TCRAP_Public/110217.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

           Thursday, February 17, 2011, Vol. 14, No. 34

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Regulator Reviews Wesfarmers Ltd's Interest
PERLE PTY: Creditors Mull Class Action Over Liquidation


H O N G  K O N G

LEPI CHINA: Court Enters Wind-Up Order
LINKS INTERNATIONAL: Court Enters Wind-Up Order
METZLER INTERNATIONAL: Creditors' Proofs of Debt Due February 24
SUNTOP PHARMACEUTICAL: Court Enters Wind-Up Order
TINA GARMENT: Court Enters Wind-Up Order

WIN CHAMP: Court Enters Wind-Up Order


I N D I A

A. C. STRIPS: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
AIR INDIA: Seeks More Funds from Government
AUTO INTERNATIONAL: CRISIL Raises Ratings on Various Debts to 'BB'
CHINTELS INDIA: CRISIL Rates INR300 Mil. Term Loan at 'B'
HPC ELECTRICALS: CRISIL Assigns 'BB' Rating to INR35MM Cash Credit

INNOVATIVE INFRADEVELOPERS: CRISIL Rates INR600MM Loan at 'B'
N G REALTY: CRISIL Rates INR1,150 Million Term Loan at 'B+'
PASHANKAR AUTO: CRISIL Assigns 'B+' Rating to INR120MM Term Loan
PITAMBER FLOUR: CRISIL Assigns 'BB' Rating to INR7-Mil. Term Loan
PRITIKA AUTOCAST: CRISIL Puts 'B+' Rating on INR74MM Cash Credit

R.P. BASMATI: CRISIL Reaffirms 'BB' Rating on INR41MM Term Loan
SAMRAKSHANA ELECTRICALS: CRISIL Reaffirms 'D' Term Loan Rating
SHRI PARIYUR: Fitch Puts 'B-' Rating on Non-Monitored Category
SREE DHANYA: Fitch Puts 'B+' Rating on Non-Monitored Category
SUPER TEX: CRISIL Assigns 'BB' Rating to INR85.8 Mil. LT Loan

XENITIS INFOTECH: Fitch Cuts National Long-Term Rating to 'D'


K O R E A

DAEWOO ELECTRONICS: Creditors Extend Sale Deadline to April 7
HYUNDAI ENGINEERING: Court Rejects Hyundai Group's Appeal
KOREA LINE: Owes Eagle Bulk US$7.3 Million
KUMHO ASIANA: To Select Preferred Bidders in Mid-May
* SOUTH KOREA: To Set Up KRW20-Mil. Fund to Help Troubled Banks


M A L A Y S I A

OCI BERHAD: Stay of Winding-up Order Expires
SELOGA HOLDINGS: Posts MYR5.91MM Net Income in Qtr Ended Dec. 2010
SELOGA HOLDINGS: Chairman and Four Other Directors Resign


N E W  Z E A L A N D

SOUTH CANTERBURY: Receivers Start Sale Process of Face Finance


P H I L I P P I N E S

PHILIPPINE AIRLINES: Union Denies Reaching Deal Over Outsourcing




                            - - - - -


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


BURRUP FERTILISERS: Regulator Reviews Wesfarmers Ltd's Interest
---------------------------------------------------------------
Reuters reports that Australian Competition and Consumer
Commission (ACCC), Australia's competition watchdog, said it was
reviewing a possible acquisition of assets owned by chemicals and
fertiliser firm Burrup Fertilisers by conglomerate Wesfarmers Ltd.

The ACCC said in a statement it was seeking comments from
interested parties about the possible acquisition of all or part
of Burrup by Wesfarmers, according to Reuters.  The report relates
that it was the first official confirmation of corporate interest
in the assets, although local media have said that about 20
parties were looking at the business.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


PERLE PTY: Creditors Mull Class Action Over Liquidation
-------------------------------------------------------
Matt Deans, writing for Coffs Coast Advocate, reports that
creditors owed more than AU$1.6 million by failed construction
company Perle Pty Ltd are seeking legal action in the hope of
filing a class action to recover their money.

At a meeting on Feb. 15, out-of-pocket Coffs Harbour sub-
contractors voted unanimously to have the financially troubled
Sydney company wound up in liquidation, the Advocate says.

According to the report, local trade companies affected by the
company's collapse also expressed an interest in pursuing Housing
NSW, and possibly the government's primary project contractors
Bovis Lend Lease through the courts.

The Advocate notes that legal advice has also been sought through
Slater and Gordon Coffs Harbour to see if the sub-contractors have
the grounds for a class action involving other creditors in the
Illawarra and Sydney.

"I believe there is enough information there to join the players
in this debacle in a legal case," the Advocate quotes member for
Coffs Harbour, Andrew Fraser, as saying.

According to the Advocate, the development came after Housing
Minister Frank Terenzini confirmed that the collapse of Perle had
been referred to police for investigation "to see if there had
been any breaches of the law."

The Advocate discloses that statewide Perle has left debts of
around AU$10 million after commencing government stimulus package
projects, three of which involved Housing NSW unit developments in
Coffs Harbour.

The Advocate, citing a report handed down by the administrator
Rogers Reidy, says that if creditors across NSW vote to liquidate
the company that could see returns of five cents in the dollar.

Another option on the table, says the Advocate, is for creditors
to offer Perle a deed of contract and allow the company to
complete its building projects.  This the administrators believe
would offer returns of 27 cents in the dollar, but after
blockading the incomplete Harbour Drive worksite, the sub-
contractors have held firm.

The Advocate relates that Minister Terenzini said it had been
agreed by some creditors that if the State Government moved in and
covered the debts of the company it would set a dangerous
precedent for the construction industry.

"We reject outright the administrators 'opinion' that, in the
spirit of the economic stimulus package, clients such as Housing
NSW should pay in full the outstanding debt to creditors," the
Advocate quotes Mr. Terenzini as saying.  "Our decision not to pay
out the subbies has nothing to do with stimulus -- it's based on
long-standing and responsible Housing NSW policy."

