TCRAP_Public/110112.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

             Wednesday, January 12, 2011, Vol. 14, No. 8

                            Headlines



A U S T R A L I A

ADVANCED MEDICAL: Founder May Rescue AMI From Administration
BURRUP FERTILISERS: Oswal Couple to Sell Shares in Company
BURRUP FERTILISERS: Remains Profitable Despite Receivership
FERRAUS LIMITED: Names Cliff Lawrenson as Chief Executive Officer


C H I N A

CHINA ARCHITECTURAL: Regains Compliance with NASDAQ Listing Rules
EVERGRANDE REAL: Moody's Changes Outlook on B1 Rating to Negative
HOPSON DEVELOPMENT: Moody's Puts B2 Rating on Proposed Sr. Notes


H O N G  K O N G

HK BIO: Keung and Wai Appointed as Liquidators
HK YANG: Keung and Wai Appointed as Liquidators
MACMILLAN NEW: Tam Chun Wan Appointed as Liquidator
NEWEDGE BROKER: Lui and Yuen Appointed as Liquidators
QVS INDUSTRIAL: Cheung Yuet Ling Appointed as Liquidator

SANEJET COMPANY: Creditors' Proofs of Debt Due January 31
SHELL BITUMEN: Ying and Chan Step Down as Liquidators
SSP1 GROUP: Liu Chi Lai Appointed as Liquidator
START IV: Standard & Poor's Withdraws ratings on Class Notes
SWIRE INDUSTRIAL: Tam and Lok Appointed as Liquidators

TK SPORTS: Creditors' Proofs of Debt Due January 31
XELO PLC: Notes Repurchase Cues S&P to Withdraw CCC- Rating


I N D I A

ADI ISPAT: CRISIL Withdraws 'D' Rating on INR105 Million Term Loan
GOD GRANITES: ICRA Assigns 'LBB+' Rating to INR15cr Term Loan
JYOTI STRIPS: ICRA Assigns 'LB+' to INR7.47cr Fund Based Limits
MAGADH INDUSTRIES: CRISIL Downgrades Rating on Term Loan to 'D'
MAGADH IRON: CRISIL Downgrades Rating on Cash Credit to 'B+'

MANIAM PROPERTIES: ICRA Reaffirms 'LB+' Rating to INR100cr Limits
NEW AGE: ICRA Assigns 'LBB' Rating to INR12.13cr Bank Limits
NU-TECH PRASIDDHI: ICRA Assigns 'LB' Rating to INR20cr Bank Limits
RADHIKA EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR30MM LOC
SATYAM SMELTERS: ICRA Assigns 'LBB+' Rating to INR12cr Term Loan

STONE INDIA: ICRA Assigns 'LBB+' Rating to INR28cr Term Loan
TASA FOODS: ICRA Downgrades Rating on INR7.75cr Term Loan to 'LB'
VENUS TEXSPIN: ICRA Assigns 'LBB' Rating to INR6.5cr LT Loan


I N D O N E S I A

PT SULFINDO: S&P Assigns 'B' Rating on Proposed Sr. Secured Notes


J A P A N

CSC SERIES 1: S&P Lowers Rating on Class G-3 Bonds to 'CC'


M A L A Y S I A

BASWELL RESOURCES: LH Zinc Withdraws Wind-up Petition Against Unit
LINEAR CORP: HL Bank Serves Demand Payment Against LCI Global
LUSTER INDUSTRIES: To Acquire 59.13% Stake in Exzone Plastics


S I N G A P O R E

SGL TELCO: Creditors' Proofs of Debt Due February 7
SIN YONG: Creditors' Proofs of Debt Due January 21
SOCIETE GENERALE: Creditors' Proofs of Debt Due February 7
STREAM II: Creditors' Proofs of Debt Due February 7
TELECARDS PTE: Court Enters Wind-Up Order

UNISON TRANSPORT: Court to Hear Wind-Up Petition on January 21


T A I W A N

FAR EASTERN AIR: To Resume Domestic Flights Next Month


X X X X X X X X


* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
* S&P's Global Corporate Default Tally at 77 in 2010
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ADVANCED MEDICAL: Founder May Rescue AMI From Administration
------------------------------------------------------------
Andrew Main at The Australian reports that Advanced Medical
Institute Pty Ltd may end up back in the hands of founder Jacov
"Jack" Vaisman.

Mr. Vaisman put AMI and its related entity, AMI Australia Holdings
Pty Ltd, into administration on December 22, 2010, following an
expensive court case loss and an unsuccessful expansion into
Britain, The Australian says.

Trent Hancock and Michael Hird, of BDO Australia, were appointed
as joint voluntary administrators of AMI Australia Holdings and
AMI by Life Science Group Pty Ltd, a secured creditor of both
companies.

According to The Australian, after the first creditors' meeting of
AMI and AMI Australia Holdings last January 6, Mr. Hird said that
at the next creditors' meeting in February, for which a date has
yet to be set, a deed of company arrangement to take the companies
out of administration could be put up by Mr. Vaisman and would be
accepted if supported by creditors.

The Australian further reports that the main debts are inter-
company, headed by a $38.3 million claim by the AMI company over
Advanced Medical Institute. Mr Hird said the Australian operations
had shown better figures last month than for the same month in
2009.  He and his colleague Trent Hancock did not yet have details
of the failed British expansion and "we haven't turned our minds"
to a report that the companies had a close commercial relationship
with Jack Flader, a lawyer who has been linked with the Trio-
Astarra superannuation scandal, the report added.

The Troubled Company Reporter-Asia Pacific, citing The Sydney
Morning Herald, reported on Jan. 10, 2011, that Advanced Medical
Institute's administrators said the company owed staff and
creditors more than AU$50 million when it collapsed last month.
The Herald said nearly 90 creditors registered claims against AMI
at its first meeting of creditors on January 6, and Mr. Vaisman,
is among those claiming they are owed money.  According to the
Herald, interests linked to Mr. Vaisman and other AMI executives
said they are owed about AU$40 million.  Another company linked to
Mr. Vaisman, Life Sciences, claims it is owed AU$2.7 million as a
secured creditor, having assumed AMI's bank debt just before he
put AMI into administration.

                     About Advanced Medical

Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.

AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB.  AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.


BURRUP FERTILISERS: Oswal Couple to Sell Shares in Company
----------------------------------------------------------
Ninemsn reports that spokesman Chris Codrington said Perth
business couple Pankaj and Radhika Oswal won't attend a Burrup
Fertilisers receivers' meeting on January 11, 2011, but look
forward to selling their share in the company.  Mr. Codrington
said the couple will be represented at the meeting by their
respective lawyers, notes the report.

The meeting has been called by PPB Advisory, appointed by the ANZ
Banking Group in mid-December to take control of the Oswals' 65%
shareholding in parent company Burrup Holdings, according to
Ninemsn.

Ninemsn notes that the move was sparked by a stoush between
Mr. Oswal, who is Burrup's chairman and managing director, and
Norway's Yara International, a 35% shareholder and customer of its
profitable Pilbara ammonia plant.  The report relates that ANZ,
owed hundreds of millions of dollars on the project, has claimed
there is evidence of financial irregularities in the business.

Mr. Codrington said that given Burrup's extremely profitable
position and the unconventional receivership, many controversial
issues involving ANZ and Yara's agendas remained largely not
scrutinized, Ninemsn reports.

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.


BURRUP FERTILISERS: Remains Profitable Despite Receivership
-----------------------------------------------------------
ABC News reports that PPB Advisory, the firm handling the
receivership of Burrup Fertilisers Pty Ltd, said Burrup's Pilbara
plant in W.A. is breaking production records and recruiting new
staff.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers has been
placed into receivership with debts of about AU$800 million.
ANZ Bank 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.

