TCRAP_Public/110218.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 18, 2011, Vol. 14, No. 35



FINCORP CORP: Founder Faces Jail Over "Spotter's Fees"
MIDWEST VANADIUM: Moody's Assigns 'B3' Rating to 144A Notes
PARAGON PRINTING: Workers Still Owed AU$100,000 in Entitlements


BHUVEE PROFILES: CRISIL Reaffirms 'BB+' Rating on INR1.15BB Loan
CAPRICORN PLAZA: CRISIL Downgrades Rating on INR700MM Loan to 'D'
HILLTOP STONES: ICRA Assigns 'LB+' Rating to INR12.09cr Term Loan
KADVANI FORGE: CRISIL Reaffirms 'B+' Rating on INR90MM Term Loan
LORD SHIVA: CRISIL Places 'B' Rating on INR52.5MM Cash Credit

MANOJ CABLES: ICRA Assigns 'LBB+' Rating to INR35.5cr Bank Limits
PAMI METALS: CRISIL Assigns 'B+' Rating to INR25MM Term Loan
PARKER BUILDERS: ICRA Assigns 'LBB' Rating to INR19.99cr Term Loan
PREM JAIN: CRISIL Assigns 'B' Rating to INR100 Mil. Term Loan
S K Marketing: ICRA Assigns 'LB+' Rating to INR4.5cr Cash Credit

SIKSHA O ANUSANDHAN: CRISIL Assigns 'B+' Rating to INR1.06BB Loan
SRI TEXTILE: CRISIL Assigns 'B' Rating to INR5MM Term Loan
SUDHIR CONSTRUCTIONS: ICRA Assigns 'LB+' Rating to INR4cr Loans
VEDANTA RESOURCES: S&P Affirms Corporate Credit Rating at 'BB'


BUSAN SAVINGS: Failure to Meet Capital Requirement Cues Suspension

N E W  Z E A L A N D

FIVE MILE: Henderson Fails to Comply Liquidator's Request
ROCKFORTE FINANCE: Receivers Find Boxes of Docs, Clothing


MANILA CAVITE: Moody's Changes Outlook on 'B2' Rating to Negative


AIMS AMP: Northtech Deal Won't Affect Moody's 'Ba2' Corp. Rating


* Large Companies with Insolvent Balance Sheets

                            - - - - -


FINCORP CORP: Founder Faces Jail Over "Spotter's Fees"
James Thomson at SmartCompany reports that the founder of property
finance company Fincorp is facing jail after being found guilty of
making a series of payments to himself a year after setting up the

SmartCompany says Fincorp founder Eric Krecichwost was found
guilty Wednesday in the NSW District Court of dishonestly using
his position as a director to pay himself and family members more
than AU$3 million in fees to which he had no claim.

According to SmartCompany, the jury heard that in 2003,
Mr. Krecichwost orchestrated the payment of three cheques to
himself and members of his family for "spotter's fees" for setting
up property transactions.

SmartCompany notes that the three transactions -- for AU$1.98
million, AU$900,000 and AU$825,000 -- were unlawful because none
of the property developments made a profit.

The jury found Mr. Krecichwost guilty on all three charges.  Each
offence carries a maximum jail sentence of five years and a fine
up to AU$220,000, SmartCompany reports.

SmartCompany notes that Mr. Krecichwost has been bailed and will
be sentenced on March 25.

The Australian Securities and Investment Commission had fought a
running battle with Fincorp since 2004, when it began
investigating claims that the company has misled investors in a
AU$75 million equity raising the previous year, according to

                             About Fincorp

Fincorp Group -- is a boutique
funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.

MIDWEST VANADIUM: Moody's Assigns 'B3' Rating to 144A Notes
Moody's Investors Service has assigned a definitive B3 rating to
Midwest Vanadium Pty Ltd's US$335 million 144A senior secured
notes issuance.  Moody's also assigned a definitive corporate
family rating of B3 to MVPL.  The rating outlook is stable.

                         Ratings Rationale

The definitive ratings confirm the provisional ratings assigned on
February 2, 2011.

MVPL is issuing US$335 million of 11.5% guaranteed senior secured
notes due 2018.

The Notes, issued by Midwest Vanadium Pty Ltd (MVPL), a wholly
owned subsidiary of Atlantic Vanadium Pty Ltd (AVPL), will rank
equally to all senior indebtedness of the issuer and will be
effectively senior to all current and future senior unsecured
indebtedness to the extent of the value of the collateral.  The
issuance is guaranteed by AVPL and all of its current and future
subsidiaries.  AVPL is 100% owned by Atlantic Ltd, which is not a
guarantor of the notes.

Proceeds from the issue will be used in connection with the
completion and commissioning of the Windimurra vanadium project,
the purchase of the project's ore crushing and beneficiation
plant, funding reserve accounts, refinancing all of the issuer's
existing debt and general corporate purposes.

The last rating action was on February 02, 2011 when Moody's
assigned a (P)B3 corporate family and proposed senior secured note
rating to Midwest Vanadium Pty Ltd.  The outlook on all ratings
was stable.

Midwest Vanadium Pty Ltd an indirect 100% owned subsidiary of
Atlantic Ltd, an Australian publically listed company, is planning
to complete the redevelopment of the Windimurra vanadium mine,
located approximately 400km east of Geraldton in central Western

PARAGON PRINTING: Workers Still Owed AU$100,000 in Entitlements
Steven Kiernan at ProPrint reports that the Australian
Manufacturing Workers Union has said some workers likely to lose
jobs at South Pacific Print Group, formerly known as Paragon
Printing, are still owed AU$100,000 in entitlements following the
company's liquidation last year.

Proprint relates that the union said some 68 jobs are at risk at
South Pacific Print Group while the future of Moore Australasia's
neighbouring site is also in question.

AMWU organizer Leigh Diehm said there are 61 AMWU members at SPPG,
and a further 10 at the Moore site, ProPrint relates.

According to ProPrint, SPPG's parent company, Print Media Group,
has said some workers may find roles at its other plants.  But the
union said it looks likely most Wodonga staff will lose their
jobs, ProPrint notes.

