TCRAP_Public/110624.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, June 24, 2011, Vol. 14, No. 124

                            Headlines



A U S T R A L I A

BP FRUITS: Attracts Potential Buyers
EAGLE BOYS: Bathurst Outlet in Voluntary Liquidation


C H I N A

CHINA SOUTH: Moody's Reviews 'B1' CFR for Possible Downgrade
SINO-FOREST CORP: Fitch Cuts IDR & Sr. Unsec. Debt Rating to 'BB-'


H O N G  K O N G

BILL PACHINO: Court to Hear Wind-Up Petition on July 6
BROADBAND NETWORKS: Court Enters Wind-Up Order
CADVISION GLOBAL: Court Enters Wind-Up Order
CHAK GREEN: Court to Hear Wind-Up Petition on June 29
DRAGON GARDEN: Court Enters Wind-Up Order

EAGLETRON TELECOM: Court to Hear Wind-Up Petition on June 29
ENTERSYS LIMITED: Court Enters Wind-Up Order
EVERWELL (H.K.): Court to Hear Wind-Up Petition on July 27
EURO AUTO: Court Enters Wind-Up Order
EVER LUCKY: Court Enters Wind-Up Order

GOOD SUCCESS: Creditors' Proofs of Debt Due July 8
GRANDE HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3
HANG FOOK: Court Enters Wind-Up Order
HI-SPEED PAPER: Creditors' Proofs of Debt Due July 9
INTERNATIONAL BEAUTY: Court Enters Wind-Up Order

KALLIDOS CHINA: Court Enters Wind-Up Order
KAN HING: Court Enters Wind-Up Order
KARBO DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 3
K.I. LIMITED: Court Enters Wind-Up Order
L&C LIGHTING: Creditors and Contributories to Meet on June 27


I N D I A

BANK OF INDIA: S&P Affirms Rating on Lower Tier II Notes at 'BB+'
DD INDUSTRIES: ICRA Reaffirms 'LBB+' Rating on INR5cr Bank Loan
GARNET SPECIALTY: ICRA Reaffirms 'LB+' Rating on INR22cr LT Loan
GUJARAT PICKERS: ICRA Assigns 'LBB' Rating to INR20cr Cash Credit
INDO AUSTRALIAN: CRISIL Assigns 'B-' Rating to INR70.7MM Term Loan

IRBAZ SHOE: CRISIL Assigns 'P4' Rating to INR35MM Packing Credit
JAHNVI SALES: CRISIL Rates INR50 Million Cash Credit at 'B-'
KOHINOOR HOSPITALS: ICRA Reaffirms 'LBB' Rating to INR61cr Loan
LAMINA SUSPENSION: CRISIL Assigns 'B+' Rating to INR34.2MM LT Loan
MAHESH AGRI: ICRA Assigns 'LB+' Rating to INR20.05cr LT Loan

MILLENIUM MARBLES: CARE Assigns 'CARE BB' Rating to INR4cr Loan
PARISHUDH MACHINES: CARE Assigns 'CARE B+' Rating to INR2cr Loan
PARVATI INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR5cr Loan
PERUNDURAI GREEN: ICRA Assigns 'LBB' Rating to INR35cr Term Loan
POLAR STAR: ICRA Assigns 'LBB-' Rating to INR28cr Bank Loan

PREMIER CARWORLD: CRISIL Puts 'B-' Rating on INR105MM Cash Credit
SREE KUMAR: CRISIL Reaffirms 'B-' Rating on INR74.4MM Term Loan
TAURUS FLEXIBLES: CRISIL Assigns 'B-' Rating to INR13.2MM Loan
VINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on INR20MM Bank Loan


I N D O N E S I A

DIRGANTARA INDONESIA: Government to Inject IDR5 Trillion in Funds
PT BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'


K O R E A

KUMHO ASIANA: Seeks to Sell Unit's Express Bus Division
KUMHO ASIANA: Samsung SDS Joins POSCO in Korea Express Stake Bid


N E W  Z E A L A N D

PIKE RIVER: Receiver Shows Concern Over Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BP FRUITS: Attracts Potential Buyers
------------------------------------
ABC News reports that real estate agent Clinton Ramm of Knight
Frank said he has received numerous expressions of interest to buy
fruit and vegetable packing company BP Fruits.

ABC News relates that Mr. Ramm said he is now waiting for further
instructions from the liquidators.

"Then we'll proceed to see if we can get some formal offers from
the various parties who have expressed interest at this stage,"
ABC News quotes Mr. Ramm as saying.

BP Fruits went into voluntary liquidation last month and will be
put on the market at the end of this month.  The company's
liquidators said employees will be paid out and will be assisted
to claim their entitlements.  The liquidators also said the cause
of the company's insolvency was the loss of a major packing
account, ABC Rural cites.

BP Fruits operated a fruit and vegetable packing plant in South
Australia's Riverland.


EAGLE BOYS: Bathurst Outlet in Voluntary Liquidation
-----------------------------------------------------
Louise Eddy at westernadvocate.com.au report that the doors were
shut at the Bathurst Eagle Boys Pizza outlet this week after the
local eatery went into voluntary liquidation.

But the firm opened again Tuesday with the Durham Street store now
run by Eagle Boys' corporate office, westernadvocate.com.au
relates.

According to westernadvocate.com.au, Eagle Boys Pizza Managing
Director and CEO Toddy Clayton confirmed all existing staff
members were on board to ensure the store remains open.

"We really value our regional stores and the community involvement
and support that is intrinsic in the local area,"
westernadvocate.com.au quotes Mr. Clayton as saying.

Bathurst's other pizza chains benefited from the temporary closure
with staff run off their feet.

Eagle Boys Pizza is Australia's second largest pizza maker and is
100% cent Australian-owned.  Eagle Boys Pizza operates more than
335 franchised stores throughout Queensland, NSW, Victoria, South
Australia, Western Australia, the ACT, and the Northern Territory.
The company employs more than 8,000 staff and makes more than 18
million pizzas a year.


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


CHINA SOUTH: Moody's Reviews 'B1' CFR for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has put China South City's B1 corporate
family rating and B2 senior unsecured rating on review for
possible downgrade.

The review follows CSC's announcement of a framework agreement
with the Howard Group to construct and develop a large scale
integrated logistics and trade center in Harbin, China.

The total investment amount is estimated at RMB20 billion, and
which will be spent over 10 years.

CSC will inject -- together with its partner -- an initial capital
amount of around RMB2 billion into a project company.

CSC will hold a 51% stake in this company.

"CSC's level of engagement in the Harbin project -- which will be
much larger than its existing centers in Shenzhen -- is beyond
Moody's expectations," say Jiming Zou, a Moody's Analyst .

"Moody's is concerned that CSC has yet to demonstrate success
beyond Shenzhen and its investment in Harbin could greatly
escalate its financial and operating risk," says Zou.

"In addition, CSC has yet to demonstrate a track record of sales
from those new trade centers in Nanning, Nanchang, Xi'an, beyond
the existing Shenzhen trade center," says Zou.

In its review, Moody's will focus on the business and funding
strategies of the Harbin project and the impact of the project on
CSC's credit profile.

Moody's will also assess the sustainability of CSC's business on
such an expanded scale and its ability to raise funding to support
its business plan.

The principal methodology used in rating China South City was the
Global Homebuilding Industry Methodology, published March 2009.

