TCRAP_Public/110805.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, August 5, 2011, Vol. 14, No. 154



ACL BEARING: Cuts 35 Workers on Declining Sales
BEMAX RESOURCES: S&P Affirms 'B-' Corp. Credit & Sr. Debt Ratings
CENTRO PROPERTIES: Ex-CEO, Directors Seek Relief from Ban & Fines
SUPREME PRINTING: NAB Places Firm Into Receivership, Cuts 21 Jobs

H O N G  K O N G

ARC CONSULTANCY: Court to Hear Wind-Up Petition on August 10
MONTEGRAPPA 1912: Yeung and Moyes Step Down as Liquidators
NIPPON LEIZ: Creditors' Meeting Set for August 9
PALACE INTERNATIONAL: Lam and Boswell Step Down as Liquidators
PLASTIC-UNION (HK): Creditors' Proofs of Debt Due August 18

QUIXOTE (HK): Philip Brendan Gilligan Steps Down as Liquidator
SHEBO CHINA: Court to Hear Wind-Up Petition on August 17
SINOCAN DEVELOPMENT: Annual Meetings Set for August 12
SINO SPRING: Members' Final Meeting Set for August 29
SKYFAME COMPANY: Yu and Cheng Step Down as Liquidators

SMART GALLANT: Members' Final Meeting Set for August 31
WARNER BROS.: Members' Final Meeting Set for September 2


AJMERA TRADING: CARE Assigns 'CARE BB' Rating to INR6.5cr Loan
CORNER POINT: CARE Rates INR13.3cr Long-Term Loan at 'CARE BB'
DEEPA PANELS: ICRA Cuts Rating on INR4.27cr Loan to '[ICRA]B'
DWARKA GEMS: CARE Rates INR5cr Long-Term Bank Loan at 'CARE B'

MAHAVIR ASHOK: ICRA Reaffirms [ICRA]BB+ Rating on INR7.5cr Loan
RANA STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR20.8cr Loan
RDR EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
SHIVAM METAL: ICRA Rates INR3.3cr Term Loan at '[ICRA]BB-'

SHIVAM INDIA: CARE Assigns 'CARE BB-' Rating to INR60cr LT Loan
SHRI GOVINDARAJA: ICRA Reaffirms 'C' Rating on INR59.97cr Loan
SPUTNIK ELECTRICALS: ICRA Assigns 'LB+' Rating to INR7cr Loan
SRI VENKATA: ICRA Raises Rating on INR16cr Loan to '[ICRA]BB'

SUNLAND ALLOYS: ICRA Reaffirms '[ICRA]BB+' on INR35cr LT Loan
TVS INTERCONNECT: ICRA Reaffirms '[ICRA]BB' Rating on INR54cr Loan
ZAMZAM EXPORTS: CARE Rates INR5.25cr Long-Term Loan at 'CARE BB-'


BERAU CAPITAL: Moody's Assigns 'B1' Rating; Outlook Stable


HAYASHIBARA GROUP: Nagase to Acquire Firm for JPY70 Billion
TOKYO ELECTRIC: Japan's Parliament Passes Compensation Bill


HO HUP CONSTRUCTION: Restraining Order Extended for 90 Days
VTI VINTAGE: Inks Partnership Deal with Terreal Group


XACBANK LLC: Moody's Assigns '(P)Ba3' Rating to EMTN Program

N E W  Z E A L A N D

CHOW GROUP: Owners Fight Liquidation Bid Over Unpaid Bill
DEVELOP SPOTBURN: Cardrona Valley Companies in Receivership
REDGROUP RETAIL: New Zealand Creditors Accept 3c Payout


PICNIC CORP: World Gas Mulls Takeover as Srivikon Looks for Funds


DOT VN: Delays Filing of Annual Report on Form 10-K


* Large Companies with Insolvent Balance Sheets

                            - - - - -


ACL BEARING: Cuts 35 Workers on Declining Sales
ABC News reports that ACL Bearing is sacking up to 35 workers over
the next two weeks, as the high Australian dollar has an impact on
sales.  The report relates that the jobs to go will be determined
over the coming days, leaving 115 employees at the site.

The upcoming layoffs will be another blow for workforce after more
than 100 redundancies in 2009, when the business went into
administration, according to ABC News.

The report notes that an unnamed spokesman for the receivers, Matt
Byrnes, said that declining sales as a result of the high
Australia dollar meant the workforce had to be restructured.
"We've got a pretty resilient workforce here, I mean it's not
great news but at the same time I think there was an expectation
that this might be coming, just given the fall-away just in the
last month or two of the sales in some of the plants," ABC News
quoted Mr. Byrnes as saying.

Mr. Byrnes said the receivers had to make a decision that was in
the best interests of ACL, the report notes.

"ACL's a business that has 75% of its sales which are export sales
so the strengthening of the Australian dollar particularly against
the US dollar has had a major impact on the business," Mr. Byrnes
said, ABC News discloses.

ACL Bearing is a Launceston car parts manufacturer.

BEMAX RESOURCES: S&P Affirms 'B-' Corp. Credit & Sr. Debt Ratings
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior unsecured debt ratings on mineral sands miner
Bemax Resources Ltd. "We revised the outlook to stable, from
positive. At the same time, we affirmed the recovery rating of 4
on the senior unsecured debt of Bemax.  The rating actions follow
Bemax's proposed sale of its cable sands business to a wholly
owned subsidiary of Mineral Commodities Ltd. for about
AUD101 million," S&P related.

"In our view, the proposed transaction is another shift in Bemax's
growth strategy since the company's US$175 million bond in 2007,"
Standard & Poor's credit analyst May Zhong said. "In addition, we
believe the sale of the Bunbury mineral separation plant reduces
the integration benefits we had previously factored into the Bemax

"The stable outlook is underpinned by the recent completion of
Bemax's Snapper mine development. The commissioning of Snapper
mine, in our view, is key to Bemax's improvement in its financial
performance and long-term viability. The stable outlook also
reflects our expectation of an improving financial profile
due to improving product prices and better product mix following
the start of operations at Snapper," S&P said.

Ms. Zhong added: "We may raise the rating if Bemax demonstrates a
sustained improvement in its financial profile, and we have more
clarity about the company's growth strategy.  More consistency in
the company's strategy would also be positive to the rating.
Conversely, downward rating pressure may occur if the prospect of
an improving financial profile diminishes, or there were evidence
of lesser support from Cristal during circumstances of financial
stress at Bemax.  In addition, we may lower the Bemax ratings if
there were a significant weakening in Cristal's capability to
support Bemax when needed."

CENTRO PROPERTIES: Ex-CEO, Directors Seek Relief from Ban & Fines
The Sydney Morning Herald reports that seven of the eight Centro
Properties Group directors and executives who breached their
duties by issuing erroneous accounts in 2007 have asked the
Federal Court to exonerate them and spare them any form of

According to SMH, lawyers representing six non-executive Centro
directors and the former chief executive, Andrew Scott, told the
court in Melbourne the former officers had suffered enough,
considering the widespread publicity the case had attracted.

SMH relates that Philip Crutchfield, SC, counsel for the non-
executive directors, told Justice John Middleton the Centro case
was "the most significant corporate law case in this country"
since 1995 when the NSW Court of Appeal set parameters for the
standard of conduct to be expected of non-executive directors.

Mr. Crutchfield, says SMH, argued that while the Centro case
effectively pegged the "boundaries of negligence", the breach by
the directors amounted to a form of "reasonable negligence."

To issue even court declarations would stain their reputations,
Mr. Crutchfield argued, and to disqualify them from corporate life
would be "utterly out of step" with community expectations, SMH

"These people were so desperately unlucky because everybody let
them down," SMH quotes Mr. Crutchfield as saying.  "To mark the
conduct with a declaration is a bit like punishing a child when
they don't know they have done something wrong."

According to the report, Mr. Scott's counsel, Leslie Glick, QC,
also argued that the former CEO was in "precisely the same
position" as the non-executive directors and he should be wholly
exonerated and spared any penalty because he relied on his
deputies to get the accounts right.

