TCRAP_Public/110114.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

            Friday, January 14, 2011, Vol. 14, No. 10

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Fate Now Lies With Hedge Funds, Investors


C H I N A

LDK SOLAR: Holds 11.26% Equity Stake in Solar Power
LDK SOLAR: Raises Outlook for 4th Qtr. 2010 and Fiscal 2011
WEST CHINA: Fitch Puts Rating on Proposed Sr. Unsec. Notes at 'BB'
WEST CHINA: S&P Assigns 'BB-' Long-Term Corp. Credit Rating


H O N G  K O N G

CITY TELECOM: Fitch Upgrades Rating on Issuer Default to 'BB'
INFOSTAR INVESTMENT: Court to Hear Wind-Up Petition on February 23
INTEGRITY INDUSTRIES: Court Enters Wind-Up Order
GOLDEN JOINT: Lau and Liang Appointed as Liquidators
GUIDE A-WAY: Court Enters Wind-Up Order

LINKS INTERNATIONAL: Court to Hear Wind-Up Petition on January 26
MAN LUNG: Creditors' Proofs of Debt Due January 21
NATIONBUILD PACIFIC: Court Enters Wind-Up Order
NUOVO DESIGN: Court to Hear Wind-Up Petition on February 16
SINO FAME: Creditors Get 1.2% Recovery on Claims

SOFT-TREK MEDIA: Creditors Get 100% Recovery on Claims
SUN HING: Court Enters Wind-Up Order
TAKAGI INDUSTRIES: Court Enters Wind-Up Order
TOPPER SILICON: Court Enters Wind-Up Order
VINT HAZELL: Court Enters Wind-Up Order

WAI KWONG: Creditors Get 100% & 6.8% Recovery on Claims
WIN CHAMP: Court to Hear Wind-Up Petition on January 26


I N D I A

3S INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR135MM Term Loan
ASSOCIATED PLASTIC: CRISIL Reaffirms 'P4' Rating on INR150MM LOC
BHAVESH OIL: ICRA Assigns 'LB+' Rating to INR4cr Cash Credit
DAMY ROYAL: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
IAI JOINFLEX: CRISIL Assigns 'B-' Rating to INR58.2MM Term Loan

GLOBUS INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR39.1MM Loan
KIMAYA FASHIONS: ICRA Reaffirms 'LBB+' Rating on INR38cr LT Loan
KARNAWAT ASSOCIATES: ICRA Assigns 'LBB-' Rating to INR12cr Debt
MIDITECH PVT: CRISIL Cuts Rating on Overdraft Facility to 'BB'
PRAMUKH GEMS: ICRA Puts 'LBB' Rating on INR25.3cr Bank Line Limits

RAJASEKHARA ENTERPRISES: CRISIL Puts 'BB-' Rating on Cash Credit
SHIWALYA SPINNING: ICRA Assigns 'LBB+' Rating to INR31CR LT Loan
SREE PAVAN: CRISIL Withdraws 'D' Rating on INR50MM Cash Credit
SREE VISHNU: CRISIL Places 'BB' Rating on INR31.1 Million LT Loan
SNB INFRASTRUCTURE: CRISIL Cuts Rating on Cash Credit to 'BB+'

V M MATERE: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
VICTORY FLOOR: ICRA Assigns 'LB+' Rating to INR2cr Cash Credit
ZION STEEL: Fitch Cuts Rating on INR339.6 Mil. Loan to 'B(ind)'


I N D O N E S I A

MANDALA AIRLINES: Temporarily Suspends Operation Over Debt


J A P A N

ACOM CO: S&P Lowers Counterparty Credit and Debt Ratings to 'BBB-'
TAKEFUJI CORP: Cerberus, TPG Among Five Shortlisted Bidders


K O R E A

C&M FINANCE: Moody's Affirms 'B3' Rating on Senior Unsecured Bond


N E W  Z E A L A N D

HANOVER FINANCE: SecCom Delays Probe Decision as New Data Emerges
JAMES AND AUGUST: Creditors Unlikely to Get Repayment


T A I W A N

AMERICAN INT'L: Ruentex Group Gets Nan Shan for $2.16BB


X X X X X X X X


* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: Fate Now Lies With Hedge Funds, Investors
------------------------------------------------------------
The Wall Street Journal's Kris Hudson and Gregory Zuckerman report
that the convoluted saga of debt-laden Australian shopping-
center owner Centro Properties Group has taken yet another
twist: Most of the banks set to decide Centro's fate by
December have been replaced by hedge funds and other
opportunistic investors.

Gone are most of the lenders that originated Centro's
roughly $5.5 billion in unsecured debt coming due at the
end of this year, having sold their positions in recent
months, the Journal says.

The Journal, citing people close to the matter, states that
now in the catbird seat are a collection of hedge funds and
private-equity firms led by Centerbridge Partners LP,
Davidson Kempner Capital Management LLC and Appaloosa
Management that bought Centro's debt at steep discounts.

According to the Journal, the turnover has far-reaching
implications for Centro's continuing struggle to resolve
its debt burden -- $18.4 billion in all -- before $5.5
billion of it comes due in 11 months. In what figures to be
one of the largest real-estate workouts of this year, says
the Journal, the company now is assessing its options by
reviewing preliminary buyout offers from suitors such as
Blackstone Group LP.  Australian bankruptcy, which mandates
liquidation, remains a possibility, the Journal notes.

The Journal discloses that Centro was the first big
commercial landlord to hit the wall in the downturn when,
in late 2007, it couldn't refinance billions of dollars of
maturing debt.  The Journal says the company's balance
sheet is so riddled with cross-collateralized debt and
syndications of ownership interests that even seasoned
restructuring experts call it the most complex puzzle they
have seen.

Now, the Journal notes, the arrival of the hedge funds as
the new deciders of Centro's fate has further complicated
matters.  According to the Journal, the hedge funds, with
smaller outlays than the original lenders, might have more
patience than their predecessors, which held the debt for
several years and had pushed back the due date multiple
times.

"The new investors have come in with a new cost basis," the
Journal quoted Centro Chief Executive Officer Robert Tsenin
as saying in an interview.  "That, in their minds, opens up
opportunities that were less likely as serious options
previously."

He declined to name the new debt holders or comment on
their intentions, the Journal adds.

According to the Journal, some of the new debt holders view
Centro as a lesser version of General Growth Properties
Inc., the big U.S. mall owner that surged in value over the
past year and exited from bankruptcy in November, rewarding
investors like Brookfield Asset Management Inc. and William
Ackman's Pershing Square Capital Management LP.

The Journal relates that to be sure, Centro's properties
are smaller, less valuable and located in less affluent
locations with lower paying tenants than General Growth's.
Still, some of the hedge funds now betting on Centro see
long-term value. "General Growth was like Tiffany [& Co.];
This is like Kay Jewelers," said one investor, according to
the Journal.

Even so, the investors aren't yet certain how the story
will play out or what their ultimate strategy will be, the
Journal notes people familiar with their thinking as
saying.  Some deem the buyout bids that Centro so far has
received as too low, leaving them inclined to encourage
Centro to refrain from selling, the Journal relates.

Instead, says the Journal, some are hoping that Centro's
shopping centers rise in value as the economy improves.
Thus, these people said, they might consider extending the
loans rather than forcing a restructuring or liquidation,
at least for now, the Journal reports.  Another option:
Some of the investors could convert their debt holdings
into new equity in Centro.

The Journal relates that these new investors began
positioning themselves to influence Centro's fate in the
past year.  The debt that they targeted is separated into
two groups coming due in December: $2 billion originated by
five banks in the U.S. and $3.5 billion originated by eight
banks in Australia.

In the U.S. debt, the Journal discloses, two of the five
banks -- KeyCorp and Wells Fargo & Co. -- sold their
positions last year, according to people familiar with the
matter.  Among the new holders are Centerbridge and
Davidson Kempner, as well as others.  Retaining their
positions are Bank of America Corp., Royal Bank of Scotland
Group PLC and J.P. Morgan Chase & Co.

In the Australian debt, six of the eight banks have sold
their positions, including National Australia Bank,
Commonwealth Bank of Australia, RBS and German bank WestLB
AG, the Journal's sources said.  BNP Paribas sold 60% of
its position but retains the balance.  Lead bank J.P.
Morgan retains its entire position.  The Journal says among
the new holders are Paulson & Co., Centerbridge, Davidson
Kempner, Appaloosa and others.  The exact amounts that each
bank sold and each new investor bought couldn't be
determined.  The Journal adds that among the original
lenders that remain, J.P. Morgan has the biggest outlay,
holding $1.5 billion in face value of Centro's unsecured
debt.

As reported in the Troubled Company Reporter-Asia Pacific
on
Dec. 22, 2010, the Sydney Morning Herald said indicative
bids for Centro Properties' AU$13.5 billion worth of assets
were lodged on Dec. 17, 2010, and the list of bidders
includes the large Australian retail landlords.  Offers for
the U.S. assets are said to be coming mainly from private
investors and hedge funds, which pay lower costs due to the
low interest rates in the U.S. but are happy to take on
some of the Centro debt.  Another interested party is said
to be the Israel-based Gazit Globe.  Among the interested
buyers for some or all of the malls are Westfield, Lend
Lease's Australian Prime Property Fund, CFS Retail Trust,
Queensland Investment Corp, and the Singapore Government
Investment Corp.

According to SMH, Centro decided in November 2010 to put
all its assets on the block after having received approval
to refinance the next round of debt, which was due by last
month.

The sale of the assets comes almost three years to the day
that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to
pay the AU$4 billion of debt that was due in December 2007.
That resulted in the shares of the company dropping in
value by as much as 90%.

                       About Centro Properties

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

                          *     *     *

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

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


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C H I N A
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LDK SOLAR: Holds 11.26% Equity Stake in Solar Power
---------------------------------------------------
In a Schedule 13D filing with the Securities and Exchange
Commission on January 10, 2011, LDK Solar Co. Ltd., disclosed that
it beneficially owns 6,000,000 shares of common stock of Solar
Power, Inc., representing 11.26% of the shares outstanding.  As of
November 12, 2010, there were 52,292,576 shares of common stock of
Solar Power, Inc. common stock outstanding.

LDK Solar gained certain voting rights over 6,000,000 shares
otherwise beneficially owned by Stephen C. Kircher pursuant to a
certain voting agreement, dated January 5, 2011, by and between
Mr. Kircher and LDK Solar.

Pursuant to the Voting Agreement, LDK Solar has obtained
Mr. Kircher's promise, with respect to the Voting Shares, to vote
in favor of a future amendment to the Company's certificate of
incorporation to increase the number of authorized Shares.
Additionally, Mr. Kircher has covenanted with LDK Solar that he
will not dispose of or otherwise limit his interest in the Voting
Shares until after the vote takes place.

Contemporaneously with the execution of the Voting Agreement, LDK
Solar has entered into a stock purchase agreement with the
Company.  Should certain conditions be satisfied, LDK Solar
anticipates that at future dates, the Company will issue and LDK
Solar will purchase, 42,835,947 Shares and will subsequently
purchase 20,000,000 shares of Series A Preferred Stock pursuant to
the terms of the Stock Purchase Agreement.  Should this
transaction occur, through the combined voting power of the
Purchased Shares and the Voting Shares, LDK Solar will control a
greater than 50% share of the Shares for the purposes of voting to
increase the number of authorized Shares.

If all of the events occur, the Company will effectuate an
increase in the amount of authorized Shares.  Once this occurs,
the Purchased Preferred Shares will be converted automatically
into Shares.  The result of this series of transactions, should it
transpire, is that LDK will obtain beneficial ownership of 70% of
all issued and outstanding Shares.

Once the vote to increase the amount of authorized Shares has
occurred, LDK Solar's beneficial ownership interest in the Voting
Shares will cease.

Furthermore, the Stock Purchase Agreement contemplates that
Xiaofeng Peng and Jack Lai will be appointed to the board of
directors of the Solar Power in conjunction with the first closing
of the transactions contemplated by the Stock Purchase Agreement;
that Tim Nyman, Ron Cohan and Paul Regan will resign from the
board of directors of the Company prior to the second closing of
the transactions contemplated by the Stock Purchase Agreement and
that LDK Solar will receive recommendations from the Solar Power
as to additional candidates to be appointed to the board of
directors of Solar Power; and Solar Power will cause two such
individuals designated by LDK Solar to be seated on the board of
directors of the Company.

                          About LDK Solar

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

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

                        Going Concern Doubt

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

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


LDK SOLAR: Raises Outlook for 4th Qtr. 2010 and Fiscal 2011
-----------------------------------------------------------
LDK Solar Co., Ltd. provided an updated outlook for its fourth
quarter 2010 and fiscal year 2011.

For the fourth quarter of 2010, LDK Solar expects to report
revenue in the range of $870 to $910 million, wafer shipments of
615 to 620 megawatts (MW), module shipments of 160 MW to 165 MW,
in-house polysilicon production between 1,900 MT and 1,910 MT, in-
house cell production between 26 MW and 27 MW, and gross margin
between 25.0% and 27.0%.  The Company's prior guidance for the
fourth quarter was revenue of $710 to $750 million, wafer
shipments of 580 MW to 600 MW, and module shipments of 120 to 130
MW, in-house polysilicon production between 1,700 MT and 1,900 MT,
in-house cell production between 20 MW and 23 MW, and gross margin
between 24.0% and 26.0%.

