TCRAP_Public/110204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, February 4, 2011, Vol. 14, No. 25

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: JPMorgan Auctions US$143MM in Centro Loans
MIDWEST VANADIUM: S&P Assigns 'B-' Corporate Credit Rating
MILLHOUSE IAG: Administrators to Refer Firm to ASIC
PACIFIC BRANDS: Completes Debt Refinancing With New $500MM


C H I N A

CHINA FORESTRY: Moody's Downgrades Corp. Family Rating to 'B1'
RENHE COMMERCIAL: Moody's Downgrades Corp. Family Rating to 'Ba3'


H O N G  K O N G

BEAUTY YOGA: Lui and Lau Appointed as Liquidators
CALIGO COMPANY: Members' Final Meeting Set for March 1
CHUNBO INDUSTRIAL: Court Enters Wind-Up Order
CHUN KONG: Court to Hear Wind-Up Petition on March 16
CHUNG TAI: Court Enters Wind-Up Order

DCDC (HK): Court Enters Wind-Up Order
DESCHAMPS CATERING: Court Enters Wind-Up Order
DICKSON CONSTRUCTION: Annual Meetings Set for March 1
EAST BEST: Court Enters Wind-Up Order
EVERWAY ENTERPRISE: Court Enters Wind-Up Order

FOOK HING: Briscoe and Wong Step Down as Liquidators
FORMMAT ENGINEERING: Court Enters Wind-Up Order
GOLD OCEAN: Court Enters Wind-Up Order
HENLY ENGINEERING: Members' and Creditors' Meeting Set for March 1
INSTITUTE OF PROFESSIONAL: Court Enters Wind-Up Order

JOINT WEALTHY: Members' and Creditors' Meetings Set for March 1
KENDER DEVELOPMENT: Court Enters Wind-Up Order
KINGDOM WAY: Court Enters Wind-Up Order
LONGWAY CONSTRUCTION: Annual Meetings Set for March 1
ZOTOS INVESTMENTS: Annual Meetings Set for February 28


I N D I A

DIAMOND PRODUCTS: CRISIL Assigns 'D' Rating to INR120MM Term Loan
ISGEC HACO: ICRA Places 'LBB+' Term Loan Rating Under Rating Watch
LABDHI INTERNATIONAL: CRISIL Puts 'BB-' Rating on Cash Credit
LAHARI LAMINATES: CRISIL Assigns 'B' Rating to INR92.3MM Term Loan
LORD KRISHNA: ICRA Assigns 'LC' Rating to INR33.1cr Bank Limits

NANGALIA FABRICS: CRISIL Places 'D' Rating on INR15 Mil. LT Loan
NSL TEXTILES: ICRA Reaffirms 'LBB' Rating on INR531.2cr Term Loan
NSL TEXTILES (EDLAPADU): ICRA Reaffirms Term Loan Rating at 'LBB'
PAPRIKA OLEO: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
PATWA AUTOMOTIVE: ICRA Suspends 'LBB' Rating Assigned to Loan

PRANI AUTO: CRISIL Rates INR77.50 Million Cash Credit at 'B+'
RA SAMY: CRISIL Assigns 'D' Rating to INR130MM Rupee Term Loan
RAJARAM MILLS: ICRA Assigns 'LB' Rating to INR5cr FB Facilities
SAGAR RATNA: ICRA Assigns 'LBB+' Rating to INR29.16cr Term Loan
SANGO AUTO: CRISIL Assigns 'D' Rating on INR29.7MM Term Loan

SATRAC ENGINEERING: ICRA Puts 'LB+' Rating on INR9.75cr Term Loan
TURTLE LIMITED: CRISIL Reaffirms 'B+' Rating on INR60MM Term Loan
UNIVERSAL PRECISION: CRISIL Reaffirms 'BB-' Rating on Term Loan
WEAVE LAND: CRISIL Assigns 'B+' Rating to INR65MM Cash Credit


I N D O N E S I A

MANDALA AIRLINES: Curator Estimates Asset Value at IDR110 Billion


J A P A N

AMB PROPERTY: Fitch Puts 'BB+' IDR on Watch Positive
CSC SERIES: S&P Downgrades Rating on Class X Bonds to 'D'
HAYASHIBARA GROUP: To File for Bankruptcy Protection
RESONA BANK: Fitch Affirms Individual Rating at 'C/D'
TAKEFUJI CORP: Deadline for Sponsorship Bid Set for March 10


N E W  Z E A L A N D

PIKE RIVER: Police Pay Money Owed to Contractors


P H I L I P P I N E S

RURAL BANK OF NORZAGARAY: Placed Under Receivership
RURAL BANK OF ZAPOTE: Placed Under PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


CENTRO PROPERTIES: JPMorgan Auctions US$143MM in Centro Loans
--------------------------------------------------------------
JPMorgan Chase & Co. held an auction to find buyers for
US$143 million in loans owed to it by Centro Properties Group,
Katrina Nicholas at Bloomberg News reports, citing a person
familiar with the matter.

According to Bloomberg, the person said the New York-based bank
was seeking investors for senior portions of the loans,
denominated in both U.S. and Australian dollars.  The auction was
held on Wednesday at 5:00 p.m. London time, Bloomberg's source
said.

Australia & New Zealand Banking Group Ltd. sold about AU$700
million of debt owed to it by Centro Properties in November,
Bloomberg recounts.  Commonwealth Bank of Australia also said in
November that it sold AU$110 million of Centro's debt for about
56.5 cents in the dollar, Bloomberg adds.

Centro, a Melbourne-based shopping mall owner that had
AU$18.4 billion (US$18.6 billion) of debt as of June 30, 2010,
ceded control to creditors in 2008 as property prices slumped and
debt became harder to refinance, according to Bloomberg.

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

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

                       About Centro Properties

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


MIDWEST VANADIUM: S&P Assigns 'B-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' corporate credit rating to Midwest Vanadium Pty Ltd., a
100%-owned subsidiary of Atlantic Ltd. (not rated).  S&P also
assigned a stable outlook to the rating.  At the same time, S&P
has assigned its 'B-' rating and a recovery rating of '4' to
MVPL's proposed US$335 million bond issue, indicating the
expectation of average (30%-50%) recovery in the event of default.

"The 'B-' corporate credit rating reflects S&P's view of the
commissioning and ramp-up risks associated with the redevelopment
of the company's Windimurra vanadium project, the project's lack
of business and asset diversity, exposure to commodity price
volatility, and the company's limited stated financial policies,"
Standard & Poor's credit analyst May Zhong said.  "These
weaknesses are partly offset by the project's adequate liquidity
during the ramp-up stage, its competitive cost position after
taking into account by-product credit, and its long-life mine
reserve."

The stable outlook on the rating anticipates that MVPL will
achieve its planned redevelopment of the Windimurra project and
ramp up the plant to full production.  Upward rating movement is
possible if MVPL successfully completes its ramp-up, and there is
evidence of:

* A sustained track record of meeting production targets;

* A fully funded interest reserve account; and

* No significant drop in commodity prices (FeV and iron ore
  fines).

The rating could come under pressure if:

* There are delays in project ramp-up or cost overruns that lead
  to a weaker liquidity position;

* There are significant decreases in prices for iron ore fines or
  vanadium;

* There are operational issues with the processing facility; or

* Atlantic pursues another large-scale project before MVPL
  achieves a satisfactory operational track record at the
  Windimurra project.


MILLHOUSE IAG: Administrators to Refer Firm to ASIC
---------------------------------------------------
David Murray at The Sunday Mail reports that Millhouse IAG, the
company of a high-profile business leader and Queensland Art
Gallery board member, has been referred to corporate investigators
after it collapsed owing millions.

The Sunday Mail relates that David Millhouse was a founder of
Queensland Leaders, a mentoring and networking initiative that
enabled him to rub shoulders with some of the state's most
powerful business and political identities, including Premier Anna
Bligh and Treasurer Andrew Fraser.

His company, Millhouse IAG, went into voluntary administration
last May but he remained on the State Government-appointed board
of trustees, overseeing the Queensland Art Gallery and Gallery of
Modern Art's AU$280 million collection.

A report to creditors from administrators Dean-Willcocks last June
said Millhouse IAG would be reported to regulator the Australian
Securities and Investments Commission, The Sunday Mail discloses.

The Sunday Mail states that the June report reveals that some
Millhouse IAG investors, including retail "mum and dad" investors
preparing for retirement, were promised their funds would be
backed by a 50% bank guarantee.  But the bank guarantee was not
arranged, constituting potential misleading or deceptive conduct
under the Trade Practices Act or Fair Trading Act, the report
notes.

According to The Sunday Mail, Mr. Millhouse told administrators
the guarantee was offered "in error" in only a limited number of
cases and he had personally covered repayments to one creditor.

Mr. Millhouse told The Sunday Mail he had advised art gallery
board chairman Professor John Hay "immediately in writing" of his
company's difficulties and had stepped down from his roles with
the board and Queensland Leaders.

The Sunday Mail notes that questions were also raised in the
administrators' report over insolvent trading, with audit reports
dating back to at least 2007 warning of potential uncertainty over
the company's future.

Former chief financial officer Harry Charlton raised the issue
when he resigned in 2009, six months before administrators were
appointed, The Sunday Mail says.

The Sunday Mail relates that Mr. Charlton said in his resignation
he was of the view the group "has been trading whilst insolvent .
. . for a period well before my employment and continues to do so
at this time."

The Sunday Mail reports that administrators found the company, and
subsidiary Millhouse IAG Australia, had internal and external
creditors claiming debts of more than AU$10 million.

According to The Sunday Mail, Mr. Millhouse is also a former
director of, and former investor in, Sydney-based company Trio
Capital, which collapsed in 2009, four years after Mr. Millhouse's
departure with $170 million in losses.

Millhouse IAG was investment manager for up to $30 million of Trio
superannuation funds and a further $10 million that Millhouse IAG
raised separately, a well-placed source told The Sunday Mail.

"The collapse of Trio led to the voluntary administration of
Millhouse IAG. Millhouse IAG has assisted ASIC with its inquires
into Trio," Mr. Millhouse told The Sunday Mail.

Mr. Millhouse is facing the loss of his Brisbane mansion and
Sunshine Coast units after the National Australia Bank lodged a
Supreme Court claim seeking forfeiture of the properties after he
provided a personal guarantee for home and company loans.


PACIFIC BRANDS: Completes Debt Refinancing With New $500MM
----------------------------------------------------------
BusinessDesk reports that Pacific Brands has completed the
refinancing of its existing syndicated debt with a new $500
million facility.

BusinessDesk relates that the new structure consists of a
revolving credit facility of $225 million maturing January 31,
2014, a term facility of $175 million maturing January 31, 2015,
and another term facility of $100 million maturing January 31,
2016.

Pacific Brands said the new facility's staggered maturity profile
improves its liquidity profile, and benefits from competitive
pricing and improved commercial terms, according to BusinessDesk.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2009, Bloomberg News said Pacific Brands obtained a six-
month extension to repay AU$330 million (US$215 million) of debt.
The extended debt is part of the company's AU$550 million debt due
in February 2010, Bloomberg News related.  Bloomberg News said
with the extension, the company aims to save AU$150 million by
cutting a total of 1,850 jobs, with 1,200 positions to go from its
Australian factories.  The company had 8,126 employees at June 30,
according to data compiled by Bloomberg.

