TCRAP_Public/110930.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, September 30, 2011, Vol. 14, No. 194

                            Headlines



A U S T R A L I A

EMBASSY PRESS: Former Owner Dragged Into Liquidation Mess
SOLMAC GROUP: ATO Pushes Two Units Into Liquidation


H O N G  K O N G

HANFAME LIMITED: Court Enters Wind-Up Order
HEALTHFULAIR LIMITED: Court Enters Wind-Up Order
H.K. SIEMENS: Court Enters Wind-Up Order
HOKOGAMA LIMITED: Court Enters Wind-Up Order
INCORPORATED OWNERS: Court Enters Wind-Up Order

JOE WONG: Court Enters Wind-Up Order
JOINWAY HOLDINGS: Court to Hear Wind-Up Petition on Oct. 19
KAN MING: Court to Hear Wind-Up Petition on Nov. 9
KIMBERLI CANDY: Court Enters Wind-Up Order
KIMBERLI GROUP: Court Enters Wind-Up Order

KIMBERLI LIMITED: Court Enters Wind-Up Order
LEGEND SMOOTH: Court to Hear Wind-Up Petition on Oct. 19
NICE CAPITAL: Court Enters Wind-Up Order
PARRAMATA SHUH: Court Enters Wind-Up Order
PROD-ART COMPANY: Court to Hear Wind-Up Petition on Nov. 9

PRODUCT SOLUTIONS: Court Enters Wind-Up Order
RHINE GARDEN: Court to Hear Wind-Up Petition on Oct. 19
ROCKWAY TECHNOLOGY: Creditors Get 100% Recovery on Claims
SCORES PROPERTY: Court Enters Wind-Up Order
SPOTTING MEDIA: Court Enters Wind-Up Order


I N D I A

ACADEMY OF ENGINEERING: ICRA Rates INR10cr Limits at '[ICRA]BB-'
ACCORD COMMUNICATIONS: CARE Rates INR9cr Loan at 'CARE BB+'
AMIZARA AGENCIES: ICRA Assigns '[ICRA]BB-' Rating to INR2cr Loan
ASIAN WIRES: CARE Puts 'CARE BB+' Rating on INR3.71 LT Loan
AVINASH ISPAT: ICRA Assigns '[ICRA]BB-' Rating to INR8.5cr Loan

BIRLA POWER: CARE Assigns 'CARE BB' Rating to INR40cr LT Loan
GOLD STAR: CARE Rates INR22.5cr Bank Facilities at 'CARE BB-'
KARTIKEYA PAPER: CARE Rates INR10.13cr Long-Term Loan at 'CARE BB'
MANISH AGRO-TECH: CARE Reaffirms 'CARE BB+' Long-term Rating
MEENAKSHI AMMAL: ICRA Assigns '[ICRA]B' Rating to INR35cr Loan

MITTATEX EXPORTS: CARE Rates INR80cr Working Capital at 'CARE B+'
OCTAGA GREEN: CARE Rates INR40.58cr LT Loan at 'CARE B +'
QUENCH SOFT: ICRA Places '[ICRA]BB+' Rating on INR25cr Bank Loan
RAJA ENTERPRISES: ICRA Assigns '[ICRA]B+' Rating to INR2cr Loan
RPS INFRA: ICRA Cuts Rating on INR62.01cr Loan to '[ICRA]D'

S.M. TELEDIRECT: CARE Rates INR11.5cr LT Loan at 'CARE BB'
SUKH SAGAR: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
YAMUNAJI CORP: CARE Rates INR12cr Long-Term Loan at 'CARE BB+'


K O R E A

HYNIX SEMICONDUCTOR: Deadline for Bids Extended to November 3
* SOUTH KOREA: Construction Firms Suffer from Market Slump in 2010


M A L A Y S I A

VTI VINTAGE: Affin Bank Files Wind Up Petition


N E W  Z E A L A N D

BRIDGECORP LIMITED: Former Boss' Lawyer Quits SFO Case
DORCHESTER PACIFIC: Investors Approve NZ$10-Mil. Cash Bail Out
NZF MONEY: S&P Withdraws 'D/D' Counterparty Credit Rating & ICR
ZION WILDLIFE: Receivers in Talks With Potential Zion Buyers


P H I L I P P I N E S

BENGUET CORP: Aims to Implement Equity Restructuring
RIZAL COMMERCIAL: Moody's Assigns (P)Ba2 Foreign Currency Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


EMBASSY PRESS: Former Owner Dragged Into Liquidation Mess
---------------------------------------------------------
Nolan Gile at ProPrint reports that the former owner of Embassy
Press said he is on the verge of bankruptcy after the company
failed under new owners, though liquidators have said their new
business is "not a phoenix."

After running the business for 30 years, ProPrint relates,
industry veterans John Israel and business partner Robert Gemmell
sold Embassy Press to Craig Dykes and Ryan Paternott on Aug. 1,
2010.  The new directors called in liquidators HLB Mann Judd one
year later, ProPrint recalls.

According to ProPrint, creditors have voiced speculation over the
closure of Embassy Press and subsequent opening of Messrs. Dykes
and Paternott's new business, Embassy Print.

Mr. Israel told ProPrint he wanted to set the record straight
about his part in the company closure.

"I will lose my building and I will finish up a bankrupt after 43
years in the printing industry and it is my own silly fault
because I had faith in these people," Mr. Israel told ProPrint.

Mr. Dykes would not go on the record to ProPrint due to an
impending legal dispute, but there was clear discord between the
two sets of directors.

It seems the dispute hit fever pitch in the weeks leading up to
the liquidation, ProPrint notes.  Mr. Israel said that both sets
of directors locked the others out of the site during July.

A new business, Embassy Print, was registered under the name of
Kristina Paternott in June and is currently leasing press time
from Docklands Press, according to ProPrint.

Messrs. Dykes and Paternott both work for the company, along with
12 former staff members of Embassy Press.

At a creditors meeting on August 10, HLB Mann Judd were asked how
"the directors are allowed to start a new company in the same
industry".

The liquidator said the Embassy transaction was "not a phoenix" as
there "appeared to be a bonafide sale of the company's assets".

The business, which traded as Embassy Print Solutions and was
believed to be turning over AUD2.5 million to AUD3 million, called
in HLB Mann Judd on August 1 with AUD2 million of debt, ProPrint
reported on Aug. 10, 2011.


SOLMAC GROUP: ATO Pushes Two Units Into Liquidation
---------------------------------------------------
Nick Nichols at goldcoast.com.au reports that at least two
companies controlled by Solmac Group have been forced into
liquidation by the Australian Taxation Office, which is owed
AUD2.6 million, but it is likely other companies within the group
may follow.

Solmac Group is owned by the Gold Coast businessmen Stephen
Solomons and Duncan McInnes.

Full details of the combined debts of the two companies -- Solmac
Developments and Market Square No.1 Pty Ltd -- have yet to be
revealed, goldcoast.com.au reports.

According to the report, a spokesman for liquidator John Park, of
KordaMentha, said the likelihood of a return to unsecured
creditors had not been determined.

"We still have to do a full investigation," the spokesman told
goldcoast.com.au.

A report lodged with the Australian Securities and Investments
Commission for Market Square No.1 showed a potential shortfall of
AUD7 million for unsecured creditors, goldcoast.com.au discloses.

goldcoast.com.au relates that some of those creditors were related
entities, including Karen McInnes who had loaned the company
AUD2.1 million.  Trade creditors are owed just under AUD1 million.

According to the report, Solmac has been involved in a series of
highly successful small-scale developments across the Coast since
the early 1990s but more recently it had focused on the Varsity
Central precinct.

