---

        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, March 4, 2011, Vol. 14, No. 45

                            Headlines



A U S T R A L I A

DELTA ELECTRICITY: Creditors Tap Receivers to Sunshine Electricity
REDGROUP RETAIL: Cuts 321 Staff From Borders & Angus Stores
SELECTV BROADCASTING: Creditors Accept Deed of Company Arrangement


C H I N A

CHINA GLASS: Moody's Upgrades Corporate Family Rating to 'B2'
SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating to Senior Notes
SHIMAO PROPERTY: S&P Gives Negative Outlook; Affirms 'BB' Rating


H O N G  K O N G

LAGERSON LIMITED: Creditors' Proofs of Debt Due March 28
LAMEX CHINA: Members' Final Meeting Set for March 31
LAMEX HOLDINGS: Members' Final Meeting Set for March 31
MAJORETTE HK: Creditors and Members' Meetings Set for March 11
MAINSTAR ELECTRICAL: Annual Meetings Set for March 25

MAN TUNG: Creditors' Proofs of Debt Due March 28
MARITIME SQUARE: Placed Under Voluntary Wind-Up Proceedings
PENTAX VQ: Members' Final Meeting Set for March 25
SCIENTIFIC ATLANTA: Members' Final Meeting Set for March 28
SOVEREIGN TRADE: Members' Final General Meeting Set for March 25

SOUND SPEED: Creditors' Proofs of Debt Due March 31
UNICORN LIMITED: Members and Creditors' Meetings Set for March 25
ZHAO SHANG: Members' Final Meeting Set for March 28


I N D I A

AIR INDIA: Chief Operating Officer Steps Down
KENMORE SHOES: CRISIL Assigns 'BB' Rating to INR3.9MM LT Loan
LAXMI MOULDS: CRISIL Assigns 'B' Rating to INR30.8MM Term Loan
M/S VALSONS: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
NAGARJUNA HYDRO: CRISIL Rates INR590MM Long-Term Loan at 'D'

PUNJAB SPINTEX: CRISIL Reaffirms 'BB-' Rating on Cash Credit Limit
RADHE SHAM: CRISIL Rates INR150.0MM Letter of Credit at 'P4+'
SABARI TEXTILES: CRISIL Reaffirms 'D' Rating on INR215.8MM Loan
SEVA AUTOMOTIVE: CRISIL Upgrades Rating on Cash Credit to 'BB'
SHRINE VAILANKANNI: CRISIL Rates INR120MM LT Loan at 'LB+'

SIDHI JEWELLERS: CRISIL Reaffirms 'B' Rating on Cash Credit
SN RICE: CRISIL Assigns 'D' Rating to INR4.4MM LT Loan
SUPREME OVERSEAS: CRISIL Reaffirms 'P4+' Rating on Various Debts
UNIJULES LIFE: CRISIL Reaffirms 'BB+' Rating on INR80MM LT Loans
VENKRAFT PAPER: CRISIL Reaffirms 'P4+' Rating on INR7.5MM LOC

VISHNU CHEMICALS: CRISIL Assigns 'D' Rating to INR997.6MM Loan
ZIM LABORATORIES: CRISIL Reaffirms 'BB+' Rating on Cash Credit


J A P A N

JLOC XXVIII: Fitch Downgrades Ratings on Class C Interests
L-JAC III: Moody's Changes Ratings on Various Classes of Notes
SHINSEI BANK: S&P Raises Ratings on Preferred Securities to 'B'


M A L A Y S I A

MAXBIZ CORP: Swings to MYR171,000 Net Income in Dec. 31  Quarter
NGIU KEE: Posts MYR22.8MM Net Loss in Quarter Ended December 31
SATANG HOLDINGS: Posts MYR1.42MM Net Loss in December 31 Quarter
STAMFORD COLLEGE: Posts MYR304,000 Net Income in 2010


N E W  Z E A L A N D

BLUE STAR: Plans to Refinance Capital Bonds
BRIDGECORP LTD: Hearing on Ex-Director's Legal Aid Bid Continues
SOUTH CANTERBURY: Hubbard Asked to Quit from Dairy Holdings' Board


T H A I L A N D

G STEEL: ArcelorMittal to Acquire 40% Stake in G Steel


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DELTA ELECTRICITY: Creditors Tap Receivers to Sunshine Electricity
------------------------------------------------------------------
NSW renewable power generator Sunshine Electricity was placed into
receivership on Feb. 28, 2011, when its secured creditors
appointed Ferrier Hodgson partners Peter Gothard and Max Donnelly
as receiver and managers.  The receivership followed the
appointment of Voluntary Administrators earlier that day.

Sunshine Electricity runs two 30-megawatt renewable energy power
plants located at Broadwater and Condong in northern New South
Wales. Renewable energy fuel for the plants is sourced from by-
products from adjoining sugar cane mills and in the non-crush
season from alternative renewable fuels.

Sunshine Electricity is a joint venture of Delta Electricity and
the NSW Sugar Milling Co-operative.  The joint venture has been in
discussions with its bankers for some time in an effort to
restructure its obligations.

The companies in receivership include: Delta Electricity Australia
Pty Ltd; Sunshine Renewable Energy Pty Ltd; SRE Hold Co. Pty Ltd
and Sunshine Electricity Management Pty Ltd.  The receivers have
also been appointed over Delta Electricity's shares in Delta
Electricity Australia Pty Ltd.

Receiver Peter Gothard said that the plants would continue to
operate as normal and an assessment of the most appropriate
strategy would be undertaken.

"We are committed to continue running the plant for the
foreseeable future while we determine how best to realize funds
for creditors," Mr. Gothard said.  "This is a modern, renewable
energy producer with an attractive power purchase agreement in
place.  For the right investor, with a well positioned financier
and a focus on renewable energy, Sunshine Electricity is likely to
represent an appealing prospect."

Mr. Gothard said the receivership would not result in a large
number of job losses as Sunshine Electricity is a largely
automated business with few employees.  "It is not expected that
the receivership will have any great impact on the day-to-day
operations of the plant," he said.  "The structure of the business
and operational contracts are such that the joint-venture parties
will still be involved in the facility in terms of operations,
fuel supply and electricity off-take."


REDGROUP RETAIL: Cuts 321 Staff From Borders & Angus Stores
-----------------------------------------------------------
ABC News reports that a total of 321 staff from Borders and Angus
& Robertson has been made redundant following the closure of 38
bookstores.

As reported in the Troubled Company Reporter-Europe on March 2,
2011, ABC Melbourne said that some of the poorer performing Angus
& Robertson and Borders bookstores could be shut down within a
week.  The report related that Steve Sherman, the administrator of
the bookstores, said he will know within days which stores will be
forced to close.  The report noted that Mr. Sherman said while
some of the 193 stores could face imminent closure, fewer than
half will shut down.

Fifteen Angus & Robertson stores will close in Victoria, with 11
in New South Wales, seven in Queensland, two in both ACT and
Western Australia and one in South Australia, according to ABC
News.  The lone Borders stores will close in New South Wales, ABC
News relates.

ABC News says that the closures and redundancies do not affect
Angus & Robertson franchise stores.  Of the redundant staff, 102
are permanent and the rest are casual, the report notes.

The bookstores' owners, REDgroup Retail, say the redundancies are
necessary to ensure the future of the business.

                       About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand and Singapore in 2008.

                        *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


SELECTV BROADCASTING: Creditors Accept Deed of Company Arrangement
------------------------------------------------------------------
The Sydney Morning Herald reports that creditors of the failed pay
TV service SelecTV have voted to accept a deed of company
arrangement, in which creditors will be paid 15-16 cents in the
dollar.

According to SMH, administrator Gayle Dickerson from Grant
Thornton said both a majority in number and value voted for the
deed at a creditors meeting on March 2.

"Even if related party votes were excluded, the motion would have
been carried by the number and value of other creditors," SMH
quotes Ms. Dickerson as saying.  "Only two creditors voted against
the resolution.  Of the creditors voting, 12, at a value of
AU$21.5 million, voted for SelecTV to enter a deed of company
agreement.  A further two creditors to the value of AU$1.9 million
voted for liquidation."

SMH notes that creditors opposed to the deed had previously asked
the administrator whether there was scope for successful action
against the parent company and director Andrew Gordon for alleged
insolvent trading.

Under the deed, which has been accepted, there can be no action
against either WIN Corporation or Mr. Gordon, according to SMH.

SelecTV, a wholly owned subsidiary of WIN Corp, was placed into
administration in January when WIN withdrew its financial support,
leaving AU$26.6 million in debts.  WIN Corp was SelecTV's largest
creditor, owed AU$12.9 million.

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


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


CHINA GLASS: Moody's Upgrades Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investor Service has upgraded China Glass Holdings Ltd's
corporate family rating to B2 from Caa1.

Its senior unsecured bond rating has also been upgraded to B3 from
Caa2.

The outlook for the ratings has been changed to stable from
negative.

This concludes the rating review that was initiated on November
29, 2010.

"The upgrade is driven by China Glass's around HKD 400 million new
equity raised in December 2010, which is expected to reduce its
debt/total capitalization ratio from 50% to around 46%," says Kai
Hu, a Moody's Vice President & Senior Analyst.

China Glass's performance improved in 2010.  Moody's expects that
China Glass's Debt/EBITDA will improve to around 2.0x-2.5x from
3.0x in FY2009.

"Moreover, the share swap in addition to the acquisition of 17.46%
of minority shares in Weihai Bluestar, has improved China Glass's
control over JV investments (its ownership increased to 100% from
57.9%), which has 10 subsidiaries and account for over 70% of
China Glass's sales", says Mr. Hu.

"The upgrade also takes into consideration the company's strategy
shift, which now aims to increase value-added products so as to
offset higher input costs," adds Mr. Hu.

China Glass's B2 rating reflects its position as one of the
largest glass producers in China, and the investment by Pilkington
plc (a UK-based glass manufacturer owned by Nippon Sheet Glass Co
Ltd.) and Hony Capital (a leading private equity investor in
China).

China Glass's ratings are constrained by the company's relatively
small operating scale (by global standards) and acquisitive growth
strategy, as well as the highly cyclical nature of its profits and
cash flow due to volatility in input costs and the cyclical demand
in the property construction market.  The ratings are also
tempered by the company's history of distressed debt exchange.

China Glass's senior unsecured rating is rated one notch lower at
B3, reflecting structural subordination risk, given that the ratio
of subsidiary-level debt to total consolidated assets is likely to
stay above 15%.

The stable rating outlook reflects China Glass's improved debt and
liquidity profile and the expectation that it will be more
disciplined about its business growth.

