/raid1/www/Hosts/bankrupt/TCRAP_Public/110520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Friday, May 20, 2011, Vol. 14, No. 99

                            Headlines



A U S T R A L I A

DENMAC FORD: Goes Into Receivership on Sale Slump
FINBUILT: Goes Into Voluntary Liquidation
SYDNEY AUSSIE: Appoints Ferrier Hodgson as Voluntary Administrator
SYNERGY PLUS: GE Capital to Receive Full Payout
VICTORY HOTEL: In Liquidation; Hotel, Nightclub Up for Sale


C H I N A

* Top 5 Chinese Power Firms Post CNY10.57 Billion Losses


H O N G  K O N G

CITIRICH COMPANY: Court to Hear Wind-Up Petition on June 29
CHUN MAN CHINA: Court to Hear Wind-Up Petition on June 22
FEALTY COMPANY: Creditors' Proofs of Debt Due June 3
LA CASCINA: Court to Hear Wind-Up Petition on June 22
PHYSICAL PROPERTY: Incurs HK$152,000 Net Loss in First Quarter

PROFITABLE PLOTS: Court to Hear Wind-Up Petition on June 22
SHEEN ASIA: Court Enters Wind-Up Order
TONIC APPLIANCE: Court Enters Wind-Up Order
TRADESPEED INDUSTRIAL: Court Enters Wind-Up Order
WELTA LIMITED: Court to Hear Wind-Up Petition on June 22

WISH SKY: Court Enters Wind-Up Order


I N D I A

AMIT MOTOR-CYCLES: CRISIL Reaffirms 'B+' Rating on INR40MM Credit
BABU MOHAN: CRISIL Rates INR240.00 Million Term Loan  at 'BB-'
BESTO TRADELINK: CRISIL Reaffirms 'B+' Rating on INR55MM Credit
BOTHRA METALS: CRISIL Reaffirms 'B' Rating on INR6.3MM Term Loan
BVSR PAM: CRISIL Reaffirms 'BB' Rating on INR245 Mil. Term Loan

GURPREET GHALVANISING: CRISIL Reaffirms 'BB+' Cash Credit Rating
HARIKA DRUGS: CRISIL Assigns 'BB-' Rating to INR19MM LT Loan
MAWANA SUGARS: CRISIL Cuts Rating on INR3.31BB LT Loan to 'D'
PCM STRESCON: CRISIL Rates INR1.72 Billion LT Bank Loan at 'B-'
PYOGINAM: CRISIL Assigns 'B+' Rating to INR57MM Bill Purchase

RAMA AGRO: CRISIL Reaffirms 'D' Rating on INR18.2MM Term Loan
SVARN TEX: CRISIL Cuts Rating on INR45MM Cash Credit to 'BB'
VISHAL DIAMONDS: CRISIL Places 'P4+' Rating on INR40MM Credit
WALZEN STRIPS: CRISIL Reaffirms 'BB+' Rating on INR175MM Credit


J A P A N

CSC SERIES: S&P Lowers Ratings on 2 Classes of Bonds to 'D'
* JAPAN: Falls Into Recession as Economy Shrinks in First Quarter


M A L A Y S I A

AYER MOLEK: 93rd Annual General Meeting Slated For June 8


N E W  Z E A L A N D

NATHANS FINANCE: Was Fine Before Collapse, Former Director Claims


T A I W A N

PROMOS TECHNOLOGIES: To Sell Money-Losing China Unit


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


DENMAC FORD: Goes Into Receivership on Sale Slump
-------------------------------------------------
SmartCompany reports that Denmac Ford has been placed into
receivership after a sale slump caused by the Brisbane floods.
Denmac was placed into the hands of receivers John Greig and
Richard Hughes of accounting firm Deloitte on May 11.

"While we are yet to form a final view on the reasons for the
appointment, the recent flooding in Brisbane has hurt sales in the
first quarter of this year," Mr. Hughes said in a statement
obtained by the news agency.

The business is continuing to trade while receivers start the
process of selling the business as a going concern, according to
SmartCompany.

"Although it is still very early in the process, we are planning
to continue to operate the business in co-operation with the
director, staff and existing creditors," SmartCompany quotes
Mr. Hughes as saying.  "We believe there will be significant
interest in the business and we are working hard to re-establish
the business as we investigate the best way to realise value for
the benefit of the stakeholders," he added.

Expressions of interest in the business are due by May 27,
according to the news agency.

SmartCompany notes that reports suggest Denmac Ford business has
been under pressure for some time with the owners reducing
inventory and shutting down one location in a bid to reduce costs.
However, the report notes that any efforts to turn around the
business would have been made much harder by the poor sales of
Ford Australia's flagship car, the locally-produced Falcon.

Denmac Ford is one of Brisbane's largest and best-known car
dealers.


FINBUILT: Goes Into Voluntary Liquidation
-----------------------------------------
NT News reports that building firm Finbuilt has gone into
voluntary liquidation in the middle of several major contracts.

According to NT News, Finbuilt won a string of federal and
Territory government contracts since being founded three years
ago.  The company was halfway through several projects, including
building an extension to the Tennant Creek renal centre, when it
went into liquidation, the report says.

NT News says the Construction Department will now bring in another
contractor to finish the renal unit.

Master Builders NT head Graham Kemp told NT News that building was
a tough business.

"The demise of Finbuilt is a sign of the times," NT News quotes
Mr. Kemp as saying.  "We're between major projects and there
aren't a lot of options for builders."

NT News relates that Mr. Kemp said Finbuilt also suffered because
it had been established in the Territory for only three years.

Finbuilt is a building company.  It employed 75 permanent contract
workers and had offices in Darwin, Alice Springs and Melbourne.


SYDNEY AUSSIE: Appoints Ferrier Hodgson as Voluntary Administrator
------------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were voluntary
appointed administrators to Sydney Aussie Rules Social Club
Limited on May 17, 2011, pursuant to Section 436A of the
Corporations Act 2001.

The Club traded from leased premises at 26 Darlinghurst Road,
Kings Cross.

"Following a review of the financial position of the Club and
viability of the business, the voluntary administrators took the
decision to cease trading the Club from close of business on
May 18, 2011," Ferrier Hodgson said in a statement.

A first meeting of the creditors will be held on May 27, 2011, at
10:30 a.m.  The meeting will be held at the Administrators'
office:

          Ferrier Hodgson
          Level 13, 225 George Street
          Sydney NSW 2000

Sydney Aussie Rules Social Club Ltd. owns and operates a club.


SYNERGY PLUS: GE Capital to Receive Full Payout
-----------------------------------------------
Julia Talevski at ARN reports that GE Capital, one of the secured
creditors of Synergy Plus Limited, is set to receive a full
payout.

Synergy Plus Limited and its wholly owned subsidiaries -- Synergy
Plus Operations, Air Data, Air Data Australia and CCP Equity --
went into voluntary administration and appointed Richard Albarran,
David Ingram and David Ross of Hall Chadwick, as voluntary
administrators on March 17, 2011.  GE Capital also appointed
receivers Quentin Olde, Andrew Schwarz and Michael Ryan of Taylor
Woodings to Synergy Plus Operations, the main operating
subsidiary.

According to ARN, Mr. Olde said there were sufficient recoveries
to pay GE out in full, but they have not received a payment at
this stage.

The funds are being paid by the debtors of the company and the
receivers and managers will be retiring, ARN reports.

"We'll certainly be retiring as soon as practical in accordance
with the legal obligations and requirements that we're working on
at the moment," ARN quotes Mr. Olde as saying.

Administrators have also had discussions with HP regarding assets
and funds to be forwarded to the vendor. It was also a secured
creditor owed about AU$6 million.

ARN relates that Mr. Ross said HP could potentially appoint Taylor
Woodings as receivers and managers.  However, Mr. Olde couldn't
supply any further details on the matter, the report notes.

According to the report, HP said it was currently reviewing its
position in relation to Synergy Plus, and any further queries
should be directed to the administrator.

