TCRAP_Public/110125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, January 25, 2011, Vol. 14, No. 17

                            Headlines



A U S T R A L I A

ABC LEARNING: Court Denies RCS' Bid to Deny Ch. 15 Protection
ARASOR INT'L.: ASIC Charges Secretary For Failure to File Reports
RAPTIS GROUP: Creditors' Payout Remains in Limbo


C H I N A

GOLDEN ELEPHANT: Posts US$1.2-Mil. Net Loss in March 31 Quarter


H O N G  K O N G

INFOBEST TRADING: Placed Under Voluntary Wind-Up Proceedings
M M K METAL: Members' Final Meeting Set for February 21
NATIXIS COMMODITY: Tang and Wong Step Down as Liquidators
NICHIMAN INTERNATIONAL: Creditors' Proofs of Debt Due February 21
ORGANTEX ASIA: Ying and Chan Step Down as Liquidators

PARADISE RESORTS: Creditors' Proofs of Debt Due February 11
PLATINUM FINANCE: Nicholas William Burton Steps Down as Liquidator
TEAM WAY: Placed Under Voluntary Wind-Up Proceedings
TECHDURA LIMITED: Commences Wind-Up Proceedings


I N D I A

ALOK INGOTS: CRISIL Downgrades Rating on INR55.7MM Loan to 'BB-'
BHAKTI EXTRACTIONS: CRISIL Reaffirms 'B+' Cash Credit Rating
CISC-CMAT UCC: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
DECCAN POLYPACKS: CRISIL Reaffirms 'B' Rating on Cash Credit
DHWANI POLYPRINTS: CRISIL Assigns 'BB-' Rating to Cash Credit

EAST COAST: CRISIL Assigns 'BB+' Rating to INR220MM Cash Credit
GUNINA VENTURE: CRISIL Puts 'BB-' Rating on INR130MM Cash Credit
GOPALA POLYPLAST: CRISIL Reaffirms 'D' Rating on Cash Credit
INDIA POLYROADS: CRISIL Assigns 'D' Rating to INR22MM Term Loan
MJ LOGISTICS: Fitch Affirms National Long-Term Rating at 'B+(ind)'

NIMBUS PIPES: CRISIL Assigns 'B+' Rating to INR9.5MM Term Loan
NUCON INDUSTRIES: CRISIL Places 'B' Rating on INR140MM Cash Credit
PRITHIYANGARA IMPORTS: CRISIL Puts 'BB-' Rating on Cash Credit
PSA SICAL: CRISIL Rates INR630 Million Bank Guarantee at 'P4+'
PUNEET AUTOMOBILES: CRISIL Assigns 'BB' Rating to INR14MM Loan

SIGMA CONSTRUCTION: CRISIL Reaffirms 'BB' Rating on INR11MM Loan
STL GLOBAL: Fitch Migrates Junk Rating on INR1,133 Million Loan
V3 POWERPETRO: CRISIL Assigns 'B+' Rating to INR20MM LT Loan


J A P A N

TOKYO STAR: In Talks With Lenders as Loan Payment Deadline Looms


M A L A Y S I A

OILCORP BERHAD: Bursa Malaysia to Delist Firm's Shares Today
SATANG HOLDINGS: Eversave Systems Demands MYR29,121 Payment


N E W  Z E A L A N D

AORANGI SECURITIES: Hubbard Supporters Seek Statutory Mgt. Review


P H I L I P P I N E S

PHILIPPINE AIRLINES: DOLE to Decide This Week on Reversal Motion


X X X X X X X X


* BOND PRICING: For the Week January 17 to January 21, 2010


                            - - - - -


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


ABC LEARNING: Court Denies RCS' Bid to Deny Ch. 15 Protection
--------------------------------------------------------------
Bankruptcy Law360 reports that RCS Capital Development LLC has
failed to persuade a bankruptcy court to reconsider its decision
to protect the assets of Australian child care provider ABC
Developmental Learning Centres Ltd.

RCS Capital, the holder of a $47 million jury verdict against ABC
Learning, had objected to the Chapter 15 petition, saying the
proceedings in Australia aren't sufficiently controlled by a court
to qualify for U.S. protection.

                        About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centers Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Company filed its Chapter 15 petition in Wilmington, Delaware,
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Debtor in the Chapter 15 case.  ABC estimated debts and assets of
US$100 million to US$500 million.

An affiliate, A.B.C. USA Holdings Pty Ltd., filed a separate
Chapter 15 petition, also listing assets and debts of at least
US$100 million.


ARASOR INT'L.: ASIC Charges Secretary For Failure to File Reports
-----------------------------------------------------------------
Reginald Bancroft, company secretary of Arasor International
Limited, was charged following the company's failure to lodge its
2009 financial report within the required time, according to the
Australian Securities and Investments Commission.

Under the Corporations Act, company secretaries can be held
responsible for the failure of companies to lodge their financial
reports.

Mr. Bancroft on January 13, 2011, pleaded guilty in the Melbourne
Magistrates' Court to a charge brought by ASIC.  Mr. Bancroft was
placed on a good behavior bond for six months and ordered to pay
court costs of AU$167.50.

Arasor International Limited also pleaded guilty to, and was
convicted of, charges related to failing to hold an annual general
meeting, failing to lodge half-yearly and annual reports with
ASIC, and failing to provide reports to members.  Arasor
International Limited was fined a total of AU$1,400 and ordered to
pay court costs of AU$191.

ASIC's investigation found that Arasor International Limited
failed to:

    * hold an annual general meeting during the 2009 calendar
      and within five months of the end of its 2008 financial
      year;

    * lodge its half-yearly financial report with ASIC within
      75 days of the end of its 2009 half year;

    * provide its financial report, directors' report and
      auditor's report to its members within four months of
      the end of its 2009 financial year; and

    * lodge its annual report with ASIC within three months
      of the end of its 2009 financial year.

The firm has since lodged the required reports with ASIC.

ASIC Commissioner, Dr. Peter Boxall, said, "Reporting the
financial position of listed companies underpins an efficient and
transparent financial economy, allowing shareholders, prospective
investors, and creditors to make informed decisions about the
company before deciding to invest in or do business with the
company."

"These outcomes serve as a reminder, not only to companies but
also to their company secretaries, of the penalties for failing to
comply with reporting obligations," Mr. Boxall added.

The case was prosecuted by the Commonwealth Director of Public
Prosecutions.

                     About Arasor International

Based in Australia, Arasor International Limited (ASX:ARR) is
engaged in developing and marketing of optical chips, components,
modules and subsystems.  During the year ended on December 31,
2009, the Company continued to pursue the possibility of making
its ZTEI joint venture with ZETEI in Tianjin, China operational;
and the collection from outstanding Indian receivables and funding
these principal pursuits by the sale of non-core assets.  Among
its fully owned subsidiaries are: Arasor International Group
Holding Limited Company (AIG), Arasor Cayman Acquisition Company
Ltd, Arasor Acquisition Company Inc., Arasor Corporation, Inc,
Arasor GuangZhou Co., Limited, Arasor Shanghai Co., Limited and
Bandwith Foundry International Pty Ltd.


RAPTIS GROUP: Creditors' Payout Remains in Limbo
------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Raptis Group
creditors owed AU$28 million remain in limbo almost two years
after they spared the Gold Coast developer from a billion-dollar
liquidation.

According to goldcoast.com.au, the Australian Taxation Office
continues to cast a shadow over the promised cash return to 548
unsecured creditors, many of them trade suppliers and sub-
contractors who have borne the brunt of Raptis' receivership.

The ATO, goldcoast.com.au relates, lodged a AU$26.3 million claim
against Raptis' construction arm, Rapcivic Contractors, just
before the second meeting of creditors in March 2009, to vote on
the future of the company.