Perle Pty Ltd is a Sydney-based construction company.  The company
went into receivership in January 2011.


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


LEPI CHINA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Lepi China Limited.

The official receiver is E T O'Connell.


LINKS INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Links International Limited.

The official receiver is E T O'Connell.


METZLER INTERNATIONAL: Creditors' Proofs of Debt Due February 24
----------------------------------------------------------------
Creditors of Metzler International (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 24, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         c/o Ferrier Hodgson Limited
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


SUNTOP PHARMACEUTICAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Suntop Pharmaceutical Limited.

The official receiver is E T O'Connell.


TINA GARMENT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Tina Garment Factory Limited.

The official receiver is E T O'Connell.


WIN CHAMP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Win Champ Asia Limited.

The official receiver is E T O'Connell.


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


A. C. STRIPS: CRISIL Assigns 'B+' Rating to INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the bank facilities
of A. C. Strips Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B+/Stable (Assigned)

The ratings reflect ACSPL's below-average financial risk profile,
marked by moderate debt protection metrics, and high gearing, and
the susceptibility of its margins to volatility in raw material
prices.  These weaknesses are partially offset by the extensive
experience of ACSPL's promoters in the thermo-mechanically-treated
(TMT) bar business.

Outlook: Stable

CRISIL believes that ASCPL will benefit over the medium term from
its promoters' industry experience.  The profitability of the
company is, however, expected to remain susceptible to
fluctuations in raw material prices.  The outlook may be revised
to 'Positive' in case of substantial improvement in its financial
risk profile, most likely through strong growth in sales,
increased profitability and capital infusion by promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in ACSPL's sales or operating margin, leading to a weaker
financial risk profile.

                          About A. C. Strips

ACSPL was incorporated up in 1995 by the Surana family of Raipur
(Chhattisgarh).  The company manufactures TMT bars. It has a
licensed capacity of 20,000 tonnes per annum at its facility in
Urla (Raipur).  The company recently upgraded its plant from a
fuel-oil-based furnace to a cold gasification plant, which is more
environmental friendly. ACSPL sells its products under the brand
AC Turbo TMT mainly in Maharashtra, Gujarat, Madhya Pradesh and
Uttar Pradesh.

ACSPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR 573 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR267 million for the previous year.


AIR INDIA: Seeks More Funds from Government
-------------------------------------------
Vinay Kumar at The Hindu reports that the Civil Aviation Ministry
has sought more budgetary support for the ailing national carrier,
Air India, claiming that about 65% of the turnaround plan of the
airline has been implemented.

According to The Hindu, the issue of additional support was raised
by Civil Aviation Minister Vayalar Ravi at a meeting in India on
Wednesday with Finance Minister Pranab Mukherjee, during which
they discussed issues pertaining to the aviation sector in the
upcoming Budget.

"We informed him that whatever decision had been taken, we have
implemented almost 65 per cent of it and something more remains to
be implemented," Mr. Ravi told journalists after the hour-long
meeting, according to The Hindu.

"I have asked for little more money, I cannot tell you how much,"
Mr. Ravi said, when asked whether the Ministry has asked for
additional equity infusion of INR2,000 crore.

The Hindu relates Mr. Ravi said the government would help Air
India but it would come "depending on how we are progressing step
by step.  So it means we have to earn more money and gradually
reach the break-even point."  Air India has so far received a
total of INR2,000 crore as equity in two tranches.

The Hindu, citing official sources, says a provision for at least
INR1,200 crore worth of equity could be made in the 2011-12 budget
and another tranche could be given in the supplementary budget
later this year.

                           About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AUTO INTERNATIONAL: CRISIL Raises Ratings on Various Debts to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Auto International to 'BB/Stable' from 'BB-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB/Stable (Upgrade from
                                                    BB-/Stable)

   INR36.0 Million Term Loan            BB/Stable (Upgrade from
                                                   BB-/Stable)

   INR2.5 Million Standby Line of       BB/Stable(Upgrade from
                           Credit                 BB-/Stable)

The rating upgrade reflects the improvement in AI's capital
structure and gearing, on account of regular equity infusion.  The
firm's gearing reduced to 1.39 times as on March 31, 2010 from
1.92 times as on March 31, 2009. CRISIL believes that AI's gearing
will remain moderate, in the range of 1.4 to 1.9 times, over the
medium term. AI's net cash accruals, and, consequently, its net
cash accruals to total debt ratio, are also expected to improve,
owing to the increasing scale of its operations. AI's liquidity
remains moderate, marked by adequate cash accruals vis--vis debt
repayment obligations, and moderate bank limit utilization.

The rating reflects AI's average gearing, small net worth, average
debt protection metrics, and its exposure to risks related to
product and customer concentration in its revenue profile. These
rating weaknesses are partially offset by the experience of AI's
promoters in forging and machining industry.

Outlook: Stable

CRISIL believes that AI will maintain its improved financial risk
profile over the medium term, supported by improvement in gearing
and debt protection metrics.  The outlook may be revised to
'Positive' in case of significant increase in AI's scale of
operations and profitability or reduction in revenue
concentration.  Conversely, the outlook may be revised to
'Negative' if the firm's operating income or profitability
declines, or if the firm undertakes a larger-than-expected debt-
funded capital expenditure programme.

                      About Auto International

AI was established as a partnership firm by six partners.
Following a family partition in 2007-08 (refers to financial year,
April 1 to March 31), Mr. Rajan Mittal and Mr. Pramod Gupta became
owners and other partners retired from the firm. AI undertakes
forging and machining of components, which are mainly used in
automobile industry; its facilities are in Ludhiana (Punjab).
Until 2006-07, the firm was supplying machined components only to
International Tractor Ltd.  As part of a backward integration
programme, AI diversified into forged components, and set up six
drop-forged hammer units.  The production capacity of the forging
unit is around 700 tonnes per month while that of the machining
unit is around 60,000 pieces per month.

AI reported a book profit of INR2.9 million on net sales of INR281
million for 2009-10, against a book profit of INR2.5 million on
net sales of INR206 million for 2008-09.