"We have had ongoing discussions with the second secured creditor,
HP, who is claiming the debtors are subject to their charge, but
we strongly dispute this and we may need to seek court directions
in respect to that,' Mr. Ross said told ARN.

He said if the receivers didn't retire it would cause issues in
respect to proposing a Deed of Company Arrangement (DoCA), ARN
relates.

Mr. Ross told ARN that a DoCA has been so far executed for the
holding company, Synergy Plus Limited, which will go through a re-
capitalization opportunity and will be convening a shareholder
meeting.

                           About Synergy Plus

Based in West Perth, Australia, Synergy Plus Limited (ASX:SNR) --
http://www.synergy.com.au/-- formerly ComputerCORP Limited, is an
integrator and manager of information and communication technology
(ICT) infrastructure systems.  The Company provides solutions and
services to its customers in three core areas: Data Centre,
Network and Personal Systems.  Data Centre provides critical
storage and high availability to an organization's data.  Network
provides seamless access to data, across all geographies.
Personal Systems provides better end user productivity tools
delivering both voice and data services.  Synergy Plus focus on
core information, communication technology provides opportunity in
markets across medium to large corporate, government and education
sectors.


VICTORY HOTEL: In Liquidation; Hotel, Nightclub Up for Sale
-----------------------------------------------------------
Nigel Adlam at NT News reports that The Victory Hotel and
Discovery Nightclub have been put up for sale.  NT News says
Discovery is going for more than $2 million and the Victoria
Hotel's price is more than $1 million.

NT News relates that John Langford, of Brock Commercial, said he
expected "strong interest".

The nightclub and hotel went into voluntary liquidation in April
and are being sold at cut rates, NT New says.

According to NT News, owner Mark Gray said he was devastated by
the two venues getting into such financial strife.

Mr. Gray, as cited by NT News, said the slump in trade had been
caused by a fall in overseas tourist numbers because of the
strength of the Australian dollar, a record wet season and the new
smoking laws.

His other businesses, the Cavanagh Hotel and Kitty O'Shea's, are
not believed to be affected, NT News notes.

Discovery, which has seven bars and can hold 1000 customers, was
hauled before the Licensing Commission earlier this year over TOT
Tits Out Tuesday, renamed Tequila On Tuesday. The commission
decided that the club could continue holding wet t-shirt
competitions, but girls would not be allowed to bare their
breasts.

The Vic, which has pokie machines and a restaurant, drastically
cut its trading hours in February, NT News discloses.


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


* Top 5 Chinese Power Firms Post CNY10.57 Billion Losses
--------------------------------------------------------
Xinhua News Agency reports that the China Electricity Council
(CEC) on Tuesday said the nation's leading five power producers
reported CNY10.57 billion (US$1.62 billion) of losses in their
thermal power plants in the first four months of the year.

The news agency relates that the CEC said the figure was about
CNY7.29 billion more than the same period last year.  The CEC
attributed soaring coal prices as the reason for losses.

They had CNY1.71 billion of losses just in thermal power plants in
April, the CEC said.

According to Xinhua News, CEC said that due to dominating shares
of their thermal power businesses, the five magnates reported
CNY5.98 billion of losses in all businesses in the first four
months, up CNY3.84 billion, year on year.

The CEC warned that the difficult performances in the sector posed
"great risks" to ensure power supplies during the peak season this
summer.

The five power magnates include China Huaneng Group, China Datang
Corp, China Huadian Group, China Guodian Corp and China Power
Investment Corp, providing about half of the power for the
country.


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


CITIRICH COMPANY: Court to Hear Wind-Up Petition on June 29
-----------------------------------------------------------
A petition to wind up the operations of Citirich Company Limited
will be heard before the High Court of Hong Kong on June 29, 2011,
at 9:30 a.m.

The Petitioner's solicitors are:

          Wong & Fok
          Room 605, Admiralty Centre
          Tower 1
          18 Harcourt Road
          Hong Kong


CHUN MAN CHINA: Court to Hear Wind-Up Petition on June 22
---------------------------------------------------------
A petition to wind up the operations of Chun Man China
Hong Kong Express Limited will be heard before the High Court of
Hong Kong on June 22, 2011, at 9:30 a.m.


FEALTY COMPANY: Creditors' Proofs of Debt Due June 3
----------------------------------------------------
Creditors of Fealty Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 3, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Cheung Lai Kuen
         Pui Chiu Wing
         Suites 1303-1306
         13/F, Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


LA CASCINA: Court to Hear Wind-Up Petition on June 22
-----------------------------------------------------
A petition to wind up the operations of La Cascina Company Limited
will be heard before the High Court of Hong Kong on June 22, 2011,
at 9:30 a.m.


PHYSICAL PROPERTY: Incurs HK$152,000 Net Loss in First Quarter
--------------------------------------------------------------
Physical Property Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
reporting a net loss and total comprehensive loss of HK$152,000 on
HK$193,000 of total operating revenues for the three months ended
March 31, 2011, compared with a net loss and total comprehensive
loss of HK$141,000 on HK$184,000 of total operating revenues for
the same period during the prior year.

The Company's balance sheet at March 31, 2011, showed HK$10.58
million in total assets, HK$11.23 million in total liabilities,
all current, and a HK$645,000 total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/Fh3vLu

                      About Physical Property

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly-owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on September 21, 1988, under the laws
of the United States of America.

The Company reported a net loss and total comprehensive loss of
HK$640,000 on HK$765,000 of rental income for the year ended
Dec. 31, 2010, compared with a net loss and total comprehensive
loss of HK$899,000 on HK$602,000 of rental income during the prior
year.

As reported by the TCR on April 7, 2011, Mazars CPA Limited, in
Hongkong, expressed substantial doubt about the Company's ability
to continue as a going concern, following the Company's 2010
financial results.  The independent auditors noted that the
Company had a negative working capital as of Dec. 31, 2010 and
incurred loss for the year then ended.


PROFITABLE PLOTS: Court to Hear Wind-Up Petition on June 22
-----------------------------------------------------------
A petition to wind up the operations of Profitable Plots Limited
will be heard before the High Court of Hong Kong on June 22, 2011,
at 9:30 a.m.


SHEEN ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 4, 2011, to
wind up the operations of Sheen Asia International Limited.


TONIC APPLIANCE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Tonic Appliance Limited.

The company's liquidator is Pui Chiu Wing of Neil Collins
Corporate Services Limited.


TRADESPEED INDUSTRIAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2011, to
wind up the operations of Tradespeed Industrial Limited.

The company's liquidator is Pui Chiu Wing of Neil Collins
Corporate Services Limited.


WELTA LIMITED: Court to Hear Wind-Up Petition on June 22
--------------------------------------------------------
A petition to wind up the operations of Welta Limited will be
heard before the High Court of Hong Kong on June 22, 2011, at
9:30 a.m.


WISH SKY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Wish Sky (HK) Limited.


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


AMIT MOTOR-CYCLES: CRISIL Reaffirms 'B+' Rating on INR40MM Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Amit Motor-Cycles Pvt
Ltd's continues to reflect AMPL's below-average capital structure
and debt protection metrics, limited bargaining power with its
principal, Hero Honda Motors Ltd (rated 'AAA/FAAA/Stable/P1+' by
CRISIL), and exposure to intense competition in the automotive
dealership market.  These rating weaknesses are partially offset
by the benefits that AMPL derives from its promoters' experience,
and by its established relationship with HHML.


   Facilities                           Ratings
   ----------                           -------
   INR40 Million Cash Credit Facility   B+/Stable (Reaffirmed)
   INR50 Million Inventory Funding      B+/Stable (Reaffirmed)
                          Facility

Outlook: Stable

CRISIL believes that AMPL will continue to benefit from its strong
market position as HHML's dealer in Kolkata.  The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in AMPL's sales and operating margin, or improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's revenues
and profitability, or if it undertakes a large debt-funded capital
expenditure (capex) programme, thereby adversely affecting its
financial risk profile.

Update

AMPL's performance for 2009-10 (refers to financial year, April 1
to March 31) and 2010-11 has been in line with CRISIL's
expectation.  In 2010-11, AMPL generated a turnover of around
INR824 million and a net profit of around INR 1.6 million.