China South City, listed on the Hong Kong Stock Exchange, is a
leading developer and operator of large scale integrated logistics
and trade centers on the Mainland.  The company operates one
center in Shenzhen and is developing centers in Nanning, Nanchang,
Xi'an, as well as one residential project in Heyuan.


SINO-FOREST CORP: Fitch Cuts IDR & Sr. Unsec. Debt Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has downgraded Sino-Forest Corporation's Long-term
foreign currency Issuer Default Rating (IDR) and senior unsecured
debt rating to 'BB-' from 'BB+' and placed the ratings on Rating
Watch Negative (RWN).

The downgrade and RWN are primarily driven by the fact that the
company does not currently have direct access to the profits of
its main operating subsidiaries due to complexities in its
corporate structure. During the Q111 results announcement on
June 14, 2011 and follow-up discussions with management, the
company indicated that roughly 90% of its plantation fibre sales,
which contribute to the bulk of its operating profit, are
conducted by British Virgin Island registered subsidiaries, which
are legally barred from receiving local currency due to their
offshore incorporation. However, these BVI subsidiaries are
allowed to own forestry assets.

The present payment structure means that the BVI companies do not
handle their operating and investment cash flows. The proceeds
from the sale of BVI-owned onshore assets are not remitted to the
company but are paid directly by SF's customers to its suppliers.
Effectively, this means that the cash flows from these asset sales
are not available to the BVI registered companies as they are only
capable of being converted into new assets. Whilst the asset base
can continue to expand under this model, offshore creditors are at
a disadvantage as there is no clear ability for the BVI entities
to access the cash flows for debt repayment.

Under this business model, any restriction in access to
international capital markets over the medium term is a major
concern for Fitch, as without access to the BVI cash flows, the
company would potentially need to rely on external refinancing for
off-shore debt maturities. However, Fitch notes that the company
does not face an immediate liquidity constraint as its next
scheduled major off-shore debt repayment is not due until August
2013 (a USD345 million convertible note), and it currently has
USD767.5 million of cash off-shore.

The to-date-uncorroborated allegations by Muddy Waters, LLC (MW)
have clearly impacted the company's equity and bond prices which
have fallen sharply. The company has refuted a number of these
allegations and has started an investigation, led by a committee
of independent directors, into the allegations. However, the
company's current ability to access capital markets is undoubtedly
constrained, which Fitch views negatively.

The company is improving its operating cash flow access by growing
the asset base of its onshore incorporated subsidiaries, partly by
large scale forest replanting -- current plans involve the
planting of 200,000 hectares by end 2012. However, this
transformation is a gradual process that will take years to
achieve, and in the meantime the company remains vulnerable to
refinancing risk if a solution to access the profits of the BVI-
registered subsidiaries is not found.

The RWN will likely be resolved if the company articulates and
starts executing a clearly defined plan to migrate its business to
onshore incorporated subsidiaries that provide greater
transparency; or, if offshore funding is still curtailed, it
establishes more onshore funding sources. The publication of a
satisfactory report of the investigation committee would be viewed
positively by Fitch if there was a subsequent improvement in
capital markets access, and the ratings could be affirmed if there
is no material deterioration in the company's business from
current levels. Further negative rating actions may be taken if
the issues mentioned above are not adequately resolved /
addressed.


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


BILL PACHINO: Court to Hear Wind-Up Petition on July 6
------------------------------------------------------
A petition to wind up the operations of Bill Pachino (HK) Company
Limited will be heard before the High Court of Hong Kong on
July 6, 2011, at 9:30 a.m.

Chan Yau Chuen filed the petition against the company on April 26,
2011.

The Petitioner's solicitors are:

          Raymond Cheung & Chan
          Offices B & C, 16th Floor
          88 Commercial Building
          28-34 Wing Lok Street
          Sheung Wan, Hong Kong


BROADBAND NETWORKS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Broadband Networks Systems Limited.

The official receiver is E T O'Connell.


CADVISION GLOBAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2010, to
wind up the operations of Cadvision Global Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


CHAK GREEN: Court to Hear Wind-Up Petition on June 29
-----------------------------------------------------
A petition to wind up the operations of Chak Green Environment
Technology Company Limited will be heard before the High Court of
Hong Kong on June 29, 2011, at 9:30 a.m.

The Petitioner Chan Jinfu filed the petition against the company
on April 26, 2011.

The Petitioner's solicitors are:

          Robert Siu & Co
          Room 1601, 16th Floor
          Alliance Building
          130 Connaught Road
          Hong Kong


DRAGON GARDEN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Dragon Garden Development Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


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

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on April 21, 2011.

The Petitioner's solicitors are:

          Allen & Overy
          9th Floor, Three Exchange Square
          Central, Hong Kong


ENTERSYS LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Entersys Limited.

The official receiver is E T O'Connell.


EVERWELL (H.K.): Court to Hear Wind-Up Petition on July 27
----------------------------------------------------------
A petition to wind up the operations of Everwell (H.K.) Limited
will be heard before the High Court of Hong Kong on July 27, 2011,
at 9:30 a.m.

Director of Marketing filed the petition against the company on
May 20, 2011.

The Petitioner's solicitors are:

          Fairbairn Catley Low & Kong
          23rd Floor, Shui On Centre
          Nos. 6-8 Harbour Road
          Hong Kong


EURO AUTO: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Nov. 29, 2010, to
wind up the operations of Euro Auto Company Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


EVER LUCKY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 13, 2011, to
wind up the operations of Ever Lucky Networks Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


GOOD SUCCESS: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
Creditors of Good Success Catering Group Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 8, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Briscoe
          Nicholas Timothy
          Cornforth Hill
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


GRANDE HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3
---------------------------------------------------------
A petition to wind up the operations of The Grande Holdings
Limited will be heard before the High Court of Hong Kong on
Aug. 3, 2011, at 9:30 a.m.

Sino Bright Enterprises Co., Ltd filed the petition against the
company on May 31, 2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


HANG FOOK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 15, 2010, to
wind up the operations of Hang Fook Dyeing & Finishing Factory
Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


HI-SPEED PAPER: Creditors' Proofs of Debt Due July 9
----------------------------------------------------
Creditors of Hi-Speed Paper Manufacturer Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 9, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Mat Ng
          c/o John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


INTERNATIONAL BEAUTY: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2010, to
wind up the operations of International Beauty Creative System
Training Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


KALLIDOS CHINA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Dec. 9, 2010, to
wind up the operations of Kallidos China Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


KAN HING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Dec. 8, 2010, to
wind up the operations of Kan Hing Manufacturing Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


KARBO DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 3
-----------------------------------------------------------
A petition to wind up the operations of Karbo Development Limited
will be heard before the High Court of Hong Kong on Aug. 3, 2011,
at 9:30 a.m.

Chung Sik Bor filed the petition against the company on June 1,
2011.


K.I. LIMITED: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 12, 2010, to
wind up the operations of K.I. Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


L&C LIGHTING: Creditors and Contributories to Meet on June 27
-------------------------------------------------------------
Creditors and contributories of L&C Lighting (H.K.) Limited will
hold their first meetings on June 27, 2011, at 4:00 p.m., and 4:30
p.m., respectively at Room 602, The Boys' and Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yu Tak Yee Beryl and Choi Tze Kit Sammy, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


BANK OF INDIA: S&P Affirms Rating on Lower Tier II Notes at 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the issue ratings on
the proposed issues under the US$3 billion medium-term notes (MTN)
program by Bank of India (BOI; BBB-/Stable/A-3):

    'BBB-' rating on the senior unsecured notes.