Mr. Diehm told ProPrint that the AMWU was still chasing
entitlements of workers caught up in last year's liquidation of
Paragon Printing.  "I have some members owed AU$100,000 and we are
fighting that through the liquidation.

"It has been a double whammy for our members. They found the
company put in to liquidation under the old legislation, so they
got money out of the General Employee Entitlements and Redundancy
Scheme payment," ProPrint quotes Mr. Diehm as saying.

ProPrint states that one of Julia Gillard government's election
promises was the 'Fair Entitlements Guarantee', which protects
redundancy pay for up to four weeks for each year of service, all
annual leave, all long service leave, and up to three months in
unpaid wages.

"If [the Paragon workers] had been in the same position in January
this year instead of March last year, they would have received
their whole entitlements under the new government entitlement
scheme," Mr. Diehm told ProPrint.

ProPrint adds that Mr. Diehm said it was unlikely union members
would see a repeat of the "great result we got last time", when
Paragon workers were saved by the PMG buyout.

Sydney-based accountants Hall Chadwick was last year appointed as
administrators for Paragon Printing Ltd., as well as the office
supplies wholesaler, MMMM Office 69, the Troubled Company
Reporter-Asia Pacific reported on March 11, 2010.

In May 2010, Paragon Printing Ltd. was renamed South Pacific Print
Group, after its assets and staff were acquired by Print Media


BHUVEE PROFILES: CRISIL Reaffirms 'BB+' Rating on INR1.15BB Loan
CRISIL's rating to bank loan facilities of Bhuvee Profiles &
Stainless Pvt Ltd (BPSPL; part of BRG group) reflects the group's
moderate financial risk profile, large debt-funded capital
expenditure (capex) and exposure to risk to intense competition
from established players.

   Ratings                        Facilities
   -------                        ----------
   INR1150 Million Term Loan      BB+/Stable (Reaffirmed)

These weaknesses are offset by the group's moderate business risk
profile marked by integrated nature of operations and long-
standing experience of the promoters in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of BPSPL, BRG Iron & Steel Co Pvt Ltd and
Rabirun Vinimay Pvt Ltd, together referred as BRG group.  This is
because the entities have common management, is into similar line
of business and have strong operational and financial linkages.

Outlook: Stable

CRISIL believes that BRG group will benefit from the promoter's
industry experience and expected stabilization of expanded
capacities at the group level over the medium term.  The outlook
may be revised to 'Positive' if BRG group's financial risk profile
and liquidity improves, most likely because of increase in
profitability and improved working capital management.
Conversely, the outlook may be revised to 'Negative' if BRG
group's financial risk profile deteriorates, most likely because
of decline in revenues and profitability, or significant delay in
stabilization of its project.

Summary Update

BPSPL's is undertaking INR4.1 billion expansion projects and the
management expects the projects to be fully commission by
January 2011.  Thus large part of the project implementation risk
is over; thus the stabilization and expected benefits will be a
key rating sensitive factor.  BPSPL has achieved net sales of
INR4.0 billion for six months ended Sept 30, 2010.

                          About the Group

BPSPL, promoted by Mr. Anjani Kumar Goyal, is setting up a hot-
rolled MS and SS coil and plate manufacturing plant with a
capacity of 0.8 million tonnes per annum (tpa).  The plant is
implemented in two phases. Phase I of the project, with an
installed capacity of 0.3 million tpa of mild steel (MS)/stainless
steel (SS) plates, commenced commercial operations in September
2008 and part of the Phase II was commissioned in April 2010.  The
manufacturing unit is located at Dhenkanal (Orissa).

BRG Iron is engaged in manufacturing of MS/SS slabs, sponge iron
and ferro alloys and is also located at Dhenkanal (Orissa).  RVPL
has recently commissioned operations in Oct 2010 and is engaged in
SS cold rolled sheets & coils.

BPSPL reported a profit after tax (PAT) of INR83 million on net
sales of INR6270 million for 2009-10, as against PAT of INR5
million on net sales of INR479 million in the previous year.

CAPRICORN PLAZA: CRISIL Downgrades Rating on INR700MM Loan to 'D'
CRISIL has downgraded its rating on the long-term bank facility of
Capricorn Plaza Pvt Ltd to 'D' from 'BB/Stable'.

   Ratings                              Facilities
   -------                              ----------
   INR700.0 Million Long-Term Loan      D (Downgraded from

The downgrade reflects the delay by Capricorn Plaza in repaying
the December 2010 installment of its long-term loan; the delay was
caused by Capricorn Plaza's inadequate cash accruals, because its
hotel has not commenced commercial operations as was scheduled and
there is an absence of timely funding support from its promoters.
Capricorn Plaza was expected to maintain a debt-service reserve
equivalent to two quarters of the installment by November 30,
2010; however, this was not maintained by the company as on
January 31, 2011.

The hotel, which was supposed to be operational by December 2009,
was expected to commence operations by July 2010. However, there
have been further delays and the hotel is now expected to be
commercialized in the last week of February 2011.  There have been
cost overruns, and the total project cost is estimated at INR1.27
billion; previously, it was expected to cost INR1.07 billion.
Around 70% of the project's cost has been funded by debt.

Capricorn Plaza is susceptible to risks related to revenue
generation.  This rating weakness is partially offset by the
extensive industry experience of Capricorn Plaza's promoters and
its tie-up with Marriott International, Inc.

                        About Capricorn Plaza

Capricorn Plaza is a joint venture between Advantage Raheja group
and the Capricorn group. Capricorn Plaza is constructing a four-
star hotel in Pune (Maharashtra).  The company has a tie-up with
Marriott International for managing the hotel's operations; the
hotel will be branded Courtyard by Marriott.  It will have 179
rooms comprising 118 king standard deluxe rooms, 39 double
standard deluxe rooms, 7 king deluxe rooms, 7 executive suite
rooms, and 8 junior suite rooms. The hotel will also have two
restaurants, a coffee shop and a banquet hall.