Its latest project was the mixed-use Park Lake development which
had achieved an apartment sellout but suffered a cashflow crisis
at the end of 2009 just prior to completion last year, the report
notes.

Mr. Solomons said both he and Mr. McInnes had been forced to sell
assets to support the Solmac Group, including their luxury
waterfront homes which fetched a combined AUD13.5 million last
year, reports goldcoast.com.au.

Mr. Solomons, as cited by goldcoast.com.au, said the asset sell-
off -- including the disposal of a 2.55ha Varsity Lakes
development site to Indian developer Pearls Australasia for $10
million earlier this year -- had failed to cover debts beyond
those to secured creditors.


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


HANFAME LIMITED: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of Hanfame Limited.

The company's liquidators are:

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


HEALTHFULAIR LIMITED: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2011, to
wind up the operations of Healthfulair Limited.

The company's liquidators are:

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


H.K. SIEMENS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of H.K. Siemens Sun Energy Source Int'l
Limited.

The company's liquidators are:

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


HOKOGAMA LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Hokogama Limited.

The official receiver is Teresa S W Wong.


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of The Incorporated Owners of 140-142A
Caine Road & 51-53 Seymour Road.

The company's liquidators are:

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


JOE WONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 9, 2011, to
wind up the operations of Joe Wong Studio International Limited.

The company's liquidators are:

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


JOINWAY HOLDINGS: Court to Hear Wind-Up Petition on Oct. 19
-----------------------------------------------------------
A petition to wind up the operations of Joinway Holdings Limited
will be heard before the High Court of Hong Kong on Oct. 19, 2011,
at 9:30 a.m.

Wong Hang Yin filed the petition against the company on Aug. 15,
2011.


KAN MING: Court to Hear Wind-Up Petition on Nov. 9
--------------------------------------------------
A petition to wind up the operations of Kan Ming Construction
Investments Limited will be heard before the High Court of Hong
Kong on Nov. 9, 2011, at 9:30 a.m.

Ying Pui Sze Cissie formerly known as Ying Un Cissie filed the
petition against the company on Sept. 1, 2011.

The Petitioner's solicitors are:

          Messrs Leung Kin & Co
          6th Floor & 9th Floor
          Hang Seng Yuen Long Building
          Nos. 91-93 Castle Peak Road
          Yuen Long, New Territories


KIMBERLI CANDY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Kimberli Candy Limited.

The official receiver is Teresa S W Wong.


KIMBERLI GROUP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Kimberli Group Limited.

The official receiver is Teresa S W Wong.


KIMBERLI LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Kimberli Limited.

The official receiver is Teresa S W Wong.


LEGEND SMOOTH: Court to Hear Wind-Up Petition on Oct. 19
--------------------------------------------------------
A petition to wind up the operations of Legend Smooth Limited will
be heard before the High Court of Hong Kong on Oct. 19, 2011, at
9:30 a.m.

Mok Kim Pui filed the petition against the company on Aug. 15,
2011.


NICE CAPITAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 9, 2011, to
wind up the operations of Nice Capital International Limited.

The company's liquidators are:

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


PARRAMATA SHUH: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Parramata Shuh Haus Limited.

The official receiver is Teresa S W Wong.


PROD-ART COMPANY: Court to Hear Wind-Up Petition on Nov. 9
----------------------------------------------------------
A petition to wind up the operations of Prod-Art Company Limited
will be heard before the High Court of Hong Kong on Nov. 9, 2011,
at 9:30 a.m.

Level Printing Factory Limited filed the petition against the
company on Sept. 1, 2011.

The Petitioner's solicitors are:

          Au, Thong & Tsang
          1402-3 China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


PRODUCT SOLUTIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Aug. 25, 2011, to
wind up the operations of Product Solutions Limited.

The company's liquidators are:

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


RHINE GARDEN: Court to Hear Wind-Up Petition on Oct. 19
-------------------------------------------------------
A petition to wind up the operations of Rhine Garden Holdings
Limited will be heard before the High Court of Hong Kong on
Oct. 19, 2011, at 9:30 a.m.

Wong Hang Yin filed the petition against the company on Aug. 15,
2011.


ROCKWAY TECHNOLOGY: Creditors Get 100% Recovery on Claims
---------------------------------------------------------
Rockway Technology Limited, which is in compulsory liquidation,
will pay the first and final dividend to its creditors on Oct. 10,
2011.

The company will pay 100% for preferential and 0.46% for ordinary
claims.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SCORES PROPERTY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Sept. 14, 2011, to
wind up the operations of Scores Property Management Co., Limited.

The official receiver is Teresa S W Wong.


SPOTTING MEDIA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 29, 2011, to
wind up the operations of Spotting Media Limited.

The company's liquidators are:

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


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


ACADEMY OF ENGINEERING: ICRA Rates INR10cr Limits at '[ICRA]BB-'
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR 10 crore fund
based limits of The Academy of Engineering and Management Trust.
The outlook on the long term rating is stable.

The rating takes into account the established track record of the
trust in imparting education, a large number of courses offered
across streams, increasing TAEM's reach among the student
community and a moderate financial profile characterized by a
conservative capital structure and comfortable coverage
indicators, however the overutilization in the overdraft facility
from time to time reflects a lack of proper administrative
control.

The rating also factors in the low placement track record with
large dependence on a single company for placement of engineering
students, a declining, although healthy profitability levels and a
weak information system of the trust.

TAEM was established in 1999 as a trust in West Bengal. The trust
manages an engineering college, viz. Siliguri Institute of
Technology college, offering under and post graduate courses
across streams including engineering and management. TAEM also
manages three primary and secondary level schools. Siliguri
Institute of Technology contributed around 72% to the total
revenue of the trust in 2010-11.

Recent Results

As per the provisional results of 2010-11, TAEM recorded a net
surplus of INR4.40 crore on an operating income of INR17.66 crore
as against a net surplus of INR3.37 crore on an operating income
of INR15.30 crore during 2009-10.


ACCORD COMMUNICATIONS: CARE Rates INR9cr Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Accord Communications Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     9.00       CARE BB+ Assigned
   Short-term Bank Facilities    6.00       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by ACL's small scale of operations,
tapering capacity utilization rates and earnings in the recent
years, low profitability margins and working-capital intensive
nature of operations. The ratings also take into account the
inherent risks associated with the trading activity and intense
competition with the presence of many unorganized players. The
ratings, however, draw comfort from the experience of the
promoters and established track record of operations of ACL in the
EPABX segment as well as ACL's reputed clientele and distribution
network for EPABX segment.

Going forward, the ability of ACL to profitably scale up its
operations in the light of competitive industry and continuously
adapt to the technology changes along with effective working-
capital management shall be the key rating sensitivities.

                      About Accord Communications

Accord Communications Ltd was incorporated in 1990 by Mr. P.K.
Mohta, Mr. A.K. Mohta, Ms. Sushma Mohta and Ms. Shailly Mohta. ACL
is engaged in the designing, manufacturing and marketing of
Electronic Private Automatic Branch Exchange (EPABX) systems and
trading of mobile accessories, GSM phones and Fixed Wireless
Phones. During FY10, the company also ventured into the trading of
mobile handsets.

The manufacturing facility of ACL is located in Meerut, UP with an
installed capacity of 20,000 units as on March 31, 2010 for EPABX
systems.


AMIZARA AGENCIES: ICRA Assigns '[ICRA]BB-' Rating to INR2cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-'to INR 2.00 crore fund based
facilities and '[ICRA]A4' to INR 3.00 crore non-fund based
facilities of Amizara Agencies.  ICRA has also assigned [ICRA]BB-
and [ICRA]A4 ratings to proposed limits of INR4.00 crore of
Amizara Agencies. The long-term rating has a stable outlook.

