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        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 21, 2011, Vol. 14, No. 15

                            Headlines



A U S T R A L I A

ICON HOSPITALITY: Falls Into Receivership


C H I N A

CHINA TEL GROUP: ZTE Purchase Orders Treated Confidential


I N D I A

B. I. FABRICS: CRISIL Reaffirms 'BB' Rating on INR6MM Term Loan
BAGGA LINK: ICRA Assigns 'LBB+' Rating to INR2.85cr Long Term Loan
BHAGWATI POWER: ICRA Reaffirms 'LBB+' Rating to INR5.75cr Loan
BHAVYAADEV ROADLINES: CRISIL Assigns 'BB+' Rating to INR84.7M Loan
GANESH OM: ICRA Assigns 'LB+' Rating to INR85cr Bank Lines

GANPATI FOODS: CRISIL Assigns 'LB+' Rating to INR75cr Bank Lines
GINZA INDUSTRIES: ICRA Assigns 'LB+' Rating to INR40.09cr Loans
GTV ENG'G: ICRA Assigns 'LBB-' Rating to INR5cr Fund-based Limits
HARIDARSHAN TRACKOM: CRISIL Reaffirms 'BB' Rating on Cash Credit
INDUS TROPICS: ICRA Places 'LBB' Rating on INR5cr Cash Credit

KOTAK URJA: ICRA Reaffirms 'LBB+' Rating on Fund Based Limits
L.M. FOODS: ICRA Assigns 'LB+' Rating to INR20cr Bank Lines
L.R. INTERNATIONAL: ICRA Assigns 'LB+' Rating to INR75cr Bank Line
MAGNUM STEELS: ICRA Reaffirms 'LBB' Rating on INR28cr Bank Debts
MAHABIR IMPEX: CRISIL Reaffirms 'BB+' Rating on INR90M Cash Credit

N.R. SPONGE: CRISIL Assigns 'BB' Rating to INR58 Million Term Loan
RAM NATH: CRISIL Rates INR38.00 Million Term Loan at 'BB+'
SAUMIL IMPEX: CRISIL Assigns 'BB' Rating to INR30MM Cash Credit
UMRAO INSTITUTE: Fitch Rates INR887.5 Mil. Loans at 'B(ind)'
VARDHMAN STAMPINGS: ICRA Reaffirms 'LBB+' Rating on INR45cr Limits

VIKRMA IMPEX: CRISIL Puts 'P4+' Ratings on Various Bank Facilities


I N D O N E S I A

GARUDA INDONESIA: Jamsostek Set to Buy 7.5% Shares in IPO


J A P A N

JAPAN AIRLINES: Defers JPY50-Billion Capital Boost Plan
JAPAN AIRLINES: 146 Cabin Staff File Lawsuit Over Job Cuts


M A L A Y S I A

JPK HOLDINGS: Posts MYR3.05 Million Net Loss in September 30 Qtr
MAXBIZ CORP: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic Trial Delayed Until September
HANOVER FINANCE: SFO Demands Information From Former Director
NEXT ELECTRONIC: McGrath Nicol Partners Appointed as Receivers


T H A I L A N D

PATKOL PUBLIC: Issues Update on Business Reorganization


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
=================


ICON HOSPITALITY: Falls Into Receivership
-----------------------------------------
Vanda Carson at The Sydney Morning Herald reports that ING Real
Estate Entertainment Fund's chances of getting millions of dollars
in rent from its largest tenant appear slim, after Icon
Hospitality was placed into receivership yesterday, January 20,
2012.

The report relates that Icon Hospitality, which owns the leasehold
to 11 hotels in and around Sydney, was placed into receivership by
its bankers, Commonwealth Bank, which is owed more than AU$60
million.

According to The Sydney Morning Herald, Icon Hospitality is a
tenant in nine of ING's 41 hotels, and has been given a rent
holiday of more than AU$3 million in the past 18 months because it
has been struggling to pay its rent which was set during the
market boom.  The report notes ING REEF said in a statement to the
market that Icon Hospitality's rent makes up about 40% of ING's
total rental income.

ING REEF, the report notes, said that it expects to continue to
receive rent from the receivers.  However, The Sydney Morning
Herald relates, ING REEF does not refer to the AU$3 million in
outstanding rent in the statement.

The Sydney Morning Herald discloses that ING REEF Chief Executive
Officer Daniel Hargraves stated that he plans to make a
"conditional offer" to Icon Hospitality's receivers, Ferrier
Hodgson.   The report relates that it is understood that he is
referring to the purchase of the leasehold of the hotels, but he
does not state what he is referring to.  "If completed this will
provide IEF the ability to manage the income derived from the
hotel operations and therefore exert greater influence over the
investment value of the hotel assets."

Mr. Hargraves said ING REEF's financiers or its unit holders have
not yet given the green light to the proposed acquisition, the
report adds.

Icon Hospitality is owned by prominent hoteliers Damien Reed and
Peter Wynne.  Icon's hotels include the Bourbon at Kings Cross,
which was closed after a roof collapse, the Dolphin Hotel in Surry
Hills, the Star Hotel in Chinatown, the Woolwich Pier at Woolwich
and the Commodore in North Sydney.


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


CHINA TEL GROUP: ZTE Purchase Orders Treated Confidential
---------------------------------------------------------
China Tel Group, Inc. submitted an application under Rule 24b-2
requesting confidential treatment for information it excluded from
the exhibits to a Form 8-K filed on November 23, 2010.

The 8-K filing relates to agreements that became effective
Nov. 22, 2010, between Perusat S.A., a majority owned subsidiary
of China Tel Group, Inc., a Nevada corporation, China Tel, and ZTE
Corporation, a Peoples Republic of China corporation and its
subsidiary ZTE Corporation Peru, a Republic of Peru corporation.
The agreements include a National WiMAX Equipment Contract between
Perusat, S.A. and ZTE Corporation; a Service Contract for Perusat
National WiMAX Project between Perusat, S.A. and ZTE Corporation
Peru; and various annexes to each contract and purchase orders for
a portion of equipment and services to be provided in the near
future.   China Tel sought confidential treatment of the portions
of these equipment and service contracts and purchase orders in
connection with the ZTE agreements:

  * National WiMAX Equipment Contract between Perusat, S.A. and
    ZTE Corporation;

  * Service Contract for Perusat National WiMAX Project between
    Perusat, S.A. and ZTE Corporation Peru;

  * Purchase Order PZ2010080501WMX-1 (Equipment);

  * Purchase Order PZ2010080501SEN-1 (Services); and

  * Purchase Order PZ2010080501SEN-2 (Services).

Based on representations by China Tel that this information
qualifies as confidential commercial or financial information
under the Freedom of Information Act, 5 U.S.C. 552(b)(4), the
Division of Corporation Finance has determined not to publicly
disclose it.  Accordingly, excluded information from the Exhibits
will not be released to the public until Nov. 23, 2015.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

The Company's balance sheet at June 30, 2010, showed $8.9 million
in total assets, $26.2 million in total liabilities, and a
stockholders' deficit of $17.3 million.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of $165.4
million since inception, a negative working capital of $68.8
million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.