Bloomberg said the company also plans to either shut down or sell
as going concerns some of its seven plants subject for
elimination.  In addition, Pacific Brands will cull more than 200
brands that contribute less than 2% of revenue, Bloomberg News
disclosed.

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

                      About Pacific Brands

Based in Australia, Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/-- is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.


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


CHINA FORESTRY: Moody's Downgrades Corp. Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded China Forestry Holdings
Co., Ltd's corporate family rating and senior unsecured bond
rating to B1 from Ba3, and placed them on review for further
possible downgrade.

                        Ratings Rationale

"The rating action reflects Moody's view that China Forestry's
access to the equity and capital markets will be impaired by its
announcement on January 31, 2011 regarding the identification of
possible irregularities by its auditors and the continued
suspension of its shares trading," says Ken Chan, a Moody's Vice
President.

"The ability to tap external financing is important to support the
long-term growth of the company, given the need to secure sizable
forestry assets for future cash flow generation," adds Chan.

There are no further disclosures relating to the audit before the
company's independent investigation team makes any conclusions.

However, this incident raises concerns over China Forestry's
internal controls and elevates its risk profile, which is not
commensurate with its previous rating level.

Moody's review will focus on the events leading to the possible
irregularities prompted by the auditors, as well as the financial
performance of the company.  Moody's expects the company to
complete its investigation and announce its 2010 full year
financial results by end of March, as planned.  The ratings will
be further pressured should there be any material delay.

The last rating action for China Forestry was on January 27, 2011
when Moody's placed the company's Ba3 corporate family rating and
senior unsecured bond rating on review for possible downgrade.

The ratings are based on factors that Moody's believes are
relevant to China Forestry's risk profile, such as its: (1)
business risk and competitive position compared with other firms
within the industry; (2) capital structure and financial risk; (3)
projected performance over the near to intermediate term; and (4)
management track record and risk tolerance.

These factors were compared against those of other issuers from
both within and outside China Forestry's core industry and Moody's
believes that China Forestry's ratings are comparable to other
issuers of similar credit risk.

China Forestry, listed on the Hong Kong Stock Exchange in 2009, is
one of the largest privately owned upstream forest operators in
China in terms of coverage area of owned forest rights.  The
company's forestry assets are located mainly in Sichuan and Yunnan
provinces.


RENHE COMMERCIAL: Moody's Downgrades Corp. Family Rating to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Renhe Commercial Holdings
Co Ltd's corporate family and senior unsecured debt ratings to Ba3
from Ba2.

The ratings outlook is stable.

                        Ratings Rationale

"The downgrade reflects the increase in both Renhe's sales
volatility and customer concentration risk, arising in turn from
its strategy of bulk sales to a few investors," says Kaven Tsang,
a Moody's AVP/Analyst.

While Moody's expects Renhe's sales in 2010 could meet its
expectation, a significant portion was conducted by bulk sales in
2H2010.

"Furthermore, the investors are given long credit terms -- around
70% of the sales will be settled within 9-12 months -- which
increase Renhe's accounts receivable risk.  This is a practice
which is uncommon for most developers," says Tsang.

"This situation also adds burden to its ability to fund working
capital and thus makes its business model less competitive," adds
Tsang, also lead analyst for Renhe.

Renhe's Ba3 rating continues to reflect the company's core
competence and track record in commercializing the development and
operation of civilian air-raid shelters as underground shopping
centers.

The rating also takes into account its increasing exposure to
execution risks and funding needs as it undertakes an aggressive
geographic expansion plan.  Additionally, the rating is
constrained by its limited access to bank funding and lack of
back-up liquidity arrangements.

The stable outlook reflects Moody's expectation that there will be
no material adverse changes in the laws and regulations that would
impact the company's business model in the near term and that it
will maintain a sound balance sheet liquidity to support its
growth.

Moody's expects it to maintain balance sheet cash of 15 -- 20% of
its total assets, in view of its longer-term asset cycle and its
constrained ability to access bank finance.

Renhe's ratings could undergo further downgrade if it experiences
(1) a material shortfall in its sales; (2) significant vacancy
rates in its underground shopping centers; (3) sharp falls in
portfolio rentals and the market value of its operating rights;
(4) a reduction of its unrestricted cash balance to below RMB 4
billion; or (5) changes in laws and regulations that negatively
impact conditions for developing underground air defense shelters
for commercial use.

The key credit metrics that Moody's would consider for a rating
downgrade include adjusted Debt/Cap above 45-50% and
EBITDA/Interest below 5-7x.

On the other hand, the ratings could be upgraded if Renhe (1)
achieves a track record of stable sales to diversified buyers who
can access bank financing; (2) maintains EBITDA margin of 60% -
65%, and (2) establishes a large portfolio of investment
properties, such that net rental income can fully cover interest
expenses, At the same, time, the company keep adjusted Debt/Cap
under 35-40%.

Moody's last rating action on Renhe was taken on 4 November 2010,
when Moody's affirmed its Ba2 corporate family and senior
unsecured ratings with a negative outlook following additional
bond issuances.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry; ii) capital structure and financial
risk of the company; iii) projected performance of the company
over the near to intermediate term; and iv) management's track
record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Renhe's core industry; Renhe's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers that can
also function as civilian air defense shelters.  The projects are
built below city commercial centers and transportation hubs, and
are free of land-use premium fees.  As of June 2010, the company
was operating and managing eight underground shopping centers in
Harbin, Guangzhou, Shenyang and Zhengzhou in China.


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


BEAUTY YOGA: Lui and Lau Appointed as Liquidators
-------------------------------------------------
Mr. Kennic Lai Hang Lui and Mrs. Lau Wu Kwai Ling Lauren on
January 4, 2011, were appointed as liquidators of Beauty Yoga
Limited.

The liquidators may be reached at:

         Mr. Kennic Lai Hang Lui
         Mrs. Lau Wu Kwai Ling Lauren
         5/F Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


CALIGO COMPANY: Members' Final Meeting Set for March 1
------------------------------------------------------
Members and creditors of Caligo Company Limited will hold their
final meeting on March 1, 2011, at 11:00 a.m., at 20th Floor, Tung
Wai Commercial Building, 109-111 Gloucester Road, Wanchai, in Hong
Kong.

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


CHUNBO INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on September 2, 2010,
to wind up the operations of Chunbo Industrial Limited.

The company's liquidator is Yuen Tsz Chun Frank.


CHUN KONG: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------
A petition to wind up the operations of Chun Kong Chemical &
Plastics Co. Limited will be heard before the High Court of Hong
Kong on March 16, 2011, at 9:30 a.m.

Acewin Industrial Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Joseph C. T. Lee & Co
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


CHUNG TAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 6, 2011,
to wind up the operations of Chung Tai Cotton Quilt Company
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


DCDC (HK): Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 19, 2011,
to wind up the operations of DCDC (HK) Limited.

The official receiver is E T O'Connell.


DESCHAMPS CATERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on November 25, 2010,
to wind up the operations of Deschamps Catering Company Limited.

The company's liquidator is Yuen Tsz Chun Frank.


DICKSON CONSTRUCTION: Annual Meetings Set for March 1
-----------------------------------------------------
Members and creditors of Dickson Construction (Housing) Limited
will hold their annual meetings on March 1, 2011, at 12:00 p.m.,
and 12:30 p.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EAST BEST: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 13, 2011,
to wind up the operations of East Best Investment Limited.

The company's liquidator is Yuen Tsz Chun Frank.


EVERWAY ENTERPRISE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on January 13, 2011,
to wind up the operations of Everway Enterprise (HK) Limited.

The company's liquidator is Yuen Tsz Chun Frank.


FOOK HING: Briscoe and Wong Step Down as Liquidators
----------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Fook Hing Holdings (H.K.) Company Limited on January 17, 2011.


FORMMAT ENGINEERING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on October 13, 2010,
to wind up the operations of Formmat Engineering Limited.

The company's liquidator is:

         Ng Kwok Wai
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkong, Kowloon
         Hong Kong


GOLD OCEAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on January 19, 2011,
to wind up the operations of Gold Ocean Enterprises Limited.

The official receiver is E T O'Connell.


HENLY ENGINEERING: Members' and Creditors' Meeting Set for March 1
------------------------------------------------------------------
Members and creditors of Henly Engineering Limited will hold their
annual meetings on March 1, 2011, at 4:00 p.m., and 4:30 p.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INSTITUTE OF PROFESSIONAL: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Hong Kong entered an order on January 19, 2011,
to wind up the operations of The Institute of Professional
Development Limited.

The official receiver is E T O'Connell.


JOINT WEALTHY: Members' and Creditors' Meetings Set for March 1
---------------------------------------------------------------
Members and creditors of Joint Wealthy Holdings Limited will hold
their annual meetings on March 1, 2011, at 5:00 p.m., and 5:30
p.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KENDER DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 22, 2010, to
wind up the operations of Kender Development Limited.

The company's liquidator is Yuen Tsz Chun Frank.


KINGDOM WAY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 19, 2011,
to wind up the operations of Kingdom Way Industrial Limited.

The official receiver is E T O'Connell.


LONGWAY CONSTRUCTION: Annual Meetings Set for March 1
-----------------------------------------------------
Members and creditors of Longway Construction Engineering Limited
will hold their annual meetings on March 1, 2011, at 10:00 a.m.,
and 10:30 a.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZOTOS INVESTMENTS: Annual Meetings Set for February 28
------------------------------------------------------
Members and creditors of Zotos Investments Limited will hold their
annual meetings on February 28, 2011, at 5:00 p.m., and 5:30 p.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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I N D I A
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DIAMOND PRODUCTS: CRISIL Assigns 'D' Rating to INR120MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Diamond Products Ltd.  The ratings reflect delay by DPL in
servicing its term loan.  The delay has been caused by DPL's weak
liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       D (Assigned)
   INR120.0 Million Term Loan         D (Assigned)
   INR20.0 Million Letter of Credit   P5 (Assigned)
   INR5.0 Million Bank Guarantee      P5 (Assigned)

However, the company has healthy operating profitability and
CRISIL believes that DPL will benefit from diversification into
higher-value-added products over the medium term.

Promoted by Mr. Om Prakash Gupta, DPL began commercial production
of footwear in 2002-03 (refers to financial year, April 1 to
March 31). The company has manufacturing locations in New Delhi
and Himachal Pradesh. It manufactures ethylene vinyl acetate
(EVA)-based slippers, and sports shoes, which are marketed under
the brand Diamond.

DPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR340.0 million for 2009-10, against a PAT of INR3.7
million on net sales of INR272.0 million for 2008-09.


ISGEC HACO: ICRA Places 'LBB+' Term Loan Rating Under Rating Watch
------------------------------------------------------------------
ICRA has placed the LBB+ rating assigned to the INR 6.94 crores
term loans and INR5.99 crores bank facilities of Isgec Haco under
rating watch with developing implications.