CHINTELS INDIA: CRISIL Rates INR300 Mil. Term Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the proposed bank
facility of Chintels India Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR300.0 Million Proposed Term Loan   B/Stable (Assigned)

The rating reflects CIL's exposure to funding- and saleability-
related risks associated with its ongoing residential real estate
project Chintels Serenity, and the company's short track record in
the real estate development business.  These rating weaknesses are
partially offset by CIL's moderate financial risk profile marked
by low gearing.

Outlook: Stable

CRISIL believe that CIL will scale up its operations gradually,
supported by its experienced management team.  The financial risk
profile of the company is expected to remain moderate -- its net
worth is expected to remain average and its gearing, low, over the
medium term.  The outlook may be revised to 'Positive' if CIL
generates more-than-expected cash accruals, driven by significant
improvement in profitability as a result of timely completion of
ongoing projects.  Conversely, the outlook may be revised to
'Negative' if CIL's debt servicing ability is adversely affected
because of lesser-than-expected customer advances for its ongoing
Chintels Serenity project.

                        About Chintels India

CIL, incorporated in 1985, is a part of the Chintel group,
promoted and managed by Mr. Ashok Solomon and his family. The
company commenced operations as a real estate consultant and a
trader in agricultural land. In 2007, company entered into real
estate development. Company is developing a 153-acre township in
Gurgaon (Haryana) in joint venture with Sobha Developers Ltd
(Sobha) and QVC Reality Company.  CIL is also developing a group
housing project, Chintels Serenity, in Gurgaon, with a total
saleable area of 1.12 million square feet, for an investment of
INR3407 million. The company will fund the project through term
loan of INR300 million. CIL has already entered into a property
development agreement (PDA) with land owners which are its group
companies, Chintels Exports Pvt Ltd, Intels India Pvt Ltd, and Raj
Kiran Pvt Ltd, and Mr. Ashok Solomon in his personal capacity. As
per the agreement, CIL will purchase the land at INR1000 per
square foot, amounting to INR938.1 million. CIL is proposing that
the payment for land will happen after the full repayment of term
loans contracted for the project. The project is expected to be
launched by April 2011 and completed by April 2014.

CIL reported a profit after tax (PAT) of INR32.9 million on net
revenues of INR3.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR31.6 million on net
revenues of INR6.5 million for 2008-09.


HPC ELECTRICALS: CRISIL Assigns 'BB' Rating to INR35MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of HPC Electricals Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR35.00 Million Cash Credit Limit   BB /Stable (Assigned)
   INR75.00 Million Bank Guarantee      P4+(Assigned)

The ratings reflect HPC's small scale of operations, and working-
capital-intensive operations. The ratings also factor in the
company's exposure to risks related to the tender-based nature of
its business, to intense competition in the transformers industry,
and to geographical concentration in its revenue profile.  These
rating weaknesses are partially offset by HPC's moderate financial
risk profile marked by a low gearing and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that HPC's scale of operations will remain small,
and its financial flexibility restricted by a small net worth,
over the medium term.  The outlook may be revised to 'Positive' if
HPC scales up its operations substantially, and sustains it at the
improved level, prudently manages its working capital management,
and increases its net worth.  Conversely, the outlook may be
revised to 'Negative' if the company's liquidity weakens
significantly, most likely because of large incremental working
capital requirements, or operating margin declines resulting in
lower-than-expected cash accruals.

                        About HPC Electrical

Set up in 1994 by two brothers, Mr. Jayaram Reddy and Mr. C V S R
Krishna Reddy, HPC assembles and markets transformers, and also
erects and commissions high-tension and low-tension electrical
control panels that find application in power distribution.  The
company has a facility in Guntur (Andhra Pradesh), and has a
monthly capacity to assemble 300 transformers.  It supplies
transformers and undertakes projects for various companies managed
by Andhra Pradesh's state electricity boards (SEB), and also
caters to the requirement of private parties, such as Reliance
Communication Ltd.

HPC reported a profit after tax (PAT) of INR8 million on net sales
of INR163 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR14 million on net sales of
INR173 million for 2008-09.


INNOVATIVE INFRADEVELOPERS: CRISIL Rates INR600MM Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Innovative Infradevelopers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR600.00 Million Term Loan      B/Stable (Assigned)
   INR29.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect IIPL's exposure to risks related to
commissioning, and commencement of operations after completion, of
its ongoing hotel-cum-commercial-complex project, and
susceptibility to downturns in the real estate industry.  The
ratings also reflect the expected pressure on the occupancy rates,
and relatively low average room rates, at IIPL's upcoming hotel;
this is because of expectation of oversupply in the hospitality
industry in Haryana over the medium term. These rating weaknesses
are partially offset by the extensive experience of IIPL's
operation and management (O&M) partner, the Hyatt group.

Outlook: Stable

CRISIL believes that IIPL will remain exposed to risks related to
time and cost overruns in its ongoing project.  The company's
financial risk profile is expected to remain weak, marked by high
gearing, over the medium term, because of its large, ongoing debt-
funded capital expenditure (capex) programme. The outlook may be
revised to 'Positive' if IIPL completes its project on time,
without contracting more-than-expected quantum of debt, and
increases its operating income and cash accruals. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity
comes under pressure because of time or cost overrun in its
project.

                    About Innovative Infradevelopers

IIPL, although incorporated in 1982, did commence operations till
five years back. It is a 50:50 joint venture (JV) between the
Mittal and Bansal families. IIPL is developing a hotel-cum-
commercial complex, comprising a four-star hotel (1,20,000 square
feet [sq ft]) and a complex for corporate offices (1,50,000 sq
ft). The hotel will be run under the Hyatt brand, with the Hyatt
group as IIPL's O&M partner.  The project is in Haryana and is
located close to the industrial and residential belt of Manesar
(Haryana). Several other hotels, such as J W Marriott, Radisson,
and Savoy Suites, are being developed in this area.  IIPL's total
expected project cost is around INR1200 million, half of it being
funded by term debt and the remaining by equity. The commercial
complex is expected to be completed by March 31, 2012, and the
hotel by September 30, 2012.


