TCRAP_Public/110819.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 19, 2011, Vol. 14, No. 164

                            Headlines



A U S T R A L I A

FRATERNITY CLUB: Faces Liquidation, Needs AUD1.72MM Funds
KINETIC SECURITIES: ASIC suspends Financial Services License
OCEROG PTY: Liquidators to Probe Alleged Corporate Act Violations


H O N G  K O N G

GRANDE HOLDINGS: Liquidation Case Recognized by U.S. Court
LAU PING: Creditors' Proofs of Debt Due Sept. 9
LEGENDFIELD LIMITED: Chin and Lam Step Down as Liquidators
LEHMAN BROTHERS: HK Entities Support Pay-Out Plan
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

LITAO COMPANY: Members' Final Meeting Set for Sept. 15
MARINE MANNING: Annual Meetings Set for Aug. 24
MING CHI: Placed Under Voluntary Wind-Up Proceedings
MOBIL OIL: Patricia Lynn Bost Appointed as New Liquidator
NEW PROFIT: Members' and Creditors' Meetings Set for Aug. 19

PERCEPTIVE INVESTMENT: Members' Final Meeting Set for Sept. 14
REGENT SUMMIT: Members' and Creditors' Meetings Set for Sept. 6
RAINBOW BRIDGE: Placed Under Voluntary Wind-Up Proceedings
SICHUAN CHEUNG: Members' Final General Meeting Set for Oct. 7
SUNPOWER CORPORATION: Members' Final Meeting Set for Sept. 15

SWIRE INDUSTRIAL: Final Meeting Set for Sept. 22
TACK FAT: Members' and Creditors' Annual Meetings Set for Aug. 19
TK SPORTS: Members' Final Meeting Set for Sept. 22
TREASURE LAND: Members' Final General Meeting Set for Oct. 7
VIDEOTEL MARINE: Li and Kam Step Down as Liquidators

VINKI CORPORATION: Creditors' Meeting Set for Aug. 19


I N D I A

AANCHAL COLLECTION: CRISIL Rates INR85MM Loan at "CRISIL BB-"
ARJUN AGRO: CRISIL Assigns 'CRISIL B-' Rating to INR42.9MM Loan
BATLIBOI LTD: Fitch Affirms National Long-Term Rating at 'B(ind)'
DINA IRON: CRISIL Reaffirms 'CRISIL BB-' Rating on INR25MM Loan
FAB TRADE: CRISIL Assigns CRISIL B Rating to INR50MM Cash Credit

GLOBION INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
JAY BHARAT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
MAYUR ELECTRICAL: Inadequate Info Cues Fitch Put Low-B Ratings
MPM PRIVATE: CRISIL Reaffirms CRISIL BB- Rating to INR165MM Loan
R. D. WELD: CRISIL Puts 'CRISIL BB' Rating on INR52MM Cash Credit

SAMIRA REALTY: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB+'
SARWOTTAM ISPAT: CRISIL Reaffirms 'CRISIL BB+' Bank Loan Rating
SMS PARKING: CRISIL Rates INR1.09BB Term Loan at 'CRISIL B-'
TOYOP RELIEF: CRISIL Assigns 'CRISIL B+' Rating to INR54MM Loan
TRINIITY COLOUR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating

VISHNUDEEP PROJECTS: CRISIL Rates INR58MM Cash Credit at CRISIL D


M A L A Y S I A

AYER MOLEK: Inks Deal to Amend Proposed Restructuring Scheme
HOVID BERHAD: Unveils Proposed Dividend-in-Specie
RHYTHM CONSOLIDATED: Gets Reprimanded for Listing Rules Breaches
TALAM CORP: Changes Company Name to Trinity Corporation Berhad


N E W  Z E A L A N D

BRIDGECORP LIMITED: Investors to Receive 3.5c First Payout
EQUITABLE MORTGAGES: Receivers Expect Fund Shortfall to the Crown
KINGSTON ACQUISITIONS: To Operate as Tourist Venture by Mid-Oct.
SOUTH CANTERBURY: Cost to Taxpayers Still Uncertain
SOUTH CANTERBURY: To Shut Former Head Office

* NEW ZEALAND: Insolvency Pro Key to Fighting Corp Fraud


S I N G A P O R E

FRIVEN & CO: Unit Goes Into Voluntary Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


FRATERNITY CLUB: Faces Liquidation, Needs AUD1.72MM Funds
---------------------------------------------------------
illawarramercury.com.au reports that the Fraternity Club's
five-year struggle to stay open has reached a critical point, as
the institution faces possible liquidation unless it can raise
AUD1.72 million by the end of November.

The Fairy Meadow club has almost 9,000 members and has continued
trading despite entering voluntary administration in 2005 with
debts of AUD12 million, illawarramercury.com.au says.

The report notes that the voluntary administration ended in
May 2007, but the club was placed in the hands of receiver and
manager Robert Brennan in August 2008.

illawarramercury.com.au relates that Mr. Brennan and a new board
have helped reduce the club's debt to AUD8 million, subject to
AUD1.5 million being paid to Fast Fix Finance by the end of
November this year, along with AUD220,000 to unsecured creditors.

According to the report, Mr. Brennan said the AUD1.72 million
could not come from internal revenue.

"We're not trying to scare anybody but . . . we do have a
deadline and have to be honest about that," the report quotes Mr.
Brennan as saying.

If the deadline is not met, illawarramercury.com.au notes
creditors will be asked to give the club more time.  If that
extension is not granted, the club will go into liquidation.

To stave off liquidation, says illawarramercury.com.au, members
are being urged to purchase membership packages priced between
AUD550 and AUD5000, and businesses are being asked to buy
advertising.  Both measures have delivered AUD240,000 in cash and
pledges.

The Fraternity Club is the multicultural club based in Illawarra,
New South Wales.


KINETIC SECURITIES: ASIC suspends Financial Services License
------------------------------------------------------------
The Australian Securities and Investment Commission has suspended
the Australian financial services (AFS) license of Kinetic
Securities Pty Ltd effective Aug. 15, 2011.

Kinetic, which offers online trading services such as contracts
for difference (CFDs) and margin foreign exchange to retail
clients, went into voluntary liquidation on August 8, 2011.

Robyn Duggan and Max Donnelly of Ferrier Hodgson were appointed
as liquidators last week.  This appointment gave ASIC the power
to immediately suspend or cancel Kinetic's AFS license without a
hearing.

ASIC has been advised that Kinetic ceased carrying on its
financial services business on, or before, the appointment of the
liquidators.

Kinetic's liquidators are currently conducting an investigation
into the company's affairs. Creditors who have information which
may assist the liquidator's inquiries should write to Ferrier
Hodgson setting out full particulars.

ASIC will continue to assess the timing of the cancellation of
Kinetic's AFS license.

Kinetic Securities is a full service advisory firm facilitating
trading of equities, derivatives and FX on local & international
markets.  Kinetic was founded in 2006 by client advisers Paul
Cheyney and Angus Knight, both formerly of full-service broker
Halifax.  At its height, the company employed more than 50 staff
and had thousands of clients representing tens of millions of
dollars in Asia and Australia.


OCEROG PTY: Liquidators to Probe Alleged Corporate Act Violations
-----------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that newly appointed
liquidators of Ocerog Pty Ltd said they plan to investigate
allegations concerning potential corporate violations.  The
company was once owned and operated by failed Gold Coast
businessman Craig Gore.

The company's creditors decided last week to have it wound up by
Hall Chadwick accountants David Ross and Richard Albarran after a
proposed deed of company arrangement scheme was withdrawn.

According to The Courier-Mail, Mr. Ross said he would now carry
out "further investigations" into a series of alleged violations
of the Corporations Act, which he identified in a report to
creditors.  They include breaches of director's duties, voidable
transactions, unfair preference payments, uncommercial
transactions and insolvent trading, The Courier-Mail relates.

The Courier-Mail discloses that Ocerog's main source of revenue
came from a AUD2 million a year deal for Mr. Gore to provide
consulting services to the company's subsidiary International
Marina Development & Management.  It also owned two investment
units at Hope Island.

The report found that Ocerog generated AUD4.64 million in net
operating profit in the last three financial years but Mr. Gore
received AUD4.53 million in distributions as the sole shareholder
during that time, according to The Courier-Mail.

"The main reason for the company's failure was Mr. Gore receiving
profit distributions in the preceding three years," the report
said.  "I am of the opinion that the company may have been in the
position to meet its ongoing liabilities if the distributions had
not been made to Mr. Gore."

Mayfair appointed receivers and managers to Ocerog on July 19,
just 12 days after Hall Chadwick were brought in as
administrators, The Courier-Mail reports.

Ocerog's biggest creditor is UK-based Mayfair, which is owned by
billionaire Lord Michael Ashcroft and trying to claw back
AUD132 million.  Another AUD612,436 was owed to unsecured
creditors, none of whom will retrieve their money.  The
Australian Taxation Office, which was chasing AUD554,721 of that
amount, had launched a wind-up bid against Ocerog in March.

The Courier-Mail relates that Ocerog also faced lawsuits from
lender Permanent Custodians, which had been chasing nearly
$1.5 million it claimed it was owed on the units, and a claim by
the body corporate for unpaid fees.

The end of the consulting arrangement with IMDM in December and
reduced rental income from the sale of investment properties saw
revenue dive 64% in the last financial year, the report notes.


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


GRANDE HOLDINGS: Liquidation Case Recognized by U.S. Court
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
recognized the liquidation of The Grande Holdings Limited in the
High Court of Hong Kong as a foreign main proceeding pursuant to
Section 1517 of the Bankruptcy Code.

The U.S. Court held that Fok Hei Yu and Roderick John Sutton,
provisional liquidators, may examine witnesses and take evidence
in the United States or obtain information in the U.S. concerning
the Debtor's assets, affairs, rights, obligations or liabilities;
and that the administration or realization of all or part of the
Debtor's assets within the territorial jurisdiction of the U.S.
is entrusted to the petitioners.

The U.S. Court has set a status conference for Oct. 25, 2011, at
11:00 a.m.  A status report will be filed in the Debtor's case by
Oct. 14, 2011.