AMPL has started with dealership in automotive and industrial
lubricants of Bharat Petroleum Corporation Ltd
(AAA/FAAA/Negative/P1+) from October 2010; and dealership of
Indian Oil Corporation Ltd (AAA/Negative/P1+) from November 2010.

AMPL's liquidity is expected to remain weak over the medium term
because of its small net worth (INR34 million as on March 31,
2011), weak current ratio, and high bank limit utilization. Its
bank limits of INR 90 million have been highly utilized, at around
98% on an average, in the fifteen months ended March 31, 2011.
The company also has capex plans of around INR 15-20 million over
the medium term to be funded in the debt equity ratio of 3:1.
However, the company does not have any term debt obligations which
provide some comfort to its liquidity.

AMPL's net profit and net sales are estimated at around INR1.6
million and INR824 million respectively for 2010-11; it reported a
net loss of INR0.05 million on net sales of INR784 million for
2009-10.

                      About Amit Motor-Cycles

AMPL is an authorised dealer of two-wheelers for HHML in Howrah
(West Bengal) and Kolkata.  Incorporated in 1992, the company set
up its first authorised HHML two-wheeler dealership in Howrah, and
a second dealership in South Kolkata in 1996.


BABU MOHAN: CRISIL Rates INR240.00 Million Term Loan  at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the term loan
facility of Babu Mohan Lal Arya Smarak Educational Trust.

   Facilities                      Ratings
   ----------                      -------
   INR240.00 Million Term Loan     BB-/Stable (Assigned)

The rating reflects expectation of deterioration in BMASET's
financial risk profile, on account of the large, debt-funded
capital expenditure (capex) programme. The rating also reflects
BMASET's small scale of operations, geographic concentration, and
exposure to risks related to project implementation and adverse
regulatory changes.  These rating weaknesses are partially offset
by BMASET's moderate market position, promoters' extensive
experience, healthy demand prospects for the education sector, and
funding support from promoters.

Outlook: Stable

CRISIL believes that BMASET will continue to benefit from its
brand visibility and the demand for technical courses, over the
medium term. Its financial risk profile is, however, expected to
remain constrained by the large ongoing debt-funded capex
programme, despite support from promoters.  The outlook may be
revised to 'Positive' on timely completion of the project within
the budgeted cost, if the trust's revenues and profitability
improve considerably. Conversely, the outlook may be revised to
'Negative' in case of significant delays in project completion,
cost overruns, or less-than-expected increase in revenues and
profitability.

Set up in 1999, BMASET operates the Babu Mohan Lal Arya Smarak
Engineering College (BMAS) in Agra (Uttar Pradesh). BMAS is
recognised by All India Council for Technical Education and is
affiliated to the Uttar Pradesh Technical University. BMAS
commenced operations in 1999 and offers courses in five
engineering streams and one business management course.  The total
annual intake of the college is 540 students; around 1669 students
are enrolled in the various courses offered by the college.
Spread across 21 acres, BMAS also has three hostels with a total
capacity of 700 students. The college has various facilities
including a library, canteen, and transport services.

BMASET is part of the Sharda Group of Institutes (SGI), which also
operates Sharda Educational Trust and Shree Anand Swaroop
Educational Trust. SGI operates six institutes and one university
in North India. SGI is promoted by Mr. Pradeep Kumar Gupta and Mr.
Yatendra Kumar Gupta. Mr. Pradeep Kumar Gupta has been conferred
various awards, including the Udyog Ratna Award and the Uttar
Pradesh Ratna Award for promoting value-based education.

BMASET reported a profit after tax (PAT) of INR19.3 million on net
sales of INR135 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.9 million on net
sales of INR106.8 million for 2008-09.


BESTO TRADELINK: CRISIL Reaffirms 'B+' Rating on INR55MM Credit
---------------------------------------------------------------
CRISIL's ratings on Besto Tradelink Pvt Ltd's bank facilities
continue to reflect BTPL's weak financial risk profile, marked by
a small net worth.  These rating weaknesses are partially offset
by BTPL's adequate debtor and inventory risk management practices
in the trading business.

   Facilities                      Ratings
   ----------                      -------
   INR55.0 Million Cash Credit     B+/Stable (Reaffirmed)
   INR5.0 Million Packing Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BTPL's credit risk profile will continue to
be constrained by low profitability and high working capital
intensity; however, the company will continue to benefit from its
promoters' experience in the trading business. The outlook may be
revised to 'Positive' if BTPL demonstrates steady increase in
revenues and maintains stable profitability. Conversely, the
outlook may be revised to 'Negative' if BTPL's financial risk
profile weakens further on account substantial increase in working
capital borrowings.

Update

BTPL's revenues increased 61% year-on-year during 2010-11 (refers
to financial year, April 1 to March 31) due to increased sales of
agro-commodities, which witnessed a significant increase in prices
during the year.  The company was initially also engaged in
bauxite trading for Vedanta; however, no revenues were booked
during 2010-11 in this business.  The company's profitability
declined in 2010-11 due to increase in raw material prices, and is
estimated at 2% for 2010-11, as compared to 3.8% in 2009-10.

The company's gearing also increased during 2010-11 due to higher
working capital borrowings and increase in unsecured loans from
promoters; the promoters have infused INR13.8 million of interest-
free unsecured loans during the year. Liquidity remains weak due
to high utilization of bank limits; bank limits were often
overdrawn, but cleared within 10-15 days.

BTPL reported, on provisional basis, a profit after tax (PAT) of
INR4.9 million on net sales of INR518 million for 2010-11; it
reported a PAT of INR3.6 million on net sales of INR321 million
for 2009-10.

                         About Besto Tradelink

Incorporated in 1997, BTPL trades in commodities including agro-
commodities, minerals, and cotton bales. The company is based in
Ahmedabad (Gujarat) and is promoted by Mr. Rakesh Patel and
family.


BOTHRA METALS: CRISIL Reaffirms 'B' Rating on INR6.3MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bothra Metals & Alloys
Pvt Ltd continue to reflect Bothra's weak liquidity and presence
in the intensely competitive secondary aluminium industry.  These
weaknesses are partially offset by the benefits that Bothra
derives from the extensive industry experience of its promoters.

   Facilities                         Ratings
   ----------                         -------
   INR6.30 Million Term Loan          B/Stable (Reaffirmed)
   INR90.0 Million Cash Credit        B/Stable (Reaffirmed)
   INR53.7 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Bothra will maintain its credit risk profile
over the medium term on the back of its established relationships
with customers and suppliers, and steady cash accruals. The
outlook may be revised to 'Positive' in case of significant
improvement in liquidity through efficient working capital
management, coupled with improvement in its net worth. Conversely,
the outlook may be revised to 'Negative' if Bothra undertakes any
large, debt-funded capital expenditure programme, or in case of
further deterioration in its liquidity.

                        About Bothra Metals

Incorporated in 2001, Bothra trades in aluminium scrap, and
manufactures aluminium extrusions. It is promoted by members of
the Bothra family.  The company began operations as a trading
concern, and started manufacturing operations in 2007-08 (refers
to financial year, April 1 to March 31).  Its manufacturing unit
at Sirmaur (Himachal Pradesh) has a production capacity of 4000
tonnes per annum (tpa) of ingots, ladders, and window frames. It
has set up a plant in Gujarat of 600 tpa to produce ingots and
aluminium shots.  Furthermore, it is in the process of setting up
a plant in Sangli (Maharashtra) for aluminium extrusions with a
capacity of 4200 tpa and an alloy plant with a capacity of 7500
tpa.  The total cost is estimated at INR90 million, which is
proposed to be funded through a term loan of INR40 million.

For 2010-11, Bothra reported a provisional profit after tax (PAT)
of INR36.93 million on net sales of INR1.00 billion, against a PAT
of INR35.53 million on net sales of INR606.34 million for 2009-10.