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


B. I. FABRICS: CRISIL Reaffirms 'BB' Rating on INR6MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of B.I. Fabrics continues
to reflect BI's below-average financial risk profile marked by a
low net worth, moderate debt protection indicators, and large
working capital requirements; and its low operating profitability.
These rating weaknesses are partially offset by the benefits that
BI derives from its established market position, supported by its
promoters' extensive experience in the textile business.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR6.0 Million Term Loan            BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BI will continue to benefit over the medium
term from its well-diversified customer base and promoters'
extensive experience in the business.  The outlook may be revised
to 'Positive' if the firm improves its profitability margin while
maintaining its revenue growth. Conversely, the outlook may be
revised to 'Negative' if BI's financial risk profile deteriorates,
most likely because of liquidity pressure or significant debt-
funded capital expenditure.

Update

BI's net sales declined marginally to INR396.7 million in 2009-10
(refers to financial year, April 1 to March 31), from INR404.8
million in 2008-09.  The firm has been able to maintain its
operating margin at the historical level of 3 to 4%, with the
operating margin for 2009-10 at 3.6%.  Stable revenue and
profitability has resulted in stable cash accruals from
operations, at INR6.3 million for 2009-10.  Reduction in long-term
loans has resulted in BI's gearing improving to 0.8 times as on
March 31, 2010, from 0.9 times a year earlier. The firm's debt
protection measures have remained moderate in 2009-10, with
interest coverage ratio at 2.1 times and net cash accruals to
total debt ratio at 10%. BI's rating, however, remains constrained
due to its stretched liquidity, with its bank limits being fully
utilised during the 12 months through September 2010.

BI reported a net profit of INR5.7 million on net sales of
INR396.7 million for 2009-10, as against a net profit of INR6.3
million on net sales of INR404.8 million for 2008-09.

About the Firm

Set up in 1997 in Rajasthan, BI manufactures blouse materials for
women.  The firm's day-to-day operations are managed by Mr.
Indermal Chopra with assistance from his nephew, Mr. Manoj Kumar
Shah.  The firm has in-house facilities for processing
(mercerising, texturising, dyeing, and pressing) grey fabric,
whereas it outsources its spinning and weaving activities to its
associate concern Gaurav Trading, in Maharashtra.


BAGGA LINK: ICRA Assigns 'LBB+' Rating to INR2.85cr Long Term Loan
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR2.85 crore, long-term, fund
based bank facilities of Bagga Link Motors Limited.  ICRA has also
assigned 'A4+' rating to Rs 5.0 crore short-term, non-fund based
bank facilities of the company.  The outlook on the long-term
rating is 'stable'.

The ratings recognise BLML's long standing relationship with its
principal, being one of the first MSIL dealers in Delhi,
experienced promoters, and their support in the form of unsecured
loans extended to the company.  The assigned ratings factor in the
thin profit margins of BLML, which is inherent in the automotive
dealership business; and limited financial flexibility on account
of weak cash flows.  The ratings also take into account the
company's moderate scale of operations, and high competitive
intensity in vehicle dealership business.

BLML started off as a partnership firm in 1962, dealing in
servicing of cars of all makes, and subsequently in 1995, received
the dealership of MSIL vehicles. With it, the partnership was
converted into a Private Limited Company, and the name was changed
from 'Bagga Link Road Service Station' to Bagga Link Motors
Limited currently.  BLML is one of the oldest MSIL dealers in
Delhi and has sales cum workshop at Patparganj. In addition to it,
the company has two repair workshops- each at Karol Bagh and
Patparganj apart from having a sales outlet for MSIL True Value at
Patparganj

The promoter of BLML is the Bagga family, and apart from BLML, is
also involved in dealership of Bajaj Auto Limited through another
company- Bagga Link Services Limited. The family also runs a
petrol pump at Link Road, Karol Bagh.


BHAGWATI POWER: ICRA Reaffirms 'LBB+' Rating to INR5.75cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR5.75
crore term loan (existing) and INR33.50 crore fresh term loan
(reduced from INR35.00 crore) and the INR13.00  crore  fund-based
bank facilities of Bhagwati Power & Steel Ltd.  The outlook on the
long-term rating is 'stable'.  ICRA has also reaffirmed the 'A4+'
rating assigned to the INR2.00 crore non-fund based bank
facilities of BPSL.

The ratings take into account the long track record of BPSL's
promoters in the steel business; its established raw material
linkages for existing as well as proposed capacities; demonstrated
ability to earn profits even during weak industry conditions and a
comfortable capital structure.  The rating is, however,
constrained by the relatively small scale of operations of the
company; its high working capital intensity of operations, which
adversely affects the liquidity position and keeps its overall
returns at a moderate level, the cyclicality associated with the
steel industry and project execution risks associated with the
large capital expenditure plan.  ICRA notes that BPSL has embarked
upon a 10 MW CPP project at an investment of INR47.82 crore, which
is significantly large relative to its current scale of operations
and balance sheet size.  The company has tied up fresh term loan
of INR33.50 crore for the captive power plant (CPP) project,
leading to a project gearing of 2.34 time.  However,
execution risk and successful stabilisation of the project would
remain a concern going forward.  The project is scheduled to be
commissioned by March 2011.  Additionally, BPSL is also
commissioning a 6 Tonne induction furnace with an estimated cost
of INR7 crore, which would be equally funded by debt and equity.
ICRA believes the successful commissioning of the proposed CPP
would improve BPSL's financial performance going forward.

BPSL has its production facilities located at Raipur, Chattisgarh.
While the sponge iron facility was commissioned in 2005-06, the
proposed captive power plant (CPP) is expected to be commissioned
in the near term. BPSL has iron ore and coal supply linkages from
NMDC Limited and South Eastern Coalfields Limited respectively.
However, currently BPSL is procuring significant portion of its
iron ore and coal requirements from private mines, which are
available at lower rates.  The capacity utilization of the sponge
iron unit has remained at low levels of around 58% during 2008-09
and 2009-10, on account of technical problems in the kilns, which
affected the profitability of the company.

BPSL has embarked upon a 10 MW CPP project at its existing plant
at an estimated cost of INR47.82 crore, which is expected to be
commissioned in the near term.  The project has already been
delayed by four months.  The size of the total investment, being
quite large relative to BPSL's current balance sheet size, would
have an adverse impact on its business risk profile if BPSL faces
any challenge in stabilizing the unit.  The project is being
funded at a project gearing of 2.34 time.  As in November 2010,
the company has spent INR26.99 crore (56% of the project cost) and
over 60% of the project work has been completed.

BPSL reported a net profit margin of 2.55% on an the operating
income of INR49.79 crore in 2009-10, which had declined
significantly from the operating income and net profit margin of
INR61.72 and 7.9% respectively in 2008-09. The decline was
reported on account of significant decline in the market price
of sponge iron during 2009-10. The company's capital structure
remained at comfortable levels, with a debt equity ratio of 0.92
time  as on March 31, 2010, which is likely to increase
significantly during 2010-11 on account of  the  fresh debt for
the proposed CPP.  Additionally, BPSL's working capital intensity
as reflected by the ratio of net working capital to operating
income has remained high at 28% in 2009-10. Coverage indicators,
as reflected by an interest coverage of 4.07 time and net cash
accruals relative to total debt of 18.6% in 2009-10, have remained
at comfortable levels.

                        About Bhagwati Power

Incorporated in 2004, BPSL is a closely held company, belonging to
the Raipur-based Kejriwal Family. BPSL has facilities at Raipur
for manufacturing sponge iron, with annual capacities of 60,000
MT.  Additionally, BPSL is executing a 10 MW CPP project and a 6T
induction furnace, which are expected to be commissioned in the
near term.

