was INR0.74 crore).


GANGOTRI PAPER: CRISIL Places CRISIL BB- Rating on INR335MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Gangotri Paper Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR335 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR25 Million Proposed           CRISIL BB-/Stable (Assigned)
    LT bank Loan facility

The rating reflects the extensive experience of GPMPL's promoters
in the kraft paper industry and established relationship with
customers and suppliers. These rating strengths are partially
offset by GPMPL's average financial risk profile, marked by weak
debt protection metrics and moderately leveraged capital
structure, susceptibility to high customer concentration risk,
and modest scale of operations in the highly fragmented kraft
paper industry.

Outlook: Stable

CRISIL believes that GPMPL will benefit over the medium term from
its promoters' extensive experience in the industrial paper
industry. The outlook may be revised to 'Positive' in case of
more-than-expected profitability or diversification in customer
base, while sustaining its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in GPMPL's working capital management or significant debt-funded
capital expenditure plans, both leading to stress on its debt
protection metrics.

                         About Gangotri Paper

GPMPL was incorporated in 2007 by Mr. Vinod Mittal, Mr. Sanjay
Mittal, and Mr. Pranay Mittal. The company manufactures kraft
paper with gram per square metre in the range of 120 to 240 and
burst factor in the range of 16 to 22 at its plant in Roorki
(Uttarakhand). GPMPL has an installed capacity of 50,000 tonnes
per annum.  The company commenced its commercial operations from
January, 2011.

GPMPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR112.8 million for 2010-11 (refers to financial year,
April 1 to March 31).


GENCOR PACIFIC: Delay in Loan Payment Cues 'CRISIL C' Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the bank facilities
of Gencor Pacific Auto Engineering Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR15.0 Million Cash Credit       CRISIL C (Assigned)
   INR50.0 Million Term Loan         CRISIL C (Assigned)

The rating reflects the past instances of delay by Gencor in
servicing its term loan; the delays have been caused by the
company's weak liquidity because of the start-up nature, and
small scale, of its operations.

The ratings also reflect Gencor's weak financial risk profile
with weak liquidity, marked by weak debt protection metrics, and
small scale of operations, concentration in revenue profile, and
susceptibility of the company's margins to volatility in raw
material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
Gencor's promoters in the automotive (auto) component business.

                       About Gencor Pacific

Incorporated in July 2009, Gencor manufactures auto components,
especially alternative brackets and gear reduction starter
brackets for use in passenger cars. Gencor acquired the business
of GJ Engineering (partnership concern), promoted by Mr.
Muralidharan. Gencor is promoted by two non-resident Indians, Mr.
Jith Veeravalli and Mr. R V Venkatesh, based in the US and Hong
Kong respectively. The company's operations are managed by its
technical director Mr. G Muralidharan, its chief executive
officer Mr. Badhrinath.

Gencor reported a loss after tax of INR4.3 million on net sales
of INR41.5 million for 2010-11 (refers to financial year, April 1
to March 31), its first year of operations.


HILLS CEMENT: ICRA Assigns [ICRA]D Rating to INR93.4cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR93.4 crore term
loans of Hills Cement Company Limited.  ICRA has also assigned an
'[ICRA]D' rating to the INR36.45 crore fund based and non fund
based bank limits of the company.

The rating primarily takes into account HCCL's unsatisfactory
track record in timely servicing of debt obligations leading to
overdue principal and interest on term loans. The rating also
takes into consideration HCCL's delays in stabilization of the
plant that adversely impacted the operational parameters of the
company in FY11, high working capital intensity of the business,
and large repayment of the existing term loans that is likely to
keep the liquidity position under pressure over the medium term.

The rating takes note of HCCL's integrated operations with its
captive limestone and shale mines, and healthy profits generated
from the trading activities that had supported the overall
profits and cash accruals for the company during FY11.  However,
the ability of the company to continue to generate such healthy
profits from the trading business would remain a key challenge
going forward. HCCL is undertaking a capital expenditure (capex)
of around INR45 crore in FY12 to address the operational
inefficiencies, the funding pattern of which has not been
finalised yet. In ICRA's opinion, the ability of the company to
service the debt obligations in a timely manner and stabilise the
operations as per stated parameters would remain key rating
sensitivities going forward.

                          About Hills Cement

Incorporated in 2003, Hills Cement Company Limited is engaged in
manufacturing of clinker and cement. The manufacturing facility
of the company is located in Jaintia Hills of Meghalaya, with 3.5
lakh tonnes per annum (TPA) clinker and 4 lakh TPA cement
manufacturing capacities. The company is also engaged in trading
of iron ore.

Recent Results:

During 2010-11, as per the provisional financials, HCCL had
registered a profit after tax of INR4.5 crore on the back of an
operating income of INR102.1 crore.


INDOSOLAR LTD: Loan Defaults Prompt Fitch to Cut Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Indosolar Limited's
National Long-Term rating to 'Fitch D(ind)' from 'Fitch BBB-
(ind)'.

The downgrade reflects defaults by ISL on its debt servicing
obligations due to its strained liquidity position on account of
a decline in the selling price for solar cells to below
USD0.4/Watt during H1FY12 (end-September 2011) from USD1.4-
USD1.5/Watt during FY11.  The decline in price is because of the
slowdown in demand from the European, US and domestic markets,
leading to intense competition.  As a result, solar cell
production became unviable and was stopped by the company at its
manufacturing facility at Greater Noida (Uttar Pradesh) in June
2011.

New solar power based capacity installations in India under
Jawaharlal Nehru National Solar Mission (JNNSM) have not taken
off as expected.  Further, the European governments including
Britain and Germany have cut down solar power subsidies, and
competition from Chinese companies has led to further demand
slackening.  Also, Italy has imposed a cap on the maximum solar
capacity that can be installed under its subsidy programme.

The company's expansion plan of setting up a 200MW additional
line for phase II has also been delayed. This is because out of
the total committed capex of INR5.5bn, the company has not been
able to tie up debt of INR1.25bn. Further, ISL has not yet
received capital subsidy under the 'Special Incentive Package
Scheme' (SIPS) of the government of India.  The sanction and
receipt of capital subsidy is linked to the threshold limit of
INR10bn
worth of capital investments.  ISL expects to reach the INR10bn
investment milestone in FY13 once the assembly line for phase II
is capitalised.

The company has filed for corporate debt restructuring (CDR)
package with its bankers.  ISL expects to restart production as
operating environment (improvement in end-product prices and
increase in demand under JNNSM) and financial conditions
(completion of debt restructuring and receipt of subsidy under
SIPS) turn favorable.

Positive rating action may result if ISL's debt obligations are
serviced on a timely basis for two consecutive quarters and
restructuring of bank loans under CDR is completed.

Incorporated in 2006, ISL is a photovoltaic solar cell
manufacturer in India.  For FY11, the company reported revenues
of INR5.8bn (FY10: INR1.3bn), an operating EBITDA of INR213m
(FY10: a loss of INR205.5m) and a net loss of INR574m (FY10: a
loss of INR663m).  For H1FY12, the company reported revenues of
INR763m, an EBITDA loss of INR954m and a net loss of INR1.4bn.
The company had cash and cash balance of INR404m at end-H1FY12
(H1FY11: INR3,405m).

Rating actions on ISL:

  -- National Long-Term rating downgraded to 'Fitch D(ind)' from
     'Fitch BBB-(ind)'

  -- INR2.75bn long-term bank loans: assigned a final rating of
     'Fitch D(ind)'

  -- Proposed INR1.25bn long-term bank loan: 'Fitch BBB-(exp)
     (ind)'; rating withdrawn, as the company has not been able
     to tie up the amount.


JAI INTERNATIONAL: CRISIL Assigns CRISIL B Rating on INR15MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Jai International.

