TCRAP_Public/110208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, February 8, 2011, Vol. 14, No. 27

                            Headlines



A U S T R A L I A

DOUBLE D CONSTRUCTIONS: Locals Nominated to Creditors' Committee
SELECTV: Goes Into Voluntary Administration


H O N G  K O N G

ASK TECHNOLOGY: Creditors' Proofs of Debt Due March 18
BETTER ELECTRICAL: Kong Chi How Johnson Steps Down as Liquidator
BRILLIANT LEAD: Commences Wind-Up Proceedings
CHINA EAST: Creditors' Proofs of Debt Due February 21
CREATIVITY KINDER: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AUTOFIN: CRISIL Downgrades Rating on INR100MM Cash Credit to 'B+'
BHASIN VENTURES: CRISIL Reaffirms 'B+' Rating on INR21.6MM Loan
BHARAT STEEL: CARE Assigns 'CARE BB+' Rating to INR6.84cr LT Loan
BODYCARE CREATIONS: CRISIL Assigns 'B+' Rating to INR3MM Loan
KALS DISTILLERIES: CRISIL Assigns 'BB+' Rating to INR270MM Loan

DHARASHIV SAKHAR: CARE Assigns 'CARE BB+' Rating to INR30cr Loan
M. M. CERAMICS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
MAHAKALESHWAR KNOWLEDGE: CARE Rates INR245cr LT Loan at 'CARE BB'
RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
RAJEEV METAL: CRISIL Places 'P4+' Rating on INR60MM Packing Credit

RUBY MILLS: CRISIL Cuts Rating on INR190MM Cash Credit to 'D'
SHREE PARAS: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit
THEMIS MEDICARE: CARE Places 'CARE BB+' Rating on INR24.3cr Loan
V S P ENTERPRISES: CRISIL Cuts Rating on Cash Credit to 'BB'
VAYUNANDANA POWER: CRISIL Upgrades Rating on LT Loan to 'B'


J A P A N

JAPAN AIRLINES: Two Labor Unions Seek ILO Intervention
L-JAC III: Moody's Reviews Ratings on Various Certificates


M A L A Y S I A

HO HUP CONSTRUCTION: Seeks Extension to Submit Regularization Plan
RAMUNIA HOLDINGS: Oilfab Accepts Offer to Acquire Fabrication Yard
VASTALUX ENERGY: Rashid Resigns as Chairman


N E W  Z E A L A N D

BOP FM: Goes Into Liquidation; Owner Seeks Buyer
BRIDGECORP LTD: Receivers Ordered to Pay NZ$30,000 Cost to Trust
SOUTH CANTERBURY: Christchurch City Council OKs Land Development
TOURISM HOLDINGS: Won't Meet Profit Target, May Breach Loan Terms


S I N G A P O R E

K H INVESTMENT: Creditors' Proofs of Debt Due March 2
PANTEX TRADING: Creditors' Proofs of Debt Due March 3
S-BIRDS LIMITED: Creditors' Proofs of Debt Due March 3
THONG TECK: Creditors' Proofs of Debt Due March 2
TROON PROPERTY: Creditors' Proofs of Debt Due March 2

TURI ENTERPRISE: Creditors' Proofs of Debt Due March 2


T A I W A N

XODTEC LTD: Restates Financial Reports for 2010 and 2009


X X X X X X X X

* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
* BOND PRICING: For the Week January 31 to February 4, 2011




                            - - - - -


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


DOUBLE D CONSTRUCTIONS: Locals Nominated to Creditors' Committee
----------------------------------------------------------------
Mat Nott at the Fraser Coast Chronicle reports that three locals
have been nominated to form a committee to act on behalf of more
than 150 creditors of Double D Constructions as the locally based
company battles to stave off liquidation.

According to the Coast Chronicle, administrators Crouch Amirbeaggi
Pty Ltd reported that the appointments had been confirmed at a
January 3 creditors' meeting in Hervey Bay.

"We have scheduled a second meeting for around February 16 and we
will present the results of our investigation into the finances of
Double D then," the Coast Chronicle quotes a spokesman for the
administrator as saying.

At that meeting, says the Coast Chronicle, the administrator will
either present to the creditors a deed of company arrangement
under which the company will propose paying a certain number of
cents in the dollar on debts owed, if the company directors have
proposed it or moves will be taken to place Double D Constructions
into liquidation.

Double D Constructions entered into voluntary liquidation on
January 21, 2011, owing some 160 creditors about NZ$1 million.

Double D Constructions is a contractor based in Fraser Coast,
Australia.


SELECTV: Goes Into Voluntary Administration
-------------------------------------------
Maureen Shelley at The Daily Telegraph reports that SelecTV has
gone into administration following a series financial reverses.
The report relates that one creditor alleged the company went into
voluntary administration on January 25, days before it was due to
pay hundreds of thousands of dollars to creditors.  "I'm pretty
cranky.  I had it in writing from their solicitor they were to pay
out the contract at a reduced rate by January 31.  They filed for
administration and all bets were off," The Daily Telegraph quotes
the unnamed creditor as saying.

The report says the company owed AU$140,000 plus a payout under
the termination clause, had negotiated a reduced settlement from
the AU$500,000-plus to which it was entitled, taking a payment of
AU$100,000 before the company went into administration.

The Daily Telegraph discloses that other creditors include
Washington, D.C.-based IntelSat, which is reported to be owed
"millions;" Downer Group, and Equinix data centre based in Mascot,
South Wales, Australia.

"It is too early to determine the likely return to creditors of
the business trading as Select TV (sic).  We are conducting an
investigation and a detailed report will be issued to creditors by
mid-February. This will include details of estimated returns to
creditors and a recommendation as to the future of the company
based on the best outcome for creditors.  We invite creditors to
submit proof of debt at the initial meeting," Grant Thornton's
Gayle Dickerson said in a statement obtained by the news agency.

SelecTV is a satellite TV operator owned by Wollongong-based WIN
Corp.


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


ASK TECHNOLOGY: Creditors' Proofs of Debt Due March 18
------------------------------------------------------
Creditors of Ask Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 18, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 27, 2011.

The company's liquidator is:

         Chow Sheung Bing
         7/F, San Toi Building
         139 Connaught Road
         Central, Hong Kong


BETTER ELECTRICAL: Kong Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Better
Electrical Products (HK) Company Limited on January 25, 2011.


BRILLIANT LEAD: Commences Wind-Up Proceedings
---------------------------------------------
Members of Brilliant Lead Finance Limited, on January 26, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chung Kit Ling Elaine
         1103-5 Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


CHINA EAST: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------
Creditors of China East Shipping Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 26, 2011.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Glucester Road
         Wanchai, Hong Kong


CREATIVITY KINDER: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on January 19, 2011,
creditors of Creativity Kindergarten Parents-Teachers' Association
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee Bik Yin
         9A 110 Broadway Street
         Mei Foo Sun Chuen
         Kowloon


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


AUTOFIN: CRISIL Downgrades Rating on INR100MM Cash Credit to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Autofin
Ltd to 'B+/Negative' from 'BB-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR103.1 Million Inventory Funding   B+/Negative (Downgraded
                                             from 'BB-/Stable')

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

The downgrade reflects CRISIL's belief that Autofin's revenues may
be adversely affected over the medium term because of the
company's plan to discontinue with its dealership of passenger
cars of Tata Motors Ltd (TML; 'AA-/Stable/P1+' by CRISIL).
However, Autofin has plans to start dealing in products of another
original equipment manufacturer (OEM).

The ratings reflect Autofin's weak financial profile and limited
revenue visibility.  These weaknesses are partially offset by
Autofin's moderate business risk profile, supported by promoter's
experience in the automobile dealership industry.

Outlook: Negative

CRISIL believes that Autofin's business and financial risk
profiles will weaken over the medium because of its decision to
discontinue with its dealership of TML's automobiles.  The rating
may be further downgraded if Autofin is unable to secure a new
dealership with any other OEM. Conversely, the outlook may be
revised to 'Stable' if the company is able to secure a new
dealership, and is able to successfully scale up its operations
and improve its profitability and debt protection metrics over the
medium term.

