TCRAP_Public/101129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 29, 2010, Vol. 13, No. 235

                            Headlines


A U S T R A L I A

AC TRADING: ASIC Shuts Down Unlicensed Trading Web Site
MARINE AND CIVIL: Busselton Shire Council May End Jetty Contract
PREMIUM COLLECTIONS: Crouch May File $2.5MM Suit Against Owner
RIVERCITY MOTORWAY: RBS Offloads 6.7% Stake to Charity for AU$1
STORM FINANCIAL: ASIC to Sue Founders & Three Banks Over Collapse


C H I N A

FANTASIA HOLDINGS: S&P Gives Negative Outlook; Keeps 'BB-' Rating
GEOS COMMUNICATIONS: Posts US$2.6 Million Net Loss in Q3 2010
LDK SOLAR: Has Exchange Offer to Avoid 2011 Repurchase Obligation


H O N G  K O N G

LIK HANG: Members' and Creditors Meetings Set for December 3
MACQUARIE GOODMAN: Members' Meeting Set for December 12
MAIN LEGEND: Members' Final General Meeting Set for December 24
MAX ELEGANCE: Members' Final General Meeting Set for December 24
NEWBASE MANAGEMENT: Members' Final Meeting Set for December 24

NEWTON POWER: Placed Under Voluntary Wind-Up Proceedings
QUASAR NAVIGATION: Members' Final Meeting Set for December 20
RISEGATE LIMITED: Creditors' Proofs of Debt Due December 6
ROUNDTABLE HK: Members' and Creditors Meetings Set for December 17
SONWAY LIMITED: Placed Under Voluntary Wind-Up Proceedings

STONEYCROFT ESTATES: Members' Meeting Set for December 12
TIME SEARCH: Commences Wind-Up Proceedings
UNION ASIA: Members' Final General Meeting Set for December 24
UNITED CENTRAL: Creditors' Proofs of Debt Due December 3
URBAN FASHION: Commences Wind-Up Proceedings

VASSAR CHINESE: Placed Under Voluntary Wind-Up Proceedings
WEBER SHANDWICK: Placed Under Voluntary Wind-Up Proceedings
WOOD ONE: Creditors' Proofs of Debt Due December 20
YEE TAT: Creditors' Meeting Set for December 8


I N D I A

KINGFISHER AIRLINES: Sacks Reserve Pilots to Cut Costs
MAHALAXMI TMT: CARE Assigns 'CARE BB' Rating to INR502.5MM LT Loan
MANGHANI RE-ROLLING: CRISIL Rates INR62.5MM Cash Credit at 'BB-'
MARVELORE MINING: CRISIL Assigns 'B+' Rating to INR71.9M Term Loan
MAYFAIR HOTELS: CRISIL Downgrades Rating on INR395MM Loan to 'BB+'

NEELA SYSTEMS: CRISIL Reaffirms 'B' Rating on INR120MM Term Loan
SHIVALAYA CONSTRUCTION: CRISIL Places 'BB' Rating on INR75MM Debt
SINGAN PROJECTS: Fitch Affirms 'BB' National Long-Term Rating
SRI VEERA: CARE Assigns 'CARE BB' Rating to INR15.34cr Bank Debts
TIRUPATI BUILDINGS: CRISIL Cuts Rating on INR2.5 Bil. Loan to 'D'


I N D O N E S I A

BANK CIMB: Fitch Puts 'BB+' Rating on Proposed Subordinated Debt


N E W  Z E A L A N D

DORCHESTER PACIFIC: Offers to Buy Back 25% of Notes
FIVE STAR: Former Director Pleads Guilty to Theft Charges
NATIONAL FINANCE: Former Accountant Gets 18 Months Jail Term


T A I W A N

XODTEC LED: Yuan-Fu Cheng Resigns as Chief Financial Officer


V I E T N A M

VIETNAM SHIPBUILDING: KMPG Appointed as Restructuring Adviser




                            - - - - -


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A U S T R A L I A
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AC TRADING: ASIC Shuts Down Unlicensed Trading Web Site
-------------------------------------------------------
The Australian Securities and Investments Commission has moved to
shut down an unlicensed foreign exchange trading Web site, which
is estimated to have raised at least US$76,000 from investors.

On November 22, 2010, ASIC obtained orders in the Supreme Court of
New South Wales against AC Trading Co Pty Ltd, a company formerly
based in Canterbury, Sydney, requiring the company to take all
necessary steps to close down its Web site --
http://www.actcfx.com/

AC Trading operates an online foreign exchange trading Web site
which invites individuals to open and deposit funds into an
account with AC Trading for the purpose of buying and selling
foreign exchange contracts and shares through the spot market.

ASIC became aware of the company's activities following a
complaint, which alleged AC Trading was falsely passing itself off
to be the Indiana-based company, AC Trading Co.  The US company
has no affiliation with the Australian entity.

AC Trading also claimed to be a "member of ASIC" but does not hold
the required license to offer financial products in Australia.

The court orders obtained by ASIC also prevent AC Trading from:

   -- carrying on a financial services business;

   -- removing, or causing or permitting to be removed
      from Australia, any of their property as defined
      by the Corporations Act;

   -- accepting or receiving money in relation to their
      products; and

   -- disposing of, destroying, amending, altering or
      parting with possession of their books and records.

AC Trading is also required to immediately publish a notice on the
Web site for the benefit of investors for the purpose of claiming
a return of funds.

The ASIC orders remain in force until November 29, 2010.


MARINE AND CIVIL: Busselton Shire Council May End Jetty Contract
----------------------------------------------------------------
Busselton-Dunsborough Mail reports that Busselton Shire Council is
considering terminating the contract of Marine and Civil
Construction Company Pty Ltd, the company that has the contract to
rebuild the Busselton Jetty.

Busselton-Dunsborough Mail relates that work stopped on the jetty
almost three weeks ago when Marine and Civil went into voluntary
administration.

According to Busselton-Dunsborough Mail, Shire CEO Mike Archer
said the council resolved at a special meeting on November 24,
2010, to give Marine and Civil seven days to provide justification
for their failure to meet the terms of the project contract.

Citing a document sent to creditors by the administrator, WA
Insolvency Solutions, Busselton-Dunsborough Mail discloses that
Marine and Civil owes almost AU$14 million.  More than AU$7
million of that is owed to three businesses, the report says.

Busselton-Dunsborough Mail relates the Shire Council may have to
consider completing the work, which is 85% finished.

"At this stage Marine and Civil remain committed to finishing the
project. However, their continued involvement depends on a range
of financial and legal issues. Our hope is that work on the jetty
will recommence by early December, with or without Marine and
Civil contracted to the job," Mr. Archer told Busselton-
Dunsborough Mail.

Marine and Civil Construction Company Pty Ltd is a privately owned
business specializing in marine infrastructure construction and
related civil engineering projects.


PREMIUM COLLECTIONS: Crouch May File $2.5MM Suit Against Owner
--------------------------------------------------------------
The Daily Telegraph reports that John Lord, a partner in PKF
Accountants & Business Advisers, was examined in the Federal Court
on November 24, 2010, over the collapse of his debt collecting
firm Premium Collections.

The Telegraph relates that Sydney liquidator Nicholas Crouch is
investigating Mr. Lord's firm's April 2009 demise amid claims that
although Premium Collections owed creditors AU$1.7 million when it
went into voluntary administration, it paid out more than AU$2
million in unsecured loans and payments to related parties.

According to the Telegraph, Mr. Crouch's firm Crouch Armirbeaggi
is likely to launch recovery proceedings against Mr. Lord for
AU$2.5 million for breach of director's duties and potential
insolvent trading.