Recent Results

In 2009-10, BPSL reported an operating income of INR49.79 crore
and net profit of INR2.55 crore, as against an operating income of
INR61.72 crore and a net profit of INR4.91 crore in 2008-09.
During the first eight months of 2010-11 as per the provisional
financial statements, BPSL reported an operating income of
INR34.78 crore and a net profit of INR5.94 crore.


BHAVYAADEV ROADLINES: CRISIL Assigns 'BB+' Rating to INR84.7M Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Bhavyaadev Roadlines Pvt. Ltd. (BRPL; part of the Bhavyaa
group).

   Facilities                      Ratings
   ----------                      -------
   INR50.00 Million Cash Credit    BB+/Stable (Assigned)
   INR84.70 Million Term Loan      BB+/Stable (Assigned)

The rating reflects the Bhavyaa group's large working capital
requirements, its exposure to risks related to geographical
concentration in its revenue profile, cyclicality in cement
industry, and to intense competition in the transportation
industry. These weaknesses are partially offset by the group's
strong financial risk profile, marked by strong net worth and
healthy debt protection metrics, and the experience of its
promoters in the transportation business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles BRPL, Dev Roadlines Pvt. Ltd. (DRPL) and
Bhavyaa Global Ltd (BGL), together referred to as the Bhavyaa
Group. This is because the three companies are under common
management, have operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the Bhavyaa group will maintain a stable
credit risk profile, supported by its established relationships
with customers and its healthy financial risk profile. The outlook
may be revised to 'Positive' if the group reports considerable
increase in accruals from the transportation business and
successfully scales up its mining operations. Conversely, the
outlook may be revised to 'Negative' if the group reports lower-
than-expected profitability or undertakes large debt-fudned capex
or in case of any unrelated diversification

                          About the Group

DRPL was incorporated in 1994 as a proprietorship firm and was
reconstituted as a private limited company in 2007.  The company
provides transportation and logistical services.  BRPL,
incorporated in 2007, also provides transportation and logistical
services. BGL (formerly Dev Ispat Pvt Ltd), incorporated in the
year 2008 is engaged into coal mining and transportation of coal
business.

The Bhavyaa group reported a profit after tax (PAT) of INR31.2
million on net sales of INR2,623 million for 2009-10 (refers to
financial year, April 1 to March 31) as against a PAT of INR6.2
million on net sales of INR1,465 million for 2008-09.


GANESH OM: ICRA Assigns 'LB+' Rating to INR85cr Bank Lines
----------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR85.0 crore
bank lines of Ganesh Om Cereals Private Ltd.

The rating of Ganesh Om takes into consideration its weak
financial profile characterized by low profitability, high gearing
and weak debt protection indicators.  The rating also factors in
the low entry barriers and intensely competitive nature of
industry which makes margins and cash flows vulnerable to
fluctuations in prices.  However, the rating favorably takes into
account the company's experienced management; long track record of
operations in the rice industry and concentration on the export of
Basmati rice. Further, ICRA also takes into account the favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice in the world.

About Ganesh Om

Ganesh Om Cereals Private Ltd is involved in rice milling and is
based out of Karnal (Haryana).  It is primarily into the milling
and processing of basmati rice with non basmati rice forming a
negligible portion.  It is also engaged in further processing of
the byproducts like bran and husk.  The company has a fairly good
mix of export as well as domestic turnover. Export constituted 40%
of the total operating income in FY 2010 with major export
destination being Middle East. In the domestic market, Ganpati
Foods derives significant sales from unbranded segment (domestic
sales around 60% of the total turnover in FY 2010).  The company
procures paddy from the mandis of Punjab, Haryana, UP, Rajasthan
and Uttaranchal. It has sufficient storage space which allows it
to stock large amount of paddy during the harvesting season.


GANPATI FOODS: CRISIL Assigns 'LB+' Rating to INR75cr Bank Lines
----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR75.0 crore
bank lines of Ganpati Foods.

The rating of Ganpati Foods takes into consideration its weak
financial profile characterized by low profitability, high gearing
and weak debt protection indicators.  The rating also factors in
the low entry barriers and intensely competitive nature of
industry which makes margins and cash flows vulnerable to
fluctuations in prices.  However, the rating favorably takes into
account the company's experienced management; long track record of
operations in the rice industry and concentration on the export of
Basmati rice. Further, ICRA also takes into account the favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice in the world.

                          About Ganpati Foods

Ganpati Foods is involved in rice milling and is based out of
Karnal (Haryana).  It is primarily into the milling and processing
of basmati rice with non basmati rice forming a negligible
portion.  It is also engaged in further processing of the
byproducts like bran and husk.  The company has a fairly good
mix of export as well as domestic turnover.  Export constituted
40% of the total operating income in FY 2010 with major export
destination being Middle East.  In the domestic market, Ganpati
Foods derives significant sales from unbranded segment (domestic
sales around 60% of the total turnover in FY 2010).  The company
procures paddy from the mandis of Punjab, Haryana, UP, Rajasthan
and Uttaranchal.  It has sufficient storage space which allows it
to stock large amount of paddy during the harvesting season.


GINZA INDUSTRIES: ICRA Assigns 'LB+' Rating to INR40.09cr Loans
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the fund based limits and
term loans of Ginza Industries Limited aggregating to INR29.751
crore and INR40.09 crore respectively.  ICRA has also assigned
'A4' to the short term fund based limits and non fund based limits
aggregating to INR23.16 crore and INR6 crore respectively of Ginza
Industries.

The rating incorporates the tight liquidity conditions and
consequent financial strain incurred by the company; the
moderately stretched working capital intensity, on account of high
finished goods holding; the susceptibility to exchange rate and
the volatility of raw material prices.  The company is currently
facing capacity constraints in certain segments limiting its
overall sales growth; although the Company is planning to augment
its capacity soon.  The rating, favorably factors in the long
standing experience of the promoters in the textile industry and
the well established relationships enjoyed by the Company with its
customers and dealers; the integrated facility possessed by the
Company across the textile value chain; and the low customer
concentration.

About Ginza Industries

Ginza Industries Limited, a private limited Company, was in
incorporated Kolkata in 1986, by the Sethia family with the long
standing experience of the family in textile trading.  The Company
was originally set up to manufacture warp and raschel knitted
fabric following which the Company progressively integrated its
line of business both forward and backward to include yarn
manufacturing, fabric manufacturing, textile processing, lingerie
manufacturing, elastic tape, eye and hook manufacturing and
garmenting.

The Company has nine manufacturing units in total, five of which
are situated in Sachin, (Surat), two units in Kachigam (Daman) and
two units in Goregaon (Mumbai).

The Company also plans to augment its capacity with a capital
expenditure of INR37.8 crore, in order to increase its sales
volumes.

Recent Results

Ginza Industries Limited achieved a sales turnover of INR7.86
(adjusted) crore during the first six months of FY11 i.e. as on
30th September, 2010 with a PAT of INR12.30 crore and a resultant
PAT margin of 12.6% (unaudited).


GTV ENG'G: ICRA Assigns 'LBB-' Rating to INR5cr Fund-based Limits
-----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to INR5 crore fund-based limits
of GTV Engineering Limited.  The outlook on the long term rating
is stable.  ICRA has also assigned an 'A4' rating to the INR14
crores non-fund based limits of GTVEL.