Update

Autofin's performance in 2009-10 (refers to financial year,
April 1 to March 31), constrained by declining sales, has been
weaker than CRISIL's expectation.  Turnover declined to INR1162
million in 2009-10 from INR1462 million in 2008-09; the company
has reported a turnover of around INR676 million for the period
April to December 2010.  Autofin's liquidity remains weak, marked
by high utilisation of bank lines (Rs. 100 million), a very small
net worth of around INR9 million as on March 31, 2010, and net
losses incurred in 2008-09 and 2009-10.  The company reported a
net loss of INR6.7 million on net sales of INR1161.6 million for
2009-10, against a net loss of INR49.6 million on net sales of
INR1461.2 million for 2008-09.

                           About Autofin

Autofin, set up in January 1963 by the late Mr. Ghevarchand Jain,
is a dealer in passenger cars.  Mr. Gautamchand Jain (son of
Mr. Ghevarchand Jain) is Autofin's managing director. Autofin is
an authorised dealer of TML's passenger vehicles.  Autofin has
three showrooms in Hyderabad and one in Nalgonda (Andhra Pradesh).


BHASIN VENTURES: CRISIL Reaffirms 'B+' Rating on INR21.6MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Bhasin Ventures Pvt. Ltd
continue to reflect BVPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, and exposure to intense industry competition.  These
rating weaknesses are partially offset by BVPL's good relationship
with its principal, Tata Motors Ltd (TML, rated 'AA-/Stable/P1+'
by CRISIL).

   Facilities                         Ratings
   ----------                         -------
   INR54.5 Million Cash Credit        B+/Stable (Reaffirmed)
   INR21.6 Million Term Loan          B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BVPL will maintain its business risk profile
over the medium term, backed by its good relationship with its
principal TML.  Any significant improvement in BVPL's operating
margin may lead to a revision in the rating outlook to 'Positive'.
Conversely, the outlook may be revised to 'Negative' in case of a
sharp decline in BVPL's turnover or deterioration in operating
margin.

Update

BVPL's dealership of Fiat cars, which it commenced in July 2010,
is expected to add to the company's top line.  The company is also
expected to start a small dealership (dealership centre with low
investment; no separate sales target from the principal) near
Raipur. BVPL has already received a letter of intent (LOI) for
sales from TML, and has commenced dealership from a rental
property with no capital investment.  The company is expected to
receive LOI for services, which will also enable the company to
offer a wide range of services, besides sale of spares. Only on
receipt of the latter will the company proceed with the capital
expenditure (capex) of about INR10 million to purchase a property,
which will be funded by equity to the extent of about INR5 million
and the rest by internal accruals.  The capex is expected to be
undertaken only by April 2011.  The promoters plan to infuse about
INR10 million by March 31, 2011.  However, the company's liquidity
continues to remain stretched with high bank limit utilization,
average cash accruals and low cash and bank balance.

BVPL reported a net loss of INR1 million on net sales of INR321
million for 2009-10 (refers to financial year, April 1 to
March 31). The company did not have any operations in 2008-09.

                        About Bhasin Ventures

Set up in 2005 as a closely held company, BVPL operated a petrol
pump owned by Reliance Petroleum Ltd at Raipur (Chhattisgarh).
The petrol pump operation was discontinued in 2007.  BVPL became a
dealer of TML's passenger cars in April 2009; its dealership
business has a presence in eight districts of Chhattisgarh.


BHARAT STEEL: CARE Assigns 'CARE BB+' Rating to INR6.84cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' to bank facilities of Bharat Steel Rolling
Mills.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                   ----------    -------
   LT Fund-based Facilities        12.00      'CARE BB+' Assigned
   Long-term Loan                   6.84      'CARE BB+' Assigned

Rating Rationale

The rating is constrained by BSRM's weak financial profile
characterized by low profitability levels, high overall gearing,
moderate debt coverage indicators and working capital intensive
nature of business operations.  The rating also takes into account
the constitution of the firm and the inherent cyclical trends
associated with the steel industry.  The rating however, derives
strength from the experience and resourcefulness of the promoters,
long track record of operations and established client base.
Going forward, the ability of BSRM to profitably scale up the
operations and achieve the envisaged financial performance shall
be the key rating sensitivities.

                         About Bharat Steel

Bharat Steel Rolling Mills, is a partnership firm engaged in
manufacturing of Steel Products viz Ingots, TMT Bar, Angles,
Channels etc.  The manufacturing facility of the company is
situated at Muzaffarnagar, Uttar Pradesh with an installed
capacity of 12,000 tonne per annum (tpa) of ingots and 48,000 tpa
of steel structurals. Mr. Sharad Goel, Mr. Shawar Khan (both are
Managing Partners) and M/s Kalptaru Metals (P) Ltd are current
partners in the firm. M/s Kalptaru Metals (P) Ltd is a
closely-held company with Mr. Sharad Kumar Goel and Mr. Shawar
Khan as the promoters.

On a total operating income of INR118.58 cr during FY10, BSRM
earned PBILDT and PAT of INR5.02cr and INR1.27cr respectively. The
tangible networth and overall gearing as on March 31, 2010 stood
at INR8.85 cr and 3.39 times respectively.


BODYCARE CREATIONS: CRISIL Assigns 'B+' Rating to INR3MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Bodycare Creations Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR55.00 Million Cash Credit         B+/Stable (Assigned)
   INR3.00 Million Proposed Long-Term
                        Bank Facility   B+/Stable (Assigned)
   INR90.50 Million Term Loan           B+/Stable (Assigned)

The rating reflects BCPL's weak financial risk profile marked by
small net worth, high gearing and moderate debt protection
metrics, small scale of operations in a highly competitive
industry, and susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by the longstanding
industry experience of BCPL's promoters and their established
relationships with suppliers and distributors.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit from its
promoters' longstanding industry experience and established
relationships with suppliers and distributors.  However BCPL's
financial risk profile will remain constrained because of its
highly leveraged capital structure.  The outlook may be revised to
'Positive' if there is a significant improvement in BCPL's
financial risk profile, most likely driven by increase in cash
accruals or equity infusion by promoters.  Conversely, the outlook
may be revised to 'Negative' if there is further deterioration in
BCPL's financial risk profile because of larger-than-expected
debt-funded capital expenditure, or pressure on revenues and
profitability.

                      About Bodycare Creations

Incorporated in 2008, BCPL manufactures inner garments for men and
women, of which the women's inner garment segment contributes 95
per cent of the company's revenues.  BCPL's products are sold
mostly in India under the brand Bodycare.  The company also
exports its products to the United Arab Emirates.  In 2009-10
(refers to financial year, April 1 to March 31), exports
contributed 5 per cent of the company's total revenues.

Currently, BCPL has five production units in Noida (Delhi), with a
combined production capacity of 1 million pieces per month.  The
company carries out cutting and stitching operations in-house, and
outsources dyeing and printing operations.  The cutting operations
are carried out by one unit, while the other units undertake
stitching work. BCPL also has an in-house design team.

BCPL is expected to report a profit after tax (PAT) of INR11.46
million on net sales of INR318.68 million for 2009-10.  The
company reported a PAT of INR1.52 million on net sales of INR75.46
million for 2008-09.


KALS DISTILLERIES: CRISIL Assigns 'BB+' Rating to INR270MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Kals Distilleries Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR270 Million Long-Term Loan      BB+/Stable (Assigned)
   INR150 Million Cash Credit         BB+/Stable (Assigned)

The rating reflects KDPL's limited track record of operations in
the Indian-made Foreign Liquor (IMFL) sector, its exposure to
risks related to geographical concentration in its revenue
profile, and susceptibility to adverse regulatory changes.  These
weaknesses are partially offset by KDPL's above-average financial
risk profile, marked by comfortable gearing and debt protection
measures. The rating also factors in the industry experience of
the company's promoters.

Outlook: Stable

CRISIL believes that KDPL's credit risk profile will benefit from
industry experience of the company's promoters and improving scale
of operations over the medium term.  The outlook may be revised to
'Positive' if the company is able to stabilize its operations,
leading to sustainable improvement in its revenues and margins.
Conversely, the outlook may be revised to 'Negative' if any
regulatory changes adversely impact the company's revenues and
margins, or if the company undertakes a large, debt-funded capital
expenditure (capex) programme, leading to deterioration in its
financial risk profile.