   Facilities                        Ratings
   ----------                        -------
   INR15.5 Million Term Loan         CRISIL B/Stable (Assigned)
   INR2.5 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR6 Million Overdraft Facility   CRISIL B/Stable (Assigned)
   INR57 Million Bill Purchase       CRISIL A4 (Assigned)

The ratings reflect Jai's below-average financial risk profile
marked by a small net worth, highly working-capital-intensive
operations, and small scale of operations in the intensely
competitive natural stone processing industry. These rating
weaknesses are partially offset by the extensive experience of
Jai's promoters in the granite industry.

Outlook: Stable

CRISIL believes that Jai will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if Jai improves its capital
structure, most likely through infusion of more equity capital,
and significantly increases its scale of operations and achieves
better-than-expected business volumes and profitability.
Conversely, the outlook may be revised to 'Negative' if Jai's
revenues and profitability decline, or if the firm's liquidity
deteriorates.

                      About Jai International

Set up as a partnership firm in 1993, Jai International processes
granite, marble, sand stone and sale stone. The firm has two
processing units: one in Udaipur (Rajasthan) and the other at
Bengaluru (Karnataka). About 60 per cent of Jai International's
revenue is from granite sale and the rest is from marble or other
stones.

Jai's net profit is estimated at INR1.98 million on net sales of
INR255 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR1.93 million on net sales
of INR268.5 million for 2009-10.


JALANDHAR AMRITSAR: Fitch Cuts Rating on INR1.98BB Loan to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Jalandhar Amritsar
Tollways Limited's INR1.98bn senior project bank loans to 'Fitch
BB-(ind)' from 'Fitch BB+(ind)' and simultaneously removed it
from Rating Watch Negative (RWN).  The Outlook is Negative.

The downgrade reflects JATL's significant traffic
underperformance as the first full year revenue in FY11 (year-
end: March 2011) was around 38% below original estimates.
Therefore, JATL will be reliant on continued cash injections from
the sponsors for its debt servicing in the short to medium term.
T his is despite the project's notable revenue growth in H1FY12
(15%-20% m-o-m) due to two inflation-linked rate increases since
the commencement of tolling and a shift in traffic composition to
multi-axle vehicles which pay higher toll rates from two-axle
trucks.  The latter somewhat offsets the decline in traffic
numbers.

Fitch notes that management is attempting to address issues
surrounding traffic leakage.  However, it is of the view that the
resolution of these issues along with high traffic and toll rate
growth will not be sufficient to overcome the overestimation in
the first year and restore the project's debt service coverage
ratios (DSCR) to base case levels.

Since the scheduled loan amortization in December 2009, the
sponsor (IVRCL Assets and Holdings Limited (IAHL), 'Fitch
A+(SO)(ind)'/RWN) has infused unsecured loans for the project's
monthly debt servicing.  This support, although not contractually
required, has enabled JATL to avoid payment default.

Fitch notes that JATL is in discussions with its lenders to ease
interest rates, currently at 13.75% -- a steep 500bps (although
consistent with India's high interest rate regime) increase from
the assumptions made at the time of financial closure.  A
reduction in funding costs, together with extraordinary traffic
growth, could lend support to the rating.  Following the most-
recent toll rate hike in September, management reports daily toll
revenue of around INR0.8m; revenue growth at this trajectory may
provide some relief to stressed cash flows.

Furthermore, the receipt of compensation from the concession
grantor for cost overruns incurred due to a change in scope of
construction may be used to reduce debt and significantly improve
DSCR.

In the absence of any of the above factors, unless the debt is
restructured, the project would continue to depend on timely
infusions from the sponsor for debt servicing and further
downgrades could take place, as reflected in the Negative
Outlook.  However, the project's eight-year tail which provides
some cushion for any potential restructuring of debt.  Should
Fitch assess that the terms of any potential debt restructuring
were coercive to lenders, it may consider the loan to be in
default.

JATL is a special purpose company set up to widen, operate and
maintain a 49km road stretch on the National Highway 1 between
Jalandhar and Amritsar -- two towns located in Punjab, under a
20-year concession. JATL is wholly owned by IAHL, which in turn
is a subsidiary of IVRCL Limited ('Fitch A+(ind)'/ RWN).


JOP HOTELS: ICRA Assigns '[ICRA]BB+' Rating to INR44cr Term Loans
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to INR44.00
crore term loans of JOP Hotels Limited.  The rating carries a
stable outlook.

ICRA's rating takes into account JOP's association with 'Carlsons
Group' for their brand 'Park Plaza' which besides brand
recognition, provides it access to CG's global reservation
systems and its healthy occupancy and Average Room Revenue (ARR)
resulting in strong cashflow generation from operations. The
rating also factors in favorable location of JOP's hotel, in
terms of the proximity to commercial sectors in Noida (Uttar
Pradesh) and limited room supply in the hotel vicinity. The
rating is however constrained by the leveraging of the hotel
property to fund other ventures of the Bestech Group, which is
likely to put pressure on company's cash flows and its debt
coverage indicators. Further, the rating takes into account the
high geographical and single property concentration risks; the
probable pressure on occupancies and ARRs on account of planned
significant addition to premium hotel rooms expected in the
National Capital Region (NCR) in medium to long term; and
cyclical nature of hotel industry.

Going forward, the company's ability to maintain its strong
operational performance and servicing its debt obligations in
time will be the key rating sensitivities.

                        About JOP Hotels

JOP Hotels Limited is part of the Bestech Group which was founded
by Mr. Dharmendra Bhandari and Mr. Sunil Satija in early 90s. The
group started as a construction contractor and has been in the
construction business for over two decades. It has constructed
over 14 million sq. ft. of space for various real estate projects
including several residential and commercial projects in the NCR
for developers like Unitech, MGF etc. In 2001, the group
diversified into real estate business and incorporated Besetch
India Private Limited. Over the years, the Bestech Group has
developed residential and commercial projects in Gurgaon which
include - Bestech Chambers, Bestech Central Square, Park View
City - I & II. In 2002, the Bestech Group diversified into
hospitality sector and incorporated BHPL. BHPL has completed
three hotel properties - Park Plaza Gurgaon (4 star property)
which was sold in 2008, Radisson Suites Gurgaon which became
operational in April 2009 and Radisson Blu Indore which commenced
operations June 2010. The company is in the process of developing
a five star hotel property at Nagpur (Radisson Blu). JOP is
BHPL's subsidiary and is the holding entity for the group's Park
Plaza hotel in sector 55 in Noida. Park Plaza Noida is a 88-room
hotel, which commenced operations in November 2008.

Recent Results:

In FY2011, JOP Hotels Limited (JOP) reported operating income of
INR30.25 crore (previous year INR24.75 crore) and net profit of
INR5.88 crore (previous year INR2.55 crore).


PALM FIBRE: ICRA Assigns [ICRA]BB- Rating to INR1.51cr Term Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB-' to the
INR1.51 crore term loan facilities of Palm Fibre (India) Private
Limited. ICRA has also assigned short-term rating of '[ICRA]A4'
to the INR21.46 crore fund based facilities and the INR5.00 crore
fund based (sub-limit) facilities of PFIPL. The outlook on the
long-term rating is stable.

The ratings consider the experience of the promoters and the
established presence of the Company in the export of coir
products. The ratings also consider PFIPL's thin margins, its
stretched capital structure/coverage indicators and the ongoing
economic slowdown in its key markets of the US/Europe which
continue to suppress demand. While the relatively small scale of
the Company's operations restricts financial flexibility, high
competition in the industry restricts pricing flexibility
resulting in thin margins.

PFIPL primarily manufactures coir, sisal and jute-based doormats
and rugs. The Company also manufactures rubber-based doormats,
blended (blend of different yarns) area rugs, geo textiles and
garden articles. The Company, which has its manufacturing
facilities located in and around Alleppey (Kerala), primarily
markets its products in United States and Europe.

