TCRAP_Public/110211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 11, 2011, Vol. 14, No. 30

                            Headlines



A U S T R A L I A

ADVANCED HOSPITALITY: Enters Voluntary Liquidation on Feb. 3
ASHE MORGAN: Ferrier Hodgson Appointed as Receiver and Manager
PANJO DESTINATION: Goes Into Receivership, Owes AU$1.7 Million
PATTISON CONSULTING: Owner Faces ASIC Legal Action
VIRIDIS CLEAN: Placed In Administration as Recapitalization Fails


H O N G  K O N G

SKY GAINER: Chiu and Tsang Appointed as Liquidators
SUPPLY CHAIN: Creditors' Proofs of Debt Due March 2
TAI MING: Creditors' Proofs of Debt Due February 16
TOPSEAL COMPANY: Kong Chi How Johnson Steps Down as Liquidator
WELL EAST: Members' Final Meeting Set for March 3

WELLON SHIPPING: Creditors' Proofs of Debt Due March 2


I N D I A

AIROX NIGEN: CRISIL Places 'BB+' Rating on INR80MM Cash Credit
ARDEE BUSINESS: CRISIL Cuts Rating on INR50MM Term Loan to 'BB'
ASHISH CONSTRUCTIONS: CRISIL Assigns 'BB+' Rating to Term Loan
ATAM MANOHAR: CRISIL Reaffirms 'BB-' Rating on INR100MM LT Loan
EASTERN SILK: CRISIL Reaffirms 'BB' Rating on INR600MM Term Loan

ECO PROTECTION: CRISIL Assigns 'BB+' Rating to INR75MM Cash Credit
GANGOL SAHKARI: CRISIL Reaffirms 'BB-' Rating on Cash Credit Limit
KHAITAN WINDING: CRISIL Assigns 'BB+' Rating to INR84.6MM Loan
LEEDS SPINNING: CRISIL Raises Rating on INR208.2MM Loan to 'BB-'
OMAX STEELS: CRISIL Assigns 'D' Rating to INR370MM Cash Credit

PRABHAT STEEL: CRISIL Reaffirms 'BB+' Rating on INR20M Cash Credit
RAMESH MEGHJI: CRISIL Assigns 'BB' Rating to INR42MM Term Loan
RAVIRAJ FOILS: CRISIL Assigns 'B-' Rating to INR35-Mil. LT Loan
SAHUWALA FLOUR: CRISIL Reaffirms 'B+' Rating on INR49.89MM Loan
SKB BUILDERS: CRISIL Reaffirms 'BB+' Rating on INR110M Cash Credit

SSD OIL: CRISIL Reaffirms 'BB-' Rating on INR103.3-Mil. LT Loan
SP ENGINEERS: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit
VALLABH TINPLATE: CRISIL Rates INR499.7 Million Term Loans at 'BB'


J A P A N

* Japan's Corporate Bankruptcies Drop 2.06% on Year in January


K O R E A

KOREA LINE: Revises Down Price for Convertible Bond Holders
SAMSUNG MOTORS: Appeals Court Order to Pay Order Creditors


M A L A Y S I A

NAM FATT: Sell 87.97% Stake in Swissma Building for MYR600,000
VTI VINTAGE: High Court Grants 91-Days Restraining Order


N E W  Z E A L A N D

BRIDGECORP: Receivers Won't Appeal Security Cost Order
CRAFAR FARMS: Plateau Farms Goes Into Liquidation


N E P A L

SAMJHANA FINANCE: NRB Places Firm In Liquidation
UNITED DEVELOPMENT: NRB Declares UDB as 'Troubled Bank'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


ADVANCED HOSPITALITY: Enters Voluntary Liquidation on Feb. 3
------------------------------------------------------------
Thomas Chamberlin at goldcoast.com.au reports that Wendy Van
Alphen placed her business, Advanced Hospitality Pty Ltd., into
voluntary liquidation on February 3.

The report said that the liquidation came after the iconic
Tigerlily Cafe at Chevron Island closed down with debts of more
than AU$62,000 late last month.

Citing documents from the liquidator, Vincents Chartered
Accountants, goldcoast.com.au discloses that the company owed 25
creditors AU$62,620.  This includes AU$25,000 to the Australian
Tax Office, AU$7,000 to Global Food and Wine, AU$6,900 to Coastal
Fresh, AU$2,900 to Creative Coffee, AU$1,500 to Caldwell Eggs and
AU$1,100 to TSS Review, and more than AU$4,500 to the landlord.

Ms. Van Alphen, who became owner of the cafe in 2006 was listed in
liquidator documents as the sole director and secretary of
Advanced Hospitality, according to goldcoast.com.au.

A meeting of creditors has been called for February 14 at the
Brisbane office of Vincents Chartered Accounts, goldcoast.com.au
adds.

According to the report, liquidator Nick Combis said he was
uncertain if the business could be sold but said it was closed
down before he was appointed.


ASHE MORGAN: Ferrier Hodgson Appointed as Receiver and Manager
--------------------------------------------------------------
Ryan Eagle and Peter Gothard of Ferrier Hodgson were appointed
receivers and managers to Ashe Morgan Capital No. 2 Pty Ltd, as
trustee for Ashe Morgan Property Securities Fund, and Ashe Morgan
Capital Holdings No. 2 Pty Ltd on January 19, 2011, to the Charged
Property under and as defined in the fixed and floating charge
created by the Companies in favor of P.T. Limited.

The receivers are working to maximize the realizations from each
of the property developments.


PANJO DESTINATION: Goes Into Receivership, Owes AU$1.7 Million
--------------------------------------------------------------
Macarthur Chronicle reports that Panjo Destination Centre 4
Children was placed into receivership on Feb. 7, 2011.  The report
relates that a Sydney accounting firm has been appointed receivers
and managers of the Grange Road property.

The report stated that the company would continue to work with all
stakeholders involved while completing works in an effort to
complete the property and present it for sale.

The report also notes that construction on the AU$50 million
project started in the second half of 2008.  However, Macarthur
Chronicle relates, it floundered in late 2009 amid reports that
sub-contractors had walked off the job alleging they had not been
paid.

Macarthur Chronicle recounts that in Feb. 2010, developer Anthony
Panzarino said the project was eight weeks from being completed.
The report relates that Mr. Panzarino said the company was
attempting to weather the fallout of the global economic crisis
and owned creditors AU$1.7 million.

Work recommenced last September but ground to a halt again before
Christmas, the report adds.

Panjo Destination Centre 4 Children is a AU$50 million project in
Leumeah, Grand Road, Sydney.  It consists of a themed children's
centre featuring a dance studio, swimming pool, ice rink, gym and
restaurants.


PATTISON CONSULTING: Owner Faces ASIC Legal Action
--------------------------------------------------
Leonie Wood at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission has launched
Victorian Supreme Court action to bar Melbourne-based liquidator
Paul Pattison from practising after his own firm, Pattison
Consulting, sank into liquidation last year.

According to SMH, Mr. Pattison owes about AU$2.5 million to
Bankwest and at least AU$1.5 million to the Tax Office for unpaid
business tax, interest and penalties incurred in his practice,
which until April traded as Pattison Consulting.

SMH relates that Mr. Pattison still operates as a bankruptcy
trustee and liquidator through his new practice, Pattison Business
Reconstruction and Insolvency Services, and he controls at least
100 files on company insolvencies and hundreds more on personal
bankruptcies.

But ASIC's court move precipitated an urgent meeting on Feb. 8 of
the board of the professional body governing liquidators, the
Insolvency Practitioners Association of Australia (IPA), which
immediately suspended Mr. Pattison's membership and began its own
disciplinary proceedings against him, according to SMH.

SMH notes that Mr. Pattison's circumstances have underscored
concerns about disciplinary procedures within the insolvency
industry and refocused attention on a profession still reeling
from allegations about rogue practitioners and adverse findings
last year by a Senate inquiry.

The liquidator in charge of Pattison Consulting believes the
practice may have traded while insolvent for almost three years,
the report adds.

SMH discloses that Mr. Pattison's employees are claiming hundreds
of thousands of dollars in unpaid wages, accrued leave and
outstanding superannuation entitlements, and a further AU$105,000
is owed to an associated company, Pattison (Australia) Pty Ltd,
which is also in liquidation.

According to SMH, ASIC is investigating Mr. Pattison for possible
breaches of sections 180, 181, 183 of the Corporations Act, which
relate to fiduciary duties, 596AB regarding avoidance of employee
entitlements, and 588G, which is the requirement not to trade
while insolvent.

SMH says ASIC wants the court to order Mr. Pattison to stop
practising until he can show he has the capacity to "adequately
and properly carry out his duties as a liquidator".  It also wants
arrangements made for his current files to be distributed among
other liquidators, and for a receiver to be appointed to his new
PBRIS practice, the report notes.

SMH discloses that Mr. Pattison has been a registered liquidator
since 1984 and an official liquidator of the Federal Court and the
Victorian Supreme Court for almost 20 years.

According to the report, Pattison Consulting was put into what is
known as a member's voluntary liquidation in April 2010 on the
understanding that it would repay its debts within 12 months.

Mr. Pattison and Pattison Consulting's then liquidator, Stirling
Horne of Lawler Draper Dillon, agreed Mr. Pattison could transfer
all the insolvency and bankruptcy files of the old business to his
new firm, allowing him to generate income to repay creditors, SMH
reports.

But after Mr. Pattison failed to remit any sums to Mr. Horne by
October, SMH says, Bankwest appointed receivers and Mr. Horne
moved to appoint a new administrator, Peter Vince of Vince &
Associates.  SMH notes that both Bankwest and Mr. Vince opposed
Mr. Pattison's plan for a deed of company arrangement, and
creditors voted in early December to liquidate his firm.

SMH adds that Mr. Vince told creditors the firm suffered from a
lack of cash flow, high overheads, insufficient working capital
and "poor strategic management", and that it may have been
insolvent since May 2007.

Pattison Consulting Pty Ltd provides a range of services in
Personal and Corporate Insolvency Administration, Bankruptcy,
Litigation Support and Investigative Accounting.


VIRIDIS CLEAN: Placed In Administration as Recapitalization Fails
-----------------------------------------------------------------
James Thomson at SmartCompany reports that Viridis Clean Energy
has been placed in administration after failing to complete a
recapitalization of the company.