The provisional liquidators are represented by:

         Evan M. Jones, Esq.
         Michael C. Heinrichs, Esq.
         O'MELVENY & MYERS LLP
         400 South Hope Street
         Los Angeles, CA 90071
         Tel: (213) 430-6000
         Fax: (213) 430-6407
         E-mail: mheinrichs@omm.com

                - and -

         Gerald C. Bender, Esq.
         Daniel S. Shamah, Esq.
         Jason A. Zimmerman, Esq.
         O'MELVENY & MYERS LLP
         7 Times Square
         New York, NY 10036
         Tel: (212) 326-2000
         Fax: (212) 326-2061
         E-mail: gbender@omm.com
                 dshamah@omm.com
                 jzimmerman@omm.com

                       About Grande Holdings

The Grande Holdings Limited is an investment holding company,
holding shares and equity interests in various groups of
companies.  The principal activities of Grande's subsidiaries
consist of distribution of household appliances and consumer
electronic products and licensing of trademarks.  Grande and its
subsidiary companies own three global brands -- Nakamichi, Akai
and Sansui -- which are recognized for their wide range of audio-
visual equipment, consumer electronics and digital products.  The
products are distributed through its global network spanning
Asia, Africa, Europe, Oceania, the Middle East and the Americas.

Grande Holdings was originally incorporated in the Cayman Islands
on Sept. 5, 1990, but was discontinued and resumed under the laws
of Bermuda.  Grande has been registered in Hong Kong under Part
XI of the Companies Ordinance, Chapter 32 of the Laws of Hong
Kong, and has its principal place of business at 12th Floor, The
Grande Building, 398-402 Kwun Tong Road, in Kowloon.

Fok Hei Yu and Roderick John Sutton, as provisional liquidators
of Grande Holdings, filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 11-13119) on June 28,
2011, estimating $100 million to $500 million in assets and debts
for Grande.

The Hon. Robert E. Gerber transferred to the Bankruptcy Court
for the Central District of California the Chapter 15 case of the
Debtor.


LAU PING: Creditors' Proofs of Debt Due Sept. 9
-----------------------------------------------
Creditors of Lau Ping Kong & Yan Lan Oi Charity Fund Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Sept. 9, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 2, 2011.

The company's liquidator is:

         Yan Lan Oi
         Flat 25, 17th Floor
         Fontana Gardens
         Ka Ning Path
         Causeway Bay
         Hong Kong


LEGENDFIELD LIMITED: Chin and Lam Step Down as Liquidators
----------------------------------------------------------
Chin Tak Kei and Lam Kin Hung stepped down as liquidators of
Legendfield Limited on Aug. 11, 2011.


LEHMAN BROTHERS: HK Entities Support Pay-Out Plan
-------------------------------------------------
Lehman Brothers Holdings Inc. and the Liquidators for Lehman
Hong Kong, one of the largest groups of LBHI's international
affiliates, have reached an agreement settling all intercompany
claims between the U.S. Debtors and Lehman Hong Kong.  The
agreement, which is subject to approval in the U.S. Chapter 11
and Hong Kong proceedings later this year, settles over
$20 billion of complex intercompany relationships between LBHI's
U.S. debtors and nine Hong Kong entities in liquidation.

LBHI has also secured the support of Lehman Hong Kong for its
Second Amended Joint Chapter 11 Plan and Disclosure Statement.
The Liquidators of Lehman's Hong Kong entities now join the
Unsecured Creditors Committee and other creditor groups
representing over $100 billion in claims in support of LBHI's
plan.

Edward Middleton, Partner, KPMG China, and one of the Hong Kong
Liquidators, said: "This is a genuinely exciting development.  It
is a quantum leap in the progress of the Hong Kong liquidations,
and I am sure will assist our colleagues in the U.S. as well.
The settlement, achieved without litigation, provides mechanics
that will cut through many of the complexities of our multi-
layered relationships, and will thereby materially speed up the
liquidations, which can only be of benefit to our creditors."

Daniel Ehrmann, LBHI's head of international operations and co-
head of derivatives and a managing director at restructuring
and professional services firm Alvarez & Marsal, said: "This
agreement is another milestone in the case -- it resolves more
than $20 billion of intercompany claims and contributes
significantly to LBHI's recoveries.  As we have consistently
stated, we remain focused on negotiating settlements with our
international affiliates and to bringing the Estate's plan to a
vote and confirmation by year end."

The Lehman Brothers bankruptcy is the largest and most complex in
history.  Before the bankruptcy, Lehman Brothers had over
$630 billion of assets on its balance sheet and operated as a
truly global firm with over 7,000 legal entities in more than 40
countries.  Its global cash management system, organizational
structure, product lines and operating platforms resulted in
numerous cross-border and cross-entity interdependencies.
Lehman's insolvency has resulted in over 75 separate and distinct
bankruptcy proceedings, with the non-United States proceedings
managed by a number of court appointed administrators,
liquidators, trustees, receivers, and like office holders.

LBHI and its affiliated chapter 11 debtors, through their
restructuring advisers at Alvarez & Marsal and their attorneys at
Weil, Gotshal & Manges LLP, filed the Second Amended Joint
Chapter 11 Plan and Disclosure Statement with the United States
Bankruptcy Court for the Southern District of New York on June
28, 2011.  These filings can be found at www.lehman-docket.com in
the key documents section.  To date, more than 30 creditor groups
representing claims of over $100 billion have signed plan support
agreements.  The U.S. Chapter 11 debtors will be seeking the
Bankruptcy Court's approval of the Plan and Disclosure Statement
at a hearing scheduled to be held on August 30, 2011.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global  financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about
JPY3.4 trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority announced that investigation of
over 99% of a total of 21,815 Lehman-Brothers-related complaint
cases received has been completed.  These include:

    * 15,330 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,639 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,535 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 923 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 743 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 180 cases; and

    * 265 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 121 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?76a4

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about
JPY3.4 trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LITAO COMPANY: Members' Final Meeting Set for Sept. 15
------------------------------------------------------
Members of Litao Company Limited will hold their final meeting on
Sept. 15, 2011, at 11:30 a.m., at Room 1003 Easey Commercial
Building, 253-261 Hennessy Road, in Hong Kong.

At the meeting, Siu Yee Cheong Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MARINE MANNING: Annual Meetings Set for Aug. 24
------------------------------------------------
Creditors and members of Marine Manning Services Limited will
hold their annual meetings on Aug. 24, 2011, at 4:00 p.m., at
concurrently at the offices of FTI Consulting (Hong Kong)
Limited, Level 22, The Center, 99 Queen's Road Central, in Hong
Kong.

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


MING CHI: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Aug. 3, 2011,
creditors of Ming Chi Enterprise Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Room 3, 8/F
         Yue Xiu Building
         160 Lockhart Road
         Wab Chai, Hong Kong


MOBIL OIL: Patricia Lynn Bost Appointed as New Liquidator
---------------------------------------------------------
Patricia Lynn Bost on Aug. 1, 2011, was appointed as liquidator
of Mobil Oil Hong Kong Limited.

Patricia Lynn Bost replaces Porntida Boonsa who stepped down as
the company's liquidator.

The liquidator may be reached at:

         Patricia Lynn Bost
         17/F., Metro Tower
         30 Tian Yao Qiao Road
         Shanghai 200030
         People's Republic of China


NEW PROFIT: Members' and Creditors' Meetings Set for Aug. 19
------------------------------------------------------------
Creditors and members of New Profit Holdings Limited will hold
their annual meetings today, Aug. 19, 2011, at 3:30 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, in Hong Kong.

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


PERCEPTIVE INVESTMENT: Members' Final Meeting Set for Sept. 14
--------------------------------------------------------------
Members of Perceptive Investment Limited will hold their final
general meeting on Sept. 14, 2011, at 11:30 a.m., at 12/F, 3
Lockhart Road, in Wanchai, Hong Kong.

At the meeting, Li Sze Kuen Billy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


REGENT SUMMIT: Members' and Creditors' Meetings Set for Sept. 6
---------------------------------------------------------------
Members and creditors of Regent Summit Holdings Limited will hold
their annual meetings on Sept. 6, 2011, at 10:30 a.m., and 2:30
p.m., respectively at Room 1601-02, 16th Floor, One Hysan Avenue,
Causeway Bay, in Hong Kong.

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


RAINBOW BRIDGE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Aug. 5, 2011,
creditors of Rainbow Bridge Trading Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SICHUAN CHEUNG: Members' Final General Meeting Set for Oct. 7
------------------------------------------------------------
Members of Sichuan Cheung Kuang (Hong Kong) Shares Limited will
hold their final General Meeting on Oct. 7, 2011, at 10:00 a.m.,
at Rooms 903-908, 9/F, Kai Tak Commercial Building, at 317-319
Des Voeux Road Central, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SUNPOWER CORPORATION: Members' Final Meeting Set for Sept. 15
-------------------------------------------------------------
Members of Sunpower Corporation Limited will hold their final
General meeting on Sept. 15, 2011, at 2:00 p.m., at Room 1501,
15th Floor, Shanhai Industrial Investment Building, at 48-62
Hennessy Road, in Wanchai, Hong Kong.

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


SWIRE INDUSTRIAL: Final Meeting Set for Sept. 22
------------------------------------------------
Sole shareholder of Swire Industrial Management Services Limited
will hold a final meeting on Sept. 22, 2011, at 10:30 a.m., at
33rd Floor, One Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Tam Yau Shing Franky and Lok Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TACK FAT: Members' and Creditors' Annual Meetings Set for Aug. 19
-----------------------------------------------------------------
Creditors and members of Tack Fat International Holdings Limited
will hold their annual meetings on Aug. 19, 2011, at 3:00 p.m.,
at the offices of FTI Consulting (Hong Kong) Limited, Level 22,
The Center, at 99 Queen's Road Central, in Hong Kong.

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


TK SPORTS: Members' Final Meeting Set for Sept. 22
--------------------------------------------------
Members of TK Sports Limited will hold their final meeting on
Sept. 22, 2011, at 10:00 a.m., at 33rd Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

At the meeting, Samson Wong Hay Yan and Patrick Fung Chi Man, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


TREASURE LAND: Members' Final General Meeting Set for Oct. 7
------------------------------------------------------------
Members of Treasure Land (Mid-Level West) Property Consultants
Limited will hold their final General Meeting on Oct. 7, 2011, at
10:00 a.m., at 19/F, Harcourt House, at 39 Gloucester Road,
Wan Chai, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


VIDEOTEL MARINE: Li and Kam Step Down as Liquidators
----------------------------------------------------
Li Kwok On and Kam Ka Wo Annie stepped down as liquidators of
Videotel Marine International (H.K.) Limited on Aug. 1, 2011.


VINKI CORPORATION: Creditors' Meeting Set for Aug. 19
-----------------------------------------------------
Creditors of Vinki Corporation Limited will hold a meeting on
Aug. 19, 2011, at 11:30 a.m., at 6th Floor, Sunning Plaza, at
10 Hysan Avenue, Causeway Bay, in Hong Kong.

