TCRAP_Public/110209.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

          Wednesday, February 9, 2011, Vol. 14, No. 28

                            Headlines



A U S T R A L I A

AUSTRALIAN STYLE: Court Appoints Ferrier Hodgson as Liquidator
CLUB COFFS: Creditors Meeting Set For February 10


C H I N A

UNIVERSAL SOLAR: Amends 2009 Report to Add Material Weakness Note


H O N G  K O N G

EPSON IMAGING: Members' Final Meeting Set for March 3
FRANK OCEAN: Commences Wind-Up Proceedings
GOLD WO: Creditors to Get 100% & 13.1523% Recovery on Claims
GYPSY LIMITED: Members' Final Meeting Set for March 2
HIDDEN DRAGON: Yu and Choi Step Down as Liquidators


I N D I A

ARKAY LEATHERS: CRISIL Reaffirms 'P4' Ratings on Various Debts
BALDEO METALS: CRISIL Assigns 'B' Rating to INR49.5MM Cash Credit
BRADY & MORRIS: CRISIL Assigns 'BB+' to INR144 Million Cash Credit
EPITOME PETROCHEMICAL: CRISIL Places 'B-' Rating on Cash Credit
GAUTHAM JAHNAVI: ICRA Assigns 'LB+' Rating to INR3cr Bank Debts

GLORIOUS TRADING: CRISIL Rates INR2.5MM Cash Credit at 'D'
HINDPRAKASH TRADELINK: ICRA Withdraws 'LBB ' Term Loan Rating
J.S. AUTO: ICRA Assigns 'LBB+' Rating to INR13.23cr Bank Debts
JV STEEL: ICRA Assigns 'LBB-' Rating to INR9.5cr Bank Limits
MERIDIAN APPARELS: Fitch Puts BB- Rating on Non-Monitored Category

MILICO INTERNATIONAL: CRISIL Cuts Rating on Term Loan to 'D'
PRAFFUL INDUSTRIES: ICRA Assigns 'LC' Rating to INR4.16cr Loan
PRAFFUL OVERSEAS: ICRA Assigns 'LC' Rating to INR90.08cr Loan
SAANIKA INDUSTRIES: CRISIL Upgrades Rating on LT Loan to 'BB'
T & T MOTORS: Fitch Downgrades National Long-Term Rating to 'BB'

TEXAS WOOLLEN: CRISIL Reaffirms 'BB+' Rating on INR80MM Term Loan
VICTORY SPINNING: CRISIL Cuts Rating on INR57.9MM LT Loan to 'D'
W. H. BRADY: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
* INDIA: Needs Strong Insolvency Laws, Expert Suggests


J A P A N

JLOC XXX: Fitch Downgrades Ratings on Various Trust Interests
JLOC XXX: Fitch Downgrades Ratings on All Four Classes of Notes
L-JAC FIVE: S&P Puts Note Ratings on CreditWatch Negative
* JAPAN: Bankruptcy Figure Likely to Start Rising This Year


N E W  Z E A L A N D

BEEBY CONSTRUCTION: Goes Into Liquidation
LOMBARD FINANCE: Insured Group Criticizes SC's Legal Action
MERCER GROUP: Underwriters Pick Up Rights Issue
TGR HELICORP: Former MP Sent to Jail for Contempt
WELLINGTON PHOENIX: Owner Fights to Save Phoenix from Liquidation


P H I L I P P I N E S

PHILIPPINE REALTY: Seeks to Exit Rehabilitation This Year


T A I W A N

XODTEC LED: Amends Fiscal 2010 Report; Posts US$3.55MM Net Loss
XODTEC LED: Amends May 31 Form 10-Q; Posts US$207,900 Loss


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


AUSTRALIAN STYLE: Court Appoints Ferrier Hodgson as Liquidator
--------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Australian Style Pty
Ltd has been placed in liquidation by order of the Supreme Court
of Victoria and is now in the hands of liquidator John Lindholm of
insolvency firm Ferrier Hodgson.

SmartCompany says Australian Style is one of 15 companies in IT
entrepreneur Nicholas Bolton's Australian Style Group and
previously operated a domain name registration business.

However, in July 2010, Australian Style lost an appeal in the
Victorian Supreme Court against a decision by the Australian
Domain Name Administrator to strip Australian Style of its
registrar accreditation over security concerns, according to
SmartCompany.

SmartCompany relates that this decision effectively made it
impossible for the business to continue in the domain name sector
and Mr. Bolton has been transferring the former customers of the
business to his other domain name registration operations.

In December 2010, SmartCompany recounts, the Australian Domain
Name Administrator applied to the Supreme Court seeking a winding
up order against Australian Style, trading as Bottle Domains.
SmartCompany relates that the Administrator said in December that
it had served Australian Style with a statutory demand for payment
of AU$373,312.49 in costs, but this had not been complied with
before the parties went to court this week.

Mr. Bolton, best known for his controversial attempt to wind up
Brisbane toll-road operator BrisConnections in 2009, told
SmartCompany on Tuesday that the liquidation would not have any
material effect on the wider Australian Style group of companies.


CLUB COFFS: Creditors Meeting Set For February 10
-------------------------------------------------
ABC News reports that the administrators of Club Coffs, formerly
known as Catholic Club, have called the first creditors' meeting.
Club Coffs went into voluntary administration on January 31 but it
is still operating.

According to ABC News, the administrator, David Morgan, from
insolvency firm Clout and Associates, has called a meeting on
Thursday morning to speak to creditors about their concerns.

ABC News relates Mr. Morgan said the extent of the club's debt is
not yet known.

"We've obviously only been in for a very short period of time,"
ABC News quoted Mr. Morgan as saying.  "Basically trying to get a
full handle on the operations itself and obviously the true
position.  But at the moment, while we're doing this process, it's
basically business as usual and clearly need the full support of
the members during this time."

ABC News relates that Mr. Morgan said the owners made a smart
decision in time, because the business is still operating, and no
staff have been dismissed.

The creditors' meeting is on February 10, 2010, at 10:30 a.m., in
the club's Waratah Room.


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


UNIVERSAL SOLAR: Amends 2009 Report to Add Material Weakness Note
-----------------------------------------------------------------
On January 31, 2011, Universal Solar Technology, Inc. filed with
the U.S. Securities and Exchange Commission an amended annual
report on Form 10-K for the fiscal year ended December 31, 2009,
originally filed on March 31, 2010.  The purpose of the amendment
is to revise (1) Part II, Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations to
provide more details in the disclosures under the "Liquidity and
Capital Resources" section, and (2) Part II, Item 9A(T). Controls
and Procedures to identify additional weaknesses in the Company's
internal control over financial reporting.

"Our management has conducted, with the participation of our CEO
and CFO, an assessment, including testing of the effectiveness, of
our internal control over financial reporting as of December 31,
2009.  Management's assessment of internal control over financial
reporting was conducted using the criteria in Internal Control
over Financial Reporting - Guidance for Smaller Public Companies
issued by the Committee of Sponsoring Organizations of the
Treadway Commission.  Based on such evaluation, management
identified deficiencies that were determined to be a material
weakness," the Company said in the Form 10-K/A.

"A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.
Because of the material weakness described below, management
concluded that our internal control over financial reporting was
ineffective as of December 31, 2009."

"The specific material weakness identified by the Company's
management as of December 31, 2009 is described as follows:

    * The current staff in the accounting department are
      inexperienced in U.S. GAAP and they were primarily engaged
      in ensuring compliance with PRC accounting and reporting
      requirements for our operating subsidiaries are not required
      to meet or apply U.S. GAAP requirements.  They need
      substantial training to meet the higher demands of a U.S.
      public company.  The accounting skills and understanding
      necessary to fulfill the requirements of U.S. GAAP-based
      reporting, including the preparation of financial statements
      and consolidation, are inadequate.  The Company did not have
      sufficient and skilled accounting personnel with an
      appropriate level of technical accounting knowledge and
      experience in the application of U.S. GAAP commensurate with
      the Company's financial reporting requirements, which was
      determined to be a material weakness.