The rating action takes into account the change in ownership of
the company. Saraswati Industrial Syndicate Limited that held 50%
equity share in the company has recently sold its stake to the
other 50% JV partner, Haco N.V., Belgium (Haco).  Effectively in
its present form, Isgec Haco is 100% owned and operated by Haco.

While assigning the previous rating to Isgec Haco, ICRA had
derived comfort from the support from SISL (rated LAA-/A1+ by
ICRA) and hence ICRA believes that the latter's exit may have an
impact on its financial position.  ICRA will take appropriate
action as and when further details including the operational and
financial performance of Isgec Haco as well as those of Haco  are
available. Haco's support to the company and the former's ability
to grow it will remain a key rating driver.

ISGEC-HACO was incorporated in 2006 as a 50: 50 JV between SISL
(the flagship company of Saraswati group that houses the ISGEC
brand) and HACO.  It was established with the objective to
manufacture sheet metal forming machinery.

SISL is promoted by the Puri family and has been in business since
1933.  The group consists of several businesses such as
manufacture of pressure vessels, heat exchangers, presses and iron
castings; sugar manufacturing in a 100%  subsidiary namely
Saraswati Sugar Manufacturing Limited (SSML);  engineering design
and manufacture of steel  castings &  ingots.  The heavy machinery
unit manufactures under the 'ISGEC' brand.

Haco Ltd: was founded in 1965 and is based in Rumbeke, Belgium.
It is a  sheet-metal machinery manufacturer with a significant
presence in  press  brakes,  plasma  cutting machines,  turret
presses, shearing  machines  and laser  cutting  machines. They
have their manufacturing units in various countries across the
world.


LABDHI INTERNATIONAL: CRISIL Puts 'BB-' Rating on Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Labdhi International.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit         BB-/Stable (Assigned)
   INR5.0 Million Cheque Discounting   BB-/Stable (Assigned)
   INR80.0 Million Letter of Credit    P4+ (Assigned)
   INR25.0 Million Bank Guarantee      P4+ (Assigned)

These ratings reflect Labdhi's weak financial risk profile marked
by weak interest coverage and high total outside liabilities to
total networth, high debtor risk, and customer concentration in
revenue profile.  These rating weaknesses are partially offset by
Labdhi's established track record as distributor of polymers for
Haldia Petrochemicals Ltd.

Outlook: Stable

CRISIL believes that Labdhi will benefit from its increasing scale
of operations and long association with Haldia Petro over the
medium term. The outlook may be revised to 'Positive' if Labdhi's
capital structure improves significantly, led by sustained
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' if Labdhi's financial risk profile
deteriorates materially because of large losses on recovery of
receivables or significant increase in working capital
requirements.

                        About Labdhi International

Set up in 1991, Labdhi commenced operations as a del credere agent
of Haldia Petro. Labdhi is a partnership firm owned by the Doshi
family and managed by Mr. Umesh Doshi.  Labdhi has initiated the
process to be reconstituted as a private limited company by the
end of 2010-11 (refers to financial year, April 1 to March 31).
Labdhi is one of Haldia Petro's two del credere agents in Gujarat.
The products sold by the firm include low-density poly ethylene,
low-linear density polyethylene, polypropylene, high-density
polypropylene, and poly vinyl chloride.  Labdhi's monthly sales
range between 3000 and 4500 tonnes of polymer products.

Over the last six months, Labdhi has started importing certain
polymer products from the United Arab Emirates to be sold in the
domestic market.  This operation is expected to supplement the
firm's del credere operations as all polymer products not
available with Haldia Petro would be imported.

Labdhi reported a profit after tax (PAT) of INR2.6 million on net
sales of INR17 million for 2009-10, as against a PAT of INR2.9
million on net sales of INR25 million for 2008-09.


LAHARI LAMINATES: CRISIL Assigns 'B' Rating to INR92.3MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Lahari Laminates Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        B/Stable (Assigned)
   INR92.3 Million Term Loan        B/Stable (Assigned)
   INR20 Million Letter of Credit   P4 (Assigned)

The ratings reflect LLPL's large working capital requirements,
small scale of operations, and the susceptibility of its margins
to fragmentation in the decorative laminates industry.  These
weaknesses are partially offset by the extensive industry
experience of LLPL's promoters.

Outlook: Stable

CRISIL believes that LLPL to benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if LLPL's liquidity improves, due to better
working capital management, in case of more-than-expected
profitability, or if its business risks profile improves, because
of an increase in the scale of operations or better product
diversity.  Conversely, the outlook may be revised to 'Negative'
if LLPL's financial risk profile deteriorates, most likely because
of a large, debt-funded capital expenditure programme or decline
in cash accruals.

                       About Lahari Laminates

Incorporated in 1994, LLPL manufactures decorative laminated
sheets. It has a capacity of 2.16 million sheets per annum (mspa).
The capacity was expanded in August 2010 from 0.54 mspa, with a
capital outlay of around INR170 million.  The manufacturing unit
is in Raipur (Chhattisgarh).  The company manufacture decorative
laminates in around 400 to 500 designs, with thickness ranging
from 0.45 millimetre (mm) to 1 mm, and sells the same to around 50
brokers across Maharashtra, Bengaluru, Delhi, Raipur, West Bengal,
and Gujarat.  Around 50 per cent of the company's revenues are
derived from Maharashtra. LLPL procures kraft paper, its key raw
material, primarily from the Chhattisgarh-based Dhanlaxmi group.
The day-to-day operations of the company are looked after by its
promoter-director, Mr. P K Agarwal, who has around 16 years'
experience in the decorative laminates industry.

LLPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR52.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR32.2 million for 2008-09.


LORD KRISHNA: ICRA Assigns 'LC' Rating to INR33.1cr Bank Limits
---------------------------------------------------------------
ICRA has assigned "LC" rating to the INR33.1 crore fund-based
limits of Lord Krishna Education Trust.  ICRA has also assigned an
'A5' rating to short term fund based limits of LKET aggregating to
INR 1.90 crore.

The ratings are constrained by the nascent stage of operations,
low profitability, modest coverage indicators and relatively high
gearing level for the trust.  With relatively higher capital
expenditure requirements as the colleges are in development phase
the trust witnessed pressures on its free cash flows resulting in
liquidity crunch and delays in servicing debt obligations in the
recent past. However the rating draws comfort from the stable fee
based income and healthy occupancy levels

Lord Krishna Education Trust, registered in 2004, operates "Lord
Krishna College of Engineering" and "Lord Krishna College of
Management" from its campus in Ghaziabad, Uttar Pradesh.  Both the
colleges are affiliated to Gautam Budh Technical University,
Lucknow. LKET offers undergraduate courses in engineering and post
graduate courses in management under its B.E (Bachelor of
Engineering) and MBA (Master of Business Administration) courses
approved by AICTE. LKET has a total sanctioned intake of 510
students each academic session.

Recent Results

LKET reported a profit after tax (PAT) of INR 2.17 crore in FY10
on an operating income of INR 13.57 crore registering a
substantial improvement over the previous year.  Increase in total
strength and addition of an MBA college supported the growth.


NANGALIA FABRICS: CRISIL Places 'D' Rating on INR15 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Nangalia Fabrics Pvt Ltd.  The ratings reflect instances of delay
by NFPL in servicing its debt; the delays have been caused by
NFPL's weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR57.0 Million Cash Credit             D (Assigned)
   INR15.0 Million Long-Term Loan          D (Assigned)
   INR5.0 Million Standby Line of Credit   D (Assigned)
   INR20.0 Million Export Packing Credit/  P5 (Assigned)
                   Foreign Bill Purchase
   INR5.0 Million Letter of Credit         P5 (Assigned)
   INR0.7 Million Bank Guarantee           P5 (Assigned)

NFPL has a below-average financial risk profile, marked by weak
debt protection metrics and a small net worth.  The ratings also
reflect NFPL's large working capital requirements, and small scale
of operations with increasing proportion of trading activities.
These rating weaknesses are partially offset by the experience of
NFPL's promoters in the textile industry.

                       About Nangalia Fabrics

Incorporated in 1988, NFPL manufactures synthetic grey fabric used
in dress material for women and trades in finished fabric.  The
company's plant in Surat (Gujarat) has 300 looms, with
manufacturing capacity of 15,000 meters per day.  It gets a part
of the grey fabric finished from its group company, Uttam Finetex
Pvt Ltd.

NFPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR398 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net sales
of INR363 million for 2008-09.


NSL TEXTILES: ICRA Reaffirms 'LBB' Rating on INR531.2cr Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR 531.2 Crore
term loans and the INR 59.0 Crore, fund-based limits of NSL
Textiles Limited at 'LBB'.  The outlook on the rating is "stable".
ICRA withdraws the rating of A4 assigned to the INR 320 crore
non-fund based sub limits of NSLTL as the facility is no longer
existent.

In arriving at the ratings, ICRA has taken a consolidated view of
the two textile companies - NSL Textiles Limited and NSL Textiles
(Edlapadu) Limited.  NSL Textiles Limited holds 95.9% in NSLTEL.
Consolidated view taken on account of strong operational and
financial linkages between the two companies.

The re-affirmation of ratings take into account the improvement in
financial position of the consolidated entity aided by better
operating environment with demand rebound in the spinning industry
and diversified product range across segments. The ratings also
factors in the integrated nature of operations with presence
across the entire value chain post commissioning of the project
expansion with considerable portion of projects having been
successfully implemented with minimal cost overruns. However, the
ratings continue to be constrained by the stretched financial
profile characterized by high gearing and moderate coverage
indicators on the back of significant debt funded capital
expenditure. While the outlook for the industry has improved in
the recent past, significant off-take risk exist with huge
capacities to be commissioned and dependence on export market
demand for processed fabric and garmenting segments. The capital
structure is expected to remain stretched with further debt funded
capital expenditure expected to be incurred in current fiscal
towards commissioning of ongoing projects, until the new units
stabilize and start yielding adequate returns.

The NSL Textiles group, comprising NSL Textiles Limited (NSLTL)
and NSL Textiles (Edlapadu) Limited, is one of the largest
integrated textile players in South India with a combined
capacity of 2,42,000 spindles, 2,520 rotors, 520 looms and also
processing and garmenting units with capacity to process 54 lakh
metres per annum and manufacture 30 lakh garments a year.
Majority of these facilities were commissioned by March 2010 with
only the processing and garmenting units completed in financial
year 2010-11.  The total project cost for the expansion is
INR1028.0 crore, of which INR800.0 crore was funded through bank
borrowings and rest through equity.

Till March 2010, the group was primarily engaged in manufacturing
cotton and blended yarn with small but growing revenue
contribution from the weaving segment.  With the commissioning of
majority of the expanded capacity, the group plans to further
diversify its product profile in yarn segment to reduce the
dependence on cotton yarn.  Presence in blended yarn would also
support revenues against slowdown in the highly commoditized
cotton yarn segment and protect its margins against the highly
volatile cotton prices.  Currently, majority of the yarn produce
by the companies are in the medium count range, where the demand
is stable and volumes are high.  Going forward, with the
commissioning of the OE unit, the group is also expected to
manufacture coarser counts (below 20s) largely catering to denim
fabric segment. Cotton wastes are expected to be utilized from the
spinning segment as input, enhancing the value addition in its
operations.