N G REALTY: CRISIL Rates INR1,150 Million Term Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of N G Realty Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR1150.0 Million Term Loan     B+/Stable (Assigned)

The rating reflects NGRPL's exposure to significant implementation
risks, which could result in time and cost overruns, and its
vulnerability to high project off-take risk. These weaknesses are
partially offset by the extensive experience of NGRPL's promoters
in the real estate industry, and the location advantage of its
project.

Outlook: Stable

CRISIL believes that NGRPL will benefit over the medium term from
the extensive experience of its promoters in the real estate
industry, and the location advantage its project enjoys.  The
outlook may be revised to 'Positive' in case the project is
completed on time and without any cost overrun, or there is more-
than-expected booking for the project.  Conversely, the outlook
may be revised to 'Negative' in case NGRPL's project suffers cost
or time overruns, or there is low demand for the project,
resulting in liquidity pressures to repay its term debt
obligations.

                         About N G Realty

NGRPL, part of the NG group, was incorporated in 2005 to develop
infrastructure projects and undertake real estate activities such
as development of land, and construction and marketing of various
real estate projects. Presently, the company is developing its
first project, an engineering sector-specific special economic
zone (SEZ) in Ahmedabad (Gujarat).

NGRPL's SEZ is spread over 218 hectares (ha), consisting of
process and non-process areas in the ratio of 5.6:1, for the
engineering sector, under the name of Gallops SEZ in Rajoda and
Chancharwadi, Ahmedabad district. The total cost of the project is
estimated at INR1.82 billion.

The NG group has been in the real estate industry since 1984, and
is among the forerunners in real estate development in Ahmedabad.
The group has developed nearly 30 lakh square feet of land, and
undertaken construction valued at more than INR15 billion.  The
promoters register an independent entity to develop the commercial
or residential projects, a common feature in the real estate
industry. Once the project is complete and the units are sold,
there is no revenue generated in that firm till it undertakes a
new project.  All these firms were actively engaged in the
business till 2007; thereafter, no projects have been undertaken
by them, as the promoters focused on the SEZ project in NGRPL.


PASHANKAR AUTO: CRISIL Assigns 'B+' Rating to INR120MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Pashankar Auto Wheels Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR160.00 Million Cash Credit   B+/Stable (Assigned)
   INR120.00 Million Term Loan     B+/Stable (Assigned)

The rating reflects PAWPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics.  The rating also factors in the company's large working
capital requirements, small scale of operations, low
profitability, and supplier concentration in revenue profile.
These rating weaknesses are partially offset by the benefits that
PAWPL derives from its promoters' extensive experience in the
automotive dealership business, and established relationship with
Chevrolet Sales India Pvt Ltd.

Outlook: Stable

CRISIL believes that PAWPL will maintain its moderate business
risk profile over the medium term, supported by its established
market position in the passenger car market in Pune (Maharashtra).
The company's financial risk profile, marked by a high gearing,
is, however, expected to remain weak because of large working
capital requirements.  The outlook may be revised to 'Positive' in
case of improvement in capital structure and debt protection
metrics, most likely because of equity infusion by promoters or
lower-than-expected working capital requirements. Conversely, the
outlook may be revised to 'Negative' if PAWPL's financial risk
profile deteriorates further, because of large incremental working
capital requirements or lower-than-expected profitability.

                        About Pashankar Auto

Incorporated in 2004, PAWPL is an authorized dealer for Chevrolet
in Pune.  PAWPL operates through three showrooms (two owned and
one leased).  PAWPL has also undertaken a real estate project,
involving construction of four floors on top of its showroom at
Baner (Pune), of which, three floors have already been sold.
PAWPL also has a booking centre in Baramati (Maharashtra) in
collaboration with Baroke Motors, Baramati. In 2009-10 (refers to
financial year, April 1 to March 31), PAWPL sold around 2400
passenger cars, of which around 2,150 cars (90%) were sold in
Pune; 250 cars were sold in Baramati.  PAWPL sells all eight of
Chevrolet's major passenger car models, and their variants. PAWPL
also operates two service centres in Pune and plans to start
another at Chinchwad in Pune on leased premises.

PAWPL reported a profit after tax (PAT) of INR5.99 million on net
sales of INR1140.81 million for 2009-10, against a PAT of INR4.65
million on net sales of INR1041.76 million for 2008-09.


PITAMBER FLOUR: CRISIL Assigns 'BB' Rating to INR7-Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Pitamber Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR140.0 Million Cash Credit     BB/Stable (Assigned)
   INR7.0 Million Term Loan         BB/Stable (Assigned)
   INR13.0 Million Bank Guarantee   P4+(Assigned)

The ratings reflect PFM's below-average financial risk profile,
marked by a small net worth and moderate debt protection metrics,
small scale of operations, and exposure to risks related to
volatility in the prices of raw materials, which are vulnerable to
the vagaries of monsoon.  These rating weaknesses are partially
offset by the benefits that PFM derives from its promoters'
experience in the wheat flour business, its established
relationship with its customers, and its strong distribution
network.

Outlook: Stable

CRISIL believes that PFM will continue to benefit over the medium
term from its promoters' extensive experience in the wheat flour
industry and its established relationship with its customers. The
outlook may be revised to 'Positive' if the company's scales up
its operations and improves its profitability.  Conversely, the
outlook may be revised to 'Negative' if PFM contracts a large
quantum of debt to fund its capital expenditure or reports a sharp
decline in accruals.

                        About Pitamber Flour

Set up in 2005, PFM manufactures and sells processed wheat
products such as atta, maida, and suji. PFM is managed and
controlled by Mr. Anjani Agarwal, who is a third-generation
entrepreneur of the Agarwal family, which has been in the same
business line for over five decades.  The company has a
manufacturing plant in Dhulagarh (West Bengal), with a processing
capacity of 450 tonnes per day.  It sells its product, under the
Pitamber (wholesale) and Ashish (retail) brand names, primarily in
West Bengal and in neighbouring regions.

