TCRAP_Public/110104.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

            Tuesday, January 4, 2011, Vol. 14, No. 2

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Owner's Mansion May Be Put on the Market


C H I N A

LDK SOLAR: Reaches 3 Gigawatt Milestone at Wafer Plants


H O N G  K O N G

SECURAIR LIMITED: Creditors' Proofs of Debt Due January 24
SUPERSHINE LTD: Creditors to Get 42% Recovery on Claims
UNIVERSAL DEVELOPMENT: John James Toohey Steps Down as Liquidator
VEGAS KNITTERS: Lau and Liang Appointed as Liquidators
WIDE LINE: Creditors' Proofs of Debt Due February 8

WING YIP: John James Toohey Steps Down as Liquidator
UNITED PROSPER: Members' Final Meeting Set for February 15


I N D I A

APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Cash Credit
AMBARWADIKAR & CO: CRISIL Cuts Rating on INR110MM LT Loan to 'D'
AMBAY COKE: CRISIL Assigns 'B-' Rating to INR264.3MM Term Loan
ASIP PRIVATE: CRISIL Reaffirms 'BB+' Rating on INR200MM Debt
AVIRAT COTTON: CRISIL Reaffirms 'B-' Rating on INR7.5MM Term Loan

B. ENGINEERS: CARE Assigns 'CARE BB' Rating to INR6.38cr Loan
CHHABRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR100MM Term Loan
DINURJE JEWELLERY: CRISIL Reassigns 'B+' Rating on INR210MM Debt
DIPTI DIAMONDS: CRISIL Reassigns 'B+' Rating to INR150MM Credit
EROS MOTORS: CRISIL Reaffirms 'BB+' Rating on INR14.8MM Term Loan

GEHLOT ENTERPRISES: CRISIL Cuts Rating on INR25MM Loan to 'BB'
GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR30MM Debt
KAVIA CARBONS: CRISIL Assigns 'B' Rating to INR46.2MM Term Loan
MRK PIPES: CARE Assigns 'CARE BB' Rating to INR67.49cr LT Loan
NBM IRON: ICRA Places 'LBB' Rating on INR5cr Cash Credit Facility

NUTAN ISPAT: ICRA Assigns 'LBB' Rating to INR2.5cr Term Loan
OZONE URBANA: CARE Assigns 'CARE BB-' Rating to INR325cr Debt
RIDHI SIDHI: ICRA Assigns 'LBB' Rating to INR5cr Bank Facilities


J A P A N

SILVER SEIKO: To be Delisted in Tokyo Bourse on January 29


M A L A Y S I A

NGIU KEE: Units Inks Debt Restructuring Deal With Bank Islam
VASTALUX ENERGY: Court Issues Wind-Up Order Against Major Unit


N E W  Z E A L A N D

BLACK ROBIN: Receivers Put Businesses in "Going Concern" Sale
QUAYSIDE TRUSTEE: Owes Nearly NZ$15 Million to Creditors
RUGBY SOUTHLAND: Insolvency Cues Funders to Seek New Manager


P H I L I P P I N E S

* PHILIPPINES: 25 Banks Under PDIC Receivership


X X X X X X X X


* BOND PRICING: For the Week December 27 to December 31, 2010


                            - - - - -


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


BURRUP FERTILISERS: Owner's Mansion May Be Put on the Market
------------------------------------------------------------
International Business Times reports that Western Australia's
so-called Taj-Mahal-on-the-Swan, a mansion built by well-known
entrepreneur, Pankaj Oswal, may possibly be up for sale after
financial difficulties put Oswal's Burrup Fertilisers Pty Ltd in
receivership.

IBT says the mansion is located at the suburb of Peppermint Grove
with a view of the Swan River.  It is scheduled to be done by 2012
complete with temple, a gym, an observatory and parking space
enough for 17 cars, IBT notes.

According to IBT, Chris Codrington, Oswal spokesperson, said the
property may be sold if a good offer comes along.

"It's not officially on the market, there's been no real estate
agent appointed but they've obviously had a couple of nibbles; one
would assume people interested in the block rather than taking the
house," IBT quotes Mr. Codrington as saying.  "They are under
pressure both in terms of the media microscope and obviously the
fact that Burrup's gone into receivership," he said."

IBT states that the mansion carries no mortgage and was not part
of the receivership ordered for the fertilizer company.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank on Friday appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

According to The Australian, the Oswal Group -- which owns 65% of
Burrup Fertilisers -- has been dogged for years by allegations of
unusual transactions and has a history of court disputes, most
particularly with 35% shareholder, Norwegian group Yara
International.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


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


LDK SOLAR: Reaches 3 Gigawatt Milestone at Wafer Plants
-------------------------------------------------------
LDK Solar Co. Ltd. has reached the milestone of 3.0 gigawatts
annualized capacity at its wafer plants.  Mr. Xiaofeng Peng, the
Company's founder, Chairman and CEO hosted a ceremony to celebrate
at the Company's facilities in Xinyu City, China.

                         About LDK Solar

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

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

                        Going Concern Doubt

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

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


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


SECURAIR LIMITED: Creditors' Proofs of Debt Due January 24
----------------------------------------------------------
Creditors of Securair Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 24, 2010.

The company's liquidators are:

         Chow Tsui Pik
         Tan Thomas Kae Jye
         33rd Floor, One Pacific Place
         88 Queensway, Hong Kong


SUPERSHINE LTD: Creditors to Get 42% Recovery on Claims
-------------------------------------------------------
Supershine Limited, which is in voluntary liquidation, will
declare the first and final dividend to its creditors on Jan. 5,
2011.

The company will pay 42% for ordinary claims.

The company's liquidator is:

         Chan Kin Hang Danvil
         Room 2301
         23/F., Ginza Square
         565-567 Nathan Road
         Kowloon, Hong Kong


UNIVERSAL DEVELOPMENT: John James Toohey Steps Down as Liquidator
-----------------------------------------------------------------
John James Toohey stepped down as liquidator of The Universal
Development Company Limited on December 6, 2010.


VEGAS KNITTERS: Lau and Liang Appointed as Liquidators
------------------------------------------------------
Lau Siu Hung and Liang Yang Keng on December 6, 2010, were
appointed as liquidators of Vegas Knitters Limited.

The liquidators may be reached at:

         Lau Siu Hung
         Liang Yang Keng
         Room 1909-1910
         19/F Nan Fung, Tower 173
         Des Voeux Road
         Central, Hong Kong


WIDE LINE: Creditors' Proofs of Debt Due February 8
---------------------------------------------------
Creditors of Wide Line Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 8, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 31, 2010.

The company's liquidator is:

         Chong Lam Por
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


WING YIP: John James Toohey Steps Down as Liquidator
----------------------------------------------------
John James Toohey stepped down as liquidator of Wing Yip Company
Limited on December 6, 2010.


UNITED PROSPER: Members' Final Meeting Set for February 15
----------------------------------------------------------
Members of United Prosper Limited will hold their final meeting on
February 15, 2011, at 9:00 a.m., at Room 1406, King Centre, 23
Dundas Street, Mongkok, Kowloon, in Hong Kong.

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


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


APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Apex Roller Flour Mills
Pvt Ltd continues to reflect Apex's small scale of operations, and
exposure to intense competition, resulting in limited pricing
power.  These rating weaknesses are partially offset by the
benefits that Apex derives from its promoters' experience in the
wheat products industry.


   Facilities                        Ratings
   ----------                        -------
   INR75.00 Million Cash Credit      BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Apex will continue to benefit from the
industry experience of its promoters and its comfortable
liquidity, over the medium term.  The outlook may be revised to
'Positive' in case of a significant and sustained improvement in
Apex's profitability, or any large equity infusion into the
company, thereby resulting in an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes any large, debt-funded capital expenditure
(capex), thereby adversely affecting it's financial risk profile.

Update

Apex has reported an operating income of INR456 for 2009-10,
marginally lower than CRISIL's projections, due to reduced
revenues from trading in raw material with group concerns.  The
company's operating margin for the year, at 3.5%, was in line with
CRISIL's projections. Apex's gearing, at 1.3 times as on March 31,
2010, was lower than CRISIL's expectations, mainly due to the
lower working capital borrowings during March 2010.  The company
has no major capex plans for the medium term, and the gearing is
likely to remain adequate for the rating category. Apex's
liquidity is adequate, marked by moderate bank limit utilisation.