                       About Kals Distilleries

KDPL was incorporated in 2007 by Mr. S Vasudevan; the company is
closely held by Mr. S Vasudevan and his family.  KDPL commissioned
its IMFL bottling plant in October 2009 in Pudukottai (Tamil
Nadu); the plant was set up at a capex of INR650 million.  The
company has an installed capacity of 11 million cases per annum,
with a current capacity utilization of 55 per cent.  KDPL has a
diversified portfolio of its own brands (which account for around
50 per cent of its revenues) across the premium, economy, and
medium segments.  The company is also into bottling and blending
services; its clientele in this segment includes United Spirits
Ltd's (accounting for the remaining 50 per cent of revenues).
KDPL's promoters have around 30 IMFL retail outlets in Puducherry.
Their other business interests include distributorships of tyres,
engine oils, fast moving consumer goods and a network of petrol
pumps in Puducherry.

KDPL reported a net loss of INR52.7 million on net sales of
INR494.4 million for 2009-10 (refers to financial year, April 1 to
March 31), 2009-10 being the first year of operations.


DHARASHIV SAKHAR: CARE Assigns 'CARE BB+' Rating to INR30cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Dharashiv Sakhar Karkhana Ltd.

                                  Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities      30.00        'CARE BB+' Assigned
   Short-term Bank Facilities      5.10        'PR4' Assigned
   Rupee Term Loans               11.41        'CARE BB+' Assigned

Rating Rationale

The ratings are constrained by the small size of DSKL, weak
financial risk profile of the company characterized by high
overall gearing, low current ratio and elongated working capital
cycle.  The ratings are further constrained by the company's
susceptibility to the seasonality and cyclicality of sugar
business, which adversely affects the credit profile of the
company being a non-integrated sugar player.  However, the ratings
derive strength from the experienced promoters and the financial
support from its holding company.

Improvement in the overall capital structure and ability to
achieve the envisaged sales and profitability are the key rating
sensitivities.

DSKL was set up as greenfield project for the manufacture of sugar
by the promoter, Mr. Suresh Sahebrao Patil. It commenced its
commercial operations from January 2008. In 2007, Sharaddha Energy
and Infraprojects Private Limited (SEIL), bought a 65% equity
stake in the company, as a result of which DSKL became a
subsidiary of SEIL.  CARE has assigned long-term and short-term
rating of CARE BBB/PR3+ to SEIL.  DSKL is engaged in manufacturing
of a single product i.e. sugar, for which it has a plant located
at Chorakhali in the Osmanabad district of Maharashtra. Initially,
the sugar plant was set up with an installed capacity of 1,250
TCD. However, over the last two years, the installed capacity was
enhanced to 2,000 TCD.

During FY10, DSKL generated total operating income of INR58.25
crore with PBILDT and PAT margin of 16.84% and 2.77% respectively.


M. M. CERAMICS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of M. M. Ceramics and
Ferro Alloys' bank facilities continue to reflect MMFA's average
financial risk profile and susceptibility to volatility in ferro-
alloy prices.  These rating weaknesses are partially offset by
MMFA's efficient working capital management and its promoters'
industry experience.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR80.0 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that MMFA will continue to benefit from its
promoters' industry experience and established relationships with
customers.  The outlook may be revised to 'Positive' if there is a
significant and sustained improvement in MMFA's operating margin
and debt protection metrics.  Conversely, the outlook may be
revised to 'Negative' if the firm undertakes a large, debt-funded
capital expenditure (capex) programme, or its operating margin,
operating cycle, or debt protection metrics deteriorate
significantly.

Update

MMFA's revenues increased at a strong year-on-year rate of
43 per cent to INR1.7 billion in 2009-10 (refers to financial
year, April 1 to March 31).  The growth in sales has primarily
been driven by healthy demand for ferro-alloys from steel
manufacturers. MMFA has also started trading in non-ferrous
alloys, mainly aluminium scrap.  The aluminium scrap trading
business is expected to contribute to growth in sales in 2010-11.
The working capital requirements of the firm increased
significantly in 2009-10 because of increase in trading volumes.
MMFA funded its increased working capital requirements mainly
through non-fund-based limits. The firm does not have any
significant capex plan for the near term. MMFA reported a profit
after tax (PAT) of INR31 million on net sales of INR1.7 billion
for 2009-10, against a PAT of INR12 million on net sales of INR1.2
billion for 2008-09.

                        About M. M. Ceramics

MMFA was set up in 2002 as a partnership firm by Mr. Narendra
Mehta and his brother Mr. Sanjay Mehta.  The firm trades in ferro-
alloys. Mr. Maganlal Mehta, father of Mr. Narendra Mehta, and
Mr. Manoj Mehta, his brother, joined in as partners in 2007.  The
firm has offices in Mumbai, Ahmedabad, Bengaluru, and Chennai, and
a warehouse in Kalamboli (Maharashtra).


MAHAKALESHWAR KNOWLEDGE: CARE Rates INR245cr LT Loan at 'CARE BB'
----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Mahakaleshwar Knowledge Infrastructure Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                   ----------    -------
    Long-term Bank Facilities      245.00     'CARE BB' Assigned

Rating Rationale

The rating is constrained by MKIPL's high project execution risk
due  to very nascent stage of the project, pending receipt of
necessary approvals and preparation of detailed project report,
status of the project where financial closure is yet to be
achieved and EPC contractor is yet to be finalized.

However, the rating factors in the promoters' experience in the
infrastructure development projects, promoter group's tie-ups with
major domestic/international entities which would help in
marketing the project, land availability, locational advantage and
techno-economic feasibility study by MITCON.

MKIPL's ability to acquire all the necessary
approvals/permissions, tie up the remaining debt component,
execute the project without time and cost overruns and  lease out
the developed area as
envisaged amidst anticipated competition from other projects in
the vicinity are the key rating sensitivities.

                     About Mahakaleshwar Knowledge

MKIPL, promoted by Horizon Infrastructure Limited, is part of the
SKIL Group.  The group has been focusing on identifying high
growth-oriented green-field infrastructure projects and then
developing and implementing the infrastructure facilities. MKIPL
is in the process of setting up an Industrial Corridor in Boregaon
and Virani Village, Taluka: Pen, Dist: Raigad, Maharashtra. MKPIL
is envisaging revenue from leasing the developed land facilities
and carrying out annual maintenance for the same.

The estimated project cost is INR815.70 crore being funded through
equity of INR240.70 crore, debt of INR490 crore (INR245 crore
already sanctioned) and INR85 crore through the deposits from the
lessees at a debt-equity ratio of 1.50x.  The project is in a very
nascent stage and MKIPL is in the process of acquiring necessary
approvals/clearances.


RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raitani Engineering
Works Pvt Ltd continue to reflect REWPL's large working capital
requirements, and customer and geographic concentration in its
revenue profile.  These rating weaknesses are partially offset by
REWPL's healthy order book, and moderate gearing and debt
protection metrics.

   Facilities                           Ratings
   ----------                           -------
   INR120.0 Million Cash Credit         BB/Stable
   (Enhanced from INR 109.5 million)
   INR305.5 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that REWPL will continue to benefit from the
growth prospects in the civil construction industry over the
medium term.  The outlook may be revised to 'Positive' if the
company strengthens its business risk profile by diversifying its
revenue base, and maintains its operating margin at the current
level.  Conversely, the outlook may be revised to 'Negative' if
additional debt-funded capital expenditure or acquisitions
adversely impact the company's financial risk profile.

Update

REWPL's sales in 2009-10 (refers to financial year, April 1 to
March 31) were in line with CRISIL's expectation.  In 2009-10,
80 per cent of REWPL's revenues were derived from railway
projects, and the balance from projects undertaken for the Public
Works Department (PWD), Assam.  The company had an order book of
over INR1.25 billion as on November 2010, to be executed in the
following 18 to 20 months; out of this, INR400 million to 450
million will be executed by the end of 2010-11.  REWPL's term debt
obligations remain high in 2010-11, at around INR70 million, and
the company continues to rely on promoter funding to ensure timely
repayment of term debt. The promoters infused equity of INR22.6
million in 2009-10, and have infused additional equity of INR25
million up to September 2010.

REWPL reported a profit after tax (PAT) of INR18.4 million on net
sales of INR591.3 million for 2009-10, against a PAT of INR12.4
million on net sales of INR460 million for 2008-09.