    * The Company is lacking qualified resources to perform the
      internal audit functions properly.  In addition, the scope
      and effectiveness of the Company's internal audit function
      are yet to be developed.

    * We currently do not have an audit committee."

The Company reported a net loss of US$421,562 on US$691,713 of
sales for the year ended December 31, 2009, compared with a net
loss of US$346,993 on US$11,454 of sales during the prior year.

The Company's balance sheet at December 31, 2009 showed
US$5.49 million in total assets, US$5.85 million in total
liabilities and US$357,001 in total stockholders' deficiency.

A full-text copy of the amended Form 10-K is available at no
charge at http://ResearchArchives.com/t/s?72cf

                       About Universal Solar

Based in Guangdong Province, in the People's Republic of China,
Universal Solar Technology, Inc. was incorporated in the State of
Nevada on July 24, 2007.  It operates through its wholly owned
subsidiary, Kuong U Science & Technology (Group) Ltd., a company
incorporated in Macau, P.R.C. on May 10, 2007.

The Company provides silicon ingots, wafers, high efficiency solar
photovoltaic ("PV") cells modules and other PV application
products in the EU, North America, Asia and Africa.

Paritz & Company, P.A., in Hackensack, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company's current
liabilities exceeded its current assets by US$4,353,215 and the
Company has incurred net loss of US$925,466 since inception.


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


EPSON IMAGING: Members' Final Meeting Set for March 3
-----------------------------------------------------
Members of Epson Imaging Devices (H.K.) Limited will hold their
final general meeting on March 3, 2011, at 2:30 p.m., at 20/F,
Prince's Building, Central, in Hong Kong.

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


FRANK OCEAN: Commences Wind-Up Proceedings
------------------------------------------
Members of Frank Ocean Company Limited, on January 8, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Sun Kwong
         Office 1818, 18/F
         Beverley Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


GOLD WO: Creditors to Get 100% & 13.1523% Recovery on Claims
------------------------------------------------------------
Gold Wo Melamine Product Company Limited, which is in liquidation,
will declare the first and final dividend to its creditors on
Feb. 16, 2010.

The company will pay 100% for preferential and 13.1523% for
ordinary dividend claims.

The company's liquidator is:

         Jacky C W Muk
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


GYPSY LIMITED: Members' Final Meeting Set for March 2
------------------------------------------------------
Members of GYPSY Limited will hold their final general meeting on
March 2, 2011, at 3:00 p.m., at Suite 702, Dina House, Ruttonjee
Centre, 11 Duddell Street, Central, in Hong Kong.

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


HIDDEN DRAGON: Yu and Choi Step Down as Liquidators
---------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy stepped down as
liquidators of Hidden Dragon Gifts Limited on January 24, 2011.


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


ARKAY LEATHERS: CRISIL Reaffirms 'P4' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Arkay Leathers Pvt Ltd
continues to reflect ALPL's below-average financial risk profile,
and susceptibility to volatility in foreign exchange rates.  These
rating weaknesses are partially offset by ALPL's moderate business
risk profile, supported by its promoter's experience in the
leather industry and longstanding relationships with global
clients.

   Facilities                               Ratings
   ----------                               -------
   INR50.00 Million Packing Credit          P4 (Reaffirmed)
   INR80.00 Mil. Foreign Bill Discounting   P4 (Reaffirmed)
   INR50.00 Million Letter of Credit        P4 (Reaffirmed)

Set up in 1991 by Mr. R Kumar, ALPL manufactures finished leather
products and leather products. ALPL's finished leather
manufacturing units (tanneries) are located in Pallavaram and
Ranipet (Tamil Nadu), and its garment manufacturing units are in
Chennai.  The company has installed capacity to manufacture 0.6
million square feet of finished leather and 3000 pieces of leather
garments per month. The company exports mainly to China, Hong
Kong, Taiwan, and Europe.  ALPL has set up two wholly owned
subsidiaries, Arkay Pacific Ltd and Arkay Espana Complimentos, in
Hong Kong and Spain respectively, and a joint venture, Arkay
Italia, in Italy to market its products.

ALPL reported a profit after tax of INR2.42 million on net sales
of INR406.24 million for 2009-10, against a net loss of INR3.88
million on net sales of INR482.37 million for 2008-09.


BALDEO METALS: CRISIL Assigns 'B' Rating to INR49.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Baldeo Metals Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR49.50 Million Cash Credit        B/Stable (Assigned)
   INR40.00 Million Letter of Credit   P4 (Assigned)
   INR10.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect BMPL's weak financial risk profile marked by a
small net worth, a high gearing, and weak debt protection metrics.
The ratings also reflect BMPL's small scale of operations, low
profitability, and exposure to risks related to volatility in
copper prices.  These rating weaknesses are partially offset by
the extensive experience of BMPL's promoters in the non-ferrous
metals trading business.

Outlook: Stable

CRISIL believes that BMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. BMPL's
credit risk profile is, however, expected to remain constrained by
the company's small scale of operations, low profitability, and
highly leveraged capital structure.  The outlook may be revised to
'Positive' in case of more-than-expected increase in BMPL's scale
of operations and profitability, resulting in a strong improvement
in cash accruals.  Conversely, the outlook may be revised to
'Negative' in case of less-than-expected growth in profitability
and cash accruals, or if the company's liquidity weakens because
of larger-than-expected working capital requirements.

                        About Baldeo Metals

Set up as a proprietorship firm named Baldeo Metal Works by Mr.
Shyam Bihari Goyal in 1990, BMPL was reconstituted as private
limited company with its current name in 1997.  The company trades
in non-ferrous metals, particularly copper.  BMPL's facility in
New Delhi has capacity of 5 tonnes per day to manufacture ingots
and draw wires. Trading, however, remains the focus of the
company; it derives around 95 per cent of its revenues from the
trading business.

BMPL reported a profit after tax (PAT) of INR0.90 million on net
sales of INR397.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.85 million on net
sales of INR191.0 million for 2008-09.


BRADY & MORRIS: CRISIL Assigns 'BB+' to INR144 Million Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Brady & Morris Engineering Company Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR144 Million Cash Credit        BB+/Stable (Assigned)
   INR46.6 Million Long-Term Loan    BB+/Stable (Assigned)
   INR65 Million Bank Guarantee      P4+ (Assigned)
   INR40 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the Brady group's exposure to risks emanating
from low profitability of its core operations, and elongated
working capital cycle.  These rating weaknesses are partially
offset by the Brady group's established position in the material
handling equipment (MHE) industry, and the support that the
group's financial risk profile receives from a steady lease rental
stream from its Brady House property.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BMECL and WH Brady & Co Ltd, together
referred to as the Brady group.  This is because the two entities
are under common management, and have significant operational
synergies and fungible cash flows.  Moreover, WHB holds about 80%
stake in BMECL.

Outlook: Stable

CRISIL believes that the Brady group will benefit over the medium
term from its established market position, and its promoters'
extensive experience in the MHE industry.  The outlook may be
revised to 'Positive' if the group significantly increases its
revenues and net cash accruals in its MHE manufacturing division,
while maintaining its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the Brady group's
operating margin or working capital cycle deteriorates further, or
if the group undertakes a larger-than-expected, debt-funded
capital expenditure programme.

                           About the Group

Set up in 1895 as a partnership firm by two Englishmen, Mr. Joseph
K and Mr. W H Brady, WHB (formerly, WH Brady & Co) was
reconstituted as a public limited company, renamed, and listed on
the Bombay Stock Exchange in 1913. The company has been controlled
by the Mumbai (Maharashtra)-based Morarka family since 1960and is
currently managed by Mr. Pawan Morarka. WHB trades in MHE, such as
chain pulley blocks and cranes, both for third-party equipment
manufacturers and for its majority owned subsidiary, BMECL. WHB
also markets and distributes MHE manufactured by BMECL in New
Delhi and Coimbatore (Tamil Nadu).  WHB also manufactures and
installs airport infrastructure such as airport seating chairs and
cargo handling systems.  The company owns the Brady House property
at Fort in Mumbai.  BMECL was set up in 1946 as a public limited
company; WHB holds about 80 per cent stake in BMECL.  The overall
operations of the company are managed by Mr. Pawan Morarka. The
company is also listed on the Bombay Stock Exchange. It
manufactures MHE, including chain pulley blocks and cranes, with
total annual capacity of 4000 pulley blocks and 156 cranes at its
facilities in Vatva and Bareja (both in Gujarat).