Apex reported a profit after tax (PAT) of INR5.9 million on net
sales of INR456 million for 2009-10, against a PAT of INR4.4
million on net sales of INR476.3 million for 2008-09.

                         About Apex Roller

Set up in 1975 by Mr. Mahaveer Jain, Coimbatore (Tamil Nadu)-based
Apex manufactures wheat products, such as Atta, Maida, Suji and
bran.  The company has a production capacity of 36,000 tonnes per
annum.  It sells its products under the Chavee brand.


AMBARWADIKAR & CO: CRISIL Cuts Rating on INR110MM LT Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on Ambarwadikar & Co's bank
facilities to 'D/P5' from 'BB+/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR110.0 Million Long-Term Loan   D (Downgraded from
                                        BB+/Stable)

   INR85.0 Million Cash Credit       D (Downgraded from
                                        BB+/Stable)

   INR55.0 Million Proposed LT Bank  D (Downgraded from
                      Loan Facility     BB+/Stable)

   INR150.0 Million Bank Guarantee   P5 (Downgraded from P4+)

The downgrade reflects instances of delays by Ambarwadikar & Co in
servicing its term loan obligations.  The delays are on account of
Ambarwadikar & Co's weak liquidity.

Ambarwadikar & Co's working capital cycle is stretched.  The firm
is also exposed to risks related to small scale of operations,
modest net worth, geographical concentration in its revenue
profile, and exposure to intense competition in the infrastructure
construction segment.  These weaknesses are partially offset by
Ambarwadikar & Co's established presence, and the extensive
experience of its management, in the industry.

Ambarwadikar & Co, set up as partnership firm in 1977 in
Aurangabad (Maharashtra), was promoted by Mr. Vithlarao R
Ambarwadikar and three other partners. Ambarwadikar & Co is a
Class I government contractor that undertakes infrastructure
projects.  It specializes in irrigation works, such as
construction of dams and canals, in the Aurangabad region.  Over
the years, it has also executed projects in Madhya Pradesh and
Chhattisgarh.

Ambarwadikar & Co reported a profit after tax (PAT) of INR6.9
million on net sales of INR136 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR11
million on net sales of INR175.4 million for 2008-09.


AMBAY COKE: CRISIL Assigns 'B-' Rating to INR264.3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ambay Coke Industries
Pvt Ltd continue to reflect Ambay's comfortable financial risk
profile marked by moderate net worth, low gearing, average debt
protection metrics and incremental working capital requirements;
the financial risk profile is expected to weaken because of the
company's debt-funded capital expenditure (capex) plans for the
medium term.  The ratings also reflect Ambay's exposure to risks
related to implementation of its upcoming ferro-alloy and rolling
mill plants. These rating weaknesses are partially offset by
Ambay's promoters' experience in the steel industry.

   Facilities                           Ratings
   ----------                           -------
   INR264.3 Million Term Loan           B-/Stable (Assigned)
   INR375.7 Million Cash Credit         B-/Stable (Reaffirmed)
   (Enhanced from INR75 Million)
   INR75 Million Letter of Credit       B-/Stable (Reaffirmed)
   (Enhanced from INR45 Million)

Outlook: Stable

CRISIL believes that Ambay's financial risk profile will remain
below-average over the medium term because of its moderate net
worth, average debt protection metrics, and high gearing.  The
outlook may be revised to 'Positive' if Ambay generates more-than-
expected revenues and thus, cash accruals. Conversely, the outlook
may be revised to 'Negative' if Ambay's financial risk profile
weakens more than expected, most likely because of larger-than-
expected debt-funded capex or decline in profitability.

                       About Ambay's comfortable

Ambay was acquired by its current management in February 2008 and
commenced operations in July 2008.  The company is in the business
of coke processing and sells coke to small vendors and small blast
furnaces.  Its unit in Burdwan (West Bengal) has 18 coking
chambers, with capacity to process 30,000 tonnes of coke per
annum. Ambay was reconstituted as a company from a partnership
firm in October 2009.  The company has capex plans of setting up a
rolling mill plant and a ferro-alloy plant over the medium term.

Ambay reported a profit after tax (PAT) of INR15.4 million on net
sales of INR338.9 million for 2009-10, against a PAT of INR5.3
million on net sales of INR258.6 million for 2008-09.


ASIP PRIVATE: CRISIL Reaffirms 'BB+' Rating on INR200MM Debt
------------------------------------------------------------
CRISIL's rating on the bank facilities of ASIP Private Limited
continues to reflect the company's small scale of operations in
the civil construction business, low net worth, and the working-
capital-intensive nature of its operations.  These weaknesses are,
however, partially offset by ASIP's healthy revenue growth and
strong order book.

   Facilities                              Ratings
   ----------                              -------
   INR200 Million Cash Credit              BB+/Stable
   Limits (Enhanced from INR120 Million)

   INR500 Million Bank Guarantee           P4+
   Enhanced from INR250 Million)

Outlook: Stable

CRISIL believes that ASIP will benefit from the strong growth
prospects of the civil construction industry.  The outlook may be
revised to 'Positive' if ASIP strengthens its business profile by
enhancing its revenue diversity, while maintaining current
operating margins.  Conversely, any large additional debt-funded
capital expenditure or acquisition, leading to deterioration in
the company's financial risk profile, may drive a revision in
outlook to 'Negative'.

Update
ASIP's performance for 2009-10 (refers to financial year, April 1
to March 31) has been better than CRISIL's expectation mainly
because of a higher order book resulting in better than expected
accruals.  The company has achieved a turnover of around INR 390
million till September 30, 2010.  The company has an order book of
around INR4500-5000 million as on August 2010 which includes two
large orders of around INR 1800 million and INR 1400 million from
the Outer Ring Road project in Hyderabad and Greater Hyderabad
Municipal Corporation, respectively.

Its liquidity is likely to remain stretched, backed by stretched
receivables leading to payment stretch to subcontractors, capital
expenditure plans of around INR 80-100 million and high bank limit
utilisation to fund its working capital requirements. However,
CRISIL draws comfort from the company's healthy accruals,
comfortable gearing levels and strong order book.

The company reported a provisional profit after tax (PAT) of
INR42.8 million on net sales of INR1034.2 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR42.6 million on net sales of INR755.5 million for 2008-09.

                           About ASIP Private

Set up as a partnership concern in 2000, ASIP converted to a
private limited company in 2005. The company undertakes civil
construction activities, such as construction of roads, canals and
dams, and buildings, and erection of windmills. The company has
completed projects in Karnataka, Madhya Pradesh, Maharashtra and
Andhra Pradesh.


AVIRAT COTTON: CRISIL Reaffirms 'B-' Rating on INR7.5MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Avirat Cotton
Industries Pvt Ltd continue to reflect Avirat's weak financial
risk profile, marked by a high gearing, large working capital
requirements, and exposure to risks related to unfavorable changes
in government regulations.  These weaknesses are partially offset
by the extensive experience of Avirat's promoters in the cotton
industry.

   Facilities                           Ratings
   ----------                           -------
   INR55 Million Cash Credit            B-/Stable(Reaffirmed)
   INR7.5 Million Rupee Term Loan       B-/Stable(Reaffirmed)
   INR27.5 Million Proposed Long-Term   B-/Stable(Reaffirmed)
                   Bank Loan Facility

Outlook: Stable

CRISIL believes that Avirat will continue to benefit over the
medium term from its promoters' experience in the cotton ginning
industry.  The outlook may be revised to 'Positive' if the
company's cash accruals increase, thereby leading to an
improvement in the company's capital structure.  Conversely, the
outlook may be revised to 'Negative' if Avirat's operating margin
declines sharply, resulting in reduced cash accruals, or in case
of deterioration in the capital structure because of large debt-
funded capital expenditure over the medium term.