Mr. Glick told the court none of the directors or Mr. Scott should
be "held up as a scapegoat," and that "a [court] declaration is a
slur and a stain on the reputation of Mr. Scott and on the
directors that will last forever," SMH adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2011, the Sydney Morning Herald said the Australian
Securities and Investments Commission (ASIC) has asked the Federal
Court to bar former Centro Properties Group chief executive Andrew
Scott, and former chief financial officer Romano Nenna for as much
as three years and to impose financial penalties over their roles
in the group's 2007 failure to disclose multi-billion dollar
debts.  ASIC has also asked the court to bar six of Centro's
former and current non-executive directors for anywhere from 6 to
18 months, and it has also sought financial penalties of AUD30,000
to AUD60,000.  Directors include Centro's current chairman
Paul Cooper and non-executive director Jim Hall, former non-
executive directors Sam Kavourakis and Peter Wilkinson, and former
chairman Brian Healey.

Centro decided in November 2010 to put all of its assets on the
block after having received approval to refinance the next round
of debt.  The sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AUD4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
according to the Sydney Morning Herald.

In March 2011, The Australian related, Centro announced both the
sale of its U.S. shopping centres to U.S. private equity firm
Blackstone Group for US$9.4 billion (AUD8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                      About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

SUPREME PRINTING: NAB Places Firm Into Receivership, Cuts 21 Jobs
Nolan Giles at ProPrint News reports that Supreme Printing,
incorporating Haymarket, has been put into receivership by
National Australia Bank (NAB), with unsecured creditors unlikely
to recover any debts.

The company closed its doors in July and made 21 jobs redundant,
according to ProPrint News.

Dermott McVeigh and Gary Doran from Deloitte Touche Tohmatsu were
appointed as receivers on July 22.

An unnamed Deloitte spokesperson told the news agency in an
interview that there wasn't enough money or assets at the company
to cover the bank's debt.  "The receivers and manager's role is to
realize the company's assets to repay the debt owed to NAB
pursuant to their fixed and floating security over the companies,"
ProPrint News quoted the spokesperson as saying.  "At this stage,
it does not appear that there will be sufficient assets available
to pay unsecured creditors," he added.

ProPrint News spoke to a number of Perth print business owners,
who said Supreme Printing had been trying for a merger with
Balcatta-based printer Lamb Print but this deal fell through.

Supreme Printing is a Perth-based print shop.

H O N G  K O N G

ARC CONSULTANCY: Court to Hear Wind-Up Petition on August 10
A petition to wind up the operations of ARC Consultancy Limited
will be heard before the High Court of Hong Kong on Aug. 10, 2011,
at 9:30 a.m.

Ma Tang Fung filed the petition against the company on May 6,

MONTEGRAPPA 1912: Yeung and Moyes Step Down as Liquidators
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Montegrappa 1912 Limited on July 18, 2011.

NIPPON LEIZ: Creditors' Meeting Set for August 9
Creditors of Nippon Leiz (HK) Limited will hold their meeting on
Aug. 9, 2011, at 4:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251A, 255A and 283 of the
Companies Ordinance.

The meeting will be held at the office of Neil Collins Corporate
Advisory Services Limited at Suites 1303-06, 13/F, Asian House, at
1 Hennessy Road, Wanchai, in Hong Kong.

PALACE INTERNATIONAL: Lam and Boswell Step Down as Liquidators
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Palace International Management Company
Limited on July 25, 2011.

PLASTIC-UNION (HK): Creditors' Proofs of Debt Due August 18
Creditors of Plastic-Union (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 18, 2011, to be included in the company's dividend

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong

QUIXOTE (HK): Philip Brendan Gilligan Steps Down as Liquidator
Philip Brendan Gilligan stepped down as liquidator of Quixote
(Hong Kong) Limited on July 25, 2011.

SHEBO CHINA: Court to Hear Wind-Up Petition on August 17
A petition to wind up the operations of Shebo China Limited will
be heard before the High Court of Hong Kong on Aug. 17, 2011, at
9:30 a.m.

Shebo Trading Company Limited filed the petition against the
company on July 19, 2011.

SINOCAN DEVELOPMENT: Annual Meetings Set for August 12
Members and creditors of Sinocan Development Limited will hold
their annual meetings on Aug. 12, 2011, at 12:00 p.m., and 12:15
a.m., respectively at 32nd Floor, One Pacific Place, at
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.

SINO SPRING: Members' Final Meeting Set for August 29
Members of Sino Spring Limited will hold their final general
meeting on Aug. 29, 2011, at 10:00 a.m., at Rooms 2702-03, CC Wu
Building, at 302-8 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Sun Fung Allan Ho, the company's liquidator, will
give a report on the company's wind-up proceedings and property

SKYFAME COMPANY: Yu and Cheng Step Down as Liquidators
Yu Yu Kin and Cheng Mo Kit Katherine stepped down as liquidators
of Skyfame Company Limited on July 11, 2011.

SMART GALLANT: Members' Final Meeting Set for August 31
Members of Smart Gallant Limited will hold their final general
meeting on Aug. 31, 2011, at 11:00 a.m., at 13/F, Pico Tower, at
66 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Yau Yin Kwun Joseph, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

WARNER BROS.: Members' Final Meeting Set for September 2
Members of Warner Bros. Theatres (HK) Limited will hold their
final general meeting on Sept. 2, 2011, at 9:30 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property


AJMERA TRADING: CARE Assigns 'CARE BB' Rating to INR6.5cr Loan
CARE assigns 'CARE BB/CARE A4' rating to the bank facilities of
Ajmera Trading & Impex Pvt Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      6.50        'CARE BB' Assigned
   Short-term Bank Facilities     4.00        'CARE A4' Assigned

Rating Rationale

The ratings are constrained by small size of operations as
reflected by low tangible net worth, low turnover and thin
operating profit margins. Further the ratings are constrained by
product and supplier concentration risk, and absence of long term
contracts. However the ratings derive strength from the long track
record of the company and experience of the promoters.  The
company's ability to improve its financial risk profile in terms
of turnover, profitability and capital structure remain the key
rating sensitivities.

Ajmera Trading & Impex Pvt Ltd was established in the year 1990 by
Mr. Jasmin K. Ajmera as part of the Ajmera Group which was
initially in the business of spices and dry fruits and later
diversified into the areas of construction, hospitality,
pharmaceuticals and financial services. ATIPL is engaged in
trading of APIs/bulk drugs, vitamins and steroids in the domestic
market. The company initially operated as a commission agent for
other distributors and since FY09 it started its independent
trading operations. Ibuprofen is its major product of the company
The company has its own storage facility at Bhiwandi, Maharashtra.
During FY10, ATIPL reported total operating income and PAT of
INR21.16 crore and INR0.50 crore respectively.

ICRA has assigned the long term rating of '[ICRA] BB+' to INR12.00
crore fund-based limits and the INR83.00 crore non-fund based bank
limits of BSR Infratech India Limited.  ICRA has also assigned
'stable' outlook to the long-term rating.

The rating reflects BSR's moderate working capital intensity of
operations which coupled with low capital expenditure has resulted
in moderate gearing and healthy debt coverage indicators.  The
rating also takes into account healthy order book of INR428 crore;
3.15 times of the operating income in FY2011which provides revenue
visibility for the medium term.  The rating also factors in
considerable improvement in profitability margins in FY2011 on
account of execution of projects as the main contractor.

The rating is however constrained by the intensely competitive
nature of the construction industry and the company's moderate
scale of operations which limits its ability to execute large
projects as the main contractor. The rating also takes into
account high geographic and customer concentration risk as the
operations are mainly concentrated in Karnataka and Andhra Pradesh
and despite new client acquisitions in the last two years top two
clients constituted about 50% of the revenue in FY2011. Moreover,
the clientele consist of public and semi - government entities
which result in high receivables.

BSR Infratech India Limited was initially set up as a partnership
firm in 2006 under the name of B Srinivasa Rao and later on
converted to a limited company in 2008. Since inception the
company has executed projects for the government sector in civil
construction in the state of Karnataka and Andhra Pradesh. Key
projects in the past have been in construction of healthcare
centres and hospitals and government colleges and training
centres. As on March 31, 2011 the company had an order book of
INR428 crore spread across projects in construction of residential
buildings, education infrastructure like colleges and hostels,
healthcare infrastructure like hospitals and healthcare centres
and commercial office buildings.