The Brady group reported a profit after tax (PAT) of INR26.1
million on net sales of INR307.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR22.5
million on net sales of INR333.4 million for 2008-09.


EPITOME PETROCHEMICAL: CRISIL Places 'B-' Rating on Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Epitome Petrochemical Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.00 Million Cash Credit      B-/Stable (Assigned)
   INR224.50 Million Term Loan       B-/Stable (Assigned)
   INR105.50 Million Proposed LT     B-/Stable (Assigned)
              Bank Loan Facility
   INR30.00 Million Letter of Credit P4 (Assigned)
                 and Bank Guarantee
   INR10.00 Million Proposed Short-  P4 (Assigned)
           Term Bank Loan Facility

The ratings reflect EPPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
large working capital requirements, and small scale of operations
in due to limited track record in the polyethylene terephthalate
(PET) industry.  These rating weaknesses are partially offset by
the support EPPL receives from its promoters, and the competitive
advantage it enjoys because of its plant's strategic location.

Outlook: Stable

CRISIL believes that EPPL's scale of operations will increase over
the medium term, driven by expected enhancement in its capacity
and increase in its capacity utilization.  However, the company's
financial risk profile is expected to remain constrained by its
weak capital structure and large working capital requirements. The
outlook may be revised to 'Positive' if EPPL significantly
improves its capital structure, while scaling up its operations.
Conversely, the outlook may be revised to 'Negative' if the
company faces significant delays in completing its capacity
enhancement project (which entails a large, debt-funded capital
expenditure), generates lesser-than-expected revenues, or if its
profitability declines.

                        About Epitome Petrochemical

EPPL was incorporated in 2007, and commenced commercial production
of PET preforms in January 2009.  EPPL's unit in Sikkim has a
capacity of 12 tonnes per day.  It manufactures PET preforms for
carbonated soft drink bottlers.  The company is part of the
Kolkata-based Epitome group, which is also into network hardware
dealership, computer hardware retail, and jute yarn manufacturing
businesses.

EPPL reported a profit after tax of INR5.1 million on net sales of
INR279.9 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR7.4 million on net sales of
INR4.3 million for 2008-09.


GAUTHAM JAHNAVI: ICRA Assigns 'LB+' Rating to INR3cr Bank Debts
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to the INR3.0 crore
fund based facilities and INR9 crore non fund based bank
facilities of Gautham Jahnavi Constructions Pvt. Ltd.

The LB+ rating is constrained by GJC's modest scale of revenues,
high geographical concentration risk with presence mainly in
Karnataka and weak financial profile of the company characterized
by high gearing (4.88x as on March 31, 2010) and low coverage
indicators ( NCA/Total Debt of 7% ; Total Debt / OPBDITA of
5.18x).  The rating however positively factors in the healthy
order book position of the company which provides visibility to
the revenues in the medium term and the long experience of the
promoters in the construction business.

Gautham Jahnavi Constructions Pvt. Ltd. was established by
Mr. Mallikarjuna in the year 1987 as a proprietorship concern and
was later converted into a private limited company in April 2005.
Mr. Mallikarjuna has been in the construction industry for more
than 23 years through this company.  Since the inception, the
company has mainly been involved in construction of projects such
as residential apartments, commercial complexes, and industrial
buildings.  The company has completed projects mainly in the state
of Karnataka.  The company has strength of 40 engineers &
technicians for the execution of its projects.

Recent Results

Gautham Jahnavi Constructions Pvt Ltd earned a PAT of INR0.62 Cr
on an operating income of INR16.95 Cr in FY 2009-10.


GLORIOUS TRADING: CRISIL Rates INR2.5MM Cash Credit at 'D'
----------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to Glorious Trading Pvt
Ltd's bank facilities.  The rating reflects GTPL's overdrawn bank
limits; the bank limits have been overdrawn on account of the
company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR2.50 Million Cash Credit         D (Assigned)
   INR97.50 Million Letter of Credit   P5 (Assigned)

GTPL's financial risk profile is constrained by its highly
leveraged capital structure, small net worth and weak debt
protection metrics, and high customer concentration risks.

Set up in 2007 by Mr. Rakesh Kumar Jatia, GTPL trades in hot-
rolled (HR) coils and ceramic tiles.  It initially traded in
chemicals, including ulexite, and HR coils.  It started trading in
ceramic tiles in August 2009 and discontinued trading in chemicals
in 2010-11 (refers to financial year, April 1 to March 31).

GTPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR224.9 million for 2009-10, against a PAT of INR0.2
million on net sales of INR150.6 million for 2008-09.


HINDPRAKASH TRADELINK: ICRA Withdraws 'LBB ' Term Loan Rating
-------------------------------------------------------------
ICRA has withdrawn the 'LBB' rating to the INR 3.50 crore term
loans and INR 4.00 crore long term fund based facilities of
Hindprakash Tradelink Private Limited as there is no amount
outstanding against the rated limit.  ICRA has also withdrawn the
'A4' rating assigned to the INR0.80 crore short term fund based
facilities of HTPL as there is no liability outstanding against
the rated limit.


J.S. AUTO: ICRA Assigns 'LBB+' Rating to INR13.23cr Bank Debts
--------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 13.23 crore, bank
facilities of J.S. Auto Private Limited.  The long-term rating has
been assigned a "Stable" outlook.

The rating factors in JSAPL's moderate scale of operations, high
geographic concentration marked by presence in select states and
weak financial risk profile characterized by high gearing and low
debt coverage indicators.  JSAPL is a regional player engaged in
the manufacture of three-wheelers in the goods and passenger
carrier segments.  With sales volumes of 3902 units recorded in
2009-10 (3041 units in 9m, 2010-11), JSAPL has moderate scale of
operations and remains a marginal player in an industry which
currently sells around 600,000 units.  JSAPL is exposed to high
geographic concentration risk since around 95% of its total sales
volumes are derived from Uttar Pradesh and Bihar.  However, the
rating favorably considers the steady ramp up in volumes achieved
by the company since start of operations and its efforts to
diversify its product range following the launch of the Victory
range of three-wheelers in 2008-09 and further plans to introduce
a sub-one tonne LCV over the near term.  The business in the LCV
segment is likely to be challenging in view of the presence of
large established players.  The rating also considers JSAPL's
integrated manufacturing facilities a key positive which enables
it to have better control over quality and costs.  However,
considering JSAPL's large capex plans over the short term in
relation to the existing size of its gross block, its financial
risk profile may come under pressure over the short-to-medium
term.  JSAPL's ability to expand its scale of operations by
expanding presence in additional geographies and its success with
the proposed sub-one tonne LCV would be a key rating sensitivities
going forward.

                         About J.S. Auto

Established in 1986, J.S. Auto Private Limited had started
operations as an ancillary unit for LML Limited.  The company
ventured into the manufacture of three-wheelers in the year 2006.
Currently, the company manufactures three-wheelers both in the
passenger carrier as well as the goods carrier segments under the
brand names JSA (510 cc) and Victory (435 cc).  JSAPL's production
facility is located at Kanpur (Uttar Pradesh), with a total
production capacity of 1,000 vehicles per month.

Recent Results

In 2009-10, JSAPL's operating income at INR 56.5 crore reported a
growth of 53% over the previous year.  Also, the company's
operating profit before depreciation, interest and tax at INR 2.5
crore in 2009-10 reported a growth of 56% over the previous year.
The company's profit after tax (PAT) increased to INR 1.0 crore in
2009-10 from INR 0.5 crore in 2008-09.