The Telegraph says the court heard of a conflict of interest due
to the "unique relationship" between Premium Collections and PKF,
who prepared those cheques and handled the firm's accounting
books.

Documents presented to the court show unpaid invoices as far back
as June 2007 and the court heard of a suspicion the company had
been trading insolvent for almost a year before voluntary
administration, the Telegraph relates.

According to the Telegraph, the documents also show that in
December 2008, North Sydney Local Court, where the firm lodged all
its local court proceedings, "ceased providing credit" to them,
meaning they were essentially unable to operate as debt collectors
because they couldn't sue anybody.

The Telegraph adds that Mr. Lord was also questioned about
personal assets, including his luxurious Sylvania Waters
residence, which he told the court was bought in his wife's name,
and a $1 million 47 foot Caribbean boat aptly called "The
Liquidator."

Premium Collections was engaged in the debt collection business.


RIVERCITY MOTORWAY: RBS Offloads 6.7% Stake to Charity for AU$1
---------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that Royal Bank of
Scotland, a major stockholder in RiverCity Motorway Group, has
offloaded all of its stock to a charity for $1.

According to The Courier-Mail, Royal Bank of Scotland said the
decision was made to defuse a "potential appearance of a conflict
arising", as RBS is one of the lenders owed money by RiverCity.

The Courier-Mail says RBS's 6.7% stake was worth $581,000 at
November 24's close of 0.9 -- far off the $1 issue price that
RiverCity was worth when floated in 2006.

Citing a notice to the stock exchange on November 24, The Courier-
Mail relates that the sale of all 64.5 million securities for $1
was to a trustee -- AET Structured Finance Services -- "who will
have the power to nominate charities as beneficiaries."

The conflict, The Courier-Mail notes, arises because RBS was one
of original arrangers of almost AU$1.8 billion in loans to
RiverCity in 2006.

RBS had a $120 million stake then, although sources with knowledge
of the debt said this had been reduced, The Courier-Mail states.

According to the report, RiverCity has struggled with traffic
through the tunnel falling far short of forecasts.  RiverCity's
board last week warned the company would collapse if an agreement
with bankers had not been reached by the year's end.  The company
has put forward a "pay if you can" proposal to its 24 lenders.

                     About RiverCity Motorway

RiverCity Motorway Group -- http://www.rivercitymotorway.com.au/
-- is a Queensland, Australia-based toll road company.  The
Company has been awarded a 45-year concession by the Brisbane City
Council to finance, design, construct and operate Clem Jones
Tunnel (CLEM7), the city's first private toll road.  CLEM7,
scheduled to open in 2010, will connect major traffic arteries on
the south and north of the Brisbane CBD.


STORM FINANCIAL: ASIC to Sue Founders & Three Banks Over Collapse
-----------------------------------------------------------------
The Australian Securities and Investments Commission said Friday
that it will bring civil penalty proceedings against Emmanuel and
Julie Cassimatis as directors of Storm Financial Ltd. in relation
to alleged contraventions of section 180 of the Corporations Act.

ASIC also said that it will commence legal proceedings against
parties, including Commonwealth Bank of Australia Limited, Bank of
Queensland Limited and Macquarie Bank Limited, seeking
compensation for investors arising out of the collapse of Storm.
The compensation proceedings will not be filed immediately, in
order to allow a short further period (no more than three weeks)
for the commercial resolution discussions to continue.

ASIC's Chairman, Tony D'Aloisio, said: "We have not, to date, been
able to reach an acceptable commercial resolution with key parties
on compensation which ASIC was prepared to recommend to investors.
In the circumstances, it was not possible for ASIC to continue to
defer the decision to commence legal proceedings.  However, ASIC
remains of the view that a commercial resolution is the preferable
course."

"The compensation actions we have decided to bring are complex,
but we consider that it is in the public interest for ASIC to
assist retail investors by bringing these actions. In addition to
seeking compensation for investors, ASIC is pursuing regulatory
outcomes in relation to those who implemented the Storm Model,"
Mr. D'Aloisio added.

         Civil Penalty Proceedings Against the Cassimatises

ASIC will allege that the Cassimatises breached their duty as
directors by causing and permitting Storm to be exposed to legal
liability arising from the implementation of a financial services
business model (Storm Model) which involved providing commoditised
financial advice to investors that failed to take into account the
personal circumstances of individual investors.

The relief to be sought by ASIC will include orders that the
Cassimatises each pay substantial pecuniary penalties which can be
imposed in respect to each breach of duty, and that they be
disqualified from managing corporations and be restrained from
providing financial services.

                      Compensation Proceedings
                    Against BoQ, Senrac and MBL

ASIC has decided that it will commence proceedings against BoQ,
the owner and franchisee of the BoQ's North Ward branch (Senrac
Pty Limited and MBL.  The proceedings are proposed to be brought
by ASIC in its own name and on behalf of two former Storm
investors.  ASIC will allege primary causes of action against BoQ
and MBL based on:

    * breach of contract (breach of Banking Codes of Practice);

    * contravention of the statutory prohibitions against
      unconscionable conduct; and
    * liability as linked credit providers of Storm under
      section 73 of the Trade Practices Act 1974.

The case against Senrac is based on its involvement in BoQ's
alleged contraventions.

ASIC said it will seek relief which includes declarations of
unconscionable conduct, statutory and common law damages and
compensation orders, and orders setting aside various loan
transactions and securities.

                  Proceedings Against CBA, BoQ and
            MBL -- Unregistered Managed Investment Scheme

ASIC said it will allege that the conduct of the Storm Model
amounted to the operation of a managed investment scheme that was
required to be registered under the Corporations Act and was not
registered. It will be alleged that CBA, BoQ and MBL participated
in the operation of that scheme.

ASIC proposes to adopt a staged approach to proceedings in
relation to the alleged scheme. ASIC will initially seek relief
including declarations as to the existence of the scheme and the
parties who participated in its operation.

If successful, ASIC will thereafter seek orders for the payment of
compensation to investors to place them in the position that they
would have been in now had they not invested in the Storm scheme
(the "no transaction" case for compensation).

              Timing of ASIC Proceedings and Future of
                 Confidential Commercial Resolution

As the Commission decisions have been made to commence
proceedings, ASIC will now move to complete the processes leading
to filing and service of the legal proceedings.  However, the
proceedings will not be filed immediately to allow a short further
period to test whether the commercial resolution discussions can
achieve an acceptable outcome.

Mr. D'Aloisio said: "The commercial resolution discussions have
been conducted in good faith by all participants in those
discussions.  Given the age and financial means of many investors
involved in the Storm Model, a speedy commercial resolution should
be what ASIC and all involved should continue to seek to achieve".

               Other Proceedings Against Other Parties

ASIC's enquiries with respect to whether parties other than BoQ,
CBA and MBL also participated in the operation of any unregistered
managed investment schemes continues, as does ASIC's work in
connection with other investigations into the collapse of Storm,
preparation of further potential legal proceedings and possible
administrative action against former Storm advisers.

"As the Storm matter will be the subject of extensive legal
proceedings, ASIC will not at this time issue a more detailed
statement or report," ASIC said.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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C H I N A
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FANTASIA HOLDINGS: S&P Gives Negative Outlook; Keeps 'BB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on China-based property developer Fantasia Holdings Group
Co. Ltd. to negative from stable.  At the same time, S&P affirmed
the 'BB-' long-term corporate credit rating on Fantasia and its
'B+' issue rating on the company's outstanding US$120 million
senior unsecured notes due 2015.