The ratings could be pressured upward if the company demonstrate a
track record of : (1) achieving increasing sales of its value
added products and reducing volatility in its operating margin;
(2) disciplined capital expenditure spending and business
acquisition; (3) maintaining sound liquidity profile -- cash on
balance sheet not less than 10-15% of total assets.

The credit metrics that Moody's would consider for an upgrade
include consistent maintenance of EBITDA margin of not less than
20%; debt/EBITDA below 2.0x-2.5x; and Adjusted debt/total
capitalization of cap below 40% on a sustainable basis.

The ratings could be pressured downward if: (1) high volatility in
its profit margin persists; (2) its debt leverage rises; or (3)
its liquidity position deteriorates as a result of failure to
increase sales of value-added products, weakened market
conditions, or aggressive expansion or acquisitions.

These credit metrics would indicate a potential downgrade in
Moody's view: EBITDA margin falling below 15%-20%, debt/EBITDA
above 4.0x-4.5x, or adjusted debt/total capitalization
consistently above 50%-55%.

The last rating action was on November 29, 2010, when Moody's
placed China Glass's Caa1 corporate family rating and the Caa2
senior unsecured rating on review for possible upgrade.

China Glass Holdings Ltd is publicly listed in Hong Kong and is
the second largest flat glass manufacturer in China in terms of
capacity, with 17 production lines across the country.  The flat
glass it produces is used largely in the construction industry.


SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating to Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned Shimao Property Holdings Limited's
('BB+'/Stable) proposed US$ senior notes due 2018 an expected
rating of 'BB+(EXP)'.  The proceeds will be used to finance the
redemption of the outstanding US$250 million floating rate notes
due 2011 and to repay other indebtedness, finance existing and new
property development projects, and for general corporate purposes.
The final rating is contingent upon receipt of documents
conforming to information already received.

"The proposed senior notes will not change Shimao's credit
profile.  Shimao has demonstrated its proven track record of
accessing public debt markets and the proceeds from this offering
will enhance Shimao's liquidity to meet its short-term debt
obligations and fund on-going property development expenditures,"
said Ying Wang, Director on Fitch's Asia-Pacific corporates team.

Shimao's IDR and Outlook are supported by the company's large and
well-located land bank, geographic diversification, healthy EBITDA
margins and solid liquidity position, which are in line with the
'BB' rating category under Fitch's sector credit factors for
rating Chinese property developers.  The agency notes Shimao's
prudent approach to new land acquisitions and strong access to a
variety of funding channels supports its ratings at 'BB+'.
However, Shimao's ratings are constrained by its concentration in
homebuilding activities.

The Stable Outlook reflects Fitch's expectation that Shimao will
maintain relatively stable operating performance and prudent
financial policies in the short to medium-term.


SHIMAO PROPERTY: S&P Gives Negative Outlook; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based real estate developer Shimao
Property Holdings Ltd. to negative from stable.  S&P also affirmed
the 'BB' long-term corporate credit rating on the company and the
'BB-' rating on its outstanding notes.  At the same time, Standard
& Poor's assigned its 'BB-' rating to Shimao's proposed issue of
U.S.-dollar fixed-rate senior unsecured notes.  The rating is
subject to S&P's review of the final issuance documentation.

"S&P revised the rating outlook on Shimao because of S&P's
uncertainty over whether the company can maintain credit ratios
that are supportive of the current rating.  In S&P's view,
Shimao's key metrics and financial flexibility could weaken, given
its aggressive debt issuance and expansion.  S&P estimates that
its debt-to-EBITDA ratio, for example, hovered around S&P's
downward rating trigger of 5x at the end of 2010, and it is likely
to exceed that level by the end of this year," said Standard &
Poor's credit analyst Frank Lu.

Shimao has limited margin at this rating level to weather any
deterioration in property sales or profitability, due to its
increased borrowings and the reduced headroom in its debt
covenants.  S&P's base-case scenario does not include the
potential for the company to spin off its hotel-related assets to
reduce leverage.

"S&P expects Shimao to aggressively pursue expansion in its
existing business lines and to face heightened execution risk from
new segments," said Mr. Lu.  "The company is likely to mainly fund
its expansion with borrowings.  S&P note that its Shanghai-listed
commercial property company has had little success to date at
raising equity capital to alleviate debt-funding pressure."

In S&P's view, the company may buy a significant amount of new
land in 2011.  It already spent Chinese renminbi 20 billion--about
66% of its 2010 property contract sales--on land acquisitions last
year.  The company's planned entry into industrial real estate
development may improve diversification, but it has a limited
track record in this business area.  Nevertheless, S&P note that
its partner Farglory Group has some experience in the industrial
real estate segment in Taiwan.

The rating on Shimao also factors in exposure to the highly
competitive and volatile nature of the Chinese real estate market.

The rating weaknesses are tempered by the company's track record
of generating satisfactory property sales and improving
profitability, supported by its established market position and
diverse portfolio in cities with good growth potential.  Shimao's
investment properties and growing recurring rental income also
support the rating.

The issue rating is one notch lower than the long-term corporate
credit rating on Shimao to reflect S&P's view that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  S&P estimates that
Shimao's ratio of priority debt to total assets will remain above
S&P's threshold of 15% for speculative-grade credits.  The company
will use the proposed bond proceeds to finance the redemption of
its outstanding 2006 floating rate notes and to repay other
existing debts, finance existing and new property development
projects, and for general corporate purposes.

S&P may lower the rating on Shimao if the company's land
acquisitions and expansion are more aggressive than S&P expected,
such that its ratio of total debt to EBTIDA stays above 5x, EBITDA
interest coverage falls below 3x, or free cash holdings drop below
RMB2 billion.

S&P could revise the outlook to stable if Shimao stabilizes its
leverage levels and maintains its credit metrics at a level
appropriate for a 'BB' rating on a sustained basis, and if the
company demonstrates discipline toward expansion.


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


LAGERSON LIMITED: Creditors' Proofs of Debt Due March 28
--------------------------------------------------------
Creditors of Lagerson Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


LAMEX CHINA: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Lamex China Development Limited will hold their final
general meeting on March 31, 2011, at 10:00 a.m., at Room 1708
Dominion Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

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


LAMEX HOLDINGS: Members' Final Meeting Set for March 31
-------------------------------------------------------
Members of Lamex Holdings Limited will hold their final general
meeting on March 31, 2011, at 10:00 a.m., at Room 1708 Dominion
Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong.

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


MAJORETTE HK: Creditors and Members' Meetings Set for March 11
--------------------------------------------------------------
Creditors and members of Majorette Hong Kong Limited will hold
their annual meetings on March 11, 2011, at 11:00 a.m., and 11:30
a.m., respectively at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MAINSTAR ELECTRICAL: Annual Meetings Set for March 25
-----------------------------------------------------
Creditors and members of Mainstar Electrical Company Limited will
hold their annual meetings on March 25, 2011, at 11:00 a.m., and
11:30 a.m., respectively at Room 203 of Duke of Windsor Social
Service Building located at 15 Hennessy Road, Wanchai, in
Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MAN TUNG: Creditors' Proofs of Debt Due March 28
------------------------------------------------
Creditors of Man Tung Handbag Products Factory Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 28, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lui Wai Yau
         Unit A, 7/F
         88 Commercial Building
         28-34 Wing Lok Street
         Central, Hong Kong


MARITIME SQUARE: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 17, 2011,
creditors of Maritime Square Treasure Seafood Restaurant Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


PENTAX VQ: Members' Final Meeting Set for March 25
--------------------------------------------------
Members of Pentax VQ Co Limited will hold their final meeting on
March 25, 2011, at 10:30 a.m., at 35th Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SCIENTIFIC ATLANTA: Members' Final Meeting Set for March 28
-----------------------------------------------------------
Members of Scientific Atlanta (HK) Limited will hold their final
general meeting on March 28, 2011, at 11:00 a.m., at 20/F.,
Prince's Building, Central, in Hong Kong.

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


SOVEREIGN TRADE: Members' Final General Meeting Set for March 25
----------------------------------------------------------------
Members of Sovereign Trade Services (HK) Limited will hold their
final general meeting on March 25, 2011, at 10:00 a.m., at Level
28, Three Pacific, 1 Queen's Road East, in Hong Kong.

At the meeting, Paul David Stuart Moyes, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SOUND SPEED: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
Creditors of Sound Speed Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 15, 2011.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


UNICORN LIMITED: Members and Creditors' Meetings Set for March 25
-----------------------------------------------------------------
Members and creditors of Unicorn Limited will hold their meetings
on March 25, 2011, at 3:00 p.m., and 3:30 p.m., respectively at
the Office of FTI Consulting, 14th Floor, Hong Kong Club Building,
3A Chater Road Central, in Hong Kong.

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


ZHAO SHANG: Members' Final Meeting Set for March 28
---------------------------------------------------
Members of Zhao Shang Maritime Limited will hold their final
general meeting on March 28, 2011, at 11:30 a.m., at 13/F, China
Merchants Building, 152-155 Connaught Road Central, in Hong Kong.

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


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


AIR INDIA: Chief Operating Officer Steps Down
---------------------------------------------
The Press Trust of India reports that Air India's Chief Operating
Officer Capt. Gustav Baldauf resigned Monday, days after being
served a show cause notice over his reported remarks about
political interference in the airline's day-to-day affairs.

PTI relates that the Austrian national, who earlier worked in
senior capacities in several airlines including Jet Airways and
Austrian Airlines, was asked to explain his statement that it was
a difficult environment to work as the government played "too
prominent a role in the (airline's) operations."

"When you call someone from outside, let him work. The government
should control but let him work. It should not be involved in day-
to-day operations," Capt. Baldauf was quoted as saying, according
to PTI.

Following the remarks which the airline had taken serious note of,
he had a meeting with Civil Aviation Minister Vayalar Ravi where
the issue was understood to have figured, PTI says.

According to PTI, Capt. Baldauf had also expressed annoyance at
the removal of Capt. Pawan Arora as the COO of Air India Express,
saying it would affect the turnaround plan of the ailing national
carrier.

After Capt. Baldauf's appointment last April, PTI notes, the
Air India Board had appointed Capt. Arora and also Stefan Sukumar
as the Chief Training Officer on a hefty pay package.  Mr. Sukumar
put in his papers recently after the Directorate General of Civil
Aviation had raised objections to the status of license as CTO.

Meanwhile, The Economic Times reports that Air India plans to
rebuild its top management team as three high-profile executives,
including its expat chief operating officer Gustav Baldauf, called
it a day following differences with the civil aviation ministry.