The claim related to disputed GST payments by two Raptis Group
subsidiaries involved in management of the Chevron Renaissance
towers, according to goldcoast.com.au.

At the time, goldcoast.com.au notes, Raptis administrator Brian
Silvia of BRI Ferrier said he was confident the ATO claim could be
quashed and that a refund could even be due.

According to goldcoast.com.au, none of the creditors has received
a cash payment after accepting an offer of up to 15c in the dollar
for their debt.

As part of their settlement, goldcoast.com.au says, creditors
accepted five million shares in Raptis Group at 1c each worth a
total of AU$50,000.

The hope was to claw back creditor losses as Raptis Group rebuilt
its fortunes, goldcoast.com.au notes.

But the listed company, which has Mr. Raptis and his wife Helen as
the sole directors, remains a "ghost ship" on the corporate
landscape and will require a major recapitalization to begin
developing again, says the report.

According to goldcoast.com.au, creditors committee member Paul
Scott said Friday that the ATO claim, if successful, could consume
the entire payout promised creditors by Mr. Raptis.

"They didn't disclose that (ATO) claim until they went to the
creditors with the offer," goldcoast.com.au quoted Mr. Scott as
saying.  Creditors might have voted for a liquidation of Raptis
Group had they known the ATO claim was on the table, he added.

Liquidation would have given creditors zero return, but would have
triggered an investigation into the company's affairs,
goldcoast.com.au adds.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AU$1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since September 12, 2008.


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C H I N A
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GOLDEN ELEPHANT: Posts US$1.2-Mil. Net Loss in March 31 Quarter
---------------------------------------------------------------
Golden Elephant Glass Technology, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of US$1.2 million on US$0
revenue for the three months ended March 31, 2010, compared with a
net loss of US$1.3 million on US$2.3 million of revenue for the
same period of 2009.

The Company's balance sheet at March 31, 2010, showed
US$35.1 million in total assets, US$32.8 million in total
liabilities, and stockholders' equity of US$2.3 million.

As reported in the troubled Company Reporter on December 28, 2010,
NW Pacific CPA, LLC, in Newcastle, Washington, expressed
substantial doubt about Golden Elephant's ability to continue as a
going concern, following the Company's results for the fiscal year
ended December 31, 2009.  The independent auditors noted that the
Company has accumulated deficits of US$11,561,769 at December 31,
2009, and also has a working capital deficiency of US$22,362,695
as of December 31, 2009.

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

               http://researcharchives.com/t/s?7262

Golden Elephant Glass Technology, Inc., is a China-based float
glass manufacturer.  The Company's product offerings include float
glass, ultra-clear glass (also called crystal glass), colored
float glass and high grade, glass processed products such as
mirrors, glass artwork, tempered glass, insulated glass, laminated
glass, lacquered glass and similar products.  The Company's
production facility is located in Fuxin City, Liaoning Province,
China.  The Company sells its products to end users in China,
Asia, Europe, South America and South Africa.


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


INFOBEST TRADING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on January 17, 2011,
creditors of Infobest Trading Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Michel Henricus Bots
         Ng Kit Ying Zelinda
         31/F., the Center
         99 Queen's Road
         Central, Hong Kong


M M K METAL: Members' Final Meeting Set for February 21
-------------------------------------------------------
Members of M M K Metal HK Limited will hold their final general
meeting on February 21, 2011, at 3:00 p.m., at 10/F., Allied
Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


NATIXIS COMMODITY: Tang and Wong Step Down as Liquidators
---------------------------------------------------------
Alan Chung Wah Tang and Wong Kwok Man stepped down as liquidators
of Natixis Commodity Markets (Asia) Limited on January 14, 2011.


NICHIMAN INTERNATIONAL: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------------------
Creditors of Nichiman International (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 21, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


ORGANTEX ASIA: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Mr. Ying Hing Chiu and Ms. Chan Mi Har stepped down as liquidators
of Organtex Asia Limited on January 12, 2011.


PARADISE RESORTS: Creditors' Proofs of Debt Due February 11
-----------------------------------------------------------
Creditors of Paradise Resorts Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 13, 2011.

The company's liquidators are:

         Chan Mi Har
         Yeung Betty Yuen
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


PLATINUM FINANCE: Nicholas William Burton Steps Down as Liquidator
------------------------------------------------------------------
Nicholas William Burton stepped down as liquidator of Platinum
Finance Company Limited on December 28, 2011.


TEAM WAY: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on January 21, 2011,
creditors of Team Way International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Cheng Kai Tai Allen
         19/F., Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


TECHDURA LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Shareholder of Techdura Limited, on January 14, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Zoltan Peter Szabo
         40th Floor, Manulife Tower
         169 Electric Road
         North Point, Hong Kong


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ALOK INGOTS: CRISIL Downgrades Rating on INR55.7MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Alok
Ingots (Mumbai) Pvt Ltd to 'BB-/Negative/P4' from BB+/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR90.0 Million Cash Credit       BB-/Negative (Downgraded from
                                                   'BB+/Stable')
   INR55.7 Million Rupee Term Loan   BB-/Negative (Downgraded from
                                                  'BB+/Stable')
   INR30.0 Million Letter of Credit  P4 (Downgraded from 'P4+')

   INR10.0 Million Bank Guarantee    P4 (Downgraded from 'P4+')

The downgrade reflects deterioration in Alok Ingots's business
risk profile because of lowering in capacity utilization of the
company's mild-steel (MS) manufacturing plant.  The decline in
capacity utilization has been caused by a significant decline in
the company's MS production, as its management expects lower
profitability in this business division. In addition, Alok Ingots
is yet to establish its market position in the alloy steel
segment.  The company reported a sharp decline in profitability
for 2009-10 (refers to financial year, April 1 to March 31) and
its financial performance for the nine months ended December 31,
2011 was weaker than CRISIL's expectations.  This has weakened
Alok Ingot's liquidity, reflected in its small cash and cash
equivalents and high bank limit utilization. Its capital structure
and debt protection metrics have also been adversely affected.
CRISIL believes that Alok Ingots's financial risk profile,
particularly liquidity, will remain weak till the company
increases its capacity utilization to optimum level and improves
its profitability.

The ratings reflect Alok Ingots's weak financial risk profile
marked by weak liquidity, and small scale of operations.  Also,
the company is yet to establish its market position in the alloy
steel segment.  These rating weaknesses are partially offset by
Alok Ingots's increased focus on manufacturing specialized steel
products, which is likely to reduce the company's exposure to
commodity-grade products.

Outlook: Negative

CRISIL believes that Alok Ingots's financial risk profile will
remain weak over the medium term, as its profitability is expected
to decline because of reduced capacity utilization.  The rating
may be downgraded in case of more-than-expected pressure on Alok
Ingots's liquidity, most likely caused by a significant decline in
cash accruals.  Conversely, the outlook may be revised to 'Stable'
in case of a higher-than-expected growth in the company's alloy
steel segment, resulting in improved profitability, increased cash
accruals, and improved liquidity.

                         About Alok Ingot

Alok Ingot was established in 2004 by Mr. Ashok Garodia, his
brother Mr. Deen Dayal Garodia, and son Mr. Alok Garodia.  Alok
Ingots manufactures steel billets. It has an installed capacity of
42,000 tonnes per annum (tpa).  The company also produces
specialized control-chemistry steel products and steel alloys?
segments that are marked by relatively less competition and offer
relatively higher realizations.  The company has bagged export
orders for its alloy steel business in 2010-11.

Alok Ingots reported a net loss of INR2.96 million on net sales of
INR870.00 million for 2009-10, against a profit after tax (PAT) of
INR29.00 million on net sales of INR1.02 billion for 2008-09. For
the six months ended September 30, 2010, the company reported a
PAT of INR1.70 million on net sales of INR449.00 million.