"S&P revised the outlook to reflect Fantasia's weaker-than-
expected contracted sales performance so far this year.  The
performance highlights Fantasia's project concentration risk and
its weaker-than-expected execution capability, in S&P's view.  S&P
believes Fantasia will maintain credit ratios in 2010 that are
appropriate for the current rating.  The company's revenue is
likely to be 50% higher than that of 2009, and it is likely to
maintain its relatively high profit margins," said Standard &
Poor's credit analyst Bei Fu.

Although the revenue growth is more modest than S&P's expectation,
due to a smaller-than-expected bond size, S&P expects Fantasia's
ratio of debt to EBITDA to stay below 4x and EBITDA interest
coverage ratio at more than 3x.  S&P don't expects the company's
financial metrics for 2010 to breach its rating downgrade
triggers.

Visibility over the company's performance in 2011 is limited,
however, as S&P is uncertain about when the company can obtain
presale permits or resolve the relevant regulatory issues for some
of its key projects.  Nevertheless, the company will have more
projects available for sale in 2011.  Fantasia's contracted sales
so far this year are weaker than S&P expected.  From January to
October, these sales totaled Chinese renminbi 2.70 billion, which
was lower than the company's budget and the average of 'BB-' rated
peers.  The company postponed the sales launches at its two major
projects in Shenzhen due to a delay in obtaining presale permits.
Sales are also likely to slow down at another major project in
Chengdu due to other regulatory issues.  These projects could have
contributed a total of RMB2 billion in contracted sales during
2010.

"The rating on Fantasia reflects the execution and concentration
risks surrounding the company's growth and transformation, which
S&P views as aggressive; a much weaker-than-expected sales
performance due to materially delayed presale launches caused by
local regulation issues; and the cyclical and competitive nature
of the Chinese real estate sector, where the regulatory
environment is evolving," said Ms. Fu.  "Fantasia lacks a track
record outside Shenzhen and Chengdu, and the company also has a
limited track record in developing high-end residential
properties.  These risks are partially tempered by the company's
somewhat diversified product offerings, including commercial as
well as residential properties, and its operational track records
in Shenzhen and Chengdu."

Fantasia's liquidity is adequate, in S&P's view.  It had
unrestricted cash of RMB3.1 billion at the end of October 2010
against RMB1.5 billion in short-term debt due.  According to
Fantasia's recent announcement regarding a land acquisition in
Tianjin, its outstanding land premiums for 2010 total RMB623
million.  S&P understand the company has flexibility in
construction outflow and it has no other outstanding land premiums
at present.

The company has more than RMB20 billion in undrawn uncommitted
bank lines from Chinese banks.

The negative outlook reflects Fantasia's weaker-than-expected
sales performance during the first 10 months of 2010, likely
weaker credit ratios if sales do not improve over the next six to
12 months, and uncertainty over when it will be able to sell its
delayed three major projects.  In S&P's view, the project
concentration and execution risk are heightened for its current
scale.  S&P expects Fantasia to stay focused on its growth
strategy and maintain disciplined financial management practices.
S&P anticipate that it will maintain adequate liquidity, while
pursuing high growth.


GEOS COMMUNICATIONS: Posts US$2.6 Million Net Loss in Q3 2010
-------------------------------------------------------------
Geos Communications, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $2.58 million on $31,992 of revenue
for the three months ended September 30, 2010, compared with a net
loss of $4.17 million on $0 revenue for the corresponding period
last year.

The Company has an accumulated deficit of $67.58 million as of
September 30, 2010.

The Company's balance sheet at September 30, 2010, showed
$6.82 million in total assets, $18.80 million in total
liabilities, $5.56 in convertible preferred shares, and a
stockholders' deficit of $17.54 million.

"The Company has not generated positive cash flows from operations
and has accumulated losses since inception, which raises
substantial doubt about its ability to continue as a going
concern," the Company said in the filing.

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

               http://researcharchives.com/t/s?6fa0

Southlake, Tex.-based Geos Communications, Inc., is a developer
and distributor of mobile applications and services.  On June 17,
2010, the Company's board of directors approved a plan by which
the Company discontinued offering its VoIP and telephony services
directly to consumer and enterprise customers.  Under the plan the
Company implemented a reduction-in-force and closed its network
switching operations located in Atlanta, Georgia.  The Company is
in negotiations for the sale of its telephony network assets.

On February 19, 2010, the Company acquired Shoot It!, LLC, which
expanded the Company's product portfolio applications and
technologies for the global mobile communications market.  On
March 1, 2010, the Company acquired D Mobile, Inc., which provides
the Company with a platform for mobile content distribution in
China, the world's largest mobile communications market, and
expands the Company's global presence.  D Mobile, which operates
under the brand name Duo Guo, is a retail channel for the
discovery and download of licensed mobile media content in China.


LDK SOLAR: Has Exchange Offer to Avoid 2011 Repurchase Obligation
-----------------------------------------------------------------
LDK Solar Co., Ltd., has commenced an offer to exchange up to
US$300 million in aggregate principal amount of its currently
outstanding 4.75% Convertible Senior Notes due 2013 (CUSIP Nos.
50183L AA 5 and 50183L AB 3) for an equal aggregate principal
amount of a newly issued class of 4.75% Convertible Senior Notes
due 2013 and cash in an amount not greater than $85 nor less than
$60.

LDK Solar is conducting the Exchange Offer to reduce the aggregate
principal amount of its outstanding Existing Notes under which
holders may require LDK Solar to repurchase all or a portion of
their Existing Notes on April 15, 2011, prior to maturity.

The Exchange Offer is not conditioned on the tender of any minimum
aggregate principal amount of Existing Notes.  The Exchange Offer
is, however, subject to certain other conditions.

For each $1,000 principal amount of Existing Notes, holders will
receive $1,000 principal amount of New Notes plus the Cash
Consideration.  The amount of Cash Consideration will be
determined by the modified "Dutch Auction" procedure described in
an Exchange Offer Memorandum dated November 24, 2010.

In addition, holders of Existing Notes whose Existing Notes are
accepted for exchange in the Exchange Offer will be paid cash in
an amount equal to the accrued and unpaid interest on the Existing
Notes up to, but excluding, the settlement date of the Exchange
Offer.

As of November 24, 2010, roughly $395 million in aggregate
principal amount of the Existing Notes were outstanding.

LDK Solar is relying on Section 3(a)(9) of the Securities Act of
1933, as amended, to exempt the New Notes portion of the Exchange
Consideration from the registration requirements of the Securities
Act.

LDK Solar is also relying on Section 18(b)(4)(C) of the Securities
Act to exempt the New Notes portion of the Exchange Consideration
from the registration and qualification requirements of the state
securities laws.  LDK Solar has no contract, arrangement or
understanding relating to, and will not, directly or indirectly,
pay any commission or other remuneration to any broker, dealer,
salesperson, agent or any other person for soliciting tenders of
Existing Notes in the Exchange Offer.

The portion of the Exchange Consideration consisting of the Cash
Consideration will be paid for with cash on hand.

The Exchange Offer is subject to the terms and conditions set
forth in a Schedule TO (including the Exchange Offer Memorandum
and related Letter of Transmittal) filed by LDK Solar with the
Securities and Exchange Commission.

The Exchange Offer is scheduled to expire at 11:59 p.m., New York
City time, on December 22, 2010, unless the Exchange Offer is
extended.  Tendered Existing Notes may be withdrawn at any time on
or prior to the expiration date of the Exchange Offer.