For fiscal year 2011, LDK Solar expects revenue in the range of
$3.5 to $3.7 billion, wafer shipments of 2.7 to 2.9 gigawatts
(GW), module shipments of 800 MW to 900 MW, in-house polysilicon
production of 10,000 MT and 11,000 MT, in-house cell production
between 500 MW and 600 MW, and gross margin between 23.0% and
28.0%.  The Company's prior guidance for fiscal year 2011 was
revenue of $2.9 to $3.3 billion, wafer shipments of 2.5 GW to 2.8
GW, and module shipments of 700 MW to 800 MW, in-house polysilicon
production between 9,000 MT and 10,000 MT, in-house cell
production between 400 MW and 500 MW, and gross margin between
22.0% and 28.0%.

As of December 31, 2010, cash balances, including pledged bank
deposits, were approximately $700 million.

The outlook for the fourth quarter 2010 and fiscal year 2011 are
estimates.  Results are subject to change based on further review
by management.  Once the fourth quarter and fiscal year 2010
reporting date is finalized, LDK Solar will issue a press release
announcing the date and details of its fourth quarter and fiscal
year 2010 conference call.

                          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."


WEST CHINA: Fitch Puts Rating on Proposed Sr. Unsec. Notes at 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' Long-term foreign currency
Issuer Default Rating (IDR) to West China Cement Limited.  The
Outlook is Stable.  Fitch has also assigned an expected 'BB'
rating to WCC's proposed senior unsecured notes due 2016.  Net
proceeds from the issue are to be used to repay existing debt and
for capacity expansion via new plants and acquisitions.  The final
rating of the proposed notes is contingent upon the receipt of
documents conforming to information already received.

WCC's ratings reflect its sustainably high operating profit margin
supported by its dominant market position in the niche southern
Shaanxi Province in China.  Since 2006, WCC has been achieving
operating EBITDA margin of over 40% compared to the lower than 30%
margins of most other producers, including global players.  WCC
derives its higher margins mainly from the geographic isolation
and mountainous topography of its core market, southern Shaanxi.
This significantly increases the transportation costs for non-
local producers -- equivalent to at least 30% of the selling
prices for producers in other parts of Shaanxi -- making them
uncompetitive in the region.  WCC owns more than 70% of the
production capacity in this region, allowing it to control more
than 60% of cement sales.

Fitch believes that this dominance will likely continue given
the high growth in demand driven by the government's push for
infrastructure under the Western Development Plan, and ongoing
restrictions by the provincial government on additional new
capacity since September 2009.  Furthermore, Fitch notes that
WCC's margins are driven not only by higher prices, but also by
higher production efficiency with almost full capacity utilization
and significantly lower transportation costs.

WCC's ratings are also supported by its strong credit metrics.
Following its IPO in August 2010, WCC's financial leverage, as
measured by Net Debt/Operating EBITDAR, is expected to improve to
0.6x by end-2010.  Although WCC is expected to incur additional
capex and may make acquisitions under the government-initiated
industry consolidation, Fitch expects its financial leverage to
remain below 1.0x and interest coverage to be above 4.5x in the
coming 12-18 months.  The strong credit metrics allows sufficient
headroom for any unexpected changes in the business environment,
including any substantial fall in cement prices.  WCC's regional
dominance and good financial metrics mean that it will be the main
beneficiary of the ongoing industry consolidation as it has the
scale and financial wherewithal to drive the consolidation.

WCC's ratings are constrained by its small operating scale and the
lack of geographic diversification. These limitations heighten the
company's business risks, particularly from the demand side,
though as noted above, its high margins and good financial metrics
provide it with significant buffer for such an eventuality.

The Stable Outlook reflects Fitch's expectation that WCC's
business and financial profiles would not change materially
despite the expected expansion via capex and acquisitions.  Fitch
may consider a negative rating action if there are signs that
WCC's dominance in southern Shaanxi will be eroded.  In addition,
any expansion by the company that materially lowers operating
margins, for instance expansion outside southern Shaanxi, may also
be a cause for a negative action.  In terms of credit metrics, the
aforementioned events may cause financial leverage to be sustained
below 1.5x.  Fitch will not consider any positive rating action in
the medium term as the main constraints on the rating -- scale and
single market focus -- are not likely disappear.


WEST CHINA: S&P Assigns 'BB-' Long-Term Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' long-
term corporate credit rating to China-based cement producer West
China Cement Ltd.  The outlook is stable.  At the same time, S&P
assigned its 'BB-' issue rating to the Company's proposed U.S.
dollar five-year senior unsecured notes.  The rating is subject to
S&P's review of the final issuance documentation.

"The rating on WCC reflects the Company's good market position in
Shaanxi province, above-average profitability, and a track record,
albeit short, of steady financial performance.  These strengths
are moderated by the Company's small operating scale, single
product, and heightened concentration in one region.  The rating
is also constrained by our uncertainty about the Company's
execution of its aggressive expansion," said Standard & Poor's
credit analyst Christopher Lee.

The Company will use the proceeds from the proposed notes to
refinance borrowings, and funds its capital expenditure and
working capital.  WCC is a privately owned cement producer based
in Shaanxi province in western China.  The Company listed on the
Hong Kong stock exchange in August 2010.

In S&P's view, the key rating constraints for WCC are its single
product and concentration in Shaanxi province.  The Company is
vulnerable to changes in economic conditions in Shaanxi province
and potential government policy changes.  This is particularly
given the Company's aggressive growth targets and its expectation
that capacity utilization will remain high in the next two years.
Further, the Company may face slower demand when large
infrastructure projects that are being developed in Shaanxi are
completed.  S&P believe the concentration risk is somewhat
tempered by the good growth potential of the Shaanxi market, the
Company's large customer base, and a network of eight plants
operating in different localities in the province.

The rating is also constrained by S&P's uncertainty about WCC's
execution of its aggressive expansion.  The Company plans to
double its production capacity by 2015 from about 12.5 million
metric tons per year currently through new plants and
acquisitions; any slippages will materially affect WCC's projected
financial performance.  S&P's uncertainty is somewhat mitigated by
the Company's focused strategy, successful past acquisitions, and
clear investment framework.

WCC's good market share of about 20% in Shaanxi and favorable
market conditions support the rating.  The Company has benefited
from good pricing, high capacity utilization, and efficient
operations, as demonstrated by the steady improvement in its
profitability in the past three years.  S&P expects WCC's
performance to remain satisfactory because of strong underlying
demand and the Company's ability to pass-on cost increases to its
customers.

S&P said WCC has a track record, albeit short, of steady financial
management.  The Company has maintained low leverage and good cash
flow coverage despite its large capital spending in the past three
years.  It did this by managing its working capital tightly and
raising equity capital twice.  More than 50% of WCC's customers
(cement distributors) pay cash.  In S&P's base case, S&P expects
the Company to maintain credit ratios for 2011-2012 that are good
for the 'BB-' rating supported by above average profitability,
good cash generation, and a moderate increase in borrowings.

WCC's liquidity is adequate.  S&P expects the Company's cash on
hand, projected operating cash flows, and the proposed bonds to be
more than sufficient to fund short-term borrowings due and
projected capital spending.  As at Dec. 30, 2010, the Company had
uncommitted and undrawn bank facilities of about Chinese renminbi
(RMB) 150 million.

"The stable outlook reflects our expectation that WCC will
maintain adequate liquidity (at least RMB1 billion in cash) and
moderate leverage while pursuing its aggressive expansion.  S&P
also expects the Company to continue to benefit from a
satisfactory operating environment, supporting its above-average
profitability, and satisfactory cash flow generation," said
Mr. Lee.

S&P could lower the rating if WCC's expansion is more aggressive
than S&P expected and debt-funded, and the Company's operating
environment deteriorates such that cement prices and demand weaken
materially.  This could happen if its EBITDA margins are below 30%
and its debt-to-EBITDA ratio is above 5x.

S&P could raise the rating if WCC improves its geographic
diversification, demonstrates that it could manage a significantly
larger scale of operation, and maintains financial ratios
supportive of a higher rating.  S&P considers a debt-to-EBTIDA
ratio of less than 2.5x or consistent positive free cash flows
to be supportive of a higher rating.


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


CITY TELECOM: Fitch Upgrades Rating on Issuer Default to 'BB'
-------------------------------------------------------------
Fitch Ratings has upgraded City Telecom's Long-term foreign
currency Issuer Default Rating (IDR) to 'BB' from 'BB-', and
assigned it a Long-term local currency IDR of 'BB'.  The Outlook
is Stable.  Fitch also has affirmed the company's foreign currency
senior unsecured at 'BB', and simultaneously withdrawn this rating
following the full repayment of its senior unsecured notes in
2010.

"The upgrades reflect the company's continued improvement in its
credit metrics, as well as its strong position as the second-
largest broadband service provider in Hong Kong.  Although there
was a slight decline in the EBITDA margin to 29.9% during the
fiscal year to end-August 2010 from 32.0% a year earlier, due to
the increase in marketing expenses, City Telecom was able to
acquire a record-high subscriber net addition of 135,000 in FY10,"
says Alvin Lim, Associate Director in Fitch's Asia Pacific Telecom
Media and Technology ratings team.  This increased its market
share to 23% at FYE10, versus 15% at FYE08, thanks to its
effective pricing strategy and competitive Fibre-to-the Home
network quality.  In addition, backed by its strong cash
generation, the company has maintained a net cash position for
two consecutive fiscal years.

Fitch believes that City Telecom has solid growth potential with
its well-established FTTH network, despite the highly saturated
Hong Kong telecom market.  While overall broadband household
penetration is high at 85%, there still is room for further
growth, in terms of consumers switching from copper to FTTH, as
the penetration rate of FTTH is still quite low at 35%, and demand
from subscribers for faster data transmission speed is expected to
constantly increase.

"City Telecom should be able to strengthen its market position by
absorbing subscribers migrating to its FTTH networks from slower
DSL-based network services.  This is well-illustrated by the fact
that the company was able to capture 93% of total net additions in
Hong Kong's broadband segment during FY10," said Mr. Lim.
Although the company witnessed a sharp decline in blended ARPU to
HKD135 in FY10 due to its aggressive pricing strategy, Fitch
forecasts a gradual improvement in the ARPU.  This is as City
Telecom ended its HKD99 per month broadband promotion at end-
August 2010, and is now focusing on selling a "triple play"
service of 100Mbps broadband, voice, and IP-TV for HKD199 a month.
This demonstrates the company's strength as the price-setter in
the market, based on its network quality and even as the
industry's non-incumbent player.

Fitch also notes that there has been a material improvement in
City Telecom's credit metrics as it has been able to reduce its
adjusted gross debt level to HKD124.2m at FYE10 thanks to its
strong cash generating ability and management's conservative
financial policies.  In addition, the agency expects the company's
total capex level to gradually decrease from FY12 as it is
expected to complete its FTTH network coverage.  Although a
significant increase in the dividend payout suppresses its Free
Cash Flow generation, Fitch expects City Telecom to be able to
generate positive FCF from FY12 with lower capex commitment, and
to maintain its net cash position.

The Stable Outlook on City Telecom reflects Fitch's expectation
that the company will be able to sustain its improved business and
financial profile, and gain additional market share over the
medium-term, underpinned by its network technology leadership.

Fitch will consider a further positive rating action if the
company is able to increase its market share above 35% and
maintain its operating EBITDAR margin over 30%, with the absolute
amount of EBITDAR reaching over USD100m, as well as FFO adjusted
net leverage below 1.0x on a sustained basis.  A negative rating
action may be taken if there is a material deterioration in City
Telecom's competitiveness which results in a substantial loss in
its market share, coupled with erosion in profitability with its
operating EBITDAR margin falling below 25%, and FFO adjusted net
leverage rising above 1.5x on a sustained basis.


INFOSTAR INVESTMENT: Court to Hear Wind-Up Petition on February 23
------------------------------------------------------------------
A petition to wind up the operations of Infostar Investment
Limited will be heard before the High Court of Hong Kong on
February 23, 2011, at 9:30 a.m.

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

The Petitioner's Solicitors are:

          Li, Wong, Lam & W. I. Cheung
          Suites 909-912, 9th Floor
          One Pacific Place
          88 Queensway
          Hong Kong


INTEGRITY INDUSTRIES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Integrity Industries Limited.

The company's official receiver is E T O'Connell.


GOLDEN JOINT: Lau and Liang Appointed as Liquidators
----------------------------------------------------
Mr. Lau Siu Hung and Mr. Liang Yang Keng on December 6, 2010, were
appointed as liquidators of Golden Joint Steel Company Limited.

The liquidators may be reached at:

         Mr. Lau Siu Hung
         Mr. Liang Yang Keng
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


GUIDE A-WAY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on December 17, 2010,
to wind up the operations of Guide A-Way International Food
Limited.

The company's liquidator is Chiu Koon Shou.


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

The Government of the Hong Kong Special Administrative Region
filed the petition against the company.