BHAKTI EXTRACTIONS: CRISIL Reaffirms 'B+' Cash Credit Rating
------------------------------------------------------------
CRISIL's rating on the bank facilities of Bhakti Extractions Pvt
Ltd continues to reflect BEPL's weak financial risk profile marked
by a high gearing and weak debt protection metrics.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit       B+/Stable (Reaffirmed)
   INR50.0 Million Long-Term Loan     B+/Stable (Reaffirmed)
   INR22.5 Million Standby Line of    B+/Stable (Reaffirmed)
                            Credit
   INR5.0 Million Proposed Long-Term  B+/Stable (Reaffirmed)
                  Bank Loan Facility

The rating also factors in BEPL's exposure to risks related to
volatility in soya bean prices and to intense competition in the
edible oils industry.  The impact of these rating weaknesses is
mitigated by the benefits that the company derives from its
promoters' industry experience and from the location of its plant
in Jalna (Maharashtra), which is abundant in raw materials.

The current rating is based on the standalone business and
financial risk profiles of BEPL; CRISIL had earlier combined the
business and financial risk profiles of BEPL and Abhay Cotex Pvt
Ltd (ACPL). The change in the rating approach has been driven by a
change in the posture of BEPL's management, which has now stated
that BEPL does not provide any financial support to ACPL.

Outlook: Stable

CRISIL believes that the BEPL will continue to benefit over the
medium term from its strong track record in the edible oils
business. The outlook may be revised to 'Positive' if BEPL's
liquidity improves on a sustained basis along with an improvement
in the company's capital structure. Conversely, the outlook may be
revised to 'Negative' if BEPL's cash accruals are lesser than
expected or if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                      About Bhakti Extractions

Set up in 2004 by Mr. Atul Mantri, BEPL manufactures soya bean
refined oil, soya flour, and soya de-oiled cakes with a seed
crushing capacity of 300 tonnes per day. The company currently
derives around 60 per cent of its revenues from soya de-oiled
cakes and the rest from soya flour and soya oil. BEPL commenced
commercial production of soya flour in November 2010; it is
currently setting up a soya daal manufacturing plant, which is
expected to become operational in February 2011.

BEPL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR592.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13.7 million on net
sales of INR974.3 million for 2008-09.


CISC-CMAT UCC: CRISIL Assigns 'BB-' Rating to INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4+' ratings to the bank
facilities of CISC-CMAT UCC JV.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         BB-/Negative (Assigned)
   INR54 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the CISC-CMAT UCC JV's limited revenue
visibility and weak financial risk profile, marked by small net
worth, high gearing, and inadequate debt protection metrics.
These rating weaknesses are partially offset by the support from
the JV partners in terms of expertise and financial support.

Outlook: Negative

CRISIL believes that the CISC-CMAT UCC JV's liquidity would be
constrained by the large debt obligations vis--vis estimated cash
accruals.  The ratings may be downgraded if the CISC-CMAT UCC JV
partners do not infuse funds into the business on time to enable
repayment of their Cash Credit (CC) facilities.  Conversely, the
outlook may be revised to 'Stable' if timely infusion of equity by
the JV partners supports timely liquidation of the CC facilities.

The JV is a 50:25:25 joint venture between CISC, UCC, and CMAT,
towards excavation, overburden removal, and coal mining in
Sonepuri Bazar, near Durgapur (West Bengal).  The total project
cost is INR 1.072 billion, and is scheduled to be completed by
June 2011.

The JV reported a profit after tax (PAT) of INR 2.7 million on net
sales of INR 321 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2 million on net
sales of INR 169 million for 2008-09.


DECCAN POLYPACKS: CRISIL Reaffirms 'B' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Deccan Polypacks Ltd
continue to reflect DPL's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and
exposure to risks related to a small scale of operations in the
intensely competitive woven sacks industry. These rating
weaknesses are partially offset by DPL's strong track record in
the industry.

   Facilities                           Ratings
   ----------                           -------
   INR55.0 Million Cash Credit Limit    B/Stable (Reaffirmed)
   INR45.0 Million Letter of Credit     P4 (Reaffirmed)
   INR2.0 Million Bank Guarantee        P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DPL will continue to benefit over the medium
term from its strong track record in the woven sacks industry.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly, supported by
capital infusion and improvement in topline and operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of large,
debt-funded capital expenditure or deterioration in margins.

Update

For 2009-10 (refers to financial year, April 1 to March 31), DPL
reported net sales of INR266.3 million and an operating margin of
7.1 per cent, which were broadly in line with CRISIL's
expectations.  The oversupply situation in the cement sector
adversely affected the offtake of packing material, resulting in
stagnation in revenues.  DPL had posted sales of INR238.2 million
till December 31, 2010; it expects to achieve sales of INR300
million for 2010-11.  The company's gearing was high at around
3.38 times as on March 31, 2010, driven by large working capital
requirements; DPL had gross current asset days of 224 as on March
31, 2010. Also, DPL has plans to expand and modernize its
manufacturing facilities at a total capital expenditure (capex) of
around INR 90.0 million which is expected to be primarily debt-
funded.  Consequently, the debt levels will remain high. DPL's
bank limits were utilized at an average of 95 per cent for the 12
months through December 2010, restricting its financial
flexibility.

                       About Deccan Polypacks

Incorporated in 1984 as private limited company, DPL was
reconstituted as a public limited company in 1985. It manufactures
polypropylene woven bags and polyethylene woven sacks. The total
capacity of the company's manufacturing unit at Medak (Andhra
Pradesh) is 3243 tonnes per annum.

DPL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR266.3 million for 2009-10, against a PAT of INR2.6
million on net sales of INR281.9 million for 2008-09


DHWANI POLYPRINTS: CRISIL Assigns 'BB-' Rating to Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Dhwani Polyprints Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR13.0 Million Cash Credit          BB-/Stable (Assigned)
   INR12.5 Million Overdraft Facility   BB-/Stable (Assigned)
   INR8.6 Million Rupee Term Loan       BB-/Stable (Assigned)
   INR47.4 Million Proposed Long-Term   BB-/Stable (Assigned)
                   Bank Loan Facility
   INR8.0 Million Letter of Credit      P4+ (Assigned)
   INR0.5 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect DPPL's small scale of operations in the
intensely competitive plastic packaging products industry, and
average financial risk marked by a small net worth and high
gearing.  These rating weaknesses are partially offset by DPPL's
established business presence, diversified customer base, and
experienced promoters.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from its established customer relations; however, the
company's gearing is likely to remain high and net worth is
expected to remain small over the medium term.  The outlook may be
revised to 'Positive' in case of a substantial improvement in
DPPL's scale of operations and profitability, leading to higher-
than-expected cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of larger-than-expected debt-funded capital
expenditure, or pressure on profitability leading to lower-than-
expected cash accruals.

                      About Dhwani Polyprints

Set up in 1996, DPPL commenced commercial production in 1997.  The
company, based in Mumbai (Maharashtra), is managed by Mr. Rajesh S
Roongta and his brother, Mr. Sanjay S Roongta.  It manufactures
plastic bags, tubes, and sheets at its unit in Daman. DPPL's
products are used as packaging material in several industries,
with fast-moving consumer goods companies consuming the major
share. DPPL manufactures plastic tubes and sheets by using polymer
granules, which is procured from domestic and overseas markets.

DPPL reported a profit after tax (PAT) of INR2.52 million on net
sales of INR193.50 million for 2009-10 (refers to financial year,
April 1 to March 31), against PAT of INR1.65 million on net sales
of INR144.96 million for 2008-09.