    'BB+' rating on the lower Tier II subordinated notes.

    'BB' rating on the upper Tier II subordinated notes and the
    hybrid Tier I notes.

BOI has increased the size of this MTN program to US$3 billion
from US$2 billion. The bank will use the net proceeds from the
proposed notes to meet the funding requirements of its overseas
offices. The bank may also use the proceeds for general corporate
purposes at its Indian operations, subject to regulatory approval.

Standard & Poor's rating on any given issue depends on the issue's
specific terms and conditions. "One exception is indexed-linked
notes, for which we would not assign any issue rating according to
our article titled 'Criteria Update: Commodity- And Equity-Linked
Notes,' published Dec. 10, 2009, on RatingsDirect on the Global
Credit Portal.  The article said: 'Standard & Poor's Ratings
Services will no longer rate obligations with variable principal
payments linked to commodity prices, equity prices, or indices
linked to either commodity or equity prices. Such obligations are
among the class of obligations sometimes called market-linked
notes or MLNs," S&P added.


DD INDUSTRIES: ICRA Reaffirms 'LBB+' Rating on INR5cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed the LBB+/A4+ ratings for the INR50.0 Crore
bank facilities of DD Industries Limited.  The ratings continue to
be placed on "Rating Watch with Developing Implications".

The ratings reaffirmation takes into account DDIL's strong market
position, being the largest dealer of MSIL in Delhi, its long
standing relationship with MSIL, steady improvement in margins
owing to shift in product mix in favor of higher margin models and
efforts to improve geographical diversification with plans of
opening additional outlets outside the Delhi region. However, the
ratings continue to be constrained by the overall thin operating
margin and high working capital intensity of the dealership
business, DDIL's regional concentration on the Delhi market,
stretched liquidity position on account of strong growth in car
sales in 2010-11 as well as increased wholesale off take during
April- May 2011 and large intergroup transactions between group
companies.

In April 2010, ICRA had placed the ratings of DDIL on "Rating
Watch with Developing Implications" in view of the proposed
demerger of vehicle dealership business of DDIL into a separate
company. Since the above demerger process is yet to get completed,
the ratings of the company continue to be placed on "Rating Watch
with Developing Implications". The rating action would be
concluded once clarity is obtained on the demerger process, which
as per the company management is likely to happen by early Q3,
2011-12.

During this period, the rating would remain sensitive to DDIL's
ability to manage its liquidity position which is currently under
pressure as reflected in its almost fully drawn working capital
limits. Further, ICRA expects funds advanced by DDIL to its group
companies in the form of unsecured loans to be received back in
the short term. The access to these funds remains critical for
deleveraging its balance sheet, besides supporting its future
funding requirements for growth.

                        About DD Industries

Incorporated in 1951, DD Industries Limited had initially started
off as a manufacturer of auto components viz., propeller shafts,
yokes and other transmission components for Commercial Vehicles.
In 1996, the company ventured into the vehicle dealership business
of MSIL and later in the year 2000 also diversified into trading
of CNG kits and conversion of in-use diesel/ petrol vehicles into
CNG mode. The vehicle dealership business of DDIL (through the
division DD Motors, is the flagship business of the company
accounting for more than 95% of DDIL's total sales. DDM has a
total of five sales outlets with four of them located across Delhi
at Mayapuri, Wazirpur, Peeragarhi, and Okhla and one at Dehradun
(Uttaranchal).


GARNET SPECIALTY: ICRA Reaffirms 'LB+' Rating on INR22cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed a long term rating of 'LB+' to the INR22.00
crore bank facilities of Garnet Specialty Paper Limited.  ICRA has
also reaffirmed a short term rating of 'A4' to the INR9.00 crore
bank facilities of GSPL.

The ratings reaffirmation by ICRA continues to reflect the weak
financial profile of GSPL despite the improvement in its capital
structure following the equity infusions undertaken by the
promoter group.  The operating profitability of the company has
been adversely impacted during FY 11 due to shift in its product
mix towards relatively lower value add product segments and
decline in export of value add products which offers relatively
better profitability margins. The decline in export has been due
to weak economic conditions in GSPL's key export markets and
adverse currency movements. With a decline in export volumes, GSPL
has focused on domestic markets to adequately utilize its
production facilities. While the focus on domestic markets
resulted in an improved sales, capacity utilization and revenues;
the profitability of the company was adversely impacted. As a
result of weak profitability, the debt coverage indicators of the
company have continued to remain weak despite an improved capital
structure.

The rating is also constrained on account of working capital
intensive nature of company's operations, which coupled with
revenue growth in FY 11, has resulted in stretched liquidity
position as is reflected in its high working capital limits
utilization. Going forward, the ability of GSPL to further improve
the capacity utilization of its manufacturing facilities while
improving its cost structure and fund its increasing working
capital requirements will remain key rating sensitivities.

                      About Garnett Specialty

Garnett Specialty Paper Limited is promoted by Auger Group U K
which in turn is owned by Mr. M V Mehta. GSPL was established
during the year 2004-05 and is into the manufacturing hi-end value
added paper products which are largely supplied to European
countries. GSPL's operations were earlier located in Garnett UK,
and with an objective to reduce its cost of production, Garnett UK
operations were shifted to GSPL's manufacturing facilities in
India over past few years. As a part of shifting its operations to
India, GSPL took over the operations of Nathani Paper Mills
Limited (NPML) which was under the purview of Board of Industrial
and Financial Reconstruction and later NPML was amalgamated with
GSPL. The manufacturing unit of GSPL is located at Vapi in
Gujarat.

As per the provisional results, GSPL reported a net sale of
INR42.86 crore and a net profit of INR0.53 crore during FY11 as
against a net sale of INR28.52 crore and a net profit of
INR0.44 crore in previous year.


GUJARAT PICKERS: ICRA Assigns 'LBB' Rating to INR20cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR20.0 crore fund based
cash credit facilities of Gujarat Pickers Industries Limited.  The
outlook on the long term rating is stable. ICRA has also assigned
'A4' rating to the INR7.0 crore non-fund based Bank Guarantee
facilities of GPIL.

The ratings take into account the small scale of operations of
GPIL, its low net worth base in comparison to the credit risk
undertaken by the company for its overall sales, high working
capital requirements in relation to profits, weak profitability
indicators and low debt coverage indicators. However, the ratings
favorably factor in the long track record of GPIL in polymers &
chemical distribution business, established association with
Indian Oil Corporation Limited (IOCL) and customers, diversified
customer profile, steady domestic demand prospects for polymers
and moderate liquidity position.

Gujarat Pickers Industries Limited was established in 1962 by
(Late) Shri Galabhai Makwana and his son & present Chairman Shri
Ratilal Makwana as Gujarat Pickers Industries, Bhavnagar as a
partnership firm and was initially engaged in manufacturing of
various types of Pickers and other accessories (used in textile
industry). The firm was later converted into a limited company and
in the year 1980 was appointed as distributor of Indian
Petrochemicals Corporation Limited, Vadodara, for their polymer
products. The company segregated from this distributorship
business in 2002 after RIL took over IPCL. The company then
started its own import/export house and traded in the field of
polymer products, sugar machineries, metal trading and other
products. During the year 2003 the firm was appointed as
distributors of Indian Oil Corporation Limited for chemicals like
Toluene, Benzene, MTO, Aromax, Sulpher etc. In the year 2010 the
company was appointed as consignment stockist of Indian Oil
Corporation Limited for their PE/PP (polymer) products. GPIL is
engaged in the distribution of these chemical and polymer products
(PP/PE) in Ahmedabad, Mehsana, Kadi and surrounding areas. The
company has a warehouse in Changodhar (Ahmedabad) for stocking
goods.