If the amount of Existing Notes validly tendered and not properly
withdrawn on or prior to the expiration date at or below the Cash
Consideration exceeds the Exchange Offer Amount, LDK Solar will
accept for payment the Existing Notes that are validly tendered
and not properly withdrawn from the Exchange Offer at or below the
Cash Consideration on a pro rata basis from among such tendered
Existing Notes.  In all cases LDK Solar will make appropriate
adjustments to avoid exchanges of Existing Notes in a principal
amount other than an integral multiple of $1,000.

The financial advisor for the Exchange Offer is Piper Jaffray &
Co., the information agent for the Exchange Offer is Georgeson
Inc. and the exchange agent for the Exchange Offer is The Bank of
New York Mellon.

Georgeson Inc., serves as information agent for the Exchange
Offer.

Holders of the Existing Notes who have questions or would like
additional copies of the Exchange Offer documents may call the
information agent at (888) 337-7699.  Banks and brokerage firms
may call (212) 616-2180.

                        Going Concern Doubt

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

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

The Company reported a net loss of US$234.0 million on US$1.098
billion of revenue for the year ended December 31, 2009, compared
with net income of US$66.4 million on US$1.643 billion of revenue
for the year ended December 31, 2008.  The revenue decrease was
primarily due to the decline in the average selling price of the
Company's wafers, although there was significant growth in the
Company's wafer sales volume and processing volume.

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

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?65de

                         About LDK Solar

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


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


LIK HANG: Members' and Creditors Meetings Set for December 3
------------------------------------------------------------
Members and creditors of Lik Hang Electronic Components Limited
will hold their annual meetings on December 3, 2010, at
10:30 a.m., and 11:00 a.m., respectively at Level 10, World-Wide
House, 19 Des Voeux Road Central, in Hong Kong.

At the meeting, Stephen Lo Kwok Hung John, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MACQUARIE GOODMAN: Members' Meeting Set for December 12
-------------------------------------------------------
Members of Macquarie Goodman Container Investments No. 1 Limited
will hold a meeting on December 12, 2010, at 10:00 a.m., at 27/F.,
alexandra House, 18 Chater Road, Central, in Hong Kong.

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


MAIN LEGEND: Members' Final General Meeting Set for December 24
---------------------------------------------------------------
Members of Main Legend Development Limited will hold their final
general meeting on December 24, 2010, at 9:00 a.m., at 12/F.,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MAX ELEGANCE: Members' Final General Meeting Set for December 24
----------------------------------------------------------------
Members of Max Elegance Enterprises Limited will hold their final
general meeting on December 24, 2010, at 9:00 a.m., at 12/F.,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NEWBASE MANAGEMENT: Members' Final Meeting Set for December 24
--------------------------------------------------------------
Members of Newbase Management Limited will hold their final
general meeting on December 24, 2010, at 9:00 a.m., at 12/F.,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NEWTON POWER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 12, 2010,
creditors of Newton Power Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Mr. Lam Chi Wai
         Units C & D
         9/F., Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


QUASAR NAVIGATION: Members' Final Meeting Set for December 20
-------------------------------------------------------------
Members of Quasar Navigation Corporation Limited will hold their
final general meeting on December 20, 2010, at 12:30 p.m., at 1902
MassMutual Tower, 38 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


RISEGATE LIMITED: Creditors' Proofs of Debt Due December 6
----------------------------------------------------------
Creditors of Risegate Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 6, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 12, 2010.

The company's liquidator is:

         Gao Luxington
         Suites 2008-09
         20/F., Tower One
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


ROUNDTABLE HK: Members' and Creditors Meetings Set for December 17
------------------------------------------------------------------
Members and creditors of Roundtable Hong Kong Avant-Garde Policy
Research Institute Limited will hold their final general meetings
on December 17, 2010, at 10:00 a.m., and 11:00 a.m., respectively
at Room 804, 8/F., Lap Fai Building, 6-8, Pottinger Street,
Central, in Hong Kong.

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


SONWAY LIMITED: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on November 12, 2010,
creditors of Sonway Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Suit Fei Esther
         Room 2302, CRE Building
         303 Hennessy Road
         Wanchai, Hong Kong


STONEYCROFT ESTATES: Members' Meeting Set for December 12
---------------------------------------------------------
Members of Stoneycroft Estates Limited will hold a meeting on
December 12, 2010, at 10:30 a.m., at 27/F., Alexandra House,
18 Chater Road, Central, in Hong Kong.

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


TIME SEARCH: Commences Wind-Up Proceedings
------------------------------------------
Members of Time Search Recruitment (HK) Co Limited, on
November 16, 2010, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Ms. Tso Yin Yee
         Room 2301, 23/F., Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


UNION ASIA: Members' Final General Meeting Set for December 24
--------------------------------------------------------------
Members of Union Asia Trading Limited will hold their final
general meeting on December 24, 2010, at 9:00 a.m., at 12/F.,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


UNITED CENTRAL: Creditors' Proofs of Debt Due December 3
--------------------------------------------------------
Creditors of United Central Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 3, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Galaxy Chan Mei lan
         Edward Simon Middleton
         27th Floor, Alexandra House
         16-20 Chater Road
         Central, Hong Kong


URBAN FASHION: Commences Wind-Up Proceedings
--------------------------------------------
Members of Urban Fashion Management Limited, on November 11, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


VASSAR CHINESE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on November 12, 2010,
creditors of Vassar Chinese Medical Society Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Zee Wen Chun Elle
         801 Workington Tower
         78 Bonham Strand East
         Hong Kong


WEBER SHANDWICK: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on November 12, 2010,
creditors of Weber Shandwick Worldwide (Taiwan) Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Mr. Bruno Arboit
         Mr. Simon Blade
         1008 Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


WOOD ONE: Creditors' Proofs of Debt Due December 20
---------------------------------------------------
Creditors of Wood One Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 20, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 15, 2010.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


YEE TAT: Creditors' Meeting Set for December 8
----------------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company Limited
will hold their final meeting on December 8, 2010, at 3:00 p.m.,
at Room 6, 4/F., South Tower, 41 Salisbury Road, YMCA of Hong
Kong, Tsimshatsui, Kowloon, in Hong Kong.

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


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


KINGFISHER AIRLINES: Sacks Reserve Pilots to Cut Costs
------------------------------------------------------
The Times of India reports that Kingfisher Airlines fired some
reserve pilots to help cut costs as it seeks to end a run of six
annual losses.

Prakash Mirpuri, an airline spokesman, told the Times in a phone
interview on Thursday that shedding the pilots, who have joined
larger rival Jet Airways (India) Ltd, won't affect Kingfisher's
operations.

According to the report, Kingfisher's board is due to consider a
possible sale of securities to help pare the carrier's $1.7
billion debt pile.

The Times of India says the airline has already reduced its fleet
of leased planes, curbed the number of expatriate pilots and
appointed Sanjay Aggarwal, formerly head of budget carrier
SpiceJet, as chief executive officer to help cut costs.

                     About Kingfisher Airlines

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

                           *     *     *

Kingfisher Airlines posted consecutive net losses of
INR1.89 billion, INR2.13 billion and INR1.64 billion for
FY2008 through FY2010.


MAHALAXMI TMT: CARE Assigns 'CARE BB' Rating to INR502.5MM LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to bank facilities of
Mahalaxmi Tmt Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   ----------                  ----------     -------
   Long-term Bank Facilities      502.50      'CARE BB' Assigned
   Short-term Bank Facilities       7.50      'PR4' Assigned

Rating Rationale

The ratings are largely constrained by high implementation risk
associated with MTPL's greenfield steel project and limited
experience of the promoters in execution of large-sized steel
projects.  The ratings are further constrained on account of the
risk associated with the volatility in prices of iron ore & coal
and cyclicality in the steel industry.  These risks are partly
mitigated by achievement of financial closure for the project,
resourceful promoters and various incentives offered by the
Government of Maharashtra due to its 'Mega Project' status.
Successful commissioning of the project without any significant
time and cost overrun and consequent stabilization of operations
are the key rating sensitivities.