BVSR PAM: CRISIL Reaffirms 'BB' Rating on INR245 Mil. Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of BVSR
PAM Road Projects Private Limited at 'BB/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR245.00 Million Term Loan       BB/Stable (Reaffirmed)
   INR10.00 Million Bank Guarantee   P4+(Reaffirmed)

The ratings reflect BPAM's exposure to risks related to delay in
receipt of payments from Roads and Buildings Department,
Government of Andhra Pradesh (RBD).  This weakness is partially
offset by the annuity nature of the build, operate, and transfer
(BOT) project.

Outlook: Stable

CRISIL believes that BPAM's liquidity will remain adequate over
the medium term due to the BOT annuity nature of the project. The
outlook may be revised to 'Positive' in case of more-than-expected
debt repayment by the company. Conversely, the outlook may be
revised to 'Negative' in case of significant delay in receipt of
annuity payments from RBD leading to stretched liquidity for the
company.

BPAM, a special purpose company, promoted by BVSR Construction
Private Limited, has designed and rehabilitated the Pulivendula-
Ambakapalli-Murarichintala road in Kadapa District (Andhra
Pradesh), by upgrading it to a two-lane carriageway.  The project
was completed in March 2010, against initial schedule of October
2010, and the company now operates and maintains the same. The
project was awarded to BPAM by RBD on annuity basis. BPAM is
scheduled to receive 17 semi-annual annuities of INR40.05 million
with first installment due in September 2010.  The company has
received the first two semi-annuity payments in November 2010 and
March 2011.


GURPREET GHALVANISING: CRISIL Reaffirms 'BB+' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gurpreet Ghalvanising
Pvt Ltd continue to reflect GGPL's modest scale of operations in
the fragmented galvanized telecommunication (telecom) and power
transmission line tower industry, large working capital
requirements, and the susceptibility of its margins to volatility
in raw material prices. These weaknesses are partially offset by
the industry experience of GGPL's promoters, and its comfortable
gearing and debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR20.0 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GGPL will maintain its stable business risk
profile, backed by its improving revenues from power transmission
segment, healthy business opportunities in the segment, and its
promoters' experience in the industry.  The company is also
expected to benefit from its recent acquisition of a re-rolling
unit. The outlook may be revised to 'Positive' if GGPL's increases
the scale of its operations, while maintaining its profitability,
thereby strengthening its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' in case of
continued pressure on the company's cash accruals or if it
undertakes any large, debt-funded capital expenditure programme
over the medium term.

Update

GGPL's revenues are estimated to decline in 2010-11 (refers to
financial year, April 1 to March 31), to INR413 million, from
INR542 million in 2009-10.  The decline in sales is attributed to
decrease in orders from telecom companies, due to slowdown in
telecom tower investment; however, GGPL's operating margin
stabilized at around 7.5% in 2010-11.  In order to reduce its
dependence on telecom sector, the company has started catering to
the power transmission line segment from 2010-11. The company is
an approved vendor of Power Grid Corporation of India Ltd (PGCIL;
rated at 'AAA/Stable/P1+' by CRISIL) to supply power transmission
line towers up to 400 kilovolts.

The company acquired an existing re-rolling mill (sick unit) in
October 2010 for around INR10 million and renovated it at a cost
of around INR10 million. The entire cost was funded out of
internal accruals. The plant has an installed capacity of 15,000
tonnes per annum (tpa).

GGPL currently has an outstanding order book of around INR138
million, to be executed over the next two to three months. Around
INR76 million of the orders are from the power transmission line
towers division, while INR54 million of the orders are from the
re-rolling mill. The remaining orders are from trading and other
business segments. CRISIL believes that GGPL's revenues will
increase over the medium term, backed by revenues from the re-
rolling mill and increasing orders from power transmission line
tower segment.

                        About Gurpreet Ghalvanising

Incorporated in 1998, GGPL is in the business of fabrication of
telecom and power transmission line towers; the company started
catering to the power transmission line segment in 2010-11.  The
company's facilities are approved by PGCIL, and it has the
capacity to supply transmission line towers up to 400 kilovolts of
transmission line.  The company also undertakes job work for
galvanizing fabricated steel structures such as pressed steel
tanks, tubular poles, roofing structure, steel girder bridges, and
garbage containers.  It also trades in allied steel components.
GGPL has installed manufacturing capacity of 1200 tonnes per month
(tpm) and galvanising capacity of 3000 tpm. The company has two
plants in Ranga Reddy district (Andhra Pradesh). The company
acquired a re-rolling mill with a capacity of 15000 tpa in
2010-11.

GGPL reported a profit after tax (PAT) of INR14.6 million on sales
of INR501 million for 2009-10, against a PAT of INR16.1 million on
sales of INR476 million for 2008-09. GGPL's estimated revenues for
2010-11 are at about INR413 million.


HARIKA DRUGS: CRISIL Assigns 'BB-' Rating to INR19MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Harika Drugs Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR19.00 Million Long-Term Loan   BB-/Stable (Assigned)
   INR40.00 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects HDPL's small scale of operations, its below-
average financial risk profile, marked by aggressive capital
structure and weak debt protection metrics, and its susceptibility
to intense competition in the bulk drugs industry. These
weaknesses are partially offset by the extensive industry
experience of HDPL's promoters and its established customer
relationships.

Outlook: Stable

CRISIL believes that HDPL will continue to benefit over the medium
term from its promoters' extensive experience in the bulk drug
industry. The outlook may be revised to 'Positive' if the company
enhances its scale of operations and net worth, and diversifies
its revenue profile, while sustaining its profitability.
Conversely, the outlook may be revised to 'Negative' if HDPL's
profitability declines steeply, or if the company undertakes a
large, debt-funded, capital expenditure programme, leading to
deterioration in its financial risk profile.

                       About Harika Drugs

Incorporated in 1985, Hyderabad (Andhra Pradesh)-based HDPL
manufactures drug intermediates and bulk drugs.  The promoter-
directors of the company include Mr. V S N Murthy and
Mr. Uppalapati Amarnath. The company's manufacturing unit, which
has a capacity of 75 tonnes per annum, is located at Gummadidala,
in Medak, near Hyderabad. HDPL has niche chemistry skills in the
Sodium amide reactions which have end use applications in anti-
histamines and anti-depressants therapeutic segment. HDPL's
manufacturing facilities are approved by the good manufacturing
practices (GMP). Further, its bulk drug portfolio has Certificate
of Suitability (CEP) from The European Directorate for the Quality
of Medicines (EQDM).

HDPL reported a profit after tax (PAT) of INR9 million on net
sales of INR137 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR94 million for 2008-09.


MAWANA SUGARS: CRISIL Cuts Rating on INR3.31BB LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Mawana Sugars Ltd's bank
facilities to 'D/P5' from 'B-/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR3967.0 Million Cash Credit Limit    D (Downgraded from
                                             'B-/Stable')

   INR3312.2 Million Term Loan            D (Downgraded from
                                             'B-/Stable')

   INR1000.0 Million Proposed Long-Term   D (Downgraded from
                     Bank Loan Facility     'B-/Stable')

   INR529.0 Mil. Bank Guarantee/Letter    P5 (Downgraded from
                             of Credit       'P4')

The downgrade reflects current delays in servicing term loan
instalments by Mawana Sugars; Mawana Sugars' liquidity continues
to be weak because of low cash accruals.  Mawana Sugars has
submitted a proposal to rework its corporate debt restructuring
package, which envisages, among other things, the sale of its non-
core assets for reduction of its debt.

The ratings reflect Mawana Sugars' weak financial risk profile,
marked by high gearing and sub-par debt protection metrics, and
its susceptibility to adverse regulatory changes and cyclicality
in the sugar industry. However, Mawana Sugars has a moderate
business risk profile, supported by its integrated manufacturing
operations.

                         About Mawana Sugars

Mawana Sugars (formerly known as Siel Ltd), was promoted by
Mr. Siddharth Shriram. It is an integrated sugar manufacturer,
with capacity of 29,500 tonnes of cane crushed per day. It has a
capacity to produce 47 megawatt of exportable power and 120
kilolitres per day of ethanol.  The company also has capacities to
manufacture chlor-alkali chemicals such as caustic soda, caustic
flakes, chlorine, hydrogen, hydrochloric acid, stable bleaching
powder, and sodium hypochlorite. Its sugar production units are in
Mawana, Titawi, and Nanglamal (all in western Uttar Pradesh). Its
chemical unit is in Rajpura (Punjab).