PFM reported a profit after tax (PAT) of INR2.8 million on
operating income of INR1037.7 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.2
million on operating income of INR1067.8 million for the preceding
year.


PRITIKA AUTOCAST: CRISIL Puts 'B+' Rating on INR74MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Pritika Autocast Pvt Ltd (PAPL; part of the Pritika
group).

   Facilities                          Ratings
   ----------                          -------
   INR74.0 Million Cash Credit Limit   B+/Stable(Assigned)
   INR125.1 Million Term Loan          B+/Stable(Assigned)
   Rs .10.0 Million Letter of Credit   P4 (Assigned)
   INR3.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Pritika's weak financial risk profile, marked
by high gearing and weak debt protection metrics, small scale of
operations, and customer concentration in its revenue profile.
These weaknesses are partially offset by the group's stable
operating margin, on account of integrated operations and the tax
benefits it enjoys in Bathri (Himachal Pradesh), and expected
increase in demand for tractors, due to rising farm incomes and
improved availability of credit, leading to strong growth
prospects for the group.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of PAPL and its group entities,
Pritika Industries Private Limited and Nibber Castings Private
Limited, together referred to as Pritika Group.  This is because
the companies are under common management and there are instances
of inter-company purchase and sale transactions, on account of
common customer base.  Additionally, there have been a few
instances of inter-company loans and advances for short-term
funding support between these entities.

Outlook: Stable

CRISIL believes that the Pritika group will benefit from its
comfortable business risk profile through extensive experience of
promoters and its capacity expansion plans, while maintaining its
healthy operating margin, over the medium term.  The outlook may
be revised to 'Positive' in case of improvement in the group's
capital structure, most likely through significant equity
infusion, and diversification of its customer base.  Conversely,
the outlook may be revised to 'Negative' in case the group
undertakes a larger-than-expected debt-funded capital expenditure
programme or if its operating margin declines.

                          About the Group

PAPL was incorporated in 2005-06 (refers to financial year, April
1 to March 31) by Mr. Raminder Singh Nibber and his son, Mr.
Harpreet Singh Nibber.  The promoters have extensive experience in
the castings industry through PIPL and NCPL.  The company
manufactures automotive and tractor components at its facility in
Bathri. The company has an installed capacity of 1200 tonnes per
month (tpm), with a capacity utilization level of around 58%. The
management has, however, increased PAPL's capacity by setting up
Unit II, which has an installed capacity of 500 tpm, on account of
healthy demand prospects from large original equipment
manufacturers. The facility at Bathri is an integrated unit,
capable of both casting and machining.

Pritika Industries Private Limited (PIPL): Incorporated in 1996
and is engaged into the manufacturing of automotive and tractor
parts in Mohali.  It started as a partnership firm in 1973 in the
casting industry and got the corporate status in 1996 to ensure
adequate sanctioning of the bank lines.

                        About Nibber Castings

Incorporated in 1997 and is engaged in the casting process for
automotive and tractor parts.  It supplies its products to Pritika
Industries Private Limited.

The Pritika group reported a profit after tax (PAT) of INR12.44
million on net sales of INR475.90 million for 2009-10, against a
PAT of INR11.0 million on net sales of INR475.28 million for
2008-09.


R.P. BASMATI: CRISIL Reaffirms 'BB' Rating on INR41MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of R.P. Basmati Rice Ltd
continue to reflect RP Basmati's weak liquidity, marked by
complete utilization of bank lines (over 100%, at times), owing to
large working capital requirements.  The ratings also factor in RP
Basmati's other weaknesses, such as its average scale of
operations in the rice industry, and exposure to risks related to
unfavorable regulatory changes, raw material price fluctuations,
and to the vagaries of the monsoon.  These weaknesses are
partially offset by the benefits that RP Basmati derives from its
promoter's experience in the basmati rice business, and
improvement in net worth, driven by consistent equity infusions
over the past three years.

   Facilities                           Ratings
   ----------                           -------
   INR28.3 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR41.0 Million Term Loan            BB/Stable (Reaffirmed)
   INR254.7 Mil. Export Packing Credit  P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that RP Basmati's liquidity will remain weak over
the medium term, owing to its large working capital requirements
and increasing revenue trajectory.  The outlook may be revised to
'Positive' if its bank limits are utilized at comfortable levels,
thereby leaving some cushion for any exigency, or in case of
significant improvement in RP Basmati's operating income and
profitability, leading to a stronger capital structure.
Conversely, the outlook may be revised to 'Negative if the bank
limit remains highly utilized, or if the company's operating
income and profitability decline, adversely affecting its
financial risk profile.

                         About R.P. Basmati

Set up in 1986 as a proprietorship firm by Mr. Raj Pal Singhal, RP
Basmati was reconstituted as a public limited company in 2001. The
company mills, processes, and sells basmati rice. Exports
accounted for over 90% of its revenues as on March 31, 2010. Its
plant in Karnal (Haryana) has a milling and sorting capacity of 16
tonnes per hour.  The company also purchases semi-processed rice
from smaller mills in the area, and sorts and grades it, before
exporting the same.

RP Basmati reported a profit after tax (PAT) of INR26 million on
net sales of INR2135 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR14 million on
net sales of INR1077 million for 2008-09.


SAMRAKSHANA ELECTRICALS: CRISIL Reaffirms 'D' Term Loan Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Samrakshana Electricals
Ltd continue to reflect instances of delay by SEL in servicing its
term loan; the delays have been caused by the company's weak
liquidity.  The weak liquidity also led to instances of SEL
overdrawing its cash credit account continuously for more than 30
days in the recent past. SEL's weak liquidity is because of delay
in realisation of debtors leading to cash flow mismatch.

   Facilities                          Ratings
   ----------                          -------
   INR1.5 Million Term Loan            D (Reaffirmed)
   INR220.0 Million Cash Credit        D (Reaffirmed)
   INR14.7 Million Proposed LT
            Bank Loan Facility         D (Reaffirmed)
   INR102.5 Million Letter of Credit   P5 (Reaffirmed)
   INR90.0 Million Bank Guarantee      P5 (Reaffirmed)

SEL also has working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive industry
experience of SEL's promoters.