The ratings derive strength from the company's experienced
management, its reputed client base and its modest gearing. The
rating is however constrained by high competition due to presence
of numerous players in the industry which coupled with capacity
constraints have resulted in modest operating income of the
company in the past.  While assigning the ratings, ICRA also notes
the high working capital intensity of the company's operations and
its low bargaining power with its reputed client base.

GTV (erstwhile Gwalior Tanks &Vessels Limited) is essentially
operating as a subcontractor primarily engaged in heavy steel
fabrications in the state of Madhya Pradesh. The company
undertakes fabrications varying between 10 Tonnes to 100 tonnes
and operates as ancillary to reputed clients such as Alstom
Projects India Ltd., BHEL, FLSmidth etc. The firm is promoted by
the Aggarwal family and has its fabrication units located in
Bhopal (Madhya Pradesh) and Gwalior (Rajasthan).


HARIDARSHAN TRACKOM: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's rating on the cash credit facility of Haridarshan Trackom
Pvt Ltd continues to reflect the commoditised nature of
Haridarshan Trackom's product, the company's working-capital-
intensive operations, and its exposure to risks relating to the
fragmented nature of the tea industry.  These weaknesses are
partially offset by Haridarshan Trackom's moderate business risk
profile, marked by promoters' experience.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Haridarshan Trackom will continue to benefit
over the medium term from its promoters' extensive experience in
trading. The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly. Conversely, the
outlook maybe revised to 'Negative' if Haridarshan Trackom reports
sluggish growth in revenues and profitability, or undertakes
large, debt-funded acquisitions.

Update

Haridarshan Trackom's performance for 2009-10 (refers to financial
year, April 1 to March 31) has been largely in line with CRISIL's
expectation. In the current financial year, the company has
achieved a turnover of around INR300 million till September 30,
2010.

Haridarshan Trackom's liquidity is expected to remain adequate,
driven by no long-term debt repayment obligations, stable
accruals, no significant capital expenditure plans, and a healthy
current ratio. The company's liquidity is, however, constrained by
high bank limit utilisation for funding working capital
requirements, and a low net worth base.

Haridarshan Trackom reported a profit after tax (PAT) of INR20.16
million on net sales of INR1723.07 million for 2009-10, as against
a PAT of INR9.70 million on net sales of INR932.33 million for
2008-09.

                      About Haridarshan Trackom

Haridarshan Trackom was acquired by Mr. Kaushik Kumar Nath, its
current promoter, in 2007 from Mr. Shankar and Mr. Hari Das Menon,
its previous promoters.  The company trades in tea and spices, and
caters to wholesale customers.  It has a distribution network of
around 80 distributors in West Bengal.


INDUS TROPICS: ICRA Places 'LBB' Rating on INR5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5.00 crore cash credit
facility of Indus Tropics Limited.  The outlook for the rating is
stable. ICRA has also assigned an 'A4' rating to the INR10.00
crore, short-term, non-fund based, line of credit limits of ITL.

The ratings are constrained by ITL's relatively modest financial
profile characterized by limited scale of operations and modest
profitability indicators. The ratings are further constrained by
the highly competitive business environment on account of a
fragmented industry structure and volatility of profitability to
fluctuations in timber prices and fluctuation in exchange rates as
entire raw material requirement is currently being imported.

The ratings, however, favorably factors in long experience of the
promoter group(Deccan group) in the timber business and
established veneer/plywood brand (Truwood); well diversified
client and product mix; comfortable capital structure (with
gearing at 0.70 time as on FY10 end) and healthy demand
outlook for veneer manufactured from imported Burmese Gurjan logs.

About Indus Tropics

Indus Tropics Ltd was incorporated in April 2004 and is engaged in
the business of importing timber, manufacturing veneer, plywood,
block board and flush doors from timber and trading of timber.
The company is based out of Gandhidham (Kutch District of
Gujarat), near to the Kandla port.  The company is a part of the
Deccan Group which also has control over other companies like
Truwoods Pvt. Ltd., Maxworth Plywoods Pvt. Ltd., Deccan Veneers
Pvt. Ltd., Ozurt Systems Pvt. Ltd. and Alpine Panels Pvt. Ltd.
which are present in similar line of businesses.

Recent Results
For the year ended March 31, 2010, the company reported an
operating income of INR28.54 crore and profit after tax of
INR 0.66 crore (unaudited).


KOTAK URJA: ICRA Reaffirms 'LBB+' Rating on Fund Based Limits
-------------------------------------------------------------
ICRA has reaffirmed the rating of 'LBB+' assigned to INR10.5 crore
fund based limits of Kotak Urja Private Limited.  The outlook
assigned on the rating is stable.  ICRA has also reaffirmed the
rating of 'A4+' assigned to INR4.5 crore non fund based limits of
KUPL.  Further ICRA has assigned LBB+ rating to the INR30 Crore
enhanced fund based cash credit limits and INR11.03 Cr term loans.
ICRA has also assigned a rating of A4+ to the INR17.54 Cr enhanced
non-fund based limits.

ICRA's rating action draws strength from KUPL's experienced
management with significant experience in the industry, favorable
demand prospects for KUPL's products arising out of government
initiatives to support and encourage renewable sources of energy
like solar power and other demand drivers like rural
electrification, energy management of telecom towers and rural
bank branches.  The ratings also positively factor in KUPL's
established marketing and service  network  given that the demand
is expected to be driven by rural segment across various
developing states.  The ratings are however constrained by KUPL's
high working capital intensity of operations owing to high
receivables and inventory, surge in working capital requirements
especially in last few months of the financial year to support
increased orders and moderate gearing levels.   The ratings are
also constrained by the competitive nature of the industry due to
moderate entry barriers which results in moderate operating
margins for the company; the margins are further constrained due
to price based tendering process being followed in majority of the
government contracts.

                           About Kotak Urja

Incorporated on September 10, 1997, Kotak Urja Private Limited is
engaged in the manufacturing of solar water heating systems and
solar photovoltaic (PV) systems.  Its products include domestic &
industrial solar water heaters, solar drying systems, effluent
treatment systems, swimming pool heating systems, space heating
systems and photovoltaic devices like PV modules, street lighting
systems, portable lantern, solar torches, PV grid connect, power
plant etc.  In FY2010 KUPL reported revenues of INR81.3 Cr
revenues (40% growth YOY) and Profit after Tax of INR3.4 Cr.


L.M. FOODS: ICRA Assigns 'LB+' Rating to INR20cr Bank Lines
-----------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR20.0 crore
bank lines of L.M. Foods.

The rating of L.M. Foods takes into consideration its weak
financial profile characterized by low profitability, high gearing
and weak debt protection indicators. The rating also factors in
the low entry barriers and intensely competitive nature of
industry which makes margins and cash flows vulnerable to
fluctuations in prices.  However, the rating favorably takes into
account the company's experienced management; long track record of
operations in the rice industry and concentration on the export of
Basmati rice.  Further, ICRA also takes into account the favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice in the world.

L.M. Foods is involved in rice milling and is based out of Karnal
(Haryana). It is primarily into the milling and processing of
basmati rice with non basmati rice forming a negligible portion.
It is also engaged in further processing of the byproducts like
bran and husk.  The company has a fairly good mix of export
as well as domestic turnover. Export constituted 40% of the total
operating income in FY 2010 with major export destination being
Middle East.  In the domestic market, Ganpati Foods derives
significant sales from unbranded segment (domestic sales around
60% of the total turnover in FY 2010).  The company procures paddy
from the mandis of Punjab, Haryana, UP, Rajasthan and Uttaranchal.
It has sufficient storage space which allows it to stock large
amount of paddy during the harvesting season.