For 2008-09 (refers to financial year, October 1 to September 31),
Mawana Sugars reported a net loss of INR0.57 billion on net sales
of INR6.8 billion. For the 15 months ended December 31, 2010,
Mawana Sugars reported a net loss of INR0.77 billion on net sales
of INR13.5 billion.


PCM STRESCON: CRISIL Rates INR1.72 Billion LT Bank Loan at 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the proposed bank facility of
PCM Strescon Overseas Ventures Ltd to 'B-/Stable' from 'C'.

   Facilities                     Ratings
   ----------                     -------
   INR1720 Million Proposed LT    B-/Stable (Upgraded from
            Bank Loan Facility               'C')

The upgrade follows improvement in PCM's liquidity, as it is close
to completing the projects it had undertaken on inception.  Over
2010-11(refers to financial year, April 1 to March 31), PCM is
expected to have generated INR2.1 billion in revenues through the
execution of two orders in hand. Larger revenues and healthy
profitability have resulted in healthy cash accruals, in the range
of INR530 to INR550 million, as against debt repayment of INR114
million. PCM had cash and bank balance of INR160 million as on
March 31, 2011. In the absence of any major ongoing production,
PCM is not using any significant bank funding.  It repaid its
entire term loan through accruals; as on date, the only bank
exposure PCM has is nominal outstanding buyers' credit.
Currently, PCM does not have any contract in hand and has bid to
supply sleepers for two large projects in the Middle East.
However, due to lack of clarity on the outcome of the bid, PCM
does not have any revenue visibility over the near term, thereby
constraining its business risk profile.

The ratings reflect PCM's below-average business risk profile,
constrained by lack of revenue visibility and geographic
concentration risk. These weaknesses are mitigated by the
experience of PCM's promoters in executing similar projects in
Saudi Arabia and its average financial risk profile, marked by
healthy debt protection measures, and gearing however constrained
net worth.

Outlook: Stable

CRISIL believes that the business risk profile of PCM, over the
near term, will be constrained due to lack of orders in hand and
high geographic concentration in its revenue profile. The outlook
may be revised to 'Positive' if PCM garners new contracts and
diversifies its revenue profile geographically. Conversely, the
outlook may be revised to 'Negative' if the company fails to win
the Haramain High Speed Rail (HHSR) contract or extends more-than-
expected funding support to group companies.

                        About PCM Strescon

PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company is promoted by PCM Cement Concrete
Pvt Ltd and Stresscon Industries Ltd, primarily to execute orders
out of India, especially the Middle East. Since its inception, PCM
has executed two contracts for supply of sleepers to Saudi Arabia.
This work was undertaken as part of the Civil and Tracks Works
contracts undertaken for the North-South Railway of Saudi Arabia.
The supply for both contracts commenced from February 2009 and was
completed in 2010-11. Currently, PCM does not have any contract in
hand.

PCM reported a profit after tax (PAT) of INR63.8 million on an
operating income of INR2.4 billion for 2009-10, against a loss of
INR267.8 million on operating income of INR193.2 million for
2008-09.


PYOGINAM: CRISIL Assigns 'B+' Rating to INR57MM Bill Purchase
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Pyoginam.

   Facilities                         Ratings
   ----------                         -------
   INR41 Million Overdraft Facility   B+/Stable (Assigned)
   INR57 Mil. Foreign Bill Purchase   P4 (Assigned)
   INR65 Million Packing Credit       P4 (Assigned)
   INR0.7 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Pyoginam's average financial risk profile,
marked by a high gearing and a small net worth, and a small scale
of operations with a geographical concentrated revenue profile.
The ratings also factor in the firm's exposure to risks related to
volatility in raw material prices and to foreign exchange rates,
and constrained financial flexibility because of large working
capital requirements and withdrawals of capital by partners. These
rating weaknesses are partially offset by the extensive experience
of Pyoginam's partners and the firm's moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that Pyoginam will continue to benefit over the
medium term on the back of its promoters' experience in the ready-
made garments business and its established relationships with its
customers. However, the firm's financial risk profile is expected
to remain average, marked by a high gearing, because of high
working capital intensity.  The outlook may be revised to
'Positive' if Pyoginam's operating margin improves more than
expected and if the partners' infuse capital in the firm, leading
to improvement in the firm's financial risk profile. Conversely,
the outlook may be revised to 'Negative', if Pyoginam's operating
margin declines further, or if the firm's financial risk profile
deteriorates because of decline in working capital, larger-than-
expected, debt-funded capex, or significant withdrawal of capital
by partners.

                        About Pyoginam

Pyoginam was set up as proprietorship firm in 1992 by Mr. Yoginder
Mukim. In 2004, the firm was reconstituted as a partnership firm
with the introduction of his wife Ms. Poonam Mukim as partner.
The firm manufactures ready-made garments for women (blouses,
dresses, trousers, tops, tunics, and skirts) using cotton,
polyester, linen, viscose, and other blended fabrics.  Pyoginam
has two manufacturing facilities at Gurgaon (Haryana) with annual
capacity of about 2.2 million pieces. Majority of the revenues is
generated from exports to customers in Europe.

Pyoginam reported a book profit of INR15.5 million on net sales of
INR452.7 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR12.6 million on net sales
of INR409.8 million for 2008-09.


RAMA AGRO: CRISIL Reaffirms 'D' Rating on INR18.2MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rama Agro and Food
Products continue to reflect delays by RAFP in servicing its term
loan obligations.  The firm has been delaying repayment of its
term loan by 15-30 days over the past 12 months through March 2011
because of weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR130.0 Million Cash Credit     D (Reaffirmed)
   INR18.20 Million Term Loan       D (Reaffirmed)
   INR2.50 Million Bank Guarantee   P5 (Reaffirmed)

In addition to weak liquidity, RAFP's financial risk profile is
marked by high gearing and weak debt protection metrics. The firm
has small scale of operations. However, the firm benefits from its
established clientele and healthy growth prospects for the grains
processing industry.

Update

RAFP's operating revenues are estimated to have increased by 25%
in 2010-11(refers to financial year, April 1 to March 31) over
that in 2009-10. The firm reported, on provisional basis,
operating revenues of INR700 million, with a low, but stable, net
profitability of around 0.3%, for 2010-11. The increase in
revenues was supported by a recently completed capital expenditure
(capex) of INR12 million (funded by debt of INR8.5 million and
rest by internal accruals) towards setting up a maize processing
plant in May 2010. The liquidity of the firm continues to be weak,
marked by full utilization of bank lines because of large working
capital requirements. RAFP reported, on provisional basis, a
profit after tax (PAT) of INR1.7 million on net sales of INR700
million for 2010-11; it reported a PAT of INR1.2 million on net
sales of INR573 million for 2009-10.

                         About Rama Agro

RAFP was set up in 2004.  The firm process wheat, gram and maize
to produce maida, atta, rava, suzi, gram grit, maize grit etc.
Around 90% of the firm's revenues come from sales to institutional
customers and the rest from sales to traders and distributors.
RAFP's plant in Bijnor (Uttar Pradesh) has wheat processing
capacity of 200 tones per day (tpd) and gram processing capacity
of 100 tpd.


SVARN TEX: CRISIL Cuts Rating on INR45MM Cash Credit to 'BB'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Svarn
Tex Prints Pvt Ltd to 'BB/Negative/P4+' from 'BBB-/Stable/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Cash Credit        BB/Negative (Downgraded from
                                                 'BBB-/Stable')
   INR144.1 Mil. Rupee Term Loan    BB/Negative (Downgraded from
                                                 'BBB-/Stable')
   INR15 Million Bank Guarantee     P4+ (Downgraded from 'P3')

The downgrade reflects expectation of continued pressure on the
Svarn group's operating metrics, which include its revenues and
profitability; the demand for passive telecommunication (telecom)
equipment is expected to remain subdued over the near term due to
restricted growth and limited network expansion in the telecom
sector. The downgrade also reflects expected deterioration in the
group's liquidity due to incremental working capital requirements
arising out of delayed payments from its customers. CRISIL
believes that as the Svarn group's customers are facing liquidity
pressures, the receivables in its telecom companies will remain
under pressure over the medium term.