                      About Raitani Engineering

REWPL was originally set up in 1974 as a proprietor concern,
Raitani Engineering Works; it was reconstituted as a partnership
firm in 1976, and subsequently as a private limited company in
1992. REWPL, which operates out of Guwahati, Assam, undertakes
infrastructure-related construction activities in North East
India; these activities include bridge building, earth work,
constructing embankments, and track laying. Besides railways, the
company also executes projects for PWD Assam, and National
Building Construction Corporation. The company is currently
managed by Mr. Anand Ram Raitani.


RAJEEV METAL: CRISIL Places 'P4+' Rating on INR60MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Rajeev Metal Industries.

   Facilities                              Ratings
   ----------                              -------
   INR60.0 Million Foreign Bill Purchase   P4+ (Assigned)
   INR60.0 Million Packing Credit          P4+ (Assigned)

The rating reflects RMI's limited product portfolio, small scale
of operations, customer concentration in its revenue profile, and
susceptibility to fluctuations in foreign exchange rates.  These
weaknesses are partially offset by RMI's above-average financial
risk profile, marked by strong debt protection metrics and low
gearing.

Established as a sole proprietorship firm by Mr. Rajeev Garg in
1984, RMI exports builders' hardware products.  The firm
manufactures hardware products for doors; its product range
includes lever handles for latches, locks, knobs, switch plates,
alphabets, and numerals, drawers and door knockers.  The firm's
manufacturing facilities in Aligarh (Uttar Pradesh) have a
capacity of 3500 pieces per day.  The average capacity utilization
level is 80 per cent.  It generates nearly all its revenues by
exporting these products to the UK, US and Australia.

RMI reported a profit after tax (PAT) of INR13.6 million on net
sales of INR225.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR15.5 million on net
sales of INR240.1 million for 2008-09.


RUBY MILLS: CRISIL Cuts Rating on INR190MM Cash Credit to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Ruby Mills Ltd to 'D/P5' from 'BBB+/Negative/P2'.

   Facilities                             Ratings
   ----------                             -------
   INR190.0 Million Cash Credit Limit     D (Downgraded from
                                             'BBB+/Negative')

   INR2100.0 Million Rupee Term Loan      D (Downgraded from
                                             'BBB+/Negative')

   INR75.0 Million Letter of Credit Limit P5 (Downgraded from
                                              'P2')

The downgrade reflects delay by Ruby Mills in meeting its term
debt obligation of INR191.7 million (out of INR300 million) which
was due on December 31, 2010.  As on December 31, 2010, Ruby Mills
had sufficient liquidity, in the form of cash and unutilized bank
lines, to meet the payment; however, the company chose not to
fulfill its obligation because of its ongoing disputes with its
banker.

The downgrade also reflects CRISIL's belief that slower-than-
expected progress in Ruby Mills' ongoing commercial project
(information technology park at Dadar, Mumbai) and weaker-than-
expected customer response for the project will adversely affect
Ruby Mills' ability to meet its maturing debt obligations in a
timely manner over the medium term.  The company is in discussions
with its banker to reschedule the debt.

Ruby Mills has limited pricing power because of its average scale
of operations in the textiles division and exposure to intense
competition in the low-end fabric market in India.  Also, its
promoters have limited experience in the risky and cyclical
commercial real estate construction business.  However, the
company benefits from steady lease rentals from its Dadar (Mumbai)
premises. Furthermore, operating efficiencies of its textile units
are expected to improve over the medium term, driven by its focus
on modernization and relocation of its factory in Mumbai to a
cheaper location.

                         About Ruby Mills

Ruby Mills, founded in 1917, is one of the oldest running textile
mills in Mumbai.  It is a composite mill engaged in manufacturing
cotton and blended yarn/fabric and interlining fabric at its
plants in Dadar (Mumbai), Khursundi and Dhamni (Raigad district,
Maharashtra).  The company is also developing its mill land in
Dadar and leasing out its developed properties in this area.

For 2009-10 (refers to financial year, April 1 to March 31), Ruby
Mills reported a net profit of INR191.30 million (INR176.50
million) on an operating income of INR1.55 billion (INR1.27
billion).  For the six months ended September 30, 2010, Ruby Mills
reported a net profit of INR220.80 million (INR70.1 million for
the corresponding period of the previous year) on an operating
income of INR658.70 million (INR670.90 million).


SHREE PARAS: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' rating to the bank
facilities of Shree Paras Nath Overseas Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    BB/Stable(Assigned)
   INR50.0 Million Letter of Credit      P4+(Assigned)

The rating reflects SPOL's weak financial risk profile, marked by
weak debt protection metrics and small net worth, and its exposure
to risks related to the commodity nature of its products.  These
weaknesses are partially offset by SPOL's moderate capital
structure and the extensive experience of its promoters in the
copper wire trading industry.

Outlook: Stable

CRISIL believes that SPOL will continue to benefit from its
promoters' extensive industry experience. Its financial risk
profile is, however, expected to be constrained by its weak debt
protection measures.  The outlook may be revised to 'Positive' if
SPOL's operating margin improves, leading to improvement in debt
protection metrics, and significantly increases its scale of
operations. Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates due to an
increase in working capital requirements or a large, debt-funded
capital expenditure programme.

                          About Shree Paras

Incorporated in November 2008 by Mr. Ashok Jain and Mr. Jinesh
Jain, SPOL trades in copper wires. It started operations in
December 2008, and its office is in Delhi.

SPOL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR485.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.1 million on net sales
of INR79 million for 2008-09.


THEMIS MEDICARE: CARE Places 'CARE BB+' Rating on INR24.3cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Themis Medicare Ltd.

                                  Amount
   Facilities                  (INR crore)     Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities       24.30       'CARE BB+' Assigned
   Rupee Term Loans                 3.30       'CARE BB+' Assigned
   Short-term Bank Facilities      69.75       'PR4' Assigned

Rating Rationale

The ratings are constrained by weak financial profile of TML
characterized by volatility in profitability margins mainly on
account of volatile raw material prices and a stretched liquidity
position on account of low current ratio  and high inventory and
collection period. However, the ratings gather strength from the
promoter's experience and background in the pharmaceutical
industry.  Further, the ratings also factor in the company's
presence in both Active Pharmaceutical Ingredients (APIs) and
formulation segments backed by strong research & development
capabilities and its long-term relationships with reputed clients.
Successful launch of new molecules as planned and the resultant
growth in sales and profitability are the key rating
sensitivities.

                       About Themis Medicare

Themis Medicare Ltd. was promoted in 1969 by Mr. Shantibhai D.
Patel and family, as Themis Chemicals Ltd. along with Gedeon
Richter Ltd., Hungary.  The company was listed on the Bombay
Stock Exchange in 1995. In 2001, the name of the company was
changed to TML.  TML is headquartered in Mumbai with three state-
of-the-art manufacturing facilities in Vapi (Gujarat), Hyderabad
(Andhra Pradesh), and Haridwar (Uttaranchal).  TML is engaged in
the manufacturing and marketing of API and formulations of
synthetic and fermentation origin in therapeutic segments like
anti-tuberculosis, anti-malarials, cardiology, pain management,
anti-infectives, haematinics, health & nutrition.  TML mainly
operates in the domestic market.

During FY10, TML generated total operating income of INR216.45
crore with PBILDT and PAT margin of 14.89% and 8.62% respectively.
The tangible networth as on March 31, 2010 was INR82.05 crore.


V S P ENTERPRISES: CRISIL Cuts Rating on Cash Credit to 'BB'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of V S P
Enterprises Pvt Ltd to 'BB/Negative/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR120.0 Million Cash Credit      BB/Negative (Downgraded from
                                                  'BBB-/Stable')

   INR30.0 Million Proposed LT       BB/Negative (Downgraded from
            Bank Loan facility                    'BBB-/Stable')

   INR40.0 Million Bank Guarantee    P4+ (Downgraded from 'P3')
   INR40.0 Million Proposed Short-
           Term Bank Loan facility   P4+ (Downgraded from 'P3')

The downgrade reflects deterioration in VSP's business risk
profile, driven by more-than-expected decline in its revenues in
2009-10 (refers to financial year, April 1 to March 31), and its
revenues and margins in the first six months of 2010-11; also, the
company's debtor profile is stretched.