The ratings factor in the long experience of the promoters in the
chemical import business; the sole distributorship arrangement of
the firm for products of reputed brands and its diversified
product portfolio and customer base.  The ratings are however
constrained by the limited scale of operations; the company's
turnover witnessed a steep decline in FY10 with the exit of one of
the partners of the firm, though marginal improvement has been
seen in FY 11.ICRA notes that the presence of large number of
small firms in chemical import business also results in intense
competition putting the margins under pressure.

Also, while the company's capital structure is currently
comfortable, the business is working capital intensive, and fund
requirements is likely to go up as the company scales up its
operations. As Amizara Agencies is a partnership firm, any
substantial withdrawals from the capital account would impact its
net worth size and thus remains a key rating sensitivity.

                      About Amizara Agencies

Setup in 2002 as a partnership firm, Amizara Agencies is engaged
in the import of chemicals which are used in paint industry. It
has its registered office at Parel, Mumbai and warehouse at
Bhivandi (Maharashtra).

Recent Results:

During FY 11, the firm has reported Profit After Tax (PAT) of
INR 0.28 crore on an operating income of INR 13.67 crore. For the
three month period of FY 12, the firm has reported net losses of
INR 0.06 crore on an operating income of INR 4.92 crore
(provisional).


ASIAN WIRES: CARE Puts 'CARE BB+' Rating on INR3.71 LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Asian Wires & Cables Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     3.71       CARE BB+ Assigned
   Long/Short-term Bank          8.00       CARE BB+/CARE A4+
   Facilities                               Assigned
   Short-term Bank Facilities    2.00       CARE A4+ Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings are constrained on account of the short track record
and small scale of operations of Asian Wires and Cables Industries
presence of the firm in a highly competitive and fragmented cables
and wires industry with competitive pressures from both the large
players as well as the smaller unorganized players, moderately
high overall gearing, dip in the profitability in FY11 (refers to
April 1 to March 31) as well as vulnerability of profits to the
fluctuations in the raw material prices. The ratings are further
constrained on account of AWCI's constitution as a partnership
firm as well as project implementation risk in respect of the new
aerial bunched cables project.

The ratings, however, favorably consider the vast business
experience of the promoters of AWCI, its diversified product
offerings as well as its strong distribution network.
Increase in the scale of operations of the firm, timely execution
and realization of the envisaged benefits from the planned project
and improvement in the overall financial risk profile are the key
rating sensitivities.

                        About Asian Wires

Haridwar-based (Uttarakhand), AWCI is a partnership firm formed by
Mr. Vikas Garg and Mr.  Rohit Agarwal in February 2008 and is
involved in the business of manufacturing of the housing as well
as industrial instrumentation wires and cables. There has been a
change in the partners of the firm with Mr. Rohit Agarwal retiring
from the partnership in April 2010 and Ms Meenakshi Garg, wife of
Mr. Vikas Garg, being introduced as a new partner. AWCI's plant
has an annual installed capacity of manufacturing aluminum
Polyvinyl Chloride (PVC)/ Cross Linked Polyethylene Insulated
Cables cables of 200 kilometer and copper PVC/XLPE cables of 3,420
kilometer. AWCI sells its products under the brand name 'V-Marc'.

During FY11 (refers to April 1 to March 31), on total income of
INR28.18 crore (FY10: INR10.08 crore), AWCI earned a PBILDT of
INR3.86 crore (FY10: INR2.51 crore) and a PAT of INR2.74 crore
(FY10: INR1.92 crore).


AVINASH ISPAT: ICRA Assigns '[ICRA]BB-' Rating to INR8.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR
8.55 bank crore bank facilities of Avinash Ispat Private Limited.
The outlook on the long-term rating is stable.

The rating is constrained by AIPL's presence in a highly
fragmented and competitive industry that limits its pricing
flexibility, which combined with the low value add nature of the
business has resulted in relatively low profitability (operating
margins of 2-4% over the years). The rating also takes into
account the company's modest scale of operations, its exposure to
raw material price fluctuation risk (steel ingots) and the
inherent cyclicality of the industry.

The rating is however supported by the easy availability of power
and raw material (ingots) to AIPL at competitive prices, helped by
the company's favorable location (Raipur) and backward integration
available through a group company, and increasing focus on
government clients, which would reduce the risk from price
fluctuations. ICRA also takes comfort from the experienced
management of AIPL, which has a successful track record of turning
around the company after purchasing it as a sick unit.

Avinash Ispat Private Limited is engaged in the rolling of mild
and alloy steel ingots into girders, channels, angles and rounds.
AIPL was founded by a different set of promoters as a private
limited company in 1995, but started incurring losses from the
first year of operation due to the down cycle in the steel
industry during that period. Consequently, the unit was closed
down in 2001 and disposed to the Raipur-based Rajat group. The new
promoters were able to turn around the company in the first year
of operation. Currently, the affairs of the company are being
managed by Mr Suparas Golechha, his son (Rakesh Golechha) and his
nephew (Nirmal Chand Golechha). The company's rolling mill is
located in Raipur (Chhattisgarh) and has an installed annual
capacity of 16,000 MT. However, AIPL is operating an additional
12,000MT on the adjoining land on leased basis.


BIRLA POWER: CARE Assigns 'CARE BB' Rating to INR40cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Birla Power Solutions Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     40.00      CARE BB Assigned
   Short-term Bank Facilities    10.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the weak financial profile marked
by stagnant growth in the business of BPSL operating in a highly
competitive industry coupled with low profitability margins due to
high proportion of the trading income and volatility in the raw
material prices. The ratings also take into account the high
exposure to the subsidiaries, long operating cycle leading to the
stressed liquidity position resulting in few Letter of Credit
devolvements in the recent past. However, the ratings draw comfort
from the long track record of operations, the strong promoter
group and comfortable capital structure.

Going forward, the ability of the company to scale up its
operations, improve its profitability along with the working-
capital prudence and maintenance of the gearing ratios will be the
key rating sensitivities.

                           About Birla Power

Birla Power Solutions Limited was incorporated in 1984. It is part
of the diversified Yash Birla group. BPSL is engaged in the
manufacturing of Gensets, pumpsets, multipurpose engines and
its application products such as Sprayers, Vibrators and Lawn
Mowers etc. The manufacturing unit is located at Dehradun
(Uttaranchal) with an annual manufacturing capacity of 127,000
generators, 75,000 multi-purpose engines and 60,000 inverters as
on March 31, 2010.


GOLD STAR: CARE Rates INR22.5cr Bank Facilities at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Gold Star Jewellers.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term/Short-term Bank     22.50      'CARE BB-'/'CARE A4'
   Facilities                                Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings are constrained on account of the modest scale of
operations of Gold Star Jewellers, its below-average financial
risk profile marked by the low profitability margins and high
leverage, revenue concentration risk and its presence in a highly
competitive and fragmented gold jewellery manufacturing industry
with competitive pressures from both the large as well as the
smaller unorganized players. The ratings are further constrained
on account of GSJ's constitution as a partnership firm.

The ratings, however, favorably factor in the experience of the
partners of almost a decade in the wholesale jewellery
manufacturing business as well as the healthy growth in the scale
of operations of the firm over the last three years.

The ability of GSJ to improve its profitability margins in the
highly competitive gold jewellery manufacturing industry and
rationalization of debt levels would be the key rating
sensitivities.