Recent Results

For the nine months ended March 31, 2011, the company reported an
operating income of INR77.88 crore and profit after tax of
INR0.43 crore (unaudited) as against INR74.13 crore of operating
income and INR0.37 crore of profit after tax for the financial
year 2009-10.


INDO AUSTRALIAN: CRISIL Assigns 'B-' Rating to INR70.7MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Indo Australian Hose Manufacturing Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR210.0 Million Cash Credit       B-/Stable (Assigned)
   INR70.7 Million Term Loan          B-/Stable (Assigned)
   INR100.0 Million Foreign Bill      P4 (Assigned)
       Discounting
   INR16.9 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Taurus group's weak financial risk
profile, marked by low net worth, weak debt protection metrics and
liquidity, and its working-capital-intensive operations. These
rating weaknesses are partially offset by Taurus group's
promoter's established relationships with major original equipment
manufacturers (OEMs).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Indo Australian Hose Manufacturing Pvt
Ltd and Taurus Flexibles Pvt Ltd, together referred to as the
Taurus group, herein. This is because IAHMPL and TFPL have a
common management team and have significant operational and
financial linkages.

Outlook: Stable

CRISIL believes that the Taurus group will maintain its credit
risk profile, backed by its promoter's established relationships
with major OEMs. The outlook may be revised to 'Positive' if the
group's liquidity improves as a result of better working capital
management, along with a sustained improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case the group reports lower-than-expected revenues or
profitability, or in case of stretch in working capital, leading
to deterioration in liquidity or financial risk profile.

                         About the Group

The Taurus group is into manufacturing of hose assemblies and
nylon tubes for OEMs in India and abroad. The group is currently
managed by Mr. Bhuvan Kshettry and Mr. Rishi Kshettry. The group's
promoters have an experience of over 20 years in manufacturing
hose assemblies. Their customers include OEMs such as Tata Motors
Limited (rated AA-/Stable/P1+), Ashok Leyland Limited (rated AA-
/Positive/P1+), Eicher Motors Limited, Asia Motor Works Limited,
General Motors India Private Limited, General Motors LLC and AB
Volvo in the commercial vehicle segment. The group also has a
presence in after markets (AM) in Europe and Mexico.

The group plans to set up manufacturing facilities in Pritampur
and Pantnagar (Gujarat) and expand the manufacturing capacity at
its Pune plant.

The Taurus group reported a profit after tax (PAT) of INR49.5
million on net sales of INR1106.3 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a negative PAT of
INR7 million on net sales of INR769.9 million for 2008-09.


IRBAZ SHOE: CRISIL Assigns 'P4' Rating to INR35MM Packing Credit
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of Irbaz Shoe Company.

   Facilities                        Ratings
   ----------                        -------
   INR40.00 Million Foreign Bill     P4 (Assigned)
                     Discounting

   INR35.00 Million Packing Credit   P4 (Assigned)

The rating reflects ISC's below-average financial risk profile,
marked by moderate gearing and debt protection metrics. The rating
also factors in customer concentration risks in ISC's revenue
profile and intense competition in the leather shoe manufacturing
industry. These rating weaknesses are partially offset by the
benefit ISC derives from moderately integrated nature of
operations of the group, and extensive industry experience of the
promoters

                         About Irbaz Shoe

ISC was set up in 1993 as a partnership firm by Mr. N Irbaz Ahmed
(managing partner), his wife, Mrs. B Ravia Aejaz; his mother, Mrs.
V Khursheed Begum; and his son, Mr. Aejaz Ahmed. The company
manufactures ladies shoes (accounts for 80% of its sales), ladies
sandals (19%), men's shoes, and shoe uppers. The company's
manufacturing facility is located in Ambur (Tamil Nadu) and has
installed capacity of 4500 to 5000 pairs of shoes per day with
current capacity utilization of 50%. ISC derives around 90% of its
revenues from exports primarily to Europe. The firm currently has
an order book for INR120 million. The promoters also manage two
other entities within the group - Irbaz Leather Private Limited
with an installed leather processing capacity of 40,000 sq.ft per
annum and Fawaz Footwear Private Limited which is engaged in
manufacturing of ladies footwear with an installed capacity of
3000 pairs of shoes per day. All the group entities are managed
independently.

ISC reported on a provisional basis a profit before tax (PBT) of
INR5.3 million on net sales of INR287.6 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PBT
of INR3.5 million on net sales of INR236.3 million for 2009-10.


JAHNVI SALES: CRISIL Rates INR50 Million Cash Credit at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Jahnvi Sales.


   Facilities                     Ratings
   ----------                     -------
   INR50.0 Million Cash Credit    B/Stable (Assigned)

The rating reflects JS's weak financial risk profile, marked by
high total outside liabilities to total net worth, and its small
scale of operations. These weaknesses are partially offset by JS's
established relationship and tie-up with ITC Ltd, ensuring revenue
stability.

Outlook: Stable

CRISIL believes that JS will maintain a stable business risk
profile over the medium term, backed by its established
relationship with ITC. Its financial risk profile is, however,
expected to remain constrained over the medium term, on account of
low profitability and large working capital requirements. The
outlook may be revised to 'Positive' in case of equity infusion by
the proprietor, or an improvement in the operating margin, leading
to an improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if cash accruals are less
than expected or in case of significant capital withdrawal by the
proprietor, leading to deterioration in JS's financial risk
profile.

                       About Jahnvi Sales

Set up as a proprietorship firm in 2004 by Mrs. Abhilasha Gupta,
JS is a distributor of ITC's fast-moving consumer goods. The firm
has 54 choupals in various rural districts in and around Allahabad
(Uttar Pradesh). The firm also carries trades in other products,
such as cement, wheat, and matchboxes. Around 65% of company's
revenues are derived from ITC's products, while cement contributes
around 25%.

JS reported a book profit of INR2.5 million on net sales of
INR338.3 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR1.6 million on net sales of
INR269.8 million for 2008-09.


KOHINOOR HOSPITALS: ICRA Reaffirms 'LBB' Rating to INR61cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR61.00 crore fund
based and non- fund based bank facilities of Kohinoor Hospitals
Private Limited.  The outlook on the long term rating is stable.
The rating is constrained by the operating losses incurred by KHPL
on account of lower than expected occupancy levels for its
hospital coupled with significant fixed overheads.

The rating also notes that the company's weak operating
performance coupled with significant principal and interest
payments in the near term could require continued support from the
promoter group. The rating however, draws comfort from the fact
that all the facilities are fully operational with no major
capital expenditure expected to be incurred in the near term and
the presence of experienced consultants in the company's panel of
doctors which is likely to have a positive impact on the occupancy
levels of the hospital. Going forward, KHPL's ability to increase
the occupancy levels of the hospital through better utilization of
its existing facilities would be a key rating sensitivity.

KHPL, promoted by the Mumbai based Kohinoor group, was
incorporated in May 2007. KHPL's board comprises of Mr. Unmesh
Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi Unmesh
Joshi. KHPL has set up a 147-bed multi specialty hospital in the
Kurla, suburb of Mumbai. The project is a part of an integrated
township project being undertaken by the group. The hospital has
commenced operations with 71 paid beds that were made fully
operational in July 2010.