L.R. INTERNATIONAL: ICRA Assigns 'LB+' Rating to INR75cr Bank Line
------------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR75.0 crore
bank lines of L.R. International Private Ltd.

The rating of LRIPL takes into consideration its weak financial
profile characterized by low profitability, high gearing and weak
debt protection indicators.  The rating also factors in the low
entry barriers and intensely competitive nature of industry which
makes margins and cash flows vulnerable to fluctuations in prices.
However, the rating favorably takes into account the company's
experienced management; long track record of operations in the
rice industry and concentration on the export of Basmati rice.
Further, ICRA also takes into account the favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice in the world.

L.R. International Private Ltd is involved in rice milling and is
based out of Karnal (Haryana).  It is primarily into the milling
and processing of basmati rice with non basmati rice forming a
negligible portion.  It is also engaged in further processing of
the byproducts like bran and husk.  The company has a fairly good
mix of export as well as domestic turnover.  Export constituted
40% of the total operating income in FY 2010 with major export
destination being Middle East.  In the domestic market, Ganpati
Foods derives significant sales from unbranded segment (domestic
sales around 60% of the total turnover in FY 2010).  The company
procures paddy from the mandis of Punjab, Haryana, UP, Rajasthan
and Uttaranchal. It has sufficient storage space which allows it
to stock large amount of paddy during the harvesting season.


MAGNUM STEELS: ICRA Reaffirms 'LBB' Rating on INR28cr Bank Debts
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR28.00 crore
(enhanced from INR20.00 crore) fund-based bank facilities of
Magnum Steels (MS) at 'LBB'.  The outlook on the long-term rating
is 'stable'.  ICRA has also assigned a short-term rating of 'A4'
to the INR5.00 crore fund-based bank facilities and INR10.00 crore
non-fund based bank facilities of MS.

The ratings take into account the long standing experience of the
partners in the steel trading business and the relationships
developed with reputed steel producers which has ensured a steady
supply of TMT bars; shift in the customer focus from real estate
developers and contractors to open market trading which has
improved the working capital intensity and relieved some pressure
on liquidity in the current financial year 2010-11; and a healthy
revenue growth in the current financial year supported by high
sales volumes.  The ratings are, however constrained by thin
profitability of the firm due to the low value  adding  and
highly competitive and fragmented nature of the steel trading
business;  the  firm's leveraged capital structure on account of
high working capital requirements which has also kept  the
coverage indicators at depressed levels; risks inherent in a
partnership firm including the risk of capital withdrawals by
partners; and exposure to steel price risk given its high
inventory holding period.

About Magnum Steels

Magnum Steels was established in the year 2001 as a proprietorship
firm and was converted into a partnership firm in November 2008,
whereby a group proprietary firm Mangal Steels was merged with MS.
MS is engaged in the trading of TMT bars and structural steel in
and around Mumbai.

Recent Results

In 2009-10, MS reported a profit after tax of INR0.36 crore on an
operating income of INR121.20 crore as compared to a net profit of
INR0.71 crore on an operating income of INR138.72 crore in
2008-09.  As per the provisional results April  -December 2010,
the company  reported an operating income of INR145 crore.


MAHABIR IMPEX: CRISIL Reaffirms 'BB+' Rating on INR90M Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Mahabir Impex Pvt Ltd
(Mahabir; part of the KKN group) continues to reflect the KKN
group's geographically concentrated revenue profile and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that the KKN group derives from
the strong and established image of its Tripti brand and moderate
image of its recently introduced Sunshine brand.

   Facilities                         Ratings
   ----------                         -------
   INR90 Million Cash Credit          BB+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mahabir, Cotwall Commerce Pvt Ltd, and
Grover Commerce Pvt Ltd.  This is because the three companies,
collectively referred to as the KKN group, have a common
management, are in a similar line of business, and have a common
distribution network.

Outlook: Stable

CRISIL believes that the KKN group will continue to benefit over
the medium term from its established market position in eastern
India. The outlook may be revised to 'Positive' if the group's
financial risk profile improves significantly. Conversely, the
outlook may be revised to 'Negative' if the group reports sluggish
growth in revenues and profitability, or undertakes large, debt-
funded acquisition programmes.

Update
Cotwall has recently commenced trading in sunflower oil (Sunshine
brand) and tea (wholesale packs of mainly 50-kilogram [kg] bags).
70-75% of the company's turnover comes from sale of sunflower oil.
The company caters to the markets only in West Bengal.  Cotwall
was initially into trading in mustard oil, tea, and spices.
Grover is engaged in wholesale trading in rice bran oil, only in
West Bengal.  The oil is sold (unbranded) mainly in 15-kg tin
packs.  The KKN group's management has decided to sell its
products under the Tripti brand only through Mahabir.

The KKN group's performance in 2009-10 (refers to financial year,
April 1 to March 31) has been slightly better than CRISIL's
expectation.  The turnover of the group has increased 65% in 2009-
10 over that in the previous year, supported mainly by the group's
entry into sunflower oil trading in 2009-10.  The group has
reported a turnover of around INR952 million for the six months
ended September 30, 2010.  The group's liquidity is expected to
remain adequate, driven by zero term debt obligations, stable cash
accruals, no sizeable capital expenditure plans, and a healthy
current ratio. Bank limit utilization is expected to remain high
because of incremental working capital requirements and small net
worth.

The KKN group reported a profit after tax (PAT) of INR17.29
million on net sales of INR1435.24 million for 2009-10, against a
PAT of INR6.53 million on net sales of INR869.29 million for
2008-09.

                           About the Group

Mahabir, the flagship company of the KKN group, was acquired by
Mr. Kaushik Kumar Nath in 2000.  Mahabir trades in edible oil,
tea, and spices; around 70% of its revenues are derived from sale
of edible oil; its products are sold under the Tripti brand
through around 200 distributors across West Bengal.  Mahabir also
sells its products through retail outlets such as Spencer's,
Pantaloons, and Arambagh. Cotwall, set up in 1995, was acquired by
Mr. Kaushik Kumar Nath from Mr. Siddharth Roy in 2003. The company
currently trades in tea (wholesale packs of mainly 50-kg bags) and
sunflower oil (brand Sunshine). Grover, acquired by Mr. Kaushik
Kumar Nath in 2001, trades in rice bran oil.


N.R. SPONGE: CRISIL Assigns 'BB' Rating to INR58 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of N.R.Sponge Pvt Ltd, which is part of the Magnum
group.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR58.0 Million Term Loan           BB/Stable (Assigned)
   INR30.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the Magnum group's average financial risk
profile, constrained by low profitability, large working capital
requirements, and large capital expenditure (capex) programme.
The ratings also factor in the Magnum group's exposure to risks
related to trading in the capital markets, downturns in the steel
business, and concentration of revenues in the automobile sector.
These rating weaknesses are partially offset by the benefits that
the Magnum group derives from its promoter's extensive experience
in the spring steel industry as well as its backward integration
initiatives, which partially offsets the risks related to shortage
of raw material.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Magnum Steels Ltd, Magnum Iron & Steel
Pvt Ltd, Deluxe Alloys Pvt Ltd, and NRS, collectively referred to,
herein, as the Magnum group.  This is because these entities share
the same value chain, are under a common management, and have
significant inter-company transactions.