Recent results

In 2009-10, the company reported an operating income of INR113.0
crore while a profit after tax (PAT) of INR4.3 crore. As per the
provisional results for 2010-11, the company reported an operating
income of INR135.9 crore and PAT of INR6.2 crore.

CORNER POINT: CARE Rates INR13.3cr Long-Term Loan at 'CARE BB'
CARE assigns 'CARE BB' rating to the bank facilities of
Corner Point Infrastructure Pvt. Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     13.30        'CARE BB' Assigned

Rating Rationale

The rating is primarily constrained by the small size of
operations of Corner Point Infrastructure Pvt. Ltd. with low
capitalization, limited track record in developing high-end
residential real estate projects, geographical concentration of
projects and presence of many residential projects in the vicinity
of the project site which could impact the future realizations.
The rating take cognizance from the rich experience of promoter
and benefit of professional team associated with the on-going
projects.  Successful completion of the on-going real estate
projects with timely sale of residential units at envisaged price
and impact of significant debt-funded project if any, on CPIPL's
financial profile are the key rating sensitivities.

CPIPL, incorporated in 2007, is promoted by Mr. Mehul D. Pandya
who had more than 15 years of experience in the construction
industry. CPIPL is a part of the Corner Point Group which includes
three group concerns namely Corner Point Developers (CPD;
established in 2001), Benison Developers (BD; established in 2006)
and Aakar Enterprise.  All the firms are closely held by Mr.
Mehul. D. Pandya & Mrs. Dimple M. Pandya. CPD and BD are engaged
in real estate development whereas Aakar Enterprise is engaged in
trading activities. The Corner Point group has track record of
executing diverse building and infrastructure projects for a wide
range of clients from various sectors such as Banks, Government
sector units such as Defense, Army, Central Excise & Customs
and Universities. However, present operations are geographically
concentrated at Vadodara.

In the past, CPIPL has executed a project named Synergy Square -
commercial complex having area of one lakh sq ft at Gorwa,
Vadodara and is currently developing two projects namely Utopian
Corner (residential) and Corner Heights (commercial) at Vadodara
having a project cost of INR41.98 crore and INR34.44 crore
respectively. CPIPL has incurred INR21.07 crore for Utopian
Project as on Mach 15, 2011 and Corner Height project is in
initial phases.

DEEPA PANELS: ICRA Cuts Rating on INR4.27cr Loan to '[ICRA]B'
ICRA has revised the rating outstanding on the INR4.27 crore term
loan facilities and INR12.50 crore of fund based facilities of
Deepa Panels Private Limited from 'LBB-' to '[ICRA]B'.  ICRA has
reaffirmed '[ICRA]A4' rating assigned to INR6.50 crore of non fund
based bank facilities of the company.

The rating revision takes into the impact of the recent fire
accident in the company's factory, leading to an inventory loss of
INR10.0 crore and a fixed asset loss of INR1.5-2.0 crore.  The
fire accident also resulted in two fatalities which included one
of the promoters and an employee. The company expects a full
recovery of the resulting losses from the insurance company.
Although commercial activity resumed soon after the accident, the
company has scaled down the revenue target for 2011-12 owing to
this accident. The company has also restructured all its bank
liabilities to provide for a long moratorium, and the ratings also
factor in the sharp decline in DPPL's margins during 2010-11,
partly due to an increase in input costs.

Deepa Panels Private Limited (DPPL) a closely held company
incorporated in 1992 as a partnership firm and was subsequently
converted into a private limited company in 2000. Located in
Chennai (Tamil Nadu), DPPL was initially engaged in modular
furniture manufacturing and later shifted its focus to hammocks.
The company is presently engaged in the manufacturing of rope
hammocks, quilted hammocks, fabric hammocks and stands which are
entirely exported; majorly to United States of America (USA).

Recent Results (Unaudited)

During the year ended March 31, 2011, DPPL reported a net profit
of INR0.03 crore on operating income of INR20.8 crore
(provisional) as against a reported net profit of INR2.5 crore on
operating income of INR22.6 crore during 2009-10.

DWARKA GEMS: CARE Rates INR5cr Long-Term Bank Loan at 'CARE B'
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Dwarka Gems Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      5.00        'CARE B' Assigned
   Long-term/Short-term Bank      10.25       'CARE B'/'CARE A4'
                  Facilities                   Assigned

Rating Rationale

The ratings are constrained primarily due to the modest scale of
operations of Dwarka Gems Ltd., susceptibility of the
profitability margins to the gold price fluctuations, low cash
accruals, below-average debt coverage indicators and stressed
liquidity position marked by the elongated working capital cycle
and low liquidity indicators. The ratings are further constrained
by the weak governance practices followed by the company, in terms
of non-provisioning for bad debts and improper maintenance of the
fixed assets register. The ratings, however, factor in the
promoters' experience in the Gems & Jewellery business and
moderate gearing levels.  The ability of DGL to enhance its scale
of operations, improve its profitability in the light of price
fluctuation risk associated with the precious metals and
improvement in the governance practices are the key rating

DGL is the flagship company of the Dwarka Group which was promoted
by Mr. Krishna B. Goyal and Mr. Ashok Goyal as a private limited
company in 1992 and was converted into public limited company
in 1996. DGL has a track record of almost two decades and is
engaged in the manufacturing, wholesaling and retailing of plain
gold and diamond-studded jewellery and gold coins. DGL has two
retail showrooms one in Chandigarh and another in Jaipur. Further,
DGL is also involved in the export of jewellery mainly through its
two subsidiaries namely Dwarka Gems Inc (New York) and Dwarka
Gems (Europe) Ltd. (London).

CARE assigns 'CARE BB+' rating to the bank facilities of Frontier
Lifeline Pvt Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     90.00        'CARE BB+' Assigned

Rating Rationale

The rating factors in the risks associated with FLPL's ongoing
project i.e., 'Frontier Mediville' being largely a debt funded and
sizeable investment commitment in relation to the company's
networth.  The rating also takes note of the procedural delays in
getting certain approvals for the project which had consequently
led to a time over-run in the implementation.  However, the rating
takes into account the promoter's experience and reputation in the
field of cardiac care, established operations of its hospital and
cardio vascular centre, steady growth in the income and
profitability and comprehensive in-house research capabilities.
Ability of FLPL to ensure timely completion of the ongoing project
within the estimated cost, fructification of the in-house research
activities and FLPL's ability to acquire new clients for the
proposed Contract Research Organisation (CRO) activities will be
the key to the company's financial prospects. Besides, the
company's ability to generate sufficient cash flows to avoid the
risk of debt leveraged expansion from affecting its financial
position and any new further debt funded capex will be the key
rating sensitivities.

Frontier Lifeline Pvt. Ltd. was promoted in 2003 by Padmashree Dr
K.M. Cherian, a renowned surgeon with over 44 years of experience
in the field of cardio surgery.  FLPL primarily owns and operates
a 102-bed superspeciality cardiac care hospital (commenced
operations in 2004) by the name of 'Frontier Lifeline Hospital'
(FLH) situated in Chennai. In addition, FLPL operates a
50 bed cardio-vascular centre in the St. Gregorious Charity
Hospital at Parumala, Kerala.

MAHAVIR ASHOK: ICRA Reaffirms [ICRA]BB+ Rating on INR7.5cr Loan
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR7.50 crore fund based bank limits of Mahavir Ashok Enterprises
Private Limited. The outlook on the long term rating is stable.