                         About Gold Star

Ahmedabad-based GSJ was established as a partnership firm in
September 2002. It is currently managed by Mr. Sandeep Chokshi and
Mr. Deven Patadia, who are also the key promoters of the entity.
The firm was established under the name of Panchratna Art
Jewellers and its name was changed to its present in August 2004.
The firm is engaged in the business of manufacturing and trading
of gold, diamond and kundan jewellery, mainly on the wholesale
basis.


KARTIKEYA PAPER: CARE Rates INR10.13cr Long-Term Loan at 'CARE BB'
------------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Kartikeya
Paper Distributor Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      10.13     CARE BB Assigned

Rating Rationale

The rating of Kartikeya Paper Distributor Pvt. Ltd. is primarily
constrained by its below average financial risk profile as
indicated by the low margins, high leverage and elongated
operating cycle and small scale of operation. The rating is also
constrained by the volatility in the prices of trading goods and
its significant dependence on the fortunes of the paper industry.
The rating, however, draws strength from the promoter's experience
and long track record of operation.

Ability of the company to increase the level of operation and
improve the financial risk profile with better management of the
working capital would be the key rating sensitivities.

                       About Kartikeya Paper

KPDPL was incorporated in April 1998 for carrying out the
marketing and distribution business of various kinds of printing
and writing paper. Mr. Raj Kumar Agarwal, the promoter of KPDPL,
took over the reins of his family's business of the paper and
paper products in the year 1981 and carried on the same by forming
KPDPL in 1998. It sources all kinds of paper and paper products
from the reputed manufacturers and is the authorized wholesale
dealer of Ballarpur Industries Ltd. and its subsidiary Bilt
Graphic Paper Products Ltd. for eastern Uttar Pradesh (U.P.) and
authorized sole distributor of Avery Dennison (India) Pvt. Ltd.
for U.P. and Uttaranchal. The company has branch offices in
Kanpur, Allahabad, and Lucknow.

During FY11 (provisional), KPDPL achieved a PBILDT of INR2.3 crore
(INR1.8 crore in FY10) and a PAT of INR0.4 crore (INR0.2 crore in
FY10) on the net sales of INR38.5 crore (INR34.4 crore in FY10).


MANISH AGRO-TECH: CARE Reaffirms 'CARE BB+' Long-term Rating
------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Manish
Agro-Tech Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     12.16      CARE BB+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by the short track
record of operations of Manish Agro-Tech Ltd, susceptibility of
its operating margins to the volatility associated with the agro-
commodity prices, below-average financial risk profile marked by
thin profitability due to low value addition and marginally
stressed liquidity indicators due to seasonality associated with
the raw material procurement and working-capital intensive nature
of its operations.

The rating, however, continues to favorably take into account the
wide experience of the promoters in the same line of business and
the location advantage with concession in the indirect taxes.
Infusion of the long-term funds for the working-capital needs
would improve its liquidity and capital structure and lower its
interest cost thereby improving the profitability and this remains
a key rating sensitivity.

                      About Manish Agro-Tech

MAL, incorporated in July 1996, is a public limited company
promoted by the family members of the Indore-based Chothwani
group. MAL has a solvent extraction plant for soya and other types
of oil seeds at Pithampur, Indore having installed processing
capacity of 500 MTPD (Metric tonnes per day). The promoters of MAL
have been in the business of oil seed processing and edible oil
refining since 1986 through its other group concern, Prakash Oils
Ltd and Prakash Soya Ltd. All the three companies viz. MAL, POL
and PSL are in the same line of business and operate under a
common management platform.

As per FY11 (refers to April 1 to March 31) audited results, MAL
reported a total operating income of INR112.93 crore and a net
loss of INR0.73 crore.


MEENAKSHI AMMAL: ICRA Assigns '[ICRA]B' Rating to INR35cr Loan
--------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' and short term
rating of [ICRA]A4 (pronounced ICRA A four) to the INR35.0 crore
fund based facilities (inter-changeable) of Meenakshi Ammal Trust.

The ratings consider the aggressive capital expenditure plans in
the medium term which coupled with the lumpy nature of cash flows
may result in short term liquidity constraints. The ratings also
consider the high competition in the education sector in Chennai
which is likely to exert pressure to attract and retain
experienced faculty.

The ratings however also take into account the experience of the
management in running educational institutions and healthy
financial profile characterized by strong margins and comfortable
capital structure.

Meenakshi Ammal Trust was established in 1983 to set up
educational institutes in Tamil Nadu. The flagship institutes of
the trust are Meenakshi Academy of Higher Education and Research,
Chennai -- which is a deemed university and includes the medical,
dental, nursing and physiotherapy institutes of the Trust. The
other major institutes of the trust are Meenakshi College of
Engineering, Chennai and Arulmigu Meenakshi Amman College of
Engineering, Kanchipuram; both the institutes are approved by
AICTE and affiliated to the Anna University, Chennai. At present,
there are 15 institutes under the Meenakshi Ammal Trust which
include schools, degree colleges and teacher training institutes.
Mr. A. N. Radhakrishnan was instrumental in setting up the Trust.
He started his career in the Technical Education Department of
Tamil Nadu and then established educational institutes in Tamil
Nadu under the trust. He is also the founder of Sri Muthukumaran
Educational Trust, which operates six institutes.

Recent Results

MAT reported net profit of INR 20.8 crore on operating income of
INR90.0 crore during fiscal 2010-11, against net profit of INR10.4
crore on operating income of INR79.4 crore for the corresponding
previous fiscal. September


MITTATEX EXPORTS: CARE Rates INR80cr Working Capital at 'CARE B+'
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mittatex
Exports Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Fund-based Working-Capital    80.00       CARE B+ Assigned
   Facilities (Long-term)

Rating Rationale

The rating of MEPL is constrained by the corporate guarantee
extended by the company for a substantial liability of its
subsidiary MEP Cotton Ltd., that has witnessed delays in the debt
servicing in the recent past, MEPL's limited product and
geographical diversification, foreign exchange fluctuation risk,
significant volatility in the cotton prices and susceptibility to
regulatory restrictions on the cotton exports.

The rating, however, derives strength from the company's
experienced management, its longstanding relations with the
ginners and customers and its initiatives towards reducing its
working capital requirements.

MEPL's ability to maintain its profitability and to keep its
working-capital intensity under control in an external environment
characterized by intense competition and frequent regulatory
changes is the key rating sensitivity

                       About Mittatex Exports

Incorporated in 1992 and promoted by Mr. K K Mittal, MEPL trades
in the raw cotton and caters primarily to the markets in China,
Vietnam, Taiwan and Malaysia. The company is currently
managed by Mr. K K Mittal and his elder son, Mr. Anuj Mittal. The
exports contributed around 62% of the total revenues in FY11. MEPL
has given a corporate guarantee to MEP Cotton Ltd (Rs.111.50
crore as on March 31, 2011), (not rated by CARE) where there are
delays in the debt servicing owing to a tight liquidity position.
MEP Cotton Ltd is a joint venture between the MEP Group (72%) and
Welspun (28%). MEPL holds 28.48% as on March 31, 2011.

In FY11 on the net sales of INR529.67 crore, the company earned a
PAT of INR2.75 crore.


OCTAGA GREEN: CARE Rates INR40.58cr LT Loan at 'CARE B +'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Octaga
Green Power & Sugar Co Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      40.58     'CARE B +' Assigned

Rating Rationale

The rating is constrained by the small size of operations, limited
track record of the company and time overrun in implementation of
the project. Further the rating is also constrained by thin
profitability margins, high gearing levels and past instances of
overdrawal of the working capital limits and delay in payment of
the statutory dues. The rating also factors in the highly
regulated nature of the liquor industry.  However the rating
derives strength from the rich experience of the promoters in
their area of business and financial support extended by them in
the past.  The company's ability to improve its financial risk
profile in terms of turnover, profitability and capital structure
remain the key rating sensitivities.