PFIPL's business dates back to the last decade of the 19th
century when V.O.Ouseph & Sons was established as a family
business to primarily cater to the European coir & coir product
importers. In 1945, the father-son duo of V.O.Ouseph Senior and
V.O.Ouseph Junior founded Palm Fibre Yarns & Trading Company,
with the main objective of producing and exporting coir yarn and
a range of value-added products like doormats and area rugs. In
1965, an association with M/s.Gover Horowitz & Blunt was formed,
thus gaining better access to the markets of Europe. In 1983, the
entity was incorporated as Palm Fibre Gover Horowitz Private
Limited and renamed in 2003 as Palm Fibre (India) Private
Limited.

Recent Results:

PFIPL reported net profit of INR0.3 crore on operating income of
INR66.2 crore during 2010-11 against net profit of INR0.4 crore
on operating income of INR65.6 crore during 2009-10.


PROGRES COMMUNICATIONS: CRISIL Rates INR50MM Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Progres Communications Private Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Overdraft Facility   CRISIL B+/Stable (Assigned)
   INR2.5 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect PCPL's weak financial risk profile marked by
high gearing, small scale of operations, customer concentration,
and susceptibility to intense market competition. These rating
weaknesses are partially offset by PCPL's promoters' combined
established track record in the advertising and communications
industry, leading to its established relationship with clients.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit from its
promoters' track record. The outlook may be revised to 'Positive'
if PCPL increases its scale of operations substantially, while
maintaining its operating margin and efficient working capital
management. Conversely the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates, most likely
because of larger-than-expected debt-funded capital expenditure
or inefficient management of working capital.

                     About Progres Communications

PCPL is a full-service advertising and communication agency,
offering services such as concept development, ad-production and
media planning at the national level. The company provides
advertising services across all media categories including print,
TV, radio, sales promotion, and event marketing. The company has
a total of 50 -55 customers.

PCPL reported an PAT of INR1.64 million on operating income of
INR158.94 million for 2010-11 (refers to financial year, March 1
to April 31) as against PAT of INR0.89 million on operating
income of INR101.11 million for 2009-10.


SPECIAL ENG'G: CRISIL Raises Rating on INR40MM Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Special
Engineering Services Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL B/Stable (Upgraded
                                               from 'CRISIL D')

   INR13.8 Million Term Loan         CRISIL B/Stable (Upgraded
                                              from 'CRISIL D')

   INR75 Million Letter of           CRISIL A4 (Upgraded from
   Credit & Bank Guarantee                      'CRISIL D')

The rating upgrade reflects SESL's timely servicing of its debt
over the six months through October 2011. The upgrade also
reflects CRISIL's belief that the company will generate adequate
cash accruals to meet its term debt obligations over the medium
term.

The ratings reflect SESL's moderate business risk profile. This
rating strength is partially offset by SESL's large working
capital requirements, susceptibility to intense industry
competition, and customer concentration.

Outlook: Stable

CRISIL believes that SESL will continue to benefit from the
extensive experience of its promoters in the automobile industry
over the medium term. The outlook may be revised to 'Positive' if
SESL's liquidity and business risk profile improve, supported by
better working capital management and an increase in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the company's financial profile
deteriorates because of lower-than-expected revenues or
profitability or the company undertakes any larger-than-expected
debt-funded capex programme.

                     About Special Engineering

Set up in 1960, SESL is a joint venture of the C K Birla group
and Intrust AG (Switzerland). SESL manufactures automotive and
locomotive components such as axle boxes, magnetic frames,
catalytic converters, propeller shafts, and metallic seats. It
has manufacturing facilities in Kolkata (West Bengal), Chennai
(Tamil Nadu), Jaipur (Rajasthan), and Sanand (Gujarat).

SESL reported a profit after tax (PAT) of INR39 million on net
sales of INR 1131 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR380 million for 2009-10.


SRI SURYA: Delay in Debt Servicing Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sri Surya Gangadhara Boiled & Raw Rice Mill.

   Facilities                      Ratings
   ----------                      -------
   INR19 Million Term Loan         CRISIL D (Assigned)
   INR185.5 Million Cash Credit    CRISIL D (Assigned)

The rating reflects instances of delay by Sri Surya Gangadhara in
servicing its term debt; the delays have been caused by the
firm's weak liquidity.

Sri Surya Gangadhara also has a weak financial risk profile
marked by a small net worth, a high gearing, and weak debt
protection metrics; moreover, it is exposed to risks related to
adverse regulatory changes, to volatility in raw material prices,
and to erratic rainfall. The firm, however, benefits from the
assured offtake of its rice by the government, and the stable
demand for rice.

                     About Sri Surya Gangadhara

Sri Surya Gangadhara was set up in 1979 as a partnership firm for
milling and processing of non-basmati parboiled rice. Currently,
the firm has rice processing facilities with capacity to process
360 tonnes of paddy per day. It procures paddy mainly from
farmers and traders in Andhra Pradesh and Orissa on cash payment.
Sri Surya Gangadhara sells around 75 per cent of its total rice
production to Food Corporation of India, and the rest to
wholesalers and traders in Kerala and Andhra Pradesh.


SRS MODERN: Fitch Affirms Rating on Two Loan Facilities at Low-B
----------------------------------------------------------------
Fitch Ratings has affirmed India's SRS Modern Sales Limited's
National Long-Term Rating at 'Fitch BB-(ind)'.  The Outlook is
Stable.

SRS Modern's ratings reflect its consistently thin EBITDAR
margins of 3% over FY09-FY11 (year-end: March) as is inherent in
the trading business, along with tight liquidity position as
indicated by its nearly full utilisation levels of cash credit
limits and negative cash flows from operations over FY08-FY11
(FY11: negative INR43.84 million).

Fitch notes that interest coverage (operating EBITDA/gross
interest expense) fell to 1.47x in FY11 from 1.84x in FY10 due to
high interest costs.  This was despite financial leverage (total
adjusted net debt/operating EBITDAR) improving to 4.45x from
(FY10: 6.44x) from a reduction in debt to INR565.9 million from
INR660.3 million.

The ratings are constrained by the high customer concentration
risk, with the company's top five customers accounting for about
60% of its total revenue of INR3,993.2 million in FY11 (FY10:
INR3,087.3 million), its limited track record of four years in
construction material trading and moderate size of operations.

The ratings, however, draw comfort from a decade-long experience
of SRS Modern's founders in the trading business through other
group companies and moderate brand recall of 'SRS' in the
National Capital Region.  Also, the SRS group companies infused
equity of INR142 million into SRS Modern in FY11 and extended
corporate guarantees to secure the latter's bank loans.

Negative rating guidelines include a decline in profitability, or
an increase in working capital requirements which lead to
deterioration in interest coverage to below 1.25x.  Positive
rating triggers include a significant improvement in
profitability, or a reduction in working capital requirements
leading to interest coverage exceeding 2x.

SRS Modern trades construction materials and has two retail
stores.

Fitch has also affirmed SRS Modern's bank facilities as follows:

  -- Outstanding INR17.4 mil. long-term bank loans: affirmed at
     'Fitch BB-(ind)'; and

  -- INR500 mil. fund-based working capital limits: affirmed at
     'Fitch BB-(ind)'/'Fitch A4+(ind)'.


STARWOOD CONTRACTS: ICRA Places '[ICRA]BB+' to INR20cr Bank Lines
-----------------------------------------------------------------
-
ICRA has assigned a long term rating of '[ICRA]BB+' to INR20.00
crore bank lines of Starwood Contracts Private Limited.  The
rating carries a stable outlook.

The rating takes support from SCPL's strong operational and
financial linkages with its parent company Bestech India Private
Limited, which has a long track record in real estate and
construction sector; robust growth in its operating income in
FY11; and revenue visibility arising from its healthy order-book.
The rating is, however, constrained by SCPL's limited track
record in construction business, its modest scale of operations,
and concentration of its order-book on group's in-house projects.
The rating also factors in SCPL's low net-worth which along with
increased working capital borrowings is likely to result in high
gearing. ICRA has taken into consideration the fact that while
SCPL's current order book position provides visibility to its
revenues in the short to medium term, its future growth would be
dependent on BIPL's ability to sell and launch new projects.