Cotton, the major raw material, witnessed steep increase in prices
over the last two years post introduction of minimum support price
and revival in consumption. Cotton prices are expected to hold
firm at prevailing high prices.  The group generally stocks high
level of inventory to meet its off-season requirements. The cotton
yarn industry in India, which inherently suffers from surplus
capacities in a highly fragmented structure, witnessed a rebound
in export demand since second half of 2009-10 translating into
better realizations.  The spike in yarn realizations was higher
than the rise in cotton costs, leading to improvement in margins
for spinners.  Going forward, demand in the domestic market is
expected to drive growth in the near term, although medium term
growth is likely to be driven by economic recovery in the major
textile markets of United States and Europe. However, the recent
restriction of cotton yarn exports is expected to stress the
pricing flexibility of spinners with likely impact on realizations
in the domestic markets.  Also, movement in foreign exchange rates
will continue to influence the movement in yarn demand and
realizations.

In the weaving segment, the group plans to cater to both the
apparel and also the home textiles market, where NSLTL would cater
to the apparel segment and NSLTEL would meet the requirements
of the home textile market. Both apparel and the home textile
fabric have stable demand in India whereas the export market for
grey fabric is minimal as exports are done after processing of the
fabric.  To meet export demand and also improve value addition,
the group is in the process of commissioning processing facility.
However, with no prior experience, the group's ability to market
the processed fabric needs to be seen.

Targeting presence in the entire value chain and to utilize its
processed fabric, the group is in the process of installing
garment facility of 3 million pieces per annum. Plans to establish
own brand and market through retail outlets (franchise route), is
likely to induce additional investments.  With significant
competition in the retail space, operating at optimal capacity
utilization is crucial for the group in achieving early break-
even.  However, ongoing negotiations with global retail houses
should help the same.  With presence across the value chain, a
considerable portion of yarn and fabric is expected to be utilized
for captive consumption where the rest would be sold in the
domestic and export markets.  Currently the sales are largely
concentrated towards the domestic market as volumes are stable and
realizations have been on par with export demand.  Post
commercialization of the processing and garmenting segments in
2010-11, export contribution is expected to increase considerably,
exposing earnings to exchange rate fluctuations.  To reduce the
impact of the same, NSLTL hedges its receivables through forward
contracts.

Post commissioning of the entire expanded capacity, the
consolidated entity would be exposed to significant off-take risk,
particularly in the processed fabric and the garmenting segments
where the company has no prior experience.  Also, these products
are largely concentrated towards the export markets. With exports
markets still uncertain with subdued demand from Europe and lower
than expected growth in US recovery, utilization levels in these
segment could be under pressure which would lead to lower
absorption of fixed costs and can drag the profitability.  Upon
sustained recovery in export markets, the integrated nature of
operations with presence across the entire value chain can provide
a considerable boost to the revenues of the group and also ensure
consistency in quality of raw materials.  The Group's ability to
operate its units at optimum capacities and generate earnings
would be a key rating sensitivity factor.

At a standalone level, NSLTL's revenues have more than doubled
aided by recovery in demand and capacity addition undertaken in
the past.  Profit margins of the company have also improved on
account of improvement in realizations on the back of better
demand conditions.  The gearing levels of the company have
improved in 2009-10 owing to infusion of equity by the promoters
to fund the ongoing capex program and also to invest in the
subsidiary entity for meeting its equity requirements. Coverage
indicators have also improved in the last fiscal on the back of
better profitability and reduction in debt levels.

At consolidated level, the revenue growth for 2009-10 of the group
has been robust, where it grew from INR113 crore in FY09 to INR309
crore in FY10 backed by capacity additions and improvement in
yarn demand. With weaving and garmenting capacities to become
fully operational in 2010-11, revenues are expected to grow
steadily.  However, growth could be moderated in short term owing
to the volatile demand conditions from western markets. Operating
margins of the entity has improved by 5% in 2009-10 on account of
growth in realizations being higher than increase in cotton prices
aided by revival in export demand and stable domestic demand.  Net
profit margins remain vulnerable to the high interest expenses due
to the huge debt incurred by the group. Going forward,
profitability is likely to improve in the long run on account of
cost efficiency due to the integrated nature of operations with
moderate to high value addition.

Capitalization levels of the group are stretched on account of the
huge debt funded capacity additions over the past four years,
where the consolidated gearing is at 2.8 times as on March 2010.
While the gearing is expected to improve in the medium to long
term with expected increase in accruals, absence of major capex
programs and equity infusion in 2010-11, the extent of improvement
would depend upon optimal capacity utilization of the newly added
facilities backed by adequate off-take and translation into
earnings.  With high debt repayment obligations in the ensuing
years, early commissioning of the projects and better accruals
from the same would be critical to meet the timely debt
obligations.

On an average, around six months of cotton inventory is held by
the group to cater to the requirements of cotton during the off-
season resulting in high working capital intensity and stretched
liquidity position.  Consistent capex incurred in the past few
years and high interest charges have also adversely impacted the
liquidity position of the group, which is expected to remain
stretched going forward on account of the high debt repayment
obligations, anticipated increase in working capital requirements
and the high interest charges for the debts availed.

                         About NSL Textiles

NSL Textiles Limited is a midsized cotton spinning mill located in
Guntur District, Andhra Pradesh, the major cotton producing belt
of the state.  The company commenced commercial operations during
FY03.  The company is in the expansion mode since FY07, where it
plans to have capacities across the value chain from ginning of
cotton to spinning, weaving, processing and garmenting. The total
project cost for capital expansion is INR695 Cr, funded with
INR535 crore of debt and INR160 Cr of equity.  As on March 2010,
the company had a spindlage of 1,12,560 spindles, rotor capacity
of 1920 rotors and weaving capacity of 359 looms.  The company is
in process of establishing processing capacity of 54 lakh metres
and garmenting capacity of three million pieces; expected to be
commissioned by September 2010.

Recent Results (Provisional)

At stand alone level, the company has reported an operating income
of INR130.55 crore and OPBITDA of INR34.70 crore in the first half
of 2010-11 as  against INR202.23 crore and INR37.87 crore
respectively in financial year 2009-10.


NSL TEXTILES (EDLAPADU): ICRA Reaffirms Term Loan Rating at 'LBB'
-----------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR 284.7 Crore
term loans and the INR 42.0 Crore, fund-based limits of NSL
Textiles (Edlapadu) Limited at 'LBB'.  The outlook on the rating
is stable.  ICRA withdraws the rating of 'A4' assigned to the
Rs. 170.0 crore non-fund based sub limits of NSLTL as the facility
is no longer existent.

In arriving at the ratings, ICRA has taken a consolidated view of
the two textile companies - NSL Textiles Limited and NSL Textiles
(Edlapadu) Limited.  NSL Textiles Limited holds 95.9% in NSLTEL.
Consolidated view taken on account of strong operational and
financial linkages between the two companies (henceforth referred
to as "NSL Textiles Group."

The re-affirmation of ratings take into account the improvement in
financial position of the consolidated entity aided by better
operating environment with demand rebound in the spinning industry
and diversified product range across segments.  The ratings also
factors in the integrated nature of operations with presence
across the entire value chain post commissioning of the project
expansion with considerable portion of projects having been
successfully implemented with minimal cost overruns.  However, the
ratings continue to be constrained by the stretched financial
profile characterized by high gearing and moderate coverage
indicators on the back of significant debt funded capital
expenditure.  While the outlook for the industry has improved in
the recent past, significant off-take risk exist with huge
capacities to be commissioned and dependence on export market
demand for processed fabric and garmenting segments.  The capital
structure is expected to remain stretched with further debt funded
capital expenditure expected to be incurred in current fiscal
towards commissioning of ongoing projects, until the new units
stabilize and start yielding adequate returns.

The NSL Textiles group, comprising NSL Textiles Limited and NSL
Textiles (Edlapadu) Limited, is one of the largest integrated
textile players in South India with a combined capacity of
2,42,000 spindles, 2,520 rotors, 520 looms and also processing and
garmenting units with capacity to process 54 lakh metres per annum
and manufacture 30 lakh garments a year.  Majority of these
facilities were commissioned by March 2010 with only the
processing and garmenting units completed in financial year 2010-
11.  The total project cost for the expansion is INR1028.0 crore,
of which INR800.0 crore was funded through bank borrowings and
rest through equity.

Till March 2010, the group was primarily engaged in manufacturing
cotton and blended yarn with small but growing revenue
contribution from the weaving segment.  With the commissioning of
majority of the expanded capacity, the group plans to further
diversify its product profile in yarn segment to reduce the
dependence on cotton yarn.  Presence in blended yarn would also
support revenues against slowdown in the highly commoditized
cotton yarn segment and protect its margins against the highly
volatile cotton prices.  Currently, majority of the yarn produce
by the companies are in the medium count range, where the demand
is stable and volumes are high. Going forward, with the
commissioning of the OE unit, the group is also expected to
manufacture coarser counts (below 20s) largely catering to denim
fabric segment. Cotton wastes are expected to be utilized from the
spinning segment as input, enhancing the value addition in its
operations.

Cotton, the major raw material, witnessed steep increase in prices
over the last two years post introduction of minimum support price
and revival in consumption. Cotton prices are expected to hold
firm at prevailing high prices.  The group generally stocks high
level of inventory to meet its off-season requirements. The cotton
yarn industry in India, which inherently suffers from surplus
capacities in a highly fragmented structure, witnessed a rebound
in export demand since second half of 2009-10 translating into
better realizations.  The spike in yarn realizations was higher
than the rise in cotton costs, leading to improvement in margins
for spinners. Going forward, demand in the domestic market
is expected to drive growth in the near term, although medium term
growth is likely to be driven by economic recovery in the major
textile markets of United States and Europe. However, the recent
restriction of cotton yarn exports is expected to stress the
pricing flexibility of spinners with likely impact on realizations
in the domestic markets. Also, movement in foreign exchange rates
will continue to influence the movement in yarn demand and
realizations In the weaving segment, the group  plans to cater to
both the apparel and also the home textiles market, where NSLTL
would cater to the apparel segment and NSLTEL would meet the
requirements of the home textile market. Both apparel and the home
textile fabric have stable demand in India whereas the export
market for grey fabric is minimal as exports are done after
processing of the fabric.  To meet export demand and also improve
value addition, the group is in the process of commissioning
processing facility.  However, with no prior experience, the
group's ability to market the processed fabric needs to be seen.

Targeting presence in the entire value chain and to utilize its
processed fabric, the group is in the process of installing
garment facility of 3 million pieces per annum.  Plans to
establish own brand and market through retail outlets (franchise
route), is likely to induce additional investments.  With
significant competition in the retail space, operating at optimal
capacity utilization is crucial for the group in achieving early
break-even.  However, ongoing negotiations with global retail
houses should help the same.  With presence across the value
chain, a considerable portion of yarn and fabric is expected to be
utilized for captive consumption where the rest would be sold in
the domestic and export markets.  Currently the sales are largely
concentrated towards the domestic market as volumes are stable and
realizations have been on par with export demand.  Post
commercialization of the processing and garmenting segments in
2010-11, export contribution is expected to increase considerably,
exposing earnings to exchange rate fluctuations. To reduce the
impact of the same, NSLTL hedges its receivables through forward
contracts.