Octaga Green Power & Sugar Company Limited is a closely held
public limited company, incorporated in the year 2001 and is
engaged in the production of Extra Neutral Alcohol, Rectified
Spirit, Dried Distillery Grain Soluable and Special Denatured
Spirit from grain. The business is pre-dominantly controlled by
the three family members viz. Dr. B.B. Paul who is the chairman,
his son, Mr. Basab Paul, the managing director and Mrs. Annu Paul,
the director. Dr. Paul is a technocrat and entrepreneur who have
promoted companies operating in the areas of design and
development of projects and manufacturing of plant and machinery
for the production of sugar, alcohol and other allied products.
OGPSC started operations in November 2009.

During FY10 the company reported a total operating income and PAT
of INR20.31 crore and INR0.31 crore respectively.


QUENCH SOFT: ICRA Places '[ICRA]BB+' Rating on INR25cr Bank Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR 25.00 crore fund based
facilities of Quench Soft Solutions Private Limited.  ICRA has
also assigned '[ICRA]A4+' rating to INR 5.00 crore standby line of
credit facility of QSSPL.  The outlook on the long term rating is
stable.

The ratings assigned take into account QSSPL's stretched liquidity
profile as evidenced by high debtor days, expected increase in
working capital requirements to fund growth going forward, high
geographic concentration risk with 84% of the revenues coming from
customers based in United States of America (USA) which exposes
the company to downturn in USA.

The rating also factors in the increasing competition in the
animation industry with the entry of new players in the industry
which is expected to put pressure on margins going forward and its
exposure to foreign currency risk as its receivables are in
foreign currency. However, ICRA draws comfort from QSSPL's healthy
revenue growth, satisfactory profitability indicators, comfortable
capital structure with approximately 0.21 times gearing as on
July 31, 2011 and its tie-up with various international animation
companies such as Eggstory Studios, Olmos Productions Inc and Fuze
Inc, which is likely to result in healthy revenue growth going
forward.

Quench Soft Solutions Private Limited, incorporated in 1999,
provides animation, gaming and product development solutions for
leading companies in India and abroad. QSSPL has developed
capabilities to design and produce videos in 2-Dimensional, 3-
Dimensional and digital animation, and also visual effects for
feature films and television. QSPPL's gaming division based at
Hyderabad produces video creations for next generation console,
personal computer, mobile and online games. The registered office
of QSSPL is situated at Hyderabad, with regional offices spread
across United States of America, Singapore, New Zealand and
Malaysia. The promoter directors, Mr. Ravi Krishna Boga and
Mr. Murali Krishna Boga have more than decade of experience in the
animation and gaming industry.

Recent Results

In FY11, QSSPL reported operating income of INR 91.03 crore and
net profit of INR10.63 crore.


RAJA ENTERPRISES: ICRA Assigns '[ICRA]B+' Rating to INR2cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR2.00 crore enhanced
fund based bank facilities (from INR 8 crore to INR 10 crore) of
Raja Enterprises. ICRA also has '[ICRA]B+' rating outstanding for
INR 0.18 crore term loans , INR8.00 crore Cash credit and
INR 0.68 crore proposed fund based limits of the firm.

The assigned rating factors in the promoter's experience in the
cigarette distribution business and established relationship with
ITC Limited. Raja Enterprises is the sole distributor of ITC
products in Trichy district, Tamil Nadu and the Firm's scale has
improved over years with increasing cigarette sales and ITC's
diversification into food products and personal care products. The
rating is tempered by weak financial profile of the Firm
characterized by thin margins, stretched capital structure and
negative cash flows.

The rating also considers the restrictive government policies on
the key product being distributed and the recent increase in value
added tax (VAT) on cigarettes, which contribute ~85% of total
sales for the Firm.

Raja Enterprises is a partnership firm constituted in 1983. All
the partners are family members of the Managing Partner Mr. L.
Gnanaraj. The family has over 60 years of experience in cigarette
distribution business and has been the sole distributor of ITC
products is Trichy district (Tamil Nadu) since 1958. The family
was also involved in other businesses like railway contracts and
building contracts; the businesses were later divided among the
family members with the cigarette business being given to Mr. L.
Gnanaraj. The Firm used to distribute cigarettes to the undivided
Trichy district and Pudukottai Region. After the trifurcation of
the district, the Firm currently acts as sole distributor of
Trichy district.

Recent results

For 2010-11, Raja Enterprises recorded top line of INR145.6 crore
at an operating and net margin of over 1.1% and 0.1% respectively.


RPS INFRA: ICRA Cuts Rating on INR62.01cr Loan to '[ICRA]D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to INR62.01 crore
bank lines of RPS Infrastructure Limited from 'LBB' to '[ICRA]D'.
ICRA has also revised the short term rating assigned to the
INR 12.89 crore non-fund based facilities of RPS from 'A4' to
'[ICRA]D'.

The revision in ratings takes into account RPS's stretched
liquidity position, as reflected by the delays in servicing debt
obligations; significant proportion of unsold area in the new
projects, that result in accentuated execution and market risks
for the company and the company's exposure to geographic
concentration risk, as all its projects are in the Faridabad
region. The ratings however draw comfort from the experience of
the promoters in the real estate industry, low approval risks in
the projects and financial closure achieved by way of sanction of
additional debt.

Going forward, on time servicing of the debt obligation and
ability to execute as well as market its projects in timely manner
to support its cash flows will be amongst the key rating
sensitivity factors.

Incorporated in 2005, RPS is promoted by Mr. Shanti Prakash Gupta
(also the promoter of Henna Industries producing kali Mehandi with
brands like Henna, Black rose and colormate) and Mr. R.C. Gupta
(has earlier developed real estate projects with Crown Group). In
the initial years, RPS developed two residential projects in
Faridabad in collaboration with other developers. Currently, RPS
is developing three residential projects -- RPS Savana, RPS Palms
and RPS Rythm, all part of 100 acre RPS city located in Sector 88
in Faridabad. RPS is also developing one commercial project viz.,
RPS Oxypark located in sector-41 aggregating to 0.95 million sq.
ft.

Recent Results

As per the provisional numbers, RPS reported net profit of INR6.66
crore on an operating income of INR92.27 crore in FY11. During
FY10, the company reported net profit of INR3.23 crore on an
operating income of INR173.61 crore.


S.M. TELEDIRECT: CARE Rates INR11.5cr LT Loan at 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of S.M.
Teledirect Private Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      11.50     CARE BB Assigned

Rating Rationale

The rating is constrained due to the small scale of operation,
very high utilization of the bank borrowings, very high overall
gearing, sales restricted to a particular geography and the
rapidly changing mobile handset market.

The rating, however, takes cognizance of the relevant experience
of the promoters in the trading of mobile handsets, increasing
presence of the Samsung mobile handsets in the Indian markets,
established track record with a large network of retailers within
the western Mumbai suburbs, low working-capital cycle and
reasonable interest coverage.

Ability of the company to expand the sales in the high-end
category phones and maintain the operations within the planned
working-capital limits remain the key rating sensitivities.

                       About S.M. Teledirect

Mr. Prashant Goel, one of the promoters of the company, started
trading of mobiles in 2008 through a proprietorship concern Viz:
S.M Teledirect which merged into S.M. Teledirect Private Limited
in April 1, 2011. SMTPL is a redistribution stockist for the
mobile handsets of brand Samsung.  SMTPL procures handsets from
Shree Sant Kripa Appliances (P.) Ltd., the national distributor of
Samsung mobiles in the west zone in India and sell it to the
network of 600 retailers across Bandra to Dahisar area in Mumbai.