Update

For 2009-10 (refers to financial year, April 1 to March 31),
Avirat's revenues were marginally higher than CRISIL's expectation
mainly because of higher cotton prices during the year.  The
company's operating margin at 2.1% was, however, in line with
CRISIL's expectation.  The company is expected to generate higher
cash accruals during 2010-11 mainly because of inventory gains in
the current year.

Avirat has a weak financial risk profile, marked by a high gearing
and small net worth.  The company's gearing is expected to remain
high over the medium term mainly because of large working capital
borrowings.  The liquidity is also expected to remain weak marked
by high bank limit utilization and low cash accruals.  However,
the company is expected to generate sufficient cash accruals to
service its term debt of around INR1.9 million for 2010-11.

Avirat's capex plans of around INR 100 million for 2011-12 are
expected to be funded through a debt of INR75.0 million.  The
planned capex is for forward integration into spinning, with
installation of 15,000 spindles.  However, the plan is contingent
upon any subsidies extended by the Gujarat government for the new
spinning capacity.  The company plans to install a cold storage
facility at the same cost, if they do not receive subsidies from
the government for setting up the spinning mill. CRISIL has not
factored the impact of the capex in its rating, as the plans are
in the initial stage.

Avirat reported a net profit of INR0.01 million on net sales of
INR310.4 million for 2009-10, against a net loss of INR0.02
million on net sales of INR266.5 million for 2008-09.

                        About Avirat Cotton

Set up as a partnership firm in 2006, Avirat commenced commercial
operations in January 2007. It was reconstituted as a private
limited company on December 1, 2008.  Avirat undertakes cotton
ginning and pressing in Gondal (Gujarat).  The company's plant has
the capacity to process 24,000 bales per annum.  Avirat also
trades in cotton bales and seeds.


B. ENGINEERS: CARE Assigns 'CARE BB' Rating to INR6.38cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' & 'PR4' ratings to the bank facilities of
B. Engineers & Builders Ltd.

                                     Amount
   Facilities                       (INR cr)   Amount
   ----------                        --------  ------
   Long/Medium term Bank Facilities   6.38     'CARE BB' Assigned
   Short term Bank Facilities         31.23    'PR4' Assigned

Rating Rationale

The aforesaid ratings are primarily constrained by small scale of
operation of the company, declining order book position, low
profitability levels & margins, stretched liquidity position
resulting in higher utilization of working capital borrowings,
concentration of operation in Eastern region (mainly Orissa),
volatile raw material prices and intense competition in the
construction industry.  The ratings also factor in three decades
of experience of the promoters in the construction industry,
satisfactory project execution capability and increased thrust on
infrastructure related activities by the Government of India.
Steady flow of orders & timely execution of the same, regular
receipt of contract proceeds from clients and ability to manage
working capital effectively would remain the key rating
sensitivities.

                         About B. Engineers

B. Engineers & Builders Limited, incorporated in 1980, is under
the stewardship of Mr. Tusar Mishra (M.D.) and four of his
friends.

It is an Orissa based construction company engaged mainly in
construction of bridges, barrages, dam, canal, roads and real
estate.  BEBL had executed projects for Central Government, State
Government bodies (mainly for Orissa Govt.), railways and public &
private sector organisations.  In addition, it also manufactures
iron ore crusher and motor body part in accordance with the orders
received from customers (Humboldt Wedag Minerals India Pvt Ltd.
and Alstom Motors Pvt. Ltd.).  As on October 28, 2010, the value
of orders in hand was about INR 93.2 crore.

On total income of INR62.3 crore (FY09: INR36.5 crore), BEBL
reported PBILDT of INR4.1 crore (FY09: INR4.1 crore) and PAT of
INR0.7 crore (FY09: INR0.4 crore) for FY10.

Both debt equity & overall gearing ratios after deteriorating as
on March 31, 2009, due to higher borrowings, witnessed marginal
improvement as on March 31, 2010, due to accretion of profits to
reserve.


CHHABRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Chhabra Ispat Pvt Ltd's
continues to reflect Chhabra Ispat's average financial risk
profile, and exposure to risks relating to marginal market share,
and cyclicality, in the steel industry.  These rating weaknesses
are partially offset by Chhabra Ispat's average operating
efficiency.

   Facilities                          Ratings
   ----------                          -------
   INR125.5 Million Cash Credit        B+/Stable (Reaffirmed)
   INR100 Million Term Loan            B+/Stable (Reaffirmed)
   INR14.5 Million Letter of Credit    P4(Reaffirmed)

Outlook: Stable

CRISIL believes that Chhabra Ispat will maintain a stable business
risk profile over the medium term, backed by its operational
efficiencies.  The outlook may be revised to 'Positive' if the
company's revenues and profitability increase, or if it achieves
greater integration in operations.  Conversely, the outlook may be
revised to 'Negative' if the company's operating profit declines
sharply because of low capacity utilization, or if there are
delays in executing capital expenditure (capex) programme, or if
it undertakes large debt-funded capex, thereby weakening its
financial risk profile.

Update

The company commenced operations during January 2009 and FY10 was
the first year of its commercial operations.  During FY10 Chhabra
Ispat's capacity utilization got affected by acute power shortage
in the vicinity of Durgapur industrial belt.  The liquidity of the
company continues to remain stretched, due to working capital
intensive nature of business coupled with low net worth. Chhabra
Ispat reported a profit after tax (PAT) of INR 6 million on net
sales of INR 785 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a (PAT) of INR0.32 million on net
sales of INR187 million for 2008-09.

                        About Chhabra Ispat

Set up by Mr. Surendra Kumar Jain, Chhabra Ispat, manufactures
mild steel billets, and has a current capacity of 62,400 tonnes
per annum (tpa) at its production facilities near Durgapur (West
Bengal).


DINURJE JEWELLERY: CRISIL Reassigns 'B+' Rating on INR210MM Debt
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the post-shipment
credit facility of Dinurje Jewellery Pvt Ltd, which is part of the
Dinurje group.  The facility was earlier a short-term facility
with 'P4' rating by CRISIL.


   Facilities                              Ratings
   ----------                              -------
   INR210.0 Million Post-Shipment Credit   B+/Stable (Reassigned)

The rating continues to reflect the Dinurje group's long working
capital cycle, geographically concentrated revenue profile
(revenues come mainly from the US and Hong Kong), and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the
diamond and jewellery business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DJPL and Dipti Diamonds and Jewellery
Pvt Ltd (DDJPL).  This is because the two entities, together
referred to as the Dinurje group, have strong inter-company
financial, operational, and management linkages.

Outlook: Stable

CRISIL believes that the Dinurje group will continue to benefit
over the medium term from the extensive experience of its
promoters in the diamond and jewellery business.  The outlook may
be revised to 'Positive' if the group's liquidity improves, driven
by significant improvement in debtor levels.  Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile weakens, most likely because of a decline in its operating
margin or further stretch in its working capital cycle.

Update

The Dinurje group's revenues increased by around 12% year-on-year
in 2009-10 (refers to financial year, April 1 to March 31),
primarily due to improvement in demand for diamond and jewellery
in the global market.  The group has generated revenues of around
INR1.1 billion for the period April 1 to November 30, 2010;
revenues are expected to be around INR1.7 billion for
2010-11.  The group's operating margin has remained volatile; it
was 3.2% for 2009-10.  DDJPL, earlier a proprietorship concern
known as Dipti Diamonds, was reconstituted as a private limited
company in September 2010, with paid-up capital of INR0.1 million;
the remaining capital of INR56.2 million was brought in as
interest-free unsecured loans.

The Dinurje group's working capital cycle continues to be
stretched, with a high debtor level of 300 days as on March 31,
2010; the bank lines were fully utilized during the 12 months
through September 2010. The group's gearing was at 0.9 times as on
March 31, 2010; the gearing is expected to increase to more than 1
time over the medium term because of reduction in net worth and
increasing working capital borrowings.

The Dinurje group reported a profit after tax (PAT) of INR11.0
million on net sales of INR1.6 billion for 2009-10, against a PAT
of INR134.2 million on net sales of INR1.4 billion for 2008-09.