SmartCompany says the director of Viridis Clear Energy appointed
administrators Daniel Bryant and Nicholas Martin of insolvency and
advisory firm PPB Advisory late on February 4, after a long battle
to try and reduce the company's debt load by selling assets.

While the company's shares hovered above AU$1 for much of 2007,
says SmartCompany, the arrival of the global financial crisis and
a downturn in the fortunes of the clean energy sector left the
company exposed with net debt of almost AU$260 million in mid-
2008.

According to SmartCompany, the company has been on an asset sale
program ever since and also internalized management of the fund in
2009.

After the company entered a trading halt on February 1,
SmartCompany notes, it announced it had completed the sale of its
U.S. landfill gas-to-energy business on February 2.

SmartCompany notes that the $7.4 million raised in this sale was
used to pay down debt, reducing the level of outstanding
borrowings to $7.3 million.

The company's British lenders had repeatedly extended the deadline
by which Viridis needed to pump a further AU$6.5 million into the
business, SmartCompany notes.  Recently, the deadline had been
pushed back to January 31, and then pushed again to February 28.
However, it appears time has finally run out.  The directors have
now placed six companies related to Viridis in administration.

PPB Advisory said it would be business at usual as the fund while
a review of operations was launched.

                          About Viridis Clean

Based in Australia, Viridis Clean Energy Group (ASX:VIR) --
http://www.viridisenergy.com -- is engaged in investing in and
managing a global portfolio of clean energy assets.  VCEG's
investment focus is on assets that generate electricity or other
consumable energy from renewable, waste or inherently low-emission
energy sources, including wind, hydro, biomass, geothermal, solar,
waste fuel, coal seam methane and natural gas.  VCEG consists of
two stapled Australian registered managed investment schemes,
Viridis Clean Energy Trust I (VCET I) and Viridis Clean Energy
Trust II (VCET II). On November 26, 2009, the Company sold its
interest in its 82 mega watts German wind farm portfolio.


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


SKY GAINER: Chiu and Tsang Appointed as Liquidators
---------------------------------------------------
Chiu Koon Shou and Tsang Fan Wan on January 20, 2011, were
appointed as liquidators of Sky Gainer Industrial International
Limited.

The liquidators may be reached at:

         Messrs. Chiu Koon Shou
         Tsang Fan Wan
         10/F, Dah Sing Life Building
         Voeux Road
         Central, Hong Kong


SUPPLY CHAIN: Creditors' Proofs of Debt Due March 2
---------------------------------------------------
Creditors of Supply Chain Solutions (Hong Kong) 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 commenced wind-up proceedings on January 21, 2011.

The company's liquidators are:

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


TAI MING: Creditors' Proofs of Debt Due February 16
---------------------------------------------------
Creditors of Tai Ming Rubber Manufactory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 16, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fok Hei Yu
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


TOPSEAL COMPANY: Kong Chi How Johnson Steps Down as Liquidator
--------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Topseal Company
Limited on January 4, 2011.


WELL EAST: Members' Final Meeting Set for March 3
-------------------------------------------------
Members of Well East Trading Limited will hold their final meeting
on March 3, 2011, at 10:30 a.m., at 602 The Chinese Bank Building,
61-65 Des Voeux Road, Central, in Hong Kong.

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


WELLON SHIPPING: Creditors' Proofs of Debt Due March 2
------------------------------------------------------
Creditors of Wellon Shipping 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 commenced wind-up proceedings on January 25, 2011.

The company's liquidator is:

         Cheng Faat Ting Gary
         8/F, Richmond Commercial Building
         109 Argyle Street
         Mongkok, Kowloon
         Hong Kong


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


AIROX NIGEN: CRISIL Places 'BB+' Rating on INR80MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Airox Nigen Equipments Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR80.0 Million Cash Credit             BB+/Stable (Assigned)
   INR7.5 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR39.4 Million Term Loan               BB+/Stable (Assigned)
   INR100.0 Million Bank Guarantee         P4+ (Assigned)
   INR2.1 Million Proposed Short Term      P4+ (Assigned)
                   Bank Loan Facility

The ratings reflect ANEPL's large working capital requirements,
and modest financial risk profile, marked by small net-worth.
These weaknesses are partially offset by the extensive experience
of ANEPL's promoters in the compressed air and gas equipments
business.

Outlook: Stable

CRISIL believes that ANEPL will benefit over the medium term from
its established customer relationships and the extensive industry
experience of its promoters.  Its financial risk profile is,
however, expected to remain modest over the medium term due to the
large ongoing debt-funded capital expenditure (capex) programme
and large working capital requirements.  The outlook may be
revised to 'Positive' in case operations of its ongoing capex
stabilise earlier than expected, leading to more-than-expected
growth in topline and improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
cost or time overruns in the capex or if working capital
requirements increase significantly, leading to additional debt,
and consequently a weaker financial risk profile.

                         About Airox Nigen

ANEPL was incorporated in 1994 by Mr. Anil Agarwal.  The company
manufactures compressed air and gas equipment, such as hydrogen
plants, nitrogen pumps and air dryers.  The company has three
manufacturing facilities in Gujarat.  The equipment ANEPL
manufactures find use in the packaging, pharmaceutical, textile
industries, and in power plants.  Additionally, the company offers
after-sales service and spare parts to its clients.

ANEPL is in the process of expanding its capacity.  The company is
setting up a plant in Rewari (Haryana) at a cost of INR43.3
million, funded by debt of INR30 million and balance through
promoters' contribution and internal accruals.  The new plant will
manufacture hydrogen plants and is expected to commence operations
in January 2011.

ANEPL reported a profit after tax (PAT) of INR12 million on net
sales of INR341.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.2 million on net
sales of INR178.1 million for 2008-09.


ARDEE BUSINESS: CRISIL Cuts Rating on INR50MM Term Loan to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ardee Business Services Pvt Ltd (Ardee; part of the Ardee
group) to 'BB/Stable' from 'BB+/Stable'.  The rating on the short-
term bank loan facilities has been reaffirmed at 'P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Term Loan           BB/Stable (Downgraded from
                                               'BB+/Stable')

   INR170 Million Cash Credit        BB/Stable (Downgraded from
                                                'BB+/Stable')

   INR180 Million Letter of Credit   P4+ (Reaffirmed)
   INR56 Million Bank Guarantee      P4+ (Reaffirmed)

The downgrade reflects the continued weak performance of Ardee's
subsidiaries and its weak liquidity, marked by high bank limits
utilisation and weak debt protection metrics.

The ratings also reflect the Ardee group's weak financial risk
profile, large working capital requirements, its exposure to
cyclicality in the steel industry, and its sub-par operating
margin.  These weaknesses are mitigated by the Ardee group's
favourable position in the sensors market and good research and
development capabilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Ardee, its subsidiaries, Ardee Business
Services (Tianjin) Pvt Ltd, Ardee Business Services (Inner
Mongolia) Pvt Ltd, and its associate company, Ardee Boards Pvt
Ltd.  This is because the entities, together referred to as the
Ardee group, have close operational and financial linkages.

Outlook: Stable

CRISIL believes that the Ardee group will maintain its debt
protection metrics and liquidity at levels commensurate with its
rating category, backed by its favorable position in the sensors
market.  The outlook may be revised to 'Negative' in case of
decline in the group's profitability and sustained pressure on its
debt protection metrics.  Conversely, the outlook may be revised
to 'Stable' in case of significant improvement in its operating
performance, profitability and working capital management.

                         About the Group

Ardee manufactures sensors used for measuring temperature and gas
content in molten iron and steel and cored wire that is used to
inject alloys in molten iron and steel.  The company has
manufacturing units in Rourkela (Orissa), Pen-Khapoli
(Maharashtra), and Vishakapatnam (Andhra Pradesh), and two wholly-
owned subsidiaries in China.

Ardee, on a standalone basis, reported a profit after tax (PAT) of
INR20.5 million on net sales of INR727.4 million in 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR24.8 million on net sales of INR666.9 million in 2008-09.


ASHISH CONSTRUCTIONS: CRISIL Assigns 'BB+' Rating to Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Ashish Constructions.

   Facilities                          Ratings
   ----------                          -------
   INR25.0 Million Cash Credit Limit   BB+/Stable(Assigned)
   INR29.7 Million Term Loan Limit     BB+/Stable(Assigned)
   INR35.3 Million Bank Guarantee      P4+(Assigned)

The ratings reflect AC's concentrated revenue profile, small scale
of operations, and the fragmented nature of the road construction
industry.  These weaknesses are partially offset by the
longstanding presence of AC's promoters in the industry, and its
moderate financial risk profile, marked by low gearing and healthy
debt protection metrics.

Outlook: Stable

CRISIL believes that AC will benefit over the medium term from the
experience of its proprietor in the road construction business.
The outlook may be revised to 'Positive' in case the firm is able
to achieve strong revenue growth while maintaining its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case of delays in the execution of projects or low
profitability from future projects or higher than expected gearing
levels leading to pressure on its financial risk profile.

                    About Ashish Constructions

Set up in 1992, AC is a proprietorship concern managed by Mr.
Ashish J Rai.  The firm undertakes construction of civil works,
particularly roads.  It has executed road construction and
maintenance projects for various state government departments and
the industrial sector.

AC reported a book profit of INR12.8 million on net sales of
INR154 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR10.8 million on net sales
of INR149 million for 2008-09.


ATAM MANOHAR: CRISIL Reaffirms 'BB-' Rating on INR100MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atam Manohar Ship
Breakers Pvt Ltd continue to reflect AMSBPL's exposure to risks
related to downturns and intense competition in the ship-breaking
industry, and to unfavorable regulatory changes.   These rating
weaknesses are partially offset by the stability in AMSBPL's
revenues and cash flows supported by the company's trading
operations, and the extensive experience of AMSBPL's promoters in
the ship-breaking industry.