The managing partner of receivers PPB, Ian Carson, said that there
is no question that Burrup Fertilisers remains a profitable
operation, according to ABC News.

"The company's operating at a record capacity, 421 days of
continuous operation which I'm told is a world record.  It's
operating extremely well, and I've just done a tour of the plant;
we've got a number of vacancies there at the moment so we're
actively recruiting skilled staff," ABC news quoted Mr. Carson as
saying.

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.


FERRAUS LIMITED: Names Cliff Lawrenson as Chief Executive Officer
-----------------------------------------------------------------
FerrAus Limited said that it has agreed to appoint Cliff Lawrenson
as chief executive officer and managing director, subject to
shareholders appointing him as a director of FerrAus and approving
certain elements of his proposed remuneration package.

Until shareholder approval is obtained, Mr. Lawrenson's services
will be engaged on a short term consulting contract through
Solution Management Pty Ltd.  That contract commenced on
January 10, 2011.

Mr. Lawrenson has more than 20 years experience as a senior
executive across a range of industry sectors and most recently
held the position of Group Chief Executive for GRD Limited.  He
holds postgraduate qualifications in commerce and finance and has
worked extensively in project development and investment banking
around the world, including in Australia, USA and Singapore.

In addition, Mr. Lawrenson has served on several boards in
international locations where he has led the project development
and financing of numerous major infrastructure projects.  He will
retain his current role as the Non Executive Chairman of Pacific
Energy Limited (ASX:PEA).

The Non Executive Chairman of FerrAus Limited, Mr. John Nyvlt,
said that the short term consulting contract had been agreed to in
view of the circumstances relating to the current takeover bid for
FerrAus Limited by Wah Nam International Ltd.

"We are very pleased to have secured the services of an
experienced senior executive of Cliff's calibre at a pivotal point
in the development of FerrAus Limited as a significant iron ore
producer.

"He is the ideal candidate to oversee the transition of this
business as it moves from exploration to production and the Board
considers that his extensive global commercial experience will be
a tremendous asset.

"As FerrAus is currently facing a takeover bid from Wah Nam
(HKG:0159), Cliff will initially work in tandem with Bryan OIiver,
our Executive Director, to oversee the delivery of the Definitive
Feasibility Study and familiarise himself with the details of the
company and its major project.

"We anticipate that Bryan will remain on the Board as a Non
Executive Director and Cliff will move into the role of Managing
Director and CEO," Mr. Nyvlt said.

A shareholders meeting to consider the appointment of Mr.
Lawrenson as a director and to approve the aspects of his proposed
remuneration package requiring shareholder approval will be
convened for a date before May 1, 2011.

                       About Ferraus Limited

FerrAus Limited (ASX: FRS) -- http://www.ferraus.com/-- is a
junior exploration company based in Australia with its focus on
the discovery and production of ferrous raw materials, including
iron ore, manganese, and nickel.  The company has four exploration
licences located in the East Pilbara region of Western Australia
with excellent potential for iron ore and manganese deposits.

*     *     *

FerrAus Limited posted three consecutive net losses of AU$3.05
million, AU$2.92 million and AU$8.29 million for the year ended
June 30, 2008, 2009, and 2010, respectively.


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C H I N A
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CHINA ARCHITECTURAL: Regains Compliance with NASDAQ Listing Rules
-----------------------------------------------------------------
China Architectural Engineering, Inc. has been informed by NASDAQ
that the Company is in compliance with all NASDAQ listing
standards, including the minimum price bid requirement.  As
required under NASDAQ's Listing Rules, the Company's common stock
was required to maintain a closing bid price of $1.00 or more per
share for at least 10 consecutive trading days.

China Architectural Engineering, Inc. is a provider of design,
engineering, fabrication and installation services of high-end
curtain wall systems, roofing systems, steel construction systems,
and eco-energy systems.  Founded in 1992, CAEI has maintained its
market leadership by providing timely, high-quality, reliable,
fully integrated, and cost-effective solutions.  Collaborating
with world-renowned architects and building engineers, the Company
has successfully completed over one hundred large, complex and
unique projects worldwide, including numerous award-winning
landmarks across Asia's major cities.


EVERGRANDE REAL: Moody's Changes Outlook on B1 Rating to Negative
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook of Evergrande
Real Estate Group Limited's B1 corporate family rating to negative
from stable.

At the same time, Moody's has downgraded Evergrande's senior
unsecured bond rating to B2 from B1 and has assigned a B2 senior
unsecured rating to its proposed senior unsecured bonds.

The outlook of the senior unsecured debt rating is negative.

The rating actions follow the company's announcement that it will
issue senior unsecured bonds to fund existing and new projects, as
well as repayment of a portion of its onshore bank loans.  The
proposed bond wills have the same terms and covenants as and rank
pari passu with the company's existing US$ bonds due 2015.

"The negative outlook reflects Evergrande's increased levels of
business and financial risks over the next 12-18 months as it
pursues a fast expansion -- targeting sales growth of about 40% to
RMB 70 billion -- and when Moody's expects the property market and
bank credit environment in China to be more challenging," says
Kaven Tsang, a Moody's AVP/Analyst.

"While the new bond proceeds will provide the company with funding
for its fast growth plan and will lengthen its debt maturity
profile, the increased debt will keep Evergrande's adjusted
debt/capitalization at a high level of more than 60-65%, therefore
raising its financial risk," says Tsang, also Moody's lead analyst
for Evergrande. "This ratio will weakly position the company at
the B1 rating level".

"The downgrade of the bond rating to B2 reflects Evergrande's
increased legal and structural subordination risks.  Its fast
growth has resulted in a higher level of onshore debt, which has
in turn raised its secured and subsidiary debt-to-total assets
ratio to above 20%.  Moody's does not expect such a level to fall,
given Evergrande's ambitious business plan," says Tsang.

Furthermore, Evergrande's B1 corporate family rating continues to
reflect its appetite for fast growth which -- as indicated --
attracts high development and execution risks.  It also considers
Evergrande's strengths as one of the largest developers in China,
as measured by contracted sales, the size of its land bank, and
its portfolio's good geographical diversification.  Projected
EBITDA interest coverage of 3-4x is also in line with its B1
peers.

Evergrande's ratings could be under pressure for downgrade if (1)
its sales or profit margins decline because of a significant
downturn in China's property market or an aggressive pricing
strategy to pursue ambitious sales target; (2) liquidity declines
due to continue aggressive land acquisitions, and a slowdown in
sales; or (3) further debt is raised, resulting in adjusted
debt/capitalization consistently above 60-65% , or EBITDA/interest
under 2.5x-3x.

On the other hand, Evergrande's ratings could return to stable if
Evergrande (1) refines its business plan to reduce its financial
risk, such that debt leverage, measured by Debt/Total
Capitalization, is reduced to below 60% - 65% and EBITDA/interest
rises above 4x; and (2) maintains an adequate level of liquidity
in support of its large scale development.

Moody's last rating action with regard to Evergrande took place
on April 14, 2010, when Moody's affirmed the B1 corporate family
rating and senior unsecured rating following its additional US$600
million bond issuance.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Evergrande Real Estate Group Limited is one of the major
residential housing developers in China, with a standardized
operating model.  Founded in 1996 in Guangzhou, Guangdong
Province, the company has rapidly expanded its geographic coverage
to 62 cities in China in the past few years, and maintains a land
bank of around 95.8 million sqm in gross floor area.