Post commissioning of the entire expanded capacity, the
consolidated entity would be exposed to significant off-take risk,
particularly in the processed fabric and the garmenting segments
where the company has no prior experience.  Also, these products
are largely concentrated towards the export markets. With exports
markets still uncertain with subdued demand from Europe and lower
than expected growth in US recovery, utilization levels in these
segment could be under pressure which would lead to lower
absorption of fixed costs and can drag the profitability. Upon
sustained recovery in export markets, the integrated nature of
operations with presence across the entire value chain can provide
a considerable boost to the revenues of the group and also ensure
consistency in quality of raw materials.  Group's ability to
operate its units at optimum capacities and generate earnings
would be a key rating sensitivity factor.

At a standalone level, NSLTEL's revenues have witnessed a sharp
growth driven by recovery in yarn demand and capacity addition
undertaken in the recent past.  Profits margins of the company
have been have improved in FY10 aided by better realizations in
the cotton yarn segment.  The operating margins were not impacted
significantly during 2008-09 on account of its presence in blended
yarn which provides stability to margins. The capitalization
levels of NSLTEL remain stretched owing to the huge capital
expansion program of the company where the same has also resulted
in inadequate coverage indicators, which has improved slightly on
the back of better profitability in the last fiscal.

At consolidated level, the revenue growth for 2009-10 of the group
has been robust, where it grew from INR113 crore in FY09 to INR309
crore in FY10 backed by capacity additions and improvement in yarn
demand. With weaving and garmenting capacities to become fully
operational in 2010-11, revenues are expected to grow steadily.
However, growth could be moderated in short term owing to the
volatile demand conditions from western markets. Operating margins
of the entity has improved by 5% in 2009-10 on account of growth
in realizations being higher than increase in cotton prices aided
by revival in export demand and stable domestic demand. Net profit
margins remain vulnerable to the high interest expenses due to the
huge debt incurred by the group.  Going forward, profitability is
likely to improve in the long run on account of cost efficiency
due to  the integrated nature of operations with moderate to high
value addition.

Capitalization levels of the group are stretched on account of the
huge debt funded capacity additions over the past four years,
where the consolidated gearing is at 2.8 times as on March 2010.
While the gearing is expected to improve in the medium to long
term with expected increase in accruals, absence of major capex
programs and equity infusion in 2010-11, the extent of improvement
would depend upon optimal capacity utilization of the newly added
facilities backed by adequate off-take and translation into
earnings.  With high debt repayment obligations in the ensuing
years, early commissioning of the projects and better accruals
from the same would be critical to meet the timely debt
obligations.

On an average, around six months of cotton inventory is held by
the group to cater to the requirements of cotton during the off-
season resulting in high working capital intensity and stretched
liquidity position. Consistent capex incurred in the past few
years and high interest charges have also adversely impacted the
liquidity position of the group, which is expected to remain
stretched going forward on account of the high debt repayment
obligations, anticipated increase in working capital requirements
and the high interest charges for the debts availed.

                    About NSL Textiles (Edlapadu)

Incorporated in 2004, NSL Textiles (Edlapadu) Limited is a
midsized spinning mill located in Guntur District, Andhra Pradesh.
NSLTEL became a subsidiary of NSLTL in 2009-10 where the equity
for the project expansion undertaken in the company was routed by
the promoters through NSLTL.  The management has plans of merging
the two entities in the medium to long term.  The existing
manufacturing facility of the company includes ginning, spinning
and weaving capacities. NSLTEL commenced its commercial operations
during FY06 where it currently has 1.3 lakh spindles and 160
looms.

Recent Results (Provisional)

At the consolidated level, the group has reported an operating
income of INR271.70 crore and operating profit of INR70.20 crore
in the first half of 2010-11 as against INR309.30 crore and
INR62.6 crore respectively in 2009-10.


PAPRIKA OLEO: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Paprika Oleo's (India) Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR42.50 Million Export Packing Credit    P4+ (Assigned)
   INR12.50 Million Standby Line of Credit   P4+ (Assigned)
   INR20.00 Mil. Foreign Bills Discounting   P4+ (Assigned)
       (Non-Letter of Credit)
   INR10.00 Million Letter of Credit         P4+ (Assigned)
   INR1.00 Million Bank Guarantee            P4+ (Assigned)

The rating reflects the VPSAP group's modest scale of operations,
and exposure to risks related to the commodity nature of its
products and to customer concentration in revenue profile.  These
rating weaknesses are partially offset by the VPSAP group's above-
average financial risk profile, marked by healthy capital
structure and moderate debt protection metrics, and established
position in the spice trading market, backed by its promoters'
extensive industry experience and its healthy relationships with
its customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of POL, Indian Chillies Trading Company
Ltd, and Garden Valley Export Corporation, collectively referred
to as the VPSAP group.  This is because these entities are in the
same line of business, under a common management, and have intra-
group operational linkages.

                          About the Group

The VPSAP (V.P.S.A stands for 'Verkaran', 'Perumal',
'Sankaralingam', 'Ayyemperumal; the last letter denoting
Paramasiva Nadar) group exports all kinds of chilli-based
products: stemless chillies, crushed and ground chillies, capsicum
and paprika oleoresins, pure capsaicin, and xantho red powder.
The VPSAP group is part of the Verkaran Perumal Sankaralingam
Ayyemperumal Paramasiva Nadar group.  The VPSAP group has two
divisions: the spice grinding division, with an installed capacity
of 4000 tonnes per annum of crushed and ground chillies, and the
oleoresin unit, which exports capsicum and paprika oleoresins with
capacity of 15 tonnes per day (tpd).  The group's promoter-
directors, Mr. A P Murugun, Mr. A P Krishnamurthy, Mr. A P
Vanniarajan, Mr. A P Rajaram, Mr. A P Jayaker, Mr A P Ganeshan,
Mr. A P Jaganathan, Mr A P K Senthilvel, Mr A P K Jushin, and Mr.
A P Raghunathan, have more than three decades of experience in the
same industry.  The promoters also have interests in other
businesses such as textiles; they manage a textile unit named
Kaveri Yarn and Fabric Limited.

The VPSAP group reported a profit after tax (PAT) of INR8 million
on net sales of INR631 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR16 million on net
sales of INR646 million for 2008-09.


PATWA AUTOMOTIVE: ICRA Suspends 'LBB' Rating Assigned to Loan
-------------------------------------------------------------
ICRA has suspended 'LBB' rating assigned to the INR11.25 crore
long term loans & working capital facilities of Patwa Automotive
Private Limited.  The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


PRANI AUTO: CRISIL Rates INR77.50 Million Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Prani Auto Plaza Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR77.50 Million Cash Credit  B+/Stable (Assigned)

The rating reflects PAPPL's below average financial risk profile,
marked by a small net worth and below average debt protection
metrics, and the susceptibility of its margins to intense
competition in the automobile dealership space.  These weaknesses
are partially offset by PAPPL's stable business risk profile aided
by expanded operations, and the experience of its promoters.

Outlook: Stable

CRISIL believes that PAPPL will continue to benefit over the
medium term from its established market position and comfortable
relationship with suppliers.  Its financial risk profile is,
however, expected to remain constrained by its small net worth and
weak debt protection metrics, on account of the ongoing capital
expenditure (capex) programme.  The outlook may be revised to
'Positive' if PAPPL's revenues and profitability improve
significantly.  Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability decline
significantly, or if it undertakes any large debt-funded capital
expenditure programme, thereby adversely affecting its capital
structure.

                        About Prani Auto

PAPPL, based in Andhra Pradesh (AP), is an authorised dealer of
passenger cars manufactured by Tata Motors Ltd (TML AA-
/Stable/P1+) Fiat India Ltd, and two-wheelers manufactured by
Yamaha Motor Pvt Ltd.  The company started operations in 2003 as a
TML dealer with one showroom in Anantpur (AP).  It gradually
expanded its operations by setting up two showrooms in Kurnool
(AP).  The company took up the Yamaha dealership in September 2009
and became a dealer for Fiat's passenger cars in August 2010.  The
company currently has eight showrooms and four workshops in AP.

PAPPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR406.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR440.4 million for 2008-09.


RA SAMY: CRISIL Assigns 'D' Rating to INR130MM Rupee Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of R.A.
Samy Trading Pvt Ltd.  The rating reflects the delay by RASTPL in
servicing its term loan; the delay has been caused by RASTPL's
weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR130.0 Million Rupee Term Loan   D (Assigned)
   INR120.0 Million Cash Credit       D (Assigned)

Set up in 2007 by Mr. R A Samy, RASTPL retails fabrics, sarees,
garments, footwear, and electronic home appliances.  The retail
stores are run under the name Shanmuga Stores.  The company, which
commenced operations in March 2008, currently operates an 80,000-
square-foot showroom at Thyagaraya Nagar in Chennai (Tamil Nadu).
RASTPL derives about 75 per cent of its revenues from sales of
fabrics and sarees.

RASTPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR394.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.9 million on net sales
of INR345.2 million for 2008-09.


RAJARAM MILLS: ICRA Assigns 'LB' Rating to INR5cr FB Facilities
---------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR 5.0 crore fund based
facilities and the INR 0.5 crore non-fund based facilities of
Rajaram Mills Private Limited.  ICRA has also assigned 'A4' rating
to the INR 2.0 crore non-fund based facilities of RMPL.

The ratings factor in the Company's small scale of operations
(which restrict economies of scale and financial flexibility), the
intense competition which restricts pricing flexibility and
vulnerability of the textile industry to competition from low-cost
countries.  The ratings also consider the stretched financial
profile, as characterised by continued net losses, high gearing
and low coverage indicators.  The ratings factor in the experience
of the promoters in the textile business of over 40 years.

RMPL, incorporated in 1987, presently has a capacity of 9,792
spindles. The promoters have about 40 years of experience in the
cotton yarn business. RMPL mainly caters to the markets in Karur,
Salem, Erode and Tirupur districts and also exports to  United
States  and Sri Lanka.  The Company's manufacturing facility is
located at Rajapalayam (Tamil Nadu). Domestic sales contribute to
more than 90% of the total revenues. RMPL is a closely held
company, managed by three people.

Recent Results

During the year ended March 31, 2010, RMPL reported net loss of
INR0.2 crore on operating income of INR11.4 crore. For the half
year ended September 30, 2010, RMPL reported operating income of
INR8.9 crore (according to unaudited results).


SAGAR RATNA: ICRA Assigns 'LBB+' Rating to INR29.16cr Term Loan
---------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR 29.16 crore term
loans and INR 8 crore fund-based working capital facilities of
Sagar Ratna Hotels Private Limited.  Outlook on the rating is
stable.

The rating factors in the likely impact of a large corporate
guarantee, extended by the company in favor of a group entity -
Swagath, on company's cash flows.  The rating also takes into
consideration SRHPL's recent debt-funded capital expenditure,
concentration of a large part of its revenues on a few outlets;
and susceptibility of its profitability to significant adverse
movements in raw material prices and variations in customer
spending due to changes in economic conditions.  The rating,
however, derives strength from the experience of its promoters;
its strong market position in the South Indian food category
stemming from its brand reputation, and established track record,
and its widespread geographical presence.  The rating also takes
into consideration the healthy return indicators in its restaurant
business {as reflected in an adjusted return on capital employed
(ROCE) of 60.8% in 2009-10} as a result of its asset-light balance
sheet.  Although debt-funding of the new hotel project has
adversely affected the company's capitalization indicators, low
working capital intensity together with healthy profitability has
led to positive cash flows from operations.