   Facilities                            Ratings
   ----------                            -------
   INR80.0 Million Cash Credit Limit     BB-/Stable (Reaffirmed)
   INR100.0 Million Proposed Long-Term   BB-/Stable (Reaffirmed)
                    Bank Loan Facility
   INR320.0 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AMSBPL will benefit from healthy revenue
visibility driven by near-term growth prospects in the ship-
breaking industry.  The outlook may be revised to 'Positive' if
AMSBPL scales up its operations and improves its profitability on
a sustained basis.  Conversely, the outlook may be revised to
'Negative' if the company incurs losses because of a significant
decline in steel prices or fluctuations in the value of the Indian
rupee.

Update

AMSBPL's operating income remained stagnant on a year-on-year
basis, with sales of INR538 million in 2009-10 (refers to
financial year, April 1 to March 31), against those of previous
year.  During 2010 the company purchased five ships with an
estimated tonnage of 37,197, and sold scrap worth 28,478 tonnes.
AMSBPL's overall financial risk profile has remained moderately
weak, driven by the company's small net worth of INR67 million as
on March 31, 2010 and low operating margin of 1.1 per cent for
2009-10, with the latter resulting in the company's interest
coverage ratio remaining weak at 1.43 times during 2009-10.
Additionally, the purchase of a 9,342-tonne ship named Snow Land
at the end of 2009-10, resulted in deterioration of the company's
total outside liabilities to tangible net worth ratio to 4.99
times as on March 31, 2010 from 3.45 times as on March 31, 2009.

AMSBPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR537.5 million for 2009-10, against a PAT of INR1.6
million on net sales of INR535 million for 2008-09.

                         About Atam Manohar

Incorporated in 1997, AMSBPL, part of the Jain group, undertakes
ship-breaking activities, with capacity to break ships ranging
from 800 tonnes to 50,000 tonnes at its 1,350-square-metre plot at
the port of Alang (Gujarat), which is the leading centre of the
ship breaking and recycling industry in Asia.  The company also
trades in scrap and steel.


EASTERN SILK: CRISIL Reaffirms 'BB' Rating on INR600MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Silk Industries
Ltd continue to reflect ESIL's geographically concentrated
revenues, and exposure to risks related to shortage, and
volatility in prices, of raw silk, and to fluctuations in foreign
exchange rates, and high working-capital-intensive operations.
These rating weaknesses are partially offset by ESIL's established
presence as a silk exporter, and moderate financial risk profile
marked by a healthy net worth and comfortable gearing, albeit
constrained by weak debt protection metrics.

   Facilities                         Ratings
   ----------                         -------
   INR600.0 Million Long-Term Loan    BB/Negative (Reaffirmed)
   INR246.0 Million Proposed LT       BB/Negative (Reaffirmed)
               Bank Loan Facility
   INR3000.0 Million Packing Credit   P4+ (Reaffirmed)
   INR869.0 Million Bank Guarantee/   P4+ (Reaffirmed)
                  Letter of Credit

Outlook: Negative

CRISIL believes that ESIL's business risk profile will continue to
remain under pressure because of sluggish demand from the export
market in which it operates and exposure to shortage of raw
material.  The ratings may be downgraded in case of any further
deterioration in ESIL's working capital cycle, or if the
profitability declines from present levels, thereby impacting the
overall credit risk profile of the company.  Conversely, the
outlook may be revised to 'Stable' in case ESIL's recently
enhanced capacities optimise operations, adding to the cash
accruals, or if there is significant improvement in the company's
liquidity.

                        About Eastern Silk

Set up in 1946, ESIL manufactures silk yarn, fabrics and made-ups,
home furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics.  Over the years, the company has
bagged various awards from export promotion councils and is also
recognised as a Golden Star Trading House by the Government of
India.  In September 2010, ESIL successfully added capacities and
modernised its capacity at Anekal in Bengaluru (Karnataka) at an
outlay of about INR800 million.  Currently, the plant has a total
capacity of 20 million meters per annum (mpa) of fabric weaving
which has increased from 18.4 million mpa.

For 2009-10 (refers to financial year, April 1 to March 31), ESIL
reported a net profit of about INR57 million on net revenues of
about INR5.5 billion, against a net profit of about INR190 million
on net revenues of about INR5.1 billion for the preceding year.
For the six months ended September 30, 2010, ESIL reported net
loss of about INR4 million (un-audited) on net revenues of about
INR3.3 billion (un-audited).


ECO PROTECTION: CRISIL Assigns 'BB+' Rating to INR75MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank loan
facilities of Eco Protection Engineers Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR75.00 Million Cash Credit       BB+/Stable (Assigned)
   INR100.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect EPE's large working capital requirements,
modest scale of operations, low revenue diversity, and exposure to
intense competition in the water and waste management sector.
These rating weaknesses are partially offset by EPE's moderate
financial risk profile marked by a moderate gearing and above-
average debt protection metrics.  The ratings also factor in the
extensive experience of EPE's promoters in wastewater treatment
projects and the company's healthy order book.

Outlook: Stable

CRISIL believes that EPE will benefit over the medium term from
its healthy order book, its comfortable capital structure, and its
promoters' extensive industry experience.  The outlook may be
revised to 'Positive' if EPE significantly scales up its
operations, diversifies its revenue profile, and improves its
working capital management and profitability.  Conversely, the
outlook may be revised to 'Negative' if EPE faces significant
pressure on its revenues and profitability, undertakes a larger-
than-expected, debt-funded capital expenditure, reports
deterioration in liquidity because of large incremental working
capital requirements, or faces delays in realization of
receivables.

                         About Eco Protection

Set up as Eco Protection Engineers, a proprietorship concern, in
1999 by Mr. C. Chandrasekhar, EPE was reconstituted as a private
limited company in 2009.  The Chennai (Tamil Nadu)-based company
implements waste management projects including design,
construction, and maintenance of water/sewerage/effluent treatment
plants for corporations, municipalities, water supply and sewerage
boards, and corporate bodies.  EPE had an order book of about
INR1.8 billion as on January 25, 2011.

EPE reported a profit after tax (PAT) of INR16 million on net
sales of INR393 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR12 million on net sales
of INR263 million for 2008-09.


GANGOL SAHKARI: CRISIL Reaffirms 'BB-' Rating on Cash Credit Limit
------------------------------------------------------------------
CRISIL's rating on Gangol Sahkari Dugdh Utpadak Sangh Ltd's bank
facility continues to reflect Gangol's weak financial risk profile
marked by high gearing and small net worth, and vulnerability of
its revenues and profitability to government regulations and
competition.  These weaknesses are partially offset by Gangol's
moderate business risk profile, and its established track record
in the dairy industry.

   Facilities                           Ratings
   ----------                           -------
   INR110 Million Cash Credit Limit     BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Gangol's business risk profile will remain
stable over the medium term owing to its established presence in
the dairy business.  Its financial risk profile is expected to
remain constrained due to high gearing and small net worth.  The
outlook may be revised to 'Positive' in case the company improves
its profitability supported by higher turnover leading to improved
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case the company's cash accruals and financial risk
profile deteriorate because of a decline in operating margin.

                         About Gangol Sahkari

Gangol is a milk cooperative based in Meerut (Uttar Pradesh),
working under the Pradeshik Cooperative Dairy Federation.  The
company procures milk from about 700 primary cooperative
societies, processes it, and sells various milk products under
PCDF owned brand Parag.  It also does job work for Mother Dairy.
Gangol has a milk processing capacity of about 350,000 litres per
day (lpd).  Of this there is a manufacturing capacity of 250,000
lpd of packaged milk, 15 tonnes per day (tpd) of butter, 10 tpd of
ghee, 30 tpd of milk powder (including skimmed and whole milk
powder), 1 tpd of paneer, and 0.6 tpd of mawa.  Packaged milk
contributes to about 90 per cent of its total sales.

Gangol reported a profit after tax (PAT) of INR5 million on net
sales of INR1906 million for 2009-10, against a PAT of
INR15 million on net sales of INR1998 million for 2008-09.


KHAITAN WINDING: CRISIL Assigns 'BB+' Rating to INR84.6MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Khaitan Winding Wire Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB+/Stable (Assigned)
   INR84.60 Million Term Loan          BB+/Stable (Assigned)
   INR136.90 Million Proposed LT       BB+/Stable (Assigned)
              Bank Loan Facility
   INR60.00 Million Letter of Credit   P4+ (Assigned)
   INR5.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect KWWPL's average financial risk profile,
constrained by small net worth and average debt protection
metrics, and high fragmentation in the winding wire business.
These weaknesses are partially offset by the experience of KWWPL's
promoters in the winding wires business and its established
relationship with customers.

Outlook: Stable

CRISIL believes that KWWPL will benefit over the medium term from
its established customer relationships and the industry experience
of its promoters.  The outlook may be revised to 'Positive' if
KWWPL's financial risk profile improves significantly, driven by
increasing cash accruals.  Conversely, the outlook may be revised
to 'Negative' if the company undertakes a large, debt-funded
capital expenditure programme, or if its profitability and
consequently, its cash accruals, significantly decline, resulting
in deterioration in its financial risk profile.

                        About Khaitan Winding

KWWPL, incorporated in 1990, manufactures winding wire and copper
wire.  Around 75 per cent of its revenues are generated from the
sale of enameled copper wires; the remainder is from copper wires.
KWWPL's wire manufacturing unit in Parganas (West Bengal) has a
capacity of 1200 tonnes per annum (tpa); the plant is operating at
around 90 per cent capacity utilisation levels.  The company is
setting up another unit, in Howrah (West Bengal), to increase its
capacity by more than 3000 tpa.  The total cost of the project is
around INR120 million; and is expected to be operational by March
2011.

KWWPL group reported a profit after tax (PAT) of INR9.7 million on
net sales of INR507.5 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR5.6 million on
net sales of INR401.0 million for 2008-09.


LEEDS SPINNING: CRISIL Raises Rating on INR208.2MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Leeds
Spinning Mills Pvt Ltd to 'BB-/Stable/P4+' from 'C/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR208.2 Million Long-Term Loan    BB-/Stable (Upgraded from
                                                   'C')
   INR130.0 Million Cash Credit       BB-/Stable (Upgraded from
                                                  'C')
   INR30.0 Million Bills Discounted   P4+ (Upgraded from 'P4')
   INR12.5 Million Bank Guarantee     P4+ (Upgraded from 'P4')
   INR65.0 Million Letter of Credit   P4+ (Upgraded from 'P4')

The upgrade reflects significant improvement in LSMPL's revenues
and cash accruals, resulting in improvement in its liquidity.
LSMPL reported net sales of INR281 million for the eight months
ending November 2010, against INR390 million for 2009-10 (refers
to financial year, April 1 to March 31).  The improvement in
liquidity is reflected in lowering in its fund-based bank limits
utilisation to around 65 per cent on an average through the 12
months ended November 2010.  The upgrade also reflects CRISIL's
belief that LSMPL will maintain its financial risk profile
(including liquidity) at the improved level over the medium term.