During the period FY11, SMTPL posted a total income of INR156
crore (a year-over-year increase of 74%) and a PAT of INR0.86
crore (year-over-year increase of 59%).


SUKH SAGAR: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sukh Sagar
Synthetics Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      6.00      CARE B+ Assigned

Rating Rationale

The rating of Sukh Sagar Synthetics Private Limited (SSSPL) is
constrained by the modest scale of its operations; susceptibility
of its margins to the raw material price fluctuation and below-
average financial risk profile marked by thin and fluctuating
margins and stressed liquidity. The rating is further constrained
due to its presence in a highly competitive textile industry.
The above constraints far offset the benefits derived from the
vast experience of the promoters in the textile business, its
well-established marketing network and its favorable location by
way of being situated in Bhilwara - an important centre for the
synthetic fabrics in India.

The ability of SSSPL to effectively manage the raw material price
volatility, scale up the level of its operations and improve its
overall financial risk profile would be the key rating
sensitivity.

                          About Sukh Sagar

SSSPL was incorporated in 2001 by Mr.  Shiv Kumar Sodani and his
brother Mr. Govind Prasad Sodani with an objective of
manufacturing and trading of synthetic fabrics at Bhilwara in
Rajasthan.
Currently, SSSPL has a total of 64 looms with an installed weaving
capacity for manufacturing 42 lakh meter of fabric per annum. The
grey fabric is provided to the job workers for processing and the
finished fabric finds major application in the manufacturing of
trousers. SSSPL sells its fabric under the brand name Satkar.

During FY10 (refers to April 1 to March 31), SSSPL reported a
total operating income of INR34.59 crore (Rs.30.51 crore in FY09)
and a PAT of INR1.45 crore (INR0.20 crore in FY09). PAT was higher
in FY10 because of the change in the method of depreciation on the
straight line method to the useful life of the assets basis.


YAMUNAJI CORP: CARE Rates INR12cr Long-Term Loan at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Yamunaji
Corporation.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      12.00     CARE BB+ Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of Yamunaji Corporation at
present. The rating may undergo change in case of withdrawal of
the capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The rating is primarily constrained by the implementation risk
associated with the ongoing project of Yamunaji Corporation,
inherent risk associated with the cyclical nature of the real
estate industry and interest rate risk. The above factors far
outweigh the partners' experience and moderately comfortable
booking status of the project.

Timely completion of the ongoing project and achievement of the
envisaged sales at envisaged prices remain the key rating
sensitivity.

                    About Yamunaji Corporation

Yamunaji Corporation was formed in February 2010 as a partnership
firm to carry out the real estate business. The firm belongs to
the Dalal group based in Ahmedabad, which is into the real
estate business since the early 1980s. At present, Yamunaji
Corporation is executing a residential-cum-commercial project at
New Ranip, Ahmedabad named Arya Villa, which houses 655 number
of 2/3 BHK residential flats and 191 commercial shops, on a total
build-up area of 2,25,090 sq ft.1 Complete

As on March 31, 2011, the firm has expended about INR44.88 crore
out of the total estimated project cost of INR56.78 crore.


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


HYNIX SEMICONDUCTOR: Deadline for Bids Extended to November 3
-------------------------------------------------------------
Reuters reports that top shareholders of Hynix Semiconductor Inc.
on Tuesday extended the deadline for bids to sell a $2.6 billion
stake in the company in an effort to revive the auction after one
of two bidders pulled out.

STX Corp's departure has left SK Telecom as the lone bidder in the
running, putting the deal in doubt for the third time, Reuters
relates.

According to the news agency, Korea Exchange Bank said the
shareholders extended the deadline of the final auction by two
weeks to Nov. 3 and said they will give up to one month of due
diligence to any potential fresh bidders.

Creditors-turned-shareholders originally planned to select a
preferred bidder by the end of October, with the deadline for
final bids Oct. 24, Dow Jones notes.

Dow Jones Newswires has said creditors have been trying for years
to sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in
the chip maker.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an
Icheon, South Korea-based memory semiconductor supplier offering
Dynamic Random Access Memory chips and Flash memory chips to a
wide range of established international customers.  The Company's
shares are traded on the Korea Stock Exchange, and the Global
Depository shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, Fitch Ratings revised Hynix Semiconductor Inc.'s
Outlook to Positive from Stable. Its Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDRs) have been affirmed at
'BB-'. Its senior unsecured rating has also been affirmed at
'BB-'.


* SOUTH KOREA: Construction Firms Suffer from Market Slump in 2010
------------------------------------------------------------------
Yonhap News Agency reports that South Korean builders suffered
from worsened business conditions last year as the stagnant
domestic construction market showed no signs of recovery.

The news agency, citing the annual report by the Construction
Association of Korea, discloses that growth of sales of South
Korean builders fell to 3.6% last year from the previous year's
7.7%, with their tangible assets growing a mere 3.6%, compared
with a 14% surge a year earlier.

According to Yonhap, the CAK report said sales growth had been on
the steady rise since 2005, peaking at 19.6% in 2008 from 5.4% in
2005, but plummeted to 7.7% in 2009.

The news agency relates that the CAK report said 5,085
construction firms, some 48% of the registered builders, saw a
decrease in sales last year.

The CAK, as cited by Yonhap, said the construction firms' ratio of
operating profit to net sales came to 5% last year, compared with
that of the manufacturing industry of 6.89%.  It said that 2,469
builders, or 23.4%, posted operating losses in 2010.


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


VTI VINTAGE: Affin Bank Files Wind Up Petition
----------------------------------------------
VTI Vintage Berhad on Sept. 22, 2011, received the sealed copy of
the winding up petition from Messrs. Manjit Singh Sachdev,
Mohammad Radzi & Partners, the solicitors for Affin Bank Berhad.

Affin Bank is claiming that the Company owed MYR3.66 million as at
May 26, 2011, pursuant to the Notice Pursuant to Section 218 (1)
(e) of the Companies Act, 1965.

The circumstances leading to the filing of the Winding Up Petition
against VVB was due to the fact that VVB had provided a corporate
guarantee for the overdraft facility granted by the Plaintiff to
Vintage Roofing & Construction Sdn Bhd, a wholly-owned subsidiary
of the Company and VRC has failed and/or default to settle the
outstanding judgment sum pursuant to the Notice.

However, the Company said that the Group had on July 22, 2009,
initiated the Proposed Scheme of Arrangement under Section 176 of
the Companies Act, 1965, and has included Affin Bank as one of the
Scheme Creditors under the Proposed Scheme of Arrangement under
Section 176 of the Companies Act, 1965 which had been approved
during the Court Convened Meeting of the Group held on July 16,
2010.

Based on the legal advice obtained, the bank as one of the Scheme
Creditors, once the Court sanctions the Scheme of Arrangement
under Section 176 of the Companies Act, 1965, will be bound to
accept the Scheme under the approved Proposed Scheme.  Pending the
completion of the Proposed Scheme, no payment was made to the
Scheme Creditors including Affin Bank.

At the same time, the Company also said that an Order has been
granted by the High Court of Malaya at Kuala Lumpur on Sept. 20,
2011, pursuant to Section 176(10) of the Act, to restrain all
further proceedings, and any and all actions or proceedings
against the Company and its subsidiary companies, for a period of
another sixty (60) days from Sept. 20, 2011, to Nov. 18, 2011.

The Group has adequate resources to meet the commitment of the
claim and therefore, the winding up petition has no financial and
operational impact to the Group.

The Company is not expected to incur any further loss arising from
the winding up petition.

VVB is seeking the necessary legal advice to resolve and/or defend
against this matter.