Update

SEL posted a healthy 12% growth in its net sales, to INR835
million during 2009-10 (refers to financial year, April 1 to
March 31), compared to that in the previous year. Furthermore, the
company registered a significant increase in its operating profit
margin during 2009-10.

SEL continues to have weak liquidity. Though the company has
reported a strong improvement in its profitability, further delay
in realization of debtors has resulted in over utilization of its
working capital facility continuously for more than 30 days and
instances of delays in servicing its debt.  Its working capital
requirement has increased, as indicated by its high gross current
assets of 218 days of operating income as on March 31, 2010;
debtors increased to 111 days of sales as on March 31, 2010, as
compared to 76 days as on March 31, 2009.  The increase in working
capital requirements along with high dependence on bank lines has
resulted in the company's high bank limit utilization.  SEL's
average bank limit utilization was 99% during the 12 months
through November 2010, with instances of overdrawn working capital
facility continuously for more than 30 days. SEL reported a profit
after tax (PAT) of INR40.4 million on net sales of INR834.6
million for 2009-10, against a net loss of INR13.3 million on net
sales of INR739.5 million for 2008-09.

                    About Samrakshana Electricals

SEL, a group company of Vijai Electricals Ltd (rated, 'BBB-
/Negative/P3' by CRISIL), was set up in 1987 by Mr. D J Ramesh,
and commenced commercial operations in 1990-91.  SEL manufactures
oil-immersed circuit breakers, electrical distribution
transformers, porcelain insulators, press boards, and powder
paint. SEL acquired a Chennai (Tamil Nadu)-based energy meter
manufacturing company, India Meters Ltd, with effect from April 1,
2008. SEL's plants are located at Hyderabad (Andhra Pradesh).


SHRI PARIYUR: Fitch Puts 'B-' Rating on Non-Monitored Category
--------------------------------------------------------------
Fitch Ratings has migrated the 'B-(ind)' National Long-term
ratings on India's Shri Pariyur Amman Kraft Papers Private Limited
and its INR47.5 million proposed term loan to the "Non-Monitored"
category.  The ratings will now appear as 'B-(ind)nm' on Fitch's
website.

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


SREE DHANYA: Fitch Puts 'B+' Rating on Non-Monitored Category
-------------------------------------------------------------
Fitch Ratings has migrated India's Sree Dhanya Construction
Company's 'B+(ind)' National Long-term rating to the "Non-
Monitored" category.  This rating will now appear as 'B+(ind)nm'
on Fitch's website.  Simultaneously, the agency has classified
these instruments' ratings as "Non-Monitored":

  -- INR 95m fund-based working capital limits: Migrated to
     'B+(ind)nm' from 'B+(ind)'; and

  -- INR 90m non-fund based working capital limits: Migrated to
     'F4(ind)nm' from 'F4(ind)'.

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


SUPER TEX: CRISIL Assigns 'BB' Rating to INR85.8 Mil. LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Super Tex Mills (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR85.80 Million Long Term Loan    BB/Stable (Assigned)
   INR75.00 Million Cash Credit       BB/Stable (Assigned)
   INR7.70 Million Letter of Credit   P4+ (Assigned)
   INR5.60 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SMPL's small scale of operations, below-
average financial risk profile, marked by below-average debt
protection metrics and capital structure, and susceptibility to
raw material price volatility.  These weaknesses are partially
offset by the extensive experience of SMPL's promoters in the
textile industry, and its established customer relationships.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if SMPL increases its scale of operations
and maintains profitability, while significantly improving its
capital structure.  Conversely, the outlook may be revised to
'Negative' if SMPL undertakes any large, debt-funded capital
expenditure programme, or if its profitability declines sharply,
thereby weakening its financial risk profile.

                          About Super Tex

Incorporated in 2000, SMPL is into spinning of polyester staple
fibre into polyester yarn. SMPL is managed by its promoter
director Mr. R Saravanaprabu, who has thirty years' experience in
the business.  SMPL has a manufacturing facility in Coimbatore
(Tamil Nadu), with a capacity of 21,500 spindles. SMPL has
capabilities to manufacture polyester yarn in 24's, 40's, 60's,
76's, 80's, 100's, and 120's counts.  The company has a diverse
product range, which includes 100% polyester yarn, polyester
cotton yarn, polyester viscose yarn, cationic super dye yarn, and
fancy and speciality yarns.

SMPL reported a profit after tax (PAT) of INR6 million on net
sales of INR208 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR180 million for 2008-09.


XENITIS INFOTECH: Fitch Cuts National Long-Term Rating to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded India's Xenitis Infotech Ltd's
National Long-term rating to 'D(ind)' from 'BB+(ind)'.  Fitch has
simultaneously downgraded the ratings on Xenitis' bank loans:

  -- INR90m long-term loans: downgraded to 'D(ind)' from
     'BB+(ind)';

  -- INR1600m fund-based limits: downgraded to 'D(ind)' from
     'BB+(ind)'; and

  -- INR800m non-fund based limits: downgraded to 'F5(ind)' from
     'F4(ind)'.

The downgrades reflect Xenitis' inability to make payments to its
bankers.  While Fitch has not received any confirmation of a
default from the issuer, but based on its discussions with the
bankers the agency believes that Xenitis is already in default and
has been referred to corporate debt restructuring programme
initiated by the Reserve Bank of India.

Xenitis is engaged in the manufacture of computer components such
as cabinets, switch-mode power systems, keyboards, mouse and
speakers and in the trading of imported monitors, hard disk
drives, RAMs and motherboards.  Additionally, it is involved in
the assembly of desktops and laptops under its own brand as well
as for other manufacturers.