The ratings reflect LSMPL's susceptibility to adverse movements in
raw material prices and to power shortages. These rating
weaknesses are partially offset by LSMPL's moderate financial risk
profile and benefits that the company derives from the experience
of its management.

Outlook: Stable

CRISIL believes that LSMPL will maintain its financial risk
profile in the medium term, supported by its moderate gearing and
debt protection metrics.  The outlook may be revised to 'Positive'
in case of sustained increase in LSMPL's scale of operations and
improvement profitability. Conversely, the outlook may be revised
to 'Negative' if the company's capital structure weakens because
of larger-than-expected debt-funded capital expenditure or its
margins decline sharply.

                        About Leeds Spinning

LSMPL, incorporated in 1994, is the flagship company of the Leeds
group, promoted by Mr. R Palanisamy. LSMPL is based in Tirupur
(Tamil Nadu), and is into production of cotton yarn, grey woven
fabrics, and knitted cloth. The company has 23,040 spindles, 29
knitting machines, and 22 looms. LSMPL also has 15 windmills, of
which 8 are in Erode, while the rest are in Kanyakumari (both in
Tamil Nadu).

LSMPL reported a profit after tax of INR15.07 million on net sales
of INR382.78 million for 2009-10, against a net loss of INR37.90
million on net sales of INR334.67 million for 2008-09.


OMAX STEELS: CRISIL Assigns 'D' Rating to INR370MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Omax Steels Ltd's bank
facilities.  The rating reflects delay by OSL in servicing its
term loan.  The delay has been caused by OSL's weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR370.0 Million Cash Credit   D (Assigned)
   INR167.1 Million Term Loan     D (Assigned)

OSL has weak financial risk profile marked by high gearing and
small net worth, and small scale of operations.  It is exposed to
competition because of market fragmentation and is susceptible to
volatility in raw material prices.  Also, it has a limited track
record under its current management.   However, OSL benefits from
its moderately integrated operations and its management's
extensive experience in the steel sector.

OSL, incorporated in 2006, was acquired by Mr. Jagjit Singh,
Mr. Manjit Singh, and Mr. Chetan Sharma in April 2010 for INR420
million.  OSL manufactures steel bars and rounds.  It has an
installed capacity of 50,000 tonnes per annum (tpa) at its
facility in Ludhiana (Punjab) for manufacturing steel bars/rounds,
and about 40,000 tpa capacity for manufacturing steel ingots.


PRABHAT STEEL: CRISIL Reaffirms 'BB+' Rating on INR20M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prabhat Steel Traders
Pvt Ltd continue to reflect PSTPL's below-average financial risk
profile, marked by high total outside liabilities to total debt
(TOL/TNW) ratio, and exposure to risks related to volatility in
steel prices and foreign exchange (forex) rates, and to intense
industry competition.  These rating weaknesses are partially
offset by PSTPL's established business relationships with its
customers and the extensive experience of the company's promoters
in the steel trading business.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR500.0 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that PSTPL will continue to benefit over the
medium term from its promoters' industry experience over the
medium term.  The outlook may be revised to 'Positive' in case of
a sustained improvement in PSTPL's capital structure and
profitability, thereby resulting in an improvement in the
company's financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if the company's profitability is affected
on account of volatility in steel prices or forex rates, or in
case of a sharp decline in sales.

Update

PSTPL's operating income increased by 44 per cent on a year-on-
year basis driven by increase in the company's product profile,
and increased demand from South India.  The increase in turnover
was in line with CRISIL's expectations.  Despite the increased
turnover, PSTPL's overall financial risk profile continues to
remain weak, driven by a small net worth and a high TOL/TNW ratio.
The trading nature of PSTPL's operations also results in a low
operating margin of around 4 per cent for the company.  Low
accretion to reserves has resulted in the company's small net
worth, which was at INR64 million as on March 31, 2010.  PSTPL has
working-capital-intensive operations, as indicated by its gross
current asset days of 170 by the end of 2009-10, which has
resulted in its high TOL/TNW ratio of 7.6 times as on March 31,
2010.  Although the ratio is estimated to have improved to around
4.6 times by the end of December 2010 on account of improved
accretion to reserves, however it continues to remain high for the
rating category.

PSTPL reported a profit after tax (PAT) of INR32.7 million on net
sales of INR1.3 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR17.3 million on net
sales of INR922.2 million for 2008-09.

                        About Prabhat Steel

Set up as a partnership firm in 1968 by Mr. Satishchandra Jain,
PSTPL was reconstituted as a private limited company in 2007.  The
Mumbai (Maharashtra)-based company trades in steel products, such
as hot-rolled and cold-rolled coils and plates, wire rods, and
billets.  Mr. Girish Jain, son of Mr. Satishchandra Jain, manages
the company's day-to-day operations. PSTPL imports steel products
from Russia, Ukraine, and China, and sells the products in the
domestic market.


RAMESH MEGHJI: CRISIL Assigns 'BB' Rating to INR42MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ramesh Meghji Sorathiya.

   Facilities                            Ratings
   ----------                            -------
   INR18.0 Million Over Draft Facility   BB/Stable (Assigned)
   INR42.0 Million Term Loan             BB/Stable (Assigned)
   INR50.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect RMS's small scale of operations exposing it to
risks related to fragmentation in the construction industry, the
tender-based nature of its business, and geographic and customer
concentration in its revenue profile.  These weaknesses are
partially offset by RMS's above-average financial risk profile,
marked by moderate gearing and healthy debt protection metrics,
and its promoters' industry experience.

Outlook: Stable

CRISIL believes that RMS will benefit over the medium term from
its established market position, backed by near term visibility in
revenues.  Its financial risk profile is expected to remain above
average, marked by moderate gearing and healthy debt protection
metrics.  The outlook may be revised to 'Positive' in case of
more-than-expected growth in revenues and improved geographic
diversity, or in case of significant and sustained infusion of
partners' capital.  Conversely, the outlook may be revised to
'Negative' in case of delays in execution of the firm's projects
or if its margins decline, because of an increase in competition.

                         About Ramesh Meghji

RMS was established as a partnership firm in 1992.  The firm,
promoted by the Sorathiya family of Kutch (Gujarat), is registered
as a Class AA contractor with State Government of Gujarat.  The
firm is engaged into construction and maintenance of roads for
government agencies.  The firm's revenues are concentrated in
Gujarat.  It has two stone-crushing units in Kutch, with small and
large jaw crushers.  The stone ballast, grit and stone dust is
mostly used in-house, for construction work, but the firm also
undertakes stone ballast delivery contracts from Indian Railways.

RMS reported a profit after tax (PAT) of INR16 million on net
sales of INR419 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR179 million for 2008-09.


RAVIRAJ FOILS: CRISIL Assigns 'B-' Rating to INR35-Mil. LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Raviraj Foils Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR35 Million Proposed Long Term       B-/Negative (Assigned)
                  Bank Loan Facility
   INR10 Mil. Purchase Bill Discounting   P4 (Assigned)
   INR62.5 Million Proposed Short Term    P4 (Assigned)
                    Bank Loan Facility

The ratings reflect RFL's weak financial risk profile, marked by a
negative net worth and a weak interest coverage ratio.  The
ratings also factor in RFL's limited scale of operations and
exposure to risks related to product concentration in the
company's revenue profile.  These rating weaknesses are partially
offset by the extensive industry experience of RFL's promoters.

Outlook: Negative

CRISIL believes that RFL will be exposed to high contingent
liabilities in the form of sales tax dues over the medium term;
moreover, its liquidity is also expected to remain weak during
this period.  The rating may be downgraded if the liabilities
materialize fully putting further pressure on the liquidity of the
company.  Conversely, the rating may have an upward bias if the
eventual liability is lower than expected and promoters infuse
funds into the company for meeting the statutory liabilities.

                       About Raviraj Foils

Incorporated in 1997, RFL manufactures aluminium foils used for
packaging in various end-user industries such as pharmaceutical
and food processing.  The company's plant in Ahmedabad (Gujarat)
has capacity to manufacture 6000 tonnes of aluminium foil per
annum.  RFL has been registered as a sick industrial company under
BIFR since January 2004, because of heavy losses incurred between
2000-01 (refers to financial year, April 1 to March 31) and
2003-04.  Dena Bank has been appointed as the operating agency and
the restructuring scheme is yet to be dealt with by BIFR.

RFL reported a net loss of INR3.5 million on net sales of INR796
million for 2009-10, against a profit after tax (PAT) of INR0.9
million on net sales of INR684 million for 2008-09.


SAHUWALA FLOUR: CRISIL Reaffirms 'B+' Rating on INR49.89MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sahuwala Flour Mills
continue to reflect the firm's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and
fragmentation in the wheat flour industry.   These rating
weaknesses are partially offset by the benefits SFM derives from
its promoters' experience in the flourmill segment.

   Facilities                           Ratings
   ----------                           -------
   INR49.89 Million Term Loan           B+/Stable (Reaffirmed)
   INR30.00 Million Open Cash Credit    B+/Stable (Reaffirmed)
   INR100.00 Million Key Cash Credit    B+/Stable (Reaffirmed)
   INR20.00 Million Bank Guarantee      P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SFM will continue to benefit over the medium
term from its promoters' industry experience.  The outlook may be
revised to 'Positive' if the firm's net worth increases, because
of significant equity infusion, or its financial risk profile
improves, because of more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
margins decline or its financial risk profile deteriorates,
because of large, debt-funded capital expenditure (capex).