The Economic Times says the airline's chairman and managing
director Arvind Jadhav, who faces the flak for bringing executives
from outside on exorbitant salaries, will make a presentation on
the new management structure at the forthcoming board meeting.
The airline's board is slated to meet on March 15, the Economic
Times adds.

                           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.


KENMORE SHOES: CRISIL Assigns 'BB' Rating to INR3.9MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Kenmore Shoes
Pvt Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR6.00 Million Cash Credit               BB/Stable (Assigned)
   INR3.90 Million FCNR (B) LT Loan          BB/Stable (Assigned)
   INR64.00 Million Foreign Bill Purchase    P4+ (Assigned)
   INR20.00 Million Standby Line of Credit   P4+ (Assigned)
   INR35.00 Million Letter of Credit         P4+ (Assigned)
   INR5.00 Million Bank Guarantee            P4+ (Assigned)
   INR100.00 Million Packing Credit          P4+ (Assigned)

The ratings reflect KSPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics.  The
ratings also factor in KSPL's exposure to risks relating to
customer concentration in revenue profile, and volatility in the
value of the Indian rupee. These rating weaknesses are partially
offset by KSPL's established market position in the welted shoes
segment and healthy operating efficiencies.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit from its
established market position in the footwear industry and healthy
operating efficiencies over the medium term.  The outlook may be
revised to 'Positive' if KSPL's revenues and margins improve on a
sustainable basis coupled with improvement in its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes significant debt funded capital
expenditure or if its customer relationships deteriorate resulting
in sharp decline in revenues and order book.

                          About Kenmore Shoes

Established in 2004, KSPL specializes in manufacturing and export
of welted shoes to brands such as Weyco Group Inc, Barker Shoes
Limited and Florsheim Australia Limited.  KSPL is part of the
Farida group, is managed by Mr. Ashfaque Ahmed Mecca, son of
Mr. Rafeeque Ahmed Mecca. KSPL has its manufacturing facility in
Poonamallee Bye-Pass Road, Chennai, with an installed capacity of
2,400 pairs of shoes per day.

The Farida group, established in 1957 by the late Mr. Haji Mecca
Abdul Majid, is one of the oldest and large leather and leather
product manufacturers in India.  The group, which comprises about
20 companies, is currently managed by Mr. Rafeeque Ahmed Mecca and
his four sons; the group has a total capacity to produce 32,000
pairs of shoes per day.

KSPL reported a net loss of INR2.3 million on net sales of
INR489.5 million for 2009-10 (refers to financial year, April 1 to
March 31), against a adjusted profit after tax of INR5.1 million
on net sales of INR464.3 million for 2008-09.


LAXMI MOULDS: CRISIL Assigns 'B' Rating to INR30.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to Laxmi Moulds
Industries' bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR30.8 Million Term Loan          B/Stable (Assigned)
   INR15.0 Million Cash Credit        B/Stable (Assigned)
   INR103.5 Million Proposed LT
             Bank Loan Facility       B/Stable (Assigned)
   INR40.7 Million Letter of Credit   P4 (Assigned)

The rating reflects LMI's weak financial risk profile marked by
low net-worth base and high gearing, and susceptibility to risks
related to concentration in the customer profile. These rating
weaknesses are partially offset by the extensive experience of
LMI's promoters in the tyre mould manufacturing industry.

Outlook: Stable

CRISIL believes that LMI will maintain a stable business risk
profile on the back of long standing experience of the promoters
in the tyre mould manufacturing industry.  The outlook may be
revised to 'Positive' if LMI exhibits significant and sustained
increase in the revenues and operating margins while improving its
debt protection indicators and gearing.  Conversely, the outlook
may be revised to 'Negative' in case of deterioration of financial
risk profile, owing to increase in the gearing or due to
deterioration of the debt protection indicators on account of
larger than expected debt funded capital expenditure or due to
deterioration in the working capital management.

                         About Laxmi Moulds

Laxmi Mould Industries, incorporated in 1981 as a proprietorship
concern of Mr. Nobukumar Manna, is engaged in manufacturing of
tyre moulds for tyres used in motorcycles, trucks, tractors and
buses. LMI manufacturing facility is located at Bhayander (Mumbai)
and has an installed capacity of 1440 moulds per annum. LMI has
sold to tyre manufacturing companies like Apollo Tyres Ltd, Birla
tyres, TVS Srichakra Ltd and Goodyear India Ltd in the past. The
company is actively managed by Mr. Nobukumar Manna and his son Mr.
Shankar Manna.

LMI reported a profit after tax (PAT) of INR3.77 million on net
sales of INR79.4 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR2.84 million on net sales
of INR57.6 million for 2008-09.


M/S VALSONS: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of M/s Valsons.

   Facilities                              Ratings
   ----------                              -------
   INR30.0 Million Cash Credit Facility    B+/Stable (Assigned)
   INR30.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflects Valsons' limited revenue diversity, exposure
to risks related to tender nature of its business and
fragmentation in the construction industry, and its below-average
financial risk profile, marked by high gearing and small net
worth.  These weaknesses are partially offset by the experience of
Valsons' promoters in the civil works industry, and its
established track record with Brihanmumbai Municipal Corporation.

Outlook: Stable

CRISIL believes that Valsons will maintain its credit risk profile
over the medium term, backed by its established track record with
BMC and healthy order book. The outlook may be revised to
'Positive' in case of more-than-expected growth in Valsons'
revenues and profitability, or if its partners' capital increases
substantially on a sustained basis.  Conversely, the outlook may
be revised to 'Negative' in case of delays in execution of the
firm's projects leading to liquidated damages or if its margins
come under pressure because of intensifying competition in the
sector.

                         About M/s Valsons

Valsons is a partnership firm established in 1983 by Mr. Surendra
Madhani. The company is into maintenance of roads, water lines,
sewage lines, and canals, and water proofing, among other civil
works, in Mumbai. The firm does work exclusively for the BMC, with
which it is a registered Class AA contractor.

Valsons reported a profit after tax (PAT) of INR5.4 million on net
sales of INR224 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.7 million on net
sales of INR126 million for 2008-09.


NAGARJUNA HYDRO: CRISIL Rates INR590MM Long-Term Loan at 'D'
------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term loan facility
of Nagarjuna Hydro Energy Pvt Ltd.


   Facilities                       Ratings
   ----------                       -------
   INR590 Million Long-Term Loan    D (Assigned)

The rating reflects instances of delay by NHEPL in servicing its
debt and repayment of installments; the delays have been caused by
the company's weak liquidity.

NHEPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and exposure to risks
related to hydrology (movement, distribution and quality of
water).  These rating weaknesses are partially offset by NHEPL's
long-term power purchase agreements with Karnataka Power
Transmission Corporation Ltd.

NHEPL was incorporated in January 2002 to set up a 2x7.5-megawatt
(MW) hydropower plant, called Kadamane Mini Hydel Scheme, in
Karnataka. NHEPL is a special purpose vehicle promoted by KVM
Energy Pvt Ltd, Mr. M Srinivas, and Mr. K Vijaykumar.  NHEPL has
got the project on an allotment basis from the Government of
Karnataka on build, own, operate, and transfer basis.  The
ownership of the unit vests with NHEPL for a period of 30 years.


PUNJAB SPINTEX: CRISIL Reaffirms 'BB-' Rating on Cash Credit Limit
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable/P4+' ratings on the bank
facilities of Punjab Spintex Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR131.2 Million Cash Credit Limit   BB-/Stable(Reaffirmed)
   INR57.0 Million Proposed Long-Term   BB-/Stable(Reaffirmed)
                   Bank Loan Facility
   INR273.0 Million Term Loan           BB-/Stable(Reaffirmed)
   INR8.8 Million Bank Guarantee        P4+(Reaffirmed)
   INR10.0 Million Bill Discounting     P4+(Reaffirmed)

The reaffirmation reflects expected deterioration in its financial
risk profile, particularly PSL's gearing on account of its debt-
funded capital expenditure (capex) programme, its exposure to
competition in the cotton yarn industry, and the susceptibility of
its operating margin to raw material price volatility.  The rating
continues to reflect risk relating to working capital intensive
nature of operations. These weaknesses are partially offset by
PSL's moderate business risk profile, marked by healthy capacity
utilisation levels, and the healthy growth prospects for the
cotton yarn industry.

Outlook: Stable

CRISIL believes that PSL will benefit over the medium term from
its established market position and the healthy growth prospects
for the cotton yarn industry.  Its financial flexibility will,
however, remain limited over this period, on account of its
proposed capex programme.  The outlook may be revised to
'Positive' in case PSL is able to stabilize operations at its new
units earlier than expected, leading to a better topline, while
maintaining its capital structure.  Conversely, the outlook may be
revised to 'Negative' in case of delays in stabilization of
operations at its new units or if it's financial risk profile
deteriorates, particularly on account of significant decline in
the operating margin or capital structure, because of the proposed
capex programme.

                         About Punjab Spintex

Incorporated in February 2007, PSL was promoted by Mr. Suresh
Kumar and three of his business associates.  It commenced
operations in December 2007.  The company is engaged in cotton
ginning and manufacturing cotton yarn (in counts of 20 to 30) used
in cotton clothes, towels, sheets, and carpets.  Its manufacturing
facility in Bathinda (Punjab) has a capacity of 25,000 spindles.

PSL reported a profit after tax (PAT) of INR8.9 million on net
sales of INR550 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR313 million for 2008-09.


RADHE SHAM: CRISIL Rates INR150.0MM Letter of Credit at 'P4+'
-------------------------------------------------------------
CRISIL's rating on the short-term facility of Radhe Sham Ravi
Prakash Timbers Pvt Ltd continues to reflect Radhe Sham's small
scale of operations, and exposure to risks inherent in the end-
user industry and to adverse government regulations on timber
supplies.  These rating weaknesses are partially offset by Radhe
Sham's average financial risk profile, marked by average debt
protection metrics, the extensive experience of the company's
promoters and its efficient working capital management.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Letter of Credit   P4+ (Reaffirmed)

Update

Radhe Sham has maintained its business risk profile, with a total
operating income of INR456.9 million in 2009-10 (refers to
financial year, April 1 to March 31), in line with CRISIL's
expectations. During 2010-11, CRISIL believes that the company
will cross the topline of over INR600 million.

Radhe Sham's operating margin improved to 3.9% in 2009-10 against
an operating margin of 2.2% in 2008-09, primarily because of the
foreign exchange rate difference. The company's net profit has
been marginally lower at INR1 million, primarily because of the
refund of additional customs duty of INR11.5 million claimed for
the earlier period.