LAMINA SUSPENSION: CRISIL Assigns 'B+' Rating to INR34.2MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Lamina Suspension Products Ltd (LSPL; part of the
Lamina group).

   Facilities                            Ratings
   ----------                            -------
   INR34.20 Million Long-Term Loan       B+/Stable (Assigned)
   INR76.00 Million Overdraft Facility   B+/Stable (Assigned)
   INR19.00 Million Bill Discounting     P4 (Assigned)
   INR145.3 Million Letter of Credit     P4 (Assigned)

The ratings reflect Lamina group's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
exposure to risks related to volatility in raw material prices,
and large working capital requirements. These rating weaknesses
are partially offset by Lamina group's established position in the
automotive components and iron castings sector, and established
customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LSPL, Lamina Foundries Ltd, and Lamina
International.  This because the three entities, collectively
referred to as the Lamina group, are under a common management,
have fungible cash flows, and derive considerable operational and
business synergies from each other.

Outlook: Stable

CRISIL believes that the Lamina group will continue to benefit
over the medium term from its established track record in the
automotive components sector and its long-standing relationships
with its customers. The outlook may be revised to 'Positive' if
the group improves its capital structure and reports better-than-
expected sales growth and improvement in its margins. Conversely,
the outlook may be revised to 'Negative' if the Lamina group's
liquidity deteriorates further, its revenue or margins decline
significantly, or if the group contracts more-than-expected debt
to fund its capital expenditure.

                        About the Group

The Lamina group was formed by Mr. N V Hegde, Mr. T R Shenoy, and
Mr. Guruprasad Adyanthaya.

LSPL was set up in Mangalore (Karnataka) as a private limited
company in 1976 and currently manufactures multi-leaf and
parabolic springs for use in the automobiles sector (at a capacity
of 14,500 tpa) which are used in the replacement market. In 1989,
the company began exporting its products to the US, the UK, Italy,
South Korea, and a few other countries.

Set up in 1981, LFL is a subsidiary of LSPL and is currently
engaged in manufacture of iron castings such as brake drums, motor
bodies, flywheels, and valve bodies (at a capacity of 19,200
tonnes per annum) for use in the automobile, construction
equipment, and compressor-manufacturing industries. The company
has been listed in Bangalore Stock Exchange and Madras Stock
Exchange. LFL is referred to BIFR at present.

Set up in 1992, LI acts as an export house of LSPL and LFL as it
purchases leaf springs from LSPL and brake drums from LFL and
exports the same to European countries.

The Lamina group's profit after tax (PAT) and net sales are
estimated at INR38 million and INR1.5 billion respectively for
2010-11 (refers to financial year, April 1 to March 31). The
Lamina group reported a profit after tax (PAT) of INR25 million on
net sales of INR1.1 billion for 2009-10, as against a PAT of INR11
million on net sales of INR1.2 billion for 2008-09.


MAHESH AGRI: ICRA Assigns 'LB+' Rating to INR20.05cr LT Loan
------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR20.05 Crore long-term
fund based and non-fund based facilities of Mahesh Agri Exim
Private Limited.  ICRA has also withdrawn the 'A4' rating assigned
to the INR20.05 crore, short-term, fund-based and non-fund based
bank facilities of Mahesh as there is no amount outstanding
against the same (the amount stands reclassified as long-term,
fund-based and non-fund based facilities).

The assigned rating takes into account the promoters' experience
in the agro trading business and their long standing relationships
with suppliers and customers. The company, like other units in the
agro trading business, continues to benefit from various export
incentives and benefits applicable on such exports. The rating is
however constrained on account of the company's adverse capital
structure, low profit margins given the nature of the business and
consequently weak coverage indicators. The rating also factors in
the vulnerability of operations to raw material price and forex
fluctuations given the company's small scale of operations which
limits scope for client diversity and financial flexibility. Also,
exports of agriculture commodities face regulatory hurdles that
can result in volatility in prices and quantity available for
export. A diversified product portfolio is likely to partially
mitigate this risk.

                         About Mahesh Agri

Promoted by Mr. Hirji Thakker and closely held by the
promoters/promoters' family, Mahesh Agri Exim Pvt Ltd commenced
operations in 1997. MAEL is engaged into the business of trading
pulses, beans, cereals, oilseeds, spices, grains, animal feed and
bird feed. MAEL has won award for highest exporter of Sesame Oil
for 9 consecutive years from Indian Oilseeds & Produce Export
Promotion Council from 2001 to 2010. The company also received the
award for highest exporter of Groundnut Oil for the financial year
2009-10. Recent results: During FY 2011, MAEL has recorded a net
profit of INR0.24 crore on an operating income of INR115.07 crore
as against INR0.20 crore of net profit on an operating income of
INR124.44 crore in FY 2010.


MILLENIUM MARBLES: CARE Assigns 'CARE BB' Rating to INR4cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Millenium Marbles Pvt Ltd.

                                  Amount
   Facilities                   (INR crore)   Ratings
   ----------                   -----------   -------
   Long-term Bank Facilities        4.00      'CARE BB' Assigned
   Short-term Bank Facilities       4.00      'PR 4' Assigned

Rating Rationale

The ratings are constrained due to small scale of operations,
volatile profit margins, currency risk for imports and high
operating cycle. Besides, the rating is constrained by competition
from the unorganized sector and alternate tiling products,
cyclical nature of the end-user industry and tightly balanced cash
flows. Further, the dependence on imported marble which is subject
to Government regulations is a cause of concern.  However, the
rating derives strengths from the established record of the
promoters, location of its showroom in commercial area i.e. Mumbai
and product catering to tiling sector which has good potential.
Ability to manage growth and working capital requirements without
any cash flow mismatches remain the key rating sensitivities.

MMPL started as Mansi Marble Private Limited in March 1999 and
subsequently got converted to MMPL in May 1999. The promoters of
the company have two decades of experience in the business.
MMPL is engaged in trading of polished marble, imported from
Europe and Middle East countries, primarily on wholesale basis
(around 90% of sales). The company sells its products from a
leased out showroom at Vile Parle (E), a suburb in western Mumbai
and has owned warehouse located at Silvasa.  However, the company
has finalized the deal to purchase the showroom by June 2011. MMPL
has envisaged shifting its warehouse closer to Mumbai and has
acquired a land parcel at Bhayander a distant suburb in Mumbai.


PARISHUDH MACHINES: CARE Assigns 'CARE B+' Rating to INR2cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'PR4' ratings to the bank facilities of
Parishudh Machines Pvt. Ltd.

                                  Amount
   Facilities                   (INR crore)   Ratings
   ----------                   -----------   -------
   Long-term Bank Facilities       6.50       'CARE B+' Assigned
   Long-term/Short-term Bank       2.00       'CARE B+'/'PR4'
   Facilities                                 Assigned

Rating Rationale

The ratings are primarily constrained on account of stressed
liquidity position of Parishudh Machines Pvt. Ltd. leading to cash
flow mismatches during the past three years and risk associated
with the proposed project which is sizeable in nature and pending
financial closure for the same. The ratings are further
constrained by susceptibility of PMPL's margins to fluctuation in
raw material prices, customer concentration risk in an inherently
cyclical automobile component industry along with its exposure in
loss-making group companies.  The above constraints far outweigh
the benefits derived from the promoters' wide experience and
PMPL's long-standing relationship with major customers in the auto
component industry.  Increase in PMPL's scale of operations along
with greater diversification of revenue stream while managing risk
associated with fluctuation in raw material prices and improvement
in overall financial risk profile would remain the key rating
sensitivities.