EAST COAST: CRISIL Assigns 'BB+' Rating to INR220MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of East Coast Distributors Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR220.00 Million Cash Credit     BB+/Stable (Assigned)

The ratings reflect EDPL's exposure to risks related to a limited
track record of its key brand 'Roxx' resulting in an increased
susceptibility of its revenues and earnings profile to the
competitive pressures in the houseware industry.  These rating
weaknesses are partially offset by the benefits that EDPL derives
from its promoters' extensive experience in the houseware
industry.

Outlook: Stable

CRISIL believes that EDPL will benefit over the medium term from
its promoters experience in the houseware industry, its supplier
relationships, and established marketing and distribution network.
The outlook may be revised to 'Positive' if the company's
operating revenues and accruals improve significantly, while
improving its debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' if the company's debt protection
measures deteriorate because of decline in profitability or
deterioration in the working capital cycle.

                      About East Coast Distributors

Incorporated in 1999 by Mr. Shyam Sunder Agarwal and his brother,
Mr. Suresh Kumar Agarwal, EDPL trades in houseware and tableware
products such as gift articles, glass and crystal ware, and other
crockery products.  The company is part of the RB Agarwala group,
which has interests in paper, yarn, castings, real estate, and
houseware. EDPL is managed by Mr. Shyam Sunder Agarwal, along with
his brother, Mr. Suresh Kumar Agarwal, and son, Mr. Abinav
Agarwal.  The company sells its products under the brand name
'Roxx'; it is also a distributor of Noritake, a Japanese brand.
EDPL has around 60 primary distributors across India and one
showroom in Delhi.

EDPL reported a profit after tax (PAT) of INR1.46 million on net
sales of INR511.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR630.2 million for 2008-09.


GUNINA VENTURE: CRISIL Puts 'BB-' Rating on INR130MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Gunina Venture (India) Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR130.0 Million Cash Credit            BB-/Stable (Assigned)
   INR10.0 Million Export Packing Credit   P4+ (Assigned)
   INR60.0 Million Letter of Credit        P4+ (Assigned)
   INR20.0 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect susceptibility of GVPL's earnings and revenue
profile to changes in the procurement policies of various
government authorities and moderate financial risk profile, marked
by modest net worth and weak capital structure.  These weaknesses
are partially offset by GVPL's established presence in the trading
business, and its promoters' extensive industry experience.

Outlook: Stable
CRISIL believes that GVPL will benefit over the medium term from
its established market presence and the extensive industry
experience of the promoters.  The outlook may be revised to
'Positive' in case of significant increase in revenues coupled
with improvement in net cash accruals and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
sharp decline in its operating margins and revenues or
deterioration in its working capital cycle.

                       About Gunina Venture

GVPL was incorporated in 2007 by three promoters; Mr. Jayant
Kabra, based in Mumbai, engaged in trading of food grains and
pulses for over two decades, Mr. Prashant Samdani, engaged in
distribution of food grains in Jalgaon and Mr. Vishnu Maheshwari,
belonging to the Nagpur based Maheshwari family engaged in solvent
extraction.

The company trades in food products such as food grains, pulses
and other edibles. GVPL has recently ventured into trading in
supplies required for civil construction activities. Government
agencies, such as Tribal Development Co-operation, Bombay
Municipal Corporation, and Pune Municipal Corporation, are its
major customers, accounting for around 80 per cent of the
company's revenues.

GVPL reported a profit after tax (PAT) of INR47.6 million on net
sales of INR1.67 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR15.2 million on net
sales of INR1.17 billion for 2008-09.


GOPALA POLYPLAST: CRISIL Reaffirms 'D' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gopala Polyplast Ltd
continue to reflect instances of delay by GPL in servicing its
debt; the delays are on account of GPL's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR80.00 Million Cash Credit       D (Reaffirmed)
   INR92.00 Million Working           D (Reaffirmed)
   Capital Demand Loan
   INR10.00 Million Rupee Term Loan   D (Reaffirmed)
   INR5.50 Million Bank Guarantee     P5 (Reaffirmed)

GPL has a weak financial risk profile, marked by high gearing and
weak debt protection metrics, and is exposed to risks related to
intense competition in the industry and to volatility in raw
material prices.  These weaknesses are partially offset by the
benefits GPL derives from its good customer profile and the
extensive industry experience of its promoters.

Update:

GPL continues to be a non-performing asset for IDBI Bank Ltd (IDBI
Bank) due to non-payment of interest and instalments over the past
two years. GPL is, however, in talks with IDBI Bank for a one-time
settlement of all its dues. GPL posted revenues of 1.64 billion in
2009-10 (refers to financial year, April 1 to March 31),
registering a year-on-year growth of 32 per cent.  However, the
operating margin of the company continued to be constrained at
0.29 per cent, on account of large production costs.  The
financial risk profile of GPL is weak, because losses incurred by
GPL over the past three years (2007-08 to 2009-10) have eroded its
net worth to a large extent.

GPL reported net loss of INR0.46 billion on net sales of INR1.64
billion for 2009-10 as against a net loss of INR0.67 billion on
net sales of INR1.24 billion for 2008-09.

                       About Gopala Polyplast

Incorporated in 1984 as a private limited company, GPL was
reconstituted as a public limited company in 1992-93, and was
listed on the Bombay Stock Exchange.  The company manufactures
polypropylene woven sacks, which are used to package cement.  The
company also manufactures woven labels, which are used in garment
manufacturing.  It has capacity to manufacture 12,500 tonnes of
woven sacks per annum at its manufacturing facilities at
Gandhinagar (Gujarat), and Silvassa (Dadra and Nagar Haveli).


INDIA POLYROADS: CRISIL Assigns 'D' Rating to INR22MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of India
Polyroads Pvt Ltd.  The rating reflects instances of delay by IPPL
in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Facility   D (Assigned)
   INR22.0 Million Term Loan Facility     D (Assigned)

IPPL has a limited track record, and acceptability of its polymer-
based soil stabilization product is yet to be established.  These
weaknesses are partially offset by the benefits IPPL derives from
the experience of its promoters in the civil construction
industry, and from its technology transfer agreement with the
South Africa-based company Polymer Pavements (Pty) Ltd (PPL).

                       About India Polyroads

Set up in December 2009, IPPL is part of the Beekay group of
companies and manufactures polymer based soil stabilization
products.  IPPL has entered into a technology transfer agreement
with PPL, a South Africa based company. IPPL has a manufacturing
facility in Roorkee (Uttarakhand) with a production capacity of
around 80,000 litres per day.

                           About the Group

The Beekay group consists of three other companies - Beekay
Engineering Corporation (BEC; rated 'BBB+/Stable/P2' by CRISIL),
Biltech Engineers Pvt Ltd and BSBK Pvt Ltd (BSBK; rated 'BBB-
/Stable/P3' by CRISIL).  BEC executes turnkey contracts for steel
plants and BSBK carries out civil and structural work on behalf of
this company.  BEPL is a real estate developer whose construction
work is carried out by BSBK. BSBK has provided a corporate
guarantee for the bank facilities of IPPL.


MJ LOGISTICS: Fitch Affirms National Long-Term Rating at 'B+(ind)'
------------------------------------------------------------------
Fitch Ratings affirmed India's MJ Logistics Services Limited's
National Long-term rating at 'B+(ind)'.  The Outlook is Stable.
The agency has also affirmed the rating on MJLSL's INR389.6m bank
term loan limits at 'B+(ind)'.

MJLSL showed improved utilisation levels in FY10, leading to an
increase in revenues from its Palwal warehouse; however, the
company's financial performance was lower than expected on account
of the deferment of the commissioning of the warehouse facilities
at Punjab and Uttrakhand.  The ratings are further constrained by
MJLSL's strong dependence on a single client for its fully owned
warehouse at Palwal.  The ratings however draw comfort from the
company's existing relationships with its clients and good quality
facilities available at the warehouse.