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


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


AANCHAL COLLECTION: CRISIL Rates INR85MM Loan at "CRISIL BB-"
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Aanchal Collection Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR85 Million Cash Credit       CRISIL BB-/Stable (Assigned)

The rating reflects ACL's weak financial risk profile, marked by
small net worth, and weak debt protection metrics, large
incremental working capital requirements, and susceptibility to
intense competition in the wholesale and retail textile business.
These rating weaknesses are partially offset by the extensive
industry experience of ACL's promoters and established
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that ACL will continue to benefit over the medium
term from its promoter's extensive experience in the saree
business and expanding retail presence. Aanchal's financial risk
profile will, however, remain constrained by its large working
capital requirements, driven by its ongoing expansion of retail
stores. The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly, its retail
operations are successfully stabilised and as a result there is
sustained growth in operations and profitability. Conversely, the
outlook may be revised to 'Negative' if ACL generates less-than-
expected cash accruals, or contracts larger-than-expected debt to
fund its capital expenditure.

                    About Aanchal Collection

Aanchal Saree Emporium, based in Kolkata (West Bengal) was set up
as a proprietorship concern in 2003-04 (refers to financial year,
April 1 to March 31) by Mr. Mukesh Goel. It was later
reconstituted as a closely held limited company and renamed ACL.
The company is a retailer and wholesaler of women's garments.
Although ACL's product profile includes salwar suits and ghagras,
80% of the revenues are contributed by sarees. Its wholesale
business contributes to 70% of the revenues; the rest is
contributed by retail. The company has five retail showrooms and
plans to increase the number of stores to 25 by end of 2012-13.

ACL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR248.5 million for 2009-10, as against a PAT of INR1.1
million on net sales of INR193.5 million for 2008-09.


ARJUN AGRO: CRISIL Assigns 'CRISIL B-' Rating to INR42.9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Arjun Agro Foods.

   Facilities                       Ratings
   ----------                       -------
   INR42.9 Million Term Loan        CRISIL B-/Stable (Assigned)
   INR275 Million Cash Credit       CRISIL B-/Stable (Assigned)

The rating reflects AAF's weak financial risk profile, marked by
a small net worth, high gearing, and weak liquidity, large
working capital requirements, and susceptibility to volatility in
raw material prices and vagaries of the monsoon. These rating
weaknesses are partially offset by AFP's promoters' extensive
experience in the rice trading industry.

Outlook: Stable

CRISIL believes that AAF's liquidity will remain weak over the
medium term because of its large working capital requirements and
low cash accruals. The outlook may be revised to 'Positive' if
AAF's liquidity and capital structure improve, driven by a
significant improvement in cash accruals or additional equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if there is a significant deterioration in AFP's
liquidity or capital structure.

                        About Arjun Agro

Set up in 2008, AAF processes basmati rice (the Pusa 1121
variety). The partnership firm has a parboiled rice unit in
Khanna (Punjab) with a milling capacity of 15 tonnes per hour.
About 70% of its sales are to exporters. The firm also has a
domestic presence under the brand, Devrath, which contributes 10
to 12% of its total annual sales; the remaining is sold to the
exporters in the local market.

AFP reported a profit after tax (PAT) of INR1.2 million on net
sales of INR335.6 million for 2009-10 (refers to financial year,
April 1 to March 31).


BATLIBOI LTD: Fitch Affirms National Long-Term Rating at 'B(ind)'
-----------------------------------------------------------------
Fitch Rating has revised Batliboi Ltd's Outlook to Stable from
Negative and simultaneously affirmed the India-based company's
National Long-Term rating at 'Fitch B-(ind)'.  The list of
additional rating actions can be found at the end of this
commentary.

The revision in the Outlook reflects Batliboi's improved
financial performance in financial year ended 31 March 2011
(FY11).  The company's revenues grew by 19.4% yoy, owing to
increased demand from the textile machinery segment (46% of total
FY11 revenues).  Its EBIDTA margins improved on account of cost
rationalization measures.  However, Fitch notes that improvement
in EBITDA margins was constrained by the weak performance of
Batliboi's 100% owned subsidiary, Quickmill Inc., which was
affected by the slowdown in North America and Middle East
markets.  The weak performance is attributed to the increase in
steel prices and strengthening of the Canadian dollar against the
Indian Rupee which led to operating losses at the subsidiary.

Batliboi's ratings reflect its long operating track record in the
machine tools and textile engineering segment, and its order book
position of INR1,868.4 million (0.8x FY11 revenues) provides
revenue visibility.

The company's ratings are constrained by its weak credit metrics
reflected in its low interest coverage (FY11: 0.9x; FY10: 0.3x)
and high gross debt to EBIDTA (FY11: 10.9x; FY10: 45.9x),
although there has been some improvement on account of increased
EBITDA margins.  That said, Fitch notes Batliboi has paid off its
debt obligations partly through extraordinary income of INR33.5
million and preference shares of INR59.2 million issued to its
sponsors.  However, it took unsecured and other loans from its
directors to tide over liquidity pressures.

Negative rating guidelines include any delays in servicing its
debt obligations (interest and principal repayments) and any
decline in the value of its order book.  Positive rating
guidelines include interest coverage above 1.5x on a sustained
basis.

Established in 1892, Batliboi is a public limited capital goods
company. In FY11, Batliboi's revenue rose to INR2,277.4 million
(FY10: INR1,907.4 million) with EBIDTA of INR60.8 million (FY10:
INR16.6 million), while it financial leverage (adjusted net
debt/EBITDA) in FY11 stood at 9.7x (FY10: 42.9x).  The total debt
for FY11 stood at INR663.9 million including 5% redeemable
preference share capital of INR59.2 million.

The following facilities of Batliboi's have been affirmed:

  -- INR382.5 million term loan: 'Fitch B-(ind)'
  -- INR189.0 million fund-based credit: 'Fitch B-(ind)'
  -- INR527.3 million non-fund based credit facility:
     'Fitch A4(ind)'


DINA IRON: CRISIL Reaffirms 'CRISIL BB-' Rating on INR25MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dina Iron and Steel
Ltd continue to reflect DISL's moderate business risk profile
marked by moderately integrated operations. DISL has recently
commissioned its coal gasifier plant, which is expected to
partially reduce the company's operating costs. These rating
strengths are partially offset by DISL's working capital
intensive operations and susceptibility to cyclicality in steel
industry.

   Facilities                       Ratings
   ----------                       -------
   INR105 Million Cash Credit       CRISIL BB-/Stable
                                    (Reaffirmed)

   INR25 Million Term Loan          CRISIL BB-/Stable
                                    (Reaffirmed)

Outlook: Stable

CRISIL believes that DISL will maintain its moderate business and
financial risk profile over the medium term, supported by
moderately integrated operations and lack of significant debt
funded capex plans in the medium term. The outlook may be revised
to 'Positive' if DISL reports higher-than-expected increase in
revenues and profitability, resulting in an improvement in its
overall credit profile Conversely, the outlook may be revised to
'Negative' if DISL's capacity utilization is lower than expected
or if the company reports significant deterioration in operating
profitability resulting in low cash accruals, or if it undertakes
any larger-than-expected debt-funded capital expenditure
programme, thereby weakening its capital structure.

                         About Dina Iron

DISL, incorporated in 1992, manufactures billets, wire rods, and
thermo-mechanically-treated bars, which are used in the
construction, electrical, and infrastructure industries.  The
company has capacity to produce 30,000 tonnes per annum (tpa) of
billets, and a rolling capacity of 20,000 tpa.

For 2010-11 (refers to financial year, April 1 to March 31), DISL
reported a profit after tax (PAT) of INR7 million on net sales of
INR651 million, as against a PAT of INR7 million on net sales of
INR635 million for 2009-10.


FAB TRADE: CRISIL Assigns CRISIL B Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
Fab Trade Pvt. Ltd.'s bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR55 Million Cash Credit            CRISIL B/Stable
                                        (Assigned)

   INR7.5 Mil. Standby Line of Credit   CRISIL B/Stable
                                        (Assigned)

   INR50 Million Proposed Long-Term     CRISIL B/Stable
                 Bank Loan Facility     (Assigned)

   INR2.5 Million Letter of Credit      CRISIL A4 (Assigned)

The rating reflects the company's modest scale of operations and
weak financial risk profile. This rating weakness is partially
offset by the benefits FTPL derives from its promoter's
experience in the chemical trading industry.

Outlook: Stable

CRISIL believes that FTPL will maintain a stable business risk
profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of higher than expected increase in
revenues coupled with improvement in net cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its capital structure due
to significantly elongated working capital cycle or large debt
funded acquisition.

                        About Fab Trade

Fab Trade Pvt. Ltd. was incorporated in April 2010, by Mr. Amit
Bavasi, a Mumbai based first generation entrepreneur, and is
engaged in trading of various organic chemicals and solvents
catering mainly to pharmaceutical, plastic, paper and textile
industries. The business was earlier carried out under M/s. Fab
Trade enterprises, a proprietorship concern, with Mrs. Felie
Bavisi, wife of Mr. Amit Bavisi, as the sole proprietor of the
firm. All the operations under FTE were transferred to FTPL in
2010.

FTPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR270.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net
sales of INR12.8 million for 2009-10 (only four months of
commercial operations).


GLOBION INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globion India Pvt Ltd
continue to reflect the strong marketing support Globion receives
from group company Suguna Poultry Farm Ltd (SPFL, rated 'CRISIL
BBB+/Positive/CRISIL A2'), and the technical and operational
support it receives from Lohmann Animal Health - Suguna Holdings
Pvt Ltd and LAH have promoted Globion as a joint venture (JV).

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
                 Bank Loan Facility

   INR40 Million Cash Credit          CRISIL BB/Stable
                                      (Reaffirmed)

   INR430.7 Million Long-Term Loan    CRISIL BB/Stable
                                      (Reaffirmed)

   INR20 Million Letter of Credit     CRISIL A4+ (Reaffirmed)

   INR25 Million Bank Guarantee       CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by Globion's exposure
to risks related to full stabilization of operations at its
recently set up plant and to intense market competition, and its
below-average financial risk profile, marked by high gearing and
low profitability.

Outlook: Stable

CRISIL believes that Globion, through the initial phase of its
operations, will continue to benefit from SHPL's timely financial
support, SPFL's leadership in India's broiler chicken market, and
from LAH's technical and operational support. The outlook may be
revised to 'Positive' if Globion reports sustained increase in
revenues and profitability upon full stabilization of its
operations. Conversely, the outlook may be revised to 'Negative'
if Globion takes longer-than-expected to achieve break even or
reports less-than-expected revenues.

Update

Globion reported, on a provisional basis, sales of INR99.1
million for 2010-11 (refers to financial year, April 1 to March
31), marginally lower than CRISIL's expectation. The company
started commercial operations in April 2010. It reported losses
in 2010-11 and first quarter of 2011-12 pending full
stabilization of operations. The company's revenues for the three
months ended June 30, 2011 are estimated at INR50 million.
Globion derives around 80% of its income from SPFL. Globion has
generated revenues from existing six products in production. The
company has another set of eight products in the pipeline, the
production of which is expected to begin in October 2011.