HILLTOP STONES: ICRA Assigns 'LB+' Rating to INR12.09cr Term Loan
ICRA has assigned an 'LB+' rating to the INR12.09 Crore term loan
facility of Hilltop Stones Private Limited.  ICRA has also
assigned an 'A4' rating to the INR2 Crore packing credit facility
of HSPL.

The ratings take into consideration the overall subdued demand in
real estate segment particularly in markets like US and Canada,
fragmented and highly unorganized nature of the business and the
moderate scale of HSPL's operations.  The ratings are also
constrained by increased demand risk in view of HSPL's capacity
addition through commissioning of four new gang saws and exposure
to foreign currency fluctuation due to heavy reliance on exports.
The company's sales have declined in FY2010 and capacity
utilization has remained low due to sluggish demand.  ICRA also
notes that there have been delays in debt servicing in the past on
account of delays in realization of receivables and sharp adverse
movements in exchange rates.

The ratings however take comfort from the long experience of the
HSPL's promoters in this line of business, its long term relations
with major customers, well diversified market and modern automated
manufacturing set up.  HSPL is geographically well diversified
compared to its peers and has been able to maintain good margins
by focusing more on its export oriented unit.  ICRA also notes
that a significant portion of the term loans has been repaid,
which coupled with accretion to reserve in past couple of years
have resulted in moderation of gearing to 1.17x level as on
March 31, 2010.  Going forward, timely debt servicing and ability
of the company to increase sales in geographically diversified
manner will be key rating drivers.

                         About Hilltop Stones

Hilltop Stones Private Limited is a engaged in the business of
processing and exporting of granite slabs and tiles.  The company
is promoted by Mr. Nilesh Giria and Mr. Kamlesh Kumar Jain with
combined experience of 32 years. Business was started in the year
1989 as a partnership firm but later in the year 2008 it was
converted into a private limited company. HSPL is a closely held
company with the promoters and promoter group holding 95% stake in
the company as on March 31, 2010.  HSPL has three divisions -- EOU
division, Trading division and Wind mill. EOU division is 100%
export oriented and is engaged in the business of processing
granite slabs. The trading division is primarily involved in
domestic sales and re-export of smaller sized slabs and tiles. The
company also has a captive windmill having capacity of 1.25 MW.

During 2009-10, the company posted profit after tax (PAT) of
INR4.38 Crore and operating income (OI) of INR25.59 Crore.
Corresponding figures in 2008-09 were INR3.71 Cr of PAT and
INR31.41 Cr of OI.

KADVANI FORGE: CRISIL Reaffirms 'B+' Rating on INR90MM Term Loan
CRISIL's rating on the bank facilities of Kadvani Forge Ltd
continues to reflect KFL's average financial risk profile, marked
by a high gearing and average debt protection metrics, and
exposure to risks related to industry and customer concentration
in revenue profile.  These rating weaknesses are partially offset
by KFL's track record in the forging industry, and strong customer

   Ratings                          Facilities
   -------                          ----------
   INR200.0 Million Cash Credit     B+/Stable (Reaffirmed)
   INR90.0 Million Rupee Term Loan  B+/Stable (Reaffirmed)

KFL's business risk profile remains stable, given the company's
performance during 2009-10 (refers to financial year, April 1 to
March 31) and revenue growth observed during the first half of
2010-11.  However, KFL's operating margin declined in 2009-10 to
7% from 13% in 2008-09.  While there has been a slight improvement
in KFL's profitability in the ongoing financial year, the
company's financial risk has weakened because of less-than-
expected cash accruals, larger-than-expected debt obligations, and
withdrawal of INR40 million of share application money from the
company, which has been converted to interest free unsecured
loans.  The company had a high bank limit utilization, averaging
at over 90%, during the 12 months through September 2010. Although
CRISIL believes that KFL's cash accruals will be modest in 2011-
12, the accruals are expected to be sufficient to meet the
company's debt obligations during the year.

Outlook: Stable

CRISIL believes that KFL will improve its cash accruals and
benefit from its established and reputed customer base and the
absence of large capital expenditure plans, over the medium term.
The outlook may be revised to 'Positive' if KFL's financial risk
profile improves, supported by improvement in operating margin and
effective working capital management.  Conversely, the outlook may
be revised to 'Negative' if the company faces significant delays
in debtor collection, or its operating margin reduces
significantly, leading to deterioration in its financial risk

                        About Kadvani Forge

Incorporated in 1995, KFL commenced commercial operations in 1997.
Initially promoted by the Kadvani family, the company was acquired
by Mr. Vitthalbhai L Dhaduk in February 2009. KFL manufactures
forged components at its facility in Rajkot (Gujarat) and derives
a majority of its revenues from automobile component
manufacturers.  The company increased its production capacity to
30,000 tonnes per annum (tpa) in 2009 from 960 tpa in 1997.

KFL reported a profit after tax (PAT) of INR4 million on net sales
of INR618 million for 2009-10, against a PAT of INR2 million on
net sales of INR561 million for 2008-09.

LORD SHIVA: CRISIL Places 'B' Rating on INR52.5MM Cash Credit
CRISIL has assigned its 'B/Stable/P4' ratings to Lord Shiva
Construction Company Pvt Ltd's bank facilities.

   Ratings                           Facilities
   -------                           ----------
   INR52.5 Million Cash Credit       B/Stable (Assigned)
   INR27.5 Million Proposed LT       B/Stable (Assigned)
            Bank Loan Facility
   INR80.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Lord Shiva's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and exposure to concentration of revenues in road projects.  These
rating weaknesses are partially offset by Lord Shiva's established
market position in the civil construction projects.

Outlook: Stable

CRISIL believes that Lord Shiva will maintain its business risk
profile, backed by its promoters' experience and stable market
position.  The outlook may be revised to 'Positive' if the company
substantially increases its scale of operations while sustaining
its profitability, or in case there is significant equity
infusion, leading to substantial improvement in its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates because of
larger-than-expected debt-funded capital expenditure or because of
lower-than-expected profitability.