Radhe Sham continues to manage its working capital cycle well,
leading to a comfortable gearing of 0.31 times in 2009-10.

Radhe Sham reported a profit after tax (PAT) of INR1.02 million on
net sales of INR453.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3.5 million on net
sales of INR408.4 million for 2008-09.

                          About Radhe Sham

Set up in 1983 as a partnership company, Radhe Sham was
reconstituted as a private limited company in 2008.  It trades in,
and processes, timber logs imported from New Zealand, which are
used in real estate construction for interior and roofing.  Until
2005, the company was procuring timber from Malaysia which is used
widely for real estate construction as well as for the manufacture
of truck bodies.  The company's plant in Gandhidham (commercial
hub in the Kutch district [Gujarat]) has a processing capacity of
0.2 million cubic feet per month.


SABARI TEXTILES: CRISIL Reaffirms 'D' Rating on INR215.8MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sabari Textiles Pvt Ltd
continue to reflect instances of delay by STPL in servicing its
term debt; the delays have been caused by STPL's weak liquidity.
STPL is yet to meet its interest and principal obligations that
were due in December 2010 and January 2011.

   Facilities                                Ratings
   ----------                                -------
   INR215.8 Million Long-Term Bank           D (Reaffirmed)
                     Loan Facility
   INR42.0 Million Cash Credit Limits        D (Reaffirmed)
   INR7.0 Million Bank Guarantee Facility    P5 (Reaffirmed)

Incorporated in November 2006, STPL manufactures yarn; it has a
spinning capacity of 21,408 spindles in Coimbatore (Tamil Nadu).
The company manufactures blended yarn at its unit, gets weaving
done through job work, and then sells the grey fabric.  The
company derives around 90% of its revenues from sale of fabrics
and the rest from blended yarn.

STPL incurred a net loss of INR53.44 million on net sales of
INR86.99 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR58.88 million on net sales of
INR22.90 million for 2008-09.


SEVA AUTOMOTIVE: CRISIL Upgrades Rating on Cash Credit to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Seva
Automotive Pvt Ltd to 'BB/Stable/P4+' from 'B+/Stable/P4'. The
upgrade reflects CRISIL's belief that SA's total outside
liabilities to tangible net worth (TOL/TNW) ratio and debt
protection metrics will improve in 2010-11 (refers to financial
year, April 1 to March 31) because of healthy growth in sales and
profitability.  The upgrade also factors in SA's healthy market
position driven by higher-than-expected sales, profitability, and
cash accruals.

   Facilities                       Ratings
   ----------                       -------
   INR210.0 Million Cash Credit     BB/Stable (Upgraded from
                                               'B+/Stable')

   INR31.5 Million Standby Line     BB/Stable (Upgraded from
                   of Credit                   'B+/Stable')

   INR8.5 Million Proposed ST       P4+ (Upgraded from 'P4')
           Bank Loan Facility

The ratings continue to reflect SA's average financial risk
profile and limited negotiating power with its principal, Maruti
Suzuki India Ltd.  These rating weaknesses are partially offset by
the benefits that SA derives from its established position in the
automobile dealership segment, and its improving revenue mix
supported by increasing contribution from vehicle servicing and
sale of spare parts.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its established market position as a dealer of Maruti
cars.  The outlook may be revised to 'Positive' in case of
substantial improvement in SA's capital structure and debt
protection metrics because of sustained increase in sales and
profitability.  Conversely, the outlook may be revised to
'Negative' in case of a significant decline in SA's profitability
and sales, or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme.

                      About Seva Automotive

Incorporated in 1985 by Mr. Sanjeev Bafna, SA began operations as
a dealer for MSIL in Nashik (Maharashtra).  Subsequently, the
company set up MSIL dealerships at Nanded in 1991, Nagpur in 1995,
and Dhule in 2004 (all in Maharashtra).  SA currently has
dealerships in six locations, including Wardha and Nandurbar (both
in Maharashtra).  The company is currently expanding its
facilities at Nagpur and Nashik; these are expected to be
completed by March 2012.

For 2009-10, SA reported a profit after tax (PAT) of INR12.5
million on net sales of INR2.7 billion, against a PAT of INR9.9
million on net sales of INR2.0 billion for 2008-09.


SHRINE VAILANKANNI: CRISIL Rates INR120MM LT Loan at 'LB+'
----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term loan
facility of Shrine Vailankanni Senior Secondary School.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Long-Term Loan    B+/Stable (Assigned)

The rating reflects Shrine Vailankanni's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, and its below-average operating efficiencies.
These rating weaknesses are partially offset by the school's
longstanding track record in providing quality education, and
stable cash flow with high revenue visibility.

Outlook: Stable

CRISIL believes that Shrine Vailankanni will benefit from its
stable rental income, over the medium term. The outlook may be
revised to 'Positive' if there is a substantial increase in school
fees, thereby improving its profitability and cash accruals.
Conversely, the outlook may be revised to 'Negative', if Shrine
Vailankanni undertakes any substantial debt-funded capital
expenditure programme, further deteriorating its financial risk
profile.

Set up in 1964 in Chennai, Shrine Vailankanni is part of the
Shrine Vailankanni Senior Secondary School Society.  The school
has a total 1080 students from nursery to Class 12.  The society
comprises one more school, Shrine Vailankanni Matriculation Higher
Secondary School (SVM) in the same area, affiliated to the
Matriculation Board, and recognised by the Tamil Nadu government.
SVM's capacity is smaller than that of Shrine Vailankanni's.  The
society plans to close SVM in 2011.

The society also owns six-and-a-half floors of a 12-storey
commercial building (Bascon Futura IT Park) in T. Nagar, Chennai,
that it leases out to Bharati Airtel, Seal Infotech, and CDM.  The
society receives income from school fees and rent from the
property leased out. In 2009-10 (refers to financial year, April 1
to March 31), the society earned INR16 million in revenues by way
of school fees and INR32 million in rental income.

Shrine Vailankanni reported a net loss of INR4.7 million on net
sales of INR15.9 million for 2009-10, as against a net loss of
INR1.6 million on net sales of INR15.3 million for 2008-09.


SIDHI JEWELLERS: CRISIL Reaffirms 'B' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's rating on the cash credit facility of Sidhi Jewellers
continues to reflect SJ's weak financial risk profile, and
exposure to risks related to volatility in gold prices.  These
rating weaknesses are partially offset by the firm's healthy
presence in the retail jewellery market in Hyderabad (Andhra
Pradesh).

   Facilities                     Ratings
   ----------                     -------
   INR250 Million Cash Credit     B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SJ's financial risk profile will remain weak
over the medium term because of weak debt protection metrics and a
high gearing.  The outlook may be revised to 'Positive' if the
firm improves its operating margin further and expands its
operations.  Conversely, the outlook may be revised to 'Negative'
if SJ reports a decline in its operating margin, or undertakes any
large, debt-funded capital expenditure, thereby adversely
impacting its debt protection metrics.

Update

SJ posted net sales of INR3.28 billion for 2009-10 (refers to
financial year, April 1 to March 31), a 52 % increase over that in
the previous year.  On account of increase in raw material cost,
the company's operating margin declined marginally to 1.92 %
during 2009-10 from 2.65% in the previous year.

SJ's financial risk profile, marked by a high gearing, and weak
debt protection metrics, is constrained by a modest net worth. The
net worth stood at INR75.0 million and its gearing at 5 times as
on March 31, 2010. Its interest coverage ratio was weak at 1.2
times and ratio of net cash accruals to total debt was at 0.03
times during 2009-10.  The company had a high bank limit
utilisation, averaging at 87%, during the 12 months through
September 2010.

SJ intends to expand its presence by setting up three to four
showrooms; however, the plans are in the nascent stage. CRISIL
believes that SJ's revenues could be positively impacted if the
firm undergoes a large expansion; however, CRISIL believes that an
expansion plan may lead to pressure on the firm's gearing and debt
protection metrics, because of large working capital requirements.
Hence, a large, debt-funded capex by the firm remains a rating
sensitive factor.

SJ reported a profit after tax (PAT) of INR8.3 million on net
sales of INR3.28 billion for 2009-10, against a PAT of INR7.8
million on net sales of INR2.16 billion for 2008-09.

                       About Sidhi Jewellers

Set up as a partnership firm in 1997 by Mr. Suresh C Jain and his
three brothers, SJ is a retailer of pearl, gold, and diamond
jewellery in Hyderabad.



SN RICE: CRISIL Assigns 'D' Rating to INR4.4MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank loan
facilities of SN Rice Mills (part of the KKR group).

   Facilities                            Ratings
   ----------                            -------
   INR4.40 Million Long-Term Loan        D (Assigned)
   INR60.00 Million Overdraft Facility   D (Assigned)

The rating reflects the instances of delay by SN Rice Mills in
servicing its debt; the delays have been caused by the group's
weak liquidity resulting from large working capital requirements.

The KKR group has a weak financial risk profile, marked by a high
gearing and below-average debt protection metrics, and is exposed
to risks related to adverse changes in government regulations and
to volatility in raw material prices.  These rating weaknesses are
partially offset by the KKR group's established track record in
the rice milling industry, marked by significant brand recall for
its products in the Kerala market.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SN Rice Mills, with those of its group
entities, KKR Agro Mills Pvt Ltd, KKR Food Products, KKR Mills,
KKR Flour Mills, Karthika Modern Rice Mills, and KKR Products and
Marketing Pvt Ltd. This is because all these entities, together
referred to as the KKR group, are under a common management, and
have strong operational and financial linkages with each other.

                          About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala).  Over the years, the group has entered into rice
milling, and manufacturing of food products.  It has a total
processing capacity of 440 tonnes per day (tpd) of rice and 20 tpd
of other food products.  The KKR group sells its products under
the Nirapara brand name.  Set up in 1991, SN Rice Mills, part of
the KKR group, is engaged in the business of rice milling. The
firm has a processing capacity of 80 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million
on net sales of INR1230 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR6.1 million on net
sales of INR1114 million for 2008-09.


SUPREME OVERSEAS: CRISIL Reaffirms 'P4+' Rating on Various Debts
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Supreme
Overseas Exports India Pvt Ltd's bank facilities.

   Facilities                                 Ratings
   ----------                                 -------
   INR83.50 Million PCC/EPC                   P4+ (Reaffirmed)
   INR30.00 Million Standby Line of Credit    P4+ (Reaffirmed)
   INR65.00 Million FDBP/FBEP                 P4+ (Reaffirmed)
   INR75.00 Million Foreign/Import Letter     P4+ (Reaffirmed)
                                of Credit

   INR1.50 Million Bank Guarantee             P4+ (Reaffirmed)

The rating continues to reflect Supreme's working capital
intensive nature of operations leading to constrained financial
risk profile, and its exposure to risks relating to fluctuations
in raw material prices.  These rating weaknesses are partially
offset by the benefits that Supreme derives from its promoter's
experience in the leather industry.