Over the next 12 months, Globion plans to undertake a capital
expenditure (capex) programme of INR9 million, mainly towards
process enhancement. The investment is expected to be funded with
the existing cash balances and unencumbered cash balances.
Globion had unencumbered cash balances of around INR 33.9 million
as on March 31, 2011. As on the same date, the gearing was high,
at 2.25 times. CRISIL believes that Globion's gearing will remain
high over the medium term mainly due to incremental working
capital requirements.

                      About Globion India

Globion is a 74:26 JV between SHPL and LAH, a global major in
animal health business, especially in poultry biological with
product lines in avian vaccines and feed additives. SHPL is the
holding company of SPFL, which is India's largest poultry
integrator. Globion manufactures and markets live and inactivated
veterinary vaccines, mainly catering to the poultry industry in
India. Its manufacturing unit is in Biotech Park in Medak
District (Andhra Pradesh). The unit commenced operations in April
2010 (operations were scheduled to commence in October 2009).


JAY BHARAT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
---------------------------------------------------------
CRISIL's rating on the bank facilities of Jay Bharat Dyeing &
Printing Pvt Ltd, part of the Jay Bharat group, continues to
reflect the group's moderate financial risk profile, marked by
moderate gearing and comfortable debt protection metrics, and the
experience of its promoters in the textile industry.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Mil. Cash Credit Limit    CRISIL BB/Stable
                                     (Reaffirmed)

   INR61.4 Million Rupee Term Loan   CRISIL BB/Stable
                                     (Reaffirmed)

These strengths are partially offset by the Jay Bharat group's
small scale of operations in the highly fragmented and intensely
competitive dyeing industry, and the risks associated with the
ongoing capital expenditure (capex) under the group company J B
Syntex Pvt Ltd (JBSPL; rated 'CRISIL BB-/Stable/CRISIL A4+').

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JBDPPL and JBSPL, together referred to
as the Jay Bharat group. This is because the two entities have
common promoters and management, and are in similar line of
business.

Outlook: Stable

CRISIL believes that the Jay Bharat group will maintain its
credit risk profile over the medium term, backed by its
promoters' extensive industry experience and moderate financial
risk profile. Its financial risk profile is, however, expected to
remain constrained over the medium term by the ongoing capex in
JBSPL. The outlook may be revised to 'Positive' in case of
significant improvement in the group's cash accruals, backed by
improvement in the scale of operations and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its financial risk profile due to a larger-than-
expected, debt-funded capex programme or less-than-expected
operating margin, leading to deterioration in the debt protection
metrics over the medium term.

                         About the Group

JBDPPL, incorporated in 1986, is promoted by the Arya and Gupta
family and has been in the textile business since the 1970s.
JBDPPL undertakes job works in dyeing and printing of grey
polyester fabric. The company's plant in Surat (Gujarat) has a
processing capacity of 185,000 metres per day (mpd). The company
uses gas-based and wind-based power to meet its power
requirements.

The promoters of JBDPPL formed JBSPL in 2008 and commenced
commercial production in July 2011. The company does dyeing work
for suiting and shirting fabrics on job work basis and has a
capacity to process 67,000 mpd. JBDPPL holds 21.6% share holding
in JBSPL; the remainder of the shares are owned by the promoter
families.

The company's present operations are limited to only dyeing for
the suiting and shirting fabrics on job work basis and it is
under process to install capacities for printing. The company
installed the capacity in 2010-11 (refers to financial year,
April 1 to March 31) for dyeing at a total outlay of around
INR250 million, funding in a debt-to-equity ratio of 2:1. For the
proposed printing capacities, the total capex is pegged at INR170
million, to be funded in a debt-to-equity ratio of 3:1. The debt
for the capex has already been sanctioned and the company has
plans to complete the capex by March 2012, with commercial
production expected to commence in April 2013.

JBDPPL is expected to report a profit after tax (PAT) of INR13.9
million on net sales of INR399 million for 2010-11, as against a
PAT of INR12 million on net sales of INR346 million for 2009-10.


MAYUR ELECTRICAL: Inadequate Info Cues Fitch Put Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has migrated India's Mayur Electrical Industries
Private Limited's 'B+(ind)' National Long-Term rating to the
"Non-Monitored" category.  This rating will now appear as 'Fitch
B+(ind)nm' on the agency's Web site.  Simultaneously, the agency
has classified the following bank loan ratings as "Non-
Monitored:"

  -- Fund-based working capital limits of INR75m: migrated to
     'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from B+(ind)'/'F4(ind)';
     and

  -- Non-Fund-based working capital limits of INR70m: migrated to
     'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'B+(ind)'/'F4(ind)'

The ratings have been migrated to the "Non-Monitored" category
due to lack of adequate information and Fitch will no longer
provide ratings or analytical coverage on MEIL.  The ratings will
remain in the "Non-Monitored" category for a period of six months
and be withdrawn at the end of that period.  However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary."


MPM PRIVATE: CRISIL Reaffirms CRISIL BB- Rating to INR165MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of MPM Pvt Ltd continue
to reflect the benefits that MPM derives from its promoters'
experience and its diverse product profile in the foundry
consumables and additives trading business.

   Facilities                          Ratings
   ----------                          -------
   INR165 Million Cash Credit          CRISIL BB-/Positive
   (Enhanced from INR92.5 Million)

   INR115 Million Letter of Credit     CRISIL A4+
   (Enhanced from INR70.0 Million)

   INR20 Million Receivable Factoring  CRISIL A4+ (Assigned)

These rating strengths are partially offset by the company's
modest scale of operations in the foundry consumables and
additives trading segment, large working capital requirements,
vulnerability to volatility in raw material prices, and below-
average financial risk profile marked by high gearing and weak
debt protection indicators.

Outlook: Positive

CRISIL believes that MPM will benefit over the medium term from
its improved liquidity and margins, and the increase in demand
from end-user industries. The rating may be upgraded if MPM
increases its revenues and improves its margins more than
expected, and manages its working capital more efficiently.
Conversely, the outlook may be revised to 'Stable' in case MPM's
liquidity and capital structure weaken because of reduced
efficiency in working capital management.

                          About MPM Pvt

MPM was set up as a proprietorship firm named Mineral Pulverizing
Mills in 1984; it was reconstituted as a private limited company
in 1996, and in 2006 its name was changed to the current one. The
company manufactures and trades in foundry consumables and
additives for the ferrous metal casting industry. MPM has
pioneered the manufacture of lustrous products and has a market
share of 40% in India. MPM has two manufacturing units at Nagpur
(Maharashtra). The company is promoted by Mr. Deepak Chowdhary;
he manages the company along with his daughter, Ms. Aditi
Chowdhary.

MPM has formed an equal joint venture (JV) with James Durrans &
Sons Ltd, UK, for manufacturing refractory coating; the JV is MPM
Durrans Refracoat Pvt Ltd. Also, MPM's promoters have entered
into consultancy services related to foundry through MPM Foundry
Solutions Pvt Ltd.

MPM posted a provisional profit after tax (PAT) of INR2.7 million
on net sales of INR842 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR6 million on net
sales of INR581 million for 2009-10.


R. D. WELD: CRISIL Puts 'CRISIL BB' Rating on INR52MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of R. D. Weld Products Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR52 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR3 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of RDWPPL's
promoters in the welding industry. This rating strength is
partially offset by RDWPPL's moderate financial risk profile,
marked by low net worth, high gearing, and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that RDWPPL will continue to benefit over the
medium term from its promoters' extensive industry experience in
the welding industry & their established relations with reputed
suppliers & customers. The outlook may be revised to 'Positive'
if there is a significant improvement in the company's revenues &
accruals, while maintaining capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
there's decline in RDWPPL's revenues or accruals or a substantial
deterioration in its capital structure.

                         About R. D. Weld

R.D. Weld Products Pvt. Ltd. is a private limited company
incorporated in 1997 & engaged in trading & services for welding
products which find wide application across various industries
such as infrastructure, automobile, shipping, petrochemicals etc.
The company's operations are managed by key promoter & managing
director Mr. Manoj Balwani with his wife Ms. Rashmi Balwani. The
company's registered office is located in Mumbai (Maharashtra).

RDWPPL generated revenue of INR381 million during 2010-11
(provisional).

The company reported a profit after tax (PAT) of INR5.1 million
on net sales of INR275.5 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR2 million on
net sales of INR189.3 million for 2008-09.


SAMIRA REALTY: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Samira Realty Projects Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR180.0 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The rating factors in SRPPL's prudent funding-mix for its ongoing
real estate project, Samira Pavilions, supported by long-term
funding support from Infrastructure Leasing & Financial Services
Limited Indiareit Fund and low dependence on bank financing. The
ratings also factor in SRPPL's growing presence in the Panvel-
Alibaug-Revdanda-Kashid region (Maharashtra). These rating
strengths are partially offset by the slow off-take in sales and
susceptibility of sales to the progress of key infrastructure
projects in the region.

Outlook: Stable

CRISIL believes that SRPPL will continue to benefit from the
funding support from IL&FS IndiaReit Fund over the medium term.
The outlook may be revised to 'Positive' if SRPPL's sales and
customer advances increase significantly from current levels,
resulting in an increase in its cash flows and sooner-than-
expected completion of its ongoing project. Conversely, the
outlook may be revised to 'Negative' if booking level for the
project is lower than expected, which would adversely affect its
cash flows.

                      About Samira Realty

SRPPL was incorporated in 2007 as a joint venture between Samira
Construction Ltd and IL&FS IndiaReit Fund. It is part of the
Samira Habitat group, promoted by Mr. Sameer Nerurkar. The Samira
Habitat group is a leading lifestyle and infrastructure company
which is actively developing the P A R K region with various
signature projects. SRPPL is currently developing Samira
Pavilions - a township comprising 127 luxury villas.


SARWOTTAM ISPAT: CRISIL Reaffirms 'CRISIL BB+' Bank Loan Rating
---------------------------------------------------------------
CRISIL has revised its rating outlook on Sarwottam Ispat Ltd's
long-term bank facilities to 'Stable' from 'Negative', while
reaffirming the rating at 'CRISIL BB+'; the rating on the short-
term facilities has been reaffirmed at 'CRISIL A4+'.