HOPSON DEVELOPMENT: Moody's Puts B2 Rating on Proposed Sr. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Hopson
Development Company Holdings Limited's proposed USD senior notes.

At the same time, Moody's has affirmed the company's B1 corporate
family rating. The outlook for the rating is stable.

The proceeds from the notes issuance will be used to pay
construction costs, land premiums, and general corporate purposes.

"The issuance of new USD senior notes will help Hopson cover its
committed land payments in the next 12 months," says Jiming Zou, a
Moody's Analyst.

"At the same time, Moody's notes that the new debt will not
increase leverage -- measured by debt/total capitalization --
above 50%, and so the company will remain positioned at the B1
level," says Zou.

The B1 rating also reflects Hopson's geographical diversification
in four major cities in China, its well-established market
position, and strong brand equity in Guangdong Province and
Beijing.

In addition, the rating is underpinned by the company's solid
track record in large-scale residential developments, good sales
execution in the last three years, and stable revenues at around
RMB10bn per annum.

"However, Hopson's rating is constrained by its aggressive
approach to land acquisitions and the weak state of its financial
management when compared to its peers," adds Zou.

Hopson's projected financial metrics will remain modest for the B1
rating category, as it continues to raise new debt to fund
operations.  Accordingly, it will show expected Debt/Book
capitalization in the range of 40-50%, up from 35% at end-2009,
and EBITDA interest coverage in the range of 2.0-3.0x, versus 3.1x
in 2009.

The B2 senior unsecured bond rating reflects legal and structural
subordination risk.  The company's secured and subsidiary debt to
total assets ratio will stay around 25% over the near to medium
term, as it has to rely on onshore borrowing at the PRC
subsidiary/project level to fund its operations and investments.

The stable outlook reflects Moody's expectation that the company
will continue to obtain adequate financing from domestic banks to
fund its operations.

The ratings could be pressured for downgrade if Hopson (1)
experiences declining sales and profit margins due to a
significant downturn in China's property market; (2) pursues
further acquisitions, which materially impair its liquidity
position and/or increase debt leverage, such that EBITDA/interest
falls under 2x.

The likelihood of a near-term upgrade appears remote.  But, in the
medium term, ratings could be pressured for upgrade if Hopson can
(1) demonstrate improvements in financial management with respect
to liquidity and debt management; (2) show more discipline in its
land acquisitions in terms of quantum and funding arrangements;
and (3) improve its credit metrics, including EBITDA/interest
coverage consistently above 4-5x.

Moody's last rating action with regard to Hopson occurred on May
20, 2010, when Moody's upgraded the company's corporate family
rating to B1 with a stable outlook and its senior unsecured debt
rating to B2.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of approximately 30
million square meters in gross floor area.  Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their surrounding
areas.


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


HK BIO: Keung and Wai Appointed as Liquidators
----------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on December 21,
2010, were appointed as liquidators of Hong Kong Bio Products
Manufacturing Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


HK YANG: Keung and Wai Appointed as Liquidators
-----------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on December 21,
2010, were appointed as liquidators of Hong Kong Yang Yang Bio
Products Company Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


MACMILLAN NEW: Tam Chun Wan Appointed as Liquidator
---------------------------------------------------
Tam Chun Wan on December 28, 2010, was appointed as liquidator of
Macmillan New Asia Publishers Limited.

The liquidator may be reached at:

         Tam Chun Wan
         Room 403, 4/F
         Wing On House
         71 Des Voeux Road
         Central, Hong Kong


NEWEDGE BROKER: Lui and Yuen Appointed as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank on December 29, 2010,
were appointed as liquidators of Newedge Broker Limited.

The liquidators may be reached at:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D Aguilar Street
         Central, Hong Kong


QVS INDUSTRIAL: Cheung Yuet Ling Appointed as Liquidator
--------------------------------------------------------
Cheung Yuet Ling on January 7, 2011, was appointed as liquidator
of QVS Industrial Company Limited.

The liquidator may be reached at:

         Cheung Yuet Ling
         Room 204, 2nd Floor
         Kwong Kin Trade Centre
         5 Kin Fat Street
         Tuen Mun, New Territories
         Holding Hong Kong


SANEJET COMPANY: Creditors' Proofs of Debt Due January 31
---------------------------------------------------------
Creditors of Sanejet Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 31, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         James Edward Hughes-Hallett
         Chim Foong Heng
         33rd Floor, Once Pacific Place
         88 Queensway, Hong Kong


SHELL BITUMEN: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Mr. Ying Hing Chiu and Ms. Chan Mi Har stepped down as liquidators
of Shell Bitumen (Luzhou) Holding Limited on December 29, 2010.


SSP1 GROUP: Liu Chi Lai Appointed as Liquidator
-----------------------------------------------
Liu Chi Lai on December 29, 2010, was appointed as liquidator of
SSP1 Group Limited.

The liquidator may be reached at:

         Liu Chi Lai
         13/F, Wah Kit Commercial Centre
         302 Des Voeux Road
         Central, Hong Kong

START IV: Standard & Poor's Withdraws ratings on Class Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on class
A, B, C, D, and E notes issued by START IV CLO Ltd.  The
underlying portfolio in the START IV transaction has been
amortizing and the consequent build-up of cash collateral has been
used to redeem all the outstanding classes of notes in full.

The rating actions on the affected transaction are:

   Deal Name                Rating From   Rating To
   ---------                -----------   ---------
   START IV CLO Class A     AAA (sf)      N.R.
   START IV CLO Class B     AA+ (sf)      N.R.
   START IV CLO Class C     A+ (sf)       N.R.
   START IV CLO Class D     BBB+ (sf)     N.R.
   START IV CLO Class E     BB+ (sf)      N.R


SWIRE INDUSTRIAL: Tam and Lok Appointed as Liquidators
------------------------------------------------------
Tam Yau Shing Franky and Lok Wai on December 31, 2010, were
appointed as liquidators of Swire Industrial Management Services
Limited.

The liquidators may be reached at:

         Tam Yau Shing Franky
         Lok Wai
         Suite 806, 8/F
         Devon House, Taikoo Place
         979 King's Road
         Quarry Bay, Hong Kong


TK SPORTS: Creditors' Proofs of Debt Due January 31
---------------------------------------------------
Creditors of TK Sports Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 31,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Patrick Fung Chi Man
         Samson Wong Hay Yan
         21 & 22/F, Somerset House
         Taikoo Place, 979 King's Road
         Quarry Bay, Hong Kong


XELO PLC: Notes Repurchase Cues S&P to Withdraw CCC- Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Xelo PLC
series 2007 (Spinnaker III Asia  Mezzanine 3) following a
repurchase and unwind of the notes.

The rating action on the affected transaction is:

   Name                               Rating To    Rating From
   ----                               ---------    -----------
   Xelo PLC series 2007               N.R.         CCC- (sf)
   (Spinnaker III Asia Mezzanine 3)


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ADI ISPAT: CRISIL Withdraws 'D' Rating on INR105 Million Term Loan
------------------------------------------------------------------
CRISIL has withdrawn its rating on Adi Ispat Pvt Ltd's INR105.0
million long-term loans from Small Industries Development Bank of
India, as AIPL has prepaid these loans.  The ratings on the other
bank facilities have been placed on a 90-day 'Notice of
Withdrawal' on AIPL's request and receipt of a no-objection
certificate from AIPL's banker.  CRISIL will withdraw the ratings
at the end of the notice period, in line with its policy on
withdrawal of its ratings on bank loans.