                          About the Group

The Dinurje group, managed by Mrs. Dina Shah, is based in Mumbai.
DJPL is in the diamond-studded jewellery manufacturing business,
and also imports and exports rough and polished diamonds. DDJPL is
into diamond trading. The group's jewellery manufacturing unit is
located at the Santacruz Electronics Export Processing Zone
(SEEPZ), Mumbai; it undertakes diamond trading from its office at
the Opera House area of Mumbai.  More than 30% of the group's
sales are to its associate companies in the US and Hong Kong.  The
group also procures around 30% of its diamond requirement from
these associates.


DIPTI DIAMONDS: CRISIL Reassigns 'B+' Rating to INR150MM Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the post-shipment
credit facility of Dipti Diamonds and Jewellery Pvt Ltd, part of
the Dinurje group.  The facility was earlier a short-term facility
with 'P4' rating by CRISIL.

   Facilities                              Ratings
   ----------                              -------
   INR150.0 Million Post-Shipment Credit   B+/Stable (Reassigned)

The rating continues to reflect the Dinurje group's long working
capital cycle, geographically concentrated revenue profile
(revenues come mainly from the US and Hong Kong), and weak debt
protection metrics.  These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the
diamond and jewellery business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DDJPL and Dinurje Jewellery Pvt Ltd
(DJPL). This is because the two entities, together referred to as
the Dinurje group, have strong inter-company financial,
operational, and management linkages.

Outlook: Stable

CRISIL believes that the Dinurje group will continue to benefit
over the medium term from the extensive experience of its
promoters in the diamond and jewellery business.  The outlook may
be revised to 'Positive' if the group's liquidity improves, driven
by significant improvement in debtor levels.  Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile weakens, most likely because of a decline in its operating
margin or further stretch in its working capital cycle.

Update

The Dinurje group's revenues increased by around 12% year-on-year
in 2009-10 (refers to financial year, April 1 to March 31),
primarily due to improvement in demand for diamond and jewellery
in the global market.  The group has generated revenues of around
INR1.1 billion for the period April 1 to November 30, 2010;
revenues are expected to be around INR1.7 billion for 2010-11.
The group's operating margin has remained volatile; it was 3.2%
for 2009-10.  DDJPL, earlier a proprietorship concern known as
Dipti Diamonds, was reconstituted as a private limited company in
September 2010, with paid-up capital of INR0.1 million; the
remaining capital of INR56.2 million was brought in as interest-
free unsecured loans.

The Dinurje group's working capital cycle continues to be
stretched, with a high debtor level of 300 days as on March 31,
2010; the bank lines were fully utilized during the 12 months
through September 2010.  The group's gearing was at 0.9 times as
on March 31, 2010; the gearing is expected to increase to more
than 1 time over the medium term because of reduction in net worth
and increasing working capital borrowings.

The Dinurje group reported a profit after tax (PAT) of INR11.0
million on net sales of INR1.6 billion for 2009-10, against a PAT
of INR134.2 million on net sales of INR1.4 billion for 2008-09.

                           About the Group

The Dinurje group, managed by Mrs. Dina Shah, is based in Mumbai.
DJPL is in the diamond-studded jewellery manufacturing business,
and also imports and exports rough and polished diamonds. DDJPL is
into diamond trading.  The group's jewellery manufacturing unit is
located at the Santacruz Electronics Export Processing Zone
(SEEPZ), Mumbai; it undertakes diamond trading from its office at
the Opera House area of Mumbai.  More than 30 per cent of the
group's sales are to its associate companies in the US and Hong
Kong. The group also procures around 30 per cent of its diamond
requirement from these associates.


EROS MOTORS: CRISIL Reaffirms 'BB+' Rating on INR14.8MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eros Motors Pvt Ltd
continue to reflect EMPL's weak financial risk profile, marked by
a small net worth and a high total outside liabilities to tangible
net worth (TOL/TNW) ratio, and geographic concentration in its
revenue profile.  These rating weaknesses are partially offset by
the benefits that the company derives from its promoters'
experience in the automobile dealership business, and its
diversified product portfolio.

   Facilities                           Ratings
   ----------                           -------
   INR64.70 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR14.80 Million Term Loan           BB+/Stable (Reaffirmed)
   INR20.50 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that EMPL will maintain its market position in
Nagpur (Maharashtra) over the medium term, backed by its
promoters' experience in the automobile dealership business, and
the company's diversified product portfolio.  The outlook may be
revised to 'Positive' if EMPL improves its capital structure, most
likely through infusion of more equity capital, and/or its
operating margin. Conversely, the outlook may be revised to
'Negative' if EMPL's cash accruals decline significantly because
of increased competition in the automobile market in Nagpur, or in
case the company undertakes a debt-funded capital expenditure
(capex) programme, further weakening its capital structure.

Update

In July 2010, EMPL became an authorised dealer for Mahindra &
Mahindra Ltd (M&M; rated 'AA+/Stable/P1+' by CRISIL) for
distribution of tractors in Nagpur.  In 2010-11 (refers to
financial year, April 1 to March 31), EMPL has set up two
extension counters for dealing in Hyundai Motors India Ltd's
(Hyundai Motors'; 'P1+') cars, one each at Wardha and Bhandara
(both in Maharashtra), and has also built a 16,000-square foot (sq
ft) showroom for distribution of Swaraj Mazda Ltd's (Swaraj
Mazda's) commercial vehicles (CVs) in Jabalpur (Madhya Pradesh).
The total capex for these expansions was INR15 million, funded
entirely out of the internal accruals of the company.

Furthermore, the EMPL is building a new 1000-sq ft workshop for
Hyundai Motors' cars at Nagpur. The total project cost for this
workshop is estimated at around INR30 million, which is expected
to be funded in a debt-to-equity mix of 3:1.  The company has
received a sanction for a term loan of INR22.5 million from Axis
Bank Ltd, and expects to fund the balance through its internal
accruals. CRISIL expects EMPL's TOL/TNW ratio to increase from the
current levels owing to the debt-funded capex, and remain
moderately high in the range of 5 to 6 times over the medium term.

EMPL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR663 million for 2009-10, against a PAT of INR1.7
million on net sales of INR505 million for 2008-09.

                         About Eros Motors

Incorporated in 1989 and promoted by Mr. N P Pande, EMPL is a
dealer in CVs, passenger cars, and tractors.  The company is an
authorised dealer for Hyundai Motors' passenger cars, M&M's
tractors, Swaraj Mazda's commercial vehicles, and Piaggio Vehicles
Pvt Ltd's ('A+/Stable/P1+') three- and four-wheel light commercial
vehicles.


GEHLOT ENTERPRISES: CRISIL Cuts Rating on INR25MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its rating on Gehlot Enterprises Pvt Ltd's
bank facilities to 'BB/Stable' from 'BB+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit       BB/Stable (Downgraded from
                                                 'BB+/Stable')

   INR25.0 Million Rupee Term Loan    BB/Stable (Downgraded from
                                                 'BB+/Stable')

The downgrade is driven by the deterioration in GEPL's total
outside liabilities to tangible net worth (TOL/TNW) ratio to 4.28
times as on March 31, 2010, from 3.18 times a year earlier, as its
increased business volumes have led to greater reliance on
external funding.  On the other hand, the company's operating
profitability has been constrained at 3.74 per cent for 2009-10
(refers to financial year, April 1 to March 31); this, coupled
with dividend payout of INR2.3 million (20 per cent of equity),
has resulted in a lower-than-expected growth in net worth during
the year.  The TOL/TNW ratio continues to remain high in the
current financial year, and is expected to remain aggressive over
the medium term.

The rating continues to reflect GEPL's weak financial risk
profile, marked by a modest net worth, high TOL/TNW ratio, and
weak debt protection measures; and the company's exposure to risks
related to fluctuations in revenues due to close linkages of
tractor sales to agricultural performance, which is inherently
volatile.  These rating weaknesses are partially offset by GEPL's
dominant market position, the benefits that the company derives
from its promoters' industry experience, and adequate debtor and
inventory risk management.