Update

Supreme reported an operating income of INR48 million for 2009-10
(refers to financial year, April 1 to March 31), lower than
CRISIL's expectation, on account of the company's exit from the US
market. The company's operating margin for 2009-10, is marginally
lower than CRISIL's expectations, at 5.3%, as the company incurred
higher than expected manufacturing expenses. The company's
revenues for the current year (2010-11) are expected to be around
Rs 50 - Rs 53 million.  The margins are expected to be constrained
at around 5-6% over the medium term, on account of the increase in
raw material prices.  The company's liquidity is stretched on
account of high inventory holding period. However, the expected
increase in sanctioned limits for working capital facilities is
expected to partly assuage liquidity concerns. Supreme has no
major capex plans and its gearing is adequate for the rating
category.

Supreme reported a profit after tax (PAT) of INR 4.1 million on
net sales of INR 440 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR 12.5 million
on net sales of INR 516.5 million for 2008-09.

                       About Supreme Overseas

Supreme (formerly, Supreme Overseas) was set up as a partnership
firm in 1974 in Bangalore by Mr. Sudhindra Sriharsha. In 1998, the
firm was converted into a private limited company. Supreme
manufactures leather garments and leather products for the export
market; it has a production capacity of 0.15 million pieces of
leather garments per annum.


UNIJULES LIFE: CRISIL Reaffirms 'BB+' Rating on INR80MM LT Loans
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Unijules Life Sciences Ltd (Unijules; part of the Unijules group).

   Facilities                        Ratings
   ----------                        -------
   INR425 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR80 Million Long-Term Loans     BB+/Stable (Reaffirmed)
   INR690 Million Proposed LT        BB+/Stable (Reaffirmed)
           Bank Loan Facility
   INR37.5 Million Bank Guarantee/   P4+ (Reaffirmed)
                  Letter of Credit

The ratings continue to reflect the group's aggressive growth
plans and large working capital requirements, leading to pressure
on its liquidity. These weaknesses are partially offset by the
Unijules group's well-diversified revenue profile, strong brand
equity in herbals division, and healthy revenue growth.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Unijules and Unijules' majority-
owned subsidiary, ZIM Laboratories Ltd (ZIM Labs).  This is
because both companies, together referred to as the Unijules
group, have common promoters and management, and are in similar
lines of business.

Outlook: Stable

CRISIL believes that Unijules group's debt protection metrics are
expected to remain moderate over the medium term. The outlook may
be revised to 'Positive' if the group's liquidity improves, on the
back of improvement in its working capital management or equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the group's capital structure deteriorates or its debt protection
metrics decline.

                        About Unijules Life

Unijules was set up in 2006, when the business of H Jules &
Company Ltd was transferred to it; it also acquired all the assets
of Universal Medicaments Pvt Ltd (UMPL) at this time.  In 2007-08
(refers to financial year, April 1 to March 31), the company
acquired a 50.2% stake in ZIM Labs, which was earlier held
directly by the group's promoters.  The group has a presence in
manufacturing and marketing of herbal and allopathic drugs (all
forms, including solids, liquids, semisolids, powder and
parenterals).

For 2009-10, Unijules reported a profit after tax (PAT) of INR126
million on net sales of INR1.98 billion, as against a PAT of INR81
million on net sales of INR1.64 billion for 2008-09.


VENKRAFT PAPER: CRISIL Reaffirms 'P4+' Rating on INR7.5MM LOC
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkraft Paper Mills
Pvt Ltd, part of the Venkraft group, continue to reflect the
Venkraft group's exposure to risks related to the high level of
fragmentation and cyclical nature of the industrial paper
industry, high gearing, and working-capital-intensive operations.
The impact of these weaknesses is mitigated by the extensive
industry experience of the Venkraft group's promoters, and the
expected improvement in the group's revenues and profitability on
the back of its expanded capacity.

   Facilities                            Ratings
   ----------                            -------
   INR333.90 Million Long-Term Loans     BB+/Stable
   (Enhanced from INR234.60 Million)
   INR210.00 Million Cash Credit         BB+/Stable
   (Enhanced from INR152.50 Million)
   INR7.50 Million Letter of Credit      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VPML and JR Packages Pvt Ltd, together
referred to, herein, as the Venkraft group.  This is because both
these companies are part of the JR group and operate under the
same management.  Furthermore, the businesses of both these
companies are interdependent, with VPML supplying a major part of
JRPL's raw material requirements. Also, JRPL has guaranteed part
of VPML's term debt facilities.

Outlook: Stable

CRISIL believes that the Venkraft group's business risk profile
will benefit over the medium term, supported by its expanded
capacity, improved product profile, and the favorable demand
outlook for the paper industry.  CRISIL also believes that the
Venkraft group's gearing and debt protection metrics will
gradually improve, supported by higher accruals and scheduled debt
repayments.  The outlook may be revised to 'Positive' in case of
higher-than-expected operating performance following the
stabilization of operations at its new unit, improvement in its
liquidity, and better-than-expected improvement in its gearing and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the Venkraft group faces difficulty in stabilizing
its expanded operations, or if the group undertakes further debt-
funded capital expenditure, thereby preventing the expected
improvement in its financial risk profile.

                         About Venkraft Paper

VPML manufactures and sells kraft paper.  The company was
incorporated in 2004 as part of the JR group, primarily to
facilitate backward integration for the corrugated box
manufacturing company JRPL (incorporated in 1991).  The JR group
companies are promoted by Mr. M Ramamurthy (chairman), his wife
Mrs. Jaya Ramamurthy, and sons, Mr. R Subash Chandru (managing
director) and Mr. R Sarath.  In January 2011, VPML commissioned
its new unit in Hosur (nearby its existing unit) with a production
capacity of 200 tonnes per day (tpd); along with upgraded
facilities at its existing unit, the company's total production
capacity is currently 300 tpd (against a capacity of 55 tpd as on
March 31, 2010). The total project cost for setting up the new
unit was around INR419 million, funded through long-term loans of
INR310 million and the balance through promoters' contribution.

For 2009-10 (refers to financial year, April 1 to March 31), VPML
reported a standalone net profit of INR13.5 million on net
revenues of INR294.0 million, against a net profit of INR10.9
million on net revenues of INR248.6 million in 2008-09. On a
consolidated basis, for 2009-10, the Venkraft group reported a net
profit of INR21.1 million (Rs.18.9 million in 2008-09) on net
revenues of INR379.2 million (Rs.351.0 million).


VISHNU CHEMICALS: CRISIL Assigns 'D' Rating to INR997.6MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishnu Chemicals Ltd
continue to reflect delays by VCL in servicing its term loan.  The
delays have been caused by VCL's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR997.6 Million Long-Term Loan       D (Reaffirmed)
   (Enhanced from INR773.9 Million)

   INR550.0 Million Cash Credit          D (Reaffirmed)
   (Enhanced from INR400.0 Million)

   INR43.5 Mil. Standby Line of Credit   D (Reaffirmed)

   INR700.0 Million Letter of Credit     P5 (Reaffirmed)

   INR100.0 Million Bank Guarantee       P5 (Reaffirmed)

VCL has a weak financial risk profile marked by a high gearing and
weak debt protection metrics.  The company, however, benefits from
its contract manufacturing agreement with the BASF group for
global sales.

Update

VCL posted a healthy 58% growth in its net sales, to INR2.01
billion during 2009-10 (refers to financial year, April 1 to March
31), over that in the previous year.  Furthermore, the company
registered a significant increase in its operating profit margin
to 19.6% during 2009-10.

VCL continues to have weak liquidity.  The delay in stabilization,
and low capacity utilization, of its plant has led to lower-than-
expected revenues and accruals for the company.  Apart from the
instances of delay in servicing its term loans, VCL has high bank
limit utilization; the company's average bank limit utilization
was at 104% during the 12 months through December 2010.

For 2009-10, VCL reported a profit after tax (PAT) of INR16.1
million on net sales of INR2.01 billion, against a net loss of
INR80.8 million on net sales of INR1.27 billion for 2008-09.
During the first nine months ended December 31, 2010, VCL reported
profit before tax of INR160.8 million on net sales of INR2.02
billion.

                      About Vishnu Chemicals

VCL, promoted by its chairman and managing director Mr. Ch Krishna
Murthy, manufactures sodium bichromate and its by-products.  The
company has manufacturing units at Kazipalli (near Hyderabad) and
Vishakhapatnam (both in Andhra Pradesh) and Bhilai (Chhattisgarh).
The company is listed on Bombay Stock Exchange and Ahmedabad Stock
Exchange.


ZIM LABORATORIES: CRISIL Reaffirms 'BB+' Rating on Cash Credit
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of ZIM
Laboratories Ltd (ZIM Labs; part of the Unijules group).

   Facilities                         Ratings
   ----------                         -------
   INR200 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR92.5 Million Long-Term Loans    BB+/Stable (Reaffirmed)
   INR297.5 Million Proposed LT       BB+/Stable (Reaffirmed)
             Bank Loan Facility
   INR50 Million Bank Guarantee/      P4+ (Reaffirmed)
                Letter of Credit

The ratings continue to reflect the group's aggressive growth
plans and large working capital requirements, leading to pressure
on its liquidity. However, these weaknesses are partially offset
by long standing presence in the areas of pelletisation, taste-
masking and granulation.

Outlook: Stable

CRISIL believes that Zim Labs' debt protection metrics are
expected to remain moderate over the medium term. The outlook may
be revised to 'Positive' if the group's liquidity improves, on the
back of improvement in its working capital management or equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the group's capital structure deteriorates or its debt protection
metrics decline.

                           About ZIM Laboratories

ZIM Labs, incorporated in 1984, manufactures small formulation
dosages, granules, and pellets.  The company is a majority-owned
subsidiary of the Unijules group.  In 2007-08 (refers to financial
year, April 1 to March 31), the group acquired a 50.2% stake in
ZIM Labs; it was earlier held directly by the Unijules group's
promoters.  ZIM Labs is present in the allopathic segment and is
into manufacturing of tablets, capsules, pellets, and granules.
The company contributed around one-third to the group's revenues
in 2009-10. Nearly 70% of ZIM Labs' revenues are derived from
exports.