Going forward, the company's ability to maintain its margins in
the restaurant business despite adverse movements in raw material
prices and to stabilize the operations of the new hotel property
will be the key rating sensitivities. Further, timely repayment of
guaranteed debt by the group entity will also favorably impact the
company's credit profile.

                         About Sagar Ratna

Incorporated in 1997, Sagar Ratna Hotels Private Limited is
promoted by Mr. Jayaram Banan who entered the restaurant business
by setting up a restaurant called "Sagar", in Defence Colony
market of Delhi in 1986.  At present, the company has a network of
56 restaurants, including 23 owned/ revenue-share outlets and 33
franchise outlets.  While the company initially started operations
specialising in South Indian food, the company now also serves
North-Indian and Chinese cuisines.


SANGO AUTO: CRISIL Assigns 'D' Rating on INR29.7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sango Auto Forge Pvt Ltd, part of the ANC group.  The ratings
reflect delays by the ANC group in servicing its debt; the delays
have been caused by the group's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR25.00 Million Cash Credit        D (Assigned)
   INR29.70 Million Term Loan          D (Assigned)
   INR20.00 Million Letter of Credit   P5 (Assigned)

The ANC group has a weak financial risk profile, marked by a small
net worth, a high gearing, and moderate debt protection metrics.
The ratings also reflect the ANC group's large working capital
requirements, small scale of operations, and high revenue
concentration in the cyclical commercial vehicles industry. These
rating weaknesses are partially offset by the benefits that the
ANC group derives from its promoters' extensive industry
experience, established relationship with Tata Motors Ltd (TML),
strong revenue growth, and improvement in operating efficiencies.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of SAFPL and ANC Enterprises (ANC). This is because
these entities, together referred to as the ANC group, are in a
similar line of business, have significant operational and
financial linkages with each other, as SAFPL derives most of its
revenues from ANC, and have a common ownership.

                         About the Group

ANC, part of the ANC group, is engaged in machining of components
used in the automobile industry.  The firm operates two machining
units at Bhosari in Pune (Maharashtra), with combined machining
capacity of 600 tonnes per month (tpm).  ANC has been solely
supplying machined components to TML and its vendors.  As timely
availability of forged input components was a critical issue that
hampered growth of ANC, the group decided to establish its own
captive forging unit, SAFPL (incorporated in 2007).  In 2009, when
SAFPL commenced commercial operations, the ANC group received in-
principle approval from TML for purchase of only non-critical
components from SAFPL.  However, in November 2010, TML provided
approval to SAFPL for supply of both critical and non-critical
components. SAFPL has forging capacity of 500 tpm and currently
meets the entire forged components requirement of ANC.

The ANC group reported a profit after tax (PAT) of INR7.94 million
on net sales of INR164.78 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3.09 million on
net sales of INR78.07 million for 2008-09.


SATRAC ENGINEERING: ICRA Puts 'LB+' Rating on INR9.75cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of "LB+" to the INR 9.75
crore term loan and INR 5 crore fund based limits of Satrac
Engineering Private Limited.  ICRA has also assigned an 'A4'rating
to the INR 0.25 crore non-fund based facilities of the company.

The ratings take into account SEPL's moderate scale of operations,
vulnerability of its margins to fluctuations in raw material
prices such as steel, high geographical concentration risk owing
to concentration of operations in Karnataka and Andhra Pradesh and
high competitive pressures due to fragmented nature of the
industry.  The ratings are also constrained by the weak financial
profile of the company as reflected by -- low revenue growth, low
operating margins, high working capital intensity of operations,
high gearing (3.38 times as on March 31, 2010) and weak debt
coverage indicators. Further, the debt funded capex of the company
is expected to result in cash flow mismatches with the loan
repayments commencing from April 2011.  The ratings however
positively factor in the company's long track record of
operations, its experienced management and expected increase in
order inflow due to increased capacity and product and sector
diversification efforts being undertaken by the company. Going
forward, the company's ability to achieve high capacity
utilization, increase its margins and keep its working capital
requirements in check would remain key rating sensitivities.

                        About Satrac Engineering

Satrac Engineering Pvt. Ltd. was incorporated in the year 1997 and
is engaged in manufacturing trailers, tippers and body building on
truck  chassis and agricultural implements.  Recently the company
has expanded its business by setting up a new plant at Dobbespet
on Tumkur Road in Bangalore.  The main customers of the company I
include logistics companies, construction companies,
transportation companies, defence sector etc.

Recent Results

SEPL has reported an operating income of INR 19.88 crore and a
profit after tax of INR 0.41 crore for 2009-10 as compared to an
operating income of INR 19.36 crore and a profit after tax of
INR0.40 crore for 2008-09.  .


TURTLE LIMITED: CRISIL Reaffirms 'B+' Rating on INR60MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings continue to reflect Turtle Ltd weak financial
risk profile, marked by a high gearing, weak debt protection
metrics, and stretched liquidity, and limited pricing power in the
competitive menswear market.  These rating weaknesses are
partially offset by the benefits that Turtle derives from its
established brand name in the sub-premium menswear segment, and
its wide distribution reach.

   Facilities                       Ratings
   ----------                       -------
   INR240 Million Cash Credit       B+/Stable (Reaffirmed)
   INR60 Million Rupee Term Loan    B+/Stable (Reaffirmed)
   INR90 Million Proposed LT Bank   B+/Stable (Reaffirmed)
                    Loan Facility
   INR5 Million Bank Guarantee      P4 (Reaffirmed)
   INR5 Million Letter of Credit    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Turtle will continue to benefit over the
medium term from its established brand name and market position in
the ready-made garments segment.  The outlook may be revised to
'Positive' if the promoters infuse substantial capital, resulting
in significant improvement in Turtle's financial risk profile, or
the company significantly scales up its operations while maintain
its profitability.  The outlook may be revised to 'Negative' if
any pressure on profitability leads to further deterioration in
Turtle's financial risk profile, or delays in collecting
receivables result in liquidity pressure. Any large debt-funded
capital expenditure (capex) may also lead to a downward revision
in outlook.

Update

For 2009-10 (refers to financial year, April 1 to March 31),
Turtle's revenues were broadly in line with CRISIL expectations.
Turtle's operating margin improved to 14 per cent in 2009-10 from
10.5 per cent in 2008-09, driven by an improvement in average
realizations.  In the current year, the company has been gradually
increasing the retail price of its garments, primarily to
compensate for the increase in raw material prices and, therefore,
CRISIL believes that Turtle will maintain its margins over the
medium term.

Turtle's gearing has been high (at 2.7 times as on March 31,2010)
mainly because of large working capital borrowings and incremental
unsecured loans contracted to part fund the capex programme,
involving the set up of a new office complex in Kolkata, during
2009-10. Over the next 12 months, Turtle plans to spend an
additional INR200 million on the office premises in Kolkata.  This
investment will be funded through term loans from banks.  CRISIL
believes that Turtle's gearing will remain high over the medium
term, mainly because of the fresh debt taken for capex and
incremental working capital borrowings.

Turtle reported a profit after tax (PAT) of INR29.1 million on net
sales of INR640.9 million for 2009-10, against a PAT of INR12.2
million on net sales of INR463.8 million for 2008-09.

                          About Turtle Ltd

Incorporated in 1992 as a public limited company, Turtle is
promoted by Mr. Sanjay Jhunjhunwala and Mr. Amit Ladsaria (nephew
of Mr. Jhunjhunwala). Future Venture India Ltd, a Future group
company, owns 26 per cent stake in Turtle.  The company is in the
business of designing, manufacturing, and branding of ready-made
cotton menswear in India, Nepal, and the Middle East.  Turtle has
two brands: Turtle and London Bridge.  It has three manufacturing
units at Kolkata and one at Bengaluru, with a combined capacity of
3200 pieces per day.


UNIVERSAL PRECISION: CRISIL Reaffirms 'BB-' Rating on Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable/P4+' ratings on the bank
facilities of Universal Precision Screws.

   Facilities                              Ratings
   ----------                              -------
   INR64.50 Million Term Loan              BB-/Stable (Reaffirmed)
   INR20.0 Mil. Foreign Bill Discounting   P4+ (Reaffirmed)
   INR10.0 Million Export Packing Credit   P4+ (Reaffirmed)
   INR30.0 Million Letter of Credit        P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee           P4+ (Reaffirmed)

The ratings continue to reflect UPS's small scale of operations,
and its exposure to risks related to adverse regulatory changes,
downtrends in demand from the end-user industry, and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by UPS's moderate financial risk profile, marked
by low gearing and healthy debt protection metrics, healthy
operating efficiencies, and the extensive experience of its
promoters in the fasteners business.

Outlook: Stable

CRISIL believes that UPS will continue to benefit over the medium
term from its established relationships with its export customers,
and the longstanding presence of its group company, Lakshmi
Precision Screws Ltd, in the fasteners business.  The company's
financial risk profile is expected to remain moderate over the
corresponding period, supported by steady rental income. The
outlook may be revised to 'Positive' if UPS scales up its
operations and reports less-than-expected deterioration in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if UPS's large proposed capital expenditure (capex)
plan leads to more-than-expected deterioration in its financial
risk profile and liquidity.

Update

For 2009-10 (refers to financial year, April 1 to March 31), UPS
reported an operating income of INR71.9 million, which was lower
than CRISIL's expectations and a decline of 14.4 per cent from
that for the previous year.  The decline in operating income was
because of pressure on demand from the international market. For
2009-10, UPS reported an operating margin of 31.3 per cent, which
was lower than CRISIL's expectation, mainly because of increase in
input material prices.

UPS's financial risk profile remained moderate, driven by a
healthy operating margin and steady rental income of INR20.4
million (from leasing a portion of premises to a group entity).
The firm's gearing, as on March 31, 2010, was 0.31 times.  UPS
plans to undertake a capex of around INR380 million to set up an
additional manufacturing unit on the same premises; the same is
expected to be completed by March 2012.  The financial risk
profile, and with it, the firm's liquidity, is expected to
deteriorate, on account of the large debt-funded capex programme;
however, the financial risk profile is expected to remain moderate
for the current outstanding rating.

UPS reported a profit after tax (PAT) of INR21.4 million on net
sales of INR68.2 million for 2009-10, against a PAT of INR32.4
million on net sales of INR80.8 million for 2008-09.

                      About Universal Precision

UPS was set up by Mr. Lalit Kumar Jain, his brothers, Mr. Vijay
Kumar Jain and Mr. Rajesh Jain, and cousin, Mr. Dinesh Kumar Jain,
in 2006. UPS, a 100-per cent export-oriented unit, manufactures
and exports fasteners for the automobile industry.  Since 2007-08,
UPS has also been supplying anchor brushes to Enercon India Ltd in
the domestic market, with special permission from the excise
department.  The firm primarily manufactures shoulder bolts and
dowel pins; it has one manufacturing facility at Rohtak (Haryana),
with capacity of 150 tonnes per month.  UPS's promoters have
extensive experience in the fasteners business through LPS, which
manufactures high-tensile strength fasteners for sale in both the
domestic and overseas markets.