                          About Lord Shiva

Lord Shiva was set up in 1991 as a partnership firm and was
incorporated as a private limited company in 2004.  The company
undertakes civil construction activities in and around Delhi and
the National Capital Region.  The company undertakes building and
road construction contracts for government agencies including
Public Works Department.  While around 65% of the company's
revenues are generated from road construction projects, the
remainder comes from building construction activities.

Lord Shiva reported a profit after tax (PAT) of INR4 million on
net sales of INR361 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR209 million for 2008-09.

MANOJ CABLES: ICRA Assigns 'LBB+' Rating to INR35.5cr Bank Limits
ICRA has assigned 'LBB+' rating to the INR35.50 crores fund based
limits of Manoj Cables Limited (erstwhile Manoj Cable Company
Private Limited).  The outlook on the long term rating is stable.
ICRA has also assigned 'A4+' to the INR5.00 crores non fund based
limits of MCL.

The assigned rating takes into account the high competitive
pressures in its core cables manufacturing business and low
bargaining power vis--vis customers which are relatively large
entities which have in turn resulted in low operating margins and
high working capital intensity of operations (mainly because of
high receivables).  These factors have resulted in modest internal
accruals and poor cashflow generation and this situation is
unlikely to change significantly in the medium term. The rating is
also constrained by the relatively high gearing which coupled with
the modest profitability have resulted in modest debt coverage
indicators.  The rating also factors in project execution risks
arising out of its greenfield capacity expansion at Bhiwadi,
Rajasthan and customer concentration risks with a small number of
clients which account for over 70% of its turnover. However, the
rating derives comfort from company's established presence and
promoter's long experience in the cable manufacturing business.
The rating also draws comfort from the company's status as an
approved supplier to large and reputed customers like the Indian
Railways and PGCIL.  These factors have resulted in a healthy
satisfactory order book position for the company and turnover
growth, which is likely to be sustained given expectations of
strong offtake of cables from its customers and also availability
of expanded capacity following commissioning of its new unit at
Bhiwadi.  The company's ability to successfully commission the new
unit and improve the operating margins will be key rating drivers
going forward.

Recent Results

As per the audited results, MCL reported a net profit of INR2.66
crores on an operating income of INR149.22 crores for the year
ending March 31, 2010, as against PAT of INR1.88 crores on
operating income of INR138.05 crores for year ending March 31,

                            About Manoj Cable

Manoj Cable Limited was incorporated in 1990 by Mr. Rajinder Garg
and commenced its business activities in the same year.  MCL is
engaged in the manufacturing of PVC Power cables, Insulated Aerial
Bunched cables, Railway Signalling cables, Railway Axle Counter
cables etc.  MCL's manufacturing facility is located in company
owned factory built on an area of 65,000 sq ft in Haiderpur,
Delhi.  MCL holds ISO 9001:2000 and ISO 14001:2004 certifications
for quality purposes.  The company primarily manufactures Railway
Signalling Cable, Railway Axle Counter Cable, PVC Power Cable and
Insulated Aerial Cable which are used for signalling in the
railways and distribution of power by power grids.

PAMI METALS: CRISIL Assigns 'B+' Rating to INR25MM Term Loan
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Pami Metals Pvt Ltd.

   Ratings                               Facilities
   -------                               ----------
   INR95.00 Million Cash Credit          B+/Stable (Assigned)
   INR25.00 Million Term Loan            B+/Stable (Assigned)
   INR25.00 Million Proposed Term Loan   B+/Stable (Assigned)
   INR19.00 Mil. Standby Line of Credit  P4 (Assigned)
   INR1.00 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Pami's weak financial risk profile, marked by
high gearing, and weak debt protection metrics, large working
capital requirements, and exposure to risks related to customer
concentration in revenue profile.  These rating weaknesses are
partially offset by the extensive experience of Pami's promoters
in the copper products and high tension panel assembly business,
and buoyant demand from the end user, power sector.

Outlook: Stable

CRISIL believes that Pami will have a stable business profile over
the medium term aided by the promoters' extensive experience and
proposed further backward integration in operations.  The outlook
may be revised to 'Positive' if Pami significantly scales up its
operations, diversifies its revenue profile, and improves its
capital structure.  Conversely, the outlook may be revised to
'Negative' if Pami's financial risk profile deteriorates further
because of a significant decline in profitability and cash
accruals, or if it undertakes a larger-than-expected debt-funded
capital expenditure programme.

                         About Pami Metals

Incorporated in 1989, Pami manufactures copper components,
fabricates sheet metal, and assembles high tension panels (HT
panels) used in power transmission.  The company is a channel
partner of Areva.  About 90% of Pami's total annual sales are to
Areva.  The company has two units in Kolkata (West Bengal) and
Vadodara (Gujarat) with a total capacity to assemble 300 HT panels
per month. Pami's operations are backward integrated to the extent
of 40%.

Pami reported a profit after tax (PAT) of INR4.9 million on net
sales of INR304.3 million for 2009-10 (refers to financial year,
April 1 to March 31) ), as against a PAT of INR2.8 million on net
sales of INR186.6 million for 2008-09

PARKER BUILDERS: ICRA Assigns 'LBB' Rating to INR19.99cr Term Loan
ICRA has assigned 'LBB' rating to INR19.99 crore Term Loans of
Parker Builders Private Limited.  The outlook on the long-term
rating is stable.

The rating is constrained by PBPL's execution risks given that the
project is in construction phase; and market risks with respect to
the un-booked area, which along with moderate collection
efficiency increases the risk of cash flow mismatch.  The ratings
also take into consideration the competitive pressure from similar
projects being developed in the vicinity of the project site that
might pose challenge for the company to maintain its sales
volumes.  However, the rating favorably factors in attractive
location of the project and the fact that the debt tie up for the
project is in place.