MTPL was originally promoted as Mahalakxmi Ingots Pvt. Ltd by
Mr. Sanjay Mantri and Mr. Yogesh Mandhani to set up MS Billets
manufacturing facilities at Wardha, Nagpur with the project cost
of INR60 crore.  The promoters of the company are well experienced
in the steel industry and have joined hands with Mr. Ram Pal Soni
of the Sangam Group of Rajasthan in FY09, as a new promoter
(currently holding controlling stake at 55%) to set up an
integrated steel plant under MTPL as a downward expansion of its
existing facilities.

MTPL had recently commissioned Induction Furnace unit (Phase-I)
with the capacity of 336,000 MT of Billets manufacturing per annum
from April 1, 2010.  The facilities are yet to be stabilized fully
with the current capacity utilization of 40-45%.  MTPL is now
setting up 0.5 million MTPA TMT Bar Mill as downstream expansion
of its integrated steel project consisting of DRI Plant, Melt Shop
(Phase-I) (already installed), Gasification Plant, Rolling Mill,
Beneficiation Plant (Phase-II) and 40 MW Captive Power Plant
(Phase-III) with a total project cost of INR611 crore.

The project is structured with a debt-equity ratio of 2.38:1.  The
debt portion of INR430 crore has been sanctioned by a consortium
of banks while the equity portion of INR181 crore is proposed to
be contributed by the promoters. MTPL has incurred capital
expenditure of INR128.48 crore till August 21, 2010 under Phase -
II with INR66.41 crore of equity, INR25.00 crore of term loans and
INR37.07 crore through buyers' credit.  As per the implementation
schedule, the project (Phase-II) is expected to be commissioned by
April 2011 and Phase-II by April 2012.  The project has been
granted 'Mega Project Status' by the Government of Maharashtra
under which the company is eligible for state duty exemptions and
various taxes & duties for a period of seven years from the date
of commencement of commercial production.


MANGHANI RE-ROLLING: CRISIL Rates INR62.5MM Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/ Stable' rating to the cash credit
facility of Manghani Re-Rolling Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR62.50 Million Cash Credit Limit   BB-/ Stable (Assigned)

The rating reflects MRL's limited scale of operations in the
fragmented stainless steel industry, and working-capital-intensive
operations.  These weaknesses are partially offset by the
company's moderate financial risk profile, marked by moderate
gearing and debt protection metrics, and its promoters' extensive
steel industry experience.

Outlook: Stable

CRISIL believes that MRL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry.  Its financial risk profile is expected to remain
moderate, marked by moderate gearing and debt protection measures.
The outlook may be revised to 'Positive' in case the company
increases its scale of operations while improving its operating
margin and maintaining its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case the company's
financial risk profile weakens on account of any debt-funded
capital expenditure programme or larger than expected incremental
working capital requirements.

                      About Manghani Re-Rolling

MRL was incorporated in 1996 by Mr. Kanhaya Lal Manghani and his
family. It manufactures stainless steel sheets with a capacity of
around 500 tonnes per month in Bhiwadi (Rajasthan). MRL's main
customers are manufacturers of utensils.

MRL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR347.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of Rs7.8 million on net sales
of INR401.6 million for 2008-09.


MARVELORE MINING: CRISIL Assigns 'B+' Rating to INR71.9M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Marvelore Mining & Allied Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR71.9 Million Term Loan            B+/Stable (Assigned)
   INR130.7 Million Proposed LT Bank    B+/Stable (Assigned)
            Loan Facility
   INR2.4 Million Letter of Credit      P4 (Assigned)

The ratings reflect the Marvelore group's exposure to risks
related to the implementation of the micronization project, and
the implementation and offtake risks associated with the
calcinations project.  These weaknesses are offset by the group's
strategic location, and the strong market demand for micronized
calcium carbonate (CaCO3).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Marvelore and Yogita Allied & Calcine
Products.  This is because the two companies, together referred to
as the Marvelore group, have operational linkages and fungible
cash flows.

Outlook: Stable

CRISIL believes that the Marvelore group will maintain its credit
risk profile backed by its strategic location and the high market
demand for micronized CaCO3 from the plastic, paper, and paint
industries.  The outlook may be revised to 'Positive' in case of
timely implementation and stabilization of the Marvelore group's
new capacities, with improved profitability leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the group's financial risk profile is
adversely impacted by time or cost overruns in its proposed
capital expenditure (capex) programme, or if the group contracts
more-than-expected debt to fund capex.

                       About Marvelore Mining

Marvelore was incorporated in 2008 by the Patel and Kheni
families, and is involved in mineral micronization and mineral
calcination.  The two families have been associated with each
other for 25 years.  Marvelore is managed by Mr. Keyur Kheni and
Mr. Hiren Patel who set up the company to diversify from the
promoters' traditional businesses of real estate, diamond cutting,
polishing, and trading, and textiles.  Marvelore has its
registered office in Surat (Gujarat).

Marvelore has mineral micronization capacity of 60 tonnes per day
(tpd) for CaCO3 at Kakodra in Surat. Micronized CaCO3 is used as
filler in the plastic, paper, and paint industries.  Marvelore is
expanding its micronization capacity by 270 tpd over the next 18
months in three phases, at a cost of INR150 million with debt
contribution of around INR105 million.

In the mineral calcination segment, Marvelore has signed a
memorandum of understanding with the Commissioner of Geology &
Mining, Government of Gujarat, to invest INR750 million over the
next three years at its proposed site in Kuranga on the Dwarka-
Porbandar Highway to mine and calcinate bauxite, producing
proppant and alumina cement.  Calcinated bauxite and alumina
cement are used in refractory industries, while proppant is used
in oil exploration.

The promoters also have acquired a company named Yogita. Yogita
has a license for mining 100 tpd of bauxite, for total area of
18,500 hectares, with a license period of 30 years.

The Marvelcore group reported a profit after tax (PAT) of INR1.22
million on net sales of INR44.7 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.05
million on net sales of INR1.18 million for 2008-09.


MAYFAIR HOTELS: CRISIL Downgrades Rating on INR395MM Loan to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Mayfair
Hotels & Resorts (Sikkim) Pvt Ltd to 'BB+/Negative' from
'BBB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR14.4 Million Cash Credit       BB+/Negative (Downgraded from
                                                   'BBB/Stable')

   INR395 Million Term Loan          BB+/Negative (Downgraded from
                                                   'BBB/Stable')

The downgrade reflects MHRSPL's weaker-than-expected financial
performance in 2009-10 (refers to financial year, April 1 to
March 31); the company incurred a net loss of INR34 million,
despite a moderate operating profitability of 22 per cent in
2009-10.  The company has not been able to start operations at its
casino, which was expected to begin operations from early 2010-11,
as it could not obtain the necessary licenses. Furthermore, there
has been an additional cost overrun of INR50 million in the
project.  The cash accruals of the company are expected to be just
adequate to meet its maturing debt obligations of INR16 million in
2010-11.

The rating reflects MHRSPL's below-average financial risk profile,
marked by high gearing, negative cash accruals, and poor debt
protection metrics, and susceptibility to cyclicality in the
hospitality industry and the effects of the slowdown in 2009-10.
These rating weaknesses are partially offset by the financial
support MHRSPL gets from the Mayfair Hotels group, and the
benefits that the company derives from the Mayfair Hotels group's
established market position in the hospitality industry and strong
brand image in eastern India.