JV STEEL: ICRA Assigns 'LBB-' Rating to INR9.5cr Bank Limits
------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR9.50 crore bank limits of JV
Steel Traders.  The outlook on the long-term rating is stable.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of JVT's profits to commodity price risk, its modest scale of
operations and high gearing.  The rating also takes into
consideration risks inherent in a partnership firm like limited
ability to raise equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc.  However, the ratings
favorably a factor in JVT's experienced promoters with long track
record in trading of iron and steel products and its established
relations with suppliers and customers.

Established in 1995, JV Steel Traders is engaged in trading of
iron and steel products.  JVT is a partnership firm promoted by
Mr. Varinder Kumar and his family members.  JVT is primarily
involved in the trading of Hot Rolled coil and Cold Rolled Coils
etc.  The firm's head office is located in Ludhiana from where it
controls the marketing and finance operations.  For stocking of
inventory, the firm has established its warehousing facility in
Jugiana, Ludhiana.

JVT reported a Profit After Tax (PAT) of INR 0.41 crore on
operating income of INR 65.46 crore in 2009-10, as against
corresponding figures of INR 0.38 crore and INR 59.48 crore in
2008-09.


MERIDIAN APPARELS: Fitch Puts BB- Rating on Non-Monitored Category
------------------------------------------------------------------
Fitch Ratings has migrated India's Meridian Apparels Limited's
'BB-(ind)' National Long-term rating to the "Non-Monitored"
category.  The rating will now appear as 'BB-(ind)nm' on Fitch's
website.  Simultaneously, the agency has classified these
instruments' ratings as "Non-Monitored":

  - INR177.7m long-term loans: migrated to 'BB-(ind)nm' from 'BB-
    (ind)';

  - INR359m fund-based working capital limits: Migrated to 'BB-
    (ind)nm'/'F4(ind)nm' from 'BB-(ind)'/'F4(ind)';

  - INR20m non-fund based working capital limits: Migrated to 'BB-
    (ind)nm'/'F4(ind)nm' from 'BB-(ind)'/'F4(ind)'; and

  - INR16m treasury (forwards/options) limits: Migrated to 'BB-
    (ind)nm'/'F4(ind)nm' from 'BB-(ind)'/'F4(ind)'.

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


MILICO INTERNATIONAL: CRISIL Cuts Rating on Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Milico
International Ltd to 'D/P5' from 'B/Stable/P4'.  The downgrade
reflects instances of delay by Milico in servicing its debt; the
delays have been caused by Milico's weak liquidity as a result of
delay in stabilization of the company's formaldehyde manufacturing
unit.

   Facilities                          Ratings
   ----------                          -------
   INR60.00 Million Rupee Term Loan    D (Downgraded from
                                          'B/Stable')

   INR20.00 Million Cash Credit        D (Downgraded from
                                          'B/Stable')

   INR30.00 Million Letter Of Credit   P5 (Downgraded from 'P4')

Milico has a weak financial risk profile, marked by a weak capital
structure and below-average debt protection metrics. The company
is also exposed to risks related to volatility in raw material
prices and foreign exchange rates.  These rating weaknesses are
partially offset by the expected improvement in Milico's operating
efficiencies following the stabilization of the company's
formaldehyde manufacturing plant.

                      About Milico International

Incorporated in 1996 as a private limited company, Milico trades
in methanol and FQ acid; it also manufactures formaldehyde.

Milico reported a profit after tax (PAT) of INR0.8 million on net
sales of INR140.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR55.0 million for 2008-09.


PRAFFUL INDUSTRIES: ICRA Assigns 'LC' Rating to INR4.16cr Loan
--------------------------------------------------------------
ICRA has assigned long term rating of 'LC' to the INR4.16 crore
term loans and INR4.00 crore fund based limits of Prafful
Industries Private Limited.

The ratings factor in PIPL's experienced management with
significant track record  in the textile business, strong group
support, presence of group companies in various segments i.e
wholesale, retail and export, easy availability of raw materials
and steady demand prospects on account of its operations being
located in the textile hub of the country.  The ratings are
however constrained by the high competitive intensity of the
industry characterized by presence of a large number of players
which puts pressure on PIPL's margins and lack of brand visibility
as the company executes orders on job work basis which results in
low pricing power.  The rating is also constrained by the delays
in debt servicing.  Going forward, the ability of the company to
service its debt in a timely manner, achieve revenue growth and
improve its margins will remain key rating sensitivities.

                     About Prafful Industries

Prafful Industries Private Limited incorporated in 1992, has a
dying and printing facility located in GIDC (Gujarat Industrial
Development Corporation) Industrial area in "Sachin", Surat with a
capacity of 3 crore metres per annum.


PRAFFUL OVERSEAS: ICRA Assigns 'LC' Rating to INR90.08cr Loan
-------------------------------------------------------------
ICRA has assigned long term rating of 'LC' to the INR90.08 crore
term loans and INR18.30 crore fund based limits of Prafful
Overseas Private Limited.  ICRA has also assigned a short term
rating of 'A5' to the INR13 crore non fund based limits of Prafful
Overseas Private Limited.

The ratings factor in  POPL's  experienced management with
significant track record in the textile business, strong group
support, presence of group companies in various segments i.e
wholesale, retail and export,  easy availability of raw materials
and steady demand prospects on account of its operations being
located in the textile hub of the country.  The ratings are
however constrained by the high competitive intensity of the
industry profile characterized by presence of a large number of
players in the embroidery as well as nylon business which puts
pressure on POPL's margins and, lack of brand visibility as the
company executes orders on job work basis (embroidery division)
and does not make direct sales which results in low pricing power.
The rating is also constrained by the delays in debt servicing.
Going forward, the ability of the company to service its debt in a
timely manner and improve its capital structure will remain key
rating sensitivities.

                       About Prafful Overseas

Prafful Overseas Private Limited is involved in the carrying out
embroidery work on job work basis since 2001 and has also started
manufacturing of Nylon Filament yarn and Monofilament Yarn
through its Nylon division since March 2009.  The Embroidery
division is located in GIDC (Gujarat Industrial Development
Corporation) Industrial area in "Sachin", Surat and Nylon Division
in GIDC Panoli, Surat.


SAANIKA INDUSTRIES: CRISIL Upgrades Rating on LT Loan to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Saanika Industries Pvt Ltd to 'BB/Stable' from 'BB-/Stable'.
The rating on its short-term bank facilities has been reaffirmed
at 'P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR105.2 Million Long- Term Loan     BB/Stable (Upgraded from
                                                   'BB-/Stable')

   INR175 Million Cash Credit           BB/Stable (Upgraded from
                                                   'BB-/Stable')

   INR38.3 Million Proposed Fund-Based  BB/Stable (Upgraded from
                                Limits             'BB-/Stable')

   INR7.2 Million Bank Guarantee        P4+ (Reaffirmed)

The upgrade is driven by CRISIL's belief that SIPL will sustain
its improved business risk profile over the medium term; its
operating income is expected to continue to achieve growth, due to
an uptrend in man-made fibre industry.  SIPL increased its scale
of operations over the past two years while maintaining healthy
working capital position and operating efficiencies.

The ratings reflect SIPL's average financial risk profile, marked
by high gearing, low operating margin, and its limited pricing
power. These weaknesses are partially offset by SIPL's promoters'
extensive experience and established track record in the textile
business in Surat (Gujarat).

Outlook: Stable

CRISIL believes that SIPL will maintain its moderate business risk
profile over the medium term, supported by its increased scale of
operations and the uptrend in the man-made fibres industry.  The
outlook may be revised to 'Positive' in case of fresh equity
infusion, leading to improvement in net worth and gearing.
Conversely, the outlook may be revised to 'Negative' in case of a
larger-than-expected debt-funded capital expenditure programme or
significant decline in the operating margin, leading to further
deterioration in the capital structure and debt protection
metrics.