ZIM Labs reported a profit after tax (PAT) of INR65 million on net
sales of INR981 million for 2009-10, as against a PAT of INR68
million on net sales of INR792 million for 2008-09.


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


JLOC XXVIII: Fitch Downgrades Ratings on Class C Interests
----------------------------------------------------------
Fitch Ratings has downgraded JLOC XXVIII Senior Trust's class C
trust beneficiary interests due October 2012 and affirmed the
other classes of TBIs and mezzanine specified bonds due October
2012.  The agency has also removed classes B and C TBIs from
Rating Watch Negative.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The details of the rating
actions are:

JLOC XXVIII Senior Trust:

  -- JPY7.2bn* Class B TBIs affirmed at 'Asf' off RWN; Outlook
     Stable;

  -- JPY8.8bn* Class C TBIs downgraded to 'Bsf' from 'BB-sf'; off
     RWN; Outlook Stable; and

  -- JPY7.2bn* Class D TBIs affirmed at 'CCCsf'; Recovery Rating
     of 'RR5'.

JLOC XXVIII mezzanine specified bonds:

  -- JPY 3.6bn* TMK1 mezzanine specified bonds: affirmed at
     'CCsf'; Recovery Rating of 'RR6'.

  * as of Feb. 28, 2011.

The class B TBIs have been affirmed to reflect Fitch's view on the
timing of full repayment of principal.  Fitch interviewed the
asset manager with regard to property sales activities, following
the previous rating action in February 2011, and has confirmed
that most properties are now being offered for sale.  The
remaining large properties will be offered for sale from Q211, and
the agency believes that the asset manager will complete all
property sales before legal final maturity in October 2012.

Property sales since April 2010 by total value have been slightly
better than planned, with 10 properties totalling JPY1.3bn being
sold in January 2011.  The proceeds of the January sales will be
applied to the repayment of class B TBIs at the next payment date.

Class C TBIs have been downgraded to reflect Fitch's view mainly
with regard to the timing of principal repayment of this class.
The agency believes that it will be necessary to sell the large
properties to redeem this class of TBIs.  Fitch has also revised
downwards the value for some properties as the performance of
their cash flows has been lower than the agency's expectations.
However, this has been partially offset by the higher-than-
expected value of property sales undertaken since April 2010.

The affirmations of the class D TBIs and the mezzanine specified
bonds reflect Fitch's view of the possibility of principal loss.

This transaction was originally backed by specified bonds issued
by two Tokutei Mokuteki Kaisha entities, which were in turn backed
by 567 commercial real estate properties.  To date, the specified
bonds issued by one TMK have been fully redeemed and a portion of
the collateral portfolio backing the other TMK has also been
disposed of.  The transaction is currently secured by 117
properties and sales proceeds from disposed properties.


L-JAC III: Moody's Changes Ratings on Various Classes of Notes
--------------------------------------------------------------
Moody's Japan K.K. has changed its ratings on the L-JAC III Class
C through I trust certificates.

Details are:

  -- Class C Certificate, downgraded to Ba2 (sf); previously on
     Feb 3, 2011 Baa2 (sf) placed under review for possible
     downgrade

  -- Class D-1 Certificate, downgraded to B2 (sf); previously on
     Feb 3, 2011 Ba2 (sf) placed under review for possible
     downgrade

  -- Class E-1 Certificate, downgraded to B3 (sf); previously on
     Feb 3, 2011 Ba3 (sf) placed under review for possible
     downgrade

  -- Class F-1 Certificate, downgraded to Caa1 (sf); previously on
     Feb 3, 2011 B1 (sf) placed under review for possible
     downgrade

  -- Class G-1 Certificate, downgraded to Caa2 (sf); previously on
     Feb 3, 2011 B2 (sf) placed under review for possible
     downgrade

  -- Class H-1 Certificate, downgraded to Caa3 (sf); previously on
     Feb 3, 2011 B3 (sf) placed under review for possible
     downgrade

  -- Class I Certificate, downgraded to Caa3 (sf); previously on
     Feb 3, 2011 B3 (sf) placed under review for possible
     downgrade

  * Deal Name: L-JAC III Trust

  -- Class: Class A through I, X-1, and X-2 trust certificates

  * Issue Amount (initial): JPY70,889 million

  * Dividend: Floating

  * Issue Date (initial): October 12, 2006

  * Final Maturity Date: April, 2013

  * Underlying Asset (initial): Seven non-recourse loans backed by
    real estate

  * Originator: New Century Finance Co., Ltd., (as of the issue
    date)

  * Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JACIII Trust, effected in October 2006, represents the
securitization of seven loans backed by real estate.  The
Originator entrusted the loans to the Asset Trustee, and received
the Class A through I, X-1 and X-2 trust certificates, which it
then sold through the Arranger to investors.

The trust certificates are rated by Moody's.

In this transaction, the interest and principal payments from the
underlying loans are made sequentially.

Six of the seven loans have been paid down in full thus far.  The
transaction is now secured by one loan backed by a retail property
in suburban Tokyo, which will mature in March 2011.

                         Rating Rationale

The owner of the underlying property and the property's only
tenant are in a legal dispute over the rent and terms of the
lease.  Moody's has re-considered its rent estimates based on
scenarios such as a settlement out of court or the judgment by
court.  Moody's then re-assessed its recovery stress assumptions,
which it decreased 47% from its initial assumption.

The current rating action reflects Moody's growing concern about
the deterioration of credit support on the Class C through E-1,
and the likelihood of losses on the Class F-1 through I, trust
certificates as a result of the re-assessed recovery rate.
Although the credit support for the Class A has risen, Moody's
continues to monitor the dispute.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


SHINSEI BANK: S&P Raises Ratings on Preferred Securities to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'CCC+' its
issue rating on the preferred securities issued by Shinsei Bank
Ltd. (BBB+/Negative/A-2).  The upgrade is based on S&P's view that
there is decreased likelihood of Shinsei failing to secure
sufficient reserves to pay the dividends on its preferred
securities at the end of fiscal 2010 (ending March 31, 2011).
S&P's view is based on the following: Shinsei has limited
unconsolidated losses from selling shares in its consumer finance
subsidiary; and it has posted gains through buybacks and
cancellation of its preferred shares, which at the same time,
reduced the burden of future dividend payments.  Meanwhile,
Standard & Poor's also affirmed its 'BBB+' long-term and 'A-2'
short-term counterparty credit ratings on Shinsei, as well as its
'BBB+' rating on the bank's long-term senior bonds, its 'BBB'
rating on the dated subordinated bonds, and its 'BBB-' rating on
the perpetual subordinated bonds.

According to a clause in Shinsei's preferred securities'
contracts, the bank must defer dividend payments on the preferred
securities if its unconsolidated distributable reserves at the end
of the fiscal year fall short of the subsequent dividend amount.
In December 2010, Shinsei recognized unconsolidated losses of
�31.7 billion from selling shares in its subsidiary (with a large
amount of possible impairment losses) to another group subsidiary.
At the same time, the bank bought back and canceled some of its
preferred shares, which resulted in gains of about �25 billion in
December 2010.  As a result, Shinsei reduced the expected dividend
payments on the preferred securities to about �3 billion per year,
and its distributable reserves are likely to amount to about �22
billion as of March 31, 2011.  Therefore, Shinsei is highly likely
to secure sufficient reserves to pay for the preferred securities
dividends that are scheduled in July 2011.  Nevertheless, if S&P
compare the distributable reserves with the preferred securities
dividends of about Y3 billion per year, there is limited guarantee
for future payments of dividends on the preferred securities.
Based on this, the issue rating on Shinsei's preferred securities
continues to reflect the risk that the probability of dividend
payment is constrained by earnings fluctuations and valuation
profits or losses on marketable securities that may occur under
regular circumstances.

S&P affirmed the ratings on Shinsei's debt issuances, as well as
the long- and short-term counterparty credit ratings on the bank.
S&P believes that concern has eased over the possibility that
Shinsei's financial flexibility may be restricted if it defers
dividend payments on the preferred securities, which would
increase risk to its reputation.  Nevertheless, the bank is still
likely to incur a certain amount of losses, mainly in real estate
and specialty finance, and its earnings from the consumer finance
business may deteriorate.

The outlook on the long-term counterparty credit rating on Shinsei
is negative.  Standard & Poor's may consider lowering the rating,
if S&P sees a high likelihood of the bank's profitability and
liquidity falling substantially below S&P's assumptions, or if its
business base deteriorates.  Conversely, S&P may revise upward the
outlook and stand-alone assessment, which excludes government
support factor in the event of emergency, if S&P believes that the
bank is highly likely to generate a certain level of earnings
consistently.  Nevertheless, an upgrade would require substantial
enhancement in the bank's stand-alone assessment, as the
government support factor is already incorporated into the rating
by two notches.  On Feb. 28, 2011, Shinsei announced a plan to
shore up capital by offering newly issued shares to overseas
investors.  If the bank raises capital as planned, its
capitalization will be strengthened.  According to S&P's
calculations, this would be seen as an increase of about one
percentage point rise in its capital adequacy ratio from the ratio
recorded as of Dec. 31, 2010.  Nevertheless, S&P is of the opinion
that Shinsei Bank remains challenged to improve its asset quality
and earnings prospects, in order to see an upward revision in its
stand-alone assessment.


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


MAXBIZ CORP: Swings to MYR171,000 Net Income in Dec. 31  Quarter
----------------------------------------------------------------
Maxbiz Corporation Berhad reported net income of MYR171,000 on
MYR2.49 million of revenue for the three months ended Dec. 31,
2010, compared with a net loss of MYR1,58 million on MYR3.06
million of revenue for the three months ended Dec. 31, 2009.

As of Dec. 31, 2010, the Company's consolidated balance sheet
showed MYR80.80 million in total assets, MYR44.39 million in total
liabilities, and MYR36.41 million in total shareholders' equity.

A full-text copy of the Company's quarterly report is available
for free http://ResearchArchives.com/t/s?7443

                       About Maxbiz Corporation

Maxbiz Corporation Berhad is a Malaysia-based company engaged in
investment holding and provision of management services to the
subsidiaries.  The principal activities of the subsidiaries are
commercial dyeing for fabrics and supply of chemicals.

Maxbiz Corporation has triggered the criteria pursuant to Practice
Note No 17 (PN17) of the Main Market Listing Requirements of Bursa
Securities.

Maxbiz disclosed that Messrs. Gomez & Co had on Jan. 17, 2011,
submitted its assessment report to Bursa Malaysia.  Messrs. Gomez
had indicated that the shareholders' equity reported as at
June 30, 2010, was MYR36,898,803 after taking into consideration
the additional losses of MYR1,330,747 as per its assessment report
dated Dec. 3, 2010, and further losses as above of MYR1,220,042.
In view of this, the amount is below 25% of the consolidated
shareholders' equity of MYR35,557,726.