                     About Starwood Contracts

Starwood Contracts Private Limited is part of the Bestech Group
which was founded by Mr. Dharmendra Bhandari and Mr. Sunil Satija
in early 90s. The group started as a construction contractor and
has been in the construction business for over two decades. It
has constructed over 14 million sq. ft of space for various real
estate projects including several residential and commercial
projects in the NCR for developers like Unitech, MGF etc. In
2001, the group diversified into real estate business and
incorporated Besetch India Private Limited.  Over the years, the
Bestech Group has developed residential and commercial projects
in Gurgaon which include - Bestech Chambers, Bestech Central
Square, Park View City - I & II. In 2002, the Bestech Group
diversified into hospitality sector and incorporated BHPL. SCPL,
incorporated in 2009, is the in-house construction arm of the
Group and the entity has been formed to execute all the projects
of the group, in residential, commercial, retail and hospitality
segments. These projects were earlier being executed by the
flagship entity of the group- BIPL.

Recent Results:

In FY2011, Starwood Contracts Private Limited (SCPL) reported
operating income of INR70.48 crore (previous year INR17.38 crore)
and net profit of INR2.77 crore (previous year INR0.79 crore).


SUPER SPINNING: ICRA Revises Rating on INR49.67cr Loan to 'B+'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR49.67 crore term
loans and the INR110.35 crore fund-based limits of Super Spinning
Mills Limited from '[ICRA]BB+' to '[ICRA]B+'.

The revision in rating reflects the sustained losses incurred in
the current fiscal owing the weak demand environment witnessed by
the spinning industry, which has resulted in deterioration of the
financial profile and strained liquidity position. The losses
from operations coupled with high debt repayment obligations and
funding requirement for raw material procurement at the onset of
the cotton season in Q3 2011-12 is expected to stretch the
liquidity position. The ability of the company to improve
earnings from operations (with the high cost cotton inventory
having been largely utilized) and also support its liquidity
position through sale of assets and realization of advances
extended to related parties would remain critical for meeting its
debt servicing obligations. The rating also factors in the
established presence of the Company in the spinning industry
which coupled with long-standing relationship with its
established clientele and diversified revenue base lends
stability to revenues to an extent. Also, its locational
advantage of being near cotton growing areas aiding cotton
sourcing and its increasing focus on value added product
portfolio is likely to benefit the company in improving its
profitability in the medium to long term.

                       About Super Spinning

Super Spinning Mills Limited was established in 1962 by Late
Mr. N. Damodaran, Mr. V. N. Ramchandran and Mr. L. G.
Balakrishnan, members of the Elgi group of Coimbatore. As on
March 2011, the company had five units in Andhra Pradesh and
Tamil Nadu with a total capacity of 165,984 spindles and 1200
rotors. SSML's primary business is cotton yarn spinning which
contributes more than 90% of revenues. The company is partially
integrated into segments like knitting and garmenting, which
contribute the remaining 10%.

During 2009-10, SSML had acquired a group company, Sara Elgi
Arteriors Limited, at an investment of INR1.45 crore. SEAL is
into manufacture of UPVC windows and doors for Building industry
with revenues of about INR10 crore and net profit of -INR1 crore
for 2010-11. The management has mentioned that there would be no
major investment required in the subsidiary in the short to
medium term, where the scale of operations of the entity would
remain small. Hence, there should be no impact on the credit
profile of SSML on account of the acquired entity.

Recent Results:

For the first half ended September 2011, the company has reported
a net loss of INR39.7 crore on an operating income of INR194.9
crore. For the corresponding period of 2010-11, the company
reported a net profit INR8.9 crore on an operating income of
INR218.0 crore.


SWARAJ SULZ: ICRA Assigns '[ICRA]B+' to INR12.67cr Bank Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR12.67 crore, fund-based limits of Swaraj Sulz Private Limited.

The assigned rating takes into account the modest scale of
operations of Swaraj Sulz Private Limited; intense competition
within the fragmented synthetic fabrics industry and high gearing
levels of 2 times due to debt-funded capital expenditure. The
rating is also constrained by the company's modest debt coverage
indicators because of high interest expense and substantial
repayment of loans in the next 5 years.

The rating, however, draws comfort from the long track record and
extensive experience (of more than a decade) of the promoters in
the textile industry; healthy operating profit margins of ~12%
and favorable location of the weaving facilities, which provides
easy accessibility to raw materials and processing houses. The
rating also factors in the reputed customer base of the company,
which lowers the receivable risk for its contractual work.

In ICRA's view, the key rating sensitivities are any reduction in
debt-funded capex and improvement in the capital structure of the
company.

                         About Swaraj Sulz

Incorporated in January 2009, Swaraj Sulz Pvt. Ltd. is a Bhilwara
(Rajasthan)-based weaving company engaged in the manufacture and
trade of synthetic fabrics as well as contractual work for well-
known suiting companies. The company produces grey fabric from
yarn for trading purposes as well as for its own finished fabric
production. It also trades in finished fabrics produced by others
depending on customer requirements.

SSPL has an installed capacity is 66.17 lakh meters per annum and
is in the process of expanding its capacity to 73.67 lakh meters
per annum

The company's sister concern, Swaraj Suiting Pvt. Ltd., was
incorporated in June 2003 and was also engaged in the same line
of business in Bhilwara region until FY11. This company is now
setting up a new facility at RIICO Growth Centre, Bhilwara for
manufacturing denim and synthetic fabric for suiting. The
promoter and director of both the companies, Mr. Mohammed Sabir,
has been in the textile industry for over 10 years and started
operations under proprietorship concern named M/s Asian Suitings.

Recent Results:

In FY11, SSPL's operating income grew by 35.5% toINR14.78 crore
from INR10.91 crore in FY10. Operating profit increased to
INR1.82 crore in FY11 from INR1.07 crore in FY10 while net profit
improved to INR0.18 crore compared with INR0.09 crore in FY10.


TODI HOSIERY: CRISIL Assigns 'CRISIL BB' Rating to INR280MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Todi Hosiery Pvt Ltd (THPL; part of the Lux
group).

   Facilities                      Ratings
   ----------                      -------
   INR280 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects the Lux group's established position in the
domestic hosiery industry and strong marketing and distribution
network. These rating strengths are partially offset by the Lux
group's below-average financial risk profile, and working-
capital-intensive operations.

Although, the Lux group has comfortable liquidity, THPL, on
standalone basis, has stretched liquidity because of its
relatively low profitability subduing its cash accruals and large
working capital requirements.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of THPL and Lux Industries Ltd, together
referred to as the Lux group. This is because both the entities
have a common brand, common marketing and advertisement network,
suppliers, and a common management.

Furthermore, CRISIL has treated unsecured loans extended by the
promoters and associate companies of LIL and THPL to the two
entities as neither debt nor equity. This is because the
promoters shared an undertaking stating that these unsecured
loans will not be withdrawn from the respective companies till
the closure of bank loan. Also, the unsecured loan from promoters
is interest-free, while loan from associate companies carry a
relatively low interest rate of 6 per cent.

Outlook: Stable

CRISIL believes that the Lux group will benefit over the medium
term from its strong market position and established brand. The
outlook may be revised to 'Positive' if the group's financial
risk profile improves, supported by improvement in capital
structure, profitability, and liquidity. Conversely, the outlook
may be revised to 'Negative' if the group's financial risk
profile deteriorates, most likely because of lower-than-expected
revenues or profitability or larger-than-expected debt-funded
capital expenditure, leading to weakening in liquidity.

                         About the Group

LIL was incorporated in 1995 by the Todi family based in Kolkata
(West Bengal) as Lux Hosiery Industries Ltd for manufacturing and
marketing innerwear, cotswool, and shorts under the brand, Lux.
In 2007, the company's name was changed to the current one. In
2009-10 (refers to financial year, April 1 to March 31), LIL
started manufacturing outerwear, such as T-shirts and track
pants. However, outwear contribute less than 2 per cent to the
company's total turnover. LIL markets its products under the
brands Lux Cozi, Venus, Prime, Click, and GenX. All these brands
are owned by Biswnath Hosiery Mills Ltd (BHML), an associate
company of LIL. LIL pays royalty to BHPL for using these brands.
Although the company has presence in women's and kids' innerwear
segment, almost 90 per cent of its revenues come from men's wear.