   Facilities                         Ratings
   ----------                         -------
   INR105.0 Million Term Loan         D (Withdrawn)
   INR84.5 Million Cash Credit        D (Placed under 'Notice of
                                         Withdrawal')
   INR20.0 Million Letter of Credit   P5 (Placed under 'Notice of
                 and Bank Guarantee       Withdrawal')

AIPL was set up by Mr. Ashok Kumar Sarawgi and his sons in 2004.
Mr. Sarawgi has more than three decades of experience in the iron
and steel industry.  AIPL has two induction furnaces with annual
capacities of 18,000 tonnes each, and one 96,000-tonne per annum-
capacity rolling mill.  The first induction furnace commenced
operations in September 2007, and the second in November 2008.
Operations at the rolling mill commenced in January 2010, after a
delay of six months.

AIPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR144.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR55.0 million for 2007-08.


GOD GRANITES: ICRA Assigns 'LBB+' Rating to INR15cr Term Loan
--------------------------------------------------------------
ICRA has assigned rating of 'LBB+' to INR15 crore Term loan of God
Granites.  The outlook on the long term rating is stable.  ICRA
has also assigned rating of A4+ to INR7 crore fund based limits of
God Granites.

The ratings take into account God Granites' established track
record in granite quarrying operations and its healthy
profitability on account of higher realization from the sale of
granite quarried from its own reserves.  The firm is however
exposed to project execution risk, operational risk and marketing
risk associated with the forward integration plans. Besides, the
additional borrowings planned for the expansion plan is expected
to affect the firm's financial profile in the near to medium term.
Other factors constraining the ratings are the firm's modest scale
of operation, its high geographic and
customer concentration and risks inherent in partnership concerns.

                        About God Granites

God Granites, a partnership firm founded in the year 1989, is in
the business of quarrying and sales of granite.  The firm owns a
quarry of premium quality Imperial White granite stone in Tamil
Nadu.  Additionally it operates two other quarries located in
Tamil Nadu and Karnataka. The firm is currently in the process of
setting up its own processing unit. During FY2010, it posted a PAT
of INR1.7 crore over an Operating Income of INR15.9 crore.


JYOTI STRIPS: ICRA Assigns 'LB+' to INR7.47cr Fund Based Limits
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to the INR7.47 crore
fund based limits of Jyoti Strips Private Ltd.  ICRA has also
assigned a short-term rating of 'A4' to the INR22.00 crore non
fund based limits of the company.

The ratings take into account the stretched financial risk profile
of the company characterized by high gearing  level  and weak debt
coverage indicators, thin profit margins characteristic of trading
companies, exposure to volatile steel prices, and negative
operating cash flows  on account of fluctuating working capital
requirements.

However, the ratings are supported by the experienced management
of the company, scale benefits, and cost advantages arising from
the company's proximity to Bhushan Steel's warehouse, discounts
on bulk purchases and ownership of cutting unit and transportation
vehicles.

                          About Jyoti Strips

Jyoti Strips Private Limited, a fully promoter owned company, is
primarily engaged in the trading of steel coils and sheets.  The
company was founded in January 2007, and generated a respectable
turnover of INR268 crores in FY10. JSPL owns seven vehicles and
one cutting unit in Faridabad, which results in cost advantages.

Recent Results

JSPL reported a profit after tax (PAT) of INR0.98 crore in FY10 on
an operating income of INR268.35 crore, with net profits
increasing over FY09 due to a substantial jump of 96% in revenues.
Profit margins have however remained similar, with the marginal
improvement in operating margins being offset by a higher interest
cost.


MAGADH INDUSTRIES: CRISIL Downgrades Rating on Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Magadh
Industries Pvt Ltd to 'D' from 'BB-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR130.00 Million Term Loan       D (Downgraded from
                                        'BB-/Stable')

   INR120.00 Million Cash Credit     D (Downgraded from
                                        'BB-/Stable')

The downgrade reflects current delays by MIPL in servicing of its
debt obligations; the delays have been caused by delays in
implementation of MIPL's thermo-mechanically-treated (TMT) rods
expansion project and weak liquidity.  The project, which was
initially scheduled to be completed by September 2010, is now
expected to be completed by March 2011. The company has applied
for rescheduling the term loan availed for the project, the
approval for which is pending.

MIPL has a weak financial risk profile marked by weak debt
protection metrics and a small scale of operations; it is also
exposed to intense competition in the steel industry.  However,
MIPL benefits from its promoters' extensive industry experience.

For arriving at its rating, CRISIL has considered the standalone
business and financial risk profile of MIPL, unlike combining
these with group company Magadh Iron Pvt Ltd for its earlier
rating exercise.  This is because CRISIL does not expect funds to
be fungible between two entities as trading activity in MIPL has
been discontinued from April 2010, and inter-company transactions
are carried out at arm's length.

                      About Magadh Industries

Incorporated in 1998, MIPL was engaged in the steel trading
business in Bihar.  In May 2008, the company started producing TMT
rods; as of December 2009, it had an installed capacity of 90,000
tonnes per annum (tpa).  The company's TMT rods are sold under the
Magadh TMT brand.  Currently, MIPL is undertaking an expansion
project for increasing its capacity by 35,000 tpa, at an estimated
cost of INR210 million.

For 2009-10 (refers to financial year, April 1 to March 31), MIPL
reported a profit after tax (PAT) of INR5 million on net sales of
INR1164 million, against a PAT of INR1 million on net sales of
INR655 million for 2008-09.


MAGADH IRON: CRISIL Downgrades Rating on Cash Credit to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the cash credit facility of
Magadh Iron Pvt Ltd to 'B+/Stable' from 'BB-/Stable'.  The
downgrade reflects Magadh Iron's weak liquidity, driven by
incremental working capital requirements. This has resulted in
high bank line utilization, with instances of overdrawn limits,
over the past six months.

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Cash Credit      B+/Stable (Downgraded from
                                                'BB-/Stable')


The rating reflects the working-capital-intensive nature of Magadh
Iron's operations, and its exposure to intense competition in the
steel industry.  These weaknesses are partially offset by the
extensive industry experience of Magadh Iron's promoter.

For arriving at its rating, CRISIL has considered the standalone
business and financial risk profile of Magadh Iron, unlike
combining these with group company Magadh Industries Pvt Ltd for
its earlier rating exercise.  This is because CRISIL does not
expect funds to be fungible between two entities as trading
activity in MIPL has been discontinued from April 2010, and inter-
company transactions are carried out at arm's length.

Outlook: Stable

CRISIL believes that Magadh Iron will continue to benefit over the
medium term from its promoter's industry experience.  The outlook
may be revised to 'Positive' if the company's liquidity improves,
driven by efficient working capital management or increase in
profitability, resulting in improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
Magadh Iron's profitability declines significantly, or it
undertakes a large, debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

                           About Magadh Iron

Magadh Iron was incorporated in 1996 to trade in iron, steel, and
cement. It is the dealer for Tata Steel Ltd, Steel Authority of
India Ltd, Rashtriya Ispat Nigam Ltd, and Jaypee Reva Cement.  The
company also deals in Jaypee asbestos cement sheets.

For 2009-10 (refers to financial year, April 1 to March 31),
Magadh Iron reported a profit after tax (PAT) of INR3 million on
net sales of INR797 million, against a PAT of INR3 million on net
sales of INR775 million for 2008-09.


MANIAM PROPERTIES: ICRA Reaffirms 'LB+' Rating to INR100cr Limits
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of 'LB+' assigned to the
INR100 crore fund based limits of Maniam Properties Private
Limited.