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


DAEWOO ELECTRONICS: Creditors Extend Sale Deadline to April 7
-------------------------------------------------------------
Yonhap News reports that creditors of Daewoo Electronics Corp.
have decided to give two more months to Entekhab Industrial Group
to help the Iranian electronics firm finance a deal to purchase
the South Korean company, sources said.

In November last year, Yonhap relates, state-run debt clearer
Korea Asset Management Corp. (KAMCO) and other creditors sealed a
deal to sell a combined 97.5% stake in Daewoo Electronics to
Entekhab Industrial Group, a deal estimated to fetch KRW577.7
billion (US$514 million).

But Entekhab Industrial is facing difficulties in securing funding
as local and foreign investors have shown little interest in
pooling the money, causing the group to miss a deadline to submit
its finalized financing plan this month, according to Yonhap.

Yonhap, citing unnamed sources, reports that creditors plan to
extend the deadline by an additional two months to April 7 in an
effort to make the deal stay afloat amid market concerns that the
contract may be scrapped.

KAMCO owns the largest stake in Daewoo Electronics with 48%.  It's
followed by Korea Exchange Bank's 6.6% and Shinhan Bank's 5.8%.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


HYUNDAI ENGINEERING: Court Rejects Hyundai Group's Appeal
---------------------------------------------------------
Colin Keatinge at Bloomberg News, citing Yonhap News, reports that
a court in Seoul rejected an appeal by Hyundai Group, which had
asked that the court halt creditors of Hyundai Engineering &
Construction Co. from selling the to Hyundai Motor Group.

Creditors of Hyundai Engineering & Construction Co. on Jan. 7,
2011, selected Hyundai Motor Group as the prime bidder for
South Korea's top builder.  The move came after a Seoul court on
January 4 turned down an injunction sought by Hyundai Group to
block creditors from scrapping the deal to sell a 35% stake in the
builder.

Hyundai Group signed a KRW5.5 trillion preliminary deal with KEB
on Nov. 29 to buy a 34.88% stake in the country's top builder,
beating its rival Hyundai Motor Group that had proposed to pay
KRW5.1 trillion.  But creditors of Hyundai E&C scrapped a takeover
deal for the builder signed with Hyundai Group as the group failed
to resolve suspicions over its ability to finance the deal.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into these key areas:
building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.

Hyundai Engineering has been under creditors' control.  In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.


KOREA LINE: Owes Eagle Bulk US$7.3 Million
------------------------------------------
Eagle Bulk Shipping Inc. provided an update to the market
concerning Korea Lines Corporation's decision last month to file
for protective receivership.  As of February 15, Eagle Bulk is
owed approximately US$7.3 million of charter hire from KLC, of
which approximately US$3.00 million was due and owing prior to KLC
filing for rehabilitation on January 25, 2011.

Eagle Bulk management remains in active negotiations concerning
the status of its charters with KLC, with the following recent
developments:

  --  All of Eagle Bulk's charters to KLC remain intact, though no
      charter hire payments are currently being received. Eagle
      Bulk has been advised by KLC that it expects to receive
      Court approval in South Korea in order to qualify for
      rehabilitation later this month, at which time KLC expects
      to resume charter hire payments.

  --  To cover the period until the Court allows KLC to resume
      hire payments, and subject to court approval, Eagle Bulk is
      working with KLC on arrangements to take over the employment
      of some of the affected charter vessels for an interim
      period.  All such earnings would be used to offset the
      charter hire otherwise due from KLC.

  --  With regard to the "Nighthawk," a newbuilding vessel which
      is due to deliver to KLC later in the first quarter, Eagle
      Bulk and KLC have agreed in principle, again subject to
      Court approval, to defer the commencement of the charter in
      order to allow Eagle to employ the vessel for its own
      account for the time being.

Eagle Bulk CFO Alan Ginsberg commented, "We have been working
diligently to mitigate potential losses associated with KLC's
financial restructuring.  Securing alternative employment for our
vessels while KLC awaits court approval to resume charter payments
constitutes an important step in this regard."

                     About Eagle Bulk

Headquartered in New York City, Eagle Bulk Shipping, Inc., is a
leading global owner of Supramax dry bulk vessels, which are dry
bulk vessels that range in size from 50,000 to 60,000 deadweight
tons, or dwt, and transport a broad range of major and minor bulk
cargoes, including iron ore, coal, grain, cement and fertilizer,
along worldwide shipping routes.

                       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.


KUMHO ASIANA: To Select Preferred Bidders in Mid-May
----------------------------------------------------
Yonhap News reports that sale managers for Korea Express Co. will
hold a competitive bidding process to select a preferred bidder
for the logistics firm in mid-May, financial sources said.

Yonhap says the state-run Korea Development Bank, the main
creditor of cash-strapped Kumho Asiana Group, is seeking to sell
Korea Express in a bid to wrap up the restructuring of the group.
Last year, the state-run lender took over Daewoo Engineering &
Construction Co. in an effort to speed up the normalization of the
conglomerate, now under a creditors-led debt rescheduling program.

Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,
that it plans to raise KRW1.3 trillion from asset sales to help
repay debt stemming from the 2006 takeover of Daewoo Engineering.
The group has already sold assets and lost control of units
including Daewoo Engineering, Kumho Industrial Co. and Kumho Tire
Co. to creditors.

Korea Express Co., Ltd. provides land and marine transportation,
and logistics services.  The company also operates stevedoring,
distribution, and warehousing businesses that serve domestic and
international customer needs.  The company is part of the Kumho
Asiana Group.

                          About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


* SOUTH KOREA: To Set Up KRW20-Mil. Fund to Help Troubled Banks
---------------------------------------------------------------
Yonhap News reports that South Korea plans to set up a KRW20
trillion fund in a bid to help expedite consolidation of troubled
savings banks and bolster their financial health, officials and
industry sources said.

According to Yonhap, the plan comes amid surging defaults on
construction project financing loans extended by savings banks
that have dented savings banks' financial health over the past
years, posing a threat to financial instability.

Yonhap relates the officials and sources said that the envisioned
fund is designed to brace for an unexpected rout or further
degradation of the savings bank sector and the amount does not
represent the total costs needed to normalize the industry.