NGIU KEE: Posts MYR22.8MM Net Loss in Quarter Ended December 31
---------------------------------------------------------------
Ngiu Kee Corporation (M) Berhad posted a net loss of MYR22.89
million on revenue of MYR36.69 million for the three months ended
Dec. 31, 2010, compared with a net loss of MYR4.35 million on
revenue of MYR38.87 million in the same quarter of 2009.

As of Dec. 31, 2010, the Company's consolidated balance sheet
showed MYR45.32 million in total assets and MYR83.31 million
in total liabilities, resulting in a shareholders' deficit of
MYR37.99 million.

The Company's consolidated balance sheet at Dec. 31, 2010, also
showed strained liquidity with MYR35.37 million in total current
assets available to pay MYR82.89 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7442

                          About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company's subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.

                           *     *     *

Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.


SATANG HOLDINGS: Posts MYR1.42MM Net Loss in December 31 Quarter
----------------------------------------------------------------
Satang Holdings Berhad disclosed with the Bursa Stock Exchange its
unaudited financial results for quarter ended Dec. 31, 2010.

The company posted MYR1.42 million net loss on MYR2.68 million of
revenues in the quarter ended Dec. 31, 2010, compared to a net
income of MYR439,000 on MYR12.70 million of revenues in the same
quarter of 2009.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR31.48 million in total assets, MYR22.86 million in total
liabilities, and MYR8.62 million in total stockholders' equity.

A full-text copy of Satang Holdings' quarterly report is available
for free at http://ResearchArchives.com/t/s?7447

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


STAMFORD COLLEGE: Posts MYR304,000 Net Income in 2010
-----------------------------------------------------
Stamford College Berhad posted net income of MYR304,000 for the
year ended Dec. 31, 2010, compared with net income of MYR2.32
million for 2009.  Total revenues were MYR35.43 million for 2010
from MYR20.35 million in 2009.

For the three months ended Dec. 31, 2010, Stamford College
reported net income of MYR405,000 on revenue of MYR10.99 million,
compared with a net loss of MYR2.35 million on revenue of MYR4.35
million for the same period ended Dec. 31, 2009.

At Dec. 31, 2010, Stamford College had total assets of
MYR42.57 million, total liabilities of MYR22.50 million, and total
shareholders' equity of MYR20.73 million.

The company's unaudited consolidated balance sheet at Dec. 31,
2010, showed strained liquidity with MYR8.14 million in total
current assets available to pay MYR19.26 in total current
liabilities.

A full-text copy of Stamford College's quarterly report is
available for free at http://ResearchArchives.com/t/s?7445

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


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


BLUE STAR: Plans to Refinance Capital Bonds
-------------------------------------------
The New Zealand Press Association reports that Blue Star Print
Group Ltd intends to announce a refinancing package soon,
including proposed terms for the refinancing of its capital bonds.

NZPA relates that Blue Star said the refinancing package include a
further cash commitment from its shareholders.  It depends on a
number of requirements and once those were satisfied, the current
senior facilities would be extended from 2012 to 2015.

NZPA says the company also announced a 3.3% lift in normalized
earnings before interest, tax, depreciation and amortization for
the six month period through the end of December, while revenue
slipped 0.8% to NZ$293.3 million.

According to NZPA, Blue Star managing director Chris Mitchell said
there were signs of positive momentum and clear opportunities for
the company to improve, notably from winning an ACP Media New
Zealand printing contract earlier this year.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2009, Blue Star suspended cash interest payments on capital bonds
until its parent is in compliance with the banking covenants.
Blue Star said its parent, Sirius NZ Holdco Ltd, had reached an
agreement with its senior lenders to reset the company's banking
covenants, amortization and related pricing structure.  This
agreement would enable Blue Star to continue a restructuring of
its business.  Blue Star is required to suspend cash interest
payments on the bonds until interest can be paid in compliance
with bank covenants as part of the banking agreements.

Blue Star is the guarantor of a senior lending facility for
Sirius.  If Sirius breaches its financial covenants, Blue Star may
become subject to a restriction under the bank facility agreement,
which prevents Blue Star from paying interest on the capital
bonds.

The bonds were issued to 3,700 New Zealand investors in 2005 with
an initial interest rate of 9.1% and are due to mature in 2012.

                           About Blue Star

Headquartered in Auckland, New Zealand, Blue Star Print Group
Limited provides commercial printing and complete outsourced print
management solutions for large corporates in Australia and
New Zealand.  The employs approximately 1,200 staff within three
divisions and a labels business.


BRIDGECORP LTD: Hearing on Ex-Director's Legal Aid Bid Continues
----------------------------------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that former
Bridgecorp directors Rod Petricevic and Rob Roest continued their
battle for legal aid in the Auckland District Court on March 1.

BusinessDay.co.nz relates that both executives face multiple fraud
charges arising from the finance company's collapse in July 2007
and both have applied for legal aid.

According to the report, Mr. Petricevic was turned down for legal
aid late last year and has applied for a formal review; Mr. Roest
is still waiting to hear on the fate of his application.

Both appeared in court on Tuesday, March 1, and have been remanded
until March 29, 2011, BusinessDay.co.nz reports.

                          About Bridgecorp

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

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


SOUTH CANTERBURY: Hubbard Asked to Quit from Dairy Holdings' Board
------------------------------------------------------------------
The Timaru Herald reports that statutory managers have asked Allan
Hubbard to retire from Dairy Holdings' board.

The Timaru Herald relates that the receivers of South Canterbury
Finance are in the process of trying to sell its 33.6% share in
Dairy Holdings, which Mr. Hubbard transferred to the finance
company in 2008 in a bid to shore it up.  At that time, the Timaru
Herald notes, the stake was said to be worth NZ$75.7 million.

A spokesman for the statutory managers, Trevor Thornton, confirmed
Mr. Hubbard had been asked to step down as a director of Dairy
Holdings, according to the Timaru Herald.

"Mr. Hubbard has been asked to retire from the board of Dairy
Holdings.  The reason is Mr. Hubbard transferred his shareholding
to South Canterbury Finance some time ago and he no longer has any
shareholding," the Timaru Herald quotes the spokesman as saying.
"Trevor [Thornton] has asked him to retire, as he doesn't have a
shareholding."

The Timaru Herald says supporters on Facebook have suggested that
Mr. Hubbard was threatened with house arrest if he did not step
down from the board.  The spokesman said this was incorrect, the
Timaru Herald relates.

Dairy Holdings owns 58 dairy units on 14,201 hectares, milking
43,439 cows to produce about 15.1 million kilograms of milk solids
a year.

Mr. Hubbard and his wife, Jean, their companies Aorangi Securities
and Hubbard Management Funds, along with seven charitable trusts,
were placed in statutory management under accounting firm Grant
Thornton by the Government on June 20.

A Serious Fraud Office investigation was launched the following
day and is now in its final stages, with a decision thought to be
three to four weeks away, the Timaru Herald reports.

According to the report, SFO chief executive Adam Feeley said
March 1 a number of issues had been raised by submissions received
from Mr. Hubbard and his lawyer, Russell McVeagh partner Michael
Heron, which would push the conclusion of the investigation out
another three to four weeks.

                       About South Canterbury

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

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

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

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


===============
T H A I L A N D
===============


G STEEL: ArcelorMittal to Acquire 40% Stake in G Steel
------------------------------------------------------
ArcelorMittal has signed agreements to invest new capital
resulting in a shareholding of 40% in G Steel Public Company
Limited, a company listed on the Stock Exchange of Thailand. G
Steel and its subsidiary GJ Steel Public Company Limited, which is
also listed on the Stock Exchange of Thailand, are leading
producers of hot-rolled coils.  G Steel has an EAF-based medium
slab rolling facility in Rayong and GJ Steel has an EAF-based thin
slab rolling facility in Chonburi, with a combined annual capacity
of over 2.5 million tonnes per annum.  The companies together have
over 1,400 employees.

ArcelorMittal is partnering with a group of major shareholders
represented by the Leeswadtrakul family which is the founding
shareholder of G Steel.  ArcelorMittal has signed a shareholders
agreement with the Leeswadtrakul family who will remain associated
with the companies.  ArcelorMittal has also signed a credit
facility agreement with G Steel and GJ Steel for US$500 million
for working capital, capital expenditure and other corporate
purposes.

Aditya Mittal, CFO and Member of the Group Management Board of
ArcelorMittal said: "G Steel is an important component of our
overall emerging markets strategy and will provide ArcelorMittal
with a major manufacturing presence in Thailand and the ASEAN
region where we expect steel demand to continue growing.
Dr. Somsak Leeswadtrakul has built a high quality operation.  We
are confident that our global expertise and investment will
develop the company's potential and will facilitate an
operational, financial and commercial turnaround."

The investment by ArcelorMittal in G Steel is part of a broader
plan by G Steel to strengthen its and GJ Steel's financial
position.  The amount of capital to be invested by ArcelorMittal
will be determined closer to the completion of the transaction.
Completion of the transaction is conditional on a reduction in the
outstanding liabilities of G Steel and GJ Steel and a range of
other conditions, including regulatory approvals and approval of
the shareholders of G Steel and GJ Steel.

                  Total Debt Stands at $850 Million

According to Bloomberg News, G Steel had total liabilities of
THB30.1 billion (US$986 million) as of Sept. 30, mostly in bonds
and money owed to suppliers.

"We have to get creditors to cut more debt, otherwise there is no
deal with ArcelorMittal," Bloomberg quotes Ahab Garas, G Steel's
co-chief executive officer, as saying.

Mr. Garas told Bloomberg that total debt at G Steel and its listed
unit G J Steel Pcl now stands at about $850 million after
investors converted some bonds into equity as part of the
company's restructuring plan.

Bloomberg recalls that in 2003 Siam Strip, as the company was
known at the time, won approval from Thailand's bankruptcy court
to restructure THB65 billion of debt.  Under the court-approved
plan, Citigroup Inc., Itochu Corp. and Sumitomo Corp. had to write
off three-fourths of their loans, Bloomberg discloses.

G Steel in 2006 raised THB2.55 billion in an initial share sale to
fund its expansion.  The company sold $170 million of bonds to
international investors in 2005.  It defaulted on interest
payments in April 2009.

                        Shares Suspended

Bloomberg reports that G Steel's shares were suspended from
trading Wednesday because the company failed to submit its 2010
financial statements.