The rating reaffirmation takes into account the longstanding
experience of the promoters in retail jewellery business, the
established business relationship it shares with various local
jewellery suppliers and the company's moderate capital structure
and coverage indicators. The rating is however constrained by
MAEPL's geographically clustered customer base with operational
presence in a single city and limited scale of operations, its
presence in a fragmented industry characterized by competitive
pressures, excessive dependence on gold bullion suppliers for its
bullion trading activities resulting in supplier concentration
risk and working capital intensive nature of operations due to the
need to stock inventory which is typical in a retail set-up. ICRA
also takes note of the decline in the turnover in 2010-11 due to
decreased bullion trading activities on account of supplies

                        About Mahavir Ashok

M/s Mahavir Ashok Enterprises Pvt. Ltd. (formerly known as M.
Dhariwal Complex Pvt. Ltd.) is a family run private limited
company. The company is involved in trading of gold jewellery,
gold bullion, diamond studded gold jewellery and watches. The
company is also into lodging and boarding business since 2005. The
company carries out its jewellery, lodging and boarding business
from its three storied building complex in Raipur comprising
retail showroom of 6456 sq. ft. area. It has a registered office
at Raipur, Chattisgarh.

Recent results:

MAEPL recorded a profit after tax (PAT) of INR0.57 crore on an
operating income of INR30.55 crore as per the provisional figures
for the year ending March 31, 2011 and a profit after tax (PAT) of
INR0.39 crore on an operating income of INR39.62 crore for the
year ending March 31, 2010.

RANA STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR20.8cr Loan
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR20.80 crores fund based bank facilities of Rana Steels India
Limited.  ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR0.75 crores non-fund based facilities of
RSIL.  The long term rating carries a Stable Outlook.

The reaffirmation of rating continues to reflect the promoters'
long experience in the business of manufacturing mild steel (or
M.S.) based angles, channels, flats, bars and ingots, the
company's established position in these products in Northern India
and its wide-spread distribution network. ICRA has also taken note
of the favorable demand scenario for products given the large
planned expenditure on infrastructure and construction sectors in
the country. These factors have resulted in a consistent growth in
the operating income in the past, which is likely to be sustained
going forward.

However, the rating is constrained by RSIL's relatively modest
scale of operations, which results in moderate economies of scale
and low bargaining power vis--vis suppliers and customers, and
the intensely competitive nature of the industry in which it is
operating. These factors have resulted in relatively thin margins,
which are also exposed to risks of fluctuations in raw material
prices. Going forward, the company's ability to maintain adequate
margins in an intensely competitive industry and manage its
working capital cycle effectively will remain the key rating

Recent results:

As per the provisional results, RSIL reported a net profit of
INR0.80 crore on an operating income of INR80.34 crore for the
year ended March 31, 2011 and a net profit of INR0.56 crore on an
operating income of INR75.75 crore for the year ended March 31,

RSIL is a closely held company that was incorporated in 1992 by Mr
Zakir Rana. It is part of Rana Group of companies and is engaged
in the manufacture of mild steel or M.S. angle, channel, flats,
bars and ingots. The company operates its unit in Muzaffarnagar
district in UP. The key raw materials are M.S. scrap which is
procured from local players and sponge iron procured from several
players located in Orissa, Bihar and Jharkhand. The company sells
its product in Delhi, Rajasthan, Haryana and UP through its wide
spread agents' network.

RDR EXPORTS: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
ICRA has assigned '[ICRA]BB' rating to INR22.00 crore fund based
facilities of RDR Exports.  The outlook on the long-term rating is

The assigned rating is constrained by the highly fragmented nature
of the Indian shrimp processing industry with low entry barriers,
significant competition in the export market from other competing
countries, threat from other sea food varieties, vulnerability to
the outbreak of any disease and low value addition to products.
The rating also considers the possible increase in antidumping
duties by importing countries, and withdrawal of various export
incentives extended by the GoI together with volatility in foreign
currency exchange rates.

RDR has a moderate scale of operations in a highly fragmented
Indian shrimp processing industry. The competition is further
enhanced by the presence of other varieties of seafood products
and shrimp exporters in Bangladesh, Vietnam, Indonesia and
Thailand. The industry is also vulnerable to any disease outbreak
in these varieties of shrimps. While there have not been any such
major outbreaks in India since 1996, the risk remains. The margins
in the business are also sensitive to various factors such as
anti-dumping measures by importing countries (for example, the
United States of America imposed an anti-dumping duty as high as
10.3% in FY 08, which was subsequently reduced to 2.67% in FY 10),
GoI initiatives such as Duty Entitlement Pass Book (DEPB) schemes,
and the Vishesh Krishi and Gram Udyog Yojana (VKGUY) scheme on
export sales. The contribution of such policies to the overall
profitability of the company is significant and was at around 6.4%
to revenue in FY 11.

The rating however favorably factors in the significant experience
of the promoters in seafood exports with established relationship
with customers resulting in repeat orders and the improving demand
outlook for shrimp exports particularly from US and European

RDR Exports is a partnership firm established in 2008 and owned by
Mr. R. David Raju and Mrs. K.Papamma.  The processed shrimps are
sold in domestic as well as in the International markets. The
major exports are to US and European nations. Exports contribute
to 52% of the total sales. Black Tiger, Sea Tiger and Sea Pink are
the different varieties of shrimp processed. RDR manufactures
different types of shrimps like Head On, Head Less Shellon, Peeled
& De-veined and Peeled & Unde-veined. "MISPA" and "BLESS" are the
major brands through which it sells its products in the
international markets.

SHIVAM METAL: ICRA Rates INR3.3cr Term Loan at '[ICRA]BB-'
ICRA has assigned an '[ICRA]BB-' rating to the INR5.00 crores cash
credit facility and INR3.30 crore term loan of Shivam Metal
Industries Private Limited. The outlook for the rating is stable.

The assigned ratings are constrained by the limited track record
of the company; modest scale of its operations; vulnerability of
company's margins to fluctuation in aluminium prices as well as to
fluctuation in foreign exchange rates and sensitivity to any
change in import duty on import of aluminium scrap. The ratings
also take into account the customer concentration risk as the
company derives nearly two-third of its revenues from its top five
customers. The ratings are further constrained by the company's
weak financial profile reflected by low profitability and return
indicators as well as high gearing levels.

However, the ratings favorably take into account the extensive
experience of one of the promoters in aluminium extrusion
industry; strong and stable customer base of the company developed
over the years and the company's expertise in developing special
dies for manufacturing aluminium profiles of special designs which
are not readily available in the market.

                            About Shivam

Shivam Metal Industries Private Limited, incorporated in 2008, is
involved in manufacturing of aluminium profiles with its plant
located in Vadodara, Gujarat with a capacity of 3000 MTPA. The
company is closely held by the promoters, Mr. Rajendra K.
Agarwala, Mr. Arun K. Agarwala and Mr. Sharad Mogale. Recent
Results For FY11, the company reported operating income of
INR27.82 crores and profit after tax of INR0.21 crores
(provisional numbers).

SHIVAM INDIA: CARE Assigns 'CARE BB-' Rating to INR60cr LT Loan
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Shivam India Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      60.00       CARE BB- Assigned
   Short-term Bank Facilities     19.40       CARE A4 Assigned

Rating Rationale

The above ratings factor in closely held nature of Shivam India
Ltd. (SIL), high level of corporate guarantee in favor of a group
company and low debt protection metrics. The ratings are further
constrained by low capacity utilization over the last few years,
low profitability, high average collection period, volatility in
the prices of raw material & finished goods and cyclicality of the
steel industry along with high degree of competition. The ratings,
however, also consider moderate track record of operations,
strategic location of the plant, availability of backward
integration (though partially) for sponge iron through a group
company and satisfactory leverage ratios. Ability of the
company to increase capacity utilization, improve its
profitability and maintain the prevailing capital structure are
the key rating sensitivities.

Shivam India Ltd., incorporated in December 1999, is engaged in
manufacturing of billets and TMT bars at its plant at Angadpur,
Durgapur, West Bengal with installed capacities of 1,08,000 MT per
annum (mtpa) & 1,00,000 mtpa respectively. Besides, the company is
also engaged in trading of iron & steel related products. The
company was promoted by Shri Piyush Pandey along with his brother
Shri Pankaj Pandey, both being first generation entrepreneurs.

On a total income of INR275.1 crore (FY09 - INR293.9 crore), SIL
earned a PAT of INR6.6 crore (FY09 - INR3.2 crore) in FY10. The
provisional FY11 results of the company were satisfactory.