The ratings reflect the Svarn group's small scale of operations,
limited track record, and susceptibility to intense industry
competition. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by low gearing and
moderate debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of STPPL, Svarn Telecom Ltd, Svarn
Telecom, and Svarn Infratel Ltd, collectively referred to as the
Svarn group.  This is because the four entities are under common
management, have operational linkages, and fungible cash flows.
The group's procurement and marketing functions are carried out at
its central corporate office. Three of the group entities are in
the same line of business and use a common brand. Furthermore, the
group companies' cash flows are fungible. Surplus funds available
with one group entity could be utilized for working capital and
capital expenditure requirements of other group entities.

Outlook: Negative

CRISIL believes that Svarn group's business risk profile will be
constrained over the near term on account of its limited track
record in the fabric manufacturing industry. Its financial risk
profile is expected to come under pressure, on account of
financial support the group companies in the telecom sector are
expected to require over the near term.  The rating may be
downgraded in case of further delay in stabilization of
operations, significant deterioration in revenues and
profitability of STPPL or group companies in the telecom sector,
thus adversely affecting the group's business and financial risk
profiles and its ability to service its debt. Conversely, the
outlook may be revised to 'Stable' in case of better-than-expected
growth in revenues and operating profitability, prudent management
of its working capital cycle, stabilization of operations, and
sustained revenue growth.

                           About the Group

STPPL was set up in 2008 in Faridabad (Haryana). It operates a
processing house for dyeing, printing, and processing of various
fabrics. STPPL is part of the Svarn group which manufactures
passive telecom instruments through ST, SIL and STL. The group
companies supply their products to various telecom companies such
as Ericsson India Pvt Ltd, Nokia India Pvt ltd., Siemens Ltd
(rated 'AAA/Stable/P1+' by CRISIL), Bharti Airtel Ltd
('AAA/Negative/P1+'), and Idea Cellular Ltd ('P1+').

STPPL is estimated to report profit after tax (PAT) of INR16.6
million on net sales of INR370 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a net loss of
INR8.8 million on net sales of INR236.8 million for 2009-10. `


VISHAL DIAMONDS: CRISIL Places 'P4+' Rating on INR40MM Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Vishal Diamonds. The rating reflects Vishal Diamonds' modest scale
of operations in the intensely competitive gems and jewellery
industry, and working-capital-intensive operations.  These rating
weaknesses are partially offset by Vishal Diamonds' conservative
capital structure and the benefits that it derives from its
promoters' industry experience.

   Facilities                             Ratings
   ----------                             -------
   INR40.0 Million Packing Credit         P4+ (Assigned)
   INR35.0 Million Post-Shipment Credit  P4+ (Assigned)

Set up in 1998 as a partnership firm by Mr. Sunay Gandhi and his
family, Vishal Diamonds manufactures diamond-studded gold
jewellery.  It also manufactures, and trades in, cut and polished
diamonds.  It has manufacturing units in Mumbai (Maharashtra).

Vishal Diamonds reported a profit after tax (PAT) of INR2.6
million on net sales of INR143.8 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.9
million on net sales of INR163.3 million for 2008-09.


WALZEN STRIPS: CRISIL Reaffirms 'BB+' Rating on INR175MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Walzen Strips Pvt Ltd
continue to reflect the susceptibility of group's operating
margins to fluctuations in raw material prices, and its large
working capital requirements.  These rating weaknesses are
partially offset by the benefits that the Walzen group derives
from its established market position in the steel strapping
segment.

   Facilities                      Ratings
   ----------                      -------
   INR175 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR15 Million Bank Guarantee    P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of WSPL and Walzen Steel India Pvt Ltd
(WSIPL), together referred to as the Walzen group. This is because
the two companies have a common management, and significant
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Walzen group will maintain its moderate
business risk profile over the medium term, backed by its
established market presence and its promoter's experience in the
steel strapping industry. The outlook may be revised to 'Positive'
in case of greater diversification in revenues or improved demand
from the end-user industry, leading to increased sales and
improved profit margins.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes a debt-funded capital
expenditure programme or is unable to manage its working capital
requirements, leading to a significant increase in debt and
deterioration in its debt protection metrics.

                         About the Group

WSPL and WSIPL are part of the Kolkata-based Lyca group of
companies promoted by Mr. Tejomoy Roychowdhury. WSPL, established
in 1989, manufactures high-tensile steel strips (HTSS) and
hardened and tempered steel strips (HATSS).  The manufacturing
facilities of the company in Howrah (West Bengal) have installed
capacity to produce 11,000 tonnes per annum of steel strapping.
The main raw material to produce HTSS and HATSS is cold rolled
steel. In 2006, cold rolling was started in another company, Lyka
Udyog Pvt Ltd, to integrate WSPL's operations backward. In 2007,
Lyka Udyog Pvt Ltd was renamed as WSIPL. WSIPL is located in
Hoogly (West Bengal), and has an installed cold rolling capacity
of 3000 tonnes per month.

The WSPL reported a standalone profit after tax (PAT) of INR13.1
million on operating income of INR527.1 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR14.8 million on operating income of INR576.0 million for
2008-09.


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


CSC SERIES: S&P Lowers Ratings on 2 Classes of Bonds to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class A-2 and A-3 bonds issued under the
CSC, Series 1 GK transaction, and affirmed its ratings on classes
B-2 to F-3. "We lowered to 'D (sf)' our ratings on the interest-
only class X bonds and the class G-3 bonds, which were issued
under the same transaction, on Feb. 1, 2011, and Feb. 17, 2011,"
S&P related.

The ratings address the full and timely payment of interest for
the class A-2 and A-3 bonds. "We lowered to 'D (sf)' our ratings
on classes A-2 and A-3 because interest payments on these two
classes were not fully made on the interest payment date of
May 12, 2011, and were deferred," S&P noted.

Despite the deferral of interest, the principal on the class A-2
and A-3 bonds was partially redeemed on May 12, 2011. The interest
deferral can be primarily attributed to these factors: (1) The
transaction is structured in such a way that the servicer's
disposition fee relating to the defaulted loans is deducted from
the funds for interest payments on the bonds; and (2) interest
on the bonds stepped up after the expected maturity date. "We
still believe that the principal on classes A-2 and A-3 is very
likely to be fully redeemed by the transaction's legal final
maturity date, and we see a reasonable likelihood that the
deferred interest on these two classes will be fully repaid by the
transaction's legal final maturity date," S&P added.

CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The bonds were initially secured by
11 nonrecourse loans, which were actually treated as six loans,
extended to six obligors. The loans were originally backed by 72
real estate trust certificates and real estate properties. The
transaction was arranged by Credit Suisse Securities, and ORIX
Asset Management & Loan Services Corp. is the servicer for the
transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A-2 and A-3
bonds, and the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B-2 to F-3
bonds.

Ratings Lowered
CSC, Series 1 GK
JPY36.2 billion yen-denominated bonds due November 2012
Class    To        From         Initial issue amount
A-2      D (sf)    CCC- (sf)    JPY18.1 bil.
A-3      D (sf)    CCC- (sf)    JPY3.9 bil.

Ratings Affirmed
CSC, Series 1 GK
Class    Rating       Initial issue amount
B-2      CCC (sf)     JPY1.7 bil.
B-3      CCC (sf)     JPY1.5 bil.
C-2      CCC- (sf)    JPY3.2 bil.
D-2      CCC- (sf)    JPY3.2 bil.
E-2      CCC- (sf)    JPY0.9 bil.
E-3      CCC- (sf)    JPY0.6 bil.
F-3      CCC- (sf)    JPY1.9 bil.