   Facilities                           Ratings
   ----------                           -------
   INR99.80 Million Long-Term Loan      CRISIL BB+/Stable
                                        (Reaffirmed; Outlook
                                        Revised from 'Negative')

   INR15.00 Million Proposed LT Bank    CRISIL BB+/Stable
                       Loan Facility    (Reaffirmed; Outlook
                                        Revised from 'Negative')

   INR103.50 Million Cash Credit        CRISIL BB+/Stable
                                        (Reaffirmed; Outlook
                                        Revised from 'Negative')

   INR39.0 Million Letter of Credit     CRISIL A4+ (Reaffirmed)

   INR4.7 Million Proposed Letter       CRISIL A4+ (Reaffirmed)
                        of Credit

   INR18.00 Million Bank Guarantee      CRISIL A4+ (Reaffirmed)

The revision in outlook reflects Sarwottam's improved liquidity
position on account of better-than-expected receivables
management and capacity utilization, resulting in stable cash
accruals. The revised outlook also reflects better-than-expected
business performance of the company in 2010-11 (refers to
financial year, April 1 to March 31), backed by revival in demand
and improved market conditions in Andhra Pradesh. CRISIL believes
that Sarwottam's credit risk profile over the medium term will be
supported by stable cash accruals and absence of any large, debt-
funded capital expenditure plan.

The ratings reflect Sarwottam's established market position and
its promoters' experience in the steel industry. These rating
strengths are partially offset by Sarwottam's small scale of
operations, exposure to intense competition in a fragmented
industry, weak operating efficiencies, with margins vulnerable to
volatility in raw material prices, and average financial risk
profile, marked by moderate gearing and average debt protection
metrics.

Outlook: Stable

CRISIL believes that Sarwottam's credit risk profile will remain
stable over the medium term, supported by stable cash accruals
and absence of any large, debt-funded capex plan. The outlook may
be revised to 'Positive' if Sarwottam significantly increases its
scale of operations and profitability, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case there is a significant decline in the
Sarwottam's topline or operating margin due to intense
competition or slowdown in the end-user industry, leading to
weakening in its business risk profile, or if the company
undertakes a larger-than-expected, debt-funded capex programme,
leading to deterioration in its financial risk profile.

                    About Sarwottam Ispat

Sarwottam, incorporated in 1984 in Hyderabad (Andhra Pradesh),
manufactures steel ingots, billets and thermo-mechanically
treated (TMT) bars. The company has capacity to manufacture
56,000 tonnes per annum (tpa) of rolled products such as ingots
and billets, and 50,000 tpa of TMT bars.

Sarwottam reported, on provisional basis, a profit after tax
(PAT) of INR5.4 million on net sales of INR1174.0 million for
2010-11; it reported a PAT of INR5.3 million on net sales of
INR968.0 million for 2009-10.


SMS PARKING: CRISIL Rates INR1.09BB Term Loan at 'CRISIL B-'
------------------------------------------------------------
CRISIL's has reaffirmed its rating on the long-term bank facility
of SMS Parking Solutions Pvt Ltd (SMS Parking, a subsidiary of
SMS Infrastructure Ltd at 'CRISIL B-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR1090 Million Term Loan         CRISIL B-/Stable
                                     (Reaffirmed)

CRISIL has reaffirmed the rating despite about a six-month delay
in commencement of SMS Parking's multi-level underground parking
project, as SMS Parking has infused equity as per schedule and
the project is expected to come on stream with only a moderate
delay of 2 to 4 months.

The rating continues to reflect moderate project-related risks
faced by SMS Parking, which are partially offset by the benefits
that SMS Parking derives from its promoter's experience in the
construction industry; SMS Parking continues to receive
managerial and technical support from SMS Infra.

Outlook: Stable

CRISIL believes that SMS Parking will complete its project by
April 2012. The outlook may be revised to 'Positive' if the
project is commissioned as per schedule, and if SMS Parking
reports substantial revenues and cash accruals on a sustained
basis over the medium term. Conversely, the outlook may be
revised to 'Negative' in case of cost or time overrun in project
implementation, or if revenues and cash accruals are less than
expected.

                         About SMS Parking

SMS Parking has been promoted as a special-purpose vehicle by SMS
Infra (98% holding) to undertake the development of a multi-level
underground-parking-cum-commercial complex project on a build-
operate-transfer basis on a 3195-square-metre plot at Kamlanagar
in New Delhi. The project contract has been awarded by the
Municipal Corporation of Delhi (MCD). The concession agreement
between MCD and SMS Parking was signed in July 2008.

The proposed facility will have two sections - parking space and
commercial space. The parking section will have six floors (all
underground) and will accommodate 800 cars. The commercial
section will be three floors high. The project cost is estimated
at INR1.60 billion, including INR400 million for technology,
Rs1.05 billion for construction, and INR150 million for interest,
during the construction period. The company has tied up term
loans of INR1.09 billion from various banks, and the rest will be
funded by equity infusion from SMS Infra. The concessionaire
shall be entitled to levy, collect, retain, and appropriate
parking fee from vehicles using the facility, user fees for
public convenience facilities, advertisement charges, and
licensee fees from occupants to whom the commercial area will be
leased out.
As on March 31, 2011, SMS Infra had brought in equity of INR330
million against debt of INR520 million.


TOYOP RELIEF: CRISIL Assigns 'CRISIL B+' Rating to INR54MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Toyop Relief Pvt Ltd while reaffirming
the rating on the short-term bank facilities at 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR54 Million Rupee Term Loan      CRISIL B+/Stable (Assigned)

   INR50 Million Proposed Long-Term   CRISIL B+/Stable (Assigned)
                 Bank Loan Facility

   INR150 Million Packing Credit      CRISIL A4
   (Enhanced from INR70 Million)

   INR100 Million Letter of Credit    CRISIL A4
   (Enhanced from INR10 Million)

The ratings reflect TRPL's stretched liquidity, driven by its
large working capital requirements for maintaining high inventory
levels, and weak capital structure, marked by small networth and
high gearing. These rating weaknesses are partially offset by
TRPL's established market position in the disaster relief
material industry, healthy relationships with non-governmental
organizations (NGOs), and the benefits it derives from its
diversified business risk profile.

Outlook: Stable

CRISIL believes that TRPL will maintain its business risk
profile, backed by its diversified business risk profile. The
outlook may be revised to 'Positive' if there is an improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' if TRPL's margins decline or it undertakes a large,
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

                         About Toyop Relief

Incorporated in April 2008 by Mr. Sachin Shah, TRPL took over the
business of Sabra Exim Investments, originally set up in 1994.
TRPL supplies disaster relief material, including kitchen
accessories, plastic toiletries, and tarpaulin tents, to NGOs and
multilateral agencies. It also imports and trades in power
tillers and specialty plastic granules. The speciality plastic
granules business was under Toyop & Co, a proprietorship concern
of Mr. Sachin Shah, which was merged with TRPL in March 2010.

TRPL has also set up two windmills with a combined capacity of
3.6 megawatt in Rajasthan. The company has entered into a 20-year
power purchase agreement with Rajasthan Vidyut Vitran Nigam Ltd
for the output generated from both the windmills.

TRPL reported a profit after tax (PAT) of INR19.4 million on net
revenues of INR732 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12.5 million on net
revenues of INR333 million for 2009-10.


TRINIITY COLOUR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Triniity Colour India
Pvt Ltd continue to reflect TCIPL's moderate financial risk
profile marked by healthy capital structure and moderate debt
protection metrics and the benefits that the company derives from
its promoter's experience in the fabric dyeing business.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Cash Credit        CRISIL BB-/Stable
                                    (Reaffirmed)

   INR74.3 Million Long-Term Loan   CRISIL BB-/Stable
                                    (Reaffirmed)

   INR4.5 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by TCIPL's
geographically concentrated revenue profile, and small scale of
operations in the intensely competitive fabric dyeing and
finishing segment.

Outlook: Stable

CRISIL believes that TCIPL will benefit over the medium term from
the steady demand from fabric manufacturers and its established
customer base. The outlook may be revised to 'Positive' in case
TCIPL significantly scales up its operations and improves its net
worth, while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if TCIPL's financial risk profile deteriorates, most likely
because of a sharp decline in operating margin or large, debt-
funded capital expenditure (capex).

Update

TCIPL recorded revenues of nearly INR160 million, higher than
CRISIL's expectations; it registered a year-on-year growth of
nearly 41% in 2010-11 (refers to financial year, April 1 to
March 31) primarily because of improved orders for its dyeing
units on the back of closure of dyeing units in the Tirupur
region (Tamil Nadu) and commencement of manufacture of Lycra
fabric. The company is expected to grow at about 20% in 2011-12
and has recorded revenues of about INR82 million year-to-date
July 2011. The profitability margins were healthy in line with
CRISIL's expectations; the margins are expected to remain healthy
over the medium term. TCIPL's business risk profile, however,
remains constrained because of the small scale of the company's
operations.

TCIPL's financial risk profile remains healthy, in line with
CRISIL's expectations, as reflected in the company's conservative
gearing and healthy debt protection metrics; the ratios are
expected to remain healthy over the medium term, as the company
does not have any significant debt-funded capex plans. TCIPL's
net worth, however, remained small at about INR70 million as on
March 31, 2011.

TCIPL's liquidity remains adequate for the rating category, with
comfortable cash accruals of about INR40 million vis-…-vis debt
obligations of about INR18 million per annum over the medium term
and low bank limit utilization. The company's liquidity is
expected to remain adequate over the medium term.

TCIPL posted a provisional profit after tax (PAT) of INR24
million on net sales of INR157 million for 2010-11, against a PAT
of INR9 million on net sales of INR111 million for 2009-10.

                        About Triniity Colour

Set up in 1993 by Mr. C Ayyakkannu, TCIPL is in the business of
dyeing and finishing grey fabrics on job-work basis. The company
has a manufacturing capacity of 2074 tonnes per annum at its unit
in Perundurai (Tamil Nadu). TCIPL commenced commercial operations
in August 2007.


VISHNUDEEP PROJECTS: CRISIL Rates INR58MM Cash Credit at CRISIL D
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Vishnudeep Projects and Properties Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR58 Million Cash Credit          CRISIL D (Assigned)
   INR65.5 Million Bank Guarantee     CRISIL D (Assigned)

The ratings reflect instances of delays by VPPL in servicing its
debt; the delays have been caused by the stretched receivables
leading to weak liquidity.

The ratings reflect VPPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of VPPL's promoters.

                      About Vishnudeep Projects

Visakhapatnam (Andhra Pradesh)-based VPPL (formerly, Prabhava
Industrial Engineering Pvt Ltd) constructs residential
properties; it got its current name in 2008. VPPL was non-
operational until 2008, when the company bid for a project to
construct 160 residential flats for Sterlite Industries Ltd. The
project is currently in progress and is expected to be completed
by October 2011. VPPL's day-to-day operations are managed by its
managing director Mr. Venkat Immanni.