MJLSL reported a revenue growth of around 16% in FY10, clocking
INR126m of revenues against INR109m in FY09. However, it continued
to report operating EBITDA losses due to increased operational
costs. The total debt of the company stood at INR394 m at FY10.

The ratings downgrade could result from lower-than-expected
profitability and any debt-led capex, leading to significantly
high net leverage on a sustained basis.  On the other hand,
improved operational efficiency, which would lead to improved
profitability, resulting in lowering down of net financial
leverage on a sustained basis, would be positive for the ratings.

Incorporated in 2005 as a limited company, MJLSL is engaged in
third party logistics with service offerings spanning across
transportation, warehousing and distribution to various clients.
It also facilitates the movement of raw materials from suppliers
to manufacturers, and finished products from manufacturers to
distributors and retailers.  The company also manages around
500,000 sq ft of leased warehousing space at different locations.


NIMBUS PIPES: CRISIL Assigns 'B+' Rating to INR9.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Nimbus Pipes Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR47.50 Million Cash Credit Limit   B+/Stable (Assigned)
   INR9.50 Million Term Loan Limit      B+/Stable (Assigned)
   INR25.00 Million Bank Guarantee/     P4 (Assigned)
   Letter of Credit Limit

The ratings reflect NPL's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection
measures, and exposure to risks related to a small scale of
operations and low operating margin.  These rating weaknesses are
partially offset by NPL's established position in the polythene
(PE) pipes segment.

Outlook: Stable

CRISIL believes that NPL will continue to benefit over the medium
term from its established position in the PE pipe segment, and
wide distribution network.  The financial risk profile is expected
to remain constrained because of the large, ongoing debt-funded
capital expenditure programme.  The outlook may be revised to
'Positive' if NPL improves its capital structure, or if it
stabilizes its operations sooner than expected, leading to
increase in its scale of operations, while maintaining or
improving its operating margin.  Conversely, the outlook may be
revised to 'Negative' in case of time or cost overruns in the
ongoing project, or increase in working capital requirements.

                        About Nimbus Pipes

Set up in 2001 as a partnership firm by Mr. Pravin Kumar Lath and
family, NPL (formerly, Nimbus Industries) was reconstituted as a
public limited company under its current name in January 2010.
The company has three business divisions: manufacture of various
types of PE pipes and fittings used in irrigation projects,
construction projects, and sewerage lines; manufacture of
sprinkler and drip irrigation systems; and execution of customized
turnkey projects for installation of pipes and fittings. NPL has
an installed capacity of 10,500 tonnes per annum (tpa) and sells
its pipes under the brand name, NIMBUS.  The company operates in
Rajasthan, Haryana, Chhattisgarh, Madhya Pradesh, Maharashtra, and
Himachal Pradesh. NPL is in the process of expanding its capacity
by around 6000 tpa.

NPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR319.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.2 million on net sales
of INR248.1 million for 2008-09.


NUCON INDUSTRIES: CRISIL Places 'B' Rating on INR140MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Nucon Industries Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR140.00 Million Cash Credit         B/Stable (Assigned)
   INR20.00 Million Cash Credit (Adhoc)  B/Stable (Assigned)

The rating reflects Nucon's below-average financial risk profile,
marked by a weak capital structure and liquidity, its exposure to
risks related to tender-based businesses.  These weaknesses are
partially offset by Nucon's established regional presence in
pneumatic solutions, and its longstanding customer relationships.

Outlook: Stable

CRISIL believes that Nucon will continue to benefit from its
established relations with customers and the longstanding
experience of its promoters.  A substantial improvement in the
company's gearing, as a result of equity infusion, or increase in
its operating margin and realizations, leading to improvement in
its financial risk profile, may result in a revision in the
outlook to 'Positive'. Conversely, significant delays in
realisations of receivables or larger-than-expected debt may drive
a revision in the outlook to 'Negative'.

                       About Nucon Industries

Nucon manufactures compressed air treatment and pneumatic
solutions. Based in Hyderabad, the company is managed by promoter
director Mr. Hemant Jalan, who has experience of around two
decades in the business.  Nucon also has capability to manufacture
cylinders in sizes of more than 20 inches (heavy duty cylinders).
Nucon's manufacturing unit in Hyderabad has installed capacity of
around 2000 cylinders per month.

Nucon reported a profit after tax (PAT) of INR1 million on net
sales of INR179 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR196 million for 2008-09.


PRITHIYANGARA IMPORTS: CRISIL Puts 'BB-' Rating on Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' rating to the bank
facilities of Prithiyangara Imports (Namakkal) Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR20.00 Million Proposed Cash Credit    BB-/Stable (Assigned)
   INR120.00 Million Foreign/Inland Letter  P4+ (Assigned)
                                 of Credit
The rating reflects Prithiyangara's geographically concentrated
revenue profile, exposure to intense market competition because of
fragmentation in the edible oil industry, and susceptibility of
its margins to volatility in raw material prices and in foreign
exchange rates.  These rating weaknesses are partially offset by
Prithiyangara's above-average financial risk profile, marked by
healthy debt protection metrics and low gearing, and promoters'
experience in the edible oil industry.

Outlook: Stable

CRISIL believes that Prithiyangara will maintain its established
position in the edible oil market, backed by healthy demand for
its product and its promoter's industry experience.  The outlook
may be revised to 'Positive' in case of a significant increase in
Prithiyangara's scale of operations and improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure programme, thereby weakening its capital structure,
its margins and revenues decline sharply, or its liquidity weakens
because of delays in realization of receivables.

                    About Prithiyangara Imports

Set up in 1987, Prithiyangara trades in palm crude, refined palm
oil, and other edible oils.  The company was promoted by Mr. V
Dhandayutha Pani and his family, and operates from Namakkal (Tamil
Nadu).  The promoters also own Sri Devi Oil Pvt Ltd (SDOPL; rated
'BB/Stable/P4+' by CRISIL), Sri Devi Extractions Pvt Ltd (SDEPL;
'BB/Stable/P4+'), and Prithiyangara Imports Pvt Ltd (PIPL). SDEPL
and PIPL trade in edible oils, while SDOPL is into refining and
processing of edible oil.

Prithiyangara reported a profit after tax (PAT) of INR1.4 million
on net sales of INR249.0 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.4 million on net
sales of INR244.0 million for 2008-09.


PSA SICAL: CRISIL Rates INR630 Million Bank Guarantee at 'P4+'
--------------------------------------------------------------
CRISIL's rating on PSA SICAL Terminals Ltd's bank guarantee
continues to reflect the susceptibility of PSA SICAL's
profitability to adverse regulatory changes with respect to
tariffs on container-handling activities at the Tuticorin port, as
decided by Tariff Authority of Major Ports, and increasing yearly
royalty payments to the Tuticorin Port Trust.

   Facilities                           Ratings
   ----------                           -------
   INR630 Million Bank Guarantee        P4+
   (Enhanced from INR550 Million)

These rating weaknesses are partially offset by PSA SICAL's
established market position and operating efficiencies in the
container-handling business, and the support that the company
continues to receive from its parent, PSA International Pte Ltd,
Singapore (rated 'AA/Negative' by Standard & Poor's).

PSA SICAL was set up in July 1998 as a joint venture (JV) between
PSA India Pte Ltd (PSA India; owning 57.5 per cent of PSA SICAL's
equity), SICAL Logistics Ltd (SICAL; 37.5 per cent), and Nur
Investments and Trading Pte Ltd (NITPL; 5 per cent). PSA SICAL
entered into a 30-year build, operate, and transfer (BOT) project
agreement with TPT on July 15, 1998, for the development and
maintenance of the seventh berth at the Tuticorin port as a
container terminal. PSA SICAL has been executing container-
handling operations at the seventh berth since December 1999. On
March 31, 2009, PSA India acquired NITPL's shareholding in PSA
SICAL, thereby increasing its shareholding in the JV to 62.50 per
cent, with the remaining 37.50 per cent being owned by SICAL.