* JAPAN: Falls Into Recession as Economy Shrinks in First Quarter
-----------------------------------------------------------------
Bloomberg News reports that Japan's economy shrank more than
estimated in the first quarter after the March 11 earthquake and
tsunami disrupted production and prompted consumers to cut back
spending, sending the nation to its third recession in a decade.

Bloomberg relates that the Cabinet Office said Thursday that gross
domestic product contracted an annualized 3.7% in the three months
through March, following a revised 3% drop in the previous
quarter.  The median forecast of 23 economists surveyed by
Bloomberg News was for a 1.9% drop.

According to Bloomberg, the March disaster hit an economy already
weighed down by years of deflation and subdued consumer spending,
and slashed profits at companies including Toyota Motor Corp. as
factories were shut.  The economy, says Bloomberg, may further
contract in the second quarter before rebounding later this year
as reconstruction spending kicks in.

"The contraction in the second quarter will probably be even
bigger as consumer spending and exports slump," Bloomberg quotes
Norio Miyagawa, senior economist at Mizuho Securities Research and
Consulting Co. in Tokyo, as saying.  "The economy will likely
return to growth from the third quarter once the supply-chain
disruption eases and reconstruction work begins."

The economic contraction may only be a "temporary phenomenon," and
two straight quarters of shrinkage "doesn't necessarily mean the
economy's trajectory has changed," Kaoru Yosano, the economy
minister, told reporters Thursday, according to Bloomberg.

Bloomberg states that economists typically define a recession as
two consecutive quarters of contraction.  The Japanese government
instead determines recessions by having a committee of academics
decide when recoveries and retreats begin and end, Bloomberg
notes.


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


AYER MOLEK: 93rd Annual General Meeting Slated For June 8
---------------------------------------------------------
The Ayer Molek Rubber Company Berhad will hold its Ninety-Third
Annual General Meeting on June 8, 2011, at 11:30 a.m., at the
Banquet Hall, Kelab Taman Perdana Di-Raja Kuala Lumpur (Royal Lake
Club), Taman Tasik Perdana, Jalan Cenderamulia, Off Jalan
Parlimen, 50480 in Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended Dec. 31, 2010, together with the Reports of
      Directors and Auditors;

   -- approve the payment of Directors' fees for the financial
      year ended Dec. 31, 2010;

   -- re-elect Dato' The Kim Seng, who retires in accordance with
      Article 90 of the Company's Articles of Association and
      being eligible, offers himself for re-election;

   -- re-elect En Jasmi Bin Daik, who retires in accordance with
      Article 90 of the Company's Articles of Association and
      Being eligible, offers himself for re-election;

   -- re-appoint Messrs. KPMG as auditors of the Company and to
      Authorize the Directors to fix their renumeration for the
      ensuing year;

As Special Business, to consider and if thought fit:

  -- Authority to Issue Shares;

      "That subject to Section 132D of the Companies Act, 1965,
       the Directors be and are hereby authorised to issue
       shares in the Company from time to time at such price,
       upon such terms and conditions, for such purposes and
       to such person or persons whomsoever as the Directors
       may deem fit provided that the aggregate number of
       shares issued in any one financial year of the Company
       pursuant to this resolution does not exceed 10% of the
       issued capital of the Company for the time being and
       that the Directors be also empowered to obtain the
       approval for the listing and the quotation of the
       additional shares so issued on Bursa Malaysia Securities
       Berhad and that such authority shall continue in force
       until the conclusion of the next Annual General Meeting
       of the Company," and

   -- discuss any other business.

                         About Ayer Molek

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party.  It operates solely in the
domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


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


NATHANS FINANCE: Was Fine Before Collapse, Former Director Claims
-----------------------------------------------------------------
BusinessDay.co.nz reports that former Nathans Finance director
Mervyn Doolan still claims the company's financial positions was
fine just months before it collapsed in August 2007, owing around
7,000 investors NZ$174 million.

According to BusinessDay.co.nz, Mr. Doolan told the High Court at
Auckland Tuesday that even if budget targets weren't being met,
there was enough cash to meet obligations even two months before
it went under.

BusinessDay.co.nz says Mr. Doolan and fellow directors Roger Moses
and Don Young all deny 18 charges relating to distributing
prospectuses, advertisements and investment statements which
included "untrue statements".

Mr. Doolan was the first to take the stand and on Tuesday restated
his position that the advertisements and investment material in
question were true, BusinessDay.co.nz relates.

"I don't believe there were any misleading statements at all. Of
course I deeply regret the investors lost money,"
BusinessDay.co.nz quotes Mr. Doolan as saying.

Mr. Doolan, as cited by BusinessDay.co.nz, said an independent
valuation of the group by Auckland chartered accountants Cole-
Baker and Company in February 2007 gave a conservative valuation
of NZ$224 million which showed the company as solvent.  At worst,
the valuation said, a forced liquidation sale would value the
group at least NZ$133 million.

"Debt was well covered. There was no need to impair the debt,"
said Mr. Doolan, according to BusinessDay.co.nz. "[I agree] with
the valuers' assessment -- the cash position is strong and the
group enjoyed a positive cash flow."

A valuation of the US assets by Fidelco Advisory Services from New
Jersey on August 2, 2007, was also favourable, Doolan said.

Mr. Doolan said the net assets of Nathans and its parent company
VTL of NZ$16.95 million were sufficient to carry the company,
BusinessDay.co.nz adds.

When it collapsed, BusinessDay.co.nz notes, Nathans' intercompany
loan account with parent company VTL had reached almost NZ$170
million out of a total lending book of NZ$174 million.

Further, the company was looking to seriously reduce intercompany
debt through either the selldown of assets or with the injection
of capital.  The valuations were a means of getting to understand,
Mr. Doolan said, what each of its units were worth.

Right up to the company's failure, Mr. Doolan believed the
business was going from strength to strength, BusinessDay.co.nz
reports.

                         About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


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


PROMOS TECHNOLOGIES: To Sell Money-Losing China Unit
----------------------------------------------------
DIGITIMES reports that ProMOS Technologies has decided to sell off
a 100%-owned subsidiary in Chongqing, western China, which has an
8-inch fab, in order to raise funds to finance its existing 12-
inch fab located at the Central Taiwan Science Park (CTSP).

The announcement was made following speculation that ProMOS is
unlikely to draw investment from Japan's Elpida Memory via its
planned fund-raiser, DIGITIMES says.

As part of the liquidation, DIGITIMES relates, the Chongqing city
government will take back the factory building and the land.
ProMOS has the right to sell production equipment from the
facility, accounts receivable, and intangible assets such as the
trade name, DIGITIMES notes.

According to the report, ProMOS said that disbanding the money-
losing subsidiary will help preserve cash and strengthen its
capital structure.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES discloses.

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.