The winding up petition has been fixed for hearing at Kuala Lumpur
High Court on Nov. 22, 2011.

                         About VTI Vintage

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

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


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


BRIDGECORP LIMITED: Former Boss' Lawyer Quits SFO Case
------------------------------------------------------
Susie Nordqvist at nzherald.co.nz reports that Rod Petricevic's
lawyer has been granted leave to withdraw from his client's case,
after the former Bridgecorp Ltd boss failed in his bid to secure
legal aid.

According to nzherald.co.nz, Mr. Petricevic had been unable to get
legal aid because, despite being bankrupted, the Legal Aid Agency
found that a family trust has assets.

A financial report for the year ending March 31, 2009, revealed
the trust had a total equity of NZ$5.2 million, owning six rental
properties in Auckland which were valued at more than $1 million
with mortgage liabilities of NZ$535,000, nzherald.co.nz discloses.

The news agency says Charles Cato was granted leave to withdraw
from representing Mr. Petricevic at his Serious Fraud Office
trial, set down for early next year, at the Auckland District
Court on September 27.

Mr. Petricevic is also due to stand trial in October on Financial
Markets Authority charges alleging he and other former directors
misled investors about Bridgecorp's financial health, according to
nzherald.co.nz.

The court granted Mr. Cato leave to withdraw from representing
Mr. Petricevic at his FMA trial earlier in the year, the report
adds.

Messrs. Roest and Petricevic and three other directors -- Gary
Urwin, Peter Steigrad and Bruce Davidson -- are accused of
misleading investors in offer documents registered in December
2006, as well as in later advertisements for Bridgecorp secured
debentures and capital notes issued by Bridgecorp Investments.

Messrs. Petricevic and Roest also face separate criminal charges
from the Serious Fraud Office, which are expected to go to trial
next year, BusinessDay.co.nz discloses.

                      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 14,500 investors,
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).


DORCHESTER PACIFIC: Investors Approve NZ$10-Mil. Cash Bail Out
--------------------------------------------------------------
BusinessDay.co.nz reports that investors in troubled finance
company Dorchester Pacific have approved plans for NZ$10 million
of cash to come from three investors including its chief executive
Paul Byrnes because the company cannot secure more bank debt at
this time.

BusinessDay.co.nz relates that Dorchester is borrowing
NZ$2 million from Mr. Byrnes, NZ$4 million from Hugh Green
Investments and NZ$4 million from The Business Bakery by selling
convertible notes to these investors.

Shareholders were told if they did not vote in favor of this plan,
the company was unlikely to get funding from banks in future, and
would not break even, BusinessDay.co.nz says.  According to the
report, shareholders in Dorchester Pacific on Tuesday voted 93% in
favor.

Hugh Green and the Bakery group had both invested heavily last
year as part of a NZ$10.3 million capital restructure plan after
Dorchester came out of moratorium, the report notes.

The Bakery is run by Geoff Ross, Dorchester's chairman, Greg
Baker, and director Stephen Sinclair.

Dorchester Pacific, parent company of Dorchester Finance and
Dorchester Life, froze NZ$176 million of investor funds in
June 2008.

                       About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.


NZF MONEY: S&P Withdraws 'D/D' Counterparty Credit Rating & ICR
---------------------------------------------------------------
Standard & Poor's Ratings Services said its 'D/D' counterparty
credit and issue credit ratings on New Zealand finance company NZF
Money Ltd. have been withdrawn, as the company is in receivership
and therefore in the process of being wound down.


ZION WILDLIFE: Receivers in Talks With Potential Zion Buyers
------------------------------------------------------------
BusinessDesk reports that the receiver for Zion Wildlife Gardens,
Northland's big cat reserve, is in talks with interested parties
looking to buy the land and animals, though there probably won't
be enough money to pay unsecured creditors.

Receivers Colin McCloy and David Bridgman of PwC in their first
report that they have begun the sale process and are "working with
a number of interested parties in this respect," BusinessDesk
relates.

BusinessDesk notes that the park, which housed 36 big cats
including lions, tigers, cheetahs and a leopard, is still running
tours that were booked prior to its closure, but is otherwise
closed to the public.

Since their appointment, BusinessDesk says, the receivers have
stressed in their updates that they are doing their best to
maintain the welfare of the animals.

"The process of realising the companies' assets is not yet
complete," the receivers said in their report.  "From our
observations to date and given the level of secured indebtedness
in the companies, we believe that there are unlikely to be any
funds available for unsecured creditors."

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, stuff.co.nz said that Rabobank has called in
receivers from PricewaterhouseCoopers to place Zion Wildlife into
receivership.  PWC partner and receiver Colin McCloy confirmed the
move several hours after park operator Patricia Busch went public
with her concerns that some of the Northland wildlife reserve's
big cat could be "put down" or relocated, according to
stuff.co.nz.  The report noted that Mrs. Busch said her farm and
all of her land had been mortgaged in a bid to save the park.
stuff.co.nz disclosed that Mrs. Busch said that the park's income
had been drastically reduced due to a series of incidents;
including the stopping of wildlife encounters, the tragic death of
big cat handler Dalu Mncube and ongoing litigation between her
son, Craig "Lion Man" Busch, herself and various companies.  Zion
Wildlife Gardens is a famous park in New Zealand.


=====================
P H I L I P P I N E S
=====================


BENGUET CORP: Aims to Implement Equity Restructuring
----------------------------------------------------
The Philippine Daily Inquirer reports that Benguet Corp. said
Wednesday that it plans to implement within the year a quasi-
reorganization and equity restructuring.

The Inquirer relates that the company will use the revaluation
increments in its landholdings and capital surplus to wipe out its
negative retained earnings.  This will significantly improve its
balance sheet by reversing the deficit and showing substantial
positive retained earnings balance by the end of the year, the
Inquirer says.

Philip Romualdez, Benguet's president and CEO, remarked that once
this major corporate objective is attained, a dividend declaration
is projected in 2012, reports the Inquirer.

Benguet made significant bottom-line performance in 2010 and is
projecting to report another good year with the sustained prices
of gold and nickel, additional debt resolutions, and transactions
involving its nickel and copper-gold mines, according to the
report.

                         About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.


RIZAL COMMERCIAL: Moody's Assigns (P)Ba2 Foreign Currency Rating
----------------------------------------------------------------
Moody's Investor Service has assigned these provisional ratings to
the proposed US$1 billion Euro Medium Term Note programme of Rizal
Commercial Banking Corporation:

- (P)Ba2 for foreign currency long-term senior unsecured debt

- (P)Ba3 for foreign currency long-term subordinated debt

- (P)Not Prime for foreign currency short-term debt

The outlook on these ratings is stable.

The rating is subject to the receipt of final documentation, with
terms and conditions that do not deviate materially from the
preliminary documents already reviewed by Moody's.

Ratings Rationale

"These ratings reflect both the structure of the proposed issue
and RCBC's Ba2 long-term deposit rating," says Simon Chen, a
Moody's Analyst.

RCBC can issue senior or subordinated notes of any maturity under
the programme, although the (P)Ba2/NP senior unsecured and
(P)Ba3/NP subordinated ratings will not immediately apply to any
of the specific notes.

Ratings on such notes are subject to Moody's review of the terms
and conditions set forth in the final prospectuses, supplements,
or offering memoranda of the notes to be issued.

Furthermore, Moody's does not intend to assign ratings to:

(1) individual notes that are linked to the performance of another
obligor (credit-linked notes)

(2) notes in which payment of the principal or interest is
variable and contractually dependent on the occurrence of a non-
credit-linked event, or the performance of an index (non-credit-
linked notes), except for notes whose principal and coupon
payments are affected by standard sources of variation (See
Moody's Special Comment, "Moody's Revised Update on Rating Debt
Obligations with Variable Promises," published in July 2010).