THPL also manufactures and markets innerwear and outerwear. THPL
markets its products under the brands, GenX, Koolz, Touch,
Karishma and Target. These brands are also owned by BHML. Around
80 per cent of THPL's revenues come from men's innerwear, and the
rest comes from women's and kid's innerwear.

The Lux group reported a profit after tax (PAT) of INR99.1
million on net sales of INR6.70 billion for 2010-11, as against a
PAT of INR50.3 million on net sales of INR4.35 billion for 2009-
10.


TRANSPEK INDUSTRY: ICRA Cuts Rating on INR25cr Loan to '[ICRA]BB'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the fund
based facilities of Transpek Industry Limited aggregating to
INR25.00 crore from '[ICRA]BBB-' to '[ICRA]BB'.  The rating
carries a stable outlook. ICRA has also downgraded the short-term
rating assigned to the non-fund based facilities of TIL
aggregating to INR20.00 crore from '[ICRA]A3' to '[ICRA]A4'.

The downgrade of ratings takes into account significant
deterioration in the financial risk profile of the company in
H1FY 2012 as a result of substantial decline in off-take for Acid
Chloride products from its key customer in the export market,
decline in realization of Thionyl Chloride due to increased
competitive pressures in domestic market and rising input costs
which could not be passed on. This coupled with high depreciation
charges and increased interest & financial charges led to a net
loss of INR5.65 crore for the company in H1FY 2012 against a net
profit of INR9.66 crore in H1FY 2011. As a result the capital
structure of the company also deteriorated as reflected by
gearing level at 1.22 times as on Sept. 30, 2011, against 1.06
times as on March 31, 2011.

The ratings are further constrained by the company's relatively
small size of operations, high concentration of export sales to
few customers, exposure to risk of foreign exchange fluctuations,
as well as vulnerability of the profitability to both commodity
risks and intense competitive pressures. The ratings however
favourably take into account the company's long standing
experience & established position in supplying Thionyl Chloride &
Acid Chloride products, strong technical competence and reputed
clientele profile in the export sales.

                     About Transpek Industry

Transpek Industry Limited was incorporated on October 6, 1965 as
a Private Limited company with an objective of manufacturing
transparent acrylic sheet and was converted into a Public Limited
company on 31st March 1978. Since then the company has grown to
become a manufacturer and exporter of a range of chemicals used
as intermediary products, catering to customers from a diverse
range of industries such as Textiles, Pharmaceuticals,
Agrochemicals, Advance Polymers and other speciality
applications.  On April 22, 2008, TIL established a wholly owned
subsidiary called Transpek Industry (Europe) Ltd. in United
Kingdom in order to comply with recently introduced European
Union Regulation called Registration, Evaluation, and
Authorization of Chemicals.  Transpek has expertise in Sulphur
and Chlorine chemistry, involving Sulphonation, Acid Chloride
reaction, Friedlecrafts and Esterification reaction.

In FY 2011, the company acquired 50% stake in Sam Finechem
Limited (SFL) with an intention to diversify its activity in
pharma based products. SFL is engaged in manufacturing of various
drug intermediaries and manufactures more than 70 products which
find applications in areas such as dermatology and hypertension.


TRANSSTROY TIRUPATI: Fitch Rates INR4-Bil. Bank Loans at 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned India-based Transstroy Tirupati
Tiruthani Chennai Tollways Private Limited's INR4.05bn senior
project bank loans a National Long-Term rating of 'Fitch
BB+(ind)'.  The Outlook is Stable.

TTTCT is a special purpose company incorporated to undertake the
improvement of a 124.7km, two-lane stretch of the National
Highway 205 (NH-205) under a 30-year concession from the National
Highways Authority of India (NHAI, 'Fitch AAA(ind)'/ Stable).
The stretch connects Chennai in Tamil Nadu with Tirupati in
Andhra Pradesh via Tiruvallur and Tiruthani. TTTTCT is owned by
Transstroy India Limited (TIL; 74%) and OJSC Corporation
Transstroy (26%).  The project cost is estimated at INR5,784.9m,
which is being funded by a term loan of INR4,050 million, sponsor
equity of
INR1,221 million and an NHAI grant of INR513.9 million.

The rating is constrained by the construction risk, given that
the project is still at a preliminary stage of construction and
around 28% of the requisite right-of-way remains to be acquired
by the NHAI.  However, Fitch notes the presence of a 10-month
cushion between the expected completion date as per the
engineering, procurement and construction contract and the
scheduled contractual completion date of Oct. 4, 2013.  The
rating is also constrained by TIL's limited track record in the
successful execution of toll road projects under the build-
operate-transfer model.

The rating also reflects the risk of additional gearing, arising
out of the contractually specified deferred lane expansion
requirement.  Out of the existing 124.7km road, 61.02km is to
be widened from two to four lanes by October 2013, while the
remaining 63.68km in two stages by March 2025 (19.73km) and March
2031 (43.95km).  This expansion is not factored into the current
debt or cash flows.  However, Fitch's project life coverage ratio
calculations indicate enough cushion in the long, 15-year tail to
allow the project company to raise debt to complete the deferred
lane expansion requirement.

The rating also reflects the revenue risk. Traffic and revenue
projections are based on a traffic study conducted by Louis
Berger Consulting. Fitch notes the possibility of traffic leakage
at the Tamil Nadu toll plaza through an alternate free route from
Chennai to Tiruvallur, not accounted for in traffic projections.
However, once the project road is completed, the time savings
compared with the competing road could limit leakage.  Therefore,
while Fitch notes the project's significant revenue potential,
the accuracy of the traffic advisor's estimate that will be
demonstrated in the first operational year's traffic and revenue
performance, is a risk. Further, cash flows are vulnerable to
traffic stress scenarios.

The main driver of passenger traffic is the Venkateswara Temple
at Tirumala, around 10km from Tirupati, one of India's most-
visited Hindu pilgrimage centers, with about 30 million pilgrims
every year.  The traffic advisor's analysis of commercial traffic
on the road suggests that the key drivers for commercial traffic
on both directions of the road are cement and iron ore
industries.

The rating is also constrained by the financial risk as the
project will be exposed to a variable interest rate after the
commercial operations date is achieved. The absence of a debt
service reserve account as part of the project cost is also a
risk compared with peers, though management intends to create it
on completion of construction. Moderated interest rate
assumptions cause significant stress to debt service coverage
ratio, even with high inflation assumptions.

The rating may be upgraded once the project becomes operational
and demonstrates first-year traffic and revenue in line with the
expectations.  Significant construction delays or traffic
underperformance may result in a rating downgrade.


VHCL INDUSTRIES: ICRA Puts '[ICRA]BB+' Rating to INR17.6cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR17.60 Crore
fund based facilities of VHCL Industries Limited.  The outlook
assigned to the long term rating is stable.  ICRA has also
assigned an '[ICRA]A4+'rating to the INR38.00 Crore non fund
based facilities of VHCL.

The ratings factor in the long experience of the management in
the textile plastics industry, fiscal benefits and duty
exemptions enjoyed by the company due to its location in Silvassa
and limited competition in India following regulatory
restrictions on grant of import licenses to new units for plastic
scrap imports. The ratings, however, are constrained by VHCL's
weak financial profile characterized by moderate profitability,
stretched liquidity position and moderately leveraged capital
structure. The company's margins are exposed to volatilities
associated with fluctuations in prices of plastic scrap which are
in turn linked to the crude prices and changes in regulatory
norms on import of plastic scrap.