Outlook: Stable

CRISIL believes that GEPL will continue to benefit from its strong
position as an exclusive dealer for Tractor and Farm Equipments
Ltd (TAFE) in four districts in Rajasthan.  The outlook may be
revised to 'Positive' if GEPL's financial risk profile
strengthens, with an improved capital structure, driven by higher
retention of cash in the business or equity infusion.  Conversely,
the outlook may be revised to 'Negative' if the company's working
capital cycle deteriorates, or it undertakes any debt-funded
capital expenditure programmes, thereby adversely impacting its
capital structure, or if its revenues decline as a result of weak
agricultural performance, constraining its debt servicing ability.

                       About Gehlot Enterprises

GEPL was originally established in 1950 as a partnership firm,
National Motors, by members of the Gehlot family.  In 1981, the
operations of the firm were transferred to a public limited
company, Gehlot Enterprises Ltd, which was subsequently, in 1985,
reconstituted as a private limited company with the present name.
GEPL continues to be owned by members of the Gehlot family, and
its operations are managed by Mr. Kishore S Gehlot.  The company
has five dealership outfits and service centres for TAFE tractors,
two in Jaipur, and one each in Jetpura, Dausa, and Kotputli (all
in Rajasthan).

GEPL reported a profit after tax (PAT) of INR5.9 million on net
sales of INR863.8 million for 2009-10, against a PAT of INR2.9
million on net sales of INR717.9 million for 2008-09.


GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR30MM Debt
--------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B/Stable/P4' on the bank
facilities of Goel & Associates.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        B/Stable (Reaffirmed)
   INR50 Million Bank Guarantee     P4 (Reaffirmed)

The ratings continue to reflect Goel's small scale of operations
and net worth, and geographical concentration in its revenue
profile.  These weaknesses are partially offset by the healthy
growth in Goel's revenues over the past four years, and its
moderate order book position.

Outlook: Stable

CRISIL believes that Goel will benefit over the medium term from
the healthy growth prospects for the civil construction industry
despite its geographically concentrated revenue profile.  The
outlook may be revised to 'Positive' if Goel diversifies its
revenue base while maintaining its operating margin.  Conversely,
the outlook may be revised to 'Negative' if Goel's financial risk
profile deteriorates, most likely on account of a large, debt-
funded capital expenditure programme.

                      About Goel & Associates

Goel, a partnership firm, was set up in 1995 by Mr. Navin Goel and
his father, Mr. R C Goel.  The firm constructs housing complexes
in Chattisgarh.  The firm has executed orders only for the
Chhatisgarh Housing Board since 2004.

Goel group reported a profit after tax (PAT) of INR8.26 million on
net sales of INR245.57 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR5.88 million on
net sales of INR131.25 million for 2008-09.


KAVIA CARBONS: CRISIL Assigns 'B' Rating to INR46.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Kavia Carbons Chennai Pvt Ltd.  The rating reflects the delay
in completion of KCCPL's project, and the company's limited track
record of operation.  These rating weaknesses are partially offset
by the low funding risk for the project, and the positive response
from potential customers.

   Facilities                              Ratings
   ----------                              -------
   INR20.0 Million Cash Credit Facility    B/Stable (Assigned)
   INR46.2 Million Term Loan               B/Stable (Assigned)

Outlook: Stable

CRISIL believes that KCCPL will complete its ongoing modernization
and capacity expansion project without any further time or cost
overrun. The outlook may be revised to 'Positive' if stabilization
of operations leads to better-than-expected offtake and cash flows
for KCCPL. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected offtake of the company's products,
significantly constraining its cash accruals and hence its debt
servicing ability.

                        About Kavia Carbons

KCCPL was established by Mr. C P Balasubramaniam in 1996 for
manufacturing chemically activated carbon. Because of financial
constraints, the company was sold to Mr. P N Agarwal in 2007.
After the takeover, the current promoters initiated a capital
expenditure programme for modernisation and expansion of KCCPL's
facilities.  The project, after a delay of around a year, is
scheduled to be completed by the end of December 2010.

KCCPL reported a net loss of INR1.0 million on net sales of
INR0.4 million for 2009-10 (refers to financial year, April 1 to
March 31).


MRK PIPES: CARE Assigns 'CARE BB' Rating to INR67.49cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to bank facilities of
MRK Pipes Ltd.
                                Amount
   Facilities                  (INR cr)      Amount
   ----------                  --------      ------
   Long-term Bank Facilities     67.49       'CARE BB' Assigned
   Short-term Bank Facilities    12.00       'PR4' Assigned

Rating Rationale

The ratings are primarily constrained due to the small size of
operation with very low PAT margin and high working capital
intensity.  The ratings are also constrained due to implementation
risk associated with its ongoing capex and high dependence on
government sector for off-take of Asbestos Cement (AC) pressure
pipes.  The ratings, however, factor in the decade long experience
of the promoters in the business and well-established distribution
network for AC sheets.  Continued off-take of AC Pipes from the
government sector, ability to improve its profitability in light
of increasing competition and successful implementation and
stabilization of operations of the on-going capacity expansion are
the key rating sensitivities.

                           About MRK Pipes

MRK Pipes Ltd., incorporated in July 2000, is promoted by
Mr. Rakesh Akar, Mr. Dinesh Parasrampuria and Mr. Manish Kalani.
It is a closely-held public limited company with the promoters and
the promoters' group holding 100% of the equity capital. MRKPL
started off with the manufacture of AC pressure pipes and
subsequently added capacity for manufacture of AC sheets in
2006-07. MRKPL has an installed capacity of 54,000 MTPA for AC
pressure Pipes and 60,000 MTPA for AC Sheets as on March 31, 2009.
MRKPL has undertaken capacity expansions in the AC Sheet unit
during 2009-10 subsequent to which its annual capacity will
increase by 80,000 MTPA during 2010-11.

During FY10 (Audited), MRKPL reported a total operating income of
INR67.10 crore [FY09 (Audited): INR56.62 crore] and a PAT of
INR1.60 crore [FY09 (Audited): INR0.48 crore].


NBM IRON: ICRA Places 'LBB' Rating on INR5cr Cash Credit Facility
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 5.00 crore cash
credit facility of NBM Iron and Steel Trading Private Limited.
ICRA has also assigned an 'A4' rating to the INR 50.00 crore,
short-term, non-fund based facilities of NBM.  The outlook for the
long term rating is stable.

The assigned ratings are constrained by the modest size of
operations, the weak profitability indicators and vulnerability of
the company's profitability to the fluctuations in steel prices.
The ratings also take into account the likely impact of
environmental regulatory risks, the exposure to exchange rate
fluctuations and the exposure of the working capital intensity to
any delays in obtaining requisite approvals.

However, the ratings take comfort from the extensive experience of
the promoters in the ship breaking business, the comfortable
capital structure of the company and the favorable outlook for the
ship breaking industry in the near future given the strong outlook
for the steel demand.

                          About NBM Iron

NBM was originally incorporated in August 1997 as M/s. Hussain
Sheth Ship Breakers Pvt. Ltd., in Bhavnagar. After temporarily
suspending ship-breaking activities, the company was renamed as
NBM Iron and Steel Trading Pvt. Ltd. in 2005 and resumed ship-
breaking activities since 2009.  Presently, NBM operates from Plot
No. 61 at Alang-Sosiya Ship breaking Yard, Bhavnagar on a lease
basis from Gujarat Maritime Board (GMB).  The area of the plot is
around. 2430 sq meters.

Recent Results
In FY 2010, NBM reported an operating income of INR 42.41 crore
and profit after tax of INR 2.09 crore (which includes one-time
extra-ordinary income of INR 1.80 crore).


NUTAN ISPAT: ICRA Assigns 'LBB' Rating to INR2.5cr Term Loan
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR2.50 crore term loan,
INR14.00 crore cash credit and INR4.00 crore bank guarantee limits
of Nutan Ispat & Power Private Limited.  The outlook on the long
term rating is stable.  ICRA has also assigned an 'A4' rating to
the INR7.50 crore letter of credit limits of NIPPL.  Out of which
INR2 cr is inter-changeable between LC and BG facilities.