Update

SFM reported an operating income of INR43 million for 2009-10
(refers to financial year, April 1 to March 31), marginally lower
than CRISIL's expectation, because of a reduction in revenues from
the trading business.  The firm's operating margin for the year,
at 4.3 per cent, was lower than CRISIL's expectation, due to more-
than-expected power and fuel and employee expenses.  The operating
margin is likely to remain stable, at 4-5 per cent, over the
medium term.  SFM's gearing, at 5.4 times, as on March 31, 2010,
was marginally higher than CRISIL's expectation, mainly due to
more-than-expected debt funding of its expansion plans.  However,
the firm, despite its weak liquidity and capital structure, is
expected to generate sufficient cash accruals to meet its debt
obligations.  SFM has no major capex plans for the medium term,
and its gearing is likely to remain adequate for the rating
category.

SFM reported a profit after tax (PAT) of INR1.3 million on net
sales of INR428.2 million for 2009-10, against PAT of INR0.4
million on net sales of INR497.5 million for 2008-09.

                       About Sahuwala Flour

Set up in 1981, SFM is a partnership firm and part of the Sahuwala
group.  The group comprises four entities in the business of
converting wheat into flour products.  The Sahuwala group is
managed by Mr. Virendra Kumar Gupta, Mr. Narendra Kumar Gupta, and
Mr. Jitender Kumar Gupta. SFM manufactures flour products at its
two manufacturing units in Coimbatore (Tamil Nadu).  One of its
units has capacity to produce 59,160 tonnes of maida per annum;
SFM's supplies maida to biscuit manufacturers such as Britannia
Industries Ltd (rated 'AAA/Stable/P1+' by CRISIL), ITC Ltd (ITC;
'AAA/Stable/P1+'), and Parle Products Pvt Ltd.  Set up in November
2009, the other unit has capacity to produce 60,000 tonnes of
chakki atta per annum exclusively for ITC's Ashirvad atta brand.


SKB BUILDERS: CRISIL Reaffirms 'BB+' Rating on INR110M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on SKB Builders India Ltd's bank facilities
continue to reflect SKB's moderate scale of operations in the
intensely competitive civil and structural construction industry.

   Facilities                        Ratings
   ----------                        -------
   INR110.0 Million Cash Credit      BB+/Stable
   (Enhanced from INR70.0 million)

   INR190.0 Million Bank Guarantee   P4+
   (Enhanced from INR120.0 million)

SKB made sizeable withdrawals (aggregating INR39.2 million) in
2009-10 (refers to financial year, April 1 to March 31) before its
reconstitution into a public limited company, which led to a more
diminution in its net worth to levels below CRISIL's expectations,
however CRISIL expects the net worth levels of SKB to recover
backed by healthy improvement in profitability levels during the
current financial year.  These rating weaknesses are partially
offset by SKB's established clientele, comfortable order book
(Rs.1.326 billion as on January 1, 2011), and moderate financial
risk profile marked by average bank limit utilization levels and
adequate financial flexibility.

Outlook: Stable

CRISIL believes that SKB will maintain its business risk profile
over the medium term, supported by its comfortable order book.
The outlook may be revised to 'Positive' if SKB improves its
operating profitability and capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates on account of larger-than-expected debt-
funded capital expenditure or weakening in liquidity.

                         About SKB Builders

SKB was set up in 1982 as a partnership firm by the Mittal family
and was reconstituted as a public limited company on April 1,
2010; the company has floated 4.825 million shares of INR10 each,
with paid-up share capital of INR48.2 million as on September 30,
2010.  The company is managed by Mr. Vinay Mittal and his sons,
Mr. Sahil Mittal and Mr. Saurabh Mittal. SKB undertakes civil and
structural construction-related works with government
organisations, wherein they take up works such as laying of
foundation for pipe racks, heavy vessels, control rooms, sheds,
and gas stations.

SKB reported a profit after tax (PAT) of INR25.56 million on net
sales of INR575.05 million for 2009-10, against a PAT of INR17.69
million on net sales of INR505.86 million for 2008-09.


SSD OIL: CRISIL Reaffirms 'BB-' Rating on INR103.3-Mil. LT Loan
---------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of SSD Oil Mills Company Ltd to 'Stable' from
'Negative', while reaffirming the rating at 'BB-'; the rating on
the short-term facilities has been upgraded to 'P4+' from 'P4'.

   Facilities                      Ratings
   ----------                       -------
   INR103.30 Mil. Long-Term Loan   BB-/Stable (Reaffirmed; Outlook
                                               revised from
                                               'Negative')

   INR375 Million Cash Credit      BB-/Stable (Reaffirmed; Outlook
                                               revised from
                                               'Negative')

   INR495 Million Letter of Credit  P4+ (Upgraded from 'P4')

   INR10 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The outlook revision reflects improvement in SSD's liquidity after
the stabilisation of operations at its plant in Guntur (Andhra
Pradesh). The company's cash accruals are also expected to improve
on account of higher offtake of palm oil from Government of Tamil
Nadu (GoTN).

The ratings reflect SSD's average financial risk profile, marked
by moderate gearing and below- average debt protection metrics,
high fragmentation in the edible oil processing business,
resulting in low operating margin, and its susceptibility to
fluctuations in the rupee and crude palm oil prices.  These
weaknesses are partially offset by SSD's established position in
the edible oil market, and the benefits it derives from its
promoters' industry experience.

Outlook: Stable

CRISIL believes that SSD will be able to maintain its credit risk
profile, backed by improvement in its business risk profile, with
the revival in palm oil prices and the expected stabilization of
its manufacturing plant at Guntur.  The outlook may be revised to
'Positive' if the company improves its revenues and operating
margin, resulting in more-than-expected cash accruals and
consequently, to a better financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case of less-than-expected
cash accruals or if the company undertakes a large, debt-funded
capacity expansion, leading to deterioration in its financial risk
profile.

                           About SSD Oil

Set up in 1982, SSD manufactures edible refined oil (primarily
sunflower, palmolein and ground nut) and vanaspati products under
its Supreme brand, and bakery shortening products under the Great
Chef brand. The company derives around 40 per cent of its revenues
from the refined oil segment and the remainder from vanaspati,
which includes the bakery shortening products.  SSD has crushing
and refining capacity of 400 tonnes per day.  The company has
three manufacturing facilities, two of which are in Chennai.  The
third, an integrated facility to produce cottonseed oil, is
located in Guntur, and commenced operations in November 2008. The
company also derives job-work income by supplying packaged palm
oil to GoTN.

SSD reported a profit after tax (PAT) of INR6.02 million on net
sales of INR2.67 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.89 million on net
sales of INR2.87 billion for 2008-09.


SP ENGINEERS: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to SP Engineers'
bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR30.00 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR120.00 Million Letter of Credit   P4+ (Assigned)
   INR90.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SPE's small scale of operations, small order
book and exposure to risks related to the tender-based nature of
its business.  These rating weaknesses are partially offset by
SPE's moderate financial risk profile, marked by low gearing and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that SP Engineers' scale of operations will remain
small over the medium term and its financial flexibility will
remain restricted because of its small net worth.  The outlook may
be revised to 'Positive' in case SPE receives large orders leading
to improvement in its scale of operations, and if the firm
continues to prudently manage its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
sustained pressure on revenue due to lack of new orders, or if the
firm's liquidity weakens significantly because of any large
capital withdrawal or unrelated investment.

                         About SP Engineers

Set up in 1989 by Mr. Prashant Choudhari, Mr. Chandrashekhar
Deshmukh, and Mr. Santosh Kunjir, SPE assembles and markets
technical laboratory equipment, with applications in the
education, engineering, and non-engineering segments.  The firm
has a facility in Pune (Maharashtra). In November 2009, the firm
was awarded an order of INR650 million by the Ministry of
Education, Ethiopia.  The project was completed in 2010-11 (refers
to financial year, April 1 to March 31).

SPE reported a profit after tax (PAT) of INR38 million on net
sales of INR544 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR23 million for 2008-09.


VALLABH TINPLATE: CRISIL Rates INR499.7 Million Term Loans at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loans of
Vallabh Tinplate Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR499.7 Million Term Loans    BB/Stable (Assigned)

VTPL is setting up a tinplating facility, with annual capacity of
60,000 tonnes.  The rating is driven by the fact that VTPL is
currently in the project phase, with no steady source of income.
Moreover, VTPL has a weak financial risk profile marked by weak
debt protection metrics.  These rating weaknesses are partially
offset by the fact that VTPL is expected to have a high operating
efficiency because of its integrated manufacturing facility.
Furthermore, VTPL is a forward integration for the Vallabh group.
VTPL will acquire cold-rolled coils (CRC) for its production
process from its group companies, Vardhaman Industries Ltd (VIL)
and Vallabh Steel Ltd.  Hence, VTPL is strategically important to
the Vallabh group and is expected to get support in the event of
distress.

Outlook: Stable

CRISIL believes that VTPL will be able to complete its project
within the proposed time limit, without significant cost overrun.
The outlook may be revised to 'Positive' if VTPL completes its
project before the expected time, and ramps up its operations
profitably.  However, the outlook may be revised to 'Negative' in
case of significant cost or time overrun in the project, or there
is dilution in support from VTPL's parent VIL, which will hold 50
per cent equity stake in VTPL.

                       About Vallabh Tinplate

VTPL is part of Vallabh group, which was set up by Mr. Kapil Kumar
Jain in 1981. The Vallabh group manufactures steel and steel
products through VSL and VIL, and terry towels through Vallabh
Textiles Pvt Ltd. Under VSL and VIL, the group produces about
200,000 tonnes of high value steel products per annum.  These
comprise products such as CRC, steel ingots, hot-rolled strips,
galvanised and black electric resistance welding steel pipes,
galvanised plain sheets (GP), galvanized corrugated sheets (GC),
color-coated sheets and precision tubes. These products are
marketed in the domestic as well as the international market under
the OSWAL brand name.

VTPL is setting up an integrated facility for the manufacture of
tinplate. The total capacity will be 60,000 tonnes per annum. The
land for the project is taken on lease from VIL, which is located
in the premises of the existing GP/GC plant of VIL in Vilage
Bapror, Rajpura, Patiala (Punjab). VTPL will procure CRC from its
group companies and forward integrate the group's core operations.
The project is expected to become operational by January 2012.


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


* Japan's Corporate Bankruptcies Drop 2.06% on Year in January
--------------------------------------------------------------
Nikkei.com reports that Tokyo Shoko Research Ltd. said Tuesday
that Japan's corporate bankruptcies dropped 2.06% on the year to
1,041 in January, marking the 18th straight month of declines.