The rating reaffirmation factors in the exposure of MPPL's
revenues to volatility in the near term given the high proportion
of total leasable area leased to retailers on pure revenue share
basis, the expected need for continual support from promoters to
meet debt repayment obligations in a timely manner, MPPL's
exposure to market risk factors considering the mostly mid-end
neighborhood in the mall's catchment area and the challenges MPPL
is likely to encounter in attracting in-line stores to the mall in
order to achieve high occupancy levels given ICRA's observation of
diminishing occupancy on higher floors in competing malls in the
city.

The rating however favorably factors in management's demonstrated
commitment towards de-leveraging the property by selling space at
the mall to investors in order to ease the interest outgo, the
improvement in occupancy levels to ~73% as of November 2010, the
attractive brand mix at the property comprising reputed clients
like Central, Inox, Fashion @ Big Bazaar, EasyDay, etc. and the
presence of experienced promoters as key stake holders in the
project.

                       About Maniam Properties

MPPL is a joint venture (JV) between Kshitij Venture Capital Fund,
Mani Square Pvt. Ltd.  and Salarpuria Properties Pvt Ltd whose
shareholdings in the project are
40%, 35% and 25% respectively.   KVCF is a domestic retail-focused
real estate fund whose corpus is being invested in developing
eleven malls across India. MPPL owns and operates the Pink Square
Mall at Govind Marg, Jaipur.


NEW AGE: ICRA Assigns 'LBB' Rating to INR12.13cr Bank Limits
------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR12.13 crore fund-based
bank limits of New Age Hotels and Resorts Limited.  The outlook on
the long term rating is stable.

The rating factors in the support from the experienced promoters
of the company who have been actively involved in the hospitality
business for over a decade.  The rating also takes into account
the geographically spread out operations as the company operates
three properties located at Chamba, Haridwar and Nainital.  The
rating also factors in low gearing coupled with moderate coverage
indicators.  Furthermore with low capital expenditure plans going
forward, ICRA expects the company to maintain low gearing over the
short to medium term.  The ratings are however constrained by the
small scale of operations with three hotels having ~ 113 rooms.
The rating also takes into account the increasing competition from
new and existing properties in the vicinity of the hotels along
with inherent cyclicality in the hotel industry which is likely to
put pressure on occupancy rates and average room revenues.

                        About New Age Hotels

NAHRL is operating three hotel properties. First one at Chamba,
Classic Hill Top Resort, a 32 room resort located at the height of
7000 feet on the Mussoorie-Chamba road. Second property at
Haridwar, Hotel Classic Residency, a 47 room hotel located on the
Delhi-Haridwar road about 1.5 km from Haridwar railway station.
The third property at Nainital, Hotel Classic The Mall, a 34 room
hotel centrally located on the Mall road at Nainital.

Recent Results

For the financial year ending 31st March 2010, the company
reported an operating income of INR7.33 Cr. And profit after tax
of INR0.81 Cr. as compared to an operating income of INR7.06 Cr.
in FY 2009 and profit after tax of INR0.92 Cr. in the same period.


NU-TECH PRASIDDHI: ICRA Assigns 'LB' Rating to INR20cr Bank Limits
------------------------------------------------------------------
ICRA has placed the 'LB' rating assigned to the INR20.0 crore bank
limits of Nu-Tech Prasiddhi Consortium on a notice of withdrawal
for one year at the request of the company.

As per ICRA's policy, the ratings will be withdrawn after one year
from the date of this withdrawal notice.


RADHIKA EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR30MM LOC
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Radhika
Exports at 'P4+'.  The ratings continues to reflect customer
concentration in Radhika's revenue profile, the market competition
it faces because of low entry barriers in the garments export
business, and its average financial risk profile, constrained by
large working capital requirements.  These rating weaknesses are
partially offset by the benefits that Radhika derives from its
established relationships with its key customers.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Packing Credit     P4+ (Reaffirmed)
   INR60.0 Million Bill Purchase-     P4+ (Reaffirmed)
             Discounting Facility
   INR30.0 Million Letter of Credit   P4+ (Reaffirmed)

Update

Radhika's revenues have grown at around 17 per cent in 2009-10
(refers to financial year, April 1 to March 31) over that in
2008-09.  However, operating margin declined to 4.3 per cent in
2009-10 from earlier levels of 5 to 7 per cent.  In the second
half of 2009-10, prices of cotton fabrics, and chemicals and dyes
increased significantly, resulting in higher overall costs of
production for Radhika.  The firm has a sizeable order book and is
expected generate sales in the range of INR700 million to INR750
million in 2010-11.  However, high input prices will continue to
exert significant pressures on the firm's operating margin over
the medium term.

After improvement in the global economic scenario, Radhika has
achieved quicker realization of debtors. However, the benefit of
lowering in debtor days has been offset by reduced credit period
offered by its suppliers of cotton fabric. As a result, the firm's
liquidity remains under pressure, with bank limits being fully
utilized on an average for 2009-10 and the first half of 2010-11.
However, in November 2010, the firm got its working capital limits
enhanced to INR175 million from INR150 million, which is expected
to ease the pressure on its liquidity.  With the increase in
working capital facility, the overall gearing of the company is
likely to increase from the current level of 2.10 times.  Its debt
protection metrics are expected to remain moderate, with the
interest coverage ratio at 2.4 times and the net cash accruals to
total debt ratio estimated to be 5.0 per cent for the FY 2010-11

                       About Radhika Exports

Radhika was set up in 1991 by Mr. Amit Tibrewal.  It is based in
Mumbai. The firm exports traditional African garments, such as
khangas and kitenges, mainly to Kenya, Ivory Coast, Mali, and
Togo.

For 2009-10 (refers to financial year, April 1 to March 31),
Radhika reported a PAT of INR9.6 million on net sales of INR654
million, against a PAT of INR14.3 million on net sales of INR559
million for 2008-09.


SATYAM SMELTERS: ICRA Assigns 'LBB+' Rating to INR12cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR12.00 crore term loan
and INR3.00 crore cash credit facility of Satyam Smelters Private
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned an 'A4+' rating to the INR3.00 crore non-fund based
bank facilities of SSPL.

The ratings take into account the experience of the promoters in
the steel industry, a favorable demand outlook for sponge iron and
the proximity to raw material sources that reduces the company's
freight costs.  ICRA notes that regular capital infusions by the
promoters have resulted in a comfortable capital structure of the
company.  The ratings are, however, constrained by SSPL's moderate
scale of current operations, its highly concentrated customer base
and a lack of geographical diversification as the company's sales
are primarily concentrated in the state of West Bengal.  The
ratings also factor in the cyclicality inherent in the steel
business, which is likely to keep its cash flows volatile.  ICRA
also notes that the commercial production of SSPL's newly setup
billet manufacturing unit has been delayed on account of a delay
in the sanction of power supply from DVC.

                      About Satyam Smelters

SSPL was incorporated in 2004 and has been engaged in the
manufacture of sponge iron.  The company has two kilns with an
installed capacity of 60,000 MTPA for manufacturing of sponge
iron.  The manufacturing facility of the company is located at the
Jamuria Industrial Estate at Burdwan, West Bengal.

Recent Results

The company reported a profit after tax of INR1.00 crore in FY 10
on an operating income of INR33.13 crore, as compared to a profit
after tax of INR0.36 crore on an operating income of INR34.89
crore during FY 09.


STONE INDIA: ICRA Assigns 'LBB+' Rating to INR28cr Term Loan
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR28 crore term loan
and the INR20 crore cash credit facility of Stone India Limited.
The outlook on this rating is stable.  ICRA has also assigned an
'A4+' rating to the INR8 crore short term non fund based facility
of the company.