SHRI GOVINDARAJA: ICRA Reaffirms 'C' Rating on INR59.97cr Loan
ICRA has reaffirmed the '[ICRA]C' rating outstanding on INR59.97
crore term loans and INR26.0 crore fund based facilities of Shri
Govindaraja Mills Limited.  ICRA has revised the 'A5' rating
outstanding on INR12.0 crore fund based facilities and INR12.25
crore non fund based facilities of SGML to [ICRA]A4.

The ratings take into account the significant experience of the
promoters in the spinning industry, benefits from economies of
scale in cotton procurement as part of the larger 'Sri Jayavilas
Group" and presence in finer count/value added yarn segment
ensuring better margins. ICRA also takes note of SGML's
diversified customer base with high exposure to domestic market,
which has relatively robust demand compared to export markets.

However, the ratings are constrained by the adverse financial risk
profile of the Company characterized by high gearing and stretched
coverage indicators, high fuel expense due to power shortage in
Tamil Nadu and fragmented nature of industry which limits pricing
flexibility. ICRA takes note of major term loan repayments falling
due in 2011-12 as well as the recent developments in spinning
industry with steep decline in yarn realizations, which coupled
with high cost raw material inventory procured by SGML in 2010-11
might adversely impact the margins and liquidity in near term.

Company Profile SGML, incorporated in 1980, is primarily engaged
in the manufacture of cotton yarn. The Company has an installed
capacity of 105,264 spindles and 1,920 rotors (as on March 31,
2010) across its two spinning units at Aruppukottai (near Madurai
in Tamil Nadu). The Company also has a small presence in fabric
weaving (at around 4% of revenues), with an installed capacity of
15 looms. SGML has wind turbine generators (with installed
capacity of 4.65 MW) in Tamil Nadu, to help control power costs to
some extent.

SGML produces 100% grey cotton yarn ranging from 2s to 160s counts
with over 60% of yarn revenues (in 2009-10) derived from the fine/
superfine count (60s and above counts) category. The Company also
has a good presence in the value-added domain through products
such as gassed, high-twisted and compact spun yarn. Around 20% of
the Company's yarn business is presently derived from export
revenues, primarily to Korea.

SGML is part of the Sri Jayavilas Group (founded by Late Mr. Sathu
T. Ramasamy Naicker), based in Aruppukottai, which has a presence
across yarn spinning as well as passenger and cargo
transportation. SGML is set up under the Shri Govindaraja Group,
which was established by Mr. T.R. Varadarajan (son of Late Mr.
Sathu T. Ramasamy Naicker) and is managed by his son Mr. T.R.V.
Ram Kumar at present.  The Shri Govindaraja Group comprises five
other entities besides SGML, all of which are engaged in yarn
spinning (cotton/ polyester/ viscose). SGML is closely held by the
group's promoters/ promoters' family.

ICRA has assigned '[ICRA]BB' rating to INR61.53 crore fund based
and INR0.32 crore bank guarantee facilities of Shrinath Rotopack
Private Limited.  ICRA has also assigned an '[ICRA]A4' rating to
INR5.98 crore letter of credit facilities of SRPL.  The outlook on
the long-term rating is Stable.

The ratings are constrained by the modest scale of operations of
SRPL and weak financial profile characterized by highly leveraged
capital structure with a gearing of 2.43 times as on 31st March,
2011 and moderate coverage indicators with OPBITDA/Interest of
3.69 times and Total Debt/OPBIDTA of 2.71 times in FY 11. ICRA
notes that the company's profitability is exposed to cyclicality
and movements in polymer prices. However, the monthly revision of
prices by the reputed customers mitigates the risk to some extent.

The rating however favorably factors in SRPL's recent backward
integration into film manufacturing by setting up multi layer
extrusion units leading to better quality control and the long
standing experience of the promoters in the flexible packaging
business resulting in established relationships with reputed
customers like ITC Limited, Tata Tea, Crane Betel, Ushodaya Group
and Ballarpur Industries.

Shrinath Rotopack Private Ltd. was incorporated in the year 2008
and is in the production of plain and printed laminated materials.
It was promoted by Mr. Jawaharlal Rathi. The company has two
manufacturing units in Hyderabad with a combined annual capacity
of 9,600 MT (Unit I at Mankhal - 5400MTPA and Unit II at Kattedan
- 4200 MTPA). Both the units are ISO: 9001-2000 certified. By the
end of FY 11, the company will attain a capacity of 21000 MTPA.
SRPL also has a multilayer film plant (in unit I) with an annual
capacity of 5040 MT as part of backward integration. SRPL's
products include BOPP(Bi-axially oriented Poly Propylene), PET
(Polyethylene Terephthalate), Poly/Paper/Aluminium Foil which find
applications across a wide range of industries like FMCG, F&B,
Agriculture, Paper and Chemicals.

SPUTNIK ELECTRICALS: ICRA Assigns 'LB+' Rating to INR7cr Loan
ICRA has assigned the long-term rating of 'LB+' to the INR7.00
crore fund based limits of Sputnik Electricals & Engineering Co.

ICRA rating is constrained by weak financial profile of the firm
characterized by low profitability which is inherent to trading
business. Further, capital structure of the firm is highly
leveraged due to low accruals and high working capital borrowings.
Low operating profits and high interest charges have resulted in
weak coverage ratios for the firm. Also, the firm has high
geographical concentration with more than 85% of the sales coming
from the Hyderabad region. Customer portfolio of the firm is
moderately diversified with the top 5 customers accounting for ---
-17% of the sales in FY 2011. The over the counter sales through
the retail store also contribute to a major portion of the sales.
The firm operates in a highly competitive business scenario with
low entry barriers which exposes the firm to pricing pressures.
The ability to manage the volatility inherent in product prices is
important, as sudden fall in prices can result in inventory
losses. The ratings however favorably factor long experience of
the promoter in the business of trading in electrical items,
established relationship with key suppliers and customers.

Incorporated in 1982, as a partnership firm, Sputnik Electricals &
Engineering is engaged in trading of electrical products. The firm
is wholly owned by Mr. Pritpal Singh Gandhi, who is the managing
partner and Mrs. Harpreet Kaur Gandhi. The firm is an authorized
distributor for major electrical component manufacturers such as
Finolex, FInecab, Anchor and Havells among others.

Recent Results

During the financial year ending March 2011, the firm recorded net
profit of INR0.31 crores on turnover of INR37.00 crores
(provisional, unaudited financial numbers) as against net profit
of INR0.2 crores on turnover of INR31.05 crores during FY 2009-10.

SRI VENKATA: ICRA Raises Rating on INR16cr Loan to '[ICRA]BB'
ICRA has upgraded the long term rating for the fund based and non-
fund based limits of Sri Venkata Sai Educational Society from
'LB+' to '[ICRA]BB'.  The revised rating pertains to the INR16.00
crore fund based limits (reduced from INR22.86 crore) and the
INR8.50 crore non fund based limits (reduced from INR9.35 crore)
of SVS and carry a stable outlook .

The rating upgrade takes into account timely servicing of debt
repayment obligations by SVS. The rating continues to derive
comfort from established presence of medical college and hospital,
healthy occupancy levels in its colleges and the inherent
predictability of revenues associated with educational
institutions.  However, the rating continues to be constrained by
pressure on the liquidity position of the society because of the
on-going expansion project and delay in reimbursements from state
government. The rating is also constrained by the challenges
involved in attracting high quality students and faculty by
private educational institutions, the continuous need to incur
capital expenditure to maintain infrastructural facilities as well
as add new courses/seats and the regulatory challenges involved in
the educational sector in India.

Going forward, ICRA expects the fee income to increase on account
of proposed seat additions in MBBS, PG medicine, BDS and MDS

Sri Venkata Sai Educational Society was registered under the
Societies Act in Nov. 25, 1997, and started operations in 1999
with the setting up of SVS Medical College in Mahaboobnagar near
Hyderabad. SVSES currently operates a Medical College, Dental
College, College of Nursing, and offers M.Sc. courses and PG
studies in medical sciences in the state of Andhra Pradesh.

Recent Results

For FY 2011 (Provisional, unaudited), the company reported a
surplus (PAT) of INR3.4 crore on the back of OI of INR30.1 crore
as against a surplus of INR2.7 crore on OI of INR27.6 crore in
FY 2010.