===============
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
ALINTA ENERGY LT         AEJ          3,564.36       -383.39
ARTURUS CAPITAL          AKW             12.27         -0.43
ARTURUS CAPITA-N         AKWN            12.27         -0.43
ASTON RESOURCES          AZT            469.54         -7.49
AUSTAR UNITED            AUN            679.40       -250.96
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
BECTON PROPERTY          BEC            369.83        -26.80
BIRON APPAREL LT         BIC             19.71         -2.22
CENTRO PROPERTIE         CNP         15,483.44       -349.73
CHEMEQ LTD               CMQ             25.19        -24.25
COMPASS HOTEL GR         CXH             88.33         -1.08
ELLECT HOLDINGS          EHG             18.25        -15.49
HYRO LTD                 HYO             11.81         -5.15
MACQUARIE ATLAS          MQA          1,894.75       -230.50
MAVERICK DRILLIN         MAD             24.66         -1.30
MISSION NEWENER          MBT             20.38        -44.05
NATURAL FUEL LTD         NFL             19.38       -121.51
NEXTDC LTD               NXT             17.46         -0.14
ORION GOLD NL            ORN             11.60        -10.91
POWERLAN LTD             PWR             28.30         -3.64
RESIDUAL ASSC-EE         RAGXF          597.33       -126.96
RIVERCITY MOTORW         RCY            386.88       -809.14
SCIGEN LTD-CUFS          SIE             65.56        -38.80
SHELL VILLAGES A         SVC             13.47         -1.66
STIRLING RESOURC         SRE             31.19         -0.62
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          30.32         -4.51
CHENGDE DALU -B          200160          27.04         -6.64
CHENGDU UNION-A          693             39.10        -17.39
CHINA FASHION            CFH             10.11         -0.76
CHINA KEJIAN-A           35              88.96       -189.48
CONTEL CORP LTD          CTEL            24.17        -45.31
DONGGUAN FANGD-A         600656          27.97        -57.39
DONGXIN ELECTR-A         600691          13.60        -21.94
FANGDA JINHUA-A          818            389.84        -46.28
GUANGDONG ORIE-A         600988          12.78         -5.53
GUANGXIA YINCH-A         557             30.39        -32.88
HEBEI BAOSHUO -A         600155         127.82       -394.70
HEBEI JINNIU C-A         600722         246.19        -48.05
HUASU HOLDINGS-A         509             98.59         -1.03
HUNAN ANPLAS CO          156             45.14        -45.28
JIANGSU CHINES-A         805             12.70        -12.83
JINCHENG PAPER-A         820            202.45       -107.73
MUDAN AUTOMOBI-H         8188            29.41         -1.38
NINGBO YIDONG-H          8249            15.57        -50.61
QINGDAO YELLOW           600579         219.72         -6.53
QINGHAI SUNSHI-A         600381         110.68        -17.35
SHANG BROAD-A            600608          50.03         -9.23
SHANG HONGSHENG          600817          15.69       -443.71
SHANXI LEAD IN-A         673             23.94         -0.60
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             116.74         -7.36
SHENZHEN ZERO-A          7               50.45         -4.97
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          52.85        -27.82
TIANJIN MARINE           600751         114.38        -61.31
TIANJIN MARINE-B         900938         114.38        -61.31
TOPSUN SCIENCE-A         600771         171.85       -115.05
WUHAN BOILER-B           200770         275.89       -142.53
WUHAN GUOYAO-A           600421          11.05        -27.01
WUHAN LINUO SOLA         600885         107.30         -0.72
XIAMEN OVERSEA-A         600870         225.63       -137.22
YANBIAN SHIXIA-A         600462         204.34        -11.55
YUEYANG HENGLI-A         622             36.49        -16.37
YUNNAN MALONG-A          600792         133.04        -61.60
ZHANGJIAJIE TO-A         430             31.65         -3.43


HONG KONG

ASIA TELEMEDIA L         376             16.62         -5.37
ASIAN CAPITAL RE         8025            13.95        -11.63
BUILDMORE INTL           108             13.48        -69.17
CHINA E-LEARNING         8055            14.33         -6.67
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
GUOJIN RESOURCES         630             18.21        -17.00
MELCOLOT LTD             8198            56.90        -46.99
MITSUMARU EAST K         2358            18.15        -11.83
NEW CITY CHINA           456            109.84        -18.05
NGAI LIK INDL            332             22.70         -9.69
PALADIN LTD              495            149.78        -11.62
PCCW LTD                 8            6,192.51        -78.22
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

ASIA PACIFIC             POLY           444.20       -881.20
ERATEX DJAJA             ERTX            12.84        -22.99
HANSON INTERNATI         MYRX            14.84        -12.45
HANSON INT-PREF          MYRXP           14.84        -12.45
JAKARTA KYOEI ST         JKSW            31.92        -43.20
MITRA INTERNATIO         MIRA           970.13       -256.04
MITRA RAJASA-RTS         MIRA-R2        970.13       -256.04
MULIA INDUSTRIND         MLIA           338.82       -334.75
PANASIA FILAMENT         PAFI            42.43        -11.04
PANCA WIRATAMA           PWSI            30.79        -38.79
SMARTFREN TELECO         FREN           499.34        -13.31
SURABAYA AGUNG           SAIP           246.32        -97.03
TOKO GUNUNG AGUN         TKGA            11.65         -0.30
UNITEX TBK               UNTX            17.14        -18.22
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
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
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            74.44     -1,519.11
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
KINGFISHER A-SLB         KAIR/S       1,781.30       -861.06
KITPLY INDS LTD          KIT             48.42        -24.51
LLOYDS FINANCE           LYDF            21.65        -11.39
LLOYDS STEEL IND         LYDS           415.66        -63.93
LML LTD                  LML             65.26        -56.77
MAHA RASHTRA APE         MHAC            24.13        -14.27
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
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         1,311.30       -138.25
TATA TELE-SLB            TTLS/S       1,311.30       -138.25
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            15.19         -0.99
VENUS SUGAR LTD          VS              11.06         -1.08
WINDSOR MACHINES         WML             15.52        -24.34
WIRE AND WIRELES         WNW            115.34        -34.49


JAPAN

C&I HOLDINGS             9609            32.82        -39.23
CROWD GATE CO            2140            11.63         -4.29
FIDEC                    8423           182.86        -11.14
FUJI TECHNICA            6476           175.22        -18.71
L CREATE CO LTD          3247            42.34         -9.15
LCA HOLDINGS COR         4798            55.65         -3.28
PROPERST CO LTD          3236           305.90       -330.20
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


KOREA

AJU MEDIA SOL-PF         44775           13.82         -1.25
DAISHIN INFO             20180          740.50       -158.45
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
SUNGJEE CONSTRUC         5980           114.91        -83.19
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
BANENG HOLDINGS          BANE            50.30         -3.48
GULA PERAK BHD           GUP             94.86        -51.47
HAISAN RESOURCES         HRB             64.66         -0.15
HO HUP CONSTR CO         HO              67.48         -8.90
JPK HOLDINGS BHD         JPK             20.34         -0.50
LUSTER INDUSTRIE         LSTI            22.93         -3.18
MITHRIL BHD              MITH            29.69         -0.27
NAM FATT BERHAD          NAF            322.80        -27.08
NGIU KEE CO-BHD          NKC             14.81        -12.42
TRACOMA HOLDINGS         TRAH            57.09        -24.60
TRANSMILE GROUP          TGB            151.94        -48.10
VTI VINTAGE BHD          VTI             15.71         -1.28


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
UNIWIDE HOLDINGS         UW              50.36        -57.19
VICTORIAS MILL           VMC            164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO         ASA             17.79        -11.60
ADVANCE SCT LTD          ASCT            25.29        -10.05
HL GLOBAL ENTERP         HLGE            97.43        -13.31
JAPAN LAND LTD           JAL            203.24        -14.68
LINDETEVES-JACOB         LJ              17.16         -6.76
NEW LAKESIDE             NLH             19.34         -5.25
SUNMOON FOOD COM         SMOON           16.69        -15.01
TT INTERNATIONAL         TTI            266.39        -59.41


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
CALIFORNIA W-NVD         CAWOW-R         36.95         -7.36
CALIFORNIA WO-FO         CAWOW/F         36.95         -7.36
CALIFORNIA WOW X         CAWOW           36.95         -7.36
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
ITV PCL                  ITV             37.14       -110.85
ITV PCL-FOREIGN          ITV/F           37.14       -110.85
ITV PCL-NVDR             ITV-R           37.14       -110.85
K-TECH CONSTRUCT         KTECH/F         38.87        -46.47
K-TECH CONSTRUCT         KTECH           38.87        -46.47
K-TECH CONTRU-R          KTECH-R         38.87        -46.47
KUANG PEI SAN            POMPUI          17.70        -12.74
KUANG PEI SAN-F          POMPUI/F        17.70        -12.74
KUANG PEI-NVDR           POMPUI-R        17.70        -12.74
PATKOL PCL               PATKL           52.89        -30.64
PATKOL PCL-FORGN         PATKL/F         52.89        -30.64
PATKOL PCL-NVDR          PATKL-R         52.89        -30.64
PICNIC CORP-NVDR         PICNI-R        101.18       -175.61
PICNIC CORPORATI         PICNI          101.18       -175.61
PICNIC CORPORATI         PICNI/F        101.18       -175.61
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 ***