Outlook: Negative

CRISIL believes that MHRSPL will continue to face pressures from
its highly leveraged capital structure and from its cash accruals
being barely sufficient to meet its term-debt-related payments,
over the medium term.  The ratings may be downgraded if MHRSPL's
liquidity deteriorates further because of lesser-than-expected
revenues, or if the company undertakes large debt-funded capital
expenditure (capex) programme, leading to further deterioration in
its capital structure. Also, delays in repayment of maturing debt
obligations may lead to a rating downgrade. Conversely, the
outlook may be revised to 'Stable' if the company scales up its
operations and increases its revenues and profitability, resulting
in considerable improvement in its financial risk profile.

                       About Mayfair Hotels

MHRSPL is a part of the Mayfair Hotels group, a hospitality group
based in eastern India, with MAYFAIR Hotels & Resorts Ltd as its
flagship company. MHRL has a majority shareholding in MHRSPL.

Promoted by Mr. Dilip Ray, the Mayfair Hotels group began
operations in 1982.  It commenced operations by setting a small
hotel in Rourkela (Orissa).  The group now has five other boutique
properties, one each at Puri and Bhubaneshwar (both in Orissa),
Darjeeling (West Bengal), Gangtok (Sikkim), and Goa.  These
boutique hotels operate under the Mayfair brand.  Additionally,
the group also has a convention centre in Bhubaneshwar.  Four of
the group's hotels (in Rourkela, Puri, Bhubaneshwar, and
Darjeeling) were originally owned by four different companies,
which were merged into a single public limited company in 2005-06
(refers to financial year, April 1 to March 31).  MHRL was
originally set up in 1995-96 as a private limited company; it was
reconstituted as a public limited company in 2005-06. Mayfair
Gangtok Spa Resort, owned by MHRSPL, commenced operations in June
2009. It was the first five-star deluxe resort in Sikkim. In 2007-
08, the Mayfair Hotels group acquired a hotel in Goa (South Goa)
under MAYFAIR Hotels & Resorts (Goa) Pvt Ltd (MHRGPL; formerly
called Lingraj Commercial Pvt Ltd).

MHRSPL reported a net loss of INR34 million on an operating income
of INR42 million for 2009-10. The Mayfair Hotels group reported a
profit after tax (PAT) of INR60 million on an operating income of
INR659 million for 2009-10, against a PAT of INR84 million on an
operating income of INR523 million for 2008-09.


NEELA SYSTEMS: CRISIL Reaffirms 'B' Rating on INR120MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on Neela Systems Ltd's bank facilities continue
to reflect Neela Systems' modest scale of operations in the water
treatment plants and modular process systems industry, and its
weak liquidity because of delayed realizations from customers.
These rating weaknesses are partially offset by the benefits that
Neela Systems derives from its track record of timely project
delivery, and its technical expertise in the water treatment
systems segment.

   Facilities                           Ratings
   ----------                           -------
   INR120.0 Million Term Loan           B/Stable (Reaffirmed)
   INR80.0 Million Cash Credit          B/Stable (Reaffirmed)
   INR100.0 Million Letter of Credit    P4 (Reaffirmed)
                  and Bank Guarantee

Outlook: Stable

CRISIL believes that Neela Systems will continue to benefit from
its established relationships with customers and suppliers, and
its promoters' experience in the water treatment systems industry,
over the medium term.  The outlook may be revised to 'Positive' if
Neela Systems achieves better-than-expected revenue growth,
demonstrates sustainability in its operating margin, and improves
its collection efficiency, or in case of fresh infusion of long-
term funds into the company, thus improving its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in Neela Systems' revenues and operating
margin, or further deterioration in its liquidity due to delayed
customer realisations, or if the company undertakes a large, debt-
funded capital expenditure (capex) programme, leading to
deterioration in its debt protection indicators.

Update

Neela Systems' net sales increased to INR637.4 million in 2009-10
(refers to financial year, April 1 to March 31) from INR555
million in 2008-09, driven by the revival in demand for its
products due to improvement in the economic scenario.  The company
has achieved sales of around INR320 million for the period between
April 1 and October 31, 2010, and is expecting to achieve sales of
around of INR800 million for 2010-11.  Presently, it has an order
book of INR400 million, to be executed by March 2011.

However, Neela Systems' operating margin for 2009-10 has decreased
to 16.88 per cent from 18.2 per cent in 2008-09 on account of
increase in raw material cost.  The company has a modest capex
plan of around INR400 million in the current financial year, which
is to be funded from internal accruals.  Its liquidity is weak,
with high working capital requirements on account of significant
build-up of receivables and high inventory levels. Its average
bank limit utilization for the nine months ended September 2010
was high, at around 92 per cent.

Neela Systems reported a profit after tax (PAT) of INR69.2 million
on net sales of INR637.4 million for 2009-10, against a PAT of
INR61.9 million on net sales of INR555 million for 2008-09.

                        About Neela Systems

Neela Systems, incorporated in 2007 by Mr. Himanshu Shah and his
wife Mrs. Manisha Shah, manufactures and sets up water treatment
plants and modular process systems.  The company caters mainly to
the pharmaceuticals, cosmetics, and food and beverages industries.
It has its manufacturing facility in Wada near Mumbai.

Neela India Pvt Ltd, incorporated in 1989 by Mr. Himanshu Shah and
Mrs. Manisha Shah and engaged in the same line of business, has
been merged with Neela Systems with effect from August 1, 2009.


SHIVALAYA CONSTRUCTION: CRISIL Places 'BB' Rating on INR75MM Debt
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Negative/P4+' ratings to Shivalaya
Construction Company Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR75.0 Million Cash Credit Limit   BB/Negative (Assigned)
   INR450.0 Million Letter of Credit   P4+ (Assigned)
                    & Bank Guarantee

The ratings reflect SCCPL's exposure to risks related to the
aggressive capital expenditure plans which have led to large
repayment obligations and stretched liquidity, concentration of
revenues in road construction sector and to intense competition in
the construction industry.  These rating weaknesses are partially
offset by SCCPL's strong track record in the construction industry
and its healthy order book which provides medium term revenue
visibility.

Outlook: Negative

CRISIL believes that SCCPL's significant debt repayment
obligations will constrain the company's financial flexibility
over the medium term.  The ratings may be downgraded if SCCPL
faces difficulty in executing its projects thereby leading to low
cash accruals and difficulties in debt repayment.  Conversely, the
outlook may be revised to 'Stable' in case the promoters infuse
equity or unsecured loans to mitigate the liquidity concerns for
SCCPL.

                   About Shivalaya Construction

SCCPL was incorporated in 1991, as a partnership concern and was
changed into a private limited company in 1997.  The company was
involved in the construction of buildings until 1995, and,
thereafter, entered the business of road construction.  SCCPL is
presently involved in civil construction and primarily undertakes
the construction, upgradation, and maintenance of roads, including
state highways and rural roads (rural road construction undertaken
under Pradhan Mantri Gram Sadak Yojana (PMGSY) for various
government departments (around 90 per cent of the revenues) and
construction of residential quarters and buildings for educational
institutions (around 10 per cent of revenues).

SCCPL reported a profit after tax (PAT) of INR60 million on net
sales of INR1.4 billion for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR38.5 million on net sales
of INR1.1 billion for 2008-09.