PSA SICAL reported a net loss of INR60.3 million on net income
from services of INR918.4 million for 2009 (refers to calendar
year, January 1 to December 31), against a net profit of INR26.7
million on net income from services of INR924.5 million for 2008.
For the six months ended June 30, 2010, PSA SICAL reported a net
loss of INR37.5 million on net income from services of INR494.68
million.


PUNEET AUTOMOBILES: CRISIL Assigns 'BB' Rating to INR14MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Puneet Automobiles Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR72.0 Million Cash Credit        BB/Stable (Assigned)
   INR14.0 Million Working Capital    BB/Stable (Assigned)
                       Demand Loan

The ratings reflect PAPL's weak financial risk profile marked by
its weak financial profile and liquidity.  This rating weakness is
partly offset by PAPL's market position as a leading dealer of
Tata Motors Ltd's; rated 'AA-/Stable/P1+' by CRISIL) commercial
vehicles (CVs) in and around Varanasi (Uttar Pradesh).

Outlook: Stable

CRISIL believes that PAPL will continue to benefit from its stable
relationship with TML over the medium term.  The company's
financial risk profile is expected to remain weak over the medium
term because of high inventory requirements.  The outlook may be
revised to 'Positive' if there is a significant improvement in
PAPL's financial risk profile, most likely driven by improvement
in capital structure.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure programme, thereby weakening its debt protection
metrics, or if the company's profitability declines significantly.

                     About Puneet Automobiles

Incorporated in 2002 by Mr. Prabhat Mishra, and his brothers,
Mr. Harish Mishra and Mr. Subhash Mishra, PAPL is a dealer of
TML's commercial vehicles in Varanasi.  PAPL has 3S (sales, spares
and service) showrooms in and around Varanasi and Ballia, and
extension counters in Varanasi and Ghazipur. In 2009-10 (refers to
financial year, April 1 to March 31), PAPL derived about 97 per
cent of its total revenues from sale of new commercial vehicles
and the rest from sale of spares and servicing of vehicles at its
workshop.

PAPL reported a profit after tax (PAT) of INR4.3 million on net
sales of INR1036.5 million for 2008-09, against a PAT of INR1.2
million on net sales of INR954.1 million in 2007-08.


SIGMA CONSTRUCTION: CRISIL Reaffirms 'BB' Rating on INR11MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sigma Construction
continue to reflect Sigma's limited revenue diversity, exposure to
competition in the construction industry, and its large working
capital requirements.  These rating weaknesses are partially
offset by the extensive experience of Sigma's proprietor in the
engineering industry and its moderate financial risk profile,
marked by healthy gearing and debt protection measures.

   Facilities                         Ratings
   ----------                         -------
   INR49 Million Cash Credit Limits   BB/Stable (Reaffirmed)
   INR11 Million Proposed Long-Term   BB/Stable (Reaffirmed)
                 Bank Loan Facility
   INR200 Million Bank Guarantee      P4+
   (Enhanced from 131 Million)

Outlook: Stable

CRISIL believes that Sigma will continue to benefit from the
industry experience of its proprietor and its moderate order book,
which provides the firm with near-term revenue visibility.  The
outlook may be revised to 'Positive' if Sigma's liquidity and net
worth improve considerably. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overruns in Sigma's ongoing
and future projects, or if the firm contracts large debt to fund
capital expenditure, or undertakes diversification into unrelated
businesses.

                            About Sigma

Sigma began operations as a proprietorship concern in 1994 with
Mr. A K Bhasin as proprietor. Mr. Bhasin has experience in
electrical engineering, having worked with Associated Electrical
Industries (a British firm engaged in electrical engineering
activities) and Calcutta Electric Supply Corporation.  Sigma
executes turnkey contracts for the power industry.  It undertakes
erection, testing, and installation of equipment, auxiliaries, and
motors for generating stations and switch yards. In 2006-07, the
firm started trading by supplying equipment used in power stations
and switch yards.

Sigma posted a provisional net profit of INR42 million on
provisional net sales of INR358 million for 2009-10, against a
profit after tax (PAT) of INR21 million on net sales of INR571
million for 2008-09.


STL GLOBAL: Fitch Migrates Junk Rating on INR1,133 Million Loan
---------------------------------------------------------------
Fitch Ratings migrated India's STL Global Limited's 'C(ind)'
National Long-term rating to the "Non-Monitored" category.  The
rating will now appear as 'C(ind)nm' on Fitch's website.
Simultaneously, the agency has classified the following bank loan
ratings as "Non-Monitored":

  * INR1,133.4 million fund-based working capital limits: migrated
    to 'C(ind)nm'/'F5(ind)nm' from 'C(ind)'/'F5(ind)'; and

  * INR209.2 million non-fund based working capital limits:
    migrated to 'C(ind)nm'/'F5(ind)nm' from 'C(ind)'/'F5(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage on STL.  The ratings will remain in
the "Non-Monitored" category for a period of six months and will
be withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and any rating action will be
communicated through a "Rating Action Commentary".


V3 POWERPETRO: CRISIL Assigns 'B+' Rating to INR20MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of V3 Powerpetro Fabricators Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Long Term Loan     B+/Stable (Assigned)
   INR60.00 Million Cash Credit        B+/Stable (Assigned)
   INR40.00 Million Letter of Credit   P4 (Assigned)
   INR45.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect V3's below-average financial risk profile,
marked by a high gearing, working-capital-intensive operations,
and exposure to risks related to any slowdown in capital
investment in the economy.  These rating weaknesses are partially
offset by the extensive experience of V3's promoters in the steel
fabrication industry, and the company's robust order book.

Outlook: Stable

CRISIL believes that V3 will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if V3 improves its
financial risk profile, supported by increasing scale of
operations, higher profitability, and significant improvement in
its working capital management, leading to an improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if V3 contracts more-than-expected debt to fund its
capital expenditure plans or working capital requirement, or if
its debt protection metrics deteriorate.

                           About V3 Powerpetro

Incorporated in 2006 and promoted by Mr. Vighnaprabodhan
Thanneermalai, V3 is a Chennai (Tamil Nadu)-based company present
in the steel fabrication business.  The company fabricates
structural components used in the power, cement, and sugar
industries, and in industrial plants. V3's manufacturing unit of
562,925 square feet has capacity of 1200 tonnes per month.

V3 reported a profit after tax (PAT) of INR2.9 million on net
sales of INR243.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR204.3 million for 2008-09.


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


TOKYO STAR: In Talks With Lenders as Loan Payment Deadline Looms
----------------------------------------------------------------
The Wall Street Journal's Alison Tudor reports that U.S.
distressed-debt specialist Lone Star Funds is in talks with other
lenders to take control of Japan's Tokyo Star Bank Ltd. for the
second time.

The Journal, citing people familiar with the matter, says the
Dallas-based fund and other lenders are in discussions with
Japanese private-equity fund Advantage Partners LLP regarding
about JPY170 billion (US$2.06 billion) worth of loans that it took
out to buy Tokyo Star.

The Journal notes that the lenders have set the end of January as
the deadline for Advantage Partners and Tokyo Star to make
interest payments.  People familiar with the discussions told the
Journal that it is probable that Tokyo Star will default on its
loan obligations.  Other lenders involved in the discussions
include Japan's Shinsei Bank Ltd. and Aozora Bank Ltd.

According to the Journal, Advantage Partners agreed to buy a
controlling stake in Tokyo Star from Lone Star in 2007 and
launched a tender offer for the remaining shares in 2008.

The Journal states that private-equity firms use a mixture of debt
and their own funds to make investments.  When lenders became
nervous about volatile credit markets during the acquisition
negotiations, Advantage Partners pledged more equity.  Advantage
Partners maxed out the amount it was allowed by its own investors
to pour into a single deal to acquire Tokyo Star for JPY250
billion, the Journal notes.