The Petitioner's counsel is:

          Matthew Cheung
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


MAN LUNG: Creditors' Proofs of Debt Due January 21
--------------------------------------------------
Creditors of Man Lung Hong Securities Limited, 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 liquidators are:

         Patrick Cowley
         Edward Simon Middleton
         8th Floor, Price's Building
         10 Chater Road
         Central, Hong Kong


NATIONBUILD PACIFIC: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of NationBuild Pacific Limited.

The company's official receiver is E T O'Connell.


NUOVO DESIGN: Court to Hear Wind-Up Petition on February 16
-----------------------------------------------------------
A petition to wind up the operations of Nuovo Design Limited will
be heard before the High Court of Hong Kong on February 16, 2011,
at 9:30 a.m.

Mr. Lo Siu Wa filed the petition against the company.

The Petitioner's Solicitors are:

          Messrs. Liu, chan and Lam
          Rooms 1710-18, 17th Floor
          Hutchison House
          No. 10 Harcourt Road
          Central, Hong Kong


SINO FAME: Creditors Get 1.2% Recovery on Claims
------------------------------------------------
Sino Fame Technology Limited, which is in liquidation, will
declare the first dividend to its creditors on January 28, 2011.

The company will pay 1.2% for ordinary claims.

The company's liquidator is:

         Fok Hei Yu
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


SOFT-TREK MEDIA: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Soft-Trek Media Limited, which is in liquidation, will declare the
first and final dividend to its creditors on January 21, 2011.

The company will pay 100% for preferential claims.

The company's liquidator is:

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


SUN HING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on December 17, 2010,
to wind up the operations of Sun Hing Hong Environmental
Technologies Limited.

The company's liquidator is Chiu Koon Shou.


TAKAGI INDUSTRIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Takagi Industries (Shenzhen) Company
Limited.

The company's official receiver is E T O'Connell.


TOPPER SILICON: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Topper Silicon Steel Industry Company
Limited.

The company's official receiver is E T O'Connell.


VINT HAZELL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Vint Hazell (HK) Limited.

The company's official receiver is E T O'Connell.


WAI KWONG: Creditors Get 100% & 6.8% Recovery on Claims
-------------------------------------------------------
Wai Kwong Products Factory Limited, which is in liquidation, will
declare the first and final dividend to its creditors on
January 14, 2011.

The company will pay 100% for preferential and 6.8% for ordinary
claims.

The company's liquidators are:

         Elizabeth Law
         Kwok Hon Ping
         Office of the Joint and Several Liquidators
         8th Floor, Chinachem
         Tower 34-37 Connaught Road
         Central, Hong Kong


WIN CHAMP: Court to Hear Wind-Up Petition on January 26
-------------------------------------------------------
A petition to wind up the operations of Win Champ Asia Limited
will be heard before the High Court of Hong Kong on January 26,
2011, at 9:30 a.m.

Favour Link International filed the petition against the company.

The Petitioner's Solicitors are:

          Kenneth Sit
          Room 1203, 12th Floor
          Euro Trade Centre
          13-14 Connaught Road
          Central, Hong Kong


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


3S INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR135MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the term loan
facility of 3S Infrastructure.

   Facilities                      Ratings
   ----------                      -------
   INR135.0 Million Term Loan      B/Stable (Assigned)

The rating reflects the cash losses 3SI incurred in 2009-10
(refers to financial year, April 1 to March 31) leading to weak
financial risk profile, marked by negative debt protection
metrics, and the company's small scale and limited track record of
operations.  These weaknesses are partially offset by the strong
financial support 3SI receives from its partners.

Outlook: Stable

CRISIL believes that 3S Infrastructures (3SI) will maintain its
credit risk profile because of the timely financial support it
receives from partners to meet debt repayment obligations.  The
outlook may be revised to 'Positive' in case the firm leases out
vacant portion of the mall for business and stabilizes operations,
leading to positive accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the partners fail to infuse funds in a timely manner to meet term
debt obligations or if the firm undertakes a large, debt-funded
capital expenditure programme, faces delays in commencing
operations at the vacant portion of the building.

                      About 3S Infrastructure

Set up in 2006, 3SI is a partnership firm promoted by Dr. Bal
Sidhu, Mr. Sukhjinder Singh Khera, Mr. Santokh Singh Khera, and
Mr. Parduman Singh.  The firm operates a mall -- Centrium Jyoti
Mall -- in Jalandhar (Punjab).  The mall comprises five levels,
with total leasable area of 45,000 square feet.  The construction
work began in 2007.  The total cost of the project was INR300
million, funded in a debt-to-equity ratio of 1.14 times.  The
project was delayed by around one year due to a stay order from
High Court of Punjab on account of cracks developed at nearby
buildings during the construction phase. The issue was settled and
the mall finally commenced operations from May 2009.

3SI is estimated to report a net loss of INR34.8 million on net
sales of INR27.3 million for 2009-10 (refers to financial year,
April 1 to March 31).


ASSOCIATED PLASTIC: CRISIL Reaffirms 'P4' Rating on INR150MM LOC
----------------------------------------------------------------
CRISIL rating on the bank facility of Associated Plastic
Industries continue to reflect API's weak financial risk profile
and small scale of operations in the plastics trading business.
These rating weaknesses are partially offset by the benefits that
the firm derives from its promoters' experience in trading in
plastic raw materials, and its established relationships with
customers across the world.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Letter of Credit    P4 (Reaffirmed)

Update

In 2009-10 (refers to financial year, April 1 to March 31), API's
revenues grew by a healthy 74 per cent to INR746 million over that
in the previous year, driven by increase in trading volumes in
2009-10.  The firm's operating margin declined marginally to 4.3
per cent in 2009-10 from 5.0 per cent in 2008-09. The firm's
turnover is expected to increase by 6 to 7 per cent over the next
medium term, driven by healthy domestic demand for plastics not
manufactured by domestic players.  API reported a profit after tax
(PAT) of INR5.8 million on net sales of INR427.9 million for
2008-09, as against a PAT of INR3.1 million on net sales of
INR224.0 million for 2007-08. API's financial risk profile is,
however, constrained by the large unsecured loans it has
contracted to finance the working capital requirements of its
associate entities United Industrial Corporation, VHCL Industries
Ltd, Hardik Industrial Corporation, and Gujarat Packaging.  API's
gearing was very high at 9.4 times as on March 31, 2010.  Short-
term unsecured debt accounted for 90 per cent of the firm's total
debt.

                             About API

Set up in 1975 by Mr. Haribhai Valia, API imports plastic raw
materials and scrap, such as plastic mix, sweeping granules, and
virgin plastic for sale in India.  The firm trades in virgin
plastic scraps, including high-density polyethylene (HDPE), linear
low-density polyethylene (LLDP), polyphenylene ether (PPE), and
polyvinyl chloride (PVC).  Its plastic products are used for
manufacturing packaging bags, containers, bottles, and pipes.

API is one of the five entities of the group managed by Mr. Pankaj
Valia and his younger brother Mr. Bharat Valia.  The other group
companies are Hardik Industrial Corporation which is a del credere
agent for polymer products of Reliance Industries Ltd.  The other
three entities include two plastic manufacturing units, UIC and
VHCL, both having their plastic granules manufacturing plants in
Silvassa; and Gujarat Packaging, which is also engaged in plastics
trading.


BHAVESH OIL: ICRA Assigns 'LB+' Rating to INR4cr Cash Credit
------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR 4.00 crore cash
credit facility of Bhavesh Oil Industries.  ICRA has also assigned
an 'A4' rating to the INR 7.00 crore, short-term fund based
warehouse loan facility of BOI.

The ratings are constrained by the relatively modest size of
operations of the firm compared to organized players in cottonseed
oil industry; weak financial profile as reflected by high gearing
levels and weak profitability levels.  The margins are expected to
remain low given the limited value addition in the business, in
absence of refining operations and the highly competitive
fragmented industry structure.  ICRA notes that the firm is also
at a disadvantage given the lack of diversification in the product
profile for manufacturing operations, vulnerability of
profitability to raw material prices which are subject to weather
conditions, seasonality & crop harvest as well as to movements in
other crude oils.  ICRA also notes that BOI being a partnership
firm, any significant withdrawals from the capital account would
affect its capital structure.

The ratings however favorably consider the long experience of the
promoters in the cotton ginning and cottonseed crushing industry,
advantage by virtue of being located in Gujarat giving it easy
access to cottonseeds, castor seeds with Gujarat also being one of
the biggest consumer for cottonseed oil in India, and a clientele
consisting of organized edible oil players having strong market
position in refined cottonseed oil segment.

                         About Bhavesh Oil

Bhavesh Oil Industries was established in 1996 and is engaged in
crushing of cotton seeds to produce crude cotton seed oil, sale of
cotton seed cake and trading of Cotton and Castor seeds.  The firm
has its production facility located at Harij, Gujarat.  The firm
has seed crushing capacity of 120 tons per day.

Recent Results

During FY 2010, the firm reported a profit after tax of INR 0.11
Cr on an operating income of INR 50.37 Cr.


DAMY ROYAL: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Damy Royal Stones Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100.00 Million Cash Credit    B+/Stable (Assigned)
   INR400.00 Million Proposed LT    B+/Stable (Assigned)
              Bank Loan Facility

The rating reflects DRSPL's weak financial risk profile marked by
a small net worth, a high gearing, and weak debt protection
metrics.  The rating also factors in the company's small scale of
operations, with limited track record in the mild steel (MS) ingot
trading and soapstone mining business, and the expected increase
in working capital requirements with increase in trading
operations.  These rating weaknesses are partially offset by the
expected improvement in DRSPL's scale of operations in the MS
ingot trading industry.

Outlook: Stable

CRISIL believes that DRSPL's financial risk profile will remain
constrained over the medium term by the company's weak capital
structure and small cash accruals.  The outlook may be revised to
'Positive' if DRSPL improves its capital structure, most likely
through fresh equity infusion, and successfully ramps up its MS
ingot trading operations, while following sound risk management
practices.  Conversely, the outlook may be revised to 'Negative'
if the company reports slower-than-expected increase in trading
operations, pressure on profitability, or undertakes a large,
debt-funded capital expenditure programme.

                         About Damy Royal

DRSPL was set up in 2007 by Mr Manish Yadav. Until June 2010, the
company was engaged in the mining of soapstone in Udaipur
(Rajasthan) through its leasehold mine, with capacity of 2000
tonnes per day (tpd); it currently mines around 50 tpd.  In
June 2010, DRSPL acquired a 100-per cent stake in a thermo
mechanically treated (TMT) bar manufacturing company, Dudheshwar
Steel and Alloys Pvt Ltd, which was diluted to 45 per cent in the
same month.  With this acquisition, DRSPL entered the MS ingots
trading business; currently, it is the sole provider of MS ingots
to DSAPL. DRSPL is expected to derive most of its revenues from
its steel trading business over the near term.

DRSPL reported a net loss of INR1.3 million on net sales of
INR37.5 million for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR0.3 million on
net sales of INR44.2 million for 2008-09.


IAI JOINFLEX: CRISIL Assigns 'B-' Rating to INR58.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of IAI Joinflex India Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR25.00 Million Cash Credit    B-/Stable (Assigned)
   INR58.20 Million Term Loan      B-/Stable (Assigned)
   INR20.00 Million Proposed LT    B-/Stable (Assigned)
                       Facility

The rating reflects IJIPL's start-up nature of operations and
large working capital requirements, resulting in a weak financial
risk profile, particularly pressure on liquidity, marked by a
small net worth and weak debt protection metrics.  The rating also
reflects IJIPL's small scale of operations, and exposure to risks
related to volatility in raw material prices and to customer
concentration in revenue profile.  These rating weaknesses are
partially offset by the extensive industry experience of IJIPL's
promoters.

Outlook: Stable

CRISIL believes that IJIPL's liquidity will remain weak over the
medium term, mainly because of the company's large debt
obligations and working capital requirements, against depressed
net cash accruals on account of the start-up nature of operations.
The outlook may be revised to 'Positive' if IJIPL's liquidity
improves significantly because of substantial increase in cash
accruals.  The outlook may be revised to 'Negative' in case
further pressure on liquidity, because of delay in ramping up of
sales, leads to depressed cash accruals.

                         About IAI Joinflex

IJIPL is a joint venture between Imperial Auto Industries, India,
and Joinflex Company Ltd, South Korea that commenced commercial
operations in 2009-10 (refers to financial year, April 1 to
March 31).  IAI owns around 80 per cent of IJIPL's equity.  IJIPL
has three main product lines: exhaust gas recirculation (EGR)
tubes, oil drain tubes, and flexible connectors. The company
commenced operations by manufacturing EGR tubes and oil drain
tubes.  Currently, the company derives around 70 per cent of its
revenues from sale of EGR tubes, and the rest from sale of oil
drain tubes.  It has only recently started manufacturing and
marketing flexible connectors.  IJIPL supplies EGR tubes and oil
drain tubes directly to original equipment manufacturers while
flexible connectors are supplied to Tier-1 manufacturers of
automotive components.  These products are used to meet pollution
control norms under Bharat Stage 4. IJIPL's manufacturing facility
is at Chakan in Pune (Maharashtra).

IJIPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR30.2 million for 2009-10,


GLOBUS INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR39.1MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Globus Industries and
Services Ltd continues to reflect GISL's weak financial risk
profile and low operating efficiency.  These weaknesses are
partially offset by GISL's promoters' experience in the edible oil
industry.

   Facilities                            Ratings
   ----------                            -------
   INR80.0 Million Cash Credit Limit     B/Stable (Reaffirmed)
   INR110.0 Million Working Capital      B/Stable (Reaffirmed)
                          Term Loan
   INR39.10 Million Term Loan            B/Stable (Reaffirmed)
   INR293.9 Million Letter of Credit     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GISL will maintain its stable business risk
profile over the medium term, supported by its healthy position of
its brands Angan and Swamy in the vanaspati market in Punjab and
Himachal Pradesh.  The outlook may be revised to 'Positive' if
GISL's profitability and capital structure improve. Conversely,
the outlook may be revised to 'Negative' if GISL undertakes a
larger-than-expected debt-funded capital expenditure (capex)
programme, leading to a weakening in its capital structure.

Update
In 2009-10 (refers to financial year, April 1 to March 31), GISL
generated positive cash accruals of INR63 million, against
negative cash accruals of INR106 million in the previous year as a
result of reversal of provision for deferred tax of INR41million
due to loss incurred.  Moreover, profit of INR10.8 million earned
on foreign exchange transactions by the company from sale of
derivatives in 2009-10 supported its cash accruals.  Gearing
declined to 3.49 times as on March 31, 2010, from 5.13 times as on
March 31, 2009, driven by an increase in net worth because of
increase in accretion to reserves.

GISL's liquidity continues to be weak because of its large working
capital requirements leading to high bank limit utilization of
around 85 per cent on an average for the 12 months ended August
2010. CRISIL expects GISL's liquidity to remain weak over the
medium term, as the Government of Punjab is levying entry tax of 5
per cent on the total raw material imports in 2010-11.

GISL reported a profit after tax (PAT) of INR41.0 million on net
sales of INR227.0 million for 2009-10, against a net loss of
INR127.0 million on net sales of INR309.0 million for 2008-09.

                       About Globus Industries

GISL (formerly, Suraj Solvant and Vanaspati Industries Ltd, was
set up as a joint venture by Mr. Suraj Gupta and his associates,
and Punjab State Industrial Development Corporation in 1993.  The
company manufactures cotton seed oil, vanaspati, and refined oil,
and undertakes solvent extraction activities at its unit in
Khippanwali (Punjab).  It sells edible oil under its own brands,
Angan and Swamy, and manufactures edible oil and vanaspati for
other brands.


KIMAYA FASHIONS: ICRA Reaffirms 'LBB+' Rating on INR38cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR 38 crore, long-
term loans and INR7 crore long-term fund-based limits of Kimaya
Fashions Private Limited.  ICRA has also assigned a "stable"
outlook on the rating.

The rating reaffirmation continues to factor in KFPL's established
relationships with ultra HNI clients and well known designers, its
high brand visibility aided by Bollywood celebrity endorsements,
and the vast experience of the promoters in the field.  ICRA also
takes note of improvement in economic scenario which is likely to
aid operating income growth of KFPL in the medium term and
improved operating margins aided by better purchasing efficiency.
However, the strengths are partially offset by stretched debt
coverage indicators (exhibited by Total debt/OPBIDTA of 3.6 times
in FY 2010), modest scale of operations and increasing inventory
levels as KFPL expands its operations.  Further, large expected
investment into affordable clothing segment (Pret) may impact its
financial profile.  The high end boutique retail is characterized
by intense competition from standalone designer stores and other
unorganized players, restricting profitability.  ICRA also factors
in the challenges of maintaining its brand equity as it expands
outside the major metros of Mumbai and Delhi and performance in
the new markets remains to be seen.

                       About Kimaya Fashions

Kimaya Fashions Private Limited promoted by Mr. Pradeep Hirani and
Ms. Neha Hirani and was started in March 2002, the company
launched its first store at Juhu in Mumbai in Oct, 2002. KFPL
currently has stores at premium locations in the cities of Mumbai,
Delhi and sells the creations of top Indian designers to affluent
fashion conscious clientele.  KFPL started operations with nearly
26 designers in 2002 and over a period of time the number of
designers has gone up to around 142 presently.  KFPL has also
launched its franchisee operations during 2008-09 with the opening
of its first franchisee store in Chennai.  The company has over a
period of time launched different brands carrying out line
extension these include Kimaya Bridal Saloon (targeted at the
brides), Kimaya Amore (Plus size women), vivakimaya (targeted at
the young), ayamik (men's collection).  The company has presently
operational stores in Mumbai, Delhi, Bangalore and Chennai.

Recent Results:

As per its audited results for 2009-10, company had sales of
INR51.2 crore (over INR 36.3 crore in 2008-09) and reported profit
after tax of INR 2.0 crore (over INR 0.2 crore in 2008-09).


KARNAWAT ASSOCIATES: ICRA Assigns 'LBB-' Rating to INR12cr Debt
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR12 Crore fund-based
bank facilities and 'A4' rating to the INR5.00 Crore non fund
based bank facilities of Karnawat Associates Pvt. Ltd.  The
outlook assigned to long term rating is 'Stable'.

The assigned rating takes into account KAPL's weak financial
position characterized by stretched liquidity profile as reflected
in high working capital intensity, adverse capital structure and
low profit margins as typical of trading business.  Moreover, the
margins are susceptible to adverse movements in iron and steel
prices which are highly volatile and commoditized in nature.  ICRA
notes that the company has very limited track record with only one
year of reported operations, and operates in an industry which is
characterized by strong competition from unorganized (large
presence) as well as organized players.  The rating however,
favorably factors in established track record of the partners in
ferrous and non-ferrous metal scrap industry due to group presence
over 3 decades, moderately diversified supplier base and financial
and operational backing from group concerns.

                      About Karnawat Associates

Karnawat Associates Pvt. Ltd. was established in 2008, and
commenced operations from April 2009.  KAPL is in the business of
trading and semi manufacturing of ferrous metal, tube & pipe
fittings pipes tubes trading.  Some of the products include MS
Scrap, CR Coils, MS Blocks brass scrap, CRCA scrap etc.  The
company has its office at Mumbai and a manufacturing facility in
Thane.

Apart from KAPL, there are three group concerns namely Tulsi
Castings & Machining Ltd., Metal Link & Alloys Ltd & Bhavarlal
Mangilal Jain & Co.  Tulsi Foundries Ltd. is into manufacturing,
supply and export of ductile iron casting components. Metal Link
Alloys Ltd. is into manufacture of high grade Bronze and Brass
Ingots including Gun Metal, Phosphorus Bronze, Leaded Bronze,
Aluminum Bronze, Manganese Bronze, Sand Cast Brass (SCB), High
Tensile Brass (HTB), Die Cast Brass (DCB), and Master Alloys etc.
Bhavarlal Mangilal Jain & Co is into the same line of business as
of KAPL for trading of ferrous and non ferrous scrap.

Recent results:

KAPL recorded a net profit of INR 0.27 Crores on an operating
income of INR 12.74 Crores for the year ended on 31st March 2010,
as per the audited figures.


MIDITECH PVT: CRISIL Cuts Rating on Overdraft Facility to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Miditech Pvt Ltd to 'BB/Negative' from 'BB+/Stable'.


   Facilities                           Ratings
   ----------                           -------
   INR100.0 Mil. Overdraft Facility     BB/ Negative (Downgraded
                                               from 'BB+/Stable')

The downgrade reflects the slowdown in the launch of MPL's
television (TV) shows in the current year, leading to pressure on
its revenues and cash flows. MPL's turnover from the new shows for
the eight months ended November 2010 was significantly lower than
expected, at INR180 million.  CRISIL expects a year-on-year
decline in sales in 2010-11 from reported sales of INR778 million
in the previous year.  The revenues of TV content production
houses are vulnerable to changing programming patterns and
producers' ability to create new shows. MPL was expected to launch
six shows in the reality genre, two shows in the fiction/drama
genre and also line produce medium budget movies and short
animation films in the current year.  The actual launch of shows
is behind plan and it will impact the company's revenues in the
current year.  The company, however, has four to five big shows in
the pipeline, production of which are to begin in the current
financial year.  The ratings will remain sensitive to pick up in
production activity and the launch of any new shows that could
support growth in revenues.

In July 2010, Turner Asia Pacific sold its 29 per cent stake in
MPL to co-promoter Alva Brothers Entertainment Ltd.  Turner's exit
from MPL results in the severance of all benefits that MPL derived
from this association, such as access to funds from a strong
strategic investor and status as preferred producer for Turner's
various channels, such as Cartoon Network and Pogo.

CRISIL believes that the ratings on MPL will remain sensitive to
new programme launches, while maintaining profitability and
demonstrating stability in its topline over the medium term.

The ratings reflect MPL's weak financial risk profile, marked by
small net worth and weak capital structure, and exposure to risks
inherent in the TV content production industry.  These weaknesses
are partially offset by MPL's diversified portfolio, and limited
exposure to risks of losses on shows produced, because of the
commission model of TV content production.

Outlook: Negative

CRISIL believes that MPL's credit risk profile will deteriorate
over the medium term because of the slowdown in the launch of
shows, leading to pressure on its revenues and cash flows.  The
ratings may be downgraded if MPL is unable to successfully rollout
new shows without time overruns, or if its revenues do not
improve, causing its debt protection metrics and capital structure
to weaken.  Conversely, the outlook may be revised to 'Stable' if
MPL's promoters infuse equity into the company, or if the company
bags lucrative contracts, leading to a sustained bolstering of
revenue stream.

                         About Miditech Pvt

Incorporated in 1995 by Mr. Niret Alva and Mr. Nikhil Alva, MPL
commenced operations by producing documentaries for Doordarshan.
Since then, it has widened its scope to produce documentaries,
corporate films, and recently, line production of movies, across
genres.  MPL pioneered reality shows in India, with Hospital for
British Broadcasting Corporation in 1998.

ABE bought out the 29 per cent stake in MPL held by Turner, a
subsidiary of Turner International, a Time Warner Company (rated
'BBB/Stable/A-2' by Standard and Poor's [S&P]) in July 2010.  ABE
now owns MPL entirely.

MPL's head office is in Gurgaon (Haryana) and its branch offices
are in Mumbai, Bengaluru, and Chennai. Mr. Nivedith Alva, the
youngest of the Alva siblings, looks after the operations in South
India from MPL's Bengaluru office.

MPL reported a profit after tax (PAT) of INR57 million on net
sales of INR778 million for 2009-10, as against a net loss of
INR92 million on net sales of INR746 million for 2008-09.


PRAMUKH GEMS: ICRA Puts 'LBB' Rating on INR25.3cr Bank Line Limits
------------------------------------------------------------------
ICRA has assigned 'LBB' long term rating to Rs 25.30crore fund-
based bank line limits of Pramukh Gems.  The outlook assigned to
the long term rating is "stable".  ICRA has withdrawn the short
term rating of 'A4' assigned previously to the fund based limits
of INR 27.60 crore at the request of the firm.  ICRA has also
withdrawn the rating of 'LBB' assigned to the term loan of
INR1.125 crore, as there is no outstanding amount against the term
loan rated.

The rating continues to remain constrained by the firm's moderate
scale of operations characterized by negligible sales growth over
the past three fiscals, stretched liquidity position as reflected
in slow moving receivables and intense competition from a large
number of unorganized and organized players both in domestic and
export segment.  The profit margins which remain low, as is
typical in the CPD business, are susceptible to foreign exchange
fluctuations.  The rating considers the promoters' significant
experience in the CPD industry, the company's moderately
diversified clientele and marginal improvement in the firm's
gearing during FY10.

                          About Pramukh Gems

Pramukh Gems is a diamond processing and exporting firm,
established as a family business in the year 1985 and was
converted into Partnership firm in the year 2002.  The firm is
engaged in manufacture and export of diamonds (Cut & Polished
diamonds).  PG is promoted by five partners having established
experience in the industry.  The firm has its office cum showroom
at Opera house, Mumbai, from where the marketing activities are
controlled while the manufacturing operations are carried out from
factories at Surat.

Recent Results:

During FY 2010, PG recorded a net profit of INR 2.16 Crore on an
operating income of INR 72.69 Crore.



RAJASEKHARA ENTERPRISES: CRISIL Puts 'BB-' Rating on Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Rajasekhara Enterprises.

   Facilities                                Ratings
   ----------                                -------
   INR235.00 Million Cash Credit             BB-/Stable (Assigned)
   INR35.00 Million Standby Line of Credit   P4+ (Assigned)

The ratings reflect Rajasekhara Enterprises' below-average
financial risk profile, marked by a small net worth and a high
gearing, and exposure to risks related to intense competition in
the tobacco trading business, to customer concentration in revenue
profile, and to adverse regulatory changes.  These rating
weaknesses are partially offset by the healthy demand for the
Indian tobacco, and the extensive industry experience of
Rajasekhara Enterprises' promoters.