SUNLAND ALLOYS: ICRA Reaffirms '[ICRA]BB+' on INR35cr LT Loan
ICRA has reaffirmed the long term rating of INR35.00 crore
(earlier INR25.00 crore) long-term fund-based bank facilities of
M/s Sunland Alloys at '[ICRA]BB+'.  The outlook on the long term
rating is 'stable'.

The assigned rating takes into account the partners' extensive
experience of over four decades in the non-ferrous metal trading
business and of over a decade in the manufacturing and marketing
of non-ferrous alloys.  The rating also favorably factors in SA's
established relationships with reputed automobile companies,
primarily two wheeler manufacturers, and the component
manufacturers for these automobile companies on account of the
superior quality of products which strengthens its market
position; and strong relationships with foreign suppliers which
ensures steady supply of raw materials without the need of opening
letters of credit.

The rating also takes into account the favorable long term demand
outlook for the automobile industry in India, which is likely to
increase the demand of SA's products. The rating is, however,
constrained by the risks associated with the status as a
partnership firm including the risk of withdrawals of capital by
the partners; and the firm's limited operating profitability on
account of the low value adding nature of the firm's businesses.

The rating is also constrained by the estimated high gearing and
weak coverage indicators of the firm in 2010-11, indicating a weak
financial profile; the firm's exposure to the cyclicality inherent
in the non-ferrous metal industry which is likely to keep its cash
flows volatile; and the high customer concentration risks it
faces, as the top five customers contributed to over 80% of
manufacturing sales in 2010-11. ICRA also notes SA's significant
exposure to foreign exchange fluctuation risks in the absence of a
formal hedging mechanism, since most of the raw material
requirement in met through imports.

Incorporated in 2003, Sunland Alloys is a partnership firm that is
managed by four partners -- Mr. Sanjeev Kumar Agrawal, Master.
Anish Agrawal, Mr. Praveen Kumar Ranka and Mr. Abhishek Kumar
Kachhara. SA is engaged in the manufacture of aluminium alloy
ingots and has a capacity of 21,600 MTPA.  The firm operates from
Karajgam in Dadra & Nagar Haveli.  The firm's customers mainly
include well-established companies who manufacture components for
the automobile industry, primarily the two wheeler manufacturers.

TVS INTERCONNECT: ICRA Reaffirms '[ICRA]BB' Rating on INR54cr Loan
ICRA has reaffirmed '[ICRA]BB' rating assigned to INR54 crore fund
based limits and INR40 crore non-fund based limits of TVS
Interconnect Systems Limited.  The outlook on the long term rating
is stable.

The assigned rating continues to remain constrained by poor
performance of various business units of TVSICS and the weak
financial profile of the company characterized by losses, negative
networth and poor debt servicing indicators. While reaffirming the
rating, ICRA has also taken note of TVSICS' significant repayment
obligation in the near to medium term and its exposure to foreign
currency fluctuation risk on account of its significant imports.
The assigned rating however, continues to draw comfort from
support derived by TVSICS from its parent, TV Sundram Iyengar &
Sons Ltd (TVS Sons), and its professional and experienced
management team. Going forward, the company's ability to raise
equity funding from the private equity sources or from the parent
as planned, would remain critical for its future growth and debt
repayment capabilities.

TVSICS, established in the year 1999, is a wholly owned subsidiary
of TV Sundram Iyengar & Sons Ltd. Starting as a supplier of
networking and telecom components, TVSICS diversified into
networking and telecommunications services in the year 2003. The
company is currently organized into three divisions namely, RF
Components Division - mainly involved in supplying of telecom
infrastructure components, Managed Services Division - engaged in
providing turnkey and O&M services to passive telecom
infrastructure players and telecom operators, and Networking
Solutions Division - engaged in providing system integration
services. During the eighteen months ending March 2011 the company
incurred net loss of INR70 crore on an operating income of
INR131 crore.

ZAMZAM EXPORTS: CARE Rates INR5.25cr Long-Term Loan at 'CARE BB-'
CARE assigns 'CARE BB-' rating to the bank facilities of Zamzam
Exports Limited.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      5.25        'CARE BB-' Assigned

Key Rating Considerations

Rating Strengths

   -- Vast promoter experience in the business management but
      limited track record in the psyllium extraction business.

   -- Established operations, presence in cluster with proximity
      to the raw material and utilities.

Rating Weaknesses

   -- Weak financial profile with fluctuating income and very long
      inventory holding period.

   -- Agricultural based input along with the presence in the
      highly fragmented industry.

Key Rating Sensitivity

   -- Improvement in capacity utilization leading to increase in
      the scale of operations.

   -- Improvement in operating cycle with better control over
      inventory levels.

                        About ZamZam Exports

ZamZam Exports Limits was originally incorporated in 1982 as a
closely held public limited company. Subsequently it was taken
over by Urvesh Psyllium Industries (UPI). Initially, UPI did not
carry out any operations in the company and used it as warehouse
only. Later on in 2004, ZZEL was taken over from UPI by the
Mehsana (Gujarat) based Apollo Group which is mainly engaged in
the road construction business.

The current chairman/managing Director of ZZEL is Mr Anil T. Patel
who has wide experience in the road construction business.
Post acquisition by Apollo group, ZZEL started commercial
production in FY05. ZZEL is engaged into the extraction of
psyllium husk with an installed capacity of 13,500 metric tonnes
per annum (mtpa). Psyllium husk is the covering of seeds grown on
the plant and is used as a natural laxative in the pharmaceutical
industry. Psyllium seed is the basic raw material and is mainly
procured from Rajasthan, Madhya Pradesh and Gujarat during the
months of November-December.


BERAU CAPITAL: Moody's Assigns 'B1' Rating; Outlook Stable
Moody's Investors Service has assigned a 'B1' corporate family
rating to Berau Coal Energy Tbk.

At the same time, Moody's has withdrawn the B1 corporate family
rating of Berau Coal PT, a 90% owned subsidiary and major
operating entity of BCE.

Moody's believes that since BCE is the listed holding company, its
corporate family rating better reflects the group's consolidated
credit profile than that of Berau Coal. Moody's has therefore
withdrawn Berau Coal rating for business reason.

Moody's has also affirmed the B1 senior secured bond rating on the
USD450 million, five-year notes issued by Berau Capital Resources
Pte Ltd, which is wholly owned by BCE. The notes are guaranteed by
BCE and its subsidiaries, including Berau Coal.

The ratings outlook is stable.

Ratings Rationale

"BCE's rating reflects the majority ownership of Berau Coal, one
of the world's lowest-cost producers and exporters of coal," says
Simon Wong, a Moody's Vice President and Senior Analyst, adding,
"Berau Coal has a track record of consistent production growth and
its customer base consists of large utilities with excellent
payment records."

"Moody's expects BCE to gradually reduce leverage over the medium
term despite its expansionary capex plans. Nevertheless, Moody's
would like to see a period of stability in ownership and greater
clarity in strategic direction," adds Wong, who is also the Lead
Analyst for BCE.

In April, Bumi Plc completed its acquisition of a 75% stake in BCE
from PT Recapital Advisors and was required under the Indonesian
stock exchange rules to make a mandatory cash offer for BCE's
shares. Bumi Plc increased its stake in BCE to 84.7% after the
expiry of the cash offer in June 2011.

Despite the low level of public float, BCE is expected to maintain
its listing status.

Moody's is cognizant that BCE will be subjected to increasingly
stringent corporate governance standards, particularly after the
premium listing of its parent Bumi Plc on the London Stock
Exchange in June 2011.

However, Bumi Plc, which also holds a 25% stake in another
Indonesian coal mining company -- Bumi Resources (Ba3/stable) --
has a rather short operating history in its current form. Its
future operations and financial strategy for the group could have
a material impact on BCE's capital structure.

The ratings also consider BCE's lack of diversification -- given
its single concession and single product -- and its exposure to
commodity cycles, as well as the uncertainty in the regulatory
environment. It also faces a high level of concentration risk, as
its top ten customers account for approximately 74% of revenue.