The decline in revenues and increase in debtor levels have been
caused by reduced demand from key customers, such as Bharti
Infratel Ltd, Indus Tower Ltd (rated 'AA/Stable/P1+' by CRISIL),
Quippo Telecom Infrastructure Ltd, and Wireless TT Info Services
Ltd.

The ratings reflect VSP's deteriorating business risk profile, on
account of the slowdown in the end-user (telecommunications
[telecom]) industry, and its small scale of operations in a highly
fragmented industry.  These weaknesses are partially offset by the
financial support VSP receives from its promoters, leading to a
moderate financial risk profile, marked by low gearing and
moderate debt protection metrics.

Outlook: Negative

CRISIL believes that the pressure on the VSP's earnings and
profitability will continue over the near term, because of overall
decline in demand of telecom towers.  The rating may be downgraded
in the event of further weakening in sales and profitability,
driven by a prolonged downturn in telecom tower industry,
resulting in low accruals.  Conversely, the outlook may be revised
to 'Stable' if VSP diversifies its end user base, primarily power
transmission tower industry, supporting its top line while
improving debtor management.

                       About V S P Enterprises

VSP, incorporated in October 2004, manufactures towers (steel
structures) and wet flux (by-product) at its plant in Sonepat
(Haryana).  It has the capacity to manufacture, fabricate and
galvanise 48000 tonnes per annum of steel towers.

The company was established by Mr. Pala Ram, Mr. Vij, and Col. G S
Sandhu. However, on seeing the market potential, Mr. Vij and Col.
Sandhu opted out of VSP and floated their own companies in the
same field.

VSP reported a profit after tax (PAT) of INR27.3 million on net
sales of INR871 million for 2009-10, against a PAT of INR66.0
million on net sales of INR1.57 billion for 2008-09.


VAYUNANDANA POWER: CRISIL Upgrades Rating on LT Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Vayunandana Power Ltd to 'B/Stable' from 'D'.

   Facilities                         Ratings
   ----------                         -------
   INR245.00 Million Long-Term Loan   B/Stable (Upgraded from 'D')
   INR30.00 Million Cash Credit       B/Stable (Upgraded from 'D')

The rating upgrade is driven by the timely servicing of debt by
VPL over the four months through December 2010. The promoters
infused INR90 million in the form of unsecured loans to ensure
timely repayment of term debt obligations and fund the cost
overrun of INR50 million.  The upgrade also factors in
commencement of operations at VPL's plant in December 2010; as a
result, its cash accruals are expected to be sufficient to repay
its annual term debt obligations of INR38 million in 2011-12
(refers to financial year, April 1 to March 31).  CRISIL believes
that VPL's promoters will infuse funds in the company to ensure
timely repayment of debt obligations, in case the cash accruals
are inadequate to service the debt obligations.

The ratings reflect VPL's limited track record in timely repayment
of debt obligations, susceptibility to volatility in input costs,
high customer concentration in revenues, and vulnerability of cash
flows to the credit quality of Maharashtra State Electricity
Distribution Company Ltd.  These rating weaknesses are partially
offset by the stable revenues because of the power purchase
agreement with MSEDCL, extensive experience of VPL's promoters in
setting up biomass-based power plants, and the adequate
availability of raw material.

Outlook: Stable

CRISIL believes that VPL will generate stable revenues over the
medium term on the back of its power purchase agreement that
entails assured offtake of power at a fixed tariff. The outlook
may be revised to 'Positive' in case of a significant and
sustained improvement in the company's financial risk profile,
supported by improved cash accruals and higher operating
efficiency.  Conversely, the outlook may be revised to 'Negative'
if the cash flows get affected because of unplanned outages,
resulting in low plant loading factor or delays in receivables by
MSEDCL or financial risk profile deteriorates because of fresh
debt-funded capital expenditure.

                      About Vayunandana Power

Incorporated in 2002 by Mr. Popuri Ankineedu, Mr. P Vijay Kumar,
Mr. Krishna, and Mr. V Krishna Mohan Rao, VPL operates a 10-mega
watt biomass-based power generation project in Gadchiroli
(Maharashtra).  The commissioning of the plant was delayed by 12
months, and the plant commenced commercial operations in December
2010.  There was also a cost overrun of INR50 million, taking the
total cost of the project to INR440 million; the promoters have
extended unsecured loans to the company to fund the overrun.


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


JAPAN AIRLINES: Two Labor Unions Seek ILO Intervention
------------------------------------------------------
Kyodo News reports that two labor unions at Japan Airlines Corp.
said Friday they have asked the International Labor Organization
to intervene over the financially troubled airline's firing of
pilots and cabin crew, saying the unions were not fully consulted
about their dismissals.

Kyodo News relates that the JAL Flight Crew Union and the Japan
Airlines Cabin Crew Union said they have asked the Geneva-based
organization to recommend that the Japanese government take action
that would force JAL to annul the dismissal of the union members.

On Jan. 19, 146 former pilots, copilots and cabin crew members
filed a lawsuit with the Tokyo District Court, seeking to nullify
the airline's decision to dismiss them as part of its
rehabilitation efforts.  Many of the plaintiffs belong to either
of the two labor unions.  They were among the 165 people the
airline dismissed in December 2010.

JAL has said it had to fire them as its job-cut target was not
fulfilled through a voluntary retirement program.

                        About Japan Airlines

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

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

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


L-JAC III: Moody's Reviews Ratings on Various Certificates
----------------------------------------------------------
Moody's Japan K.K. has placed its ratings on the L-JAC III Class C
through I trust certificates under review for possible downgrade.

Details are:

Deal Name: L-JAC III Trust

  -- Class C, Baa2 (sf) placed under review for possible
     downgrade; previously, downgraded to Baa2 (sf) from A2 (sf)
     on June 16, 2009

  -- Class D-1, Ba2 (sf) placed under review for possible
     downgrade; previously, downgraded to Ba2 (sf) from Baa2 (sf)
     on June 16, 2009

  -- Class E-1, Ba3 (sf) placed under review for possible
     downgrade; previously, downgraded to Ba3 (sf) from Baa3 (sf)
     on June 16, 2009

  -- Class F-1, B1 (sf) placed under review for possible
     downgrade; previously, downgraded to B1 (sf) from Ba1 (sf) on
     June 16, 2009

  -- Class G-1, B2 (sf) placed under review for possible
     downgrade; previously, downgraded to B2 (sf) from Ba2 (sf) on
     June 16, 2009

  -- Class H-1, B3 (sf) placed under review for possible
     downgrade; previously, downgraded to B3 (sf) from Ba3 (sf) on
     June 16, 2009

  -- Class I, B3 (sf) placed under review for possible downgrade;
     previously, downgraded to B3 (sf) from B1 (sf) on June 16,
     2009

L-JAC III Trust, effected in October 2006, represents the
securitization of seven non-recourse loans.  The final maturity of
the trust certificates will take place in April 2013.  The
transaction is currently secured by one loan maturing in March
2011, backed by a retail property in suburban Tokyo.

The owner of the underlying property and the property's only
tenant are disputing legally over the rent and the terms of the
lease.

Thus, Moody's needs to review its recovery assumptions in light of
the likelihood of deterioration to cash flow from the property as
a result.

In its review, Moody's will re-assess its recovery assumptions for
the property, incorporating its operating status and the prospects
for refinancing.


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


HO HUP CONSTRUCTION: Seeks Extension to Submit Regularization Plan
------------------------------------------------------------------
Ho Hup Construction Company Berhad has applied to Bursa Malaysia
Securities Berhad for a further extension of time of three months
up to May 4, 2011, to submit its regularization plan to the
relevant authorities pursuant to the provisions of PN17 of Bursa
Securities Main Market Listing Requirements.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


RAMUNIA HOLDINGS: Oilfab Accepts Offer to Acquire Fabrication Yard
------------------------------------------------------------------
Ramunia Holdings Berhad disclosed that Oilfab Sdn Bhd, a 51%-owned
indirect subsidiary of Oilcorp Berhad, on January 25, 2011,
accepted Ramunia's offer to acquire Pulau Indah Integrated
Fabrication Yard from Oilfab for MYR83.8 million.