WEAVE LAND: CRISIL Assigns 'B+' Rating to INR65MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of The Weave land (TW, part of the Paliwal group).

   Facilities                               Ratings
   ----------                               -------
   INR65.0 Million Cash Credit              B+/Stable (Assigned)
   INR9.0 Million Standby Line of Credit    B+/Stable (Assigned)
   INR2.0 Million Proposed Long Term Bank   B+/Stable (Assigned)
                           Loan Facility

The rating reflects the Paliwal group's exposure to risks
associated with intense competition in the home furnishing
segment, the high geographic and customer concentration in its
revenue profile, and its constrained financial flexibility. These
rating weaknesses are partially offset by the group's established
market position, high occupancy rates at its commercial
properties, and its moderate financial risk profile, marked by
moderate gearing and debt protection metrics.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Paliwal Infrastructure Pvt Ltd, Paliwal
Overseas Pvt Ltd, TW, and Abhitex International, together referred
to as the Paliwal group.  This is because these entities have a
common promoter, and the Paliwal family holds a majority stake in
each of these entities, leading to considerable financial
synergies.  The promoters have also expressed their intention to
consolidate the group structure over the medium term.

Outlook: Stable

CRISIL believes that the Paliwal group will continue to benefit
from its established position in the home furnishing market, and
high occupancy rates at its commercial properties in Bengaluru and
Hyderabad, over the medium term.  The group's financial risk
profile is expected to remain moderate marked by moderate gearing
and debt protection metrics.  The outlook may be revised to
'Positive' if the group's debt protection metrics improve
strongly, driven by an increase in cash accruals, because of more-
than-expected improvement in operating profitability.  Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate significantly, most likely because
of decline in profitability or larger-than-expected debt-funded
capital expenditure.

                           About the Group

TW is a partnership firm set up in 2000 by Mr. Avinash Paliwal and
his family, along with Mr. Sanjeev Goyal, who holds a 12.5 per
cent share in the firm. It manufactures handloom products in the
home textiles segment at its units in Panipat (Haryana). TW's
products include terry towels, play mats, napkins, cushion covers,
and bed spreads. More than 55 per cent of its revenues come from
exports, most of which are to the US and Europe.

Abhitex is a partnership firm set up by Mr. Avinash Paliwal and
his family in 1974. The firm manufactures handloom products in the
home textiles segment and its facilities are also in Panipat.
Abhitex's products include tufted products, bath mats, rugs,
organic towels, beach towels, and terry towels. In 2009-10 (refers
to financial year, April 1 to March 31), it added cotton blankets
and terry towels to its product portfolio. More than 80 per cent
of Abhitex's revenues are derived from exports.

Incorporated by Mr. Avinash Paliwal in 1985, POPL manufactures and
exports handloom products, including rugs, bath sheets, and bath
mats. In 2004, the company purchased a commercial building, RMZ
Titanium, in Bengaluru, from which it receives rentals of around
INR120 million every year. In 2008-09, POPL purchased a commercial
property in Shalimar Bagh (Delhi); it is currently lying vacant.
The management intends to close the textile division and focus on
leasing properties over the medium term.

PIPL was incorporated in 2000 by Mr. Avinash Paliwal.  The company
bought a commercial property, RMZ Futura, in Hyderabad, from RMZ
Corp in 2005, and has leased out the property to several tenants,
including the Deloitte group.  PIPL acquired the property for
INR2.15 billion, funded through bank debt of INR1.45 billion,
lease deposits of INR250 million, and through the promoters' own
funds.  RMZ Futura, an approved software technology park, has more
than 0.38 million square feet of leasable area, generating rental
income of around INR340 million per annum.

The Paliwal group reported a profit after tax (PAT) of
INR13.60 million on net sales of INR2.19 billion for 2009-10, as
against a loss of INR8.80 million on net sales of INR1.87 billion
for 2008-09.


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


MANDALA AIRLINES: Curator Estimates Asset Value at IDR110 Billion
-----------------------------------------------------------------
The Jakarta Globe reports that although debt-ridden carrier
Mandala Airlines claimed to have found potential investors on
Tuesday, a court-appointed curator said there may not be much of
the airline to save.

The Jakarta Globe says Mandala and its creditors met for the first
time on Tuesday after it halted operations last month, citing a
heavy debt load.  It received a 45-day debt suspension from the
Central Jakarta Commercial Court on Jan. 17.

"There are about 370 corporate creditors, not to mention the
153,000 ticket holders who are also considered creditors," the
Jakarta Globe quoted Duma Hutapea, curator for the debt talks, as
saying.  "The total debt is being calculated right now, but it is
close to IDR1 trillion [US$111 million]."

The Jakarta Globe notes that Mandala initially reported assets
valued at IDR857.1 billion, including IDR52.8 billion in money
owed to the carrier, while its debts were estimated at
IDR800 billion.

But Duma said Mandala's assets were worth only IDR110 billion and
it had IDR10 billion of cash scattered among 11 banks, the Jakarta
Globe adds.

According to the Jakarta Globe, Mandala president director Diono
Nurjadin attempted to cast a better light on the day, announcing a
pair of potential investors, Sinar Mas Group and LCNC.  However, a
Sinar Mas representative denied holding discussions with Mandala.

Duma said creditors who want to collect must wait until Friday to
submit their claims and invoices, according to the Jakarta Globe.
Feb. 9 is the deadline to submit all supporting documents.

Mandala will announce its debt restructuring plan by Feb. 18 and
creditors will vote whether to accept it, the Jakarta Globe says.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2011, Antara News said Mandala Airlines has decided to
temporarily stop its operations beginning January 12 due to
financial problems.  Herry Bakti S Gumay, director general of air
transportation said Mandala would concentrate on settling its
financial problems first especially "with regard to its
obligations to its aircraft lessors."  Herry said it would depend
upon Mandala's readiness when it would reopen its operations.
Mandala must remain settling its obligations to its customers
especially those who have bought tickets from it and others, Herry
added.

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


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


AMB PROPERTY: Fitch Puts 'BB+' IDR on Watch Positive
----------------------------------------------------
Fitch Ratings has placed these credit ratings of ProLogis on
Rating Watch Positive:

ProLogis

  -- Issuer Default Rating 'BB+';
  -- Global Line Credit Facility 'BB+';
  -- Senior Notes 'BB+';
  -- Convertible Senior Notes 'BB+';
  -- Preferred Stock 'BB-'.

Fitch has also placed these credit ratings of AMB Property
Corporation as well as its operating partnership, AMB Property,
L.P., and its subsidiary AMB Japan Finance Y.K. on Rating Watch
Negative:

AMB Property Corporation

  -- IDR 'BBB';
  -- Preferred Stock 'BB+'.

AMB Property, L.P.

  -- IDR 'BBB';
  -- Senior Unsecured Notes 'BBB';
  -- Revolving Bank Credit Facilities 'BBB'.

AMB Japan Finance Y.K

  -- Unsecured Term Loan 'BBB'.

The rating action follows the announcement that PLD and AMB, two
industrial REITs, have reached a definitive merger agreement.
Combined, the companies are expected to have a pro forma equity
market capitalization of approximately $14 billion and total
assets under management of $46 billion.

Under the terms of the agreement, each ProLogis common share will
be converted into 0.4464 of a newly issued AMB common share, and
the combined company will be structured as an umbrella partnership
REIT.  The merger is subject to customary closing conditions,
including receipt of approval of AMB and ProLogis shareholders.
The parties currently expect the transaction to close during the
second quarter of 2011 (2Q'11).  The all-stock merger is intended
to be a tax-free transaction.  Upon completion of the merger, the
company will be named ProLogis and will trade under the ticker
symbol PLD.

The rating action centers on Fitch's view that the combined entity
will have a stronger fixed charge coverage ratio and lower
leverage than PLD on a standalone basis and a weaker fixed charge
coverage ratio and higher leverage than AMB on a standalone basis.
Per the companies' disclosures, the combined company's fixed
charge coverage ratio in 4Q'10 annualized prior to the realization
of any synergies is expected to be 2.4 times, compared with 2.3x
for PLD previously and 2.6x for AMB previously.

Fitch's last published commentaries indicated that PLD's net debt
to recurring operating EBITDA (including Fitch's estimate of
recurring cash distributions from unconsolidated entities but
excluding gains on sale and other non-recurring items) ratio would
approach 9.0x in 2011 and AMB's net debt to recurring operating
EBITDA ratio would be approximately 7.5x in 2011.  Based on these
projections, and excluding the effects of any merger-related costs
or synergies, Fitch therefore would expect the combined entity to
initially maintain a leverage ratio in the 8.0x to 8.5x range,
which is consistent with the lower end of the 'BBB' rating
category for an industrial REIT.

The rating actions further point to favorable aspects of the
transaction including enhanced scale, a staggered debt maturity
schedule, an expected smooth integration of management, and a
diverse customer base.  These favorable attributes are somewhat
offset by a sizable development platform that may adversely impact
near-term liquidity, as well near-term uncertainty regarding the
covenants under which the combined entity will operate.

The combined entity is expected to own and manage 598 million
square feet of industrial properties across 22 countries, with
$46 billion of total assets under management, giving the company
significant economies of scale across global warehouse markets.
The combined company is expected to have a well-laddered debt
maturity schedule with 4.3% of total combined debt maturing in
2011, 16.5% in 2012, 10.7% in 2013, 8.8% in 2014, and 12.3% in
2015, with the remainder maturing thereafter.

Both companies have structured the integration so the combination
of management teams will occur smoothly.  Upon closing of the
transaction, Hamid Moghadam, AMB's CEO, and Walt Rakowich,
ProLogis' CEO, will serve as co-CEOs through Dec. 31, 2012, at
which time Rakowich will retire, and Moghadam will become sole CEO
of the combined company.  Moghadam also will be chairman of the
board of the combined company and will be primarily responsible
for shaping the company's vision, strategy and private capital
franchise.  Rakowich will be principally responsible for
operations, integration of the two platforms and optimizing the
merger synergies.  William Sullivan, current ProLogis CFO, will
continue to serve as CFO and will retire from ProLogis on Dec. 31,
2012.  During this period, Thomas Olinger, AMB's current CFO, will
be responsible for day-to-day integration activities and report to
the CEOs; he will become the CFO of the combined company on
Dec. 31, 2012.

The combined entity is expected to have a diverse customer base
including DHL (2.6% of combined annualized base rent), Kuehne +
Nagel (1.2%), Home Depot (1.1%) and CEVA Logistics (1%) with no
other tenant comprising more than 1% of annualized base rents,
which Fitch views favorably as individual tenant credit risk is
limited.

As a combined entity, the company is expected to have a sizable
development platform including $750 million of assets under
development and $1.5 billion of expected development, which should
allow the company to reduce non-income producing assets but which
could adversely impact near-term liquidity as development funding
is needed prior to lease-up.