According to Nikkei.com, the fall is attributed to the
government's stimulus measures, including emergency loan
guarantees, and measures to free up funds for small and medium-
size businesses.

Liabilities of bankrupt firms totaled JPY236.39 billion, down
90.91%, in reaction to a surge in debts a year ago after Japan
Airlines Corp.'s bankruptcy, Nikkei.com reports.

Nikkei.com notes that Tokyo Shoko Research counted as bankrupt
those companies with more than JPY10 million in debts and those
whose bank transactions were frozen.


=========
K O R E A
=========


KOREA LINE: Revises Down Price for Convertible Bond Holders
-----------------------------------------------------------
Sangim Han at Bloomberg News reports that Korea Line Corp. revised
down the price that its convertible bond holders can buy new
shares as its market prices declined.

Korea Lines said in a regulatory filing that the convertible price
was lowered to KRW37,450 (US$34) a share on Feb.7 from KRW37,700 a
share, Bloomberg relates.

                          About Korea Line

Headquartered in South Korea, Korea Line Corp. is an operator of
dry-bulk ships.  Korea Line operated 51 vessels at the end of
September.  It ships iron ore, coal and liquefied-natural gas for
customers including Posco, Korea Electric Power Corp. and Korea
Gas Corp., according to its Web site.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2011, Bloomberg News said Korea Line Corp. filed for
receivership after rates tumbled to the lowest in almost
two years because of a global oversupply of vessels.  The filing
was made at the Seoul Central District Court on Jan. 25, 2011.

Bloomberg noted that the shipping line, unprofitable in six of the
past seven quarters, halted its shares as it works to restructure
debt.  Bloomberg related that dry-bulk rates have plunged 58% in
the past year amid an expanding global fleet and slowing demand
for commodities in China because of government efforts to cool
economic growth.

The company had total debts of KRW2.23 trillion (US$2 billion) at
the end of September, according to its third-quarter financial
statement, Bloomberg said.  The shipping line made a KRW104.2
billion loss in the quarter, Bloomberg added.


SAMSUNG MOTORS: Appeals Court Order to Pay Order Creditors
----------------------------------------------------------
Jun Yang at Bloomberg News reports that Samsung Group's 28
affiliates on Monday appealed an order by South Korea's Seoul High
Court to pay KRW600 billion and interest to creditors of the
group's former automobile unit, Samsung Motors Inc.

Samsung Group in 2009 sought court receivership for its car unit
Samsung Motors.  Samsung Group said at the time it would assume
Samsung Motors' entire debt of KRW4.3 trillion ($3.7 billion) and
that group chairman Lee Kun-hee would personally pay KRW2.8
billion of the debt total.


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


NAM FATT: Sell 87.97% Stake in Swissma Building for MYR600,000
--------------------------------------------------------------
Nam Fatt Corporation Berhad has entered into a Share Sale
Agreement with Semangat Meriah Sdn. Bhd. for the disposal of its
entire 2,495,719 ordinary shares in Swissma Building Technologies
Sdn Bhd representing 87.97% equity interest in Swissma for
MYR600,000.

Swissma was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 22 August 1997.  Swissma is
principally involved in construction and roofing works

Nam Fatt, Nam Fatt Construction Sdn. Bhd, NF Energy Sdn. Bhd. and
Maddusalat Berhad are in the midst of formulating a proposed
scheme of compromise with creditors of the Scheme Companies.  The
proceeds of the proposed disposal are for the purpose of
resolution with scheme Creditors under the Proposed Scheme.

The proposed disposal will not have any effects on the issued and
paid up share capital of Nam Fatt.  Nam Fatt does not envisage any
material effect on the net tangible assets and earnings of the
Group.  The proposed disposal will result in Swissma cease to be a
subsidiary of the Nam Fatt upon completion of the sale.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.  The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


VTI VINTAGE: High Court Grants 91-Days Restraining Order
--------------------------------------------------------
VTI Vintage Berhad disclosed that the High Court of Malaya at
Kuala Lumpur entered an order on February 8, 2011, pursuant to
Section 176(10) of the Act, to restrain all further proceedings,
and any and all actions or proceedings against the Company and the
its subsidiary companies, for a period of 90 days from February 8,
2011.

The Company's subsidiaries are:

   i) Vintage Tiles Industries Sdn Bhd;
  ii) Vintage Roofing & Construction Sdn Bhd;
iii) Newsteel Building Systems Sdn Bhd; and
  iv) Vintage Tiles Industries (EM) Sdn Bhd.

The Restraining Order is granted in relation to these events:

   * The scheme creditors of the Companies had at its Court
     Convened Meeting held on July 16, 2010, approved the
     Proposed Scheme of Arrangement under Section 176 of the
     Companies Act, 1965 and the meetings of the shareholders
     of the Companies will be convened within three (3) months
     from February 8, 2011, or any other time period extended
     by the Court.

   * The Companies were served with several notices pursuant
     to Section 218 of the Companies Act, 1965 by the creditors
     since the previous Restraining Order granted to the Companies
     had expired on August 18, 2010.

   * The Restraining Order is for the Companies to finalize the
     Scheme.

The Restraining Order does not have any financial and operational
impact on VVB.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


BRIDGECORP: Receivers Won't Appeal Security Cost Order
------------------------------------------------------
Kelly Gregor at The New Zealand Herald reports that Bridgecorp's
receivers will not appeal a decision that has ordered it to
provide NZ$30,000 in security before its subsidiary Navigator
Finance takes the Petricevic family trust to court this month.

As reported in the Troubled Company Reporter-Asia Pacific on
February 8, 2011, the NZ Herald said Bridgecorp's receivers have
been ordered to secure costs of NZ$30,000 before its case against
Rod Petricevic's family trust begins.  The NZ Herald said that the
trust's lawyers had applied for security to ensure if they win the
case there will be money available for costs.  According to the NZ
Herald, Navigator is taking the R.M. Petricevic Family Trust to
court over a NZ$2.2 million advance it believes it is owed.  The
NZ Herald noted 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 claimed 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, the NZ
Herald reported.  Navigator is now in liquidation and the
litigation against the trust is being funded by Bridgecorp's
receivers, and therefore through investors funds, the NZ Herald
said.

                          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).


CRAFAR FARMS: Plateau Farms Goes Into Liquidation
-------------------------------------------------
The New Zealand Herald reports that Plateau Farms, the company
which ran the Crafar farms, has gone into liquidation.  Plateau
Farms was on Wednesday put into liquidation by Associate Judge
Hannah Sargisson at the the Auckland High Court at the request of
Inland Revenue.

The NZ Herald says the company, headed by Allan Crafar, is already
in receivership owing more than NZ$200 million to PGG Wrightson
and banks.

The Official Assignee has been appointed liquidator, the NZ Herald
relates.

Receivers for the properties KordaMentha said they did not expect
the liquidation would impact on the receivership process.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


=========
N E P A L
=========


SAMJHANA FINANCE: NRB Places Firm In Liquidation
------------------------------------------------
MYREPUBLICA.com reports that Nepal Rastra Bank on Monday decided
to send Samjhana Finance Company into liquidation.  The news
agency says the central bank has also asked the management of SFC
to furnish clarification within 15 days.

SFC, which has mobilized deposits of INR180 million from general
public, has a total liability of INR640 million, Republica
discloses.

According to the report, the financially ailing SFC has mobilized
INR20 million in deposits from the Army Welfare Fund operated by
the Nepal Army.  The bank, says Republica, has an outstanding loan
worth INR210 million and its non-banking assets have been
calculated at INR300 million.

Republica notes that Saroj Bajracharya, manager of SFC's Lalitpur
branch, is in police custody for investigation, as most of the
non-performing loans of SFC have been found issued by the branch.
Bijay Mani Acharya, manager of SFC's Kamalakshi branch, has left
Nepal after tendering resignation.

According to Republica, sources said the company is facing
difficulty in preparing financial statement in the absence of
experience manpower.  Republica relates that the company has been
found operating financial transactions through fake accounting
statement after NRB, a year ago, directed it not to mobilize
deposits and issue loans.

The central bank initiated investigation against the bank after
depositors, whose money the company had deposited into fake
accounts, asked the management to return their deposits, Republica
reports.

Republica states that though NRB has decided to send the company
into liquidation, deposits of general public are not at risk as
the collaterals pledged against loans issued are under its
possession.

NRB had declared Samjahana Finance a 'troubled' financial
institution about a year ago on the basis of its weak capital base
and high non-performing asset (NPA), Republica adds.

                      About Samjhana Finance

Headquartered in Banepa of Kavre district, Samjhana Finance
Company has two branches in Lalitpur and Kamalakshi of Kathmandu.
The company has around 5,000 depositors.


UNITED DEVELOPMENT: NRB Declares UDB as 'Troubled Bank'
-------------------------------------------------------
MYREPUBLICA.com reports that Nepal Rastra Bank has declared United
Development Bank Ltd a troubled bank.  The NRB declared
financially ailing UDB a 'troubled' bank after the central bank
was not 'convinced' by the clarification furnished by the bank's
management, Republica says.

An NRB official told Republica that the central bank has found the
promoters themselves taking loans from the bank without pledging
collateral.  "We have found the banks' institutional governance
very poor," Republica quotes the official as saying.

Republica says the bank was also declared 'troubled' four years
back and the central bank had removed the 'troubled' tag after the
bank managed to bring down its bad debt volume.