Incorporated in 2005, Parker builders private Limited is a closely
held company promoted by Mr. Manish Garg and his family members.
PBPL is developing a retail mall with a saleable area of 2,60,000
sq. ft. along National Highway 1 in Kundli, Sonepat.  The
construction of the mall started in January 2008 and is expected
to complete by December 2011.  The total cost for the project is
estimated to be INR72 crore including land cost of approx.
INR12.29 crore. In 2009-10 (Provisional), the company recorded
sales of INR6.08 crore and posted a profit after tax (PAT) of
INR0.37 crore as compared to sales of INR15.96 crore and PAT of
INR0.23 crore in 2008-09.

PREM JAIN: CRISIL Assigns 'B' Rating to INR100 Mil. Term Loan
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Prem Jain Ispat Udyog Pvt Ltd.

   Ratings                       Facilities
   -------                       ----------
   INR50 Million Cash Credit     B/Stable (Assigned)
   INR100 Million Term Loan      B/Stable (Assigned)

The rating reflects PJL's improving, but modest financial risk
profile, marked by high gearing, weak debt protection metrics, and
small net worth, and the susceptibility of its operating
efficiencies to volatility in raw material prices.  These
weaknesses are partially offset by the extensive experience of
PJL's promoters in the steel industry.

Outlook: Stable

CRISIL believes that PJL will benefit over the medium term from
its promoters' experience in the steel industry. Its financial
risk profile is expected to remain moderate, marked by moderate
gearing and debt protection metrics.  The outlook may be revised
to 'Positive' if the company achieves more-than-expected growth in
topline and profitability, leading to improvement in its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case the company undertakes a larger-than-expected
debt-funded capital expenditure programme or its working capital
requirements increase, leading to deterioration in its financial
risk profile.

                         About Prem Jain

Set up in 2008 by Mr. Prem Chand Jain, PJL manufactures ingots and
thermo-mechanically-treated (TMT) bars at its facilities in Kota
(Rajasthan).  The company started commercial production of ingots
in July 2009 and a rolling mill in January 2010.  The plant has an
annual capacity of producing around 72 tonnes per day of ingots
and around 100 tonnes per day of TMT bars.

PJL reported a loss of INR25 million on net sales of INR217
million for 2009-10 (refers to financial year, April 1 to
March 31).

S K Marketing: ICRA Assigns 'LB+' Rating to INR4.5cr Cash Credit
ICRA has assigned an 'LB+' rating to the INR4.50 crore cash credit
facilities of S K Marketing.  ICRA has also assigned an 'A4'
rating to the INR1.00 crore short term non fund based facilities

The assigned ratings are constrained by highly fragmented steel
industry and low value addition leading to thin profitability,
cyclicality inherent to steel industry, relatively high working
capital intensity, high customer concentration and sole
proprietorship nature of SKM. Nevertheless, the ratings take
comfort from 12 years of experience of the proprietor in steel
trading business.

S K Marketing is a sole proprietorship of Mr. Hasan Shafiq who
started trading in cables and wires in 1997.  Up to FY07, SKM was
a sole distributor of Brimson Cables Pvt. Ltd.  Today, SKM trades
in wires and cables manufactured by a Brimson, Havell, Polycab
etc. In January 2009, SKM started trading in TMT bars and ferrous
and non-ferrous scrap.  The operating income increased from
INR2.8 cr in FY08 to INR7.8 cr in FY09 and INR22.2 cr in FY10.
While the volume has not been significant from scrap trading
business, an impressive growth in top line from FY08 to FY10 has
been largely driven by significant volume growth in trading of TMT
bars. During FY10, the proportionate revenue from trading
in TMT bars, cables & wires and scrap were 70%, 26% and 4%
respectively. SKM's warehouse is located in Kapsi, Bhandara road
which is outside the city limit of Nagpur. Mr. Hasan Shafiq is
also a promoter of B.Y. Agro & Infra Pvt. Ltd incorporated in FY08
to develop an integrated cold chain comprising cold storage and
dairy production.

SIKSHA O ANUSANDHAN: CRISIL Assigns 'B+' Rating to INR1.06BB Loan
CRISIL has assigned its 'B+/Stable/P4'ratings to the bank
facilities of Siksha O Anusandhan University.

   Ratings                       Facilities
   -------                       ----------
   INR1060 Million Term Loan     B+/Stable (Assigned)
   INR500 Million Proposed LT    B+/Stable (Assigned)
          Bank Loan Facility
   INR90 Million Bank Guarantee  P4 (Assigned)

The ratings reflect SOA's limited track record of alumni, which
restricts growth in pay packages offered to students by
recruiters, large ongoing capital expenditure (capex) programme,
and bunching of receipts.  The impact of these weaknesses is
mitigated by the stable demand for courses offered by SOA,
resulting in increase in the number of seats, and fees charged.

Outlook: Stable

CRISIL believes that SOA will generate healthy growth in revenues
over the medium term, supported by increase in student intake and
course fees.  The outlook may be revised to 'Positive' if SOA
scales up its operations while maintaining healthy profitability.
Conversely, the outlook may be revised to 'Negative' if there is a
substantial decline in the society's student intake, or if it's
financial risk profile deteriorates because of larger-than-
expected debt-funded capex.

SOA was formed as a non-profit organisation in 1995 by Dr. Manoj
Ranjan Nayak. In 1996-97 (refers to financial year, April 1 to
March 31), SOA set up an engineering institute in Bhubaneswar
(Orissa) called Institute of Technical Education & Research.  The
society attained university status in 2007; consequently, it
started several institutions, such as Institute of Business and
Computer Studies, Institute of Medical Sciences and Sum Hospital,
School of Pharmaceutical Studies, School of Hotel Management, Sum
Nursing College, Institute of Dental Sciences, Center for Bio
Technology, and National Institute of Law.  The Government of
India had blacklisted 44 deemed universities, including SOA, in
January 2010.  The Supreme Court, vide an interim order, has
maintained status quo for all the blacklisted universities so far;
a final decision is pending.

SOA reported a profit after tax (PAT) of INR123.12 million on net
sales of INR978.84 million for 2009-10, against a PAT of INR96.52
million on net sales of INR589.30 million for 2008-09.

SRI TEXTILE: CRISIL Assigns 'B' Rating to INR5MM Term Loan
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sri Textile Erode Pvt Ltd.