Ghaziabad-based PMPL, incorporated in February 1987, is promoted
by Mr V. S. Goindi. It is engaged in manufacturing of
Computerised-Numerical-Control (CNC) turning and grinding machines
and automatic lathes, which are used in shaping, cutting and
finishing metal parts by the automobile and engineering
industries, with grinding machines being the main focus of the
company. PMPL also manufactures some automobile components.

PMPL earned a PAT of INR2.09 crore on a total income of INR32.61
crore in FY10 as against a net loss of Rs.1.26 crore on a total
income of INR44.49 crore during FY09. Furthermore, as per the
provisional results for 10MFY11, PMPL earned a PBT of INR2.55
crore on a total income of INR34.84 crore.


PARVATI INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR5cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' RATINGS to the bank facilities
of Parvati Industries Pvt Ltd.

                                  Amount
   Facilities                   (INR crore)   Ratings
   ----------                   -----------   -------
   Long-term Bank Facilities       27.70      'CARE BB+' Assigned
   Short-term Bank Facilities       5.00      'PR 4' Assigned

Rating Rationale

The ratings are mainly constrained by the modest financial risk
profile of Parvati Industries Pvt Ltd marked by low profit
margins, modest solvency & debt coverage indicators and weak
liquidity position owing to the high working capital requirements.
Further, the susceptibility of its margins to volatility in raw
material prices and the inherent risks associated with the rice
industry like high degree of fragmentation, seasonality and
regulatory risk also constrain the ratings.  The ratings, however,
favorably take into account the vast experience of the promoters
of PIPL in the rice industry and its established operations with
forward integration into extraction business.  Increase in scale
of operations and improvement in the financial risk profile are
major key rating sensitivities.

Ahmedabad-based PIPL was constituted by Mr. Purushottam Patel and
his family as a partnership firm in September 1999. Subsequently
in April 2008, the firm was converted into a private limited
company.  Mr. Purushottam Patel has experience of over three
decades in the rice industry. Currently he is retired and the
entire operations are managed by third generation of his family.
PIPL is engaged in manufacturing and trading of parboiled non-
basmati rice and extraction of Rice Bran Oil (RBO).  PIPL has rice
milling capacity of 15MT per hour and 300 MT per day of rice bran
resulting in annual RBO production capacity of 10,800 MT.

During FY10, on total income of INR81.70 crore (FY09: INR46.36
crore), PIPL earned PAT of INR1.64 crore (FY09: INR0.44 crore). As
per provisional results for FY11, PIPL reported net sales of
INR120.50 crore.


PERUNDURAI GREEN: ICRA Assigns 'LBB' Rating to INR35cr Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR35 crore term loan of
Perundurai Green Energy Private Limited.  ICRA's rating factors in
the execution risks inherent in greenfield power projects,
including risks of cost and time overrun, as well as technological
risks, including the risk of non timely stabilization of the
company's 6.4 MW biomass project at Perundurai (Tamil Nadu), which
is based on the gasification technology which is relatively
untested in India for projects of such size.  Further post
commissioning, the company will remain exposed to volatility in
prices of bio-mass and risks related to availability of bio-mass.
ICRA also notes that PPA is yet to be signed- management is
evaluating various options for power selling model and depending
on the option chosen. Thus, the company will remain exposed to
price and off-take risk, although these risks are partly mitigated
by prevailing power deficit scenario in state of Tamil Nadu.

The rating however favorably factors in the superior energy
efficiency of the chosen technology resulting in -30% lower
consumption on biomass compared to conventional combustion
technology thereby resulting in lower variable cost of generation.
The rating also draws comfort from the moderate leverage (2:1 debt
equity ratio which is satisfactory with respect to power plants),
long tenure of loans, ballooning structure of repayment with lower
initial liability and substantial time gap between planned date of
commissioning and repayment start date (~17 months) which provides
cushion for time overruns. ICRA has also derived comfort from
possibility of additional revenue streams from sale of activated
carbon, char, CERs (Certified Emission Reductions) and RECs
(Renewable Energy Certificates) income.

                        About Perundurai Green

Perundurai Green Energy Pvt Ltd, which is a 100% subsidiary of
All-Green India, is proposing to set-up a biomass plant of 6.4 MW
capacity in Perundurai district of Tamil Nadu. The project is
based on Biomass Integrated Gasification Combined Cycle (BIGCC)
technology developed by Indian Institute of sciences and Producer
Gas Engines sourced from GE Janbacher. The project cost is INR53
crores and is being funded through INR35 crore and debt and
balance equity. The project is expected to be commissioned by
March 2012.

AllGreen Energy has been founded with objective to become one of
the leading players in the Indian Biomass market, through the
installation of 6.4 MW biomass gasification power plants using
agricultural waste. Company has strategy to have 3 greenfield
biomass projects with -20 MW capacity and acquire -80 MW capacity
in first phase. Reliance Venture and GE has invested into the
Company along with AllGreen Energy PTE Ltd, Singapore and Promoter
Mr. Kamlesh Tejwani.


POLAR STAR: ICRA Assigns 'LBB-' Rating to INR28cr Bank Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' and has reaffirmed
the short term rating of 'A4' to the INR28.00 Crore fund based
facilities of Polar Star.  The limits are rated on both the scales
such that the total utilization should not exceed INR28 Crores at
any point of usage.  The long-term rating has been assigned a
'Stable' outlook.  The rating reaffirmation takes into account
PS's relatively modest scale of operations, low operating margin
due to the limited value addition in the business and highly
fragmented nature of the industry resulting in intense
competition. Despite improvement in profitability in FY 2010,
which is largely supported by exchange fluctuation gains, margins
remains exposed to the risk of fluctuations in exchange rates as
well as volatility in rough diamond prices. The rating, however,
favorably factors in the long experience of the partners in the
CPD business and comfortable gearing position at present.

                        About Polar Star

M/s Polar Star is a partnership firm established in 1989. The firm
is managed by five partners namely Mr. Anup P. Zaveri, Mr. Ashit
P. Zaveri, Mr. Smitesh S. Mehta and Mr. Sujit S. Mehta. PS is
engaged in import of rough diamonds and manufacturing and export
of cut and polished diamonds in the range of 55 cents & below. The
firm has a registered office at Mumbai and a production facility
at Surat. PS has been accredited as a 'Two Star Export House' in
the year 2005 by the Ministry of Commerce and Industry. PS is
engaged in import of rough diamonds, manufacturing and export of
cut and polished diamonds. It currently procures rough diamonds
mainly through the local suppliers. The rough diamonds are cut &
polished at the state-of-art manufacturing unit based at Surat.
The polished diamonds are exported mainly to UAE, Belgium and Hong
Kong. Presently, it caters to foreign markets only with 100%
exports. The other line of business, which PS has engaged itself
in is the sale of electricity through its Wind Mill Project in
Sangli, Maharashtra primarily to avail tax benefits. The firm has
its marketing office at Mumbai and a production facility at Surat.