United Development Bank Ltd is a Nepal-based bank.  The bank has
deposit of INR70 million belonging to Nepal Army.  It has
mobilized  INR15 million in deposits from general public. It had
suffered a loss of INR45.4 million during the fiscal year 2009-10.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW        AHGN            16.93         -8.23
ARASOR INTERNATI        ARR             19.21        -26.51
ASTON RESOURCES         AZT            469.54         -7.49
AUSTAR UNITED           AUN            502.05       -284.60
AUSTRALIAN ZI-PP        AZCCA           77.74         -2.57
AUSTRALIAN ZIRC         AZC             77.74         -2.57
AUTRON CORP LTD         AAT             32.39        -13.42
BCD RESOURCES OP        BCO             22.09        -61.19
BCD RESOURCES-PP        BCOCC           22.09        -61.19
BIRON APPAREL LT        BIC             19.71         -2.22
CENTRO PROPERTIE        CNP         14,253.26       -825.84
CHALLENGER INF-A        CIF          2,161.41       -339.11
CHEMEQ LTD              CMQ             25.19        -24.25
COMPASS HOTEL GR        CXH             88.33         -1.08
ELLECT HOLDINGS         EHG             18.25        -15.49
HEALTH CORP LTD         HEA             11.97         -2.66
HYRO LTD                HYO             11.81         -5.15
IVANHOE AUST LTD        IVA             49.44         -6.51
MAC COMM INFR-CD        MCGCD        8,104.42       -103.34
MAVERICK DRILLIN        MAD             24.66         -1.30
MISSION NEWENER         MBT             32.23        -21.48
NATURAL FUEL LTD        NFL             19.38       -121.51
NEXTDC LTD              NXT             17.46         -0.14
ORION GOLD NL           ORN             11.06         -4.86
RESIDUAL ASSC-EE        RAGXF          597.33       -126.96
RIVERCITY MOTORW        RCY            386.88       -809.14
SCIGEN LTD-CUFS         SIE             69.94        -29.79
SHELL VILLAGES A        SVC             13.47         -1.66
TAKORADI LTD            TKG             13.99         -0.41
VERTICON GROUP          VGP             10.08        -29.12
YANGHAO INTERNAT        YHL             44.32        -54.68


CHINA

BAOCHENG INVESTM        600892          23.14         -3.54
CHANGAN INFO-A          600706          20.86         -8.49
CHENGDE DALU -B         200160          27.04         -6.64
CHENGDU UNION-A         693             39.10        -17.39
CHINA KEJIAN-A          35              88.96       -189.48
DATONG CEMENT-A         673             20.41         -3.25
DONGGUAN FANGD-A        600656          27.97        -57.39
DONGXIN ELECTR-A        600691          13.60        -21.94
FANGDA JINHUA-A         818            389.84        -46.28
GAOXIN ZHANGTO-A        2075           153.10         -6.31
GUANGDONG ORIE-A        600988          12.25         -5.34
GUANGMING GRP -A        587             49.10        -40.40
GUANGXIA YINCH-A        557             30.39        -32.88
HEBEI BAOSHUO -A        600155         127.82       -394.70
HEBEI JINNIU C-A        600722         238.23       -243.80
HUASU HOLDINGS-A        509             86.70         -4.20
HUNAN ANPLAS CO         156             38.70        -65.44
JIANGSU CHINES-A        805             12.70        -12.83
JINCHENG PAPER-A        820            258.98        -37.74
QINGHAI SUNSHI-A        600381         110.68        -17.35
SHAANXI QINLIN-A        600217         234.36        -36.75
SHANG BROAD-A           600608          69.46        -17.67
SHANG HONGSHENG         600817          15.69       -443.71
SHANGHAI WORLDBE        600757         143.11       -291.80
SHENZ CHINA BI-A        17              24.86       -272.59
SHENZ CHINA BI-B        200017          24.86       -272.59
SHENZHEN DAWNC-A        863             24.38       -155.20
SHENZHEN KONDA-A        48             117.23         -0.23
SHENZHEN ZERO-A         7               44.00         -7.96
SHIJIAZHUANG D-A        958            224.19        -70.54
SICHUAN DIRECT-A        757            108.57       -146.61
SICHUAN GOLDEN          600678         232.67        -48.05
TAIYUAN TIANLO-A        600234          51.64        -28.38
TIANJIN MARINE          600751          78.09        -63.86
TIANJIN MARINE-B        900938          78.09        -63.86
TIBET SUMMIT I-A        600338          91.86         -3.73
TOPSUN SCIENCE-A        600771         162.47       -163.30
WINOWNER GROUP C        600681          11.30        -70.39
WUHAN BOILER-B          200770         275.89       -142.53
WUHAN GUOYAO-A          600421          11.01        -24.78
XIAMEN OVERSEA-A        600870         319.68       -138.16
YIBIN PAPER IN-A        600793         110.12         -0.47
YUEYANG HENGLI-A        622             36.49        -16.37
YUNNAN MALONG-A         600792         145.58        -51.15
ZHANGJIAJIE TO-A        430             37.34         -1.16


HONG KONG

ASIA TELEMEDIA L        376             16.62         -5.37
BUILDMORE INTL          108             13.48        -69.17
CHINA COMMUNICAT        8206            36.62         -6.93
CHINA HEALTHCARE        673             44.13         -4.49
CHINA PACKAGING         572             24.91        -18.73
CMMB VISION HOLD        471             41.31         -5.11
COSMO INTL 1000         120             83.56        -37.93
DORE HOLDINGS LT        628             25.44         -5.34
EGANAGOLDPFEIL          48             557.89       -132.86
FULBOND HLDGS           1041            54.53        -24.07
MELCOLOT LTD            8198            63.10        -34.44
MITSUMARU EAST K        2358            18.15        -11.83
NEW CITY CHINA          456            112.20        -14.59
NGAI LIK INDL           332             22.70         -9.69
PAC PLYWOOD             767             72.60        -12.31
PALADIN LTD             495            146.73         -8.91
PCCW LTD                8            5,350.25       -416.24
PROVIEW INTL HLD        334            314.87       -294.85
SINO RESOURCES G        223             10.01        -41.90
SMART UNION GP          2700            13.70        -43.29
TACK HSIN HLDG          611             27.70        -53.62
TONIC IND HLDGS         978             67.67        -37.85
TONIC IND HLDGS         2959            67.67        -37.85


INDONESIA

ARGO PANTES             ARGO           160.07         -2.77
ASIA PACIFIC            POLY           475.69       -841.22
ERATEX DJAJA            ERTX            11.30        -18.23
HANSON INTERNATI        MYRX            10.84        -14.73
HANSON INT-PREF         MYRXP           10.84        -14.73
JAKARTA KYOEI ST        JKSW            31.92        -43.20
MITRA INTERNATIO        MIRA           970.13       -256.04
MITRA RAJASA-RTS        MIRA-R2        970.13       -256.04
MOBILE-8 TELECOM        FREN           520.80         -6.99
MOBILE-8-RTS            FREN/R         520.80         -6.99
MULIA INDUSTRIND        MLIA           338.82       -334.75
PANASIA FILAMENT        PAFI            42.43        -11.04
PANCA WIRATAMA          PWSI            30.79        -38.79
PRIMARINDO ASIA         BIMA            11.14        -21.39
STEADY SAFE TBK         SAFE            11.46         -6.01
SURABAYA AGUNG          SAIP           267.24        -83.34
UNITEX TBK              UNTX            17.29        -17.14


INDIA

AMIT SPINNING           AMSP            22.70         -1.90
ARTSON ENGR             ART             15.63         -1.61
ASHIMA LTD              ASHM            63.65        -55.81
ATV PROJECTS            ATV             60.46        -55.04
BALAJI DISTILLER        BLD             66.32        -25.40
BELLARY STEELS          BSAL           451.68       -108.50
BHAGHEERATHA ENG        BGEL            22.65        -28.20
CAMBRIDGE SOLUTI        CAMB           156.75        -46.79
CFL CAPITAL FIN         CEATF           15.35        -46.89
COMPUTERSKILL           CPS             14.90         -7.56
CORE HEALTHCARE         CPAR           185.36       -241.91
DCM FINANCIAL SE        DCMFS           16.06         -9.47
DIGJAM LTD              DGJM            98.77        -14.62
DUNCANS INDUS           DAI            133.65       -205.38
FIBERWEB INDIA          FWB             13.25         -8.17
GANESH BENZOPLST        GBP             48.95        -22.44
GEM SPINNERS LTD        GEMS            16.44         -1.53
GLOBAL BOARDS           GLB             14.98         -7.51
GSL INDIA LTD           GSL             37.04        -42.34
GUJARAT SIDHEE          GSCL            59.44         -0.66
HARYANA STEEL           HYSA            10.83         -5.91
HENKEL INDIA LTD        HNKL           102.05        -10.24
HIMACHAL FUTURIS        HMFC           406.63       -210.98
HINDUSTAN PHOTO         HPHT            68.94     -1,147.18
HINDUSTAN SYNTEX        HSYN            14.15         -3.66
HMT LTD                 HMT            142.67       -386.80
ICDS                    ICDS            13.30         -6.17
INTEGRAT FINANCE        IFC             49.83        -51.32
JCT ELECTRONICS         JCTE           122.54        -50.00
JD ORGOCHEM LTD         JDO             10.46         -1.60
JENSON & NIC LTD        JN              17.91        -84.78
JIK INDUS LTD           KFS             20.63         -5.62
JK SYNTHETICS           JKS             13.51         -3.03
JOG ENGINEERING         VMJ             50.08        -10.08
KALYANPUR CEMENT        KCEM            37.45        -45.90
KERALA AYURVEDA         KRAP            13.99         -1.18
KIDUJA INDIA            KDJ             17.15         -2.28
KINGFISHER AIR          KAIR         1,781.30       -861.06
KITPLY INDS LTD         KIT             48.42        -24.51
LLOYDS FINANCE          LYDF            23.77        -10.87
LLOYDS STEEL IND        LYDS           415.66        -63.93
LML LTD                 LML             65.26        -56.77
MILLENNIUM BEER         MLB             52.23         -5.22
MILTON PLASTICS         MILT            18.65        -52.29
MTZ POLYFILMS LT        TBE             31.94         -2.57
NICCO CORP LTD          NICC            82.41         -2.85
NICCO UCO ALLIAN        NICU            32.23        -71.91
NK INDUS LTD            NKI             49.04         -4.95
NRC LTD                 NTRY            92.88        -36.76
ORIENT PRESS LTD        OP              16.70         -0.09
PANCHMAHAL STEEL        PMS             51.02         -0.33
PARASRAMPUR SYN         PPS             99.06       -307.14
PAREKH PLATINUM         PKPL            61.08        -88.85
PEACOCK INDS LTD        PCOK            11.40        -14.40
PIRAMAL LIFE SC         PLSL            45.82        -32.69
QUADRANT TELEVEN        QDTV           173.52       -101.57
RAJ AGRO MILLS          RAM             10.21         -0.61
RAMA PHOSPHATES         RMPH            34.07         -1.19
RATHI ISPAT LTD         RTIS            44.56         -3.93
REMI METALS GUJA        RMM            102.64         -5.29
RENOWNED AUTO PR        RAP             14.12         -1.25
ROLLATAINERS LTD        RLT             22.97        -22.24
ROYAL CUSHION           RCVP            20.62        -75.53
SCOOTERS INDIA          SCTR            18.63         -6.88
SEN PET INDIA LT        SPEN            12.99        -25.24
SHAH ALLOYS LTD         SA             212.81         -9.74
SHALIMAR WIRES          SWRI            24.87        -51.77
SHAMKEN COTSYN          SHC             23.13         -6.17
SHAMKEN MULTIFAB        SHM             60.55        -13.26
SHAMKEN SPINNERS        SSP             42.18        -16.76
SHREE GANESH FOR        SGFO            44.50         -2.89
SHREE RAMA MULTI        SRMT            62.72        -45.92
SIDDHARTHA TUBES        SDT             76.98        -12.45
SOUTHERN PETROCH        SPET         1,584.27         -4.80
SPICEJET LTD            SJET           220.03        -76.12
SQL STAR INTL           SQL             11.69         -1.14
STI INDIA LTD           STIB            30.87        -10.59
TAMILNADU TELE          TNT             12.82         -5.15
TATA TELESERVICE        TTLS         1,069.83       -154.99
TRIUMPH INTL            OXIF            58.46        -14.18
TRIVENI GLASS           TRSG            24.55         -8.57
TUTICORIN ALKALI        TACF            14.15        -11.20
UNIFLEX CABLES          UFC             45.05         -0.90
UNIFLEX CABLES          UFCZ            45.05         -0.90
UNIMERS INDIA LT        HDU             19.23         -3.23
UNITED BREWERIES        UB           2,652.00       -242.53
UNIWORTH LTD            WW             145.71       -114.87
USHA INDIA LTD          USHA            12.06        -54.51
VENTURA TEXTILES        VRTL            14.25         -0.33
VENUS SUGAR LTD         VS              11.06         -1.08
WINDSOR MACHINES        WML             15.52        -24.34
WIRE AND WIRELES        WNW            115.34        -34.49