RCBC's Ba2 long-term deposit rating reflects its D- bank financial
strength rating ("BFSR"), which maps to a Ba3 baseline credit
assessment ("BCA"), and its systemic importance to the Philippine
banking sector.

Its BFSR carries a stable outlook and incorporates RCBC's well-
established domestic franchise and modest financial fundamentals.
RCBC is 47% owned by the Yuchengco Group, which has interests in
insurance and other financial services.

In 1H2011, RCBC's net income attributable to equity holders rose
5.4% from a year ago, due largely to improved foreign exchange
gains. The bank reported a net NPL ratio of 2.4% at end-June 2011,
lower than 3.1% at end-December 2010. It also reported a capital
adequacy ratio of 18.9% at end-June 2011, higher than 17.8% at
end-December 2010.

RCBC's ratings incorporate a high probability of systemic support,
if needed, given the bank's sizable domestic market share and
importance to the Philippine banking system. This results in a
one-notch uplift for its Ba2 senior unsecured rating from its Ba3
BCA.

RCBC's other ratings are Ba2 on its foreign currency senior
unsecured debt, B3(hyb) on its foreign currency preference shares,
and Not Prime on its foreign currency short-term bank deposits.
The outlook on all ratings is stable.

The last rating action on RCBC was taken on June 15, 2011, when
its foreign currency long-term deposit rating was upgraded to Ba2
from Ba3, following the upgrade of the Philippines sovereign's
foreign currency deposit ceiling to Ba2 from Ba3.

In 2H2011, Moody's plans to decide whether to remove or reduce its
government support assumption currently incorporated in banks'
subordinated debt ratings, in line with the approaches explained
in the special comment titled "Supported Bank Debt Ratings at Risk
of Downgrade Due to New Approaches to Bank Resolution" in February
2011.

The special comment highlights a shift away by governments from
full creditor protection in favor of market discipline to achieve
the objective of financial stability, with some successful
attempts to share the cost of bank bailouts with bank creditors.
This policy shift has potential implications for some banking
entities globally, and whose subordinated debt ratings currently
benefit from an uplift due to Moody's analysis of government
support in the context of their importance to their countries'
financial systems.

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

RCBC is headquartered in Manila, and reported total assets of
approximately P301 billion (US$6.93 billion) at end-June 2011.


===============
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
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
AUTRON CORP LTD           AAT            32.50         -13.46
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
CENTRO PROPERTIE          CNP         15,483.4        -349.73
MAC COMM INFR-CD          MCGCD       8,104.42        -103.34
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
RIVERCITY MOTORW          RCY           386.88        -809.14
SCIGEN LTD-CUFS           SIE            68.70         -42.35
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         31.82          -4.49
CHENGDU UNION-A           693            32.68         -15.13
CHINA FASHION             CFH            10.11          -0.76
CHINA KEJIAN-A            35             95.65        -187.91
CONTEL CORP LTD           CTEL           59.32         -45.72
CONTEL CORP LTD           CTEL1          59.32         -45.72
DONGXIN ELECTR-A          600691         14.31         -22.80
GUANGDONG ORIE-A          600988         15.24          -3.98
GUANGDONG SUNR-A          30            111.22           0.00
GUANGDONG SUNR-B          200030        111.22           0.00
GUANGXIA YINCH-A          557            19.25         -44.22
HEBEI BAOSHUO -A          600155        129.70        -408.35
HEBEI JINNIU C-A          600722        249.41         -53.61
HUASU HOLDINGS-A          509            87.92          -9.52
HUNAN ANPLAS CO           156            43.92         -35.46
JILIN PHARMACE-A          545            32.35          -8.44
JINCHENG PAPER-A          820           206.33        -122.34
MUDAN AUTOMOBI-H          8188           24.73          -3.40
NINGBO YIDONG-H           8249           18.29         -53.42
QINGDAO YELLOW            600579        222.76          -9.10
SHANG HONGSHENG           600817         15.94        -291.38
SHANGHAI WORLDBE          600757         14.70          -0.04
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            119.65          -7.72
SHIJIAZHUANG D-A          958           212.59         -80.91
SICHUAN DIRECT-A          757            95.94        -166.82
SICHUAN GOLDEN            600678        207.17         -92.10
TAIYUAN TIANLO-A          600234         65.74         -21.06
TIANJIN MARINE            600751        114.38         -61.31
TIANJIN MARINE-B          900938        114.38         -61.31
TIBET SUMMIT I-A          600338         79.44          -4.50
TOPSUN SCIENCE-A          600771        146.23         -99.32
WINOWNER GROUP C          600681         21.76         -55.00
WUHAN BOILER-B            200770        304.50        -154.96
WUHAN GUOYAO-A            600421         11.15         -27.68
WUHAN LINUO SOLA          600885        110.61          -2.84
XIAMEN OVERSEA-A          600870        243.85        -138.59
YANBIAN SHIXIA-A          600462        201.95         -14.07
YANTAI YUANCHE-A          600766         65.62          -6.34
YUEYANG HENGLI-A          622            39.37         -20.80
YUNNAN MALONG-A           600792        145.42         -68.19


HONG KONG

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
SURFACE MOUNT             SMT            95.95          -2.48
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           13.48         -24.83
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        1,070.80        -443.66
MITRA RAJASA-RTS          MIRA-R2     1,070.80        -443.66
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           140.14        -493.73
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           143.14         -99.28
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
PIRAMAL LIFE SC           PLSL           51.20         -64.85
QUADRANT TELEVEN          QDTV          188.57        -116.81
RAJ AGRO MILLS            RAM            10.21          -0.61
RATHI ISPAT LTD           RTIS           44.56          -3.93
REMI METALS GUJA          RMM           102.64          -5.29
RENOWNED AUTO PR          RAP            14.12          -1.25
ROLLATAINERS LTD          RLT            22.97         -22.24
ROYAL CUSHION             RCVP           18.88         -81.42
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 COTSYN            SHC            23.13          -6.17
SHAMKEN MULTIFAB          SHM            60.55         -13.26
SHAMKEN SPINNERS          SSP            42.18         -16.76
SHREE GANESH FOR          SGFO           44.50          -2.89
SHREE RAMA MULTI          SRMT           64.03         -44.99
SIDDHARTHA TUBES          SDT            76.98         -12.45
SOUTHERN PETROCH          SPET        1,584.27          -4.80
SQL STAR INTL             SQL            11.69          -1.14
STI INDIA LTD             STIB           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           25.89         -43.12
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
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
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          17.93         -15.74
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          38.87         -46.47
K-TECH CONSTRUCT          KTECH/F        38.87         -46.47
K-TECH CONTRU-R           KTECH-R        38.87         -46.47
KUANG PEI SAN             POMPUI         17.70         -12.74
KUANG PEI SAN-F           POMPUI/F       17.70         -12.74
KUANG PEI-NVDR            POMPUI-R       17.70         -12.74
PATKOL PCL                PATKL          52.89         -30.64
PATKOL PCL-FORGN          PATKL/F        52.89         -30.64
PATKOL PCL-NVDR           PATKL-R        52.89         -30.64
PICNIC CORP-NVDR          PICNI-R       101.18        -175.61
PICNIC CORPORATI          PICNI         101.18        -175.61
PICNIC CORPORATI          PICNI/F       101.18        -175.61
PONGSAAP PCL              PSAAP          13.02          -1.77
PONGSAAP PCL              PSAAP/F        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
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

BEHAVIOR TECH CO          2341S          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.





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