The ratings reflect significant customer concentration risk being
faced by SIL with the Indian Railways (IR) accounting for more
than 80% of the company's sales, the exposure of SIL to raw
material price risk, with the orders from IR being fixed price in
nature, thus not allowing the company to pass on cost increases,
the practice of the IR to award a majority of orders to the lowest
bidder, thus driving down the profitability of such contracts and
the high working capital requirements of the company which
results in almost full utilization of the company's working
capital limits, reducing financial flexibility.  The vulnerability
of SIL's margins to the raw material price risk is reflected in
SIL's low operating profits in 2007-08 and loss making operations
in 2008-09.  The ratings also factor in the risks associated with
the significant debt-financed ongoing capital expenditure for its
new plant being set up at Nalagarh in Himachal Pradesh and
capacity expansion at its Kolkata plant.  ICRA however notes that
the risks associated with the project are mitigated to an extent
by the completion of the first phase of the project and the inflow
of the entire equity funding for the project.  The ratings also
take into consideration the profit making operations in 2009-10
and the first half of 2010-11, a positive outlook on demand of
railway safety items, the established track record of SIL of over
70 years as a supplier of various electrical and safety equipments
to the IR, the company's technical capabilities, leading market
position in certain segments like pantographs, valves and slack
adjusters, steady income from replacement sales to the IR and
significant proportion of spares business that is inherently more
profitable compared to the original equipment business, in the
operating income of the company. ICRA also notes that SIL has a
number of technical tie ups with various international players for
new products, and the company's focus on in-house research and
development.

                         About Stone India

SIL is a multi-product engineering company located in Kolkata.  It
is in the business of manufacturing electrical and mechanical
equipments like brakes, alternators, pantographs, etc. for the
Indian Railways. SIL is a part of the Kolkata based Duncan Goenka
group, which has interests in fertilizer, tea, paper, cement and
other industries.


TASA FOODS: ICRA Downgrades Rating on INR7.75cr Term Loan to 'LB'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR7.75 Crore
term loan and INR1.00 Crore non fund based limits of Tasa Foods
Private  Limited from 'LBB' to 'LB'.  The short term rating
assigned to INR10.25 Crore fund based limit has been
reaffirmed at A4.

The rating revision takes into account the deterioration in the
financial profile of TFPL as reflected by an increase in its
gearing and delays in debt servicing. Moreover, low capacity
utilisation for the company's new pulp unit has resulted in lower
than anticipated sales and consequently lower cash accruals.  The
ratings are constrained by seasonal nature of  the company's
operations on account of raw material availability which leads to
low capacity utilization for most part of the year and
susceptibility of its margins to agro climatic conditions which
impact raw material availability and prices.  The ratings also
take into account susceptibility of TFPL's earnings to exchange
rate fluctuations on account significant contribution from export
sales and the high competitive intensity of the industry due to
fragmented nature of the fruits and vegetables processing
industry.

The ratings positively factor in TFPL's experienced management,
the Group's efficient procurement and distribution network,
increasing demand for mango pulp and other processed fruits and
vegetables in the domestic as well as export markets and
successful implementation of capacity expansion in FY2010 which is
expected  to provide a  fillip  to  the company's  revenues. Going
forward, the ability of the company to increase sales and accruals
through optimum utilization of its increased capacity and timely
servicing of debt obligations will remain key rating sensitivity
factors.

                           About Tasa Foods

Tasa Foods Private Limited was incorporated in 1999 as a Merchant
Exporting Company for the export of mango pulp. Initially, the
company was primarily engaged in procurement of mangoes, while
pulping work was outsourced to other units on job work basis. .
In the year 2007-08, TFPL set up a Mango Pulp Canning unit at
Chitoor, Andhra Prdeash. Subsequently, in 2009, TFPL established
aseptic packaging unit for pulps and concentrate manufacturing
unit at the same location. TFPL primarily exports its products to
countries in Europe and Middle East, however, recently the company
has also started exporting to countries like Egypt and Libya.
TFPL's group company - RMM Foods, is also engaged in the same line
of business and has a  a mango pulp canning, aseptic packaging and
packaging unit at Chitoor.

For FY 2010,  TFPL reported  profit after tax (PAT) of INR0.37
crore on net sales of INR19.14 crore, as
against PAT of INR0.36 crore on net sales of INR16.40 crore in FY
2008.


VENUS TEXSPIN: ICRA Assigns 'LBB' Rating to INR6.5cr LT Loan
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR6.50 crore long term loan
and INR6.50 crore long term fund-based limits of Venus Texspin
Limited.  ICRA has assigned stable outlook to the long term
rating. ICRA has also assigned 'A4' rating to INR5.00 crore fund
based and INR5.00 crore non-fund based limits of VTL.

The assigned ratings reflect intense competition owing to
fragmented nature of the industry, small scale of operations of
the company restricting economies of scale, fluctuating operating
profit margin due to low pricing power and high gearing level
leading to low financial flexibility.  The ratings also take
into account the company's stretched liquidity profile
characterized by full utilization of working capital limits and
modest debt coverage indicators.  The seasonal nature of acrylic
yarn business and company's trading operations lead to high
requirement for working capital.  The ratings also factor in
the promoter's experience in the industry and improving capacity
utilisation. ICRA favourably factors in VTL's increased presence
in exports to counter seasonality.

While ICRA expects VTL's gearing to decline going forward, lower
than expected cash accruals, debt funded capital structure and
fall in operating profit margin would be the key rating
sensitivity.

                        About Venus Texspin

Venus Texspin Limited was incorporated in 1982 as M/s Venus
Woollen Mills (VML) is engaged in manufacturing acrylic yarn.  The
assets and liabilities of VML were taken over by VTL w.e.f.
April 1, 2008.  The company has a spinning unit with installed
capacity of 9488 spindles in Ludhiana which is the largest market
for woollen wear in India. The company manufactures varieties of
100% acrylic yarn, acrylic-nylon yarn, acrylic-polyester yarn for
hosiery i.e. worsted, fancy, fresh, chenille & feather etc that
are used to knit sweaters.  The company sells yarn in dyed as well
as raw white form.  VTL has installed capacity of 9488 spindles
capable of manufacturing 10TPD at 32 count yarn.


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


PT SULFINDO: S&P Assigns 'B' Rating on Proposed Sr. Secured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to PT Sulfindo Adiusaha (Sulfindo).  The
outlook is stable.

Standard & Poor's also assigned its 'B' issue rating to the
proposed senior secured notes to be issued by Sulfindo Netherlands
B.V. Sulfindo and some of its operating subsidiaries guarantee the
notes, which mature in 2016.

"The rating on Sulfindo reflects the company's highly leveraged
financial risk profile and exposure to the cyclical chlor-alkali
industry, which results in volatile prices in its end-products,"
said Standard & Poor's credit analyst Wee Khim Loy.  "The rating
also factored in the company's large investment requirement,
execution risk from its power plant project, and single-site
concentration risk, even though the manufacturing facilities are
separated by public roads."

Sulfindo's manufacturing facilities are located at Merak, Banten
Province, in Indonesia.

These factors offset the above rating weaknesses to some extent:
Sulfindo's strong domestic market position, fully integrated
manufacturing facilities, and favorable industry outlook for its
products.

"We believe the company's US$230 million power plant project poses
significant execution risks, although the project is managed by an
experienced engineering, procurement and construction (EPC)
contractor, Daewoo Engineering Company, which is a subsidiary of
Posco E&C," Ms. Loy said.

The power project, apart from being funded by the 2016 bond
proceeds, is also heavily dependent on internal cash flow
generation for the two years when it is under construction.  S&P
estimate US$90 million to US$100 million of the total project cost
will be funded by the company's internal cash flow.  In S&P's
view, any cost over-run or delay in the completion of the project
would significantly affect Sulfindo's financial risk profile.