Outlook: Stable

CRISIL believes that Rajasekhara Enterprises will continue to
benefit from its promoters' industry experience over the medium
term.  The outlook may be revised to 'Positive' if Rajasekhara
Enterprises significantly scales up its operations, while
improving its capital structure and profitability. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
large, debt-funded capital expenditure programme or reports a
significant decline in profitability, resulting in deterioration
of its financial risk profile, or if the partners withdraw
substantial capital from the firm, thereby weakening its capital
structure.

Set up in 1990, Rajasekhara Enterprises trades in tobacco, which
is mainly used to manufacture cigarettes.  The firm was promoted
by Mr. G Rajasekhar and his brother, Mr. G Venkateswara Rao.  It
is headquartered in Tangutur (Andhra Pradesh).  ITC Ltd (rated
AAA/Stable/P1+ by CRISIL Ltd) is one of the key customers of the
firm contributing to around 80 per cent of its revenues in
2009-10.

Rajasekhara Enterprises reported a profit after tax (PAT) of
INR4.47 million on net sales of INR749.6 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR2.91 million on net sales of INR443.4 million for 2008-09.


SHIWALYA SPINNING: ICRA Assigns 'LBB+' Rating to INR31CR LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR 31.00 crore long term
fund-based limits and INR 5.80 crore long term loan (including
unallocated limit of INR 1.11 crore) of Shiwalya Spinning &
Weaving Mills Private Limited.  ICRA has assigned stable outlook
to the long term rating.

The rating draws comfort from long standing experience of
promoters in manmade fibre yarn business that has resulted in
established relationships with customers.  The rating also takes
into consideration stable operating profits, moderate capital
structure and debt coverage indicators of the company.  The rating
is however constrained by intense competition owing to fragmented
nature of the industry, small scale of operations of the company
restricting economies of scale, low pricing power as reflected in
moderate operating profit margin.  The seasonal nature of acrylic
yarn business and fluctuating raw material price lead to high
requirement for working capital during the year.  ICRA has
favorably factored in SSWM's presence in acrylic as well as
polyester yarn including their blends that helps to counter
seasonality in acrylic business.

While ICRA expects SSWM'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.

Shiwalya Spinning  & Weaving Mills Private Limited is a Ludhiana
based spinning mill engaged in manufacturing acrylic yarn having
manufacturing capacity of 7,888 MT per annum.  The company was
incorporated in 1992 by Mr. Satpal Sachdeva and was engaged in
merchant exports of plastic items till 1995.  In 1996 SSWM entered
spinning and currently has installed capacity of 36864 spindles.
The company's shareholding is entirely held by Sachdeva family.


SREE PAVAN: CRISIL Withdraws 'D' Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has withdrawn its rating on the cash credit facility of
Sree Pavan Traders since the facility has been closed.  CRISIL has
placed its rating on the letter of credit facility on 'Notice of
Withdrawal' for a period of 90 days on SPT's request, after
receipt of a no-objection certificate from Canara Bank, the sole
banker for SPT; the rating will be withdrawn at the end of the
notice period.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit          D (Withdrawal)
   INR100.00 Million Letter of Credit    P5 (Notice of Withdrawal)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPT, and Noble Distilleries & Powers
Ltd, together referred to as the Noble group; this is because both
the companies have common promoters, are in the similar lines of
business, and have fungible funds.

Set up in 2006 by Mr. S Basavaraj, SPT is engaged in trading in
coal and sells 60 per cent of its coal to NDPL.  Established in
2004 by Mr. S Basavaraj, NDPL manufactures sponge iron.  NDPL's
manufacturing unit in Bellary (Karnataka) has capacity of 200
tonnes per day (tpd).  In October, 2009, NDPL set up a thermo-
mechanically treated bar manufacturing unit with a capacity of 380
tpd.  The company is also setting up an 8-megawatt co-generation
power plant, which is expected to commence operations by end of
2010-11 (refers to financial year, April 1 to March 31).


SREE VISHNU: CRISIL Places 'BB' Rating on INR31.1 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sree Vishnu Magnetics Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR31.10 Million Long-Term Loan      BB/Stable (Assigned)
   INR120.00 Million Cash Credit        BB/Stable (Assigned)
   INR50.00 Million Letter of Credit    P4+ (Assigned)
   INR2.50 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect SVMPL's below-average financial risk profile,
marked by high gearing and moderate debt protection metrics. The
ratings also factor in SVMPL's small scale of operations and large
working capital requirements.  These rating weaknesses are
partially offset by experience of SVMPL's promoters in the
transformers industry and the company's established customer
relationships.

Outlook: Stable

CRISIL believes that SVMPL will continue to benefit over the
medium term from the industry experience of its promoters and its
established customer relationships.  The outlook may be revised to
'Positive' if SVMPL increases its scale of operations and improves
its margins and capital structure.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, or if its
margins decline significantly, resulting in deterioration in its
financial risk profile.

                         About Sree Vishnu

SVMPL was established as a proprietorship firm, Sree Vishnu
Electronics, in 1989 in Tamil Nadu by Ms. M. Hemalatha.  Its name
was changed to the current one when it was reconstituted as a
private limited company in 2006.  The company is engaged in
design, development and manufacture of coils and transformers and
related electronics, and electromechanical assemblies for use in
consumer electronics, computer peripherals, telecommunication,
medical electronics, lighting and automobile sectors.

SVMPL reported a profit after tax (PAT) of INR12 million on net
sales of INR436 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR257 million for 2008-09.


SNB INFRASTRUCTURE: CRISIL Cuts Rating on Cash Credit to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S.N.B.
Infrastructure Pvt Ltd to 'BB+/Stable/P4+' from 'BBB-Negative/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR170.0 Million Cash Credit      BB+/Stable (Downgraded from
                                                 'BBB-/Negative')

   INR280.0 Million Bank Guarantee   P4+ (Downgraded from 'P3')

The downgrade reflects deterioration in SNB's business risk
profile due to significant decline in orders from the real estate
market; the company's revenues declined by 31 per cent year-on-
year to INR900 million during 2009-10 (refers to financial year,
April 1 to March 31).  SNB also undertook capital expenditure
(capex) of INR300 million towards purchase of rigs for the
government projects over the past 18 months, which was debt-funded
to the extent of INR230 million.  This led to deterioration in the
company's gearing to 2.45 times as on March 31, 2010 from 1.2x
times as on March 31, 2009.

The ratings reflect SNB's below-average financial risk profile
marked by high gearing, limited geographical and project diversity
in its revenue profile, and exposure to risks related to intense
competition in the construction industry.  These rating weaknesses
are partially offset by SNB's established presence in the
earthworks and construction industry, and a healthy outstanding
order book providing revenue visibility over the medium term.

Outlook: Stable

CRISIL believes that SNB will continue to benefit from its
established presence in the earthworks and construction industry.
The outlook may be revised to 'Positive' if the company
successfully scales up its operations, while maintaining its
profitability, or in case of improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in SNB's debt, which could lead to further
deterioration in its debt protection measures, or if there are any
significant delay in realization of receivables.

                    About S.N.B. Infrastructure

SNB was originally set up in 1977 as a partnership firm, Shyam
Narayan & Brothers; the firm was reconstituted as a private
limited company with the current name, with effect from October 1,
2009.  SNB undertakes infrastructure-related construction
activities and earthwork projects for government and private-
sector entities.  The company is mainly involved in the early
phases of major projects such as roads, highways, ports, runways,
railways, building basements, and reservoirs, and general civil
engineering works such as soil and rock excavation, earth filling,
and appurtenant works.  The company also undertakes projects for
the Municipal Corporation of Greater Mumbai.

SNB reported a profit after tax (PAT) of INR50 million on net
sales of INR900 million for 2009-10; it had reported a PAT of
INR74 million on net sales of INR1300 million for 2008-09.


V M MATERE: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of V M Matere Infrastructures (India) Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR70.00 Million Cash Credit        BB-/Stable (Assigned)
   INR150.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect VMMIIPL's exposure to risks related to a small
scale of operations, customer and geographic concentration in the
revenue profile, weak capital structure and weak liquidity arising
from large working capital requirements.  These rating weaknesses
are partially offset by the benefits that VMMIIPL derives from its
promoters' experience in the construction industry, and healthy
order book position and debt protection metrics.

Outlook: Stable

CRISIL believes that VMMIIPL's capital structure and liquidity
will remain weak over the medium term driven by large working
capital requirements and expects its revenue to remain depressed
over the near term due to delays in execution of some projects.
The outlook may be revised to 'Positive' if the company's accruals
are significantly better than expected resulting in improvement in
liquidity position of the company. Conversely, the outlook may be
revised to 'Negative' if its liquidity deteriorates further, or if
the company's exposure to the real estate business, either
directly or through its associate concern increases substantially.

                          About V M Matere

Incorporated in 2007, VMMIIPL undertakes road construction and
repairs activities, constructs buildings, and lays pipelines for
water supply and sewage disposal.  Its promoters, the Matere
family from Pune (Maharashtra), have been in the civil
construction business since 1991, through the proprietorship
concern VM Matere. VMMIIPL acquired the business of the
proprietorship firm in 2008-09 (refers to financial year, April 1
to March 31).  The company undertakes projects mainly for the
Pimpri Chinchwad Municipal Corporation (rated 'AA+(so)/Stable' by
CRISIL) and Pimpri Chinchwad New Township Development Authority.
The company has an associate concern V. M. Matere Reality (VMMR)
that is engaged in the real estate business. VMMIIPL is one of the
partners in VMMR and has advanced around INR8.5 million of loans
to the firm as on March 31, 2010.

VMMIIPL reported a profit after tax (PAT) of INR26.6 million on
net sales of INR492.2 million for 2009-10, against a PAT of
INR23.6 million on net sales of INR464.2 million for 2008-09.


VICTORY FLOOR: ICRA Assigns 'LB+' Rating to INR2cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR 2.00 crore cash
credit facility and INR 4.25 crore term loans of Victory Floor
Tiles Private Limited.  ICRA has also assigned an 'A4' rating to
the INR 0.95 crore short-term, non-fund based limits of VTPL.

The ratings are constrained by VTPL's weak financial profile
characterized by net losses in the first two years of operations,
high gearing and high working capital intensity along with the
company's limited track record of commercial operations.  ICRA
notes that the product portfolio comprises of only ceramic floor
tiles which have lower realizations than vitrified/wall tiles and
also the highly competitive nature of the ceramic tile industry
which is expected to keep the margins under pressure.  The ratings
also take into account the vulnerability of VTPL's profitability
to the cyclicality associated with the real estate industry.

However, the ratings reflect favorably the extensive experience of
the promoter group in ceramic industry; access to an established
marketing and distribution network of the group and its presence
in large sized floor tiles as well entry into the parking tiles
segment which yields higher realizations

                         About Victory Floor

Victory Floor Tiles Pvt. Limited is a glazed ceramic floor tile
manufacturer with its plant situated at Morbi, Gujarat.  The
manufacturing setup was established during 2007-08, and the
company commenced commercial operations in September 2008.  VTPL
is promoted by Mr.Mansukhbhai Polabhai Koradia and Mr. Jayeshbhai
Fuljibhai Koradiya.  VTPL's manufacturing facility has an
installed capacity of 21600 MTPA which translates into  ~240,000
boxes per month.  VTPL currently manufactures ceramic glazed floor
tiles of size 395mm x 395mm (16"x 16") and 300mm x 300mm (12"
x 12").  The company has also recently commenced production of
parking tiles.

For the year FY10, the company reported an operating income of INR
10.99 crore and loss after tax of INR 0.97 crore.


ZION STEEL: Fitch Cuts Rating on INR339.6 Mil. Loan to 'B(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India's Zion Steel Limited's
National Long-term rating to 'B(ind)' from 'B+(ind)'.  The Outlook
is Stable.  The agency has simultaneously downgraded the ratings
on ZSL's bank loans, as follows:

-- Outstanding INR339.6 million long-term loans (reduced from
    INR364 million): downgraded to 'B(ind)' from 'B+(ind)'; and

-- Sanctioned INR62 million fund-based limits: downgraded to
    'B(ind)' from 'B+(ind)'.

The downgrades reflect the significant delays by ZSL in the
stabilisation of its operations due to low capacity utilisation in
FY10.  ZSL is a joint initiative between Adhunik Metaliks Ltd (AML
('BBB(ind)'/Stable) - the flagship company of the Kolkata-based
Adhunik group) and the Pune-based Tarini group.  It was set up to
convert steel into rolled products for AML.  As the order flow
from AML was low in FY10, the company has started taking orders
from the open market to increase capacity utilisation during FY11.

Positive rating triggers include an improvement in ZSL's capacity
utilisation, which would improve its financial leverage to below
2.5x.  Conversely, a sluggish demand in the auto and construction
sector for an extended period of time and a financial leverage of
above 4x on a sustained basis beyond FY11 would act as negative
rating triggers.

ZSL was incorporated in August 2006.  It has a rolling mill with
an installed capacity of 120,000 MTPA, which caters to the
automobile, real estate and construction sectors.


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


MANDALA AIRLINES: Temporarily Suspends Operation Over Debt
----------------------------------------------------------
Antara News reports that Mandala Airlines has decided to
temporarily stop its operations as of January 12 due to financial
problems.