The assigned ratings take into consideration the low utilization
levels of the direct reduced iron (DRI) capacities, the company's
weak financial profile characterized by low levels of net profit
margins (NPM) and return on capital employed (RoCE), high working
capital intensity exerting pressure on liquidity as indicated by a
high cash credit utilization pattern, high sales concentration
risk and the company's exposure to the cyclicality inherent in the
steel industry. In addition, significant capital expenditure
(capex) planned in the company in the near term is expected to
keep the company's liquidity under pressure.  The ratings,
however, factor in the experience of the promoters in the steel
industry, the existence of coal linkages for DRI capacities,  the
company's contractual agreement as a conversion agent with reputed
companies in the steel sector  and its conservative capital
structure.

During the current year, NIPPL acquired the mild steel (MS) ingot
manufacturing facility of Indo Lahari Bio Power Limited, a group
company which was engaged in the manufacturing of steel ingots
and power and located adjacent to NIPPL's exisitng manufacturing
facilities. ICRA expects NIPPL's operating profile to improve with
the increase in its value addition in business going forward.

                          About Nutan Ispat

Incorporated in 2002, Nutan Ispat & Power Private Limited is
promoted by the Raipur-based Agarwal family.  The company is
primarily engaged in the production of DRI and structural steel
(SS) products.  However, majority of its SS production is on a
job-work basis.  The manufacturing facility of the company is
located in Raipur, Chattisgarh.  The installed capacities for
production of DRI and SS products are 60,000 metric tonnes per
annum (MTPA) and 50,000 MTPA respectively.  In December,
2010, the company has acquired the MS ingot manufacturing facility
with an installed capacity of 25200 MTPA from its group company.

Recent Results

For the year ended FY 2010, the company reported a net profit
after tax (PAT) of INR0.16 crore on the back of OI of INR42.90
crore as against a PAT of INR0.20 crore on net sales of
INR59.64 crore in FY 2009.


OZONE URBANA: CARE Assigns 'CARE BB-' Rating to INR325cr Debt
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the long-term facilities of
Ozone Urbana Infra Developers Pvt. Ltd.

                                Amount
   Facilities                  (INR cr)      Amount
   ----------                  --------      ------
   Long-term Bank Facilities   325.0         'CARE BB-' Assigned
   Term Loan From Financial     69.0         'CARE BB-' Assigned
               Institutions

Rating Rationale

The above rating is constrained by initial stage of project
implementation, risk associated with timely completion of the
project and ability to garner customers as well as high dependence
of loan servicing on receipt of advance booking money.  However,
the rating draws strength from the rich experience of the
promoters, advantageous location of the project, fully tied up
debt component for the project and equity infusion by the
promoters.

Going forward, timely completion of the project without any cost
overrun and timely receipt of advance booking money as envisaged
shall remain the key rating sensitivities.

                          About Ozone Urbana

OUDL was incorporated in 2006 as Mfar Infrastructure Development
Pvt. Ltd. (MIDL), promoted by the Ozone group of Bangalore.
Subsequently, Ozone Propex Pvt. Ltd., the flagship company of the
group, acquired MIDL in March, 2008 and renamed it as OUDL.

The Ozone group is involved in the development of information
technology parks, office space, malls, hotels, service apartments,
residential apartments and townships.  The group has presence in
Chennai and Bangalore.  The group includes several companies that
are joint venture equity partners on project-specific basis.

OUDL is essentially a Special Purpose Vehicle (SPV) of the Ozone
group for setting up one or more real estate projects.


RIDHI SIDHI: ICRA Assigns 'LBB' Rating to INR5cr Bank Facilities
----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 5.00 crore fund based
bank facilities of Ridhi Sidhi Tobacco Private Limited.  The
outlook on the long term rating is stable.

The rating takes into account the long experience of the promoters
in the distribution business, RSTPL's established relationship
with its principal and the moderate working capital intensity of
the business.  The rating is however constrained by RSTPL's weak
financial profile characterized by low profitability and high
gearing, leading to weak coverage indicators. The rating also
factors in RSTPL's significant product concentration risks, with
revenue from cigarettes accounting for more than 90% of its total
turnover during 2009-10.  The risk is further accentuated by the
regional concentration of sales, as the entire sales are made in
certain areas of South Kolkata in West Bengal.  The rating is also
constrained by the limited growth achieved by the company since it
operates within a fixed territory earmarked by its principal.

                         About Ridhi Sidhi

RSTPL was incorporated in the year 2000 and is promoted by the
Kedia family based in Kolkata.  The company is an area distributor
of cigarettes and other fast moving consumer goods (FMCG) like
food products, personal care products, safety matches and joss
sticks.

Recent Results

The company reported a net profit of INR 0.12 crore in FY10 on an
OI of INR 54.85 crore, as compared o a net profit of INR 0.10
crore on an OI of INR 49.57 crore during FY09.


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


SILVER SEIKO: To be Delisted in Tokyo Bourse on January 29
----------------------------------------------------------
Kyodo News reports that Silver Seiko Ltd will be delisted from the
First Section of the Tokyo Stock Exchange on January 29, 2011, as
the company is unable to continue transactions with banks after
its promissory notes were dishonored twice, an effective
bankruptcy.  Kyodo says the company's stock will be designated as
an issue for delisting from January 4 until January 28.

Kyodo relates that under Japan's commercial code, a company is
considered bankrupt when it fails to meet debt or promissory-note
payments twice within six months.  The company's dishonored notes
total JPY1 billion, Kyodo says.

According to Kyodo, credit research firm Tokyo Shoko Research said
Silver Seiko went down with liabilities totaling JPY1.58 billion.

Tokyo Shoko said Silver Seiko will continue doing business while
soliciting a sponsor to support its rehabilitation, Kyodo adds.

                         About Silver Seiko

Based in Japan, Silver Seiko Ltd. manufactures home use machines
and appliances, including knitting machines, sewing machines,
vacuum cleaners, air cleaners and dish dryers.  The Group is also
engaged in the manufacture of environmental equipment such as air
cleaner, and information equipment such as printers and shredders.


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


NGIU KEE: Units Inks Debt Restructuring Deal With Bank Islam
------------------------------------------------------------
Ngiu Kee Corporation (M) Berhad said that its subsidiary, Ngiu Kee
Sdn. Bhd., on December 29, 2010, signed a Tawarruq Master Facility
Agreement with Bank Islam Malaysia Berhad to restructure the
outstanding balance of the existing facility with Bank Islam to be
repaid over a period of six years.

                          About Ngiu Kee

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

                           *     *     *

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

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


VASTALUX ENERGY: Court Issues Wind-Up Order Against Major Unit
--------------------------------------------------------------
The High Court of Malaya has issued a winding-up order on Vastalux
Sdn. Bhd, a major subsidiary of Vastalux Energy.  The court also
ordered that the Director General of Insolvency may be appointed
as provisional liquidator of VSB and the costs of the petition be
paid out of the assets of VSB.

Hot-Hed (M) Sdn. Bhd. served winding-up petition against Vastalux
Sdn. Bhd. in April 2010.

The company said the powers of the Board of Directors and Officers
of VSB will cease upon the appointment of a liquidator.

The financial impact resulting from the Court Order is expected to
be substantial as there would be loss of future income from VSB,
the company added.  The operational impact is also expected to be
significant as the VEB Group would not be able to undertake any
activities under VSB.

The company said it is currently formulating the steps to be
undertaken in respect of the winding-up Petition.

                        About Vastalux Energy

Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company.  The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication works
and charter of marine vessel.  Its indirect subsidiaries are
Vastalux Fabricators Sdn. Bhd., which is engaged in workshop and
fabrications job; Vastalux Onshore Services Sdn. Bhd., which is
engaged in onshore construction of oil and gas plant; Vastalux
Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in the
provision of top side major maintenance works; Vastalux Offshore
Services Sdn. Bhd., which is engaged in hook-up and commissioning
works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn. Bhd, which is
engaged in under water inspection for structural integrity; PT
Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-Anpha Company
Limited.

Vastalux Energy Berhad has been considered a PN17 Company pursuant
to Paragraph 2.1(e) of PN17.

The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended December 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB as
at September 30, 2010.