The stable outlook on the rating reflects S&P's expectation that
Sulfindo's proposed bond issue will succeed, and that the company
maintains its strong domestic market position and cost advantage
over its peers.  Sulfindo aims to be publicly listed in 2011 to
raise US$40 million to reduce debts and provide for working
capital.  However, as the timing and certainty of the offering
could not be determined, Standard & Poor's has not factored this
into the rating.

S&P may lower the rating on Sulfindo if the company's liquidity
and financial flexibility comes under pressure through: (1) a
significant delay or cancellation of its bond issuance; (2) an
increase in project execution risk from cost over-run or delayed
completion; or (3) cash flow being insufficient to cover its
short-term obligations, such that EBITDA to interest cover falls
below 2x.


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


CSC SERIES 1: S&P Lowers Rating on Class G-3 Bonds to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC-
(sf)' its rating on the class G-3 bonds issued under the CSC,
Series 1GK transaction and placed the ratings on classes A-2 to F-
3, and X, on CreditWatch with negative implications.

The bonds were initially secured by 11 nonrecourse loans, which
were actually treated as six loans extended to six obligors.  Four
out of the six loans remain outstanding, of which all have
defaulted.

S&P lowered its rating on class G-3 because:

   * Collection operations relating to the properties backing one
     of the transaction's four remaining loans (the loan, which
     defaulted in May 2009, originally represented about 19% of
     the total initial issuance amount of the bonds), which were
     undertaken by the servicer, have been completed. However, as
     the collection proceeds were less than the residual loan
     principal, the loan principal was impaired.

   * S&P placed classes A-2 to F-3, and X, on CreditWatch with
      negative implications because:

   * S&P were notified by the trustee that: some of the interest
     payments were not made on the class X bonds when
     collection proceeds from the properties backing the
     transaction's remaining loans were used to make principal
     and interest payments to the bonds; "We" received an Event
     of Default Notice for all classes of bonds, including
     class G-3 from the transaction's bond trustee, and are
     currently ascertaining the impact of this event.  "We"
     have not received any acceleration notices for these
     bonds.

S&P intend to review its ratings on the 10 tranches that it placed
on CreditWatch negative after assessing the impact of this event.

CSC, Series 1 GK is a multi-borrower CMBS transaction.  The bonds
were initially secured by 11 nonrecourse loans, which were
actually treated as six loans, extended to six obligors.  The
loans were originally backed by 72 real estate trust certificates
and real estate properties.  The transaction was arranged by
Credit Suisse Securities, and ORIX Asset Management & Loan
Services Corp. is the transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A-2 and A-3
bonds, the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B-2 to G-3
bonds, and the timely payment of available interest for the
interest-only class X bonds.

Rating lowered:

CSC, Series 1 GK

JPY36.2 billion yen-denominated bonds due November 2012
Class   To         From        Initial Issue Amount
G-3     CC (sf)    CCC- (sf)   1.2 bil.

Ratings placed on watch negative:

Class   To                   From      Initial Issue Amount
-----   --                   ----      --------------------
A-2     AAA (sf)/Watch Neg   AAA (sf)  JPY18.1 bil.
A-3     AAA (sf)/Watch Neg   AAA (sf)  JPY3.9 bil.
B-2     A- (sf)/Watch Neg    A- (sf)   JPY1.7 bil
B-3     A- (sf)/Watch Neg    A- (sf)   JPY1.5 bil.
C-2     B- (sf)/Watch Neg    B- (sf)   JPY3.2 bil.
D-2     CCC (sf)/Watch Neg   CCC (sf)  JPY3.2 bil.
E-2     CCC (sf)/Watch Neg   CCC (sf)  JPY0.9 bil.
E-3     CCC (sf)/Watch Neg   CCC (sf)  JPY0.6 bil.
F-3     CCC (sf)/Watch Neg   CCC (sf)  JPY1.9 bil.
X       AAA (sf)/Watch Neg   AAA (sf)  JPY33.1 bil. (Initial
notional principal)


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


BASWELL RESOURCES: LH Zinc Withdraws Wind-up Petition Against Unit
------------------------------------------------------------------
Baswell Resources Berhad said that the winding-up petition served
against subsidiary company, Baswood Industries Sdn. Bhd., was duly
withdrawn by L H Zinc Engineering Sdn. Bhd.

The High Court on September 1, 2010, appointed Dato' Robert Teo
Keng Tuan of Messrs. RSM NWT Advisory Services Sdn. Bhd. as
Provisional Liquidator for BISB pending the disposal of the
winding-up petition no. D-28NCC-653-2010 filed by L H Zinc
Engineering Sdn. Bhd. against BISB or until further order by the
High Court.

L H Zinc Engineering filed the petition against BISB on Sept. 1,
2010, in respect of default in payment of MYR90,259.90 owed by
BISB to LHZESB.

                       About Baswell Resources

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

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

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

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


LINEAR CORP: HL Bank Serves Demand Payment Against LCI Global
-------------------------------------------------------------
Linear Corporation Berhad said that a demand has been served on
LCI Global Sdn. Bhd., formerly known as Linear Cooling Industries
Sdn. Bhd, a wholly owned subsidiary of the company, by solicitors
acting for Hong Leong Bank Berhad.

Linear disclosed that HL Bank is claiming payment of MYR260,924.60
together with interest thereon at the rate of 8% per annum on the
sum of MYR252,131.43 calculated from October 20, 2010, until the
date of full settlement and costs of MYR225.00.  LCISB must pay
the debt or secure or compound for it to the HL Bank's
satisfaction within 21 days from date the demand notice was served
(Jan. 10, 2011).

Linear told the bourse that the amount is derived from a judgment
dated Dec. 23, 2010, obtained by HL Bank against the LCISB in
respect of Kuala Lumpur High Court Suit No. D-22NCC-2049-2010.
The subsidiary had defaulted in its hire purchase payment for
motor vehicle WRR 38.

LCISB is taking urgent steps to resolve the matter amicably and
negotiate a deferred payment plan that will be acceptable to the
HL Bank.

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


LUSTER INDUSTRIES: To Acquire 59.13% Stake in Exzone Plastics
-------------------------------------------------------------
Luster Industries Bhd on January 7, 2011, entered into a
conditional share sale agreement with Exzone Plastics Manufacturer
Sdn. Bhd. for the proposed acquisition of 3,725,000 ordinary
shares of MYR1.00 each in Exzone Plastics, representing
approximately 59.13% equity interest in EPM, for MYR22.7 million.

EPM is a private limited company incorporated in Malaysia and is
principally involved in the business of plastic injection
moulding.  EPM has a wholly owned subsidiary, Imetron (M) Sdn.
Bhd.

"The proposed acquisition will provide LIB with an additional
revenue stream.  The acquisition is expected to strengthen LIB
Group's financial positions and expected to contribute positively
to the Group's future earnings and growth," Luster said in a
filing to Bursa Malaysia.

The proposed acquisition is conditional upon the company's
proposed regularisation plan which will be announced and submitted
to the relevant authorities by February 28, 2011.

The planned acquisition is expected to be completed by end of
2011.