Herry Bakti S Gumay, director general of air transportation, was
quoted by Antara News as saying that "The board of directors of
Mandala have asked for permission to stop operations temporarily
as of January 13)."  He said Mandala said it would concentrate on
settling its financial problems first especially "with regard to
its obligations to its aircraft lessors," the news agency added.

Antara relates that Herry said it would depend upon Mandala's
readiness when it would reopen its operations.  Mandala must
remain settling its obligations to its customers especially those
who have bought tickets from it and others, Herry added.

Antara notes that Herry, however, could not tell how bad was the
company's financial conditions.  "Whether the cash flow is
negative or not I do not know including how much its total
obligations to the lessors," Herry said.

He said he welcomed the decision of the Mandala's management to
ask for a deferment of its debt repayment to the Commerce Court in
Central Jakarta, Antara relates.

According to Antara, Mandala's corporate secretary Nurmaria Sarona
confirmed the plan saying that the request for deferment would be
the best solution if the company wished to continue to operate.

"The request for deferment is the best decision that could be
taken to assure the continuation of the company`s future
operations," he said.

Based in Jakarta, Indonesia, Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.


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


ACOM CO: S&P Lowers Counterparty Credit and Debt Ratings to 'BBB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and debt ratings on ACOM Co. Ltd. by one notch
to 'BBB-' and the short-term counterparty credit rating by
one notch to 'A-3'.  At the same time, S&P lowered the long-term
counterparty credit and debt ratings on Promise Co. Ltd. by two
notches to 'BB' and the short-term counterparty credit rating by
one notch to 'B'.  In addition, S&P removed the long-term
counterparty and debt ratings, and short-term counterparty credit
ratings, on both ACOM and Promise from CreditWatch with negative
implications.  The ratings had been placed on CreditWatch with
negative implications since Sept. 29, 2010, due to a possible
increase in claims for overpaid interest triggered by Takefuji
Corp.'s (NR/ --/--) bankruptcy filing under the Corporate
Reorganization Act.  The outlooks of the long-term counterparty
credit ratings on ACOM and Promise are negative.

The downgrades on ACOM and Promise resulted from S&P lowering of
their stand-alone assessments, which exclude extraordinary support
from their parent banking groups.  S&P lowered the stand-alone
assessment of ACOM by one notch and that of Promise by two
notches.  Standard & Poor's holds the view that both companies are
likely to continue to face downward pressure in their
profitability and cash flow over a longer duration than its
initial expectation.  Declines in both companies' outstanding
operating loans are widening, while refunds of overcharged
interest remain high.

Since the full implementation of the amended Money Lending
Business Law in June 2010, Japan's major consumer finance
companies are finding it difficult to extend new loans.  This is
because approximately 60% of borrowers have exceeded the maximum
credit limit as stipulated in the amended law, preventing them
from taking on new loans.  Furthermore, in the recent two to three
years, the companies have incurred losses equivalent to about 10%
of their outstanding loans per year, due to principal impairment
resulting from refunds of overcharged interest and ordinary
defaults.  In the first half of fiscal 2010 (April 1, to Sept. 30,
2010), ACOM's outstanding operating loans decreased 13% year on
year and those of Promise (excluding effects of changes due to
consolidation) dropped 20% year on year.  The declines had widened
from 11% for ACOM and 16% for Promise recorded on March 31, 2010.
Meanwhile, the following factors support S&P's view that ACOM's
and Promise's operating revenues are likely to hover below the
levels of its initial expectations: 1) loan yields are declining;
and 2) there is a high likelihood that outstanding operating loans
may continue to decrease in the next one to two years.

Currently, defaults stemming from the new credit limit regulation
have not increased significantly. However, claims for overpaid
interest and other leading indicators, which had eased earlier,
have started to pick up again in the wake of Takefuji's bankruptcy
filing at the end of September 2010.

Takefuji is reportedly urging its customers who have a right to
refunds of overpaid interest to file claims by sending notices to
1.3 million of them.  If the customers heed Takefuji's call, we
may see a certain increase in claims for overpaid interest against
Takefuji and other consumer finance companies.  Currently, there
is uncertainty over whether claims for overpaid interest will
continue to rise.  Nevertheless, Standard & Poor's believes that
ACOM's and Promise's cash flows from operations are highly likely
to remain negative in fiscal 2011 (ending March 31, 2012), given a
huge drop in operating revenues, as well as defaults and refunds
of overcharged interest.

On the other hand, Standard & Poor's believes that the financing
bases of ACOM and Promise are supported by their banking groups.
ACOM's financing sources are underpinned by direct financing from
Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--), which
holds 40% of ACOM's shares, and MUFG's credit quality.  Since ACOM
has become a consolidated subsidiary of MUFG, it has been
clearly positioned as a core subsidiary within the group's
consumer finance business. MUFG has made progress in consolidating
its consumer finance businesses under ACOM.

Promise's financing base is supported by the credit quality of
Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1), which
holds a 22% stake in Promise.  The Company is SMFG's equity-method
affiliate, and it is strategically important to the group.
Promise maintains a cooperative relationship with banks under the
group, and it has been restructuring its business under the
leadership of a president from the SMFG group.  However, Promise's
financial base may easily become unstable, given heavy burdens of
repayment and refinancing due to relatively weak prospects for
cash flow from operations.  Based on this, Standard & Poor's
lowered its stand-alone assessment on Promise by two notches.

Meanwhile, S&P affirmed the notch-ups for the stand-alone
assessments of ACOM and Promise at three notches for ACOM and two
notches for Promise.  Although both banking groups' equity
interests in ACOM and Promise fall short of majority stakes, S&P
considers the probability of support from MUFG and SMFG to each
consumer finance subsidiary as higher than their equity interests.
This view is based on the strong influence that Japan's banking
groups have on their affiliated companies, their history of
support for affiliates, as well as regulations on equity
contributions by banks, which are the distinct traits of Japan's
market.  Nevertheless, S&P intends to continue to monitor possible
changes in MUFG's and SMFG's support stance, as both finance
companies have seen their businesses deteriorate over a long
period of time.

The outlooks on the long-term ratings on ACOM and Promise are both
negative.  Amid the difficult operating environment for the
consumer finance industry, Standard & Poor's expects the stand-
alone assessments on both companies to remain under pressure. In
addition, the notch-ups attributed to the extraordinary support
from the parent banking groups are approaching their upper limits
described in it rating criteria.  Accordingly, there is limited
room for increasing notch-ups if S&P further lower its stand-alone
assessments on both companies due to prolonged downward pressure
on earnings and further deterioration in their financing bases.
As a result of this, S&P may revise downward its long-term
counterparty credit ratings on ACOM and Promise concurrently.
Conversely, S&P may consider revising upward the stand-alone
assessments and long-term counterparty credit ratings, or consider
revising upward its outlooks, if the balance between their
outstanding loans and the costs of defaults and refunds of
overcharged interest is highly likely to improve as a result of a
reduction in the aforementioned costs.


TAKEFUJI CORP: Cerberus, TPG Among Five Shortlisted Bidders
-----------------------------------------------------------
Cerberus Capital Management, TPG, Tokyo Star Bank, J Trust Co and
Korea's A&P Financial have advanced to the final round of bidding
for Takefuji Corp., Reuters reports citing four sources with
direct knowledge of the matter.

The five suitors will submit offers for the consumer finance
lender in a second and final round of bidding at the end of
February, the sources told Reuters on the condition they weren't
identified.  Buyout firms Fortress, Lone Star and Elliott
Management were among those eliminated in a first round of bidding
last month, Reuters' sources added.

Reuters relates sources said bidders are planning to offer between
JPY60 and JPY80 billion for the lender.

According to Reuters, sources said luring the five potential
buyers is the chance to grab Takefuji's asset portfolio at a
discount and the opportunity to swiftly enter or expand unsecured
lending to individuals and small businesses in Japan through
Takefuji's existing customer base.

Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg News said the company has become the
biggest casualty of Japan's four-year crackdown on coercive
lending practices by consumer finance companies.  The lender is
seeking to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


C&M FINANCE: Moody's Affirms 'B3' Rating on Senior Unsecured Bond
-----------------------------------------------------------------
Moody's Investors Service affirmed C&M Co. Ltd's local currency
corporate family rating and C&M Finance Ltd's senior unsecured
bond rating at B3; the outlook on the ratings remains stable.

The rating affirmation is in response to C&M's plans to acquire
84.9% of GS Gangnam Broadcasting and 99.8% of GS Ulsan
Broadcasting from GS Homeshopping for a total of W393 billion.

"While the acquisition will result in the incurrence of additional
debt at the C&M level, the structure, if completed, should be
mildly deleveraging on a consolidated basis," says Laura Acres, a
Moody's Vice President and Senior Credit Officer.

Moody's notes that the acquisition is still subject to regulatory
approval and execution risk pertaining to the debt and equity
financing.

Moody's views C&M's debt profile on a fully consolidated basis
following the takeover in March 2008 by a consortium of financial
and strategic investors led by MBK Partners and the Macquarie
Korean Opportunities Fund.  This approach has been adopted since
March 2008 when an acquisition financing of KWR1.2 trillion in
term loans and a KWR300 billion interest tranche, was structured
through a special purpose entity, Kookmin Cable Investment.

"In addition, the cash flows arising from the acquisition
financing structure will alleviate pressure on the W300 billion
interest facility in place to service the W1.2 trillion
acquisition debt at the KCI level, such that this facility will
maintain drawing headroom until the maturity of the acquisition
facilities in March 2013," says Acres, also Moody's Lead Analysts
for C&M.

"However, the B3 rating continues to reflect C&M's high debt
leverage on a consolidated basis which remains in excess of 9.0x
as at LTM 30th June 2010," says Acres

"Furthermore, C&M continues to see intense competition from the
larger and better capitalized telecommunications operators who
continue to aggressively build their IPTV platforms in terms of
both content and subscribers," continues Acres.

"This has resulted in the wider cable-TV industry losing
subscriber numbers, a trend which Moody's strongly suspects will
continue for the foreseeable future," says Acres.

On a fundamental level, C&M maintains a highly competitive
position consistent with a monopoly or duopoly status in
substantially all of its areas of operation and attracts new
subscribers to its digital platform.  This has benefited the
company with highly attractive EBITDA margins, relative to its
peer group.  These strengths partially mitigate the company's high
financial leverage and the potential threat from IPTV, positioning
it at the B3 rating level with a stable outlook.

Upward pressure on the rating is unlikely over the short-to-medium
term. However, upward pressure could emerge should C&M deliver on
its digitalization and bundling strategies such that adjusted
consolidated Debt/EBITDA falls below 7.5-8x and the degree of
headroom under the interest facility increase.  Moody's should
also like to see C&M and its shareholders proactively manage the
refinancing of the W1.2 trillion acquisition facilities which are
currently due to mature in March 2013.

The ratings may encounter further downward pressure should ongoing
competitive pressures cause ARPU levels to deteriorate further
such that adjusted EBITDA margins fall below 45% or adjusted
consolidated Debt/EBITDA fails to trend below 9.0x on a sustained
basis.  Given the private equity structure, Moody's would also be
concerned if the shareholders sought to pull more cash out of C&M
than anticipated, through such methods as inter-company loans or
special dividends.

The principal methodology used in rating C&M was Moody's Global
Cable Television Industry published in July 2009.

The last rating action was on 1st June 2010 when C&M's ratings
were downgraded to B3 with a stable outlook.

C&M is Korea's third largest multi-system cable television
operator based on subscribers.  C&M owns 15 affiliated system
operators each of which are a monopoly or duopoly provider in
their respective service regions.  The company also provides
internet access service to 0.49 million subscribers and Voice over
Internet Protocol services to more than 0.2 million.

In March 2008 C&M was acquired by a consortium of financial and
strategic investors led by MBKP and MKOF.  Following the
acquisition, 93.8% of shares in C&M are held through a special
purpose vehicle, KCI which is in turn wholly owned by the
Consortium.


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


HANOVER FINANCE: SecCom Delays Probe Decision as New Data Emerges
-----------------------------------------------------------------
The Securities Commission has made progress on its investigation
into Hanover Finance Ltd. but it had not decided whether it will
lay charges against the directors, The New Zealand Herald reports.

According to the NZ Herald, the investment watchdog took the
unusual step in November of giving an update on its progress in
the investigation of Hanover Finance, United Finance and Hanover
Capital.

The NZ Herald relates that the commission had said its members
would meet before Christmas to decide whether criminal charges
would be laid, although any possible charges would not be laid
until the new year.  The commission also took the unusual step of
gaining a court order to freeze certain assets of Hanover director
and former co-owner Mark Hotchin, the report adds.

The NZ Herald relates that Commission Director of Investigations
and Litigation Sue Brown on Wednesday said progress had been made
but the investigation had uncovered extra information which was
being reviewed.

"We are doing that with urgency in addition to completing
interviews with potential witnesses and with some Hanover
directors who have confirmed that they wish to co-operate with the
commission's investigation," the NZ Herald quoted Ms. Brown as
saying.

The commission said it would provide an update in mid- to late
February, the NZ Herald notes.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


JAMES AND AUGUST: Creditors Unlikely to Get Repayment
-----------------------------------------------------
Jimmy Ellingham at Manawatu Standard reports that creditors of
James and August Ltd look likely to lose from the firm's collapse.