The Yard is a parcel of industrial land with provisional total
land area of about 22.983 hectares (56.79 acres).  It is an
offshore oil and gas fabrication facility more commonly
known as OilFab Fabrication Yard located within the  area known as
Pulau Indah  Industrial Park, Klang, in Selangor Darul Ehsan.

Details of the proposed acquisition is available for free at:
http://ResearchArchives.com/t/s?72ee

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


VASTALUX ENERGY: Rashid Resigns as Chairman
-------------------------------------------
Tan Sri Dato' Zainol Abidin bin Abd Rashid on February 1, 2011,
resigned as Chairman of VASTALUX ENERGY BERHAD.

The company also announced the resignation of Dato' Mohamed Salleh
bin Bajuri as Non-Executive Director of the company effective
February 1, 2011.

                        About Vastalux Energy

Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company.  The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication works
and charter of marine vessel.  Its indirect subsidiaries are
Vastalux Fabricators Sdn. Bhd., which is engaged in workshop and
fabrications job; Vastalux Onshore Services Sdn. Bhd., which is
engaged in onshore construction of oil and gas plant; Vastalux
Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in the
provision of top side major maintenance works; Vastalux Offshore
Services Sdn. Bhd., which is engaged in hook-up and commissioning
works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn. Bhd, which is
engaged in under water inspection for structural integrity; PT
Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-Anpha Company
Limited.

Vastalux Energy Berhad has been considered a PN17 Company pursuant
to Paragraph 2.1(e) of PN17.

The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended December 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB as
at September 30, 2010.


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


BOP FM: Goes Into Liquidation; Owner Seeks Buyer
------------------------------------------------
Genevieve Helliwell at Bay of Plenty Times reports that Tauranga
radio station BOP FM has gone into liquidation.

According to the Bay of Plenty Times, managing director Jarra
Borman confirmed the step, and the New Zealand Companies Office
website showed BOP FM went into liquidation on January 27, 2011.

Mr. Borman has 68 shares in the business and Crosby Services,
owned by Robert Crosby, has 32 shares.  Diana Hellyer is also a
company director.

Mr. Borman told the Bay of Plenty Times he was deeply saddened by
the situation.  He had poured his heart and soul into the station
and it was "a real shame" to see it end.

Liquidation had been a "voluntary proceeding," though the decision
to make that choice was beyond his control, the Bay of Plenty
Times reports.

"I'm more saddened than anything else . . . but we've achieved a
number of the goals we set in the marketplace and I believe there
is a real opportunity in the future for a radio station in the
Tauranga market," Mr. Borman told the Bay of Plenty Times.

Mr. Borman said the station's strength was that it was 100 per
cent local, which meant it had a lot of flexibility and could get
involved on a local level.

Mr. Borman, as cited by the Bay of Plenty Times, said an
opportunity to continue the station existed and if anyone wanted
to "come in, pick it up and carry it on," to contact him at
jarra@bopfm.co.nz

BOP FM was launched in June 2009, broadcasting across the Bay from
Whakatane to Tairua.  The station has a target audience of 20 to
39-year-olds and plays top 40 music including reggae, dub, punk
and ska, with dance music at night.


BRIDGECORP LTD: Receivers Ordered to Pay NZ$30,000 Cost to Trust
----------------------------------------------------------------
Kelly Gregor at The New Zealand Herald reports that a court
judgment revealed that Bridgecorp's receivers have been ordered to
secure costs of NZ$30,000 before its case against Rod Petricevic's
family trust begins.  Bridgecorp, on behalf of its subsidiary
Navigator Finance, has taken action against the trust over a
NZ$2.2 million advance it is alleged to be owed, the NZ Herald
says.

The NZ Herald relates that the case is set for a three-day trial
later this month but proceedings will be delayed until the money
is either paid to the court or an agreement is made between the
trust and Navigator's lawyers.  The report says the money will
only be paid to the trust if it wins the case.

According to the NZ Herald, High Court Justice Mary Peters said in
her judgment that costs should not be refused because the award is
of a modest amount.

The NZ Herald notes that Mr. Petricevic and his wife, Mary, were
the sole directors of Navigator that was set up as an investment
vehicle to fund a film, The Navigator.  Navigator alleges that a
NZ$2.2 million advance paid to the trust was a loan and has never
been repaid to the company.

Mr. Petricevic claims that there was never a loan agreement
between the trust and Navigator, that the money was an advance,
and that is why it was never repaid, according to the NZ Herald.

The report notes that the company is now in liquidation and the
litigation against the trust is being funded by Bridgecorp's
receivers, and therefore through investors funds.

In 2008, Bridgecorp's receivers PricewaterhouseCoopers bankrupted
Mr. Petricevic for a NZ$666,186 tax bill Bridgecorp paid for him
in September 2007.

                          About Bridgecorp

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

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


SOUTH CANTERBURY: Christchurch City Council OKs Land Development
----------------------------------------------------------------
Sarah Ivey at Interest.co.nz reports that the receiver of South
Canterbury Finance is welcoming a decision by the Christchurch
City Council to allow a residential development on 64 hectares of
land owned by SCF on the outskirts of Christchurch.

According to the report, the council has approved a request from
SCF's Belfast Park Ltd and Tyrone Estates Ltd in a move that
should increase the value of the land in East Belfast on
Christchurch's northern urban fringe.

Interest.co.nz relates THAT McGrathNicol managing partner and SCF
receiver, Kerryn Downey, said he was pleased with the decision,
acknowledging it would boost the land's value.

As part of the SCF group receivership, Interest.co.nz notes,
Mr. Downey is also the receiver of Belfast Park Ltd and its
subsidiary Tyrone Estates Ltd.

Interest.co.nz says Belfast Park's first receiver's report notes
as of August 31 last year it owed SCF NZ$14.3 million and ASB
NZ$10.1 million.

It had total assets, including NZ$13.56 million worth of
development and investment properties, of NZ$22.7 million and
total liabilities of NZ$24.6 million, Interest.co.nz discloses.

Interest.co.nz adds that Tyrone Estates' receiver's report notes
as of the same date it had total assets, including NZ$9.3 million
of development and investment properties, of NZ$9.4 million and
total liabilities, including NZ$7.9 million worth of loans from
Belfast Park and SCF, of NZ$8 million.

Belfast Park also owns an adjacent block of business zoned land
that was formerly the Canterbury Freezing Works site run by Silver
Fern Farms, Interest.co.nz reports.  Consents have been granted
for the redevelopment of that site for commercial activities.

Although the obvious route for the receiver would be to sell the
land, Interest.co.nz relates Mr. Downey said all options,
including keeping it, were on the table with no immediate plans to
put it on the block.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


TOURISM HOLDINGS: Won't Meet Profit Target, May Breach Loan Terms
-----------------------------------------------------------------
Tourism Holdings Ltd. said it won't meet full year profit guidance
and will likely breach the terms of its bank loans.  The company
said a severe and sudden drop in revenue intakes (forward
bookings) during the key January booking month had created
uncertainty for the rest of the financial year.

The company said that earnings before interest and tax are now
expected to be breakeven compared to a previous forecast of
NZ$10 million.  The company is projecting a NZ$4 million loss in
the year ending June 30, 2011, compared to a NZ$2.5 million profit
previously expected.  Net tangible assets (NTA) as at December 31,
2010, were NZ$129 million or NZ$1.31 per share.

"Natural disasters including the recent Queensland floods, a
greater than anticipated decline from the United Kingdom market
and poor January domestic tourism in both countries are considered
the causal factors in the decline.  The international media
activity surrounding Cyclone Yasi only adds to the current
uncertainties," the company said in a statement.

"Exacerbating the issue of lower hire days, yields for the
February to June period are down on expectations as the industry
reacts to the demand decline with severe price activity."

The company said it is now forecasting that it will not be in
compliance with banking covenants for the March 2011 quarter.

"This has been advised to both Westpac and ANZ and we have
commenced discussions with them.  Westpac and ANZ have been THL's
bankers for many years and once their review of updated forecasts
is complete, THL will update the market. We anticipate we will
have the issue addressed before the end of February."

Based on the current year end projections Tourism Holdings will
not be declaring a dividend for the half year.