"The KRW20 trillion funds indicate the maximum level of money
(authorities) could secure in order to proactively prepare for
potential troubles," Yonhap quotes a regulatory official as
saying. "It represents the government's efforts to secure market
stability and prevent a run of deposit withdrawal."

Yonhap notes that half of the KRW20 trillion will be drawn from
the country's financial system, rather than public funds, in order
to avoid having to pass the restructuring costs on to taxpayers.


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


OCI BERHAD: Stay of Winding-up Order Expires
--------------------------------------------
OCI Berhad disclosed that the stay of winding up order granted by
the Kuala Lumpur High Court had expired on February 3, 2011.  The
High Court order on winding up dated September 29, 2010,
petitioned against OCI by Transmare-Chemie Sdn Bhd becomes
effective.

The winding up petition was served on OCI on June 26, 2007.
The petition is in respect of a sum of MYR440,881.25 due from
Bosschem Sdn Bhd, a 100% subsidiary of OCI, whereby OCI stood as
guarantor for facilities granted to Bosschem Sdn Bhd.

The Kuala Lumpur High Court granted order-in-terms for OCI's
application for stay of the winding up order on November 4, 2010,
for a period of three months from date of order to enable OCI's
unsecured creditors to proceed with the Proposed Scheme of
Arrangement and Compromise under Section 176(3) and/or under
Section 177 of the Companies Act 1965 by calling for a meeting
with all the unsecured creditors for the purpose of considering
the Proposed Scheme of Arrangement.

                          About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries.

OCI Berhad is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006, and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


SELOGA HOLDINGS: Posts MYR5.91MM Net Income in Qtr Ended Dec. 2010
------------------------------------------------------------------
Seloga Holdings Berhad disclosed with the Kuala Lumpur Stock
Exchange its financial report for the fourth quarter ended
December 31, 2010.

For the current quarter, the company reported MYR5.91 million net
income on revenue of MYR13.85 million compared with MYR1.49
million net income on revenue of MYR12.25 million in the same
quarter of 2009.

The Group's profit before tax of MYR8.1 million recorded in the
fourth quarter ending December 31, 2010, represents an increase of
237% compared to the corresponding quarter of 2009.  The increase
is mainly attributable to the sale of the company's developmental
rights over a parcel of land under the joint venture agreement
with UEM Land Berhad for MYR11 million.

For the financial year ended December 31, 2009, the Group reported
lower revenue of MYR46.74 million compared with MYR61.91 million
of revenue recorded in the corresponding financial year 2009.

As of December 31, 2010, the company's balance sheet showed total
assets of MYR107.85 million, total liabilities of MYR52.75 million
and shareholders' equity of MYR55.10 million.

A full-text copy of the company's quarterly report is available
for free at: http://ResearchArchives.com/t/s?7358

                        About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SELOGA HOLDINGS: Chairman and Four Other Directors Resign
---------------------------------------------------------
Seloga Holdings Bhd. announced the resignation of Chairman Dato'
Robert Lim Git Hooi and four other directors:

   -- Mr. Derek John Fernandez;

   -- Dato' Syed Md Amin Bin Syed Jan Aljeffri;

   -- Encik Anuar Bin Adam; and

   -- Encik Aldillan Bin Anuar.

SHB said these Directors had tendered their resignation letters to
SHB on the February 8, 2011.

As stated in their resignation letters, the company added, the
Directors concerned were unable to agree with the views of the
majority shareholder in many matters which will only impede the
growth of the Company.

                        About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


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


SOUTH CANTERBURY: Receivers Start Sale Process of Face Finance
--------------------------------------------------------------
BusinessDay.co.nz reports that receivers said they were starting
the sale process for Face Finance, a subsidiary of South
Canterbury Finance in receivership.

BusinessDay.co.nz relates that the sale process will be conducted
by Deutsche Bank AG, sale advisor to the receivers for SCF's core
finance business.

Kerryn Downey and William Black of McGrathNicol, receivers of the
SCF Group, said they believe the potential sale would offer the
opportunity to transition the business out of receivership and
provide greater certainty to customers going forward, according to
BusinessDay.co.nz.

The receivers have yet to announce the sale process for the
consumer and commercial lending businesses of SCF, although they
expect this process will start within two to three months.
Ad Feedback

The National Business Review, citing first receivership report,
discloses  that Face Finance had a total loan book of $205.43
million at the time of receivership last August. Of that amount,
$8.48 million was impaired.  The company had cash and cash
equivalents of just $399,193 as at September 2010.

Face Finance focused on lending to the road transport, aviation,
earthmoving and construction sectors and has operated on a largely
standalone basis from the rest of the SCF group since
establishment, with a separate distribution network and customer
relationships.


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


PHILIPPINE AIRLINES: Union Denies Reaching Deal Over Outsourcing
----------------------------------------------------------------
BusinessWorld Online reports that the Philippine Airlines
Employees' Association (PALEA) has denied it had reached a
settlement with flag carrier Philippine Airlines for a gradual
implementation of outsourcing along with higher separation pay.

The clarification was made after reports came out that a partial
agreement had been made between PALEA and PAL, BusinessWorld says.

"Neither management or the union proposed such ideas in the
mediation meeting called by the Office of the President last
Friday.  And we certainly will not agree to either gradual
outsourcing or higher separation [pay] or both," Businessworld
quotes PALEA President Gerry Rivera as saying.

Mr. Rivera told BusinessWorld that the only agreement reached last
Friday was for PAL to submit unaudited quarterly financial
statements.

"We were told last Friday by representatives from Malacanang that
they are not closing their doors for another round of talks. If
any one of the parties will ask [the Palace], then there might be
talks in the future," Mr. Rivera said.

In a separate statement, BusinessWorld says, PAL concurred with
PALEA that the conciliatory talks in Malacanang last Friday did
not result in any compromise or any form of settlement to end the
labor row.  PAL said it would keep its communication lines "open."

                     About Philippine Airlines

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

                           *     *     *

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

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


                             *********

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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