The Journal says Advantage Partners was advised by Merrill Lynch
on the acquisition, which also partly funded the acquisition.
However, Merrill Lynch is no longer involved in the discussions,
the Journal relates, citing one person familiar with the matter.

The Journal discloses that Tokyo Star made a loss of JPY2.8
billion in the fiscal year ended March 31, 2010.  In the six
months ended Sept. 30, 2010, it slipped deeper into the red,
making a loss of JPY3.1 billion.

For Lone Star, which knows the bank well, Advantage Partners'
troubles may create another opportunity to profit from Japanese
failures, notes the report.

The Tokyo Star Bank, Ltd., is a Japanese bank established on
June 11, 2001, out of the reorganization of then bankrupt Tokyo
Sowa Bank by Lone Star Funds.  Advantage Partners LLC wholly owns
Tokyo Star Bank Ltd.


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


OILCORP BERHAD: Bursa Malaysia to Delist Firm's Shares Today
------------------------------------------------------------
Oilcorp Bhd's securities will be delisted today, January 25, 2011,
after the High Court allowed Bursa Malaysia Securities Berhad to
set aside an earlier High Court Order to restrain it from
delisting the company.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2010, Oilcorp Berhad said that Bursa Malaysia on
October 28, 2010, decided to reject the company's appeal against
de-listing pursuant to paragraph 8.04(5)(b) of Bursa Securities
Main Market Listing Requirements.  Oilcorp, on October 11, 2010,
submitted an appeal against Bursa Securities' decision to delist
the company's securities on October 14, 2010.  However, in light
of the restraining order obtained by the company on November 9,
2010, to restrain Bursa Securities from de-listing the company,
Bursa said the securities of the company will only be removed at a
date to be notified later.

                         About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


SATANG HOLDINGS: Eversave Systems Demands MYR29,121 Payment
-----------------------------------------------------------
Satang Jaya Sdn Bhd, a wholly-owned subsidiary of Satang Holdings
Berhad, has been served a Writ of Summons and Statement of Claim
both dated January 4, 2011, filed by Eversave Systems Sdn Bhd.

The Writ of Summons and Statements of Claim was served to SJSB on
January 19, 2011, by Messrs K L Wong, the solicitor of the
Plaintiff.

Eversave Systems is claiming MYR29,121 in respect of goods sold
and delivered to SJSB on September 8, 2010, with the interest of
8% p.a. charged from the date of filling of the Writ of Summons
until the full settlement of the amount claimed by the Plaintiff.

The filing of the Writ of Summons is a result of the default in
payment of goods and services provided to SJSB.

The Writ of Summons will not have any additional financial and
operational impact on the Group.

Satang will seek the necessary legal advice from its solicitors
with regards to the claim and will instruct its solicitors to
defend the claim.

                      About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


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


AORANGI SECURITIES: Hubbard Supporters Seek Statutory Mgt. Review
-----------------------------------------------------------------
The National Business Review reports that Allan Hubbard and his
supporters have written to Commerce Minister Simon Power asking
for a review of the decision to put him in statutory management.

Citing media reports, the Business Review relates that
Mr. Hubbard sent a memorandum to Mr. Power last week.  Mr. Hubbard
is also chafing at a suggestion he get a brain scan to prove his
health, notes the Business Review.

Supporters of Mr. Hubbard have also circulated a letter to the
media they have sent to Mr. Power asking for a review of the
statutory management, the Business Review says.

According to the Business Review, the letter from Mr. Hubbard's
supporters said they have not seen a report from the statutory
manager to the Securities Commission but a copy was supplied to
Mr. Hubbard's lawyers Russell McVeagh on a confidential basis.

The Business Review relates the supporters group understood that
the report alleged that Aorangi Securities was trading recklessly,
that Aorangi was insolvent, that the majority of Aorangi loans
were to Mr. Hubbard, that no securities were held for the loans,
and that the loans were not authorised by investors.

No opportunity was given to Aorangi Securities or the Hubbards to
reply to any of the allegations, the Business Review says.

The Business Review notes that the supporters rejected all the
allegations they believe were in the report.

According to the Business Review, the supporters said that the
Securities Commission, government caucus and the Governor General
had all been misled by a report that was clearly incorrect and had
not been subject to any separate verification or been open to
challenge from the other parties involved.

"This unnecessary and inhuman tribulation has been inflicted upon
someone who has clearly devoted his life to the betterment of New
Zealand, a person who lives a modest life, has given over $200
million to New Zealand charities, has assisted 250 young farmers
on to dairy farms with interest free loans, established a
charitable trust for single income families in South Canterbury so
their children can attend university or other tertiary education
is indefensible," the supporters said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


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


PHILIPPINE AIRLINES: DOLE to Decide This Week on Reversal Motion
----------------------------------------------------------------
The Manila Bulletin reports that the Department of Labor and
Employment is set to issue a resolution this week on the motion
filed by Philippine Airlines regarding the reversal of a previous
ruling.

According to the report, Labor and Employment Secretary Rosalinda
Baldoz said that she will release the decision after assessing the
position papers of PAL and one of its unions, the Flight
Attendants' and Stewards' of the Philippines (FASAP).

"I am just awaiting the comments from both parties, after which I
can already study their motions and resolve the issue probably
next week and finally put an end to the dispute," Manila Bulletin
quoted Ms. Baldoz as saying.

Manila Bulletin relates that DoLE earlier issued a decision
granting FASAP's request for an increase in their economic
benefits, including maternity and pregnancy leaves in the
computation of their separation benefits, and the extension of
their retirement age from 55 to 60 years old.

In response to the ruling, says Manila Bulletin, PAL filed a
motion of partial reconsideration asking for review some of its
provisions including the amount of its monetary benefits and the
extension of retirement age.

Ms. Baldoz, as cited by Manila Bulletin, said that unless any of
the parties elevates the case to the Court of Appeals, the
resolution will be final and executory.  She said the decision
will also address the issue regarding the retirement of FASAP's
eight members and its planned strike, according to Manila
Bulletin.

Manila Bulletin notes that FASAP has filed a motion at DoLE to
reiterate its assumption of jurisdiction (AOJ) over the PAL-FASAP
case prohibiting any actions that will upset its status quo, which
they claim includes the forced retirement of their eight 55-year-
old members.  It earlier said it will file another notice of
strike at DoLE if PAL will continue with the retirement of its
members until the labor department issues the ruling on the case.

However, PAL reiterated in a statement that the legality of the
retirement of its eight flight attendants is based from the
decision of the high courts.  It urged FASAP, including
organizations which opposed the retirement like the Commission on
Human Rights (CHR) to question the Makati Regional Trial Court,
which allowed the retirement of the eight flight attendants.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


* BOND PRICING: For the Week January 17 to January 21, 2010
-----------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.19
AMITY OIL LTD           10.00    10/31/2013   AUD       2.04
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.97
AUST & NZ BANK           2.00    04/15/2018   AUD      74.40
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
EXPORT FIN & INS         0.50    12/16/2019   AUD      59.63
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.83
EXPORT FIN & INS         0.50    06/15/2020   AUD      57.56
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.20
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.87
NEW S WALES TREA         1.00    09/02/2019   AUD      64.04
NEW S WALES TREA         0.50    09/14/2022   AUD      51.90
NEW S WALES TREA         0.50    10/07/2022   AUD      51.70
NEW S WALES TREA         0.50    10/28/2022   AUD      51.52
NEW S WALES TREA         0.50    11/18/2022   AUD      51.28
NEW S WALES TREA         0.50    12/16/2022   AUD      51.07
NEW S WALES TREA         0.50    12/16/2023   AUD      52.81
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.77
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      64.77
RESOLUTE MINING         12.00    12/31/2012   AUD       1.42
SUNCORP METWAY I         6.75    09/23/2024   AUD      63.91
SUNCORP METWAY I         6.75    10/06/2026   AUD      66.82
TREAS CORP VICT          0.50    08/25/2022   AUD      52.19
TREAS CORP VICT          0.50    11/12/2030   AUD      34.46
VERO INSURANCE           6.15    09/07/2025   AUD      60.60