JAPAN

CREDIT ORG S&M          8489            97.07         -9.98
DPG HOLDINGS INC        3781            11.77         -3.99
FIDEC                   8423           182.86        -11.14
FUJI TECHNICA           6476           175.22        -18.71
HARAKOSAN CO            8894           190.27        -19.80
KNT                     9726         1,058.18        -13.37
L CREATE CO LTD         3247            42.34         -9.15
LAND                    8918           293.88        -53.39
LCA HOLDINGS COR        4798            55.65         -3.28
PROPERST CO LTD         3236           305.90       -330.20
RAYTEX CORP             6672            41.66        -28.52
SHIN-NIHON TATEM        8893           124.85        -39.12
SHINWA OX CORP          2654            43.91        -30.19
SHIOMI HOLDINGS         2414           201.19        -33.62
TAIYO BUSSAN KAI        9941           171.45         -3.35
TERRANETZ CO LTD        2140            11.63         -4.29


KOREA

AJU MEDIA SOL-PF        44775           13.82         -1.25
DAISHIN INFO            20180          740.50       -158.45
KEYSTONE GLOBAL         12170           10.61         -0.74
KUKDONG CORP            5320            51.19         -1.39
KUMHO INDUS-PFD         2995         5,837.32       -967.28
KUMHO INDUSTRIAL        2990         5,837.32       -967.28
ORICOM INC              10470           82.65        -40.04
SAMT CO LTD             31330          200.83       -152.09
SEOUL MUTL SAVIN        16560          874.79        -34.13
TAESAN LCD CO           36210          296.83        -91.03
TONG YANG MAGIC         23020          355.15        -25.77
YOUILENSYS CORP         38720          166.70        -12.34


MALAYSIA

AXIS INCORPORATI        AXIS            32.82       -103.86
GULA PERAK BHD          GUP             93.99        -51.05
HO HUP CONSTR CO        HO              65.19         -7.21
JPK HOLDINGS BHD        JPK             20.34         -0.50
LCL CORP BHD            LCL             35.64       -130.16
LUSTER INDUSTRIE        LSTI            22.93         -3.18
NGIU KEE CO-BHD         NKC             19.05         -4.89
OILCORP BHD             OILC            93.18        -70.42
TRACOMA HOLDINGS        TRAH            74.10        -12.24
TRANSMILE GROUP         TGB            157.66        -35.52


PHILIPPINES

APEX MINING 'B'         APXB            45.79        -23.46
APEX MINING-A           APX             45.79        -23.46
BENGUET CORP 'B'        BCB             84.71        -38.98
BENGUET CORP-A          BC              84.71        -38.98
CYBER BAY CORP          CYBR            13.98        -88.63
EAST ASIA POWER         PWR             36.35       -177.28
FIL ESTATE CORP         FC              40.29        -14.05
FILSYN CORP A           FYN             23.37        -11.33
FILSYN CORP. B          FYNB            23.37        -11.33
GOTESCO LAND-A          GO              21.76        -19.21
GOTESCO LAND-B          GOB             21.76        -19.21
MRC ALLIED INC          MRC             13.92         -6.18
PICOP RESOURCES         PCP            105.66        -23.33
STENIEL MFG             STN             20.43        -15.89
UNIVERSAL RIGHTF        UP              45.12        -13.48
UNIWIDE HOLDINGS        UW              50.36        -57.19
VICTORIAS MILL          VMC            164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA             18.08        -11.82
ADVANCE SCT LTD         ASCT            16.05        -43.84
HL GLOBAL ENTERP        HLGE            97.30        -11.43
JAPAN LAND LTD          JAL            191.62        -10.91
LINDETEVES-JACOB        LJ              16.86         -6.64
NEW LAKESIDE            NLH             19.34         -5.25
SUNMOON FOOD COM        SMOON           14.93        -14.71
TT INTERNATIONAL        TTI            272.51        -57.42


THAILAND

ABICO HLDGS-F           ABICO/F         15.28         -4.40
ABICO HOLDINGS          ABICO           15.28         -4.40
ABICO HOLD-NVDR         ABICO-R         15.28         -4.40
ASCON CONSTR-NVD        ASCON-R         59.78         -3.37
ASCON CONSTRUCT         ASCON           59.78         -3.37
ASCON CONSTRU-FO        ASCON/F         59.78         -3.37
BANGKOK RUBBER          BRC             97.98        -81.80
BANGKOK RUBBER-F        BRC/F           97.98        -81.80
BANGKOK RUB-NVDR        BRC-R           97.98        -81.80
CIRCUIT ELEC PCL        CIRKIT          16.79        -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79        -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79        -96.30
DATAMAT PCL             DTM             12.69         -6.13
DATAMAT PCL-NVDR        DTM-R           12.69         -6.13
DATAMAT PLC-F           DTM/F           12.69         -6.13
GRANDE ASSE-NVDR        GRAND-R        217.95         -9.04
GRANDE ASSET H-F        GRAND/F        217.95         -9.04
GRANDE ASSET HOT        GRAND          217.95         -9.04
ITV PCL                 ITV             37.14       -110.85
ITV PCL-FOREIGN         ITV/F           37.14       -110.85
ITV PCL-NVDR            ITV-R           37.14       -110.85
K-TECH CONSTRUCT        KTECH/F         38.87        -46.47
K-TECH CONSTRUCT        KTECH           38.87        -46.47
K-TECH CONTRU-R         KTECH-R         38.87        -46.47
KUANG PEI SAN           POMPUI          17.70        -12.74
KUANG PEI SAN-F         POMPUI/F        17.70        -12.74
KUANG PEI-NVDR          POMPUI-R        17.70        -12.74
PATKOL PCL              PATKL           52.89        -30.64
PATKOL PCL-FORGN        PATKL/F         52.89        -30.64
PATKOL PCL-NVDR         PATKL-R         52.89        -30.64
PICNIC CORP-NVDR        PICNI-R        110.91       -149.25
PICNIC CORPORATI        PICNI/F        110.91       -149.25
PICNIC CORPORATI        PICNI          110.91       -149.25
PONGSAAP PCL            PSAAP/F         24.61        -10.99
PONGSAAP PCL            PSAAP           24.61        -10.99
PONGSAAP PCL-NVD        PSAAP-R         24.61        -10.99
SAHAMITR PRESS-F        SMPC/F          21.99         -4.01
SAHAMITR PRESSUR        SMPC            21.99         -4.01
SAHAMITR PR-NVDR        SMPC-R          21.99         -4.01
SUNWOOD INDS PCL        SUN             19.86        -13.03
SUNWOOD INDS-F          SUN/F           19.86        -13.03
SUNWOOD INDS-NVD        SUN-R           19.86        -13.03
THAI-DENMARK PCL        DMARK           15.72        -10.10
THAI-DENMARK-F          DMARK/F         15.72        -10.10
THAI-DENMARK-NVD        DMARK-R         15.72        -10.10
THAI-GERMAN PR-F        TGPRO/F         55.31         -8.54
THAI-GERMAN PRO         TGPRO           55.31         -8.54
THAI-GERMAN-NVDR        TGPRO-R         55.31         -8.54
TRANG SEAFOOD           TRS             13.90         -3.59
TRANG SEAFOOD-F         TRS/F           13.90         -3.59
TRANG SFD-NVDR          TRS-R           13.90         -3.59


TAIWAN

CHIEN TAI CEMENT        1107           202.42        -33.40
HELIX TECH-EC           2479T           23.39        -24.12
HELIX TECH-EC IS        2479U           23.39        -24.12
HELIX TECHNOL-EC        2479S           23.39        -24.12
PRODISC TECH            2396           253.76        -36.04
TAIWAN KOL-E CRT        1606U          507.21       -147.14
TAIWAN KOLIN-EN         1606V          507.21       -147.14
TAIWAN KOLIN-ENT        1606W          507.21       -147.14
VERTEX PREC-ENTL        5318T           42.86         -0.71
VERTEX PRECISION        5318            42.86         -0.71


                             *********

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

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

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


                            *********


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

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

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

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

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





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