Since ProLogis and AMB currently operate under different financial
covenants as separate entities, Fitch believes that there is near-
term uncertainty regarding under which covenants the combined
entity will eventually operate.

Fitch anticipates resolving the Rating Watches upon the closing of
the transaction.

ProLogis is a global provider of distribution facilities, with
more than 475 million square feet of industrial space owned and
managed in markets across North America, Europe and Asia as of
Dec. 31, 2010.  The company leases its industrial facilities to
more than 4,400 customers, including manufacturers, retailers,
transportation companies, third-party logistics providers and
other enterprises with large-scale distribution needs.

AMB Property Corporation is an owner, operator and developer of
global industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia.  As of
Dec. 31, 2010, AMB owned, or had investments in, on a consolidated
basis or through unconsolidated joint ventures, properties and
development projects expected to total approximately 159.6 million
square feet in 15 countries.


CSC SERIES: S&P Downgrades Rating on Class X Bonds to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'AAA
(sf)/Watch Neg' its rating on the class X bonds issued under the
CSC, Series 1 GK transaction, and kept the ratings on classes A-2
to F-3 on CreditWatch with negative implications.  At the same
time, Standard & Poor's affirmed its rating on class G-3 of the
same transaction.

S&P lowered its rating on class X because the bond trustee for the
transaction determined that an event of default had occurred when
certain interest payments were not made on the class X bonds at
the maturity date of said bonds.  S&P received an Event of Default
Notice dated Dec. 27, 2010 in early January and placed the class X
bonds on CreditWatch negative on Jan. 7, 2011.

The Event of Default Notice related to all bond classes, because
the trustee interpreted its determination of the default on class
X as causing a cross default.  However, S&P has not received any
acceleration notices on classes A-2 to F-3.  Accordingly, S&P will
keep the ratings on classes A-2 to F-3 on CreditWatch negative
while S&P considers the possible impact of the allocation between
principal and interest, which caused the missed interest payment
on class X, as well as the impact of step-up coupons after the
expected maturity date.

Interest-only classes in Japanese commercial mortgage-backed
securities transactions are, typically, entitled to receive the
distribution of excess interest only when available.  In this
transaction, the default on class X occurred, in S&P's view, as a
result of these: (1) a mismatch between the amount of calculated
IO interest payable and the amount of excess cash actually
available for payment when allocating funds for the payment of
principal and interest; and (2) the trustee's interpretation,
which was contrary to S&P's expectation, that the failure to make
a certain interest payment by the expected maturity of the IO
class constitutes an event of default.

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

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

           Rating Lowered and Removed From Creditwatch

                         CSC, Series 1 GK

      JPY36.2 billion yen-denominated bonds due November 2012

Class  To      From                 Initial issue amount
-----  --      ----                 --------------------
X      D (sf)  AAA (sf)/Watch Neg   JPY33.1 bil. (initial notional
                                                  principal)

               Ratings Kept On Creditwatch Negative

     Class    Rating                     Initial issue amount
     -----    ------                     --------------------
     A-2      AAA (sf)/Watch Neg         JPY18.1 bil.
     A-3      AAA (sf)/Watch Neg         JPY3.9 bil.
     B-2      A- (sf)/Watch Neg          JPY1.7 bil.
     B-3      A- (sf)/Watch Neg          JPY1.5 bil.
     C-2      B- (sf)/Watch Neg          JPY3.2 bil.
     D-2      CCC (sf)/Watch Neg         JPY3.2 bil.
     E-2      CCC (sf)/Watch Neg         JPY0.9 bil.
     E-3      CCC (sf)/Watch Neg         JPY0.6 bil.
     F-3      CCC (sf)/Watch Neg         JPY1.9 bil.

                         Rating Affirmed

        Class     Rating             Initial issue amount
        -----     ------             --------------------
        G-3       CC (sf)            JPY1.2 bil.


HAYASHIBARA GROUP: To File for Bankruptcy Protection
----------------------------------------------------
Go Onomitsu at Bloomberg News, Tokyo Shoko Research, reports that
Hayashibara Group will file for bankruptcy with estimated
liabilities of more than JPY150 billion (US$1.8 billion) after
deciding to give up on out-of-court debt mediation.

Hayashibara said Thursday that the two brothers who have been
running the biotechnology firm will resign to take responsibility
for the troubles at the company, The Nikkei reported on Jan. 28.

The Nikkei said Chairman Ken Hayashibara and Chief Executive
Officer Yasushi Hayashibara are to step down on a date to be
decided later.  The chairman will be replaced by Shigeharu Fukuda,
who oversees the group's R&D activities as an executive at group
firm Hayashibara Biomedical Laboratories Inc.

After becoming chairman in 1961, Ken Hayashibara expanded the
company's lines of business through moves including the mass
production of the natural sweetener trehalose.  His resignation
was seen as a necessary condition for the firm to get back on its
feet via an alternative dispute resolution process, given that
some financial institutions have questioned the company's opaque
governance.

Hayashibara Co. is Okayama, Japan-based biotechnology firm.


RESONA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed Resona Bank Limited's Individual Rating
at 'C/D'.  This follows its parent's -- Resona Holdings, Inc.'s --
completion of a "Capital Restructuring Plan" that involves the
issuance of new common shares and the expected repayment of public
funds.  The agency has also affirmed Resona's Support Rating at
'1'.

Resona's Individual rating takes into account its significant
domestic franchise, diversified loan portfolio and fee generating
businesses, and stable, albeit modest profitability relative to
international peers.  Fitch has also considered the group's weak
capitalization in terms of quantity and quality.  Resona's Support
Rating reflects the bank's systemic importance in the domestic
financial system, as it ranks among the six largest banking groups
in Japan with its strong franchise mainly in Osaka and Saitama.

Resona HD's announcement on 5 November 2010 that it would repay up
to JPY900 billion of Deposit Insurance Law Preferred Shares (DIL
Preferred Shares), and substantially replace it with higher
quality capital in the form of common equity was regarded as
positive by Fitch, as it is expected to strengthen Resona HD's
core capital.  However, the agency was also mindful of the
execution risk of this plan, which included a public offering of
up to JPY600bn of common shares, almost the same level as Resona
HD's market capitalization then.

On January 24, 2011, Resona HD announced that it had succeeded in
raising JPY547.7 billion, the aggregate net proceeds from the
issuance of shares of common stock through the PO etc. and third-
party allotment.  Although the PO could not reach the original
intended amount of JPY600 billion, Fitch believes the group will
nevertheless be able to repay around JPY850 billion of DIL
Preferred Shares in the near-term, funded primarily from the PO
proceeds with the balance coming from retained earnings.

With the bank having successfully raised common equity, Resona
HD's FCR or Fitch core capital ratio (i.e. common equity to risk
weighted assets) will substantially improve to 2.6% from 0.1%
previously.  However, its FER or Fitch Eligible Capital ratio
(which also takes public funds into account) will decline to 5.7%
from 7.2% as the quantum of public funds repayment is greater than
the PO.  That said, Fitch considers Resona HD's capital
restructuring plan to be generally positive for its credit profile
as it enhances its core capital, and the agency also expects
Resona HD's FER to progressively strengthen over the next couple
of years.

On the other hand, Fitch may consider negative rating action
should Resona HD's FER fall materially below 6%, or show signs of
being unable to rise from the current level as its Individual
Rating still remains constrained by its relatively low level of
capitalisation.


TAKEFUJI CORP: Deadline for Sponsorship Bid Set for March 10
------------------------------------------------------------
Takako Taniguchi and Shigeru Sato at Bloomberg News report that
Eiichi Obata, the court-appointed administrator of Takefuji Corp.,
said that Takefuji had shortlisted five potential bidders to
sponsor the company.

Bloomberg relates that Mr. Obata said Takefuji set March 10 as a
deadline for final bidding.  The company is also considering the
sale of its Tokyo headquarters building and other real estate
assets, he said.

Meanwhile, The Nikkei reports that Mr. Obata said Tuesday that
Takefuji Corp. had received applications for refunds of
overcharged interest from some 330,000 customers as of the end
of January.  The Nikkei notes that because Takefuji went bust, its
customers must make contact with the company by the end of
February or they will lose the right to seek refunds on interest
overpayments.

As of January 31, The Nikkei discloses, around 700,000 creditors
-- just 30% or so of the total number of customers able to request
repayments -- had asked for an application.  Ultimately, the
number of customers seeking refunds is expected to far exceed
330,000.

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

                           About Takefuji

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


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


PIKE RIVER: Police Pay Money Owed to Contractors
------------------------------------------------
Shane Cowlishaw at The Dominion Post reports that Pike River Coal
Limited contractors owed thousands of dollars by police for work
done during the recovery operation have been paid.

According to the report, Rem Markland, who was owed NZ$20,000 by
police, was paid Tuesday night.  The report relates that Mr.
Markland now has to wait to see if he would receive any of the
NZ$32,000 he was still owed by Pike River.

The Dominion Post discloses that another contractor, Peter
Haddock, said he had also received payment.  Other people owed
money had also been paid, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
February 3, 2011, The Dominion Post said that contractors who
worked for weeks on the Pike River Coal Limited recovery effort
said police owe them tens of thousands of dollars.  The report
related that several contractors and companies have confirmed they
are still waiting for payment promised during the weeks after the
accident that cost the lives of 29 miners in November.  The
contractors are also out of pocket for work done for Pike River
Coal before the blast, according to The Dominion Post.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand company that operates the coal mine where 29
miners died in a series of explosions in November 2010, has been
placed into receivership.  Bloomberg related that Pike River
Chairman John Dow said its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and New
Zealand Oil and Gas.  Pike River also owed another estimated NZ$10
million to NZ$15 million to contractors, including some of the men
who lost their lives in the disaster.


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


RURAL BANK OF NORZAGARAY: Placed Under Receivership
---------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas on
January 27, 2011, decided to prohibit the Rural Bank of
Norzagaray, Inc., from doing business in the Philippines and to
place its assets and affairs under receivership pursuant to
Section 30 of R.A. No. 7653 (The New Central Bank Act).

The Philippine Deposit Insurance Corporation has been designated
as Receiver of the bank.


RURAL BANK OF ZAPOTE: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas placed Rural
Bank of Zapote (Las Pi¤as) under receivership of the Philippine
Deposit Insurance Corporation by virtue of MB Resolution No. 103
dated January 27, 2011.  As Receiver, PDIC took over the bank on
January 28, 2011.

RB Zapote is a two-unit bank.  Its head office is located at Real
St., Zapote, Las Pi¤as, while its lone branch is found at Casimiro
Commercial Bldg., Aguilar Ave., in Talon, Las Pi¤as.  Latest
available records show that as of September 30, 2010, the Bank had
estimated total deposit liabilities of PHP536.65 million
consisting of about 2,945 accounts.

In a statement, PDIC said that upon takeover, all bank records
would be gathered, verified and validated.

Meanwhile, PDIC said it will start receiving claims on Wednesday,
February 16, 2011 until February 18, 2011 at the bank's premises.
Filing, processing, and payment of claims will be conducted from
March 28 to 31, 2011, also at the bank's premises.

PDIC said that all valid deposit insurance claims would be paid.
The maximum deposit insurance coverage is now P500,000.



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