SINGAN PROJECTS: Fitch Affirms 'BB' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has affirmed India's Singan Projects Limited's
National Long-term rating at 'BB(ind)'.  The Outlook remains
Stable.  The agency has also taken these rating actions on
Singan's bank loans:

  -- INR200m cash credit limits: affirmed at 'BB(ind)';

  -- INR50m standby line of credit: assigned at 'F4(ind)';

  -- INR750m bank guarantees: affirmed at 'BB(ind)/F4(ind)'; and

  -- INR150m letter of credit (sub limit under bank guarantees):
     affirmed at 'BB(ind)/F4(ind)'.

The affirmations are underpinned by Singan's stable performance in
FY10 (end-August 2010) in the backdrop of a challenging economic
environment, as well as by its comfortable financial leverage and
order book of INR2.99bn as of 31 August 2010 (this is 2.5x of FY10
revenues).  Key concerns are its small size and pressure on
margins, making it vulnerable to liquidity pressures in a highly
competitive environment.  The company's ability to meet increasing
working capital requirements as well as to implement higher value-
added projects and build its technical competencies would be the
medium-term challenges.

Singan continues to focus on water and water-related projects like
drinking water, storm water drainage and underground drainage.
The company continues to work with larger infrastructure players
and also independently.  During FY10, there was a build-up of
receivables due to transition in the Government of Andhra Pradesh,
which caused delays in payments; this is expected to return to
normalcy.  However, the company's stated objective is to focus
more on projects funded by the Central Government and Central
Government agencies, which minimizes counterparty risks.

Negative rating triggers include material deterioration in
Singan's interest coverage to below 1.25x and/or in net
debt/EBITDA to above 4x.  Positive rating trigger would be the
company's ability to improve its net debt/EBITDA to below 2x in
FY11.

Set up in 1993, Singan Projects Limited is one of the small-medium
sized infrastructure players in Andhra Pradesh.  In FY10, it
reported revenues, EBITDA and net income of INR1.21 billion,
INR105 million and INR42 million, respectively.


SRI VEERA: CARE Assigns 'CARE BB' Rating to INR15.34cr Bank Debts
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of SRI VEERA
Venkata Sathyanarayana Raw & Boiled Rice Mill.

                                 Amount
   Facilities                  (INR crore)      Ratings
   ----------                  ----------       -------
   Long-term Bank Facilities      15.34         'CARE BB'

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of SVVS as on March 31,
2010.  The rating may undergo a change in case of withdrawal of
capital or of the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The rating factors in the moderate size and partnership nature of
the firm, high level of competition from rice mills in the region,
government regulation on rice imports and levy price, moderate
capacity utilization, low profitability margins and high level of
debt in relation to cash accruals.  However, the rating is
underpinned by the experience of the promoters in the industry,
revenue growth in the last three years, demand for rice and
availability of raw material (paddy) in the region.  The ability
of the firm to improve the margins in the midst of competition and
improve the capacity utilization are the key rating sensitivities.

Sri Veera Venkata Satyanarayana Raw & Boiled Rice Mill is a
partnership firm formed in 1999.  The firm was formed by Mr. Sathi
Konda Reddy along with eight other partners.  The firm is engaged
in milling and processing of rice and trading of the same.  The
mill is situated in the Polamuru near Kakinada, Andhra Pradesh.
SVVS currently has rice milling capacity of 330 MT per day.  SVVS
supplies levy rice to Food Corporation of India and non-levy rice
within Andhra Pradesh and other states viz., Kerala and Tamilnadu.
On a total income of INR66.7 cr, SVVS earned a PAT of INR0.81 cr
in FY10 (Provisional).


TIRUPATI BUILDINGS: CRISIL Cuts Rating on INR2.5 Bil. Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Tirupati Buildings & Offices
Pvt Ltd's term loan to 'D' from 'BB/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR2.5 Billion Rupee Term Loans     'D' (Downgraded from
                                            'BB/Stable')

The downgrade reflects delay by Tirupati on its interest
installments of INR57.9 million due for September and October
2010.  The delay has been caused by the company's weak liquidity
arising out of delays in commencement of commercial operations of
the hotel it has recently completed.

Tirupati has a weak financial risk profile marked by small cash
accruals vis--vis large term loan obligations.  The company has
not yet leased out any space at the shopping area, which is part
of the hotel project that it has recently completed.  Tirupati,
however, benefits from its project's proximity to airport and good
connectivity.

New Delhi-based Tirupati, incorporated in 2007, has recently
completed its maiden project, a five-star business hotel, with
a dedicated shopping area, at City Centre, Sector 10, Dwarka,
New Delhi.  The company has received permission from Delhi
Development Authority for increasing the floor area of the
project; the hotel will now have 428 rooms, compared to 330 rooms
planned originally, apart from other facilities, including banquet
halls and conference rooms.


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


BANK CIMB: Fitch Puts 'BB+' Rating on Proposed Subordinated Debt
----------------------------------------------------------------
Fitch Ratings has assigned PT Bank CIMB Niaga Tbk's (Long-Term
Issuer Default Rating: 'BB+'/Stable) proposed 10-year Rupiah
subordinated debt an expected 'AA(idn)' rating.  The final rating
is contingent on receipt of final documentation conforming to
information already received.

CIMB Niaga will use proceeds from the new issuance to strengthen
its capital base and to fund business growth.  The expected rating
is two notches below the bank's 'AAA(idn)' National Long-term
rating, and reflects the presence of cumulative deferral
conditions not previously included in subordinated debt issuances
by Indonesian banks prior to 2009; these conditions are now
required in compliance with Bank Indonesia's regulation on Minimum
Capital Adequacy Requirement for Commercial Banks (PBI No.
10/15/PBI/2008).  In Fitch's view, these instruments are now more
hybrid-like in nature and are thus subject to greater notching
under Fitch's hybrid security rating criteria.

Based on information received by Fitch, payment of interest is
subject to two main conditions, namely that the bank's minimum CAR
(currently 8%) is not breached at the time of payment or as a
result of payment, and that, either at the time of interest
payments or as a result of interest payments, distributable
reserves in the equity account are not or would not become
negative.  Based on Fitch's rating criteria on hybrid securities,
the cumulative coupon deferral is considered a form of going
concern loss absorption and it has reflected this through an at
least two-notch differential between the hybrid security rating
and the issuer's National Long-term rating.

CIMB Niaga's 'BB+' IDR and 'AAA(idn)' National Long-term ratings
primarily reflect expected institutional support from its parent,
CIMB Group (flagship CIMB Bank: 'BBB+'/Stable).  In addition, the
issuer ratings are underpinned by the bank's reasonably strong
standalone financial position as reflected in its 'C/D' Individual
Rating.  Hence, the rupiah sub-debt issue is notched two below its
National Rating at an expected 'AA(idn)' rating.

Although Fitch considers the likelihood of activation of the loss
absorption feature on this instrument to be low, it notes that the
existence of the deferral feature in this subordinated debt issue
(as well as on all subordinated debt issued by Indonesian banks
since 2009) differentiates it from the 'straight' (non-deferrable)
lower Tier 2 subordinated instruments issued prior to 2009.
Consequently, as a result of greater hybrid-like characteristics,
the expected rating assigned to the issue is two notches lower,
compared with one notch for previous subordinated debt issues
(prior to 2009).  Should there be a materially increased
likelihood of activation of the loss absorption feature (such as
an annual net profit test), then a differential of three or more
notches would be applied under Fitch's criteria.

Established in 1955 and listed in 1989, CIMB Niaga is the fifth-
largest bank in Indonesia in terms of Asset.  As of 30 September
2010, CIMB Group, the second-largest banking group in Malaysia,
owns 97.9% of CIMB Niaga.