The company had a net loss of THB7.11 billion in the first nine
months of 2010 compared with a full-year loss of THB8.6 billion in
2009, Bloomberg discloses.

Bloomberg relates that G Steel said the company will offer
ArcelorMittal 11.92 billion new shares for at least THB0.63 per
share.  G Steel will reduce debt through a debt-to-equity swap
with creditors Kwang Sogo Investment Co. and Pacific Harbor
Advisors Pte, Bloomberg adds.

The company hired IV Global Securities Pcl as an adviser.

                            About G Steel

Headquartered in Bangkok, Thailand, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in
different grades and gauges.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 7, 2010, Standard & Poor's Ratings Services said that it had
withdrawn its 'D' long-term corporate credit rating on G Steel
Public Co. Ltd. and the 'D' issue rating on the company's senior
unsecured notes due Oct. 4, 2010, as S&P has only limited
information on the financial restructuring of G Steel's
obligations concerning its notes.

S&P lowered the corporate rating on G Steel and the issue rating
on its notes to 'D' on Oct. 12, 2009, due to a missed interest
payment.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW          AHGN            -16.93        8.23
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
AUTRON CORP LTD           AAT             -32.39       13.42
BCD RESOURCES OP          BCO             -23.39       60.19
BCD RESOURCES-PP          BCOCC           -23.39       60.19
BIRON APPAREL LT          BIC             -19.71        2.22
CENTRO PROPERTIE          CNP         -14,253.26      825.84
CHALLENGER INF-A          CIF          -2,161.41      339.11
CHEMEQ LTD                CMQ             -25.19       24.25
COMPASS HOTEL GR          CXH             -88.33        1.08
ELLECT HOLDINGS           EHG             -18.25       15.49
HEALTH CORP LTD           HEA             -11.97        2.66
HYRO LTD                  HYO             -11.81        5.15
IVANHOE AUST LTD          IVA             -49.44        6.51
MAC COMM INFR-CD          MCGCD        -8,104.42      103.34
MAVERICK DRILLIN          MAD             -24.66        1.30
MISSION NEWENER           MBT             -32.23       21.48
NATURAL FUEL LTD          NFL             -19.38      121.51
NEXTDC LTD                NXT             -17.46        0.14
ORION GOLD NL             ORN             -11.06        4.86
RESIDUAL ASSC-EE          RAGXF          -597.33      126.96
RIVERCITY MOTORW          RCY            -386.88      809.14
SCIGEN LTD-CUFS           SIE             -69.94       29.79
SHELL VILLAGES A          SVC             -13.47        1.66
TAKORADI LTD              TKG             -13.99        0.41
VERTICON GROUP            VGP             -10.08       29.12
YANGHAO INTERNAT          YHL             -44.32       54.68


CHINA

BAOCHENG INVESTM          600892          -23.14        3.54
CHENGDE DALU -B           200160          -27.04        6.64
CHENGDU UNION-A           693             -39.10       17.39
CHINA KEJIAN-A            35              -88.96      189.48
CONTEL CORP LTD           CTEL            -24.17       45.31
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         -209.77       74.90
TAIYUAN TIANLO-A          600234          -52.96       26.72
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
XINHUA FINANCE            9399            -35.80        1.17
YANBIAN SHIXIA-A          600462         -197.99       16.19
YUEYANG HENGLI-A          622             -36.49       16.37
YUNNAN MALONG-A           600792         -145.58       51.15
ZHANGJIAJIE TO-A          430             -38.71        1.45


HONG KONG

ASIA TELEMEDIA L          376             -16.62        5.37
BUILDMORE INTL            108             -13.48       69.17
CHINA COMMUNICAT          8206            -36.62        6.93
CHINA HEALTHCARE          673             -44.13        4.49
CHINA PACKAGING           572             -17.10       17.49
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            -110.49       17.32
NGAI LIK INDL             332             -22.70        9.69
PAC PLYWOOD               767             -72.60       12.31
PAC PLYWOOD HLD           2969            -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


INDONESIA

ARGO PANTES               ARGO           -160.07        2.77
ASIA PACIFIC              POLY           -475.69      841.22
ERATEX DJAJA              ERTX            -12.09       20.12
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
MULIA INDUSTRIND          MLIA           -338.82      334.75
PANASIA FILAMENT          PAFI            -42.43       11.04
PANCA WIRATAMA            PWSI            -30.79       38.79
PRIMARINDO ASIA           BIMA            -11.14       21.39
STEADY SAFE TBK           SAFE            -11.46        6.01
SURABAYA AGUNG            SAIP           -267.24       83.34
UNITEX TBK                UNTX            -17.29       17.14


INDIA

AMIT SPINNING             AMSP            -22.70        1.90
ARTSON ENGR               ART             -15.63        1.61
ASHIMA LTD                ASHM            -63.65       55.81
ATV PROJECTS              ATV             -60.46       55.04
BALAJI DISTILLER          BLD             -66.32       25.40
BELLARY STEELS            BSAL           -451.68      108.50
BHAGHEERATHA ENG          BGEL            -22.65       28.20
CAMBRIDGE SOLUTI          CAMB           -156.75       46.79
CFL CAPITAL FIN           CEATF           -15.35       46.89
COMPUTERSKILL             CPS             -14.90        7.56
CORE HEALTHCARE           CPAR           -185.36      241.91
DCM FINANCIAL SE          DCMFS           -17.10        9.46
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
JAYKAY ENTERPRIS          JEL             -13.51        3.03
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
JOG ENGINEERING           VMJ             -50.08       10.08
KALYANPUR CEMENT          KCEM            -37.45       45.90
KERALA AYURVEDA           KRAP            -13.99        1.18
KIDUJA INDIA              KDJ             -17.15        2.28
KINGFISHER AIR            KAIR         -1,781.30      861.06
KITPLY INDS LTD           KIT             -48.42       24.51
LLOYDS FINANCE            LYDF            -23.77       10.87
LLOYDS STEEL IND          LYDS           -415.66       63.93
LML LTD                   LML             -65.26       56.77
MILLENNIUM BEER           MLB             -52.23        5.22
MILTON PLASTICS           MILT            -18.65       52.29
MTZ POLYFILMS LT          TBE             -31.94        2.57
NICCO CORP LTD            NICC            -82.41        2.85
NICCO UCO ALLIAN          NICU            -32.23       71.91
NK INDUS LTD              NKI             -49.04        4.95
NRC LTD                   NTRY            -92.88       36.76
ORIENT PRESS LTD          OP              -16.70        0.09
PANCHMAHAL STEEL          PMS             -51.02        0.33
PARASRAMPUR SYN           PPS             -99.06      307.14
PAREKH PLATINUM           PKPL            -61.08       88.85
PEACOCK INDS LTD          PCOK            -11.40       14.40
PIRAMAL LIFE SC           PLSL            -45.82       32.69
QUADRANT TELEVEN          QDTV           -173.52      101.57
RAJ AGRO MILLS            RAM             -10.21        0.61
RAMA PHOSPHATES           RMPH            -34.07        1.19
RATHI ISPAT LTD           RTIS            -44.56        3.93
REMI METALS GUJA          RMM            -102.64        5.29
RENOWNED AUTO PR          RAP             -14.12        1.25
ROLLATAINERS LTD          RLT             -22.97       22.24
ROYAL CUSHION             RCVP            -20.62       75.53
SCOOTERS INDIA            SCTR            -18.63        6.88
SEN PET INDIA LT          SPEN            -12.99       25.24
SHAH ALLOYS LTD           SA             -212.81        9.74
SHALIMAR WIRES            SWRI            -24.87       51.77
SHAMKEN COTSYN            SHC             -23.13        6.17
SHAMKEN MULTIFAB          SHM             -60.55       13.26
SHAMKEN SPINNERS          SSP             -42.18       16.76
SHREE GANESH FOR          SGFO            -44.50        2.89
SHREE RAMA MULTI          SRMT            -62.72       45.92
SIDDHARTHA TUBES          SDT             -76.98       12.45
SOUTHERN PETROCH          SPET         -1,584.27        4.80
SPICEJET LTD              SJET           -220.03       76.12
SQL STAR INTL             SQL             -11.69        1.14
STI INDIA LTD             STIB            -30.87       10.59
TAMILNADU TELE            TNT             -12.82        5.15
TATA TELESERVICE          TTLS         -1,069.83      154.99
TRIUMPH INTL              OXIF            -58.46       14.18
TRIVENI GLASS             TRSG            -24.55        8.57
TUTICORIN ALKALI          TACF            -14.15       11.20
UNIFLEX CABLES            UFC             -45.05        0.90
UNIFLEX CABLES            UFCZ            -45.05        0.90
UNIMERS INDIA LT          HDU             -19.23        3.23
UNITED BREWERIES          UB           -2,652.00      242.53
UNIWORTH LTD              WW             -145.71      114.87
USHA INDIA LTD            USHA            -12.06       54.51
VENTURA TEXTILES          VRTL            -14.25        0.33
VENUS SUGAR LTD           VS              -11.06        1.08
WINDSOR MACHINES          WML             -15.52       24.34
WIRE AND WIRELES          WNW            -115.34       34.49


JAPAN

CREDIT ORG S&M            8489            -97.07        9.98
DPG HOLDINGS INC          3781            -11.77        3.99
FIDEC                     8423           -182.86       11.14
FUJI TECHNICA             6476           -175.22       18.71
HARAKOSAN CO              8894           -190.27       19.80
KNT                       9726         -1,058.18       13.37
L CREATE CO LTD           3247            -42.34        9.15
LAND                      8918           -293.88       53.39
LCA HOLDINGS COR          4798            -55.65        3.28
PROPERST CO LTD           3236           -305.90      330.20
RAYTEX CORP               6672            -41.66       28.52
SHIN-NIHON TATEM          8893           -124.85       39.12
SHINWA OX CORP            2654            -43.91       30.19
SHIOMI HOLDINGS           2414           -201.19       33.62
S-POOL INC                2471            -18.11        0.41
TAIYO BUSSAN KAI          9941           -171.45        3.35
TERRANETZ CO LTD          2140            -11.63        4.29


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO          ASA             -18.08       11.82
ADVANCE SCT LTD           ASCT            -16.05       43.84
HL GLOBAL ENTERP          HLGE            -97.30       11.43
JAPAN LAND LTD            JAL            -203.24       14.68
LINDETEVES-JACOB          LJ              -16.86        6.64
NEW LAKESIDE              NLH             -19.34        5.25
SUNMOON FOOD COM          SMOON           -14.93       14.71
TT INTERNATIONAL          TTI            -272.51       57.42


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***