                       About Tourism Holdings

Based in New Zealand, Tourism Holdings Limited (NZE:THL) --
http://www.thlonline.com/-- is engaged in the manufacture, rental
and sale of motor homes and campervans and other tourism related
activities.  Its operations include car and motorhome rentals in
Australia and New Zealand.  THL is the provider of holiday rental
vehicles in Australia and New Zealand under the Maui, Britz,
Backpacker and Explore More brands.  The majority of its rental
vehicles are provided by the manufacturing company Ci Munro. In
addition, the Company also operates Kiwi Experience and the
Discover Waitomo group in New Zealand and Tourist Transport Fiji,
Feejee Experience and Great Sights in Fiji.  The Company's
subsidiaries include THL Group Australia Pty Limited, Tourism
Holdings Australia Pty Limited, Tourism Transport (Fiji) Limited
and Waitomo Caves Limited.


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


K H INVESTMENT: Creditors' Proofs of Debt Due March 2
-----------------------------------------------------
Creditors of K H Investment Company Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


PANTEX TRADING: Creditors' Proofs of Debt Due March 3
-----------------------------------------------------
Creditors of Pantex Trading Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 3, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chia Soo Hien
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


S-BIRDS LIMITED: Creditors' Proofs of Debt Due March 3
------------------------------------------------------
Creditors of S-Birds Limited, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by March 3,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


THONG TECK: Creditors' Proofs of Debt Due March 2
-------------------------------------------------
Creditors of Thong Teck Realty Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


TROON PROPERTY: Creditors' Proofs of Debt Due March 2
-----------------------------------------------------
Creditors of Troon Property Investment Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


TURI ENTERPRISE: Creditors' Proofs of Debt Due March 2
------------------------------------------------------
Creditors of Turi Enterprise Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


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


XODTEC LTD: Restates Financial Reports for 2010 and 2009
--------------------------------------------------------
Xodtec LED, Inc.'s financial statements filed with the Securities
and Exchange Commission in 2010 and 2009 have been restated

                         Year Ended Feb. 28

Xodtec LED, Inc.'s financial statements at February 28, 2010, and
2009, have been restated to reflect corrections in the statements
previously provided.

In connection with the audit of the Company's financial statements
for the fiscal year ended February 28, 2009, the Company
determined that it did not have sufficient documentation to
confirm balances previously reported in its quarterly reports for
the first three quarters of the year ended February 28, 2009.  As
a result, the balance sheet at February 28, 2009, was restated.
The Company did not previously file statements of operations and
comprehensive income and statements of cash flows for the year
ended February 28, 2009, and, accordingly, those statements are
not shown as restated.

The Company's balance sheet at February 28, 2010, showed
$1.8 million in total assets, $4.0 million in total liabilities,
and a stockholders' deficit of $2.2 million.

The Company's balance sheet at February 28, 2009, showed $537,288
in total assets, $1.5 million in total liabilities, and a
stockholders' deficit of $980,956.

The Company reported a net loss (restated) of $3.6 million on
$991,645 of revenue for the fiscal year ended February 28, 2010,
compared to a net loss (pro forma) of $394,777 on $1.2 million of
revenue for the comparable period of the previous year.

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

               http://researcharchives.com/t/s?72cd

                          May 31 Quarters

Xodtec LED, Inc.'s financial statements for the three months ended
May 31, 2010, and 2009, have been restated to reflect corrections
in the financial statements previously provided.

For the three months ended May 31, 2010, the Company originally
reported a net loss of approximately $614,000 on revenue of
$244,000.  As restated, the Company reported a loss of
approximately $208,000 on revenue of approximately $244,000.  The
difference reflects a gain of approximately $407,000 from the
change in the fair value of accrued derivative liability.

As originally reported, the Company showed net income of $724,000
on revenue of $1.2 million for the three months ended May 31,
2009.  As restated, the Company reported a net loss of $897,000 on
revenue of $230,000.

The Company's balance sheet (restated) at May 31, 2010, showed
$1,786,400 in total assets, $3,356,533 in total liabilities, and a
stockholders' deficit of $1,570,133.

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

               http://researcharchives.com/t/s?72ce

                       August 31 Quarters

Xodtec LED, Inc.'s financial statements for the three months ended
August 31, 2010, and 2009, have been restated to reflect
corrections in the financial statements previously provided.

For the three months ended August 31, 2010, the Company originally
reported a net loss of approximately $843,000 on revenue of
approximately $245,000.  As restated, the Company reported a loss
of approximately $437,000 on revenue of approximately $245,000.
The difference reflects a gain of approximately $407,000 from the
change in the fair value of accrued derivative liability.

For the three months ended August 31, 2009, the Company originally
reported net income of approximately $757,000 on revenue of
approximately $3.0 million.  As restated, the Company reported a
loss of approximately $320,000 on revenue of approximately
$260,000.

The Company's balance sheet (restated) at August 31, 2010, showed
$1.7 million in total assets, $3.5 million in total liabilities,
and a stockholders' deficit of $1.8 million.

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

               http://researcharchives.com/t/s?72d1

                      November 30 Quarters

Xodtec LED, Inc.'s financial statements for the three months ended
November 30, 2010, and 2009, have been restated to reflect
corrections in the financial statements previously provided.

For the three months ended November 30, 2010, the Company
originally reported a net loss of approximately $795,000 on
revenue of approximately $335,000.  As restated, the Company
reported a loss of approximately $389,000 on revenue of
approximately $335,000.  The difference reflects a gain of
approximately $407,000 from the change in the fair value of
accrued derivative liability.

For the three months ended November 30, 2009, the Company
originally reported net income of approximately $76,000 on revenue
of approximately $7.4 million.  As restated, the Company reported
a loss of approximately $1.6 million on revenue of approximately
$250,000.

The Company's balance sheet (restated) at November 30, 2010,
showed $2.1 million in total assets, $3.5 million in total
liabilities, and a stockholders' deficit of $1.4 million.

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

               http://researcharchives.com/t/s?72d2

                         About Xodtec LED

Based in Jhonghe City, in Taiwan, Xodtec LED, Inc., is a Nevada
corporation incorporated on November 29, 2006, under the name
Sparking Events, Inc.  On June 28, 2009, the Company's corporate
name was changed to "Xodtec Group USA, Inc." and on May 17, 2010,
the Company's corporate name was changed to "Xodtec LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.,
Targetek Technology Co., Ltd., and UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.

As reported in the Troubled Company Reporter on July 23, 2010,
Simon & Edward, LLP, in City of Industry, Calif., expressed
substantial doubt about Xodtec LED's ability to continue as a
going concern, following its results for the fiscal year ended
February 28, 2010.  The independent auditors noted that the
Company has incurred significant operating losses, has serious
liquidity concerns and may require additional financing in the
foreseeable future.


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


* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
----------------------------------------------------------------
U.S.-based restaurant Sbarro Inc. missed an interest payment this
week, raising the 2011 global corporate default tally to two, said
an article published February 4 by Standard & Poor's, titled
"Global Corporate Default Update (Jan. 28 - Feb. 3, 2011)
(Premium)."

By comparison, 15 global corporate issuers had defaulted by this
time in 2010 (13 U.S.-based issuers, one Australian issuer, and
one Canadian issuer).

Both of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the defaults in 2010, 28 resulted from missed interest or
principal payments, 25 resulted from Chapter 11 and foreign
bankruptcy filings, 23 from distressed exchanges, three from
receiverships, and one each from regulatory directives and
administration.