VPPL has other associate entities, namely Vishnu Cars Pvt Ltd
(rated 'CRISIL D'), which deals in vehicles of Maruti Suzuki
India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+); Vishnu Motor
Plaza Pvt Ltd, which deals in vehicles of Hero Honda Motors Ltd
(rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'); Vishnu Carriers Pvt
Ltd, which deals in commercial vehicles of Tata Motors Ltd (rated
'CRISIL AA-/Stable/CRISIL A1+'); and Vishnu Vidyuth India Ltd,
which is setting up a 7.5-megawatt biomass power plant in
Vishakhapatnam. These entities are managed independently.

VPPL on a provisional basis reported a profit after tax (PAT) of
INR12 million on net sales of INR261 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR99 million for 2009-10.


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


AYER MOLEK: Inks Deal to Amend Proposed Restructuring Scheme
------------------------------------------------------------
MIMB Investment Bank Berhad on behalf of the Board of Directors
of The Ayer Molek Rubber Co., said that the Company has entered
into a supplemental agreement to the Participation Agreement with
Toptrans Berhad and the vendors of Toptrans Engineering Sdn Bhd
have entered into a supplemental agreement to the TE Acquisition
Agreement with Toptrans on Aug. 12, 2011, for the purpose of
varying the Proposed Restructuring Scheme.

MIMB Investment also announced that Toptrans Engineering has
incorporated several new subsidiaries.

The Ayer Molek Rubber Company Berhad on Nov. 3, 2010, entered
into an agreement with the existing shareholders of Toptrans
Engineering Sdn Bhd wherein the parties have agreed to undertake
these proposals (a) Proposed Acquisition of Toptrans; (b)
Proposed Share Exchange; (c) Proposed Offer for Sale; (d)
Proposed Private Placement; and (e) Proposed Transfer of Listing
Status.

Details of the Proposed Revisions to the Restructuring Scheme is
available for free at: http://ResearchArchives.com/t/s?76b2

                         About Ayer Molek

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

                           *     *     *

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

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


HOVID BERHAD: Unveils Proposed Dividend-in-Specie
-------------------------------------------------
Hovid Berhad said that the company is proposing to distribute a
portion of its shareholding interest in Carotech Berhad by way of
dividend-in-specie to the shareholders of Hovid, on the basis of
25 ordinary shares of MYR0.10 each in Carotech for every 100
ordinary shares of MYR0.10 each held in Hovid.

A full-text copy of the Company's Proposed Dividend-In-Specie is
available for free at http://ResearchArchives.com/t/s?76b1

                        About Hovid Berhad

Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a
Malaysia based company.  The Company is engaged in the business
of manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.

Hovid Berhad has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.

Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements.  Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme.  The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme.  The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.


RHYTHM CONSOLIDATED: Gets Reprimanded for Listing Rules Breaches
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimands Rhythm
Consolidated Berhad and three of its directors for breaches of
the Listing Requirements of Bursa Securities.  In addition, the
Group Executive Chairman was fined a total of MYR350,000.

The breaches were committed prior to the de-listing of Rhythm on
Aug. 27, 2010.

Bursa Securities publicly reprimands Rhythm for these breaches of
the LR:

  -- paragraphs 9.03(1) and 9.04(l) of the LR read together
     with paragraphs 2.1(d) and (e) of PN1 for failing to
     make an immediate announcement of the numerous defaults
     in payment of credit facilities by Rhythm's subsidiaries
     in 2007 and 2008 which were only announced on Feb. 20,
     2009 and April 10 & 24, 2009;

  -- paragraphs 9.03(1) and 9.04(f) of the LR for failing to
     make an immediate announcement of Rhythm's and/or its
     subsidiaries' involvement in the numerous material
     litigations and the material development of the said
     litigations in 2007 and 2008 which were only announced
     on April 24, 2009;

  -- paragraph 9.19(19) of the LR for failing to make an
     immediate announcement of:

       a) The winding-up order dated July 9, 2008, against
          a subsidiary, Rhythm Technology Sdn. Bhd., which
          was only announced on Dec. 30, 2008; and

       b) The winding-up petition dated Dec. 3, 2008, by
          Alliance Bank Malaysia Berhad against Rhythm
          and a subsidiary, Papertech Sdn. Bhd., which was
          served on Rhythm and Papertech on Jan. 15, 2009,
          and Feb. 12, 2009, respectively.  However, Rhythm
          only announced the winding-up petition on Feb. 20,
          2009;

  -- paragraph 9.19(20) of the LR for failing to make an
     immediate announcement of these appointments of receiver
     and manager:

       a) On July 31, 2008, Rhythm Tech was notified that
          Malaysian Debt Ventures Sdn. Bhd. had on July 23,
          2008, appointed a R&M over the subsidiary under
          the terms of a debenture in view of the subsidiary's
          failure to repay the outstanding principal and
          interest amounting to an aggregate total of
          MYR5,214,402.  However, Rhythm only made the
          announcement on the appointment of R&M on
          Dec. 30, 2008; and

       b) Monosetia Sdn. Bhd. had on April 8, 2009, received
          a notice of appointment of R&M whereby Bank
          Perusahaan Kecil & Sederhana Malaysia Berhad had
          on March 23, 2009, appointed a R&M pursuant to the
          Deed of Debenture dated Aug. 24, 2002, in view of
          the subsidiary's overdue indebtedness of MYR733,075
          as at Oct. 31, 2008.  However, Rhythm only made the
          announcement on the appointment of R&M on
          April 10, 2009.

  -- paragraph 9.16(1)(a) of the LR in respect of Rhythm's
     announcement dated April 20, 2009, that Rhythm was in
     a state of solvency and undertaking to provide to Bursa
     Securities a duly executed solvency declaration which
     states the Company's ability to pay all its debts in full
     within a period not exceeding 12 months from the date of
     the announcement.

     However, on April 24, 2009, Rhythm announced that it is
     an Affected Listed Issuer pursuant to Practice Note 17/2005
     as it is unable to provide the Solvency Declaration to
     Bursa Securities and has triggered paragraph 2.1(f) of PN17;
     and

  -- paragraph 9.16(1)(a) of the LR for failing to ensure that
     Rhythm's fourth quarterly report for the financial year
     ended June 30, 2008, which was announced on Aug. 29, 2008,
     took into account the adjustments as stated in Rhythm's
     announcement dated July 3, 2009, among others:

       a) impairment of property, plant and equipment of
          MYR3.58 million;

       b) inventories written off of MYR4.7 million;

       c) allowance for doubtful debts and bad debts written
          off of MYR4.466 million; and

       d) impairment of goodwill of MYR1.282 million.

Rhythm had reported an unaudited loss after taxation and minority
interest of MYR8.708 million in its fourth quarterly report for
the financial period ended June 30, 2008, as compared to an
audited loss after taxation and minority interest of MYR27.768
million in its annual audited accounts for the financial year
ended June 30, 2008.  The difference of MYR19.06 million between
the unaudited and audited results for the financial year ended
June 30, 2008, represented a deviation of approximately 218.9%.

The bourse said the delay in disclosure of the numerous defaults
in payments, material litigations, winding-up petitions/order and
appointment of R&M in accordance with the LR was caused by the
shortage of/inexperienced staff.  This was not acceptable and did
not absolve Rhythm's liability.

According to Bursa, the deviation was essentially caused by the
failure to perform reasonable assessment on the provision for
inventories/doubtful debts and impairment test on goodwill and
property, plant and equipment notwithstanding that these issues
were highlighted by the external auditors prior to the issuance
of the 4th QR 2008.

In addition, Ahmad Redza bin Ahmad Khairuddin, the Group
Executive Chairman of RHYTHM was found to be in breach of
paragraph 16.11(b) of the LR for permitting knowingly or where he
had reasonable means of obtaining such knowledge, RHYTHM to
commit these breaches and were imposed with penalties.

Dato' Haji Abd Hamid Bin Abdul @ Dol and Ab Hakim Bin Hamat,
former directors of Rhythm, were also found to be in breach of
paragraph 16.11(b) of the LR for permitting knowingly or where
they had reasonable means of obtaining such knowledge, RHYTHM to
commit the breach of paragraph 9.16(1)(a) in respect of the
Deviation and were imposed with penalty of public reprimand.

                    About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders,
wallets, bags, rain coats and others, and information and
communication technology, which includes credit cards terminal
development and solutions, and system application developer and
system support.  During the fiscal year ended June 30, 2007
(fiscal 2007), the Company acquired an additional 15% of interest
in its associated company namely, Rhythm ICT Services Sdn. Bhd.,
formerly known as IQ Card Services Sdn Bhd, (ICT).  As a result,
the Company owns 55% interest in ICT, and ICT became a subsidiary
of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement
of default in payment by Monosetia Sdn Bhd.


TALAM CORP: Changes Company Name to Trinity Corporation Berhad
--------------------------------------------------------------
Talam Corporation Berhad said that the Companies Commission of
Malaysia on Aug. 8, 2011, issued the Certificate of Incorporation
on Change of Name of the Company.  The Company is now known as
Trinity Corporation Berhad.

                       About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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


BRIDGECORP LIMITED: Investors to Receive 3.5c First Payout
----------------------------------------------------------
BusinessDay.co.nz reports that around 14,000 secured debenture
investors in failed finance company Bridgecorp are finally
getting their first distribution -- 3.5c in the dollar.

BusinessDay.co.nz relates that Bridgecorp's receivers
PricewaterhouseCoopers (PwC) on Wednesday confirmed an interim
dividend would be paid to secured debenture holders this week.

According to BusinessDay.co.nz, PwC partner Colin McCloy last
month signalled the first payout would be between 3c and 3.5c.
"The receivers remain of the view total recoveries to secured
debenture holders will be less than 10c in the dollar,"
BusinessDay.co.nz quotes Mr. McCloy as saying.

BusinessDay.co.nz says investors have waited more than four years
for a payout.  The dividend could not be confirmed until the
Inland Revenue Department - a preferential creditor - had lodged
its second claim with the receiver, BusinessDay.co.nz adds.

                        About Bridgecorp Ltd

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

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


EQUITABLE MORTGAGES: Receivers Expect Fund Shortfall to the Crown
-----------------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that the
receivers of Equitable Mortgages have repaid NZ$35 million of the
property lender's debts but expect an eventual shortfall against
the NZ$178 million owed to the Crown under the retail deposit
guarantee scheme.

According to the news agency, receivers Grant Graham and Brendon
Gibson of KordaMentha said in their second report that it will
not be possible to recover the full NZ$188.4 million worth of
loans outstanding at the time of receivership but are yet to
confirm what portion can be collected.