The stable outlook reflects Moody's expectations that BCE will
successfully implement its business plan and maintain its
competitiveness in the near to medium term.

Upward rating pressure may emerge if BCE expands its production
capacity as planned, while maintaining the current prudent
financial profile. Moody's would also like to see a track record
of stability in BCE's financial profile and clarity in its
strategic direction under the new ownership.

Downward pressure on the rating could emerge if industry
fundamentals deteriorate, leading to a decline in free cash flow
that would constrain BCE's ability to make scheduled debt payments
at the holding company level. Some of the indicators Moody's would
consider are adjusted consolidated debt/EBITDA rising above 4.0x
or adjusted consolidated EBIT/interest expense falling below 2.5x.

Other negative rating triggers include: 1) A material change in
Bumi Plc's financial policy, resulting in a deterioration in BCE's
capital structure, 2) Any adverse decision regarding its ability
to offset VAT payments, 3) Any change in laws and regulations,
particularly with regard to the mining concessions, which would
adversely affect the business.

The principal methodology used in rating BCE was Moody's Global
Mining Industry, published in May 2009.

Berau Coal is Indonesia's fifth-largest producer and exporter of
thermal coal. It operates three active mines (Lati, Sambarata and
Binungan) at a single site in East Kalimantan. It had estimated
resources of 1.4 billion tons, and probable and proven reserves
estimated at 346 million tons.

BCE is 84.7% owned by Bumi Plc, which is in turn 54.6% owned by
Bakrie & Brothers. Bakrie & Brothers has pledged a majority of its
stake in Bumi Plc as collateral to a loan that it has undertaken.

PT Recapital Advisors -- through Mutiara -- owns (i) 4.3% of BCE's
issued share capital, and (ii) 20.4% of Bumi Plc's voting share
capital as well as 13.2% of Bumi Plc's issued share capital.
Mutiara received USD739 million in cash for the transaction with
Bumi Plc and used the cash to pay down a substantial portion of
its debt.


HAYASHIBARA GROUP: Nagase to Acquire Firm for JPY70 Billion
Go Onomitsu at Bloomberg News reports that Nagase & Co. plans to
spend JPY70 billion (US$907 million) to assist the turnaround of
Hayashibara Group, which filed for bankruptcy earlier this year.

Bloomberg News, citing a statement to the Tokyo Stock Exchange on
August 3, relates that Nagase will acquire shares in and make
loans to Hayashibara after three group companies merge as part of

Hayashibara Co. is an Okayama, Japan-based biotechnology firm.
It is a maker of artificial sweetener and drugs.  Hayashibara in
February this year filed for bankruptcy with liabilities of
JPY130 billion.

TOKYO ELECTRIC: Japan's Parliament Passes Compensation Bill
Sachiko Sakamaki and Takashi Hirokawa at Bloomberg News report
that Japan's parliament approved state support of Tokyo Electric
Power Co.'s compensation for victims of the Fukushima nuclear
disaster with a plan that asks shareholders to shoulder some of
the burden.

According to Bloomberg News, the legislation creates a state-
backed entity to pay damages associated with the atomic accident
with "necessary cooperation from shareholders and other interested
parties."  Bloomberg relates that Trade Minister Banri Kaieda told
lawmakers that the government aims to establish the entity as
early as this month and will provide JPY2 trillion for its

Bloomberg notes that while Chief Cabinet Secretary Yukio Edano
said the passage is a "a major step forward from the standpoint of
helping victims," many details remain unclear.  Mr. Kaieda said he
didn't know how much other power providers would have to pay and
Nuclear and Industry Safety Agency spokesman Tatsuji Narita has
said the government isn't providing an estimate on how many people
will be compensated.

"This is certainly a step forward, but the details on the
burden for utilities and the responsibility of TEPCO
shareholders are unclear," Yuji Nishiyama, a Tokyo-based analyst
at Credit Suisse Group AG told Bloomberg in a telephone interview.
"In the end, we won't see the key points until the overall picture
of damages becomes clear."

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


HO HUP CONSTRUCTION: Restraining Order Extended for 90 Days
VTI Vintage Berhad disclosed that the High Court of Malaya at
Kuala Lumpur on July 29, 2011, granted these orders under Section
176 of the Companies Act, 1965 and Order 88 of the Rules of the
High Court 1980:

   a) consequently an order be made restraining all and any
      further action(s) and/or proceeding(s) against Ho Hup
      and/or BJD including but not limited to any winding-up,
      execution, arbitration and/or industrial court proceedings
      for a further period of 90 days from the date of this
      order; and

   b) Ho Hup and BJD be given leave to dispose and/or acquire
      property and/or carry on its activities, which are in
      the ordinary course of business and/or which are necessary
      for the implementation of the Proposed Restructuring Scheme
      and Creditors Scheme of Arrangement.

                   About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties; manufacturing, which
includes manufacturing and distribution of ready-mixed concrete;
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.

VTI VINTAGE: Inks Partnership Deal with Terreal Group
VTI Vintage Berhad said that Vintage Tiles Industries Sdn Bhd, a
wholly owned subsidiary of the Company, on July 20, 2011, entered
into a Memorandum of Understanding with Terreal (M) Sdn Bhd for
the purpose of establishing a partnership to develop, manufacture
and distribute a new brand of concrete roofing tiles.

The Terreal Group is a leader in roofing products (tiles,
insulations, solar systems), with a turnover of EUR360 million,
2,500 employees, and 26 factories worldwide.  In Malaysia, Terreal
is the largest producer and distributor of clay roof tiles, with a
factory in Kluang, Johor.  Terreal is also the leading exporter of
clay roof tiles in Asia, with sales offices in Singapore, Shanghai
and Jakarta.

The collabration between VTI and Terreal will generate consistent
revenue for the Group and to increase market share of the Group's
concrete roofing tiles.

VTI said the MOU is not expected to have any material effects on
the issued and paid up share capital, net assets and earnings of
the Company for the financial year ending Dec. 31, 2011.

"None of the directors, major shareholders of VVB and/or persons
connected to them has any interest, direct or indirect in the
MOU," VTI said.

"The Board of Director of VVB, having taken into consideration all
aspects of the MOU, is of the opinion that the MOU is in the best
interest of VVB Group."

                          About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


XACBANK LLC: Moody's Assigns '(P)Ba3' Rating to EMTN Program
Moody's Investors Service has assigned a provisional (P)Ba3 senior
debt rating to XacBank's Euro Medium-Term Note Program.

The rating outlook is stable.

The rating on the EMTN program is subject to the receipt of final
documentation, the terms and conditions of which should remain
unchanged in any material way from the draft documents Moody's has

Ratings Rationale

The (P)Ba3 is the same as the bank's issuer rating and currently
no subordinated debt rating is assigned to the EMTN program.

Xacbank restated its 2009 financial results after it changed its
auditor from E&Y to PWC to comply with Mongolia's regulatory
guideline to change auditors every three years. At the moment,
Moody's deems the restatement of the bank's 2009 financial
statement is not material enough to trigger rating changes.

The rating does not immediately apply to any other individual
notes issued under the Program. Ratings on individual notes issued
under the program will be subject to Moody's satisfactory review
of the terms and conditions set forth in the final prospectuses,
supplements, or offering memorandums of the notes to be issued.

Moody's does not intend to assign ratings to individual notes
issued under the program with features linked to the performance
of another obligor (credit-linked notes). Nor does it intend to
assign ratings to notes for which payment of principal or interest
is variable and contractually dependent on the occurrence of a
non-credit-linked event or the performance of an index (non-
credit-linked notes).

The only exception will be for notes whose principal and coupon
payments are affected by standard sources of variation (for more
information, please see Moody's Special Comment, "Moody's Update
on Rating Debt Obligations with Variable Promises," June 2009).