                      About Saanika Industries

SIPL, incorporated in February 2006, is a synthetic yarn-
processing unit based in Surat.  The company processes partially-
oriented yarn into polyester filament yarn.  The various varieties
the company manufactures are textured, twisted, intermingled
(low/high), non-intermingled, and dyed yarns. SIPL's management is
headed by Mr. Om Prakash Agarwal, who is assisted by members of
his family.

For 2009-10 (refers to financial year, April 1 to March 31), SIPL
reported a profit after tax (PAT) of INR18 million on net sales of
INR1.16 billion, as against a PAT of INR13 million on net sales of
INR817 million in the preceding year.


T & T MOTORS: Fitch Downgrades National Long-Term Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded India's T & T Motors Limited's
National Long-term rating to 'BB(ind)' from 'BBB-(ind)'.  The
Outlook is Stable.  The agency has simultaneously downgraded the
ratings on TTML's various instruments:

  - INR377.5m long-term debt: downgraded to 'BB(ind)' from 'BBB-
    (ind)';

  - INR1,130m fund-based working capital limits: downgraded to
    'BB(ind)/F4(ind)' from 'BBB-(ind)/F3(ind)'; and

  - INR25m non-fund based working capital limits: downgraded to
    'BB(ind)/F4(ind)' from 'BBB-(ind)/F3(ind)'.

The downgrades reflect the significant increase in TTML's
financial leverage and the decline in its profitability margins
due to higher selling and finance costs in FY10.  Fitch notes that
the change in credit policy of Mercedes Benz India for its dealers
from credit billing to cash billing led to a sharp increase in
TTML's working capital cycle.  This, along with a simultaneous
increase in capex programme in FY10, has resulted in higher-than-
anticipated borrowings for the company.  Though TTML gets
compensated by way of discounts on cash billing, the increase in
selling costs resulted in lower operating profitability during
FY10.  As a result of higher financing costs combined with lower
operating profitability, there has been a deterioration in fixed
cost coverage ratio (operating EBITDAR / gross interest + rent) to
1.39x at FYE10 (FYE09: 1.71x).

TTML's ratings factor in its exclusivity agreement with Daimler AG
('BBB+'/Positive) for all its dealership locations in i, National
Capital Region, Uttar Pradesh, Rajasthan and parts of Haryana
until December 2012, making it the largest dealer for Mercedes in
India and contributing around 25% of its total sales across India.
The ratings also benefit from TTML being a part of a well-
established group, together with other companies such as Talbros
Automotive Components Limited ('BBB+(ind)'/Stable), QH Talbros
Limited ('BBB(ind)'/Stable), Allied Nippon Limited, Nippon
Leakless Talbros Private Limited and La Femme.

Negative rating guidelines for TTML include a further increase in
working capital cycle or capex, leading to deterioration in
financial leverage.  Positive rating guidelines include an
improvement in working capital cycle or operating margins, or
equity infusion by the promoters, resulting in a decrease in
financial leverage.

Established in 1998, TTML is the largest dealership of Mercedes-
Benz passenger vehicles in India, with four showrooms, three
workshops and one body shop in Delhi and NCR region.  Apart from
these, the company has two authorized service stations - one each
in Jaipur and Lucknow.  In FY10, it registered revenues of
INR4161 million, operating EBITDA of 2.18% and net profit margin
of 0.6%.


TEXAS WOOLLEN: CRISIL Reaffirms 'BB+' Rating on INR80MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Texas Woollen Mills Pvt
Ltd continue to reflect TWM's small scale of operations, and the
expected deterioration in its financial risk profile on account of
proposed debt-funded capacity expansions.  These weaknesses are
partially offset by its promoters' industry experience.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR80.0 Million Term Loan            BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that TWM will continue to benefit from its
promoters' industry experience.  The outlook may be revised to
'Positive' if the company diversifies its customer profile, and
scales up its operations, thereby increasing its revenues.
Conversely, the outlook may be revised to 'Negative' if TWM's cash
accruals decline, or if it faces delays in stabilizing operations
at its expanded facilities.

                        About Texas Woollen

TWM, set up by Mr. Pankaj Takkar in 1992, manufactures acrylic
yarn (accounts for over 90 per cent of the company's operating
income) and polyester yarn (less than 10 per cent of operating
income).  The company's manufacturing facility in Ludhiana
(Punjab) has capacity to process 6000 kilograms (kg) per day of
acrylic yarn and 500 kg per day of polyester yarn.  The company
procures acrylic fibre, its primary raw material, from Vardhman
Acrylics Ltd (rated AA-/Stable/P1+ by CRISIL), Pasupati Acrylon
Ltd, and Indian Acrylics Ltd, and sells its products to local
dealers in the Ludhiana market.  The company is presently
undertaking expansions for increasing its capacities to around
12,000 kg per day, by March 2011.

For 2009-10 (refers to financial year, April 1 to March 31), TWM
reported a profit after tax (PAT) of INR2.6 million on net sales
of INR308 million, against a PAT of INR10.2 million on net sales
of INR275 million, the previous year.


VICTORY SPINNING: CRISIL Cuts Rating on INR57.9MM LT Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on Victory Spinning Mills Ltd's
bank facilities to 'D/P5' from B-/Negative/P4.  The downgrade
reflects instances of delays by VSML in repayment of interest
obligations on its term loans. The delays have been caused by the
company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR57.90 Million Long Term Loan     D (Downgraded from
                                          'B- /Negative')

   INR70.00 Million Cash Credit        D (Downgraded from
                                          'B-/Negative')

   INR1.80 Million Bank Guarantee      P5 (Downgraded from 'P4')

VSML is exposed to risks relating to small scale of operations,
fluctuating raw material prices and supplier concentration.  These
rating weaknesses are partially offset by the promoters'
experience in the viscose yarn industry.

Incorporated in 2003 by Mr. R Thangavelu and Mr. P S Sundaram,
VSML manufactures viscose fibre yarn, which finds application in
the apparel industry.  The company has production capacity of
18,144 spindles.

VSML reported a profit after tax (PAT) of INR 6 million on net
sales of INR 446 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR 8 million on net
sales of INR 344 million for 2008-09.


W. H. BRADY: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of W. H. Brady & Co. Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR37.5 Million Long Term Loan       BB+/Stable (Assigned)
   INR23 Million Cash Credit            BB+/Stable (Assigned)
   INR15.2 Million Proposed Long Term   BB+/Stable (Assigned)
                        Bank Facility
   INR15 Million Bank Guarantee         P4+ (Assigned)
   INR5 Million Letter of Credit        P4+ (Assigned)

The ratings reflect the Brady group's exposure to risks emanating
from low profitability of its core operations, and elongated
working capital cycle.  These rating weaknesses are partially
offset by the Brady group's established position in the material
handling equipment (MHE) industry, and the support that the
group's financial risk profile receives from a steady lease rental
stream from its Brady House property.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BMECL and WH Brady & Co Ltd, together
referred to as the Brady group.  This is because the two entities
are under common management, and have significant operational
synergies and fungible cash flows. Moreover, WHB holds about 80
per cent stake in BMECL.

Outlook: Stable

CRISIL believes that the Brady group will benefit over the medium
term from its established market position, and its promoters'
extensive experience in the MHE industry.  The outlook may be
revised to 'Positive' if the group significantly increases its
revenues and net cash accruals in its MHE manufacturing division,
while maintaining its debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if the Brady group's
operating margin or working capital cycle deteriorates further, or
if the group undertakes a larger-than-expected, debt-funded
capital expenditure programme.