Outlook: Stable

CRISIL believes that the Magnum group will benefit over the medium
term from its promoters' extensive experience and its comfortable
capital structure.  However, CRISIL believes that the Magnum
group's business and financial risk profiles will continue to
remain constrained by the group's small scale of operations, low
profitability, and large working capital requirements.  The
outlook may be revised to 'Positive' if the group's working
capital management and operating margin improve significantly.
Conversely, the outlook may be revised to 'Negative' if the Magnum
group contracts larger-than-expected quantum of debt to fund its
capex, or faces pressure on its revenues and profitability

                          About the Group

Set up in 1991 as a private limited company by Mr. I C Jindal, MSL
manufactures spring steel flats, high strength deformed steel
bars, and thermo-mechanically treated bars through the electric
arc process.  MSL was reconstituted as a closely held public
company in 1995.  The Magnum group integrated backwards by
acquiring DA in 1990-91 (refers to financial year, April 1 to
March 31) and MISPL (formerly, Vibha Steel Pvt Ltd) in 1997.  In
2006-07, MSL began manufacturing steel ingots and castings, by
acquiring two group entities, BR Associates and IRS Industries.
MSL acquired NRS in 2007.  NRS manufactures sponge iron at Raipur
(Chhattisgarh), with capacity of around 60,000 tonnes per annum.

NRS reported a profit after tax (PAT) of INR5 million on net sales
of INR340 million for 2009-10, against a PAT of INR6 million on
net sales of INR400 million for 2008-09.


RAM NATH: CRISIL Rates INR38.00 Million Term Loan at 'BB+'
----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the term loan
facility of Ram Nath Memorial Trust Society.

   Facilities                        Ratings
   ----------                        -------
   INR38.00 Million Term Loan        BB+/Stable (Assigned)

The rating reflects Ram Nath's small scale of operations,
geographically concentrated revenue profile, exposure to intense
industry competition, and pressure on revenues because of lack of
autonomy with respect to course fees, structure, and number of
seats. These rating weaknesses are partially offset by Ram Nath's
moderate financial risk profile, marked by comfortable gearing and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that the Ram Nath will maintain its moderate
financial risk profile over the medium term, supported by stable
cash accruals and absence of any large, debt-funded capital
expenditure (capex) plan.  The outlook may be revised to
'Positive' if Ram Nath significantly increases its scale of
operations, leading to more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
society undertakes a large, debt-funded capex programme, thereby
weakening its capital structure, or if its operations get
disrupted by any adverse regulatory change.

Ram Nath was established in 1998 and is managed by Mr. P N
Singhal.  It owns four institutes, which offer graduate-level
courses in physical education, education, arts (in eight streams),
and computer applications, certificate courses in basic training,
post-graduate-level courses in education, philosophy, and other
short-term courses in computer science. The society's institutes
are in Uttar Pradesh, and have combined student strength of over
4000.

Ram Nath reported a profit after tax (PAT) of INR21 million on net
sales of INR48 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR16 million on net sales
of INR39 million for 2008-09.


SAUMIL IMPEX: CRISIL Assigns 'BB' Rating to INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Saumil Impex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Cash Credit         BB/Stable (Assigned)
   INR180.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect SIPL's small scale of operations, its
susceptibility to adverse regulatory changes, and exposure to
cyclicality and fragmentation in the ship-breaking industry. These
weaknesses are partially offset by the extensive industry
experience of SIPL's promoters.

Outlook: Stable

CRISIL believes that SIPL will benefit over the medium term from
the healthy growth prospects for the ship-breaking industry.  The
outlook may be revised to 'Positive' if SIPL generates more-than-
expected sales and profits while maintaining its risk management
policies. Conversely, the outlook may be revised to 'Negative' in
case SIPL's margins decline sharply, most likely because of a
sharp decline in steel scrap prices, or if the company fails to
recover the cost of purchased ships.

                        About Saumil Impex

SIPL, incorporated in 1991 by Mr. Kishore Parikh, is engaged in
ship-breaking activities.  It has a capacity to break ships
ranging from 800 tonnes to 50,000 tonnes on its 70 metre plot in
Alang (Gujarat), which is the centre of the ship-breaking and
recycling industry in Asia.

SIPL reported a profit after tax (PAT) of INR6.2 million on net
sales of INR277.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net sales
of INR59.7 million for 2008-09.


UMRAO INSTITUTE: Fitch Rates INR887.5 Mil. Loans at 'B(ind)'
------------------------------------------------------------
Fitch Ratings assigned India's The Umrao Institute of Medical
Science & Research a National Long-term rating of 'B(ind)'.  The
Outlook is Stable.  The agency has also assigned ratings to
Umrao's bank facilities as follows:

  * INR887.5 million term loans: 'B(ind)';
  * INR60.6 million fund-based limits: 'B(ind)'/'F4(ind)'; and
  * INR60.9 million non-fund based limits: 'F4(ind)'.

Umrao's ratings are constrained by refinancing risks and a lack of
a track record given its brief operational history.  The hospital
commenced operations only in November 2010.  The total cost of the
project was INR1,311.3 million; it was financed through INR887.5m
of debt, and its sponsor contributed the rest of the funding.
Fitch notes that Umrao's internal cash flows are likely to be
insufficient in the initial years to meet debt servicing.  The
management has stated that they will infuse the requisite funds.
The agency notes that Umrao needs to demonstrate stabilization of
capex, which would be reflected in its operational and
profitability performance.

The ratings benefit from the timely completion of the hospital
project, large gamut of services, modern infrastructure, and
locational advantage, which would provide it a large catchment of
patients.  However, Fitch notes that the hospital's location may
not allow it to command the rates equivalent to those of other
comparable modern hospitals.  Nevertheless, Umrao's lower cost
base in terms of pharmacy, labour cost, municipal taxes, and other
infrastructure cost would help its profitability

Positive rating triggers include Umrao's demonstrated growth in
patient numbers along with EBITDA margins of around 24% and a
significant improvement in its financial leverage.  Negative
rating triggers include lower-than-expected patient volume growth
and a lack of sponsor funding.

Located in Mira Road, the hospital has nine operation theatres and
is equipped with modern technologies.  At end-September 2010
(H1FY11), the total secured debt was INR609.3 million, equity was
INR401.3 million, and cash equivalents were INR5.4 million.


VARDHMAN STAMPINGS: ICRA Reaffirms 'LBB+' Rating on INR45cr Limits
------------------------------------------------------------------
ICRA has reaffirmed the long term rating of 'LBB+' to the INR45.0
crore fund based limits of Vardhman Stampings Private Limited.
ICRA has also reaffirmed the short term rating of 'A4+' to the
INR8.0 crore non-fund based limits of the company.  The long term
rating has been assigned a positive outlook.

The rating reaffirmations continue to factor in the company's
established business relationship with major customers, gradually
declining client concentration and the long experience of the
promoters in the transformer laminations business.  The positive
outlook for the long term rating incorporates the favorable demand
for transformers which is expected to lead to healthy revenue
growth for transformer lamination manufacturers such as VSPL.
However the credit profile continues to remain constrained by the
company's modest scale of operations, low value add nature of
business which limits margin expansion, vulnerability of
profitability to fluctuations in prices of CRGO steel and
currency fluctuations and exposure to inventory risk.