Below is a list of the bank's ratings, with a stable outlook:

* D- Bank Financial Strength Rating (BFSR), mapped to Ba3
   baseline credit assessment (BCA)

* Ba3/NP long- and short-term local currency deposit ratings

* B2/NP long- and short-term foreign currency deposit ratings

* Ba3/NP long-term local and foreign currency issuer ratings

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007, and Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

Headquartered in Mongolia, XacBank reported total assets of
MNT468.6 billion (approximately US$372.2 million) as of the end of

N E W  Z E A L A N D

CHOW GROUP: Owners Fight Liquidation Bid Over Unpaid Bill
BusinessDesk reports that Michael and John Chow, owners of Chow
Group Limited, are trying to head off a liquidation bid as they
tussle with engineering firm Clearwater Construction over an
unpaid NZ$837,000 bill.

Chow Group have won the right to an urgent hearing next week in
the High Court in Auckland seeking to overthrow a May decision by
a building disputes adjudicator, according to BusinessDesk.

The ruling, by John Walton, was registered by the Auckland
District Court, and means the Chow Group is currently in default
and faces liquidation proceedings in the High Court in Wellington
on August 16, BusinessDesk relates.

According to BusinessDesk, Auckland High Court Judge Christopher
Toogood agreed to an urgent hearing, saying an "early
determination of the substantive proceedings here may avoid the
need for the parties to spend time and money in other litigation,
and may ultimately save court time."

BusinessDesk notes that the Chows refused to make what would have
been the fifth progress payment for work on Auckland's Palace
Hotel.  The city council, says BusinessDesk, ordered the
demolition of the building in November when it began to collapse
after work began to erect a high-rise brothel opposite SkyCity

BusinessDesk relates that Chow Group escaped prosecution when a
city council report found there wasn't sufficient evidence to find
the specific cause of the building's failure.

Until the Chows either pay Clearwater or get adjudicator
John Walton's order overturned, it can't sell or transfer the
Palace Hotel site, the report relays.

In June, BusinessDesk says, the Chows unsuccessfully tried to get
the High Court to change Mr. Walton's order.  Judge Rodney Hansen
said the case was arguable, but didn't go into enough depth and
couldn't be accepted.

In the June hearing, BusinessDesk adds, the Chows also tried to
block Clearwater from pursuing legal proceedings by unsuccessfully
claiming the engineering company was insolvent.

Chow Group Limited -- is an
investment property group based in both Wellington and Auckland,
New Zealand.

DEVELOP SPOTBURN: Cardrona Valley Companies in Receivership
John Edens at The Southland Times reports that companies run by
debt-struck Cardrona Valley developers, Jonathan and Bronwyn
Denize, have gone into receivership and liquidation.

In June, the Court of Appeal ordered Develop Spotburn to pay
almost NZ$250,000 to a stock management firm, according to The
Southland Times.  The report relates that Justices O'Regan,
Glazebrook, and Stevens also declined suppression orders after
appeals were lodged by the Denizes.

The Southland Times that the developers appealed against High
Court proceedings ordering debt repayment to Stockco, a Hastings-
based agribusiness finance company.

The report discloses that Develop Spotburn went into receivership
with PricewaterhouseCoopers on July 11.  A related company, JP and
BM Holdings, also went into receivership on the same date, The
Southland Times notes.  The report relates that a third company
directed by Bronwyn Denize, Spotburn Farms, went into liquidation
after an application by Stockco in the Auckland High Court on
July 8.

Liquidator Chris Horton of Chris Horton Associates in Auckland
was appointed to the company.

The Southland Times says that court documents reveal the Denizes
resisted paying Stockco and engaged in protracted litigation to
avoid being forced to pay.  The report notes that the Denizes
appealed against aspects of High Court decisions in February and
March ordering repayment to Stockco.

But stock was never purchased, the advance was not repaid and
Spotburn failed to make repayment on demand, court documents said,
the report relays.

A proposed NZ$7 million property sale of part of the high country
station near Wanaka was cancelled, The Southland Times says.

The Southland Times adds that the Denizes argued that publication
of the couple's names could harm a property development business
but the court ruled it was improper to be asked to conceal
publicly available information.

REDGROUP RETAIL: New Zealand Creditors Accept 3c Payout
------------------------------------------------------- reports that RedGroup Retail's New Zealand
creditors have accepted a deal which gives them about 3 cents in
the dollar.

Despite a challenge from insolvency specialist Damien Grant at a
watershed meeting Thursday, relates, creditors
voted 47 to nine in favor of executing a Deed of Company
Arrangement proposed by REDGroup's directors.

According to, Mr. Grant argued that PEP's
$153 million secured debt with REDGroup, which ranked before
unsecured creditors' claims to around NZ$20 million, could be
challenged in court under the assumption that the loan was not
"fair and equitable".

The DOCA, says, would need to be rejected and
REDGroup would need to be liquidated for that challenge process to

However, creditors decided to accept PEP's deal, which sees the
company contribute $3.14 million to the creditors' fund, for
distribution among New Zealand companies owed money, adds.

                       About REDgroup Retail

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

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.

The REDgroup companies in Administration include:

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


PICNIC CORP: World Gas Mulls Takeover as Srivikon Looks for Funds
Bangkok Post reports that Pimol Srivikorn and his group Ploenchit
Capital must find a new investor in order to pay for the planned
takeover of Picnic Corporation by September 2, otherwise its peer
World Gas is ready to seal a deal.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2011, Bangkok Post said Dr. Pimol and other investors
agreed to take an 85% stake in Picnic Corp. after creditors
approved the company's debt restructuring plan.  Creditors holding
THB7.396 billion in debt, including Krung Thai Bank and United
Overseas Bank (Thai), voted 79.56% to keep the cooking gas
distributor afloat.  Under the plan, creditors will accept a
haircut of more than 75% of their obligations, to THB1.8 billion.
Shareholders will also accept a capital writedown to help clear
losses of THB11 billion.  Creditors will hold 5% of the
restructured company, with former shareholders, who include 10,000
retail investors as well as the founding Lapvisuthisin family,
holding the remaining 10%, Bangkok Post added.

However, the report says, Dr. Pimol is still seeking investors in
Picnic before a court-supervised rehabilitation plan expires on
September 2.

In late July, a small media agency, Three Sixty Five (TSF), said
it would join the deal.  But TSF scrapped the plan and blamed
Picnic for not allowing it to conduct due diligence, further
eroding Picnic's reputation among investors.

According to Bangkok Post, World Gas, another leading distributor,
was once wholly owned by Picnic but was later transferred to Asset
Million, a company set up by Picnic itself before it entered debt
restructuring.  The new major shareholders of World Gas have
expressed interest in taking over Picnic Corp, the report notes.

Bangkok Post relates that an executive at a financial institution
said if World Gas can make the deal it would merge the assets of
Picnic and World Gas and set up a new entity to run the business.

Under the plan, the source said its partner would be required to
invest a total of THB25 billion, with an offer to hold total
shares of 40% in the new company, according to Bangkok Post.

                           About Picnic

Picnic Corporation Public Company Limited is a Thailand-based
company engaged in the distribution of liquefied petroleum gas
(LPG) under the name Picnic Gas.  It also provides installation
services for electrical systems, water supplies and air

Picnic Corp entered into court-supervised restructuring in
December 2009.

Picnic's last reported result was a loss of THB946.3 million for
the first half of 2009.  Its LPG market share has fallen by half
to just 4 to 5% in recent years.

According to Bangkok Post, the company has been the subject of
numerous investigations since 2004.  The SEC accused Picnic and
members of the Lapvisuthisin family of accounting fraud in 2005,
but the case was dismissed in 2007 for lack of evidence.
Regulators filed a new complaint in 2009 against Suriya
Lapvisuthisin, a deputy commerce minister in the Thaksin
government, for colluding to defraud Picnic in the transfer of
holdings in World Gas to another company prior to entering


DOT VN: Delays Filing of Annual Report on Form 10-K
Dot VN, Inc., informed the U.S. Securities and Exchange Commission
that it is unable to file the Form 10-K for the year ending
April 30, 2011, within the prescribed period, because during the
final review of such period's results, it was decided by the
Company and its auditors that a Vietnamese variable interest
entity managed by the Company for which it is the primary
beneficiary should be consolidated into the Company's financial
statements.  The Company said this matter could not be resolved by
the required filing date without unreasonable effort and expense.

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2011, showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


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


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


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


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

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.

                 *** End of Transmission ***