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


BLACK ROBIN: Receivers Put Businesses in "Going Concern" Sale
-------------------------------------------------------------
The Timaru Herald reports that problems with the purchase of a
second ship and a subsequent loan default are behind the failure
of Timaru shipping firms Black Robin Shipping and Black Robin
Freighters.

The Timaru Herald says Black Robin Shipping and Black Robin
Freighters have run regular services to the Chatham Islands for
the past decade and have built a trade worth about NZ$10 million a
year to South Canterbury.

Both firms were placed into receivership in October in a blow to
both the Chathams and South Canterbury, the Timaru Herald reports.
According to the report, the receiver, BDO, is trying to sell the
shipping businesses as a going concern.

Citing first receiver's report, Timaru Herald discloses that Black
Robin Freighters had total assets of NZ$491,006 and total
liabilities of NZ$2.9 million, leaving a deficit of NZ$2.4
million.  The associated company, Black Robin Shipping, has total
assets close to NZ$4.9 million, and total liabilities of NZ$5
million, leaving a deficit of NZ$132,318.

Among the debtors is South Canterbury Finance, which is owed
NZ$4.4 million.

The Timaru Herald adds that the receiver said the primary reason
for the failure was costs associated with the purchase of a ship
from South America, which was estimated to exceed US$3.2 million
(NZ$4.17 million) and a loan default.

Black Robin director Kelvyn Leslie, who founded the company, is
continuing to run the service.


QUAYSIDE TRUSTEE: Owes Nearly NZ$15 Million to Creditors
--------------------------------------------------------
The National Business Review reports that Quayside Trustee had
left a debt of almost NZ$15 million.

The Business Review relates Quayside receivers said the company's
debts exceed NZ$14.7 million, too high to be offset by the sale of
unsold apartments, which have been marked down substantially in a
saturated Whakatane property market.

Quayside Trustee was placed in receivership on September 8, 2010,
by secured creditors ANZ Bank and Fidelity Finance, which were
owed NZ$10.8 million and NZ$4.0 million, respectively.  Andrew
McKay and John Cregton of Corporate Finance were appointed
receivers.

At that time, says Business Review, the receivers said
preferential creditors -- which include Inland Revenue and
employees -- were owed NZ$1.5 million, while unsecured creditors
were estimated to be owed NZ$1.6 million.

According to Business Review, the receivers said it was unlikely
there would be sufficient funds to meet the claims of unsecured
creditors.

Deloitte's court-ordered liquidation report on behalf of all
creditors showed Quayside debts had been reduced from nearly $18
million to $14.7 million by October 14.

Quayside Trustee is the developer of the luxury Quayside apartment
complex in Whakatane.  Quayside Trustee is owned and directed by
Whakatane businessman and accountant Greg Robison, Tauranga
developer John McColl and Tauranga architect Mark Tatton.


RUGBY SOUTHLAND: Insolvency Cues Funders to Seek New Manager
------------------------------------------------------------
Nathan Burdon at The Southland Times reports that Rugby Southland
is broke after a season of overspending.

According to the Southland Times, the union owes about NZ$700,000
to creditors, with no ability to pay, and is forecasting a deficit
between NZ$350,000 and NZ$478,000 for the 2010 financial year.

The Southland Times says the Community Trust of Southland has
agreed to advance Rugby Southland NZ$126,000 on next year's
funding to help get it through the next few weeks.  The NZRU,
according to the Southland Times, has also advanced NZ$150,000,
while the Invercargill Licensing Trust has not decided what level
of immediate support it will provide.

The Southland Times notes that a "change manager", paid for by the
funders, will be appointed to oversee all aspects of Rugby
Southland's finances following a series of meetings with the
community funders, and discussions with the New Zealand Rugby
Union.

Rugby Southland will submit a list of potential candidates to the
funders next week and an appointment will be made by mid to late
January, the Southland Times notes.

According to the Southland Times, the change manager will have
three months to provide an interim report detailing the level of
financial difficulty the union has put itself into, along with a
way forward for Rugby Southland.

Community Trust chairman Tracy Hicks said Rugby Southland was
insolvent and had arguably been in that position for some time,
the Southland Times reports.

Mr. Hicks said the dire financial situation at Rugby Southland had
prompted the Community Trust to reassess what its role in funding
rugby would be, and what it would do in the short term to ensure
the game did not fold.

Rugby Southland is a New Zealand based football team.


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


* PHILIPPINES: 25 Banks Under PDIC Receivership
-----------------------------------------------
GMA News reports that Philippine regulators said twenty-five banks
went belly-up this year, prompting the policy-setting Monetary
Board to place them under receivership of the Philippine Deposit
Insurance Corp.  The report relates that the board, chaired by the
Bangko Sentral ng Pilipinas Gov. Amando Tetanco Jr., also tasked
PDIC to assess the condition of each bank -- whether temporary and
salvageable or permanent and, thus, should be liquidated.

PDIC president Jose Nograles, who has made it a personal crusade
to save as many banks as possible on the brink of bankruptcy,
maintains this position: regulatory intervention has a higher
chance of success when a bank in dire straits is still operating,
according to GMA News.  The report, quoting Mr. Nograles, said
that rehabilitation efforts usually fail when a bank has already
ceased operations.  Still, regulatory intervention comes after a
bank has been taken over, either by BSP or PDIC, and not before,
Mr. Nograles added.

Of the 25 banks, only one was a thrift bank, says the report.

GMA News notes the regulators said many rural banks usually thrive
for a few years before going out of business, often victims of
mismanagement either by shareholders or the professional managers
that run them.

Pasig City-based First Country Bank was the latest failed bank,
shut close by the Monetary Board this month, the report discloses.


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


* BOND PRICING: For the Week December 27 to December 31, 2010
-------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.12
AMITY OIL LTD           10.00    10/31/2013   AUD       2.00
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.97
AUST & NZ BANK           2.00    04/15/2018   AUD      74.13
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
ENVESTRA LTD             3.04    08/20/2025   AUD      74.95
EXPORT FIN & INS         0.50    12/16/2019   AUD      59.05
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.99
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.73
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.40
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.86
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      63.91
NEW S WALES TREA         0.50    09/14/2022   AUD      51.79
NEW S WALES TREA         0.50    10/07/2022   AUD      51.59
NEW S WALES TREA         0.50    10/28/2022   AUD      51.41
NEW S WALES TREA         0.50    11/18/2022   AUD      51.17
NEW S WALES TREA         0.50    12/16/2022   AUD      50.95
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.09
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.91
RESOLUTE MINING         12.00    12/31/2012   AUD       1.42
TREAS CORP VICT          0.50    08/25/2022   AUD      52.61
TREAS CORP VICT          0.50    11/12/2030   AUD      34.68

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.35
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00
CHINA THREE GORG         4.05    04/08/2016   CNY      69.65