                      About Luster Industries

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

                          *     *     *

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


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


SGL TELCO: Creditors' Proofs of Debt Due February 7
---------------------------------------------------
Creditors of SGL Telco Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 7,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


SIN YONG: Creditors' Proofs of Debt Due January 21
--------------------------------------------------
Creditors of Sin Yong Contractor Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 21, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11 & #06-11
         Singapore 069118


SOCIETE GENERALE: Creditors' Proofs of Debt Due February 7
----------------------------------------------------------
Creditors of Societe Generale Asset Management (Asia) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by February 7, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Pheng Cheong Martin
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


STREAM II: Creditors' Proofs of Debt Due February 7
---------------------------------------------------
Creditors of Stream II Investments Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 7, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry
         Building
         Singapore 179365


TELECARDS PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up the operations of Telecards Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11 & #06-11
         Singapore 069118


UNISON TRANSPORT: Court to Hear Wind-Up Petition on January 21
--------------------------------------------------------------
A petition to wind up the operations of Unison Transport Pte Ltd
will be heard before the High Court of Singapore on January 21,
2011, at 10:00 a.m.

Kiew Chun Khong filed the petition against the company on Dec. 27,
2010.

The Petitioner's solicitors are:

          Cornerstone Law LLP
          1 Kim Seng Promenade
          #14-02 Great World City East Tower
          Singapore 237994


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


FAR EASTERN AIR: To Resume Domestic Flights Next Month
------------------------------------------------------
The China Post reports that the Civil Aeronautics Administration
said Far Eastern Air Transport Corp., suspended for two years due
to financial problems, may resume domestic flights as early as
next month.

According to the Post, the CAA said it has already approved FEAT's
application to resume services, with two of its MD83 planes having
completed test flights.

China Post relates that CAA Director General Yin Chen-pong said
there is a good chance that the carrier will rejoin its peers in
time to help relieve the peak traffic during the Lunar New Year
holidays in early February.

Vice transport minister Yeh Kuan-shih said it is hoped that the
carrier can fly between Taipei and the outlying island county of
Kinmen during Lunar New Year, the Post reports.  But Yeh stressed
that FEAT can restart their operations only after meeting all
safety requirements.

The Post relates that Liu Wen-hsiung, chief adviser of FEAT,
thanked the transport ministry for approving its flight resumption
application, saying the restart has not come easy.

He said the court on Dec. 20 last year gave a green light for FEAT
to resume business, and the bank consortium also showed strong
support for its restructuring, the Post notes.

Now FEAT is waiting for the CAA's ticketing committee to approve
its pricing, Liu said, adding the carrier will run its services at
original fares.

The carrier has also submitted a financial plan to the CAA, which
said it will be watching closely how the company will carry out
the financial plan after restarting operation.

As reported on Feb. 19, 2008, FEAT sought bankruptcy protection
before the Taipei District Court to stop creditors from seizing
the company's assets.  The bankruptcy court's protection would
allow the airline to continue operating and serve its customers
while it seeks for ways to find funding to pay debts.  Radio
Taiwan International said that its liabilities amounted to NT$9.99
billion (US$315 million) at Sept. 30, 2007.

The China Post said the court approval of bankruptcy protection
failed to save the airline because it failed to obtain the
necessary funds.  According to the Post, FEAT suspended all
its flights after the last service between South Korea's Jeju and
the Taiwan Taoyuan International Airport May 16, 2008.

                         About Far Eastern

Far Eastern Air Transport Corporation is a Taiwan-based airline
Company.  It provides both domestic and international passenger
flight services.  The Company operated domestic services from
Taipei and Kaohsiung to five regional cities and international
services to Southeast Asia, South Korea and Palau.


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


* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
-------------------------------------------------------------
The trailing 12-month global speculative-grade default rate
finished at 3.1% in the fourth quarter of 2010, down from 4.0% in
the previous quarter, Moody's Investors Service said in a new
report.  This level is close to the ratings agency's forecast of
3.3% made a year ago.  The global default rate stood much higher
at 13.1% in the fourth quarter of 2009.

The ratings agency's default rate forecasting model now predicts
that the global speculative-grade default rate will fall to 1.9%
in 2011 under a stable baseline scenario.  In a pessimistic
scenario, which incorporates a renewed liquidity freeze and
further economic contractions, the global default rate could
finish at 6.1%, while in an optimistic scenario, the
rate could dip even further to 1.2%.

"The story of 2010 is how few defaults were actually recorded,"
said Albert Metz, Managing Director of Credit Policy Research.
"Our baseline expectations call for continued stability in 2011.
But that baseline assumes that additional significant sovereign
and financial sector problems do not develop in Europe."

In the U.S., the speculative-grade default rate ended the fourth
quarter at 3.3%, also down from 4.0% in the third quarter, while
in Europe, the default rate fell to 1.9% from 3.5%.  At the end of
2009, the U.S. default rate stood at 14.1% and the European rate
was 11.3%.

Moody's forecasting model projects the default rate to fall to
2.1% by December 2011 among speculative-grade issuers in the U.S.
and 1.2% among those in European.

A total of 19 Moody's-rated corporate debt issuers have defaulted
in the fourth quarter, which sends the 2010 default total to 59.
In comparison, there were 269 defaults last year of which 32 were
recorded in the fourth quarter.

The largest number of defaults came from the Media: Advertising,
Printing, & Publishing industry in 2010 with six companies in that
sector defaulting. This is followed by the Capital Equipment
sector, the Hotel, Gaming, & Leisure sector, and the Retail
sector, each of which contributed five defaults.

Across regions, 48 (or 81%) of the 2010 defaulters were from North
America while seven (or 12%) were from Europe. The remaining
defaulters were from Asia and Latin America.

Across industries over the coming year, default rates are expected
to be highest in the Consumer Transportation sector in the U.S.
and the Media: Advertising, Printing, & Publishing sector in
Europe.  Measured on a dollar volume basis, the global
speculative-grade bond default rate closed at 1.6% in 2010. The
current level is down from the level of 2.0% from the previous
quarter.  A year ago, the global dollar-weighted default rate
stood much lower at 16.4%.  In the U.S., the dollar-weighted
speculative-grade bond default rate ended the fourth quarter at
1.6%, down from third quarter's 1.8%.  The latest US dollar-
weighted bond default rate is significantly lower than the 16.6% a
year ago. In Europe, the dollar-weighted speculative-grade bond
default rate fell from 2.6% in the third quarter to 1.7% in the
final quarter of 2010.  At this time last year, the European
speculative-grade bond default rate was much higher at 13.1%.
Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 10.5% at the end of the fourth
quarter, down from the level of 15.0% in the previous quarter.  A
year ago, the index was much higher at 22.7%.

In the leveraged loan market, a total of four Moody's-rated loan
defaulters were recorded in the fourth quarter, sending the entire
year's loan default count to 23.  The trailing 12 month U.S.
leveraged loan default rate finished the fourth quarter at 2.8%,
down from 4.1% in the previous quarter.  In 2009, the U.S. loan
default rate ended at 12.0%.


* S&P's Global Corporate Default Tally at 77 in 2010
----------------------------------------------------
U.S.-based SuperMedia Inc. approved an amendment to allow subpar
repurchases and a subsequent tender offer on its term debt on
Dec. 20, 2010.  This raised the 2010 global corporate default
tally to 77, said an article published Jan. 7 by Standard &
Poor's, titled "Global Corporate Default Update (Dec. 17, 2010 -
Jan. 6, 2011) (Premium)."

Currently, the 2010 default tallies are 54 in the U.S., three in
Europe, nine in emerging markets, and 11 in the other developed
countries (Australia, Canada, Japan, and New Zealand).  In 2010,
27 defaults resulted from missed interest or principal payments,
while 24 defaults resulted from Chapter 11 and foreign bankruptcy
filings, 21 from distressed exchanges, three from receiverships,
and one from regulatory directives and administration.

Of the global corporate defaulters in 2010, 40% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 10% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 11% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 17% had recovery ratings of '3'
(meaningful recovery prospects of 50% to 70%).  And for the
remaining two rating categories, 13% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
10% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).


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

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***