PREMIER CARWORLD: CRISIL Puts 'B-' Rating on INR105MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Premier Carworld Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR105 Million Cash Credit      B-/Stable (Assigned)
   INR20 Million Bank Guarantee    P4 (Assigned)

The ratings reflect PCPL's weak financial risk profile, marked by
small net worth, highly leveraged capital structure, and weak debt
protection metrics, and exposure to risk related to intense
competition in auto dealership business. These rating weaknesses
are partially offset by PCPL's association with Maruti Suzuki
India Ltd (MSIL; rated 'AAA/Stable/P1+' by CRISIL) and its
promoters' extensive experience in trading businesses.

CRISIL has treated INR50 million of unsecured loans received from
promoters' group companies, friends, and family as neither debt
nor equity, for assessing PCPL's financial risk profile. This is
based on a specific undertaking from the management to maintain
these funds in the business till the bank loans are repaid.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit from its
association with MSIL and promoters' extensive experience in the
trading business, over the medium term. However, its financial
risk profile is constrained by its large debt-funded capital
expenditure and initial stage of operations. The outlook may be
revised to 'Positive' in case of a more-than-expected increase in
PCPL's revenues or cash accruals or equity infusion, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected accruals
or incremental working capital requirements, leading to
deterioration in financial risk profile.

                        About Premier Carworld

PCPL was set up in August 2010 by Mr. Ramesh Chand Agarwal. In
2010, the company was appointed as an authorised MSIL dealer. The
company commenced operations in March 2011 and has a 30,062
square-foot showroom under ownership and have warehousing facility
of 21,904 square foot, taken on rent from the promoter group
company in Kolkata, West Bengal. It also has a 50,585 square-foot
service centre in the nearby location on rent. The promoter has
been engaged in trading of mobiles, pens, digital cameras, dish
TV, BSNL products and other consumer goods in West Bengal over the
past two decades.


SREE KUMAR: CRISIL Reaffirms 'B-' Rating on INR74.4MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Kumar Agro Oils
Pvt Ltd continue to reflect Sree Kumar's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, modest scale of operations in the intensely competitive
edible oils industry, and product concentrated revenue profile.
These rating weaknesses are partially offset by the Sree Kumar's
experienced management team.

   Facilities                       Ratings
   ----------                       -------
   INR60.00 Million Cash Credit     B-/Negative (Reaffirmed)
   INR74.40 Million Term Loan       B-/Negative (Reaffirmed)
   INR0.60 Million Bank Guarantee   P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that Sree Kumar will continue to face pressure on
its liquidity over the near term because of the company's low
operating margin and hence, low cash accruals. The ratings may be
downgraded if there is a sharp decline in Sree Kumar's revenues or
operating margin, most likely because of lower-than-expected
production level because of raw material availability issues.
Conversely, the outlook may be revised to 'Stable' in case of
sustained improvement in the company's financial risk profile,
most likely driven by increased revenues, more-than-expected cash
accruals, and comfortable liquidity.

                        About Sree Kumar

Incorporated in December 2006, Sree Kumar commenced commercial
production in October 2008. It manufactures rice bran oil and de-
oiled rice bran at its solvent extraction plant at Jakkaram
village, near Bhimavaram (Andhra Pradesh). The company has rice
bran processing capacity of 350 tonnes per day (tpd) and refining
capacity of 100 tpd.

Sree Kumar reported a profit after tax of INR7.2 million on net
sales of INR430.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against net loss of INR4.0 million on net
sales of INR158.1 million for 2008-09. Sree Kumar's estimated
revenues for 2010-11 are about INR593 million.


TAURUS FLEXIBLES: CRISIL Assigns 'B-' Rating to INR13.2MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Taurus Flexibles Pvt Ltd (TFPL; part of the Taurus group).

   Facilities                       Ratings
   ----------                       -------
   INR260.9 Million Cash Credit     B-/Stable (Assigned)
   INR13.2 Million Term Loan        B-/Stable (Assigned)
   INR30.0 Million Corporate Loan   B-/Stable (Assigned)

The ratings reflect the Taurus group's weak financial risk
profile, marked by low net worth, weak debt protection metrics and
liquidity, and its working-capital-intensive operations. These
rating weaknesses are partially offset by Taurus group's
promoter's established relationships with major original equipment
manufacturers (OEMs).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Taurus Flexibles Pvt Ltd (TFPL) and
Indo Australian Hose Manufacturing Pvt Ltd (IAHMPL), together
referred to as the Taurus group, herein. This is because TFPL and
IAHMPL have a common management team and have significant
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Taurus group will maintain its credit
risk profile, backed by its promoter's established relationships
with major OEMs. The outlook may be revised to 'Positive' if the
group's liquidity improves as a result of better working capital
management, along with a sustained improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case the group reports lower-than-expected revenues or
profitability, or in case of stretch in working capital, leading
to deterioration in liquidity or financial risk profile.

                       About Taurus Flexibles

The Taurus group is into manufacturing of hose assemblies and
nylon tubes for OEMs in India and abroad. The group is currently
managed by Mr. Bhuvan Kshettry and Mr. Rishi Kshettry. The group's
promoters have an experience of over 20 years in manufacturing
hose assemblies. Their customers include OEMs such as Tata Motors
Limited (rated AA-/Stable/P1+), Ashok Leyland Limited (rated AA-
/Positive/P1+), Eicher Motors Limited, Asia Motor Works Limited,
General Motors India Private Limited, General Motors LLC and AB
Volvo in the commercial vehicle segment. The group also has a
presence in after markets (AM) in Europe and Mexico. The group
plans to set up manufacturing facilities in Pritampur and
Pantnagar (Gujarat) and expand the manufacturing capacity at its
Pune plant.

The Taurus group reported a profit after tax (PAT) of INR49.5
million on net sales of INR1106.3 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a negative PAT of
INR7 million on net sales of INR769.9 million for 2008-09.


VINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on INR20MM Bank Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Vineet Exports Pvt Ltd
continues to reflect Vineet's average operating efficiency, marked
by low profitability and average scale of operations, small net
worth, and customer concentrated revenue profile. These rating
weaknesses are partially offset by the experience of Vineet's
promoters in the iron ore trading business and the company's
moderate total outside liabilities to tangible net worth ratio and
debt protection metrics.

   Facilities                             Ratings
   ----------                             -------
   INR130.0-Mil. Export Packing Credit    P4 (Reaffirmed)
   INR20.0-Mil. Proposed ST Bank Loan     P4 (Reaffirmed)
                Facility

Set up in 2007 by Mr. Ankit Maheshwari and family, Vineet trades
in iron ore. It purchases iron ore from quarries in Orissa,
Chhattisgarh, and Jharkhand. It exports, mainly to China, through
trading companies such as CITIC Resources Holding Ltd, Swiss
Singapore Overseas Enterprises Pte Ltd, Kowa group (Japan), and
White Dragon Trading LLC. The promoters have been in the trading
business since 2005 through a partnership firm, Vineet and
Company; the firm became non-operational after Vineet was
incorporated.

Vineet reported a profit after tax (PAT) of INR7.2 million on net
sales of INR437.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR288.6 million for 2008-09.


=================
I N D O N E S I A
=================


DIRGANTARA INDONESIA: Government to Inject IDR5 Trillion in Funds
-----------------------------------------------------------------
ANTARA News reports that Industry Minister MS Hidayat said the
Indonesian government is planning to inject around IDR5.1 trillion
in funds to PT Dirgantara Indonesia.