                            About WHB

Set up in 1895 as a partnership firm by two Englishmen, Mr. Joseph
K and Mr. W H Brady, WHB (formerly, WH Brady & Co) was
reconstituted as a public limited company, renamed, and listed on
the Bombay Stock Exchange in 1913.  The company has been
controlled by the Mumbai (Maharashtra)-based Morarka family since
1960and is currently managed by Mr. Pawan Morarka. WHB trades in
MHE, such as chain pulley blocks and cranes, both for third-party
equipment manufacturers and for its majority owned subsidiary,
BMECL.  WHB also markets and distributes MHE manufactured by BMECL
in New Delhi and Coimbatore (Tamil Nadu). WHB also manufactures
and installs airport infrastructure such as airport seating chairs
and cargo handling systems. The company owns the Brady House
property at Fort in Mumbai. BMECL was set up in 1946 as a public
limited company; WHB holds about 80 per cent stake in BMECL. The
overall operations of the company are managed by Mr. Pawan
Morarka. The company is also listed on the Bombay Stock Exchange.
It manufactures MHE, including chain pulley blocks and cranes,
with total annual capacity of 4000 pulley blocks and 156 cranes at
its facilities in Vatva and Bareja (both in Gujarat).

The Brady group reported a profit after tax (PAT) of INR26.1
million on net sales of INR307.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR22.5
million on net sales of INR333.4 million for 2008-09.


* INDIA: Needs Strong Insolvency Laws, Expert Suggests
------------------------------------------------------
The Press Trust of India reports that India needs strong
insolvency laws to prevent customers from losing money when the
business runs in to trouble due to issues such as global
recession, a partner of a prominent law firm in India said.

"Insolvency law is required for India and the present law needs
changes.  It will instill confidence that if something happens,
you will get precisely what has been left," PTI quotes Ravi Nath,
Senior Partner with the law firm Rajinder Narain & Co., as saying.

Ravi Nath was speaking on "Corporate and Commercial law after the
Global Financial Recession" organised as part of the 17th
Commonwealth Law Conference which began yesterday in India.

Citing the Satyam fraud, Ravi Nath said it could have been a
perfect insolvency case had the government not stepped in at the
right time.


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


JLOC XXX: Fitch Downgrades Ratings on Various Trust Interests
-------------------------------------------------------------
Fitch Ratings has downgraded both classes of JLOC XXX Satellite
Trust's mezzanine trust beneficiary interests due April 2014, and
removed them from Rating Watch Negative.  The transaction is a
Japanese single-borrower type CMBS securitization.  The details of
the rating actions are:

  -- JPY8.3bn* Class 1 mezzanine TBIs downgraded to 'CCsf' from
     'CCCsf'; off RWN; Recovery Rating of 'RR6'; and

  -- JPY1bn* Class 2 mezzanine TBIs downgraded to 'CCsf' from
     'CCCsf', off RWN; Recovery Rating of 'RR6'.

  * as of February 3, 2011.

Both classes have been downgraded as a result of a review of the
operating performance of the collateral hotel properties, as well
as of the state and condition of the underlying asset, and
material provided by the servicer.  The property level analysis
shows Fitch's net cash flow assumptions revised down by 13.1%
compared to that applied in the December 2009 review, and were
below 31.6% from its initial assumptions.  Since the underlying
asset has been transferred to special servicing and the workout
process of selling the collateral properties has already begun,
the analysis has shifted its focus to recovery estimates and
timing of dispositions.  The downgrades to 'CCsf' indicate Fitch's
view that a principal loss of some kind is probable for these
classes.

Both TBIs, which are pari passu in payment priority, are
effectively backed by the junior portion TBI of a satellite trust,
which is secured by a TMK (Tokutei Mokuteki Kaisha) specified bond
whose collateral consists of 21 hotel properties.


JLOC XXX: Fitch Downgrades Ratings on All Four Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded all four classes of trust beneficiary
interests from JLOC XXX Trust due April 2014, and removed them
from Rating Watch Negative.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The details of the rating
actions are:

  -- JPY20.94bn* Class A TBIs downgraded to 'BBBsf' from 'AAsf';
     off RWN; Outlook Stable;

  -- JPY12.71bn* Class B TBIs downgraded to 'BBsf' from 'Asf'; off
     RWN; Outlook Stable;

  -- JPY19.9bn* Class C TBIs downgraded to 'CCCsf' from 'BBsf';
     off RWN; assigned a Recovery Rating of 'RR3' and

  -- JPY20bn* Class D TBIs downgraded to 'CCsf' from 'CCCsf'; off
     RWN; Recovery Rating revised to 'RR6' from 'RR4'.

  * as of 3 February 2011.

The rating actions are the result of a review of the two remaining
underlying assets.  For the liquidation-type underlying asset,
property disposition proceedings of the eight remaining properties
were updated.  This underlying asset went into default at end-
December 2010, but many of the preceding disposition negotiations
were unaffected.  The Class D TBIs have been downgraded to 'CCsf'
due to the likelihood of some principal loss on this asset as the
property dispositions enter late stages.

The downgrades of the Class A through C TBIs more reflect Fitch's
analysis of the other underlying asset, which is effectively
backed by a hotel portfolio.  A review of the operating
performance of the collateral hotel properties, the state and
condition of the underlying asset, and material provided by the
servicer was performed.  The property level analysis shows Fitch's
net cash flow assumptions revised down by 13.1% compared to that
applied in the December 2009 review, and were below 31.6% from its
initial assumptions.  Since the underlying asset has been
transferred to special servicing and the workout process of
selling the collateral properties has already begun, the analysis
has shifted its focus to recovery estimates and timing of
dispositions.  Concerns regarding ultimate recovery prospects of
this underlying asset, including those for the liquidity of
hotels, have led to the rating actions.

This transaction was originally a securitization of five TMK
(Tokutei Mokuteki Kaisha) specified bonds and a senior portion TBI
of a satellite trust, backed by a specified bond, and ultimately
backed by a total of 125 commercial properties located throughout
Japan.  To date, four specified bonds have been fully redeemed,
with several properties within the remaining underlying assets
being, or in the process of being sold.  The transaction is
currently backed by 29 properties.


L-JAC FIVE: S&P Puts Note Ratings on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on classes A and B issued under
the L-JAC Five Trust Beneficial Interest transaction and affirmed
its ratings on classes C to J-1.  On Aug. 17, 2010, S&P withdrew
the rating on class X based on the revised criteria for rating
interest-only securities issued on April 15, 2010.

Of the 13 loans (effectively 13 loans) that initially backed the
trust certificates, two loans have been repaid, and nine of the 11
remaining loans have defaulted.

So far, S&P has lowered its assumption with regard to the likely
collection amount from the properties backing the transaction's
remaining loans as required, and have reviewed its ratings on the
trust certificates accordingly.

S&P placed classes A and B on CreditWatch negative due to these
factors:

Given the status of collection operations undertaken by the
servicer for three of the nine loans that have defaulted (three
loans representing about 6.3%, 7.6%, and 12.3% of the total
initial issuance amount of the trust certificates), S&P believes
that there is mounting uncertainty over the recovery prospects of
the related collateral properties.

It is S&P's view that the cash flow from the property backing one
of the transaction's remaining loans, which is due to mature in
April 2011, may decline compared with S&P's assumption.  As such,
S&P need to review its assumption with respect to the likely
collection amount from the property in question after ascertaining
the status of property cash flow.

S&P intends to review its ratings on the classes that S&P placed
on CreditWatch negative after further reconsidering its assessment
of the recovery prospects of the properties backing the
aforementioned three defaulted loans and the loan maturing in
April 2011.

L-JAC Five is a multiborrower commercial mortgage-backed
securities transaction.  The trust certificates were originally
backed by 13 loans, and the loans were originally backed by 81
real estate properties and real estate beneficial interests.  The
transaction servicer is Premier Asset Management Co.  Standard &
Poor's ratings address the full payment of interest and the
ultimate payment of principal on the class A to J-1 trust
certificates by the transaction's legal final maturity date of
August 2015.