                       About VHCL Industries

Incorporated in 1978 as a public limited company, Mumbai-based
VHCL Industries Limited was promoted by Dr. P. K. Dutta along
with his associates Mr. M. K. Jain and K. L. Sharma. The
company's management and ownership underwent a change in FY 08
and the company is currently led by Mr. Pankaj Valia.

VHCL is listed at the Calcutta stock exchange; approximately 75%
of the company's equity is held by the promoter group including
Mr. Pankaj Valia and certain group entities. VHCL is engaged in
manufacturing of reprocessed and recycled plastic granules and
has recently diversified into wind mill power generation
business. VHCL's plant has an installed capacity to produce
23,388 metric tonnes of plastic granules per year and is located
at Silvassa.

Recent Results:

VHCL recorded a net profit of INR4.77 crores on an operating
income of INR158.96 crores for the year ending March 31, 2011 and
a net profit of INR3.53 crores on an operating income of INR88.71
crores for the year ending March 31, 2010.


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


BANK CIMB: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has affirmed PT Bank CIMB Niaga Tbk's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB+' with
Positive Outlook.  The National Long-Term rating has also been
affirmed at 'AAA(idn)' with Stable Outlook.

The ratings of CIMB Niaga primarily reflect moderate expected
institutional support from its parent, CIMB Group (whose flagship
CIMB Bank is rated 'BBB+'/Stable).  The Positive Outlook on the
IDR is in line with Indonesia's sovereign Outlook. An upgrade of
the sovereign rating could lead to a similar rating change for
the bank.

The bank's reasonably strong standalone financial position --
satisfactory asset quality and sound profitability -- is
reflected in its 'bb' Viability Rating.  However, the need to
increase capital to accommodate higher impairment risk as a
result of rapid loan growth could exert downward pressure on the
Viability Rating.

CIMB Niaga has managed its loan growth and asset quality well, as
non-performing loans (NPLs) declined to 2.6% of gross loans at
end-Q311 (end-2010: 2.7%), below the industry average of 2.8%.

Profitability remains sound but is under pressure from falling
net interest margin (NIM) due to intense competition.  For Q311
NIM fell to 5.8% (2010: 6.8%), while return on assets (ROA)
unchanged at 2.1% (2010: 2.1%) and return on equity (ROE)
declined to 19.8% (2010: 20.5%), respectively.  In Fitch's
opinion, strong competition will continue to pressure the bank's
profitability.

CIMB Niaga's Tier 1 and total capital adequacy ratios (CAR)
remained adequate at 10.6% and 13.6% respectively at end-Q311.
Although the current level of Tier 1 CAR is low, Fitch believes
that capital support from parent is likely to continue to support
its loan growth.

Established in 1955 and listed in 1989, CIMB Niaga is the fifth-
largest bank in Indonesia by assets.  As of 30 September 2011,
CIMB Group, the second-largest banking group in Malaysia, owned
97.9% of CIMB Niaga.

The following ratings of CIMB Niaga have been affirmed:

  -- Long Term Foreign Currency IDR: BB+; Outlook Positive
  -- National Long Term rating: 'AAA(idn)'; Outlook Stable
  -- Viability Rating: 'bb'
  -- Individual Rating: 'C/D'
  -- Support Rating: '3'
  -- Subordinated debt rating: 'AA(idn)'


BANK OCBC: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has affirmed PT Bank OCBC NISP Tbk's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+'
with Positive Outlook.  The agency has also affirmed OCBC NISP's
seven-year rupiah subordinated bond III 2010 at 'AA(idn)'.

The ratings reflect continuing strong commitment from its
financially strong parent bank, Oversea-Chinese Banking Corp
(OCBC, 'AA-'/Stable).  OCBC is Singapore's second-largest bank by
assets. In Fitch's view, OCBC's commitment to OCBC NISP is
reflected in its 85.06% ownership, capital support, name
association and operational alignment in most key areas.  OCBC
NISP's Viability Rating of 'bb' and Individual Rating of 'C/D'
reflect its medium size, consistent asset quality, satisfactory
capital position despite its weak profitability compared with its
peers.

Any change in support from its parent, OCBC, would have an impact
on OCBC NISP's ratings. In addition, any rapid loan growth that
could affect the bank's asset quality and capital position could
put pressure on its Viability Rating, particularly if the
economic environment were to deteriorate.

OCBC NISP's profitability has been pressured by tight
competition, as net interest margin (NIM) decreased slightly to
4.4% at end-Q311 (2010: 4.8%).  However, its return on assets
(ROA) increased to 1.3% at end-Q311 (0.9%) on lower provisioning
charges as a result of improved asset quality. Fitch believes
that continued tight competition may pressure the bank's
profitability in the future.

The bank's non-performing loan (NPL) ratio declined to 1.5% of
gross loans in Q311 (2010: 2%).  The lower NPL ratio was due to
improved asset quality in corporate and commercial/SMEs amid more
favourable economic conditions.  Provision cover, although lower
than the average of its larger peers (160%), remained
satisfactory at 111% at end-Q311 (2010: 99%).

The bank's Tier-1 and total capital adequacy ratio (CAR) were
12.3% and 15.1% at end-Q311, respectively, although slightly
lower than in 14.1% and 17.6% at end-2010.  Fitch believes that
OCBC NISP's will maintain its CAR ratio at the minimum 12%.

Under Fitch's hybrid security rating criteria, the rating of the
bond III 2010 is notched two levels below the National Long-Term
rating to reflect the issue's cumulative coupon deferral
features.

Established in 1941, OCBC NISP was previously owned by the
Surjaudaja family, and weathered the 1997-1998 Asian crisis
without a state bail-out.  OCBC, which acquired 22.5% of OCBC
NISP in mid-2004, now owns 85.1% following the legal completion
of the merger between OCBC Indonesia and OCBC NISP on January
2011.

OCBC NISP's ratings:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'BB+';
      Outlook Positive

  -- Short-Term Foreign Currency IDR affirmed at 'B'

  -- National Long-Term rating affirmed at 'AAA(idn)'; Outlook
      Stable

  -- Individual Rating affirmed at 'C/D'

  -- Viability Rating affirmed at 'bb'

  -- Support Rating affirmed at '3'


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


OLYMPUS CORP: Panel Finds No Evidence of Gangster in Cover-Up
-------------------------------------------------------------
The Wall Street Journal reports that a third-party panel looking
into an accounting scandal at Olympus Corp. said Tuesday that the
company hid investment losses of up to about JPY134.8 billion, or
US$1.73 billion, but it found no evidence of the cover-up being
linked to organized crime.

In a report, the Journal relates, the six-member panel appointed
by Olympus's board identified former vice president Hisashi Mori
and former internal auditor Hideo Yamada as the central figures
behind the cover-up.  The panel also said that former Olympus
presidents Tsuyoshi Kikukawa and Masatoshi Kishimoto approved the
cover-up, according to the Journal.

The Journal reports that Olympus said Tuesday it will submit its
second quarter earnings results by Dec. 14.  The firm's shares
will be delisted from the Tokyo Stock Exchange if it fails to
meet the deadline, the news agency adds.

                     Securities Investment Scandal

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

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

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

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

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

                        About Olympus Corp.

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


TOKYO ELECTRIC: Starts Second Round of Compensation Claims
----------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. on Monday
began fielding a second round of compensation claims from people
affected by the nuclear crisis at its Fukushima No. 1 power
plant.

The news agency relates that the second round covers the three-
month period starting Sept. 1, following the first round, which
covered the period from March 11 to Aug. 31.

TEPCO has simplified the compensation claim form in response to
complaints that the first form was too complicated, the report
says.

According to the report, the utility said it paid out around
JPY5.3 billion in compensation to about 2,340 households in the
first round and sent claim forms to around 70,000 households.
This indicates the number of compensation recipients remains
small, The Japan Times relays.

The compensation includes monthly payments of JPY100,000 per
person to cover psychological distress, the report notes.

TEPCO withdrew an earlier plan to halve such payments from
Sept. 1, The Japan Times adds.