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


DORCHESTER PACIFIC: Offers to Buy Back 25% of Notes
---------------------------------------------------
Dorchester Pacific Ltd disclosed Thursday an offer to buy back 25%
of the Notes issued as part of its Capital Reconstruction Plan.
The Notes are due to mature in June 2013 and bear interest at 5%
p.a.  Dorchester is offering investors fifty-five cents ($0.55)
per Note to be paid in cash on December 20, 2010, with no
brokerage payable.

Executive director and CEO Paul Byrnes said, "We have just
released our interim accounts to September 30, 2010, reporting a
loss before tax and Fair Value Adjustment of NZ$921,000, which was
a pleasing NZ$1 million ahead of forecast.

"We would hope most investors will remain with the company as we
continue rebuilding the business.  However, we are aware and
understand that some investors would prefer to take a cash option
now."

While 80% of debenture holders voted in favor of Dorchester's
Capital Reconstruction Plan earlier this year, 20% of investors
voted against the plan.  In addition around 35% of Note holders
have current holdings below the minimum amount tradable through
the NZDX exchange and brokerage fees may be a disproportionate
cost on any disposal of these small holdings.

The offer will be mailed out to Note holders shortly and will
close on December 15, 2010.  Payment will be made on December 20,
2010.

                      About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                          *     *     *

Dorchester Pacific reported three consecutive net losses of
NZ$19.1 million, NZ$25.4 million and NZ$18.1 million for the years
ended March 31, 2008, 2009 and 2010, respectively.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Dorchester has been operating under a deferred repayment plan
since late 2008.


FIVE STAR: Former Director Pleads Guilty to Theft Charges
---------------------------------------------------------
BusinessDay.co.nz reports that a second former director of failed
Five Star Finance has pleaded guilty to theft charges laid by the
Serious Fraud Office.

BusinessDay.co.nz says Nicholas Kirk on Friday pleaded guilty to
charges of theft by a person in a special relationship, relating
to the misuse of Five Star funds in breach of its trust deed.

Marcus McDonald, another former director of the company, pled
guilty to the same charges late last month, BusinessDay.co.nz
notes.

BusinessDay.co.nz relates that former Five Star director
Anthony Bowden and former manager Neill Williams are also charged
with offences relating to the misuse of funds but have yet to be
committed for trial.

According to BusinessDay.co.nz, Mr. Kirk was remanded to appear
for sentencing on December 21, at the same time as Mr. McDonald
and other former directors of the company are due to be sentenced
on Securities Act charges.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance Ltd,
while Mr. Williams was heavily involved in its management.  The
Companies Office also laid criminal charges in Auckland District
Court against Messrs. MacDonald, Bowden, Kirk and Williams.  The
case was referred to it by the Securities Commission.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


NATIONAL FINANCE: Former Accountant Gets 18 Months Jail Term
------------------------------------------------------------
The National Business Review reports that John Gray, the former
accountant for National Finance 2000, has been sentenced at the
Auckland District Court to 18 months in prison.

According to NBR, Mr. Gray pleaded guilty to three of four charges
laid by the Serious Fraud Office in October and appeared at the
Auckland District Court for sentencing on Friday, November 26,
2010.

NBR says the charges related to theft by a person in a special
relationship, which related to misuse of National Finance Funds in
breach of its trust deed requirement.

The SFO had dropped one charge after Mr. Gray agreed to pay
reparations of NZ$50,000 and agreed to give evidence against a
co-defendant, NBR says.

Mr. Gray, NBR notes, also pled guilty to a charge of false
accounting, whereby he concealed the true recipient of funds by
creating a false document.

According to NBR, SFO chief executive Adam Feeley said the
decision would have important ramifications for the additional
finance company cases under investigation and prosecution by the
SFO.

"Results like this demonstrate that the seriousness of white
collar crime.  It will be of great comfort to investors, and sends
a positive message to the investing public about the integrity of
our financial markets, and the consequences for breaching the
law," NBR quoted Mr. Feeley as saying.

NBR states that Mr. Gray, however, is appealing the decision not
to grant him home detention and remains on bail pending
determination of that matter -- expected in March.

                       About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47 percent to 48 percent of their
investments.  Subordinated investors and other unsecured creditors
are unlikely to recover anything from the receivership.


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


XODTEC LED: Yuan-Fu Cheng Resigns as Chief Financial Officer
------------------------------------------------------------
On November 18, 2010, Yuan-Fu Cheng resigned as chief financial
officer of Xodtec LED Inc. for personal reasons.  The resignation
of Mr. Cheng did not stem from any disagreement with the Company.

The Company's board of directors appointed Yao-Ting Su, the
Company's chief executive officer, as chief financial officer.

Yao-Ting Su has been the Company's Chairman since April 2009 and
chief executive officer since January 2010.  Mr. Su served as the
Company's president, from April 2009 until April 2010. Mr. Su
received a Bachelor's Degree from Soochow University and was the
Valedictorian of the Air Defense Missile School of the United
States Army in Fort Bliss, Texas.  Mr. Su also served in the Army
of Taiwan from 1979 to 1981.

Mr. Su does not have an agreement covering his services as chief
executive officer and chief financial officer.  Mr. Su presently
receives annual compensation of $120,000 for his services as chief
executive officer.

                         About Xodtec LED

Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc.  On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.

The Company's balance sheet at August 31, 2010, showed
US$1.7 million in total assets, US$3.1 million in total
liabilities, and a stockholders' deficit of US$1.4 million.


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: KMPG Appointed as Restructuring Adviser
-------------------------------------------------------------
Bloomberg News reports that the Politburo of Vietnam's ruling
Communist Party is assessing the responsibility government members
may have had for the near-collapse of Vietnam Shipbuilding
Industry Group (Vinashin) and will release the findings.

Bloomberg relates Deputy Prime Minister Nguyen Sinh Hung said at
the National Assembly last week that the party's inspection
committee is leading the study, which will be "fair."  Mr. Hung
said the assessment covers the roles of Prime Minister Nguyen Tan
Dung, deputy prime ministers, related ministers and company
officials, Bloomberg notes.

According to Bloomberg, the government has approved a
restructuring plan for Vinashin that includes transferring units
to other state-owned companies and paring debt 38% to VND53
trillion from VND86 trillion in June.

               KMPG Appointed as Restructuring Adviser

The Financial Times, citing a person familiar with the matter,
reports that the government is finalizing the appointment of KPMG,
Vinashin's auditors, as restructuring advisers, according to a
person familiar with the matter, in a move likely to reassure
anxious foreign creditors.

The FT relates that the KPMG advisory team will be led by Edward
Middleton, the Hong Kong-based partner at the firm who led the
restructuring of Lehman's Asian assets and quick-fire US$225
million sale of the rump to Nomura in 2008.

Vietnam Shipbuilding Industry Group "was facing the risk of
bankruptcy" in June 2010, according to an Aug. 4 government
statement obtained by Bloomberg News.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Sept. 7, 2010, that Vietnamese police arrested four
former officials of Vietnam Shipbuilding Industry Group as the
government extended its investigation into financial difficulties
at the state-owned company.  The Ministry of Public Security said
the people arrested on Sept. 3 include two former board members,
Tran Quang Vu and Tran Van Liem, and ex-general directors of two
of Vinashin's subsidiaries, Nguyen Van Tuyen and Nguyen Tuan
Duong.  Pham Thanh Binh, the company's former chairman and chief
executive officer, was arrested in August.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.



                             *********

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

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

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


                            *********


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

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

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

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

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





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