   Ratings                           Facilities
   -------                           ----------
   INR30.00 Million Cash Credit      B/Stable (Assigned)
   INR5.00 Million Term Loan         B/Stable (Assigned)
   INR20.00 Mil. Inland Documentary  P4 (Assigned)
   Bills Purchased (IDBP)/Inland
   Usance Documentary Bills
   Purchased (IUDBP)
   (Under LC/Under Non-LC)

The ratings reflect STE's below-average financial risk profile,
marked by high gearing and weak debt protection metrics; the
ratings also factor in STE's modest scale of operations and the
susceptibility of its profitability to volatility in raw material
prices and intense competition in the textile industry.  These
rating weaknesses are partially offset by the extensive industry
experience of STE's promoters.

Outlook: Stable

CRISIL believes that STE will continue to benefit from its
promoters' vast industry experience over the medium term.  The
outlook may be revised to 'Positive' if STE scales up its
operations significantly, while improving its profitability,
capital structure, and working capital management.  Conversely,
the outlook may be revised to 'Negative' if STE's financial risk
profile deteriorates because of larger-than-expected debt-funded
capital expenditure, or if a sharp decline in revenues results in
decline in its profitability and liquidity.

                         About Sri Textiles

Set up in 2003 as Sri Textiles, a proprietorship concern, by Ms. V
Padmavathy, STE was reconstituted as a private limited company in
2009.  STE processes yarn into fabric and has a manufacturing
facility in Erode (Tamil Nadu).  STE has about 450 sewing
machines, and outsources the job of weaving, dyeing, and
finishing. Mr. S Vengadesan and Ms. V Padmavathy are the promoters
of the company. Mr. Vengadesan manages the business along with the
operational team.

STE reported a profit after tax (PAT) of INR2.1 million on net
sales of INR273.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net sales
of INR237.0 million for 2008-09.

SUDHIR CONSTRUCTIONS: ICRA Assigns 'LB+' Rating to INR4cr Loans
ICRA has assigned 'LB+' rating to the INR4.00 crore Fund Based
(Cash Credit) Bank Limits of Sudhir Constructions.  ICRA has also
assigned 'A4' to the INR4.00 crore Non- Fund Based (Bank
Guarantee) Bank Limits of Sudhir.

The ratings are constrained by the company's modest scale of
operations and stretched financial profile as reflected by the
high working capital intensity of operations, (NWC/OI of 30% in FY
2010) leading to consistently high fund based limit utilization;
adverse capital structure (gearing of 2.61 as on March 31, 2010)
and weak coverage indicators (OPBDIT/ interest of 2.49 as on
March 31, 2010).  The ratings are further constrained by the high
competitive intensity in the industry arising out of its
fragmented nature coupled with the competitive bidding system;
high client concentration in the order book of the company with
top 4 clients attributing to 71% of the OI in FY 2010 and
geographic concentration risk on account of the company's
operations being focused in Maharashtra and Madhya Pradesh. The
ratings, however, derive comfort from established position and
long experience of the promoter group; diversified revenue stream
with Sudhir having presence in construction of buildings,
industrial structures, roads, minor bridges and canals and a
healthy order book position valued at INR33.44 crore as on
December 2010 (2.93 times FY2010 OI).  Going forward, the
Company's ability to scale up its operations and maintain its
capital structure and liquidity position under reasonable levels
given the working capital intensive nature of operations remains
important from a credit perspective.

Incorporated in 1998, Sudhir Construction (Sudhir) is a
partnership concern based in Nagpur. The company is primarily
operates as a civil contractor and construction company. It
specializes in commercial and industrial constructions and
executes contracts mainly in Maharashtra and Madhya

For the financial year ending March 2010, Sudhir reported an
operating income of INR11.41 crore and a net profit of INR0.47
crore as compared to revenues of INR8.12 crore and profit of
INR0.33 crore in the previous year.

VEDANTA RESOURCES: S&P Affirms Corporate Credit Rating at 'BB'
Standard & Poor's Ratings Services said that it had affirmed its
long-term foreign currency corporate credit rating on India-based
Vedanta Resources PLC at 'BB'.  The outlook is negative.  S&P
removed the rating from CreditWatch, where it was placed with
negative implications on Aug. 17, 2010.  S&P also assigned a 'BB'
rating to Vedanta's two bank loans totaling US$3.15 billion--a
senior secured term loan facility (Tranche B) US$1.65 billion
three-year bullet term loan, and a senior secured bridge to bond
facility of US$1.50 billion.  The company will use the proceeds to
finance the proposed acquisition of Cairn India.

"S&P affirmed its rating on Vedanta to reflect its expectation
that the company's overall business risk profile will remain
unchanged after the Cairn acquisition.  In S&P's opinion,
operating risk will increase for Vedanta because Cairn represents
a new line of business, offsetting the benefits from diversified
revenues.  The rating affirmation assumes that the Cairn
acquisition will proceed without material changes in the proposed
terms," said Standard & Poor's credit analyst Suzanne Smith.

In S&P's view, Vedanta's organic growth plans could slow down
because of increasing operating risks at some of its business
segments--particularly copper, aluminum, and iron ore in India--
and tightening of environmental regulations.  A ban on iron-ore
exports from Karnataka, Vedanta's limited potential for backward
integration into bauxite mining in Niyamgiri, and its slower-than-
expected expansion of aluminum and copper operations in India is
likely to slow the growth in cash flow from those segments, at
least in the near future.

Production and cost structure have improved at Vedanta's Zambian
copper operations.  Nevertheless, sustained improvement at the
Zambian unit would provide a clearer outlook on the company's
production volumes and margins, which it forecasts to increase.

Vedanta's presence in India offers advantages in terms of
proximity to the fast-growing economies of India and China, easy
access to a rich mineral base, and low production costs.  The
company's profitability and cost profile are comparable to global
peers'.  The operating margins of Vedanta's aluminum and copper
businesses are well below 20% (due to limited backward

Those of its zinc, iron-ore, and power businesses are about 50%
because of higher integration and lower production costs.  S&P
expects the company's strong project pipeline to boost capacity
over the next two to three years.  Vedanta will gradually
commission expansion projects in zinc, iron ore, and power.