NBR relates that Mr. Graham said the NZ$35 million payment was
made to the Crown and to investors not covered by the scheme.
The payment equates to approximately 18% of the amount owing.

"Based on our preliminary estimates, we believe it is extremely
unlikely there will be a return to unsecured creditors and we
expect there to be a shortfall owing to investors and the crown,"
NBR quotes Mr. Graham as saying.

Unsecured creditors are owed about NZ$25,000 but that figure is
likely to increase if and when the Inland Revenue Department
submits a claim, according to NBR.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages have called in receivers for
the company.  According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits.  As at June 24, 2011, the Treasury had
repaid 78% of those investors, NBR discloses.

Deloitte's Rod Pardington and David Levin were initially
appointed Equitable Mortgages' receivers but were replaced by
Messrs. Graham and Gibson on Dec. 17, 2010.

Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.


KINGSTON ACQUISITIONS: To Operate as Tourist Venture by Mid-Oct.
----------------------------------------------------------------
Otago Daily News reports that Kingston Flyer will be operating
again as a tourist venture by mid-October, after Marlborough
vineyard owner David Bryce signed a purchase agreement on
Aug. 11.

"It's been a while, but we got there in the end. . . I want to
get it back running again. It's been sad seeing it tied up in
receivership," Otago Daily News quoted Mr. Bryce as saying.

The report notes that Mr. Bryce would not reveal how much the
deal cost him, but the contract included two steam locomotives,
the vintage carriages, the Kingston Tavern, storage sheds, a 14km
section of track to Fairlight, six residential lots and other
development land in the village, totaling about 80 hectares.

Mr. Bryce said he planned to put the empty land on the market and
then begin to operate the train as the tourist attraction "that
it once was," according to O.

On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was
placed into receivership by financier Prudential Mortgage
Nominees, who is owed at least NZ$4.7 million.  The company's
assets, which include 80 hectares of development land, would be
sold in an international tender organized by Bayleys Queenstown,
the Southland Times said.

                      About Kingston Flyer

The Kingston Flyer is a vintage steam train operating in the
South Island of New Zealand at the southern end of Lake Wakatipu.
The Kingston Flyer stopped operating since August 2009.


SOUTH CANTERBURY: Cost to Taxpayers Still Uncertain
---------------------------------------------------
BusinessDay.co.nz reports that the cost to taxpayers of South
Canterbury Finance's collapse remains unclear after receivers
sold further loan assets to Japanese investment bank Nomura for
an undisclosed sum.

According to BusinessDay.co.nz, Finance Minister Bill English
said he had not seen the detail of the sale and it was yet to be
seen if the cost to the Government would increase further.

"We have been focused very much on reducing cost to taxpayers
through this whole exercise," BusinessDay.co.nz quotes Mr.
English as saying.  "It's pretty clear what the mandate from the
Government is and that's to protect taxpayers from any further
losses from South Canterbury Finance and we'll get a sense from
the annual accounts that will be released in the next couple of
months about just where they're up to.  There has been no reason
yet to change the estimate [of losses] in the last accounts that
were published by the Crown."

When South Canterbury collapsed in August last year its debts to
investors were paid for by taxpayers under the government deposit
guarantee scheme, leaving the government owed NZ$1.58 billion by
the company, BusinessDay.co.nz states.

South Canterbury's assets at the time were valued at NZ$1.1
billion and Mr. English said the government expected a net cost
to taxpayers of NZ$600 million to NZ$700 million, according to
BusinessDay.co.nz.

In the latest transaction announced Tuesday by receivers Kerryn
Downey and William Black of McGrathNicol, a set of consumer,
business and rural loans with a book value of NZ$123 million was
sold to Nomura.

According to the report, Mr. Black said the deal was an excellent
outcome and "another important step in maximizing the return for
the Crown when combined with the other sale processes completed
to date and loan recoveries made during the receivership."

BusinessDay.co.nz, citing some market speculation, says the loan
book was sold for about 65-70c in the dollar, realizing about
NZ$80 million to NZ$85 million.

The portfolio represented the balance of the "good bank" in South
Canterbury's loan book after the sale of NZ$100 million of loans
from subsidiary Face Finance in May, BusinessDay.co.nz states.

After the Nomura deal, BusinessDay.co.nz notes, remaining assets
are mainly a portfolio of impaired loans and a minority stake in
big corporate dairy farmer Dairy Holdings. The latter is subject
to legal action by 16.7% Dairy Holdings shareholder Colin Armer,
who has challenged the conduct of the sale process by
McGrathNicol, BusinessDay.co.nz relates.

Mr. Downey said the 'bad bank' of about 300 impaired loans, which
include some related party lending, were in "run-off mode" as
receivers sought to collect the debts, although buyers for the
asset could be sought at some point in future, BusinessDay.co.nz
adds.

                     About South Canterbury

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

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

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

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


SOUTH CANTERBURY: To Shut Former Head Office
--------------------------------------------
Stu Piddington at The Timaru Herald reports that the last visible
sign of South Canterbury Finance is set to close in Timaru.

Receiver William Black of McGrathNicol confirmed that the former
head office in Sophia St would shut after the sale of the "good
bank" to global investment bank Nomura, The Timaru Herald says.

According to the report, Mr. Black said there was no specific
timeframe, but they were working through an orderly process.

Ten staff were still employed in Timaru but the Timaru Herald
understood most were contracted through until October.

The Timaru Herald relates that Mr. Black said the building would
go on the market in due course.

                    About South Canterbury

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

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

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

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


* NEW ZEALAND: Insolvency Pro Key to Fighting Corp Fraud
--------------------------------------------------------
The Serious Fraud Office on Aug. 17, 2011, recognized the
importance of insolvency practitioners in the fight against
corporate fraud.

Speaking at the 11th Annual Corporate Insolvency Conference in
Auckland, SFO Chief Executive, Adam Feeley, said "No profession
is better placed than insolvency practitioners to assist the SFO,
and other law enforcement agencies, in the fight against
corporate crime."

Mr. Feeley said that factors such as their strong links to
business; geographic spread; and relative strength of numbers,
made the profession a key ally to the work of the agencies tasked
with fighting financial crime.

"We are heavily dependent on the on-the-ground knowledge and
cooperation of insolvency practitioners to detecting crimes
within the corporate sector, and to ensuring a successful outcome
to an investigation."

In the past 12 months the SFO had been greatly encouraged by the
support of insolvency practitioners for greater law enforcement
activity, and their active reporting of possible offending.

"Several accounting and law firms have assisted us in major
investigations. Without their help, these cases would have, at
best, taken longer to complete, and in some cases may not have
been completed."

Mr. Feeley cited cases such as Aorangi Securities, Hanover
Finance, South Canterbury Finance, and Herbert Insurance Group
where insolvency practitioners had made significant contributions
to the SFO's investigations.

"I think there has been significant shift in the level of
collaboration between agencies such as the SFO and Financial
Markets Authority and those responsible for administering the
affairs of financially distressed companies.

"While it would be na‹ve to think corporate fraud won't continue,
the public should feel heartened by the commitment of the private
and public sector to working together to make New Zealand a safer
place to invest."


=================
S I N G A P O R E
=================


FRIVEN & CO: Unit Goes Into Voluntary Liquidation
-------------------------------------------------
Channel News Asia reports that Friven & Co International (FCI), a
subsidiary of Friven & Co. Ltd, has gone into voluntary
liquidation.

The news agency relates that the company said in a filing to the
Singapore Exchange that there were "reasonable grounds" to
believe it is unable to meet liabilities and continue business.

According to CNA, the company said the winding up of FCI is not
expected to have any material impact on the earnings per share
and net tangible assets per share of Friven & Co and its
subsidiaries for the financial year ending Dec. 31, 2011.

For the purpose of the winding up, the FCI has appointed Deloitte
& Touche LLP as the provisional liquidators, CNA discloses.

Friven & Co. Ltd is a bedroom linen and household product
retailer.

Friven & Co. Ltd., through its subsidiaries, engages in the
manufacture and sale of cushions, bedlinens, pillows, bolsters,
household textiles, and household products. It provides soft
furnishings and accessories for bed, bath, and home.

The company, formerly known as Mayfran International Limited, was
founded in 1977 and is headquartered in Singapore, Singapore.


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


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

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


AUSTRALIA

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          734.96        -173.09
AUSTRALIAN ZI-PP          AZCCA         77.74          -2.57
AUSTRALIAN ZIRC           AZC           77.74          -2.57
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
BREMER PARK LTD           BPK           16.00          -6.90
CEC GROUP LTD             CEG           95.67         -42.29
CENTRO PROPERTIE          CNP       15,483.44        -349.73
CHEMEQ LTD                CMQ           25.19         -24.25
COMPASS HOTEL GR          CXH           88.33          -1.08
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
ORION GOLD NL             ORN           11.60         -10.91
POWERLAN LTD              PWR           28.30          -3.64
REDBANK ENERGY L          AEJ        3,564.36        -383.39
RESIDUAL ASSC-EE          RAGXF        597.33        -126.96
RIVERCITY MOTORW          RCY          386.88        -809.14
SCIGEN LTD-CUFS           SIE           65.56         -38.80
SHELL VILLAGES A          SVC           13.47          -1.66
STIRLING RESOURC          SRE           31.19          -0.62
VIEW RESOURCES L          VRE           11.81         -37.51


CHINA

BAOCHENG INVESTM          600892        36.34          -4.47
CHENGDE DALU -B           200160        29.42          -3.92
CHENGDU UNION-A           693           32.68         -15.13
CHINA FASHION             CFH           10.11          -0.76
CHINA KEJIAN-A            35            95.09        -182.83
CONTEL CORP LTD           CTEL          59.32         -45.72
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       249.41         -53.61
HUASU HOLDINGS-A          509           90.78          -4.91
HUNAN ANPLAS CO           156           43.92         -35.46
JILIN PHARMACE-A          545           35.52          -6.20
JINCHENG PAPER-A          820          212.09        -116.17
MUDAN AUTOMOBI-H          8188          29.41          -1.38
NINGBO YIDONG-H           8249          18.29         -53.42
QINGDAO YELLOW            600579       222.76          -9.10
SHANG BROAD-A             600608        50.03          -9.23
SHANG HONGSHENG           600817        15.87        -286.48
SHANXI GUANLU-A           831          331.55          -0.17
SHANXI LEAD IN-A          673           20.47          -1.89
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           26.10        -161.49
SHENZHEN KONDA-A          48           116.99          -7.20
SHENZHEN ZERO-A           7             42.69          -5.05
SHIJIAZHUANG D-A          958          212.59         -80.91
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       243.85        -138.59
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       145.42         -68.19