                        About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates Tepco may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


AORANGI SECURITIES: Managers Seek Court OK of Distribution Plan
---------------------------------------------------------------
The statutory managers of Hubbard Management Funds have filed
papers in the Court for a determination of the equitable method
of distributing the Fund back to investors.

"The complexity of the issues surrounding the management of the
Fund that have been uncovered mean that the Court needs to make a
determination on what is a fair method of distribution", said the
statutory managers, Graeme McGlinn, Richard Simpson, and Trevor
Thornton in releasing their 9th Report last week.

"The value of the investments in the Fund as reported on
investor's statements prepared by Mr. Hubbard as at March 31,
2010, is significantly greater than the value of the underlying
investments at that time.  With global volatility, the value of
the investments has declined further.

In later years, Mr. Hubbard constructed the Fund on a high
risk/high return philosophy with a bias towards smaller listed
companies in the resource sector.  It appears to have been
assembled on an ad hoc basis.  The Fund did not have a documented
guidance structure or investment allocation methodology.  The
value of the fund is now about NZ$44 million.

The portfolio of investments set out in investor statements from
Mr. Hubbard may not in fact have been held by the Fund on their
behalf at that time.  Transactions that were reported as having
occurred in investor statements may not have occurred at all.

The accounting system operated by Mr. Hubbard resulted in
valuation and accounting errors in the investor statements.  As a
result, there was no easy way to align the investments owned by
the Fund with the investments allocated to investors.

We are now asking the Court to approve our proposed method of
distributing the Fund to each investor in the context of all of
the issues that have confronted the statutory managers.  The
situation we have uncovered does not appear to have been fully
covered in previous case law.

We expect the Court hearing to commence mid-2012, but there are
issues to be resolved such as how investors may be represented.
There are over 2,000 pages of papers that have been filed.  The
complexity of this matter could materially affect the time needed
to complete proceedings and for the Court to reach a
determination. As soon as we have a hearing date from the Court,
we will report to investors setting out a possible timetable for
payments to be made from HMF," concluded the managers.

                        Aorangi Securities

The statutory managers have also released their 9th Report on
Aorangi Securities.  In their report they confirm that disputes
and unresolved issues over ownership of Aorangi Securities assets
are delaying the realisation of investors' money.

"It is with regret that we will be unable to make further capital
distributions to investors at this time and this position will be
reassessed in mid-2012," said the statutory managers.

"We acknowledge the hardship that some are suffering, but we are
moving as quickly as possible to both protect and return
investments to investors in Aorangi.

We continue to work with Mrs. Hubbard and her advisers and
support her desire to reach a settlement with her creditors and
with Aorangi, while remaining mindful of our aim to maximise the
return to Aorangi investors.

Separately we are trying to collect various third party loans,
but many of these are complex and have associated legal
difficulties such as receiverships, liquidation applications,
disputes and shareholding issues.  We believe the realisation
process will be significantly advanced over the next six months
and certain sales are likely to be timed to coincide with the end
of the dairy season in May or June next year," the statutory
managers said.

Total realisations to date are approximately NZ$34 million, but
is less than the previously estimated NZ$40 million because of a
dispute with a non-Hubbard shareholder in a large farm.  About
NZ$20 million is being held pending determination of ownership of
the proceeds.

As at September, investors have received 12c in the dollar or
close to NZ$11.5 million.  Some investors are also receiving a
wellbeing allowance.  This is determined by a third party
assessor.

The full reports for both the Hubbard Management Fund and Aorangi
Securities are available on the Grant Thornton website at
www.grantthornton.co.nz as well as answers to frequently asked
questions.  Previous reports are also available on the site.

The statutory managers expect to provide further reports at the
end of March 2012.

The statutory managers can be reached at:

          Grant Thornton New Zealand Ltd
          L4, Grant Thornton House
          152 Fanshawe Street
          PO Box 1961
          Auckland 1140
          Tel: +64 (0)9 308 2570
          Fax: +64 (0)9 309 4892
          E-mail: info.auckland@nz.gt.com

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.  Mrs. Hubbard was
also removed from statutory management, effective on Nov. 13,
2011.


NATIONAL FINANCE: Former Director Faces Indefinite Ban
------------------------------------------------------
BusinessDesk reports that jailed National Finance boss Trevor
Ludlow has become the first person to be banned indefinitely from
operating or working in consumer finance after being convicted of
misleading borrowers.

BusinessDesk relates that Judge Lawrence Hinton made the order in
the North Shore District Court Tuesday, in a judgment against Mr.
Ludlow's Takarunga Management, which traded as Mortgage Rescue.

The ban was the first of its kind to be issued under the Credit
Contracts and Consumer Finance Act, and indefinitely prevents
Mr. Ludlow from working in the sector, the report says.

According to the report, the lender was convicted of charging an
unreasonable cancellation fee and not passing on legal fees at
cost, and of serving a default notice before it was legally
entitled to.

BusinessDesk relates that the judge said Mr. Ludlow's response to
borrowers who cancelled their contracts or disagreed with him was
"clearly unlawful and in the circumstances, outrageous" and that
he "lacked the skills to be in the industry."

Judge Hinton imposed a NZ$29,000 fine on Mortgage Rescue and a
NZ$1,000 fine on Mr. Ludlow, and ordered reparations of almost
NZ$24,000 to borrowers, reports BusinessDesk.

The report says the Commerce Commission prosecuted Mr. Ludlow
under the Credit Contracts and Consumer Finance Act and Fair
Trading Act.

Takarunga Management was set up in May 2006 to aid in the
receivership of another finance company and later branched out
into mortgage lending, the report discloses.

As reported in the Troubled Company Reporter-Asia Pacific
Oct. 21, 2011, former director of National Finance 2000 Limited
Trevor Allan Ludlow was sentenced to six years imprisonment in
the Auckland District Court on Oct. 20, 2011, after being found
guilty of false accounting and theft by a person in a special
relationship.  Mr. Ludlow was found guilty of seven charges under
the Crimes Act in July, following an investigation by the Serious
Fraud Office (SFO).  Mr. Ludlow was found to have breached the
terms of the Trust Deed under which National Finance operated,
defrauding investors of an estimated NZ$3.5 million.  This
included approximately NZ$2.7 million of unauthorized or
unsecured advances made to his Payless Car group of companies; as
well as undisclosed related party transactions totalling over
NZ$800,000 to an audio company; a property in Fiji; and land
purchased for another company he owned.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


RANEX GROUP: Closes Eurocell Timber Mill; 40 Workers Lose Jobs
--------------------------------------------------------------
BusinessDay.co.nz reports that The Eurocell timber mill in Upper
Hutt is being closed down, with the loss of up to 40 jobs.  The
mill is owned by Christchurch-based Ranex Group, which bought it
in 2009.

BusinessDay.co.nz relates that the mill will be phased out over
time, with the last of the timber processing staff likely to lose
their jobs by March.

According to the report, Ranex Group chairman Colin Hair said the
mill was hit by a combination of weak demand for building timber,
difficulty in getting logs at a competitive price and competition
from exporters for raw logs.

"The business has struggled to be economically viable," the
report quotes Mr. Hair as saying.

The business will maintain a sales office in Upper Hutt with a
handful of staff, the report notes.

Ranex said its Hunter Bonds timber business in Nelson and the
Moutere timber mill would continue to operate unchanged, adds
BusinessDay.co.nz.

Eurocell manufacturers solid wood and engineered structural
timber products used within the construction and housing
industries.

The Eurocell companies are subsidiaries of the Ranex Group, a
privately owned company based in Christchurch, New Zealand.


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


LEHMAN BROTHERS: PSALM Denies $3.5MM Exposure to Firm's Bust
------------------------------------------------------------
The Power Sector Assets and Liabilities Management (PSALM)
Corporation, a corporation owned by the Philippine government,
denied allegations that it incurred $3.5 million in losses as a
result of its investment in now bankrupt Lehman Brothers,
according to a press statement dated Dec. 1.