"With the Cairn acquisition, the U.K. holding company's debt will
increase by about US$6.80 billion--of which US$4.50 billion
(including a US$1.0 billion bridge to equity bank loan) will be
due in two to three years.  In S&P's view, the high debt is a
credit risk because the company has historically kept surplus cash
at certain majority-owned operating subsidiaries in India, rather
than sending it upstream to the holding company.  With additional
holding company debt, Vedanta will need to send more cash for debt
servicing upstream or depend upon continual access to banks and
capital markets for refinancing," said Ms. Smith.

S&P assigned its 'BB' rating to Vedanta's bank loans.  Although
the company's ratio of priority liabilities to total assets is
more than 20%, S&P does not notch down for subordination of debt
in India.  Furthermore, the company benefits from good diversity,
which reduces the structural subordination with the holding
company organizational structure.

The negative outlook reflects S&P's view of Vedanta's sizable debt
burden, its "lumpy" debt maturity profile over the next two years,
and its need to send cash upstream or refinance.  The negative
outlook also reflects increased operating risk that could slow
cash flow growth.


BUSAN SAVINGS: Failure to Meet Capital Requirement Cues Suspension
Yonhap News reports that the Financial Services Commission on
Thursday suspended operations of Busan Savings Bank and its
affiliate Daejeon Mutual Savings Bank due to capital shortages
triggered by mounting insolvent construction project financing

According to the news agency, the financial regulator said it
suspended Busan Savings and affiliate Daejeon Mutual for six
months each after they failed to meet regulatory capital

Yonhap says the latest decision came a month after the FSC
suspended a smaller player, Samhwa Mutual Savings Bank, as part of
its efforts to weed out unviable savings banks and restructure the
ailing sector.

Busan Savings Bank is a savings bank based in Busan, Korea.  The
bank offers a range of financial products and services.

N E W  Z E A L A N D

FIVE MILE: Henderson Fails to Comply Liquidator's Request
The Southland Times reports that insolvent property developer
David Henderson utterly failed to comply with the liquidator of
Dweller Ltd., previously known as Five Mile Developments.

The company was placed into liquidation in December but liquidator
Robert Walker, of Wellington, was unable to express a view on the
cause of insolvency, the report says.

According to the Southland Times, Mr. Henderson has accused the
liquidator of harassment.  Mr. Henderson also told the liquidator
that company records were "adversely affected" by the Canterbury

"Perhaps it is needless to say that Mr. Henderson has utterly
failed to comply with his absolute legal obligations," the
Southland Times quotes Mr. Walker as saying.

The Southland Times relates that Mr. Walker said in his first
report that Dweller and four other companies, also in liquidation,
were asked for company accounts.  Previous directors of associated
companies were also asked to comply but only some documents were
received, the report notes.

Balance sheets relating to one company, Tay Ventures, were
unreliable and a general ledger was unavailable, according to the
Southland Times.

A spokesman for Mr. Walker told Southland Times that the Companies
Act stipulated all records must be furnished under liquidation
proceedings.  "Bits and pieces" of company records were received
and this had not changed since the January reports, he said.

Five Mile development was once owned by Mr. Henderson.

Auckland developer Tony Gapes bought the first stage of Five Mile
development next to Queenstown Airport.  Mr. Gapes signed an
unconditional agreement to buy the 31 hectares of Five Mile land,
using newly established company Queenstown Gateways, the Troubled
Company Reporter-Asia Pacific reported on Nov. 25, 2009.

In July 2008, Hanover Finance put the development into

ROCKFORTE FINANCE: Receivers Find Boxes of Docs, Clothing
Rebecca Stevenson at reports that Rockforte
Finance's receiver has discovered boxes of financial documents and
a room full of stock from failed clothing companies Jean Jones and
New Wave in the basement of the company's office in Gisborne.

Receiver Dennis Parsons told BusinessDay that the files and
clothing were found Tuesday after he paid a visit to Rockforte's
office following a day in court where multiple companies
associated with Rockforte's directors were liquidated.

According to the report, the Serious Fraud Office and Securities
Commission are investigating Rockforte's collapse after
Mr. Parsons passed on information alleging misappropriation of
investor funds, undisclosed related party loans worth $2 million
and non-existent security or documentation for a number of
Rockforte's loans.

BusinessDay discloses that two of the company's directors and
major shareholders -- former chartered accountant Nigel O'Leary
and his cousin John Gardner -- also owned Jean Jones' trading
company WRCC, which was put into receivership last year.
BusinessDay relates that Mr. Gardner seized control of Jean Jones
from Mr. O'Leary's former friend and client Michael Ward in 2009.
The liquidator of Michael Ward's company claimed in his six-
monthly report that it was "a carefully planned and suddenly
executed grab of major assets."

New Wave surf wear, owned by Mr. O'Leary's daughter and son-in-
law, also went under last year, BusinessDay notes.

Mr. Parsons, as cited by BusinessDay, said he had been told
Rockforte staff had been seen shifting files to the basement
despite Mr. O'Leary saying all files had been handed over.

BusinessDay relates that Mr. Parsons said boxes of files relating
to Rockforte Finance and Jean Jones were found in the basement
along with other files relating to a third associated company,
Peseta Holdings.  A room full of clothing bearing Jean Jones and
New Wave labels were discovered, Mr. Parsons added.

Mr. O'Leary on Tuesday produced NZ$100,000 to prevent two of his
and Mr. Gardner's companies, Relic Holdings and Asset Hire, from
being liquidated by Inland Revenue over unpaid tax bills,
BusinessDay reports.

A further six companies were liquidated including Peseta, Gisborne
Mortgage and Finance, Gisborne Auto Court Service Centre, Auto
Court Holdings, Forin Investments, Rego Investments and Rockforte
Finance, BusinessDay discloses.

BusinessDay adds that Mr. Parsons said he would hand over the
files to Official Assignee Les Currie who has been appointed

                       About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
December 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.