The Standard relates that the store opened in Palmerston North as
part of The Plaza's stage three redevelopment in March, but folded
two months later.  Included in non-preferential creditors owed
more than NZ$1 million is Plaza owner Kiwi Income Property Trust
for rent in the city and from Auckland's Sylvia Park mall, the
report says.

According to the Standard, a progress report issued by liquidators
Craig Young of Restructuring Services, and John Gilbert of C&C
Strategic, said it was "unlikely" any creditors -- including Kiwi
Income -- would be paid.

The Standard notes that the liquidators' report said: "The company
encountered business difficulties in respect of the downturn in
the market and the loss of a major retail company."

The Standard discloses that a balance sheet for the six months to
November, from when James and August was put into liquidation,
shows it had receipts of NZ$252,160 and made payments of $240,181.

Sales of $224,683 was collected in that time as the Sylvia Park
store remained open for a period to try to claw back some cash.

But a closing balance for the period of $11,978 makes little
impact on the estimated deficit of $1.047m in the first
liquidators' report. In the report, staff claims of about $30,000
were identified, including holiday pay and redundancy
entitlements.

James and August Ltd is a New Zealand-based fashion chain.  The
company went into voluntary liquidation in July 2010.  Sally
Ridge, a TV personality and interior designer, formed the company
with Tessa Apa in 2004.  Her former partner Adam Parore is also a
director.


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


AMERICAN INT'L: Ruentex Group Gets Nan Shan for $2.16BB
-------------------------------------------------------
American International Group, Inc. on Wednesday unveiled an
agreement to sell its 97.57% interest in Nan Shan Life Insurance
Company, Ltd., for $2.16 billion in cash to Ruen Chen Investment
Holding Co., Ltd., which is owned:

          80% by the Ruentex Group, the Taiwan-based conglomerate,
              and

          20% by Pou Chen Corporation, the Taiwan Stock Exchange-
              listed footwear manufacturer.

The purchase agreement includes a number of commitments that offer
important protections for employees and agents, including an
agreement to maintain the existing compensation and benefits
package for employees and the existing agency organizational and
commission structure following the closing of the transaction.
Ruen Chen has also expressed its intention to retain the current
Nan Shan management team, as well as its long-term commitment to
maintain both its majority ownership in Nan Shan and the Nan Shan
brand.

Debevoise & Plimpton LLP and Lee & Li, Attorneys-At-Law served as
legal advisors to AIG on this transaction.

The transaction is subject to the receipt of regulatory approval.

"The participants in the consortium enjoy an excellent reputation
in Taiwan.  Ruen Chen offers strong operational and funding
capabilities and possesses a clear ability to satisfy the strict
criteria that governed AIG's bid review process," said Robert
Benmosche, AIG President and Chief Executive Officer.  "Consistent
with these criteria, Ruen Chen has demonstrated that it is able
and willing to invest in Nan Shan's future, and that it will
protect and serve the best interests of Nan Shan's policyholders,
employees and agents."

Established in 1963, Nan Shan is the largest life insurer in
Taiwan by total book value and the third largest by total
premiums, serving four million policyholders via an extensive
network of 24 branches, 500 agency offices, approximately 4,100
employees and more than 33,000 agents.

                           *     *     *

Dow Jones Newswires' Aries Poon in Taipei and The Wall Street
Journal's Alison Tudor in Hong Kong report that the buyers'
relative lack of industry experience could raise concerns from
Taiwan's financial regulator, which has to approve the deal and
blocked an earlier sale of Nan Shan.

According to Dow Jones, Taiwan's Financial Supervisory Commission
said Wednesday it would "cautiously review" the bid.  Dow Jones
notes the FSC has said previously that its approval of a potential
deal will depend on whether a buyer has sound financing and
insurance experience, will look after policyholders and staff,
will make a long-term commitment to the company and can meet
future funding needs.

Dow Jones reports that Sam Radwan, managing partner of Enhance
International, a consultant focused on insurance in Taiwan and
mainland China, called the deal "surprising."  "The FSC has always
been clear as to what their requirements are," he said.  According
to Dow Jones, Mr. Radwan said one question regulators will want to
consider is whether that ownership qualifies as operational
experience.

The Ruentex Group owns interests in supermarkets, cement and
finance.  Ruentex companies owns a 15% stake in SinoPac Financial
Holdings Co., a medium-size financial conglomerate in Taiwan.

Dow Jones recounts that Ruentex bought a 20% stake in ING Groep
NV's life-insurance unit in Taiwan in 1986 but sold its entire
stake back to ING in 2001.

Pou Chen Corp., owns stakes in financial companies as well,
including a mainland Chinese lender.

Dow Jones also reports that Andrew Borodach, AIG's assistant
general counsel, said at a news conference in Taipei on Wednesday
that Nan Shan might also list on the Taiwan stock exchange, which
would support the Taiwan insurer's capital base.

Dow Jones notes that other Nan Shan bidders included Fubon
Financial Holding Co., Cathay Financial Holding Co. and Chinatrust
Financial Holding Co.  People familiar with the matter said in
December that the Ruentex consortium bid the most.

According to Dow Jones, members of the Ruentex consortium were
advised by Citigroup Inc.

In August, the FSC blocked Nan Shan's sale to a Hong Kong
consortium for US$2.15 billion, citing concerns about the group's
financial strength and commitment.  One member of that consortium,
private-equity firm Primus Financial Holdings Ltd., joined with
new partners to bid in the latest auction.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW        AHGN            16.93         -8.23
ARASOR INTERNATI        ARR             19.21        -26.51
ASTON RESOURCES         AZT            469.54         -7.49
AUSTAR UNITED           AUN            502.05       -284.60
AUSTRALIAN ZI-PP        AZCCA           77.74         -2.57
AUSTRALIAN ZIRC         AZC             77.74         -2.57
AUTRON CORP LTD         AAT             32.39        -13.42
BCD RESOURCES OP        BCO             22.09        -61.19
BCD RESOURCES-PP        BCOCC           22.09        -61.19
BIRON APPAREL LT        BIC             19.71         -2.22
CENTRO PROPERTIE        CNP         14,253.26       -825.84
CHALLENGER INF-A        CIF          2,161.41       -339.11
CHEMEQ LTD              CMQ             25.19        -24.25
COMPASS HOTEL GR        CXH             88.33         -1.08
ELLECT HOLDINGS         EHG             18.25        -15.49
HEALTH CORP LTD         HEA             11.97         -2.66
HYRO LTD                HYO             11.81         -5.15
IVANHOE AUST LTD        IVA             49.44         -6.51
MAC COMM INFR-CD        MCGCD        8,104.42       -103.34
MAVERICK DRILLIN        MAD             24.66         -1.30
MISSION NEWENER         MBT             32.23        -21.48
NATURAL FUEL LTD        NFL             19.38       -121.51
NEXTDC LTD              NXT             17.46         -0.14
ORION GOLD NL           ORN             11.06         -4.86
RESIDUAL ASSC-EE        RAGXF          597.33       -126.96
RIVERCITY MOTORW        RCY            386.88       -809.14
SCIGEN LTD-CUFS         SIE             69.94        -29.79
SHELL VILLAGES A        SVC             13.47         -1.66
TAKORADI LTD            TKG             13.99         -0.41
VERTICON GROUP          VGP             10.08        -29.12
YANGHAO INTERNAT        YHL             44.32        -54.68


CHINA

BAOCHENG INVESTM        600892          23.14         -3.54
CHANGAN INFO-A          600706          20.86         -8.49
CHENGDE DALU -B         200160          27.04         -6.64
CHENGDU UNION-A         693             39.10        -17.39
CHINA KEJIAN-A          35              88.96       -189.48
DATONG CEMENT-A         673             20.41         -3.25
DONGGUAN FANGD-A        600656          27.97        -57.39
DONGXIN ELECTR-A        600691          13.60        -21.94
FANGDA JINHUA-A         818            389.84        -46.28
GAOXIN ZHANGTO-A        2075           153.10         -6.31
GUANGDONG ORIE-A        600988          12.25         -5.34
GUANGMING GRP -A        587             49.10        -40.40
GUANGXIA YINCH-A        557             30.39        -32.88
HEBEI BAOSHUO -A        600155         127.82       -394.70
HEBEI JINNIU C-A        600722         238.23       -243.80
HUASU HOLDINGS-A        509             86.70         -4.20
HUNAN ANPLAS CO         156             38.70        -65.44
JIANGSU CHINES-A        805             12.70        -12.83
JINCHENG PAPER-A        820            258.98        -37.74
QINGHAI SUNSHI-A        600381         110.68        -17.35
SHAANXI QINLIN-A        600217         234.36        -36.75
SHANG BROAD-A           600608          69.46        -17.67
SHANG HONGSHENG         600817          15.69       -443.71
SHANGHAI WORLDBE        600757         143.11       -291.80
SHENZ CHINA BI-A        17              24.86       -272.59
SHENZ CHINA BI-B        200017          24.86       -272.59
SHENZHEN DAWNC-A        863             24.38       -155.20
SHENZHEN KONDA-A        48             117.23         -0.23
SHENZHEN ZERO-A         7               44.00         -7.96
SHIJIAZHUANG D-A        958            224.19        -70.54
SICHUAN DIRECT-A        757            108.57       -146.61
SICHUAN GOLDEN          600678         232.67        -48.05
TAIYUAN TIANLO-A        600234          51.64        -28.38
TIANJIN MARINE          600751          78.09        -63.86
TIANJIN MARINE-B        900938          78.09        -63.86
TIBET SUMMIT I-A        600338          91.86         -3.73
TOPSUN SCIENCE-A        600771         162.47       -163.30
WINOWNER GROUP C        600681          11.30        -70.39
WUHAN BOILER-B          200770         275.89       -142.53
WUHAN GUOYAO-A          600421          11.01        -24.78
XIAMEN OVERSEA-A        600870         319.68       -138.16
YIBIN PAPER IN-A        600793         110.12         -0.47
YUEYANG HENGLI-A        622             36.49        -16.37
YUNNAN MALONG-A         600792         145.58        -51.15
ZHANGJIAJIE TO-A        430             37.34         -1.16


HONG KONG

ASIA TELEMEDIA L        376             16.62         -5.37
BUILDMORE INTL          108             13.48        -69.17
CHINA COMMUNICAT        8206            36.62         -6.93
CHINA HEALTHCARE        673             44.13         -4.49
CHINA PACKAGING         572             24.91        -18.73
CMMB VISION HOLD        471             41.31         -5.11
COSMO INTL 1000         120             83.56        -37.93
DORE HOLDINGS LT        628             25.44         -5.34
EGANAGOLDPFEIL          48             557.89       -132.86
FULBOND HLDGS           1041            54.53        -24.07
MELCOLOT LTD            8198            63.10        -34.44
MITSUMARU EAST K        2358            18.15        -11.83
NEW CITY CHINA          456            112.20        -14.59
NGAI LIK INDL           332             22.70         -9.69
PAC PLYWOOD             767             72.60        -12.31
PALADIN LTD             495            146.73         -8.91
PCCW LTD                8            5,350.25       -416.24
PROVIEW INTL HLD        334            314.87       -294.85
SINO RESOURCES G        223             10.01        -41.90
SMART UNION GP          2700            13.70        -43.29
TACK HSIN HLDG          611             27.70        -53.62
TONIC IND HLDGS         978             67.67        -37.85
TONIC IND HLDGS         2959            67.67        -37.85


INDONESIA

ARGO PANTES             ARGO           160.07         -2.77
ASIA PACIFIC            POLY           475.69       -841.22
ERATEX DJAJA            ERTX            11.30        -18.23
HANSON INTERNATI        MYRX            10.84        -14.73
HANSON INT-PREF         MYRXP           10.84        -14.73
JAKARTA KYOEI ST        JKSW            31.92        -43.20
MITRA INTERNATIO        MIRA           970.13       -256.04
MITRA RAJASA-RTS        MIRA-R2        970.13       -256.04
MOBILE-8 TELECOM        FREN           520.80         -6.99
MOBILE-8-RTS            FREN/R         520.80         -6.99
MULIA INDUSTRIND        MLIA           338.82       -334.75
PANASIA FILAMENT        PAFI            42.43        -11.04
PANCA WIRATAMA          PWSI            30.79        -38.79
PRIMARINDO ASIA         BIMA            11.14        -21.39
STEADY SAFE TBK         SAFE            11.46         -6.01
SURABAYA AGUNG          SAIP           267.24        -83.34
UNITEX TBK              UNTX            17.29        -17.14