Gil Cabacungan, writing for the Philippine Daily Inquirer,
reported on Nov. 30 that Benjamin Evardone, a representative from
a congressional district in the Philippines, said PSALM has
finally admitted that it lost $3.5 million in investments when
the Lehman Brothers investment bank went belly up three years ago
in the biggest bankruptcy case in U.S. history.

According to Mr. Evardone, PSALM has admitted the losses after
the agency placed a newspaper advertisement offering a PHP20
million contract for legal services to recover its investments
from Lehman Brothers Special Financing, the Inquirer said.

PSALM President and Chief Executive Officer Emmanuel R. Ledesma
Jr., said the transaction that PSALM entered into with Lehman
Brothers was not an investment but a hedging transaction,
specifically a Principal Only Swap transaction.  The transaction,
he said, could be likened to an insurance purchase wherein PSALM
pays an annual expense premium of 2.687% on the notional amount
of USD100 million for 19 years.  In exchange, PSALM, or the
Philippine government, has the right to buy dollars at PhP44.788
in 2028 regardless of the foreign exchange rate at that time.

"Counterparties for the POS deal were selected based on a
comprehensive selection process under the guidance of the
Government Policy Procurement Board, the Department of Finance,
and the Bureau of the Treasury," Mr. Ledesma pointed out.

Mr. Ledesma also stated that when Lehman Brothers filed for
bankruptcy three years ago, PSALM had only made two premium
payments.  In addition, PSALM immediately invoked the
International Swaps and Derivatives Association, Inc. agreement
upon learning of the Lehman Brothers bankruptcy, terminated the
transaction on November 3, 2008, and replaced it with a new POS
with the same terms and conditions.

"The replacement is to ensure the continuous protection of
PSALM's transaction that it initially made with Lehman Brothers,"
Mr. Ledesma emphasized.  "Hence, to say that PSALM lost in the
deal is totally inaccurate.  In fact, the value of the Lehman
swap that was replaced may now be sold in the derivatives market
for up to approximately USD12.85 million as of November 2011."

Mr. Ledesma further clarified that the reason for the ITB is to
tie up loose ends with Lehman Brothers to ensure the continuous
protection of PSALM's rights under the ISDA.  The legal counsel
will help facilitate the claims that PSALM filed in a New York
court for approximately USD3.4 million representing the cost of
the replacement and other expenses (legal fees, damages, etc.) as
may be allowed under the provisions of the ISDA, according to the
statement.

"I exposed this bad investment with Lehman a year ago and PSALM
officials vehemently denied it.  This ad is proof that it
squandered its funds with its risky investments.  PSALM should
explain to the public why it invested in Lehman when its primary
function was to use the proceeds of the sale of Napocor (National
Power Corp.) assets to pay its debts so that this will not be
passed on to the consumers," Mr. Evardone told the Inquirer.

                       About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


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


JIN LI: Court to Hear Wind-Up Petition on Dec. 9
-------------------------------------------------
A petition to wind up the operations of Jin Li Construction Pte
Ltd will be heard before the High Court of Singapore on Dec. 9,
2011, at 10:00 a.m.

Umw Equipment & Engineering Pte Ltd filed the petition against
the company on Nov. 16, 2011.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay, #10-01
          Ocean Financial Centre
          Singapore 049315


LUCKY SPRING: Court to Hear Wind-Up Petition on Dec. 9
------------------------------------------------------
A petition to wind up the operations of Lucky Spring Pte Ltd will
be heard before the High Court of Singapore on Dec. 9, 2011, at
10:00 a.m.

Allen Yeow filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitor is:

          M/s Firoze & May LLC
          20 Havelock Road #01-24
          Central Square
          Singapore 059765


MAIESTA SHIPPING: Creditors' Proofs of Debt Due Jan. 2
------------------------------------------------------
Creditors of Maiesta Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 2, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


MICROSOFT HOLDINGS: Creditors' Proofs of Debt Due Dec. 30
---------------------------------------------------------
Creditors of Microsoft Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower, 18th Floor
          Singapore 048583


ROCKWOOD PIGMENTS: Creditors' Proofs of Debt Due Jan. 3
-------------------------------------------------------
Creditors of Rockwood Pigments & Additives Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


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


* ADB Cuts East Asia 2012 Growth Forecast on Global Slowdown
------------------------------------------------------------
Economic growth in emerging East Asia will continue to moderate
into 2012 as growing sovereign debt problems in Europe and an
anemic US economy raise the spectre of a deep global economic
downturn, says the Asian Development Bank's latest Asia Economic
Monitor.

In the event that both the eurozone and the US economies contract
sharply, the impact on emerging East Asia would be serious yet
manageable, the report says.

"The turmoil emanating from Europe poses a growing danger to
trade and finance within emerging East Asia; so the region's
policymakers must be prepared to act promptly, decisively, and
collectively to counter what could be an extended global economic
slowdown," said Iwan J. Azis, Head of ADB's Office of Regional
Economic Integration, which produced the report.

The semi-annual report released today assesses the 10 ASEAN
economies - Brunei Darussalam; Cambodia; Indonesia; Laos PDR;
Malaysia; Myanmar; Philippines; Singapore; Thailand; and Viet Nam
as well as those of the People's Republic of China (PRC); Hong
Kong, China; the Republic of Korea; and Taipei,China.

ADB cut its forecast for the region's growth in 2012 to 7.2% from
the 7.5% forecast in the September Asian Development Outlook 2011
Update. Growth is still forecast at 7.5% for this year.

In a special section - Can East Asia Weather Another Global
Economic Crisis? - the report describes the events that could
lead to a recession in the eurozone and a new economic downturn
in the US. It examines how a new global economic crisis would
affect the region under differing scenarios. East Asia comprises
emerging East Asia plus Japan.

In the worst case scenario - with the eurozone and US contracting
as much as they did in 2009 -emerging East Asia would grow by
5.4% next year. That would be 1.8 percentage points below the
current forecast but not as severe as the impact of the 2008/09
global crisis. This is due in part to diversification of the
region's export markets and increased domestic demand as a source
of growth.

Nonetheless, the region's financial systems remain just as
vulnerable as they were in 2008. The report notes that heightened
risk aversion would see investors slash holdings of Asian
financial assets while highly leveraged European banks would cut
lending, leading to tighter credit conditions.

To cope with a potentially prolonged global crisis and a slow
subsequent recovery, Asia's policymakers can use available
financial, monetary, and fiscal tools. These include mechanisms
in place to safeguard financial stability and ensure sufficient
credit is available regionally. Monetary policy must remain
flexible while exchange rate coordination would avoid competitive
devaluations. And the region still has sufficient fiscal space to
apply stimulus gradually and judiciously where needed while
avoiding too much budgetary strain.

The report forecasts the eurozone economy will expand 0.5% next
year with the US economy growing by 2.1%. For 2011, ADB is still
forecasting growth of 1.7% and 1.6% for the two economies
respectively.

Growth in the PRC is likely to moderate even as domestic demand
continues to rise, and is now forecast at 8.8% in 2012 after
expanding 9.3% this year. In September, ADB had forecast growth
of 9.1% in 2012.

The newly industrialized economies of Hong Kong, China; the
Republic of Korea; Singapore; and Taipei,China, will see slower
growth both this year and next year in large part because they
are more dependent on international trade than their neighbors.
This leaves them highly vulnerable to an economic contraction in
Europe and the US.

ASEAN's economies will also grow more slowly than previously
expected. Thailand, hit particularly hard by the recent floods,
should recover from supply disruptions next year. ADB now sees
Thailand's economy growing a smaller 2.0% this year, but is
maintaining its 4.5% growth forecast for 2012.

Japan's economy is forecast to bounce back from the effects of
the recent natural disasters as supply chains are rebuilt, but
the strong yen will likely hurt exports while domestic demand is
likely to remain weak. As such, ADB continues to forecast a
contraction of 0.5% this year followed by a 2.5% expansion next
year.


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

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

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

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

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

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

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

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

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


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***