MANILA CAVITE: Moody's Changes Outlook on 'B2' Rating to Negative
Moody's Investors Service has changed the outlook on the B2 senior
debt rating of Manila Cavite Toll Road Finance Company to negative
from stable.

"The negative outlook reflects the delay in completing the
construction of the new R-1 Extension of the Manila Cavite
Expressway and the reduction in its covenant headroom, as it
relates to the timing of construction completion," says Paul
Ovnerud-Potter, a Vice President/Senior Credit Officer in Moody's
Infrastructure Finance Group.

"Any further delays over and beyond the company's current
expectations are likely to negatively pressure the rating, given
covenant headroom would be further pressured and given the
potential reduction in MCTR's liquidity cushion," adds Ovnerud-

"While progress had been made on construction work since financial
close, the project is now delayed by 3 months," says Ovnerud-
Potter, adding, "Rainfall during the dry season months is a major
contributor as it has affected the ability of the company's
contractors to lay asphalt along the new 7km road.  The company
has indicated to Moody's that the longest of the project's six
bridges was completed in December and asphalting along the main
stretch of the road commenced in January this year."

"At the same time, Moody's understands from the company that it
does not expect to incur any higher physical construction costs as
a result of the delay.  The company also believes it can complete
asphalting this month and ensure construction is completed by end-
March, given progress made so far this year," says Ovnerud-Potter.

"However, toll revenue from the R1 Extension will not commence now
until the beginning of May 2011, which is behind the company's
original forecast of January 1."

"The company continues to generate tolling revenue on the existing
R1 Expressway and debt-servicing requirements until June 2011 have
been pre-funded from debt proceeds, so there is no immediate
expectation of a liquidity shortfall.  In addition, the company
has a 12-month debt-service reserve and an interest-only debt
obligation until March 2013," comments Ovnerud-Potter.

The rating outlook could return to stable if construction is
completed by end-March, if toll revenue commences start of May,
and if traffic is proven at the company's forecast levels for a
period of at least 6 months.

However, any further delay in completion of construction and/or
the traffic of the R1 Extension is below company's forecasts will
pressure the rating.

The last rating action for the issuer was on 30 August 2010, when
a definitive B2 rating was assigned, with a stable outlook.

The rating was assigned by evaluating factors Moody's considers
are relevant to the credit profile of MCTR, such as i)
construction risk, ii) traffic downside risk, iii) business risk
and the company's competitive position, iv) the company's capital
structure and financial risk, v) the company's projected
performance over the near to medium term, vi) its contractual
framework, and vii) by reference to Moody's methodology
"Operational Toll Roads", published in December 2006.  The
Operational Toll Roads methodology is designed for toll roads that
are not subject to material construction or traffic ramp-up risk.
As such, the methodology was used only as a reference point and
not as the main basis for the rating, given that its application
is qualified by these limitations.  MCTR's attributes were also
compared to other issuers both in and outside its core industry;
Moody's therefore considers MCTR's ratings to be comparable to
those of other issuers of similar credit risk.

MCTR is a single-purpose company incorporated in the Cayman
Islands, with limited liability.  It is the financing vehicle for
UEM - MARA Philippines Corporation, which is wholly owned by
Coastal Road Corporation.  Both are incorporated in the
Philippines.  UMPC has rights under a toll road concession to
design, finance, construct, and operate the Manila Cavite Toll
Expressway, including the existing R1 Expressway and R1 Extension.
The concession runs for 35 years to October 2033.  The toll road
concession arrangements are in place with the Philippines
Reclamation Authority, a corporation that is owned and controlled
by the Government of the Republic of the Philippines (Ba3,
positive outlook) and the Philippines Government via the Toll
Regulatory Board.  UMPC has assigned its toll road collection
rights to MCTR to support the Notes.


AIMS AMP: Northtech Deal Won't Affect Moody's 'Ba2' Corp. Rating
Moody's Investors Service sees no immediate impact on its Ba2
corporate family rating on AIMS AMP Capital Industrial REIT
following its announcement that it had offered to acquire
Northtech, an industrial property in Singapore, for SGD72 million.

The rating outlook remains stable.

The property has 390,130 square feet of net lettable area and is
located at 29 Woodlands Industrial Park E1.

"The acquisition, which represents approximately 9% of
AIMSAMPIReit's current portfolio by value, will be funded by debt
and equity," says Philipp Lotter, a Moody's Senior Vice President.

A private placement was launched, and gross proceeds of S$43.5
million were raised to partially fund the acquisition.
AIMSAMPIReit had also accepted a commitment letter for a new debt
facility from Standard Chartered Bank, comprising a three-year
secured term loan facility and a one-year revolving credit
facility to fund the remaining acquisition cost.

"Following the completion of the acquisition, and the sale of 23
Changi South Avenue 2, of which, the net sales proceeds of SGD16.5
million was used to repay AIMSAMPIReit's revolving credit
facility, Debt/Total Assets is estimated to be 33.6%," says
Lotter, "This level remains appropriate for its current Ba2
rating, which incorporates some financial flexibility."

"In addition, the 7.6% net property income yield from NorthTech
will be yield accretive, and the property cash flow should be
stable at least for the next few years, given its occupancy of
98.3% as at January 1, 2011 and a weighted average lease expiry of
3.5 years," adds Lotter.

Moody's also notes AIMSAMPIReit's plan to tap on its sponsors'
overseas presence and expand beyond Singapore.  Although its focus
is expected to remain on the industrial properties in Singapore,
any material deviation from this strategy could warrant a
reassessment of the rating.

Moody's last rating action with regard to AIMSAMPIReit was taken
on December 28, 2009 when its rating was upgraded to Ba2 from
Caa1, with a stable outlook.

Headquartered in Singapore, AIMSAMPIReit is a real estate
investment trust that owns and invests in industrial properties.
The company reported investment property assets of approximately
S$803.9 million as of December 31, 2010.


* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


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


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


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


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

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


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

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

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

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

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

                 *** End of Transmission ***