INDIA

AMIT SPINNING           AMSP            22.70         -1.90
ARTSON ENGR             ART             15.63         -1.61
ASHIMA LTD              ASHM            63.65        -55.81
ATV PROJECTS            ATV             60.46        -55.04
BALAJI DISTILLER        BLD             66.32        -25.40
BELLARY STEELS          BSAL           451.68       -108.50
BHAGHEERATHA ENG        BGEL            22.65        -28.20
CAMBRIDGE SOLUTI        CAMB           156.75        -46.79
CFL CAPITAL FIN         CEATF           15.35        -46.89
COMPUTERSKILL           CPS             14.90         -7.56
CORE HEALTHCARE         CPAR           185.36       -241.91
DCM FINANCIAL SE        DCMFS           16.06         -9.47
DIGJAM LTD              DGJM            98.77        -14.62
DUNCANS INDUS           DAI            133.65       -205.38
FIBERWEB INDIA          FWB             13.25         -8.17
GANESH BENZOPLST        GBP             48.95        -22.44
GEM SPINNERS LTD        GEMS            16.44         -1.53
GLOBAL BOARDS           GLB             14.98         -7.51
GSL INDIA LTD           GSL             37.04        -42.34
GUJARAT SIDHEE          GSCL            59.44         -0.66
HARYANA STEEL           HYSA            10.83         -5.91
HENKEL INDIA LTD        HNKL           102.05        -10.24
HIMACHAL FUTURIS        HMFC           406.63       -210.98
HINDUSTAN PHOTO         HPHT            68.94     -1,147.18
HINDUSTAN SYNTEX        HSYN            14.15         -3.66
HMT LTD                 HMT            142.67       -386.80
ICDS                    ICDS            13.30         -6.17
INTEGRAT FINANCE        IFC             49.83        -51.32
JCT ELECTRONICS         JCTE           122.54        -50.00
JD ORGOCHEM LTD         JDO             10.46         -1.60
JENSON & NIC LTD        JN              17.91        -84.78
JIK INDUS LTD           KFS             20.63         -5.62
JK SYNTHETICS           JKS             13.51         -3.03
JOG ENGINEERING         VMJ             50.08        -10.08
KALYANPUR CEMENT        KCEM            37.45        -45.90
KERALA AYURVEDA         KRAP            13.99         -1.18
KIDUJA INDIA            KDJ             17.15         -2.28
KINGFISHER AIR          KAIR         1,781.30       -861.06
KITPLY INDS LTD         KIT             48.42        -24.51
LLOYDS FINANCE          LYDF            23.77        -10.87
LLOYDS STEEL IND        LYDS           415.66        -63.93
LML LTD                 LML             65.26        -56.77
MILLENNIUM BEER         MLB             52.23         -5.22
MILTON PLASTICS         MILT            18.65        -52.29
MTZ POLYFILMS LT        TBE             31.94         -2.57
NICCO CORP LTD          NICC            82.41         -2.85
NICCO UCO ALLIAN        NICU            32.23        -71.91
NK INDUS LTD            NKI             49.04         -4.95
NRC LTD                 NTRY            92.88        -36.76
ORIENT PRESS LTD        OP              16.70         -0.09
PANCHMAHAL STEEL        PMS             51.02         -0.33
PARASRAMPUR SYN         PPS             99.06       -307.14
PAREKH PLATINUM         PKPL            61.08        -88.85
PEACOCK INDS LTD        PCOK            11.40        -14.40
PIRAMAL LIFE SC         PLSL            45.82        -32.69
QUADRANT TELEVEN        QDTV           173.52       -101.57
RAJ AGRO MILLS          RAM             10.21         -0.61
RAMA PHOSPHATES         RMPH            34.07         -1.19
RATHI ISPAT LTD         RTIS            44.56         -3.93
REMI METALS GUJA        RMM            102.64         -5.29
RENOWNED AUTO PR        RAP             14.12         -1.25
ROLLATAINERS LTD        RLT             22.97        -22.24
ROYAL CUSHION           RCVP            20.62        -75.53
SCOOTERS INDIA          SCTR            18.63         -6.88
SEN PET INDIA LT        SPEN            12.99        -25.24
SHAH ALLOYS LTD         SA             212.81         -9.74
SHALIMAR WIRES          SWRI            24.87        -51.77
SHAMKEN COTSYN          SHC             23.13         -6.17
SHAMKEN MULTIFAB        SHM             60.55        -13.26
SHAMKEN SPINNERS        SSP             42.18        -16.76
SHREE GANESH FOR        SGFO            44.50         -2.89
SHREE RAMA MULTI        SRMT            62.72        -45.92
SIDDHARTHA TUBES        SDT             76.98        -12.45
SOUTHERN PETROCH        SPET         1,584.27         -4.80
SPICEJET LTD            SJET           220.03        -76.12
SQL STAR INTL           SQL             11.69         -1.14
STI INDIA LTD           STIB            30.87        -10.59
TAMILNADU TELE          TNT             12.82         -5.15
TATA TELESERVICE        TTLS         1,069.83       -154.99
TRIUMPH INTL            OXIF            58.46        -14.18
TRIVENI GLASS           TRSG            24.55         -8.57
TUTICORIN ALKALI        TACF            14.15        -11.20
UNIFLEX CABLES          UFC             45.05         -0.90
UNIFLEX CABLES          UFCZ            45.05         -0.90
UNIMERS INDIA LT        HDU             19.23         -3.23
UNITED BREWERIES        UB           2,652.00       -242.53
UNIWORTH LTD            WW             145.71       -114.87
USHA INDIA LTD          USHA            12.06        -54.51
VENTURA TEXTILES        VRTL            14.25         -0.33
VENUS SUGAR LTD         VS              11.06         -1.08
WINDSOR MACHINES        WML             15.52        -24.34
WIRE AND WIRELES        WNW            115.34        -34.49


JAPAN

CREDIT ORG S&M          8489            97.07         -9.98
DPG HOLDINGS INC        3781            11.77         -3.99
FIDEC                   8423           182.86        -11.14
FUJI TECHNICA           6476           175.22        -18.71
HARAKOSAN CO            8894           190.27        -19.80
KNT                     9726         1,058.18        -13.37
L CREATE CO LTD         3247            42.34         -9.15
LAND                    8918           293.88        -53.39
LCA HOLDINGS COR        4798            55.65         -3.28
PROPERST CO LTD         3236           305.90       -330.20
RAYTEX CORP             6672            41.66        -28.52
SHIN-NIHON TATEM        8893           124.85        -39.12
SHINWA OX CORP          2654            43.91        -30.19
SHIOMI HOLDINGS         2414           201.19        -33.62
TAIYO BUSSAN KAI        9941           171.45         -3.35
TERRANETZ CO LTD        2140            11.63         -4.29


KOREA

AJU MEDIA SOL-PF        44775           13.82         -1.25
DAISHIN INFO            20180          740.50       -158.45
KEYSTONE GLOBAL         12170           10.61         -0.74
KUKDONG CORP            5320            51.19         -1.39
KUMHO INDUS-PFD         2995         5,837.32       -967.28
KUMHO INDUSTRIAL        2990         5,837.32       -967.28
ORICOM INC              10470           82.65        -40.04
SAMT CO LTD             31330          200.83       -152.09
SEOUL MUTL SAVIN        16560          874.79        -34.13
TAESAN LCD CO           36210          296.83        -91.03
TONG YANG MAGIC         23020          355.15        -25.77
YOUILENSYS CORP         38720          166.70        -12.34


MALAYSIA

AXIS INCORPORATI        AXIS            32.82       -103.86
GULA PERAK BHD          GUP             93.99        -51.05
HO HUP CONSTR CO        HO              65.19         -7.21
JPK HOLDINGS BHD        JPK             20.34         -0.50
LCL CORP BHD            LCL             35.64       -130.16
LUSTER INDUSTRIE        LSTI            22.93         -3.18
NGIU KEE CO-BHD         NKC             19.05         -4.89
OILCORP BHD             OILC            93.18        -70.42
TRACOMA HOLDINGS        TRAH            74.10        -12.24
TRANSMILE GROUP         TGB            157.66        -35.52


PHILIPPINES

APEX MINING 'B'         APXB            45.79        -23.46
APEX MINING-A           APX             45.79        -23.46
BENGUET CORP 'B'        BCB             84.71        -38.98
BENGUET CORP-A          BC              84.71        -38.98
CYBER BAY CORP          CYBR            13.98        -88.63
EAST ASIA POWER         PWR             36.35       -177.28
FIL ESTATE CORP         FC              40.29        -14.05
FILSYN CORP A           FYN             23.37        -11.33
FILSYN CORP. B          FYNB            23.37        -11.33
GOTESCO LAND-A          GO              21.76        -19.21
GOTESCO LAND-B          GOB             21.76        -19.21
MRC ALLIED INC          MRC             13.92         -6.18
PICOP RESOURCES         PCP            105.66        -23.33
STENIEL MFG             STN             20.43        -15.89
UNIVERSAL RIGHTF        UP              45.12        -13.48
UNIWIDE HOLDINGS        UW              50.36        -57.19
VICTORIAS MILL          VMC            164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA             18.08        -11.82
ADVANCE SCT LTD         ASCT            16.05        -43.84
HL GLOBAL ENTERP        HLGE            97.30        -11.43
JAPAN LAND LTD          JAL            191.62        -10.91
LINDETEVES-JACOB        LJ              16.86         -6.64
NEW LAKESIDE            NLH             19.34         -5.25
SUNMOON FOOD COM        SMOON           14.93        -14.71
TT INTERNATIONAL        TTI            272.51        -57.42


THAILAND

ABICO HLDGS-F           ABICO/F         15.28         -4.40
ABICO HOLDINGS          ABICO           15.28         -4.40
ABICO HOLD-NVDR         ABICO-R         15.28         -4.40
ASCON CONSTR-NVD        ASCON-R         59.78         -3.37
ASCON CONSTRUCT         ASCON           59.78         -3.37
ASCON CONSTRU-FO        ASCON/F         59.78         -3.37
BANGKOK RUBBER          BRC             97.98        -81.80
BANGKOK RUBBER-F        BRC/F           97.98        -81.80
BANGKOK RUB-NVDR        BRC-R           97.98        -81.80
CIRCUIT ELEC PCL        CIRKIT          16.79        -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79        -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79        -96.30
DATAMAT PCL             DTM             12.69         -6.13
DATAMAT PCL-NVDR        DTM-R           12.69         -6.13
DATAMAT PLC-F           DTM/F           12.69         -6.13
GRANDE ASSE-NVDR        GRAND-R        217.95         -9.04
GRANDE ASSET H-F        GRAND/F        217.95         -9.04
GRANDE ASSET HOT        GRAND          217.95         -9.04
ITV PCL                 ITV             37.14       -110.85
ITV PCL-FOREIGN         ITV/F           37.14       -110.85
ITV PCL-NVDR            ITV-R           37.14       -110.85
K-TECH CONSTRUCT        KTECH/F         38.87        -46.47
K-TECH CONSTRUCT        KTECH           38.87        -46.47
K-TECH CONTRU-R         KTECH-R         38.87        -46.47
KUANG PEI SAN           POMPUI          17.70        -12.74
KUANG PEI SAN-F         POMPUI/F        17.70        -12.74
KUANG PEI-NVDR          POMPUI-R        17.70        -12.74
PATKOL PCL              PATKL           52.89        -30.64
PATKOL PCL-FORGN        PATKL/F         52.89        -30.64
PATKOL PCL-NVDR         PATKL-R         52.89        -30.64
PICNIC CORP-NVDR        PICNI-R        110.91       -149.25
PICNIC CORPORATI        PICNI/F        110.91       -149.25
PICNIC CORPORATI        PICNI          110.91       -149.25
PONGSAAP PCL            PSAAP/F         24.61        -10.99
PONGSAAP PCL            PSAAP           24.61        -10.99
PONGSAAP PCL-NVD        PSAAP-R         24.61        -10.99
SAHAMITR PRESS-F        SMPC/F          21.99         -4.01
SAHAMITR PRESSUR        SMPC            21.99         -4.01
SAHAMITR PR-NVDR        SMPC-R          21.99         -4.01
SUNWOOD INDS PCL        SUN             19.86        -13.03
SUNWOOD INDS-F          SUN/F           19.86        -13.03
SUNWOOD INDS-NVD        SUN-R           19.86        -13.03
THAI-DENMARK PCL        DMARK           15.72        -10.10
THAI-DENMARK-F          DMARK/F         15.72        -10.10
THAI-DENMARK-NVD        DMARK-R         15.72        -10.10
THAI-GERMAN PR-F        TGPRO/F         55.31         -8.54
THAI-GERMAN PRO         TGPRO           55.31         -8.54
THAI-GERMAN-NVDR        TGPRO-R         55.31         -8.54
TRANG SEAFOOD           TRS             13.90         -3.59
TRANG SEAFOOD-F         TRS/F           13.90         -3.59
TRANG SFD-NVDR          TRS-R           13.90         -3.59


TAIWAN

CHIEN TAI CEMENT        1107           202.42        -33.40
HELIX TECH-EC           2479T           23.39        -24.12
HELIX TECH-EC IS        2479U           23.39        -24.12
HELIX TECHNOL-EC        2479S           23.39        -24.12
PRODISC TECH            2396           253.76        -36.04
TAIWAN KOL-E CRT        1606U          507.21       -147.14
TAIWAN KOLIN-EN         1606V          507.21       -147.14
TAIWAN KOLIN-ENT        1606W          507.21       -147.14
VERTEX PREC-ENTL        5318T           42.86         -0.71
VERTEX PRECISION        5318            42.86         -0.71


                             *********

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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