              Ratings Placed On Creditwatch Negative

               L-JAC Five Trust Beneficial Interest
         Floating-rate trust certificates due August 2015

Class  To                  From     Initial issue amount  Coupon type
-----  --                  ----     --------------------  -----------
A      A- (sf)/Watch Neg   A- (sf)  JPY41.5 bil.          Floating rate
B      B+ (sf)/Watch Neg   B+ (sf)  JPY7.2 bil.           Floating rate

                         Ratings Affirmed

    Class  Rating       Initial issue amount     Coupon type
    -----  ------       --------------------     -----------
    C      CCC (sf)     JPY6.1 bil.              Floating rate
    D-1    CCC (sf)     JPY1.7 bil.              Floating rate
    D-2    CCC (sf)     JPY1.75 bil.             Floating rate
    D-3    B- (sf)      JPY0.64 bil.             Floating rate
    E-1    CCC (sf)     JPY0.5 bil.              Floating rate
    E-2    CCC (sf)     JPY0.8 bil.              Floating rate
    F-1    CCC (sf)     JPY0.5 bil.              Floating rate
    F-2    CCC (sf)     JPY0.58 bil.             Floating rate
    G-1    CCC (sf)     JPY0.5 bil.              Floating rate
    G-2    CCC (sf)     JPY0.4 bil.              Floating rate
    H-1    CCC (sf)     JPY0.53 bil.             Floating rate
    I-1    CCC (sf)     JPY0.56 bil.             Floating rate
    J-1    CCC (sf)     JPY0.37 bil.             Floating rate



* JAPAN: Bankruptcy Figure Likely to Start Rising This Year
-----------------------------------------------------------
Bloomberg News, citing Tokyo Shoko Research Ltd, reports that
Japan's bankruptcies may start rising this year, ending 17 months
of declines through December, as government efforts to ease
corporate financing wane.

Bloomberg relates that the CHART OF THE DAY shows bankruptcies
fell 3 percent in December from a year earlier, the slowest pace
since August 2009, when the stretch of declines started.  It also
shows bank lending dropping even before the scheduled end this
quarter of government measures to aid companies by giving loan
guarantees and encouraging lenders to soften terms and conditions,
according to Bloomberg.

"Without new support measures, bankruptcies could surge and top
the annual record of 20,841 in 1984," Bloomberg quotes Nobuo
Tomoda, assistant general manager at Tokyo Shoko, as saying.
Mr. Tomoda said more bankruptcies "would worsen the employment
environment and have a negative psychological effect on
consumption" and as a result, may slow Japan's economic recovery,
Bloomberg reports.

Bloomberg notes that this could undermine expectations that
recovering exports along with the Bank of Japan's asset buying and
the recent JPY5.1 trillion (US$62.5 billion) of stimulus spending
are pushing Japan toward a sustainable economic expansion.

Mr. Tomoda said the economic recovery may not trickle down to many
smaller companies that have already lost their credit lines.  That
makes funding day-to-day operations costly and may also limit
their capacity to pay for new equipment they would need as the
economic rebounds, Mr. Tomoda added.


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


BEEBY CONSTRUCTION: Goes Into Liquidation
-----------------------------------------
Simon Hartley at the Otago Daily Times reports that Beeby
Construction has gone into liquidation.

The report says a spokesman confirmed that Beeby was placed in the
hands of Insolvency Management Ltd on Feb. 7, but no details will
be available until the receiver's first report is filed in about
six weeks.

According to the Otago Daily Times, the company was placed in
liquidation after an application to the High Court of Dunedin by
Dunedin-registered company P. L. Clarke Ltd, whose majority
shareholder is Paul Clarke, of Mosgiel.

Based in Dunedin, Beeby Construction is a construction and
contracting company that offers earthworks, retaining walls,
safety guardrails, bridge construction, truck and excavator hire,
pile-driving, site work and roading.


LOMBARD FINANCE: Insured Group Criticizes SC's Legal Action
-----------------------------------------------------------
TVNZ reports that Perth-based Insured Group, formed through the
reverse takeover of Lombard Group last year, has criticized the
Securities Commission for taking years to start civil proceedings
over alleged breaches by the failed finance company in 2008.

TVNZ says the Securities Commission is seeking up to NZ$1.3
million in penalties over Lombard's alleged failure in early 2008
to adequately disclose the impact of the financial position of its
then-subsidiary Lombard Finance and Investments.

According to TVNZ, the commission began civil proceedings against
four former Lombard directors last April after LFI went into
receivership in 2008 owing NZ$127 million to 4,400 investors.

"Compliance by listed companies with their continuous disclosure
obligations is vital to the integrity of the capital markets,"
TVNZ quotes commission investigations and litigation director
Sue Brown as saying.  "The commission therefore considered this
case warranted the current proceedings," she said, noting the
investigation had been long and complex.

TVNZ relates that Insured Group managing director Wayne Miller
said the commission gave no indication of the potential
proceedings over Lombard Group during the time of the reverse
takeover and had waited almost three years to take action.

"It is extraordinary that the Securities Commission has never
discussed this matter with us, nor provided details of the
allegations beforehand so that we might have an opportunity to
respond before the Securities Commission took the court action
that it has," TVNZ quoted Mr. Miller as saying.  "This does little
to engender confidence in the New Zealand capital markets, which
is particularly disappointing for us as a company that sought to
be listed in New Zealand, in contrast to the developing trend of
companies leaving the NZX for other exchanges."

TVNZ states that Australian Consolidated Insurance in March 2010
began the process to reverse list on the New Zealand stock
exchange through the then shell-company Lombard Group and move its
headquarters to Australia.

Lombard's residual assets were excluded from the transaction and
transferred to newly formed company First One Holdings, TVNZ adds.

Mr. Miller, as cited by TVNZ, said the remedies the commission was
seeking were discretionary even if the case was proved.

Insured Group's operating subsidiaries in Australia aren't
affected by the legal action.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MERCER GROUP: Underwriters Pick Up Rights Issue
-----------------------------------------------
The New Zealand Press Association reports that the underwriters of
Mercer Group Ltd's NZ$9 million rights issue are having to pay for
59% of the shares to make up for shareholders who did not take up
their rights to buy new shares.

According to NZPA, Allan Hubbard and Jean Hubbard and their
associated interests collectively hold 45.13% of Mercer but their
assets are in statutory management.  NZPA, citing a spokesman for
the statutory manager, says Hubbard Management Funds picked up a
small percentage of their entitlement.

NZPA notes that the rights issue was fully underwritten by Murray
Capital's Rakaia Fund and by Christchurch financier Humphry
Rolleston's Asset Management Ltd.  Mr. Rolleston is chairman of
Murray Capital, which is a private equity firm.

NZPA says that the stainless steel manufacturer has been
experiencing difficult trading conditions and the money raised in
the rights issue will be used to pay down a banking facility with
Westpac, pay loans to Gresham Finance, pay debt to director
Paul Hewitson and to fund working capital.

NZPA relates that the company said Monday that shareholders had
taken up rights to by 74 million shares, or 41% of the rights
issue.  Notice was given on Monday requiring the underwriters to
make payment for the 105.9 million shares, which was the shortfall
on the rights issue.  The shares were sold in the rights issue at
5c each.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2011, Mercer Group accepted an offer from Westpac to
extend its banking facilities to December 31, 2011.  The offer
provides for a reduction to the facility limits of NZ$1.5 million
out of the proceeds of the fully underwritten rights issue in
early 2011, NZ$1 million in July 2011 and NZ$3 million in
November 2011.

In May 2010, Mercer Group said it was considering a number of
refinancing options after breaching its banking covenant.

Established in 1882, Mercer Group designs, makes and distributes
stainless steel products for the industrial, dairy, commercial,
food processing, healthcare and residential buildings industries.
The Mercer group of companies are subsidiaries of the New Zealand
listed company Broadway Industries Limited (NZE:BWY).


TGR HELICORP: Former MP Sent to Jail for Contempt
-------------------------------------------------
Kelly Gregor at The New Zealand Herald reports that a bankrupt and
disgraced former National MP has been sentenced to one month in
jail after defying court orders and lying in court.

The NZ Herald relates that Trevor Rogers and his wife Glenda have
been embroiled in a dispute between the receivers of a company
they were directors of and owned the majority shareholding in
through a family trust.