* BOND PRICING: For the Week January 31 to February 4, 2011
-----------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.13
AMITY OIL LTD           10.00    10/31/2013   AUD       1.95
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.99
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       1.14
EXPORT FIN & INS         0.50    12/16/2019   AUD      61.72
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.61
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.73
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.90
MINERALS CORP           10.05    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2009   AUD      65.08
NEW S WALES TREA         0.50    09/14/2022   AUD      52.53
NEW S WALES TREA         0.50    10/07/2022   AUD      52.33
NEW S WALES TREA         0.50    10/28/2022   AUD      52.15
NEW S WALES TREA         0.50    11/18/2022   AUD      51.97
NEW S WALES TREA         0.50    12/16/2022   AUD      51.68
NEW S WALES TREA         0.50    12/16/2023   AUD      51.69
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.80
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      65.40
RESOLUTE MINING         12.00    12/31/2012   AUD       1.30
SUNCORP METWAY I         6.75    09/23/2024   AUD      64.80
SUNCORP METWAY I         6.75    10/06/2026   AUD      67.90
TREAS CORP VICT          0.50    08/25/2022   AUD      53.14
TREAS CORP VICT          0.50    11/12/2030   AUD      35.42
VERO INSURANCE           6.15    09/07/2025   AUD      60.64

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      59.57
PANZHIHUA ST ASS         5.41    07/29/2020   CNY      53.60


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      42.12


  INDIA
  -----

AIRPORTS AUTH IN         7.40    01/22/2013   INR      13.61
DAMODAR VALLEY           7.70    01/03/2013   INR      15.56
GODAVAR IRR             11.25    01/15/2013   INR      20.35
GODAVAR IRR             11.50    01/15/2015   INR      22.59
GODAVAR IRR             13.50    08/16/2015   INR      57.70
HOUSING & UDCL          11.50    09/25/2011   INR       7.13
HOUSING & UDCL          11.50    09/25/2011   INR       7.13
HOUSING & UDCL          11.50    09/25/2011   INR       7.13
HOUSING & UDCL          11.50    09/25/2011   INR       7.13
HOUSING & UDCL          11.50    09/25/2011   INR       7.13
HOUSING & UDCL          12.00    01/07/2012   INR      10.86
HOUSING & UDCL          12.00    01/07/2012   INR      10.86
HOUSING & UDCL          12.00    01/07/2012   INR      10.86
HOUSING & UDCL           9.25    03/06/2012   INR      15.26
HOUSING & UDCL          10.00    03/27/2012   INR      17.44
HOUSING & UDCL           9.75    03/28/2012   INR      17.05
HOUSING & UDCL           9.75    06/28/2012   INR      13.59
HOUSING & UDCL           6.05    02/11/2013   INR      13.53
HOUSING & UDCL           6.90    03/03/2013   INR      12.14
HOUSING & UDCL           7.30    03/03/2013   INR      12.84
HOUSING & UDCL           5.90    03/08/2013   INR      13.38
HOUSING & UDCL           6.30    03/08/2013   INR      15.66
HOUSING & UDCL           7.70    03/26/2013   INR      17.56
HOUSING & UDCL          10.00    06/28/2014   INR      28.72

KONKAN RAILWAY           9.30    10/19/2012   INR      14.84
KONKAN RAILWAY           8.50    09/01/2011   INR       6.25
KONKAN RAILWAY           6.90    03/30/2012   INR       0.82
KONKAN RAILWAY           6.65    05/01/2013   INR      15.34
KONKAN RAILWAY           6.65    05/01/2013   INR      15.34
NUCLEAR POWER CL         6.15    08/14/2011   INR       3.31
NUCLEAR POWER CL         8.20    02/20/2012   INR       9.31
NUCLEAR POWER CL         6.10    08/14/2012   INR       8.73
POWER FIN CORP           8.99    01/15/2021   INR       9.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      67.64
PUNJAB INFRA DB          0.40    10/15/2025   INR      67.59
PUNJAB INFRA DB          0.40    10/15/2026   INR      67.64
PUNJAB INFRA DB          0.40    10/15/2027   INR      67.73
PUNJAB INFRA DB          0.40    10/15/2028   INR      67.81
PUNJAB INFRA DB          0.40    10/15/2029   INR      67.89
PUNJAB INFRA DB          0.40    10/15/2030   INR      67.95
PUNJAB INFRA DB          0.40    10/15/2031   INR      68.01
PUNJAB INFRA DB          0.40    10/15/2032   INR      68.07
PUNJAB INFRA DB          0.40    10/15/2033   INR      68.12
WEST BENGAL INFR         8.75    10/16/2013   INR       8.39


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      72.76
AIFUL CORP               1.99    03/23/2012   JPY      69.15
AIFUL CORP               1.22    04/20/2012   JPY      66.10
AIFUL CORP               1.74    05/28/2013   JPY      48.02
AIFUL CORP               1.99    10/19/2015   JPY      38.02
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.06
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.69
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      73.48
SHINSEI BANK             5.62    12/29/2049   GBP      73.48
TAKEFUJI CORP            9.20    04/15/2011   USD      11.00
TAKEFUJI CORP            4.00    06/05/2022   USD       9.94


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.11
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.35
CRESENDO CORP B          3.75    01/11/2016   MYR       1.28
DUTALAND BHD             6.00    04/11/2013   MYR       0.38
DUTALAND BHD             6.00    04/11/2013   MYR       0.70
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.18
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.21
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.84
LEBUHRAYA KAJANG         2.00    06/12/2019   MYR      47.73
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.50
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.07
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.31
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.35
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.88
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.85
SCOMI GROUP              4.00    12/14/2012   MYR       0.09
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.93
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.66
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.26
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.35


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

ALLIED FARMERS           9.60    11/15/2011   NZD      52.68
DORCHESTER PACIF         5.00    06/30/2013   NZD      71.84
FLETCHER BUI             8.50    03/15/2015   NZD       7.25
FLETCHER BUI             7.55    03/15/2011   NZD       8.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       6.07
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.25
INFRATIL LTD            10.18    12/29/2049   NZD      62.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
SKY NETWORK TV           4.01    10/16/2016   NZD       6.03
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.75
ST LAURENCE PROP         9.25    07/15/2010   NZD      62.01
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD      10.00
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.02
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99
VECTOR LTD               8.00    06/15/2012   NZD       7.50
VECTOR LTD               8.00    10/15/2014   NZD       1.05


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      74.50
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.06
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.82
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


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

BUSAN SOLOMON MU         8.10    04/19/2015   KRW       1.05
CN 1ST ABS               8.00    02/27/2015   KRW      30.23
COSMOS PLC CO            3.00    05/30/2011   KRW      35.55
DAEWOO MTR SALES         6.55    03/17/2011   KRW      49.66
HOPE KOD 1ST             8.50    06/30/2012   KRW      31.21
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.64
HOPE KOD 3RD            15.00    09/30/2012   KRW      31.22
HOPE KOD 4TH            15.00    12/29/2012   KRW      28.35
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.54
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       2.20
HYUNDAI SWISS BK         7.90    07/23/2015   KRW       1.07
HYUNDAI SWISS S          7.90    07/23/2015   KRW       1.07
IBK 12TH ABS            25.00    06/24/2011   KRW      66.93
IBK 16TH ABS            25.00    09/24/2012   KRW      62.36
IBK 16TH ABS            25.00    09/24/2012   KRW      18.18
IBK 17TH ABS            25.00    12/29/2012   KRW      58.68
JEIL SAVINGS BK          8.50    01/22/2015   KRW       1.04
JEIL SAVINGS BK          8.10    07/16/2015   KRW      70.11
JINHEUNG SAVINGS         8.50    10/17/2014   KRW       1.02
JINHEUNG SAVINGS         8.50    01/23/2015   KRW       1.02
KB 11TH ABS             23.00    07/03/2011   KRW      67.38
KB 12TH ABS             25.00    01/21/2012   KRW      64.10
KB 13TH ABS             25.00    07/02/2012   KRW      61.24
KB 14TH ABS             23.00    01/04/2013   KRW      58.89
KDB 5TH ABS SEC SPC0    15.00    12/13/2012   KRW      61.52
KDB 6TH ABS             20.00    12/02/2019   KRW      62.87
KEB 17TH ABS            20.00    12/28/2011   KRW      58.93
NACF 15TH ABS S         25.00    03/18/2011   KRW      65.93
NACF 16TH ABS S         25.00    02/03/2011   KRW      67.67
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      37.60
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      68.31
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      68.10
SAM HO INTL              6.32    03/28/2011   KRW      71.76
SHINHAN 2ND SEC         25.00    06/11/2011   KRW      29.79
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.54
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.78
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.31
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.34
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.59
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.28
SINGOK ABS               7.50    06/18/2011   KRW      52.87
SINGOK NS ABS            7.50    06/27/2011   KRW      70.92
SOLOMON SAVINGS          8.50    10/29/2014   KRW      69.94
SOLOMON SAVINGS          8.10    04/19/2015   KRW       1.08
YOUNGNAM MUTUAL          8.00    04/28/2016   KRW       0.62


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.57


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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