  CHINA
  -----

BEIQI FUTON MOTO         5.68    09/23/2014   CNY      60.60
CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.04


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      41.50


  INDIA
  -----

AIRPORTS AUTH IN         7.40    01/22/2013   INR      12.29
DAMODAR VALLEY           7.70    01/03/2013   INR      15.64
GODAVAR IRR             11.25    01/15/2013   INR      20.47
GODAVAR IRR             11.50    01/15/2015   INR      20.92
GODAVAR IRR             13.50    08/16/2015   INR      48.00
HOUSING & UDCL          11.50    09/25/2011   INR       7.34
HOUSING & UDCL          11.50    09/25/2011   INR       7.34
HOUSING & UDCL          11.50    09/25/2011   INR       7.34
HOUSING & UDCL          11.50    09/25/2011   INR       7.34
HOUSING & UDCL          11.50    09/25/2011   INR       7.34
HOUSING & UDCL          12.00    01/07/2012   INR      11.07
HOUSING & UDCL          12.00    01/07/2012   INR      11.07
HOUSING & UDCL          12.00    01/07/2012   INR      11.07
HOUSING & UDCL           9.25    03/06/2012   INR      15.31
HOUSING & UDCL          10.00    03/27/2012   INR      17.49
HOUSING & UDCL           9.75    03/28/2012   INR      17.10
HOUSING & UDCL           9.75    06/28/2012   INR      13.66
HOUSING & UDCL           6.05    02/11/2013   INR      13.60
HOUSING & UDCL           6.90    03/03/2013   INR      12.22
HOUSING & UDCL           6.30    03/08/2013   INR      15.72
HOUSING & UDCL           7.70    03/26/2013   INR      17.65
HOUSING & UDCL          10.00    06/28/2014   INR      28.82
KONKAN RAILWAY           9.30    10/19/2012   INR      14.99
KONKAN RAILWAY           8.50    09/01/2011   INR       6.40
KONKAN RAILWAY           6.90    03/30/2012   INR       0.84
KONKAN RAILWAY           6.65    05/01/2013   INR      15.42
KONKAN RAILWAY           6.65    05/01/2013   INR      15.42
KONKAN RAILWAY           6.65    05/01/2013   INR      15.42
NUCLEAR POWER CL         6.15    08/14/2011   INR       3.41
NUCLEAR POWER CL         8.20    02/20/2012   INR       9.44
NUCLEAR POWER CL         6.10    08/14/2012   INR       8.81
PUNJAB INFRA DB          0.40    10/15/2024   INR      58.88
PUNJAB INFRA DB          0.40    10/15/2025   INR      58.89
PUNJAB INFRA DB          0.40    10/15/2026   INR      59.03
PUNJAB INFRA DB          0.40    10/15/2027   INR      59.19
PUNJAB INFRA DB          0.40    10/15/2028   INR      59.33
PUNJAB INFRA DB          0.40    10/15/2029   INR      59.45
PUNJAB INFRA DB          0.40    10/15/2030   INR      59.57
PUNJAB INFRA DB          0.40    10/15/2031   INR      59.67
PUNJAB INFRA DB          0.40    10/15/2032   INR      59.76
PUNJAB INFRA DB          0.40    10/15/2033   INR      59.84
PYRAMID SAIMIRA          1.75    07/04/2012   USD      11.93
WEST BENGAL INFR         8.75    10/16/2013   INR       8.53


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      72.10
AIFUL CORP               1.99    03/23/2012   JPY      69.04
AIFUL CORP               1.22    04/20/2012   JPY      66.09
AIFUL CORP               1.63    11/22/2012   JPY      57.53
AIFUL CORP               1.74    05/28/2013   JPY      48.05
AIFUL CORP               1.99    10/19/2015   JPY      38.01
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.59
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.32
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      73.28
SHINSEI BANK             5.62    12/29/2049   GBP      73.30
TAKEFUJI CORP            9.20    04/15/2011   USD      10.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.32
CRESENDO CORP B          3.75    01/11/2016   MYR       1.29
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.52
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.28
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.32
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.83
LEBUHRAYA KAJANG         2.00    06/12/2019   MYR      47.73
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.50
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.08
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.26
PANTECH GROUP            7.00    12/21/2017   MYR       0.12
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.92
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.96
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       1.05
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.74
WAH SEONG CORP           3.00    05/21/2012   MYR       3.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.35


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

ALLIED FARMERS           9.60    11/15/2011   NZD      45.19
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      69.94
FLETCHER BUI             8.50    03/15/2015   NZD       7.30
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.06
INFRATIL LTD             8.50    09/15/2013   NZD       8.25
INFRATIL LTD             8.50    11/15/2015   NZD       9.25
INFRATIL LTD            10.18    12/29/2049   NZD      62.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
SKY NETWORK TV           4.01    10/16/2016   NZD       6.02
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.75
ST LAURENCE PROP         9.25    07/15/2010   NZD      54.61
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.25
TRUSTPOWER LTD           8.50    03/15/2014   NZD      10.00
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       0.97
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       7.50
VECTOR LTD               8.00    10/15/2014   NZD       1.05


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      74.25
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.05
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.82
WBL CORPORATION          2.50    06/10/2014   SGD       1.82


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

COSMOS PLC CO            3.00    05/30/2011   KRW      37.10
DAEWOO MTR SALES         6.55    03/17/2011   KRW      53.92
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      52.54
DONGYANG TELECOM         6.00    07/02/2013   KRW      49.37
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.48
HOPE KOD 2ND            15.00    08/21/2012   KRW      29.43
HOPE KOD 3RD            15.00    09/30/2012   KRW      28.56
HOPE KOD 4TH            15.00    12/29/2012   KRW      26.79
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.56
IBK 12TH ABS            25.00    06/24/2011   KRW      46.09
IBK 14TH ABS            25.00    03/30/2012   KRW       1.33
IBK 15TH ABS            25.00    06/25/2012   KRW       0.30
IBK 16TH ABS            25.00    09/24/2012   KRW      33.73
IBK 17TH ABS            25.00    12/29/2012   KRW      59.56
KB 11TH ABS             23.00    07/03/2011   KRW      65.88
KB 12TH ABS             25.00    01/21/2012   KRW      44.38
KB 13TH ABS             25.00    07/02/2012   KRW      72.15
KB 13TH ABS             22.00    07/02/2013   KRW      60.98
KDB 6TH ABS             20.00    12/02/2019   KRW      68.36
KEB 17TH ABS            20.00    12/28/2011   KRW      59.68
NACF 15TH ABS S         25.00    03/18/2011   KRW      63.20
NACF 18TH ABS S         15.00    06/20/2011   KRW      49.56
NACF 26TH ABS S         10.00    07/06/2012   KRW      58.26
NACF 26TH ABS S         26.00    09/06/2012   KRW      71.76
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.57
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.25
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      72.50
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.58
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.68
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.56
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.40
SINBO 5TH ABS           15.00    02/23/2014   KRW      29.58
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.32
SINGOK ABS               7.50    06/18/2011   KRW      74.85
SINGOK NS ABS            7.50    06/27/2011   KRW      74.40
SOLOMON SAVINGS          8.10    06/22/2012   KRW      70.19
SOLOMON SAVINGS          8.50    10/29/2014   KRW      70.39


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.00


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





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