"It (the plan) is still under process," the news agency quotes
Mr. Hidayat as saying.

According to ANTARA, the proposed capital injection will come in
the form of state capital placement in which the government will
turn the state aircraft maker's debts into state capital.

Mr. Hidayat said he had submitted a proposal for capital injection
to the House of Representatives Commission VI and the Finance
Ministry was currently studying the proposal, ANTARA relates.

"PT DI must be restructured first to make it bankable so it can
carry out production without past burden," Mr. Hidayat said.

He expressed optimism that if the company had been restructured it
would be able to produce commercial planes which had high
competitive edge, ANTARA News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 15, 2009, The Jakarta Post said PT Dirgantara Indonesia was
seeking to restructure debts related to loans obtained under the
Investment Account Fund and Subsidiary Loan Agreement.  PT DI
president director Budiman Sales said its unpaid debts under the
SLA and RDI facilities totaled IDR1.6 trillion.  The company would
propose that the government convert the debt to equity in the
already 100-percent state owned company, Mr. Sales added.

                    About Dirgantara Indonesia

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/--
is an Indonesian aerospace company in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

On Oct. 29, 2007, the TCR-AP reported that the Indonesian
Supreme Court accepted an appeal filed by PT Dirgantara
Indonesia over the Commercial Court's bankruptcy ruling.
Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Jakarta Post related.  Under the existing
bankruptcy law, the finance minister is the only party that is
allowed to take a state-owned company to the bankruptcy court,
the report explains.


PT BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------
Fitch Ratings has revised PT Bank Pan Indonesia Tbk's Outlook to
Stable from Positive and affirmed its Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB'.

The Outlook revision to Stable reflects Panin's weakening asset
quality due to higher non-performing loans (NPLs) than Fitch's
expectations as a result of aggressive corporate lending and lower
provisioning compared with peers. However, the bank's ratings
remain underpinned by its satisfactory capital position and
stronger profitability achieved in 2010.

Its NPLs rose to 4.4% of total loans at end-2010 (2009: 3.2%)
while special mention and structured loans dropped to 3.1% and
5.1%, respectively (7% and 7.2%). Although reduced by rapid loan
growth, its total capital adequacy ratio (CAR) of 18.4% at end-
2010 (23.9%) was far above the regulatory minimum of 8%.  Its
Tier 1 CAR was 16.1% at end-2010 (20.6%). Fitch believes that the
bank's relatively satisfactory capital position should provide
sufficient buffer against an increase in NPLs. Due to its focus on
secured lending, Panin's provision cover was low at 65.8% of NPLs
at end-2010, compared with 88.9% at end-2009 and the peer average
of 150% at end-2010.

Panin was established in 1971 by the Gunawan family, who remains
in control of the bank through a 44.68% stake held by PT Panin
Financial Tbk. ANZ acquired a 29% stake in 1999, which was raised
to 38.2% in 2009.

Panin's full rating breakdown:

   -- Long-Term Foreign Currency IDR affirmed at 'BB'; Outlook
      revised to Stable from Positive

   -- National Long-term Rating affirmed at 'AA(idn)'; Outlook
      Stable

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '3'

   -- Senior rupiah-denominated debt affirmed at 'AA(idn)'

   -- Subordinated rupiah-denominated debt issued in 2008 with no
      deferral clauses affirmed at 'AA-(idn)'

   -- Subordinated rupiah-denominated debt issued in 2010 with
      deferral clauses affirmed at 'A+(idn)'



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


KUMHO ASIANA: Seeks to Sell Unit's Express Bus Division
-------------------------------------------------------
Yonhap News reports that Kumho Asiana Group said Tuesday it is in
talks with its creditors to spin off and sell the express bus
division of Kumho Industrial Co. to improve its financial
structure.

"As part of efforts to improve our financial health, we are in
talks with our creditors to sell the division," an official at
Kumho Asiana Group told Yonhap.  "However, details of the sale
have yet to be determined."

Kumho Industrial, the construction arm of Kumho Asiana Group, has
two business divisions, a construction unit and an express bus
unit.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2011, Korea Development Bank is seeking to sell 37.6%
stake in Korea Express in a bid to wrap up the restructuring of
the group.  Last year, KDB, a state-run lender, took over Daewoo
Engineering & Construction Co. in an effort to speed up the
normalization of the conglomerate, which is under a creditors-led
debt rescheduling program.

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

                        About Kumho Asiana

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


KUMHO ASIANA: Samsung SDS Joins POSCO in Korea Express Stake Bid
----------------------------------------------------------------
Yonhap News reports that Samsung SDS Co., an information
technology service unit of South Korea's largest industrial group,
said Thursday that it will partner with steel giant POSCO to bid
for a stake in Korea Express.

Yonhap relates that Samsung SDS will join the consortium of POSCO
to buy a 5% stake in Korea Express, it said in a regulatory
filing.  The financial terms were not disclosed, Yonhap notes.

Meanwhile, The Korea Times reports that creditors of Korea Express
are likely to pick the preferred bidder next week to acquire the
logistics firm in their efforts to wrap up the delayed deal as
early as August.

Korea Times, citing industry sources, says creditors led by Korea
Development Bank concluded that they will end the bidding Monday
and notified the three preliminary bidders - POSCO, CJ Group and
Lotte Group.

The creditors intend to name the preferred bidder within three
days, which puts the sale on track for completion in late August
or early September, Korea Times adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2011, Korea Development Bank is seeking to sell its 37.6%
stake in Korea Express in a bid to wrap up the restructuring of
the group.  Last year, KDB, a state-run lender, took over Daewoo
Engineering & Construction Co. in an effort to speed up the
normalization of the conglomerate, which is under a creditors-led
debt rescheduling program.

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

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

                        About Kumho Asiana

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


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


PIKE RIVER: Receiver Shows Concern Over Liquidation
---------------------------------------------------
9news reports that Pike River Coal Ltd receiver said that moves by
contractors to have the company placed into receivership could be
detrimental to the value received from the sale of the mine.

The West Coast mine has been closed since explosions ripped
through it last November killing 29 men, 9news recalls.  Pike
River Coal was placed in receivership after the tragedy, and now
the Pike River contractors and suppliers group, whose members are
owed $NZ5 million ($A3.85 million) by the company, are to file a
court action to have the company placed into liquidation,
according to 9news.

9news says that Mr. Fisk said he had been discussing the prospect
of liquidation with the contractors for a couple of months.

However, 9news notes, liquidation would not change anything about
the process the receivers were going through to realize Pike
River's assets.  It also would not make any more money available
or change the timing of when unsecured creditors might get paid,
Mr. Fisk told RadioNZ, the report relates.

                          About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


===============
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

ARASOR INTERNATI           ARR          19.21           -26.51
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          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
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
REDBANK ENERGY L           AEJ       3,564.36          -383.39
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
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


CHINA

BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
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      272.46          -141.76
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
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
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
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
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        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
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         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


INDONESIA

ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


INDIA

ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
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        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
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          12.23           -16.21
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          29.86           -42.42
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         15.20            -3.81
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         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
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         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
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        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
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         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
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          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


JAPAN

ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41


KOREA

AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
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
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


MALAYSIA

BANENG HOLDINGS            BANE         50.30            -3.48
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
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


PHILIPPINES

CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
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
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          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
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        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     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
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


TAIWAN

CHIEN TAI CEMENT           1107        214.12           -49.02
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
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        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


                             *********

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, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.

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

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

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





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