                      About Vardhman Stampings

Incorporated in 1986 by Mr. Chinu Bhai Shah, VSPL is an ISO 9001
certified company involved in the manufacturing of transformer
laminations.  Its client base consists of more than 50 domestic
customers and includes reputed players such as BHEL, Suzlon
Infrastructure and Voltamp Transformers.  The company has an
installed capacity to process 12,000 MT of CRGO steel per annum.

The promoters have three other group companies namely SPI
Containers Pvt. Ltd., Navkar Transcore Pvt. Ltd. and Veer Steel
Processors. While SPI containers is involved in manufacturing of
transformer radiators, M.S. drums and CRGO wound cores, Navkar
Transcore and Veer Steel Processors are involved in transformer
laminations. Veer Steel is located in Diu and is a partnership
firm.

Recent Results

The company recorded a profit before tax (PBT) of INR6.0 crore on
a turnover of INR95.0 crore in none month FY11 as compared to a
PBT of INR2.7 crore on a turnover of INR79.4 crore in nine month
FY10.


VIKRMA IMPEX: CRISIL Puts 'P4+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Vikrma Impex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR120.00 Million Packing Credit    P4+ (Assigned)
   INR10.00 Million Letter Credit      P4+ (Assigned)
   INR10.00 Million Bank Guarantee     P4+ (Assigned)

The rating reflects VIPL's constrained financial risk profile,
marked by low networth and weak debt protection metrics, and the
fragmented nature of the tea industry.  These weaknesses are
partially offset by the company's average business risk profile,
marked by extensive promoter's experience and established customer
relationships.

VIPL trades in tea; it procures tea from auctions in North East
India and packages it under its Meri Chai and Munna's Royal Cup
brands for the export market.  Around 80% of its revenues come
from exports; packaged tea accounts for 60% of its sales and tea
sold in bulk to traders accounts for the rest. The company mainly
exports to Russia, Kazakhstan, Iran, Jordan, and the United Arab
Emirates.

VIPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR649.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR209.8 million for 2008-09.


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


GARUDA INDONESIA: Jamsostek Set to Buy 7.5% Shares in IPO
---------------------------------------------------------
BNO News reports that PT Jaminan Sosial Tenaga Kerja (Jamsostek)
on Wednesday announced that it is pushing to buy 7.5% of state-
owned airline Garuda Indonesia's stock during its upcoming initial
public offering.

According to BNO News, Jamsostek Director Hotbonar Sinaga said the
company is preparing a budget of IDR900 billion to purchase
Garuda's shares, which will reportedly be offered from February 2
to February 7.  The airline is expecting to sell 9.3 billion
shares, which represents around 36.5% of its total enlarged
equity.

Even though Jamsostek said it could purchase up to 20% to 30% of
Garuda's stocks, Hotbonar stated that the company will more likely
end up with around 7.5%, BNO News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Financial Times said Garuda Indonesia has
signed a deal with dozens of lenders to restructure nearly
US$500 million in debt, clearing the way for a long-delayed
initial public offering to raise US$400 million.  The FT said that
the agreement, inked in December 2010 in London after five years
of tortuous negotiations with the European Credit Agency and more
than 20 commercial creditors, covers debts dating back 15 years.

Bloomberg News related that Chief Executive Officer Emirsyah Satar
said European export credit agencies including Compagnie
Francaise d' Assurance pour le Commerce Exterieur and Germany's
Euler Hermes, owed about US$288 million in unpaid loans, agreed to
extend maturities to mid-2016 and be repaid in installments of
between US$45 million to US$60 million a year.

Garuda, which received IDR1 trillion from the government in 2006
to help it keep flying, has been in debt restructuring talks since
2005.  The Troubled Company Reporter-Asia Pacific reported on
Aug. 11, 2010, that the carrier completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina.
Garuda had also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.  In January,
Bloomberg News said, the airline won bondholder permission to
restructure US$122 million of floating-rate notes.

                        About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


JAPAN AIRLINES: Defers JPY50-Billion Capital Boost Plan
-------------------------------------------------------
Yoshio Takahashi at Dow Jones Newswire reports that Japan Airlines
Corp. Chairman Kazuo Inamori said Wednesday that the company may
not be able to meet its goal of raising JPY50 billion (US$609
million) in capital from the private sector by the end of March,
highlighting JAL's difficulties in returning to full financial
health a year after it filed for bankruptcy protection.

Dow Jones relates that JAL had said it would use the JPY50 billion
as a buffer to deal with sudden changes in its business
environment, such as a sharp drop in passenger demand or a surge
in fuel prices.  But Mr. Inamori said the airline is having
trouble finding investors willing to lend to a company that filed
for Japan's biggest nonfinancial bankruptcy only 12 months
earlier, Dow Jones reports.

"We wanted to boost our capital by the end of March. But it looks
like we are a little far from that" goal, he said at a news
conference, according to Dow Jones.

Despite the setback, Mr. Inamori said, the airline will continue
to try to raise its capital by the targeted amount even if it
can't do so by the end of March, Dow Jones adds.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.


JAPAN AIRLINES: 146 Cabin Staff File Lawsuit Over Job Cuts
----------------------------------------------------------
Kyodo News reports that a total of 146 former pilots and cabin
attendants of Japan Airlines Corp filed a lawsuit Wednesday with
the Tokyo District Court, seeking to nullify the carrier's
decision to dismiss them at the end of last year as part of its
rehabilitation efforts.

Kyodo, citing the plaintiffs' lawyer, relates that the move comes
on the first anniversary of JAL's filing for bankruptcy protection
with the court and is believed to involve one of the largest
numbers of plaintiffs seeking to reinstate their jobs with a
restructuring company.

According to Kyodo, upcoming developments in the court battle will
likely have an impact on JAL's rehabilitation as well as the
attitude Japanese companies will take in downsizing their
workforces.

JAL, which has pursued a restructuring program that includes
cutting air routes, fired a total of 165 pilots and flight
attendants on Dec. 31 as its job cut target was not fulfilled
under its voluntary retirement scheme.

The plaintiffs consist of 17 captains, 57 copilots and 72 cabin
attendants.  These include captains aged 55 or over, copilots aged
48 or over and cabin attendants aged 53 or over, as well as those
who took leaves of certain durations for illness and other
reasons.

Kyodo says the plaintiffs argued in their complaint it was
unreasonable to choose who should be dismissed based on age-based
criteria, and that JAL did not make sufficient efforts to keep
their jobs while it was not necessary to reduce its workforce.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.


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


JPK HOLDINGS: Posts MYR3.05 Million Net Loss in September 30 Qtr
----------------------------------------------------------------
JPK Holdings Berhad reported a net loss of MYR3.05 million on
revenue of MYR3.84 million for the second quarter ended Sept. 30,
2010, compared with a net loss of MYR3.04 million on revenue of
MYR10.67 million in the same period last year.

At Sept. 30, 2010, the company's consolidated balance sheet showed
MYR62.73 million in total assets and MYR64.29 million in total
liabilities, resulting in a total stockholders' deficit of
MYR1.56 million.

The company's consolidated balance sheet at Sept. 30, 2010, also
showed strained liquidity with MYR13.14 million in total current
assets available to pay MYR63.54 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at: http://ResearchArchives.com/t/s?7255

                        About JPK Holdings

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.

                           *     *     *

JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.


MAXBIZ CORP: Classified as Affected Listed Issuer Under PN17
------------------------------------------------------------
Maxbiz Corporation has triggered the criteria pursuant to Practice
Note No 17 (PN17) of the Main Market Listing Requirements of Bursa
Securities.