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      34.50


  INDIA
  -----

AIRPORTS AUTH IN         7.40    01/22/2013   INR      12.59
DAMODAR VALLEY           7.70    01/03/2013   INR      16.11
DELHI TRANSCO LT         9.50    03/02/2016   INR      40.15
DELHI TRANSCO LT         9.50    03/02/2017   INR      47.05
DELHI TRANSCO LT         9.50    03/02/2018   INR      53.49
DELHI TRANSCO LT         9.50    03/02/2019   INR      59.84
DELHI TRANSCO LT         9.50    03/02/2020   INR      66.19
DELHI TRANSCO LT         9.50    03/02/2021   INR      72.13
GODAVAR IRR             11.25    01/15/2013   INR      18.63
GODAVAR IRR             11.50    01/15/2015   INR      19.04
GODAVAR IRR             13.50    08/16/2015   INR      48.93
HOUSING & UDCL          12.00    01/19/2011   INR       0.63
HOUSING & UDCL          11.50    09/25/2011   INR       8.44
HOUSING & UDCL          11.50    09/25/2011   INR       8.44
HOUSING & UDCL          11.50    09/25/2011   INR       8.44
HOUSING & UDCL          11.50    09/25/2011   INR       8.44
HOUSING & UDCL          11.50    09/25/2011   INR       8.44
HOUSING & UDCL          12.00    01/07/2012   INR      12.18
HOUSING & UDCL          12.00    01/07/2012   INR      12.18
HOUSING & UDCL          12.00    01/07/2012   INR      12.18
HOUSING & UDCL           9.00    01/30/2012   INR      17.71
HOUSING & UDCL           9.25    03/06/2012   INR      18.00
HOUSING & UDCL          10.00    03/27/2012   INR      20.53
HOUSING & UDCL           9.75    03/28/2012   INR      20.07
HOUSING & UDCL           9.00    03/28/2012   INR      18.65
HOUSING & UDCL          10.00    03/28/2012   INR      20.51
HOUSING & UDCL           7.30    03/29/2012   INR      11.26
HOUSING & UDCL           7.00    03/29/2012   INR      10.79
HOUSING & UDCL           7.00    03/29/2012   INR      11.10
HOUSING & UDCL           9.75    06/28/2012   INR      14.12
HOUSING & UDCL           6.05    02/11/2013   INR      13.85
HOUSING & UDCL           6.90    03/03/2013   INR      12.49
HOUSING & UDCL           7.30    03/03/2013   INR      13.22
HOUSING & UDCL           5.90    03/08/2013   INR      13.69
HOUSING & UDCL           6.30    03/08/2013   INR      15.97
HOUSING & UDCL           7.70    03/26/2013   INR      17.97
HOUSING & UDCL           8.30    04/28/2013   INR      19.37
HOUSING & UDCL          10.00    06/28/2014   INR      29.44
HOUSING & UDCL           7.30    01/17/2016   INR      37.46
HOUSING & UDCL           7.50    01/17/2016   INR      20.33
HOUSING & UDCL           7.80    01/17/2016   INR      40.16
HOUSING & UDCL           8.35    03/24/2016   INR      44.28
HOUSING & UDCL           8.05    03/24/2016   INR       1.91
HOUSING & UDCL           8.12    03/24/2016   INR      22.99
HOUSING & UDCL           8.85    08/29/2016   INR      10.74
HOUSING & UDCL           9.10    08/29/2016   INR      28.38
HOUSING & UDCL           8.75    11/29/2016   INR       8.74
KONKAN RAILWAY           9.30    10/19/2012   INR      14.73
KONKAN RAILWAY           8.50    09/01/2011   INR       7.10
KONKAN RAILWAY           6.90    03/30/2012   INR       1.12
KONKAN RAILWAY           6.65    05/01/2013   INR      14.12
KONKAN RAILWAY           6.65    05/01/2013   INR      14.12
KONKAN RAILWAY           6.65    05/01/2013   INR      14.12
NUCLEAR POWER CL         6.15    08/14/2011   INR       4.02
NUCLEAR POWER CL         8.20    02/20/2012   INR      10.45
NUCLEAR POWER CL         6.10    08/14/2012   INR       9.08
PUNJAB INFRA DB         11.45    01/19/2024   INR      60.04
PUNJAB INFRA DB         11.45    02/16/2024   INR      60.91
PUNJAB INFRA DB          0.40    10/15/2024   INR       3.34
PUNJAB INFRA DB          0.40    10/15/2025   INR       3.48
PUNJAB INFRA DB          0.40    10/15/2026   INR       3.64
PUNJAB INFRA DB          0.40    10/15/2027   INR       3.80
PUNJAB INFRA DB          0.40    10/15/2028   INR       3.96
PUNJAB INFRA DB          0.40    10/15/2029   INR       4.12
PUNJAB INFRA DB          0.40    10/15/2030   INR       4.26
PUNJAB INFRA DB          0.40    10/15/2031   INR       4.39
PUNJAB INFRA DB          0.40    10/15/2032   INR       4.51
PUNJAB INFRA DB          0.40    10/15/2033   INR       4.61
PYRAMID SAIMIRA          1.75    07/04/2012   INR      12.43
TOURISM FIN CORP         9.50    04/30/2019   INR      60.62
WEST BENGAL INFR         8.75    10/16/2013   INR       4.63
WEST BENGAL INFR         9.00    10/16/2016   INR      19.53
WEST BENGAL INFR         9.10    10/16/2016   INR      40.60
WEST BENGAL INFR         9.30    10/16/2017   INR      47.60
WEST BENGAL INFR         9.20    04/07/2020   INR      64.65


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   USD      73.12
AIFUL CORP               6.00    12/12/2011   USD      73.12
AIFUL CORP               1.99    03/23/2012   JPY      72.13
AIFUL CORP               1.22    04/20/2012   JPY      69.13
AIFUL CORP               1.63    11/22/2012   JPY      58.10
AIFUL CORP               1.74    05/28/2013   JPY      48.92
AIFUL CORP               1.99    10/19/2015   JPY      42.01
CSK CORPORATION          0.25    09/30/2013   JPY      72.40
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.67
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.26
SHINSEI BANK             5.62    12/29/2049   GBP      73.41
TAKEFUJI CORP            9.20    04/15/2011   USD      10.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.30
CRESENDO CORP B          3.75    01/11/2016   MYR       1.11
DUTALAND BHD             6.00    04/11/2013   MYR       0.52
DUTALAND BHD             6.00    04/11/2013   MYR       0.31
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.15
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.16
LEBUHRAYA KAJANG         2.00    06/12/2019   MYR      47.73
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.45
MITHRIL BHD              3.00    04/05/2012   MYR       0.60
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.52
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.92

SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.96
SCOMI GROUP              4.00    12/14/2012   MYR       0.09
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.92
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.26


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      43.87
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      63.80
FLETCHER BUI             8.50    03/15/2015   NZD       6.70
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.06
INFRATIL LTD             8.50    09/15/2013   NZD       8.40
INFRATIL LTD             8.50    11/15/2015   NZD       9.25
INFRATIL LTD            10.18    12/29/2049   NZD      61.70
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
SKY NETWORK TV           4.01    10/16/2016   NZD       5.93
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.74
ST LAURENCE PROP         9.25    07/15/2010   NZD      51.44
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.06
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       7.50
VECTOR LTD               8.00    10/15/2014   NZD       6.50


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      67.07
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.93
WBL CORPORATION          2.50    06/10/2014   SGD       1.85


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      60.00
DONGYANG TELECOM         6.00    07/02/2013   KRW      49.55
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.71
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.74
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.54
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.60
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.70
IBK 12TH ABS            25.00    06/24/2011   KRW      74.74
IBK 16TH ABS            25.00    09/24/2012   KRW      62.79
IBK 17TH ABS            25.00    12/29/2012   KRW      59.24
KB 10TH SEC SPC         23.00    01/03/2011   KRW      59.38
KB 11TH SEC SPC         20.00    07/03/2011   KRW      67.29
KB 11TH SEC SPC         20.00    07/03/2011   KRW      64.67
KB 12TH ABS             25.00    01/21/2012   KRW      65.36
KB 13TH ABS             25.00    07/02/2012   KRW      61.56
KB 14TH ABS             23.00    01/04/2013   KRW      59.23
KDB 6TH ABS             20.00    12/02/2019   KRW      67.08
KEB 17TH ABS            20.00    12/28/2011   KRW      59.38
NACF-15 ABS SPS         25.00    03/18/2011   KRW      65.37
NACF-16 ABS SPS         15.00    01/03/2011   KRW      23.31
NACF-16 ABS SPS         25.00    02/03/2011   KRW      60.78
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.65
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.30
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      70.02
SAM HO INTL              6.32    03/28/2011   KRW      72.18
SHINSHAN 2ND SEC        25.00    06/11/2011   KRW      30.03
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.51
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.52
SINBO 3RD ABS           15.00    09/30/2013   KRW      31.80
SINBO 4TH ABS           15.00    12/16/2013   KRW      29.98
SINBO 5TH ABS           15.00    02/23/2014   KRW      28.97
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.34
SINGOK ABS               7.50    06/18/2011   KRW      52.99
SINGOK NS ABS            7.50    06/27/2011   KRW      70.15
SOLOMON SAVINGS          8.10    04/19/2015   KRW      11.18
UBOTRON CO LTD           8.00    07/30/2012   KRW      32.42
YOUNGNAM SAVINGS         8.50    12/18/2014   KRW      12.69


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.35


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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, Julie Anne G.
Lopez, 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.





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