According to the report, the dispute relates to the whereabouts of
intellectual property and other assets that belong to the company,
TGR Helicorp -- a helicopter manufacturer -- that the receivers
want back in order to repay creditors.

The NZ Herald says Justice Peter Woodhouse's judgment, which was
delivered in December, states that the couple defied court orders.

"I have come to the conclusion that Mr. and Mrs. Rogers have
continued to defy courts, lie to the court and that they do have
possession or control of the IP [intellectual property] and other
assets of TGR," Justice Woodhouse said.

The NZ Herald notes that the company had planned to build two
types of helicopters, the Snark, which was intended for military
use, and the Alpine Wasp, which was intended for high altitude
mountain rescue operations.

Trevor Rogers told the court during the hearing last year that the
Snark had the potential to "make millions and millions of
dollars," the NZ Herald recounts.

In the judgment it is revealed that the Rogers intended to move to
Switzerland and continue the business there. It also states that
Trevor Rogers considered the company's intellectual property his.

According to the NZ Herald, Justice Woodhouse said every drawing
of the Snark and Alpine Wasp parts that were ready for manufacture
were carefully kept in hard copy as well as electronic form.  It
is these drawings and associated technical data which constitutes
some of the missing intellectual property, the report notes.

TGR Helicorp went into receivership in 2007.


WELLINGTON PHOENIX: Owner Fights to Save Phoenix from Liquidation
-----------------------------------------------------------------
The New Zealand Press Association reports that Wellington Phoenix
owner Terry Serepisos is heading to Switzerland in a bid to save
the Phoenix soccer team and four of his other businesses as the
Inland Revenue Department seeks to liquidate them over debts of
more than NZ$3.5 million.

At a hearing at the High Court at Wellington on Friday,
Mr. Serepisos tried to stop the IRD from advertising plans to
liquidate his companies, but Justice Forrie refused and the IRD is
going ahead with its advertisements, NZPA relates citing The
Dominion Post.

NZPA says the court was told Mr. Serepisos was flying to Zurich
this week to sign loan documents enabling him to pay back IRD and
other creditors within three weeks -- assuming certain conditions
were met.

However, the IRD said Mr. Serepisos could not meet the conditions
-- which include that the companies being bailed out be solvent at
present -- and is going ahead with plans to recoup money which
includes unpaid Phoenix player's KiwiSaver contributions and PAYE,
according to NZPA.

NZPA notes that Mr. Seripisos's proposed repayment arrangement
also depended on some creditors accepting shortfalls, which some
had already agreed to do, the court was told.

A-League chief executive Lyall Gorman, said he remained confident
about Phoenix's future and he had been in regular contact with
Mr Serepisos.

Mr. Serepisos's other companies are Century City Hunter Street,
Century City Developments, Century City Management and Century
City Investments.

NZPA adds that Mr. Serepisos's lawyer, Justin Toebes, told the
court that IRD's liquidation advertisements could damage efforts
to refund the companies and could cause Century City Football,
which owns the Phoenix team, to lose its Phoenix license.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010, including Century City Football, which
owns the Wellington Phoenix.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.

Wellington Phoenix FC is a professional football team based in
New Zealand.


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


PHILIPPINE REALTY: Seeks to Exit Rehabilitation This Year
---------------------------------------------------------
BusinesWorld Online reports that Philippine Realty Holdings Corp.
is aiming to exit from rehabilitation this year.

BusinesWorld relates that the company told the stock exchange on
Tuesday that it filed a motion to terminate rehabilitation
proceeding "on account of the successful implementation of the
court-approved plan" with the Regional Trial Court of Quezon City
Branch 93.

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation was one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased to
PHP100 million from the initial PHP2 million to accommodate the
entry of new stockholders.  The Company's main real estate
activity since it started operations has been the development and
sale of residential/office condominium projects and to a limited
extent, the lease of commercial and office spaces.

The company applied for court-mandated debt rehabilitation in
December 2002 due to its failure to pay debts following the 1997
Asian crisis.

In June 2004, the court approved the proposed restructuring deal
for PHP2.24 billion in bank loans and the corporate
rehabilitation.


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


XODTEC LED: Amends Fiscal 2010 Report; Posts US$3.55MM Net Loss
---------------------------------------------------------------
On January 31, 2011, Xodtec LED, Inc. filed with the U.S.
Securities and Exchange Commission an amended annual report on
Form 10-K for the year ended February 28, 2010.  The amendment
reflects changes in the financial statements and the Management's
Discussion and Analysis of Financial Conditions and Results of
Operations and Item 9A "Controls and Procedures" only to the
extent that they relate to (i) the restated nature of the
Company's financial statements for February 28, 2010 and (ii) the
treatment of certain securities as derivative securities.

The restated statement of operations reflects a net loss of
US$3.55 million on 991,645 of revenue for the year ended
February 28, 2010, compared with a net loss of US$394,777 on
US$1.21 million of revenue during the previous year.

The restated balance sheet at Feb. 28, 2010, showed US$1.84
million in total assets, US$3.99 million in total liabilities and
a US$2.16 million stockholders' deficit.

In the original Form 10-K, the Company reported a net loss of
US$2.58 million on US$991,000 of revenue for fiscal 2010.  The
Company also disclosed US$1.84 million in assets and US$2.76
million of liabilities, for a stockholders' deficit of US$917,000
as of Feb. 28, 2010.

Simon & Edward, LLP, in City of Industry, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  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.

A full-text copy of the Amended 2010 Annual Report is available
for free at http://ResearchArchives.com/t/s?72cd

                         About Xodtec LED

Headquartered in Jhonghe City, 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.; 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.

The Company's balance sheet at November 30, 2010, showed
US$2.05 million in total assets, US$3.44 million in total
liabilities, and a US$1.38 million stockholders' deficit.


XODTEC LED: Amends May 31 Form 10-Q; Posts US$207,900 Loss
----------------------------------------------------------
On January 31, 2011, Xodtec LED, Inc., filed with the U.S.
Securities and Exchange Commission an amended quarterly report on
Form 10-Q for the quarterly period ended May 31, 2010, which was
filed with the SEC on July 20, 2010 and was amended by a Form 10-
Q/A, which was filed on December 10, 2010.  The amendment reflects
changes in the financial statements, Item 2 "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and Item 4 "Controls and Procedures" only to the
extent that they relate to (i) the restated nature of the
Company's balance sheet at February 28, 2010, and (ii) the
treatment of certain securities that were issued during the year
ended February 28, 2010 as derivative securities.

The restated statement of operations reflects a net loss of
US$207,900 on US$244,000 of revenue for the three months ended
May 31, 2010, compared with a net loss of US$897,000 on 230,000 of
revenue for the same period a year ago.

The restated balance sheet showed US$1.78 million in total assets,
US$3.35 million in total liabilities and US$1.57 million in total
stockholders' deficit.

In the original Form 10-Q, Xodtec LED reported a net loss of
US$614,000 on US$244,000 of revenue for the three months ended
May 31, 2010.  The balance sheet showed US$1.79 million in assets,
US$2.55 million of liabilities, and a stockholders' deficit of
US$736,000 at May 31, 2010.

A full-text copy of the Form 10-Q/A is available for free at
http://ResearchArchives.com/t/s?72ce

                         About Xodtec LED

Headquartered in Jhonghe City, 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.; 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.

The Company's balance sheet at November 30, 2010, showed
US$2.05 million in total assets, US$3.44 million in total
liabilities, and a US$1.38 million stockholders' deficit.

Simon & Edward, LLP, in City of Industry, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  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
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 18, 2011
  WHARTON RESTRUCTURING CLUB
     7th Annual Wharton Restructuring and Turnaround Conference
        The Union League, Philadelphia, Pa.
           Contact: http://whartonrestructuringconference.org/
                    Colin McGinnis -- mcginnic@wharton.upenn.edu
                    Adam Piekarski -- adamjp@wharton.upenn.edu
                    Avi Robbins -- arobb@wharton.upenn.edu

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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.





                 *** End of Transmission ***