Maxbiz disclosed that Messrs. Gomez & Co had on Jan. 17, 2011,
submitted its assessment report to Bursa Malaysia.  Messrs. Gomez
had indicated that the shareholders' equity reported as at
June 30, 2010, was MYR36,898,803 after taking into consideration
the additional losses of MYR1,330,747 as per its assessment report
dated Dec. 3, 2010, and further losses as above of MYR1,220,042.
In view of this, the amount is below 25% of the consolidated
shareholders' equity of MYR35,557,726.

As a listed company under the PN17, Maxbiz is required to submit a
reform plan to regularize its financial condition.  The plan will
be submitted for approval to the Securities Commission and other
relevant authorities.  In the event the company fails to comply
with all the provisions of PN 17, Bursa Securities may commence
delisting proceedings against the company.

"The Board will be deliberating on the effects of this
classification and will seek legal and financial advices from its
lawyer and financial advisers before formalizing a regularization
plan to address its PN17 status.  The requisite announcement
detailing the regularization plan shall be made to Bursa
Securities via adviser(s) to be appointed," Maxbiz said in
statement with the stock exchange.

                    About Maxbiz Corporation

Maxbiz Corporation Berhad is a Malaysia-based company engaged in
investment holding and provision of management services to the
subsidiaries.  The principal activities of the subsidiaries are
commercial dyeing for fabrics and supply of chemicals.


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


BRIDGECORP LTD: Petricevic Trial Delayed Until September
--------------------------------------------------------
The New Zealand Herald reports that the trial of former Bridgecorp
directors Rod Petricevic and Robert Roest was delayed because Mr.
Petricevic was unable to access legal aid.

According to the Herald, Messrs. Petricevic and Roest, the
managing director and chief financial officer respectively of the
failed finance company, appeared in the Auckland District Court on
January 18 charged with the fraudulent acquisition of a NZ$1.8
million luxury boat using Bridgecorp investors' money.

Mr. Petricevic, says the Herald, also faces a separate charge of
making dishonest payments of NZ$1.2 million of Bridgecorp funds to
a business entity called ABb.

These charges, laid by the Serious Fraud Office (SFO), are in
addition to several laid under the Crimes Act, Companies Act and
Securities Act for which they have already been committed to
trial, the Herald adds.

SFO Chief Executive Adam Feeley said Mr. Petricevic's lawyer,
Charles Cato, on January 18 sought a stay of the prosecution
because his client had been unable to access legal aid, the Herald
reports.

The Herald, citing the Stuff Web site, says the trial will now be
delayed until at least September, but the men will be back in
court on March 1, when the results of a review into a request for
legal aid funding would be clearer.

                          About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


HANOVER FINANCE: SFO Demands Information From Former Director
-------------------------------------------------------------
BusinessDay.co.nz reports that former Hanover Finance Director
Mark Hotchin was served with a demand for information by the
Serious Fraud Office during a visit to New Zealand last week.

BusinessDay.co.nz says Mr. Hotchin, who has been living in a
beachfront apartment on the Gold Coast for several months, is one
of 30 to 40 people who have been asked to help the SFO in its
investigation.

According to BusinessDay.co.nz, SFO Chief executive Adam Feeley
has confirmed that papers were served on Mr. Hotchin, and said any
investigation involves issuing notices to anyone relevant to the
inquiry.

The SFO said in November it had reasonable grounds to think a
fraud may have been committed involving Hanover and had started
issuing notices under section 9 of the SFO Act requiring
individuals to attend interviews and produce documents relevant to
the investigation, BusinessDay.co.nz notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 1, 2010, BusinessDay.co.nz said that 30 people associated
with Hanover Finance Ltd have been ordered to front up for Serious
Fraud Office interviews and to hand over documents as the office
investigates suspected fraud.  The SFO is probing the payment of
dividends and other transactions just before the company entered a
moratorium -- a freeze of investors' money -- and debt
restructuring involving transfer of assets to Allied Farmers.

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.


NEXT ELECTRONIC: McGrath Nicol Partners Appointed as Receivers
--------------------------------------------------------------
The National Business Review reports that Next Electronic
Servicing has been placed in receivership.  William Black of
McGrath Nicol Partners has been appointed receiver.

Next's reception told NBR that the company's sole director Kevin
Stephen Colley was no longer with the company.

A regional sales manager refused to comment on whether the company
would attempt to trade its way out of receivership, NBR notes.

Next Electronic Servicing -- http://www.nextelectronics.co.nz/--
is New Zealand-based consumer electronics and whiteware repair
outfit.  It has nine service centres spread across Auckland,
Hamilton, Rotorua, Wellington, Christchurch and Dunedin.


===============
T H A I L A N D
===============


PATKOL PUBLIC: Issues Update on Business Reorganization
-------------------------------------------------------
Patkol Public Company Limited issued an update on the progress
of the company's Business Reorganizing Plan.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 22, 2010, the company's creditors passed a resolution
accepting the company's Business Reorganizing Plan in the creditor
meeting held on September 10, 2010, whereby the official receiver
submitted a Report and Analysis of the Company's Business
Reorganizing Plan for consideration of the Central Bankruptcy
Court.  There were three creditors who submitted an objection
petition on the Business Reorganizing Plan to the Central
Bankruptcy Court.  The court ordered the Plan preparer to submit a
plea against the objecting parties within October 19, 2010, to the
Central Bankruptcy.  The Court also ordered the company to
rearrange the creditor's group on November 1, 2010.

In the update, Patkol said it had rearranged the creditor's group,
modifying the business reorganizing plan for approval and arranged
the creditors meeting on January 14, 2011.

The creditor meeting passed resolution to accept the Business
Reorganizing Plan (revised) by entitled creditors holding an
aggregate outstanding debt of about THB1,400 million, or
equivalent to 82.38% of all the entitled creditors.  In addition,
the creditors in group 1, 3, 7, 8 passed special resolution
unanimously to accept the plan.  It is then constituted as the
creditors' acceptance of the Reorganizing Plan (revised).

The official receiver will report the creditor meeting resolution
in acceptance of the Reorganizing Plan to the Central Bankruptcy
Court and will subsequently inform on the appointment date the
Court will set to consider the Plan.

The TCR-AP, citing Thailand news agency The Nation, reported on
Aug. 12, 2009, that Patkol Public Company Limited filed for
business reorganization with the Central Bankruptcy Court in
Thailand.  The company has high debts and is short of cash but
remains capable of finding business and turning a profit in the
future.

Based in Thailand, Patkol Public Company Limited (BAK:PATKL) --
http://www.patkol.com/-- is engaged in the production of
refrigeration and food processing machinery.  The Company provides
one-stop services, starting from the consulting and planning
through blueprint to design, installation and operation of
projects for numerable customers in the ice making machines,
beverage, cold storage, dairy, and food processing industries. Its
products and services include ice making machines, food processing
engineering, turnkey projects, refrigeration, as well as
electrical and automation services.  It is also involved in the
operations of an ethanol plant.  It distributes its products in
both domestic and overseas markets.  The Company has investments
in six companies: Patkol (1984) Company Limited; PKB Enterprise
Company Limited; Siam Patkol Company Limited; Kasetpet Company
Limited; Patkol Manufacturing Company Limited and Patkol R and D
Company Limited.


===============
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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