HONG KONG

ASIA TELEMEDIA            2947          15.67         -14.24
ASIA TELEMEDIA L          376           15.67         -14.24
ASIAN CAPITAL RE          8025          10.89         -11.02
BEP INTL HLDGS L          2326          10.32          -1.83
BUILDMORE INTL            108           16.19         -50.25
CHINA E-LEARNING          8055          19.66          -1.27
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
EGANAGOLDPFEIL            48           557.89        -132.86
FU JI FOOD & CAT          1175          73.43        -389.20
FULBOND HLDGS             1041         117.50          -6.87
GUOJIN RESOURCES          630           18.21         -17.00
LUNG CHEONG INTL          348           62.04          -0.37
MELCOLOT LTD              8198          56.90         -46.99
MITSUMARU EAST K          2358          30.04         -15.37
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           15.55         -33.59
SMART UNION GP            2700          32.14         -40.01
TACK HSIN HLDG            611           53.95         -88.74


INDONESIA

ARPENI PRATAMA            APOL         613.56        -124.15
ASIA PACIFIC              POLY         471.38        -869.26
ERATEX DJAJA              ERTX          11.72         -23.99
HANSON INTERNATI          MYRX          35.46          -9.01
HANSON INT-PREF           MYRXP         35.46          -9.01
JAKARTA KYOEI ST          JKSW          33.33         -45.06
MITRA INTERNATIO          MIRA         880.25        -412.27
MITRA RAJASA-RTS          MIRA-R2      880.25        -412.27
MULIA INDUSTRIND          MLIA         524.73         -39.06
PANASIA FILAMENT          PAFI          37.96         -15.94
PANCA WIRATAMA            PWSI          31.51         -39.11
PRIMARINDO ASIA           BIMA          10.37         -21.92
SURABAYA AGUNG            SAIP         248.21         -94.27
TOKO GUNUNG AGUN          TKGA          13.37          -0.60
UNITEX TBK                UNTX          18.22         -17.81


INDIA

ALPS INDUS LTD            ALPI         292.76         -12.44
AMIT SPINNING             AMSP          20.43          -1.96
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
CELEBRITY FASHIO          CFLI          36.61          -6.76
CFL CAPITAL FIN           CEATF         12.36         -49.56
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          14.58          -1.16
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
JAGSON AIRLINES           JGA           12.31          -0.25
JCT ELECTRONICS           JCTE         122.54         -50.00
JD ORGOCHEM LTD           JDO           10.46          -1.60
JENSON & NIC LTD          JN            18.05         -86.40
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           37.68         -45.35
LLOYDS FINANCE            LYDF          21.65         -11.39
LLOYDS STEEL IND          LYDS         510.00         -48.98
LML LTD                   LML           65.26         -56.77
MADRAS FERTILIZE          MDF          146.96        -136.27
MAHA RASHTRA APE          MHAC          24.13         -14.27
MARKSANS PHARMA           MRKS         110.15         -14.04
MILLENNIUM BEER           MLB           52.23          -5.22
MILTON PLASTICS           MILT          18.65         -52.29
MODERN DAIRIES            MRD           38.41          -0.45
MTZ POLYFILMS LT          TBE           31.94          -2.57
NATH PULP & PAP           NPPM          14.50          -0.63
NICCO CORP LTD            NICC          75.56          -6.49
NICCO UCO ALLIAN          NICU          32.23         -71.91
NK INDUS LTD              NKI          141.35          -7.71
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          51.20         -64.85
QUADRANT TELEVEN          QDTV         188.57        -116.81
RAJ AGRO MILLS            RAM           10.21          -0.61
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
SADHANA NITRO             SNC           18.21          -0.73
SAURASHTRA CEMEN          SRC          106.01          -2.81
SCOOTERS INDIA            SCTR          18.63          -6.88
SEN PET INDIA LT          SPEN          11.58         -26.67
SHAH ALLOYS LTD           SA           212.81          -9.74
SHALIMAR WIRES            SWRI          24.58         -39.14
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          35.39          -0.54
STL GLOBAL LTD            SHGL          45.61         -10.59
SUPER FORGINGS            SFS           17.83          -6.37
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           47.46          -7.49
UNIFLEX CABLES            UFCZ          47.46          -7.49
UNIMERS INDIA LT          HDU           18.08          -5.86
UNITED BREWERIES          UB         2,652.00        -242.53
UNIWORTH LTD              WW           168.36        -155.74
UNIWORTH TEXTILE          FBW           20.57         -37.60
USHA INDIA LTD            USHA          12.06         -54.51
VANASTHALI TEXT           VTI           25.92          -0.15
VENTURA TEXTILES          VRTL          14.33          -1.91
VENUS SUGAR LTD           VS            11.06          -1.08


JAPAN

ARRK CORP                 7873       1,221.45         -37.80
C&I HOLDINGS              9609          32.82         -39.23
CROWD GATE CO             2140          11.63          -4.29
KANMONKAI CO LTD          3372          68.26          -2.44
KFE JAPAN CO LTD          3061          17.86          -2.27
L CREATE CO LTD           3247          42.34          -9.15
NIS GROUP CO LTD          8571         477.70         -75.44
PROPERST CO LTD           3236         305.90        -330.20
S-POOL INC                2471          18.11          -0.41
STRAWBERRY CORP           3429          14.17          -4.48
TOYO KNIFE CO             5964          74.73          -5.55


KOREA

DAISHIN INFO              20180        740.50        -158.45
HANIL CONSTRUCT           6440         880.70         -22.42
HYUNDAI BNG STEE          4560         476.66         -70.65
HYUNDAI BNG STEE          4565         476.66         -70.65
KUKDONG CORP              5320          53.07          -1.85
ORICOM INC                10470         82.65         -40.04
PLA CO LTD                82390         14.95         -21.43
SEOUL MUTL SAVIN          16560        874.79         -34.13
SUNGJEE CONSTRUC          5980         114.91         -83.19
TONG YANG MAGIC           23020        355.15         -25.77
YOUILENSYS CORP           38720        166.70         -12.34


MALAYSIA

BANENG HOLDINGS           BANE          40.49         -17.14
HAISAN RESOURCES          HRB           67.05          -0.92
HO HUP CONSTR CO          HO            70.66          -9.24
JPK HOLDINGS BHD          JPK           17.60          -2.46
LUSTER INDUSTRIE          LSTI          19.28          -7.15
MITHRIL BHD               MITH          29.79          -0.75
NGIU KEE CO-BHD           NKC           14.19         -12.76
TRACOMA HOLDINGS          TRAH          60.31         -26.28
VTI VINTAGE BHD           VTI           17.97          -3.68


PHILIPPINES

CYBER BAY CORP            CYBR          14.14         -94.36
EAST ASIA POWER           PWR           31.58        -185.31
FIL ESTATE CORP           FC            40.90         -15.77
FILSYN CORP A             FYN           23.81         -11.69
FILSYN CORP. B            FYNB          23.81         -11.69
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           17.61         -11.14
UNIWIDE HOLDINGS          UW            50.36         -57.19
VICTORIAS MILL            VMC          164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA           18.93         -11.69
ADVANCE SCT LTD           ASCT          25.29         -10.05
HL GLOBAL ENTERP          HLGE          93.40         -15.38
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          249.17         -73.30


THAILAND

ABICO HLDGS-F             ABICO/F       15.28          -4.40
ABICO HOLDINGS            ABICO         15.28          -4.40
ABICO HOLD-NVDR           ABICO-R       15.28          -4.40
ASCON CONSTR-NVD          ASCON-R       59.78          -3.37
ASCON CONSTRUCT           ASCON         59.78          -3.37
ASCON CONSTRU-FO          ASCON/F       59.78          -3.37
BANGKOK RUBBER            BRC           91.32        -113.78
BANGKOK RUBBER-F          BRC/F         91.32        -113.78
BANGKOK RUB-NVDR          BRC-R         91.32        -113.78
CALIFORNIA W-NVD          CAWOW-R       33.30         -10.09
CALIFORNIA WO-FO          CAWOW/F       33.30         -10.09
CALIFORNIA WOW X          CAWOW         33.30         -10.09
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           37.10        -118.46
ITV PCL-FOREIGN           ITV/F         37.10        -118.46
ITV PCL-NVDR              ITV-R         37.10        -118.46
K-TECH CONSTRUCT          KTECH/F       38.87         -46.47
K-TECH CONSTRUCT          KTECH         38.87         -46.47
K-TECH CONTRU-R           KTECH-R       38.87         -46.47
KUANG PEI SAN             POMPUI        17.70         -12.74
KUANG PEI SAN-F           POMPUI/F      17.70         -12.74
KUANG PEI-NVDR            POMPUI-R      17.70         -12.74
PATKOL PCL                PATKL         52.89         -30.64
PATKOL PCL-FORGN          PATKL/F       52.89         -30.64
PATKOL PCL-NVDR           PATKL-R       52.89         -30.64
PICNIC CORP-NVDR          PICNI-R      101.18        -175.61
PICNIC CORPORATI          PICNI/F      101.18        -175.61
PICNIC CORPORATI          PICNI        101.18        -175.61
PONGSAAP PCL              PSAAP/F       13.02          -1.77
PONGSAAP PCL              PSAAP         13.02          -1.77
PONGSAAP PCL-NVD          PSAAP-R       13.02          -1.77
SAHAMITR PRESS-F          SMPC/F        27.92          -1.48
SAHAMITR PRESSUR          SMPC          27.92          -1.48
SAHAMITR PR-NVDR          SMPC-R        27.92          -1.48
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       37.06         -28.03
THAI-GERMAN PRO           TGPRO         37.06         -28.03
THAI-GERMAN-NVDR          TGPRO-R       37.06         -28.03
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         615.73        -210.36
TT&T PCL-NVDR             TTNT-R       615.73        -210.36
TT&T PUBLIC CO-F          TTNT/F       615.73        -210.36


TAIWAN

ARASOR INTERNATI          ARR           19.21         -26.51
BEHAVIOR TECH CO          2341S         41.94          -1.02
BEHAVIOR TECH CO          2341          41.94          -1.02
BEHAVIOR TECH-EC          2341O         41.94          -1.02
CHIEN TAI CEMENT          1107         214.12         -49.02
HELIX TECH-EC             2479T         23.39         -24.12
HELIX TECH-EC IS          2479U         23.39         -24.12
HELIX TECHNOL-EC          2479S         23.39         -24.12
TAIWAN KOL-E CRT          1606U        507.21        -147.14
TAIWAN KOLIN-EN           1606V        507.21        -147.14
TAIWAN KOLIN-ENT          1606W        507.21        -147.14
VERTEX PREC-ENTL          5318T         42.24          -5.08
VERTEX PRECISION          5318          42.24          -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***