TCRAP_Public/111014.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, October 14, 2011, Vol. 14, No. 204

                            Headlines



C H I N A

* CHINA: Unveils Support Package to Assist Small Companies


H O N G  K O N G

ASIA TELEVISION: Shareholder Seeks to Wind Up ATV
CHINA NONFERROUS METALS: Meeting Set for October 21
CIC RESOURCES: Court Enters Wind-Up Order
FORTUNE COMPUTER: Lo and Leung Appointed as Liquidators
GOLD SUCCESS: Kar and Tse Appointed as Liquidators

HOP SUN: Court Enters Wind-Up Order
JUMBO WATCH: Court to Hear Wind-Up Petition on Nov. 30
KIMBER STAR: Court to Hear Wind-Up Petition on Nov. 23
KWONG YUEN: Briscoe and Hill Step Down as Liquidators
LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 26

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
PACIFIC YORK: Court Enters Wind-Up Order
PROUNO HK: Yat and Hok Appointed as Liquidators
SAI WAN: Court to Hear Wind-Up Petition on Nov. 2
SEEBRIGHT LIMITED: Court to Hear Wind-Up Petition on Oct. 19

SILVER YIELD: Creditors and Contributories to Meet on Oct. 27
SMART FAME: Lo and Leung Appointed as Liquidators


I N D I A

ANSHUL STEELS: ICRA Cuts Rating on INR10.73cr Loan to '[ICRA]D'
BHARAT CONSTRUCTION: Fitch Gives 'BB(ind)' Nat'l. Longterm Rating
BHARAT HYDEL: Fitch Assigns 'BB(ind)' Nat'l. Longterm Rating
GOLDFINCH HOTELS: ICRA Places '[ICRA] D' Rating on INR9.5cr Loan
HARVINS CONSTRUCTIONS: ICRA Cuts Rating on INR7.5cr Loan to 'D'

IND BARATH: ICRA Downgrades Rating on INR28.5cr Loan to [ICRA] D
JOGI FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5.15cr Term Loan
KOMMLABS DESIGN: ICRA Assigns '[ICRA]B' Rating to INR5cr Loan
KRISHNA FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5cr Term Loan
MAHIMA SHANKAR: ICRA Assigns '[ICRA]B+' Rating to INR17.83cr Loan

MANGALORE CASHEW: ICRA Places '[ICRA]BB' Rating on INR1cr Loan
PCM ALLOYS: ICRA Assigns [ICRA]B+ Rating to IN1.20cr Cash Credit
PICCADILY HOTELS: Fitch Assigns 'B-(ind)' Nat'l Long-Term Rating
PREMIER CONVEYORS: ICRA Cuts Rating on INR1.83cr Loan to [ICRA]D
RIKA GLOBAL: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan

SHREE CHARBHUJA: ICRA Assigns '[ICRA]B' Rating to INR5.82cr Loans
SHREEJI FOOD: ICRA Assigns [ICRA]B+ Rating to INR5.4cr Term Loan
SILKTEX LIMITED: ICRA Reassigns [ICRA]C' Rating on INR6.84cr Loan


J A P A N

JLCO XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf'
TOKYO ELECTRIC: Asks State, Private Groups to Take Over Oze Park
* JAPAN: Quake-Related Corporate Bankruptcies Reaches 373


M A L A Y S I A

TSM GLOBAL: To Make MYR32.2-Mil. Provision on Unit's Liquidation


N E W  Z E A L A N D

ADDENDA PUBLISHING: Placed in Voluntary Liquidation
CRAFAR FARMS: Sir Michael Fay-Led Group Questions Landcorp Role
PORTAGE RESORT: Goes Into Liquidation
VET CARE: Escapes Inland Revenue Liquidation Bid
WINDFLOW TECHNOLOGY: Shareholders to Vote on Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


* CHINA: Unveils Support Package to Assist Small Companies
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that China's State Council, or
cabinet, unveiled a package of measures including tax breaks and
lending preferences to support small companies.


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


ASIA TELEVISION: Shareholder Seeks to Wind Up ATV
--------------------------------------------------
The Standard reports that Want Want China chairman Tsai Eng-meng,
the second largest shareholder of Asia Television, has filed a
winding-up petition against the broadcaster firm.  The firm is
already dealing with a number of court cases.

The news agency relates that Mr. Tsai said Norwares Overseas, in
which he is a shareholder and director, paid HK$23 million to ATV
in exchange for convertible bonds in 2009.

Norwares, however, has not received the bonds.  Norwares also
requested ATV to repay the money last month, but the station has
failed to do so, according to The Standard.

"As a shareholder of ATV, I received no financial statements,
agenda or whatsoever from ATV," The Standard quotes Mr. Tsai as
saying.  "I'm forced to file to liquidate ATV."

Asia Television Limited is one of the two free-to-air television
broadcasters in Hong Kong. It launched in 1957 under the name
Rediffusion Television as the first television station in
Hong Kong.  It was bought out, renamed, and restructured to "Asia
Television Limited" in 1982.  ATV currently operates six
channels.


CHINA NONFERROUS METALS: Meeting Set for October 21
---------------------------------------------------
Creditors and contributories of China Nonferrous Metals Group
(Hong Kong) Finance Company Limited will hold a meeting on
Oct. 21, 2011, at 11:00 a.m., concurrently, at the office of FTI
Consulting (Hong Kong) Limited, Level 22, The Center, and at 99
Queen's Road Central, Central, in Hong Kong.

At the meeting, Desmond Chung Seng Chiong, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


CIC RESOURCES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Sept. 28, 2011,
to wind up the operations of CIC Resources Limited.

The official receiver is Teresa S W Wong.


FORTUNE COMPUTER: Lo and Leung Appointed as Liquidators
-------------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Oct. 8, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Fortune Computer Limited on Jan. 28, 2010.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


GOLD SUCCESS: Kar and Tse Appointed as Liquidators
--------------------------------------------------
Fenn Kar Bak Lily and Tse To Chuen said in notice dated Oct. 8,
2011, they have been appointed by the High Court of Hong Kong as
liquidators of Gold Success Land Limited on Aug. 9, 2010.

The liquidators may be reached at:

         Fenn Kar Bak Lily
         Tse To Chuen
         Room D, 32nd Floor
         Lippo Centre, Tower 1
         89 Queensway, Hong Kong


HOP SUN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on July 19, 2005, to
wind up the operations of Hop Sun Dyeing Factory Limited.

The company's liquidator is Pui Chiu Wing.


JUMBO WATCH: Court to Hear Wind-Up Petition on Nov. 30
------------------------------------------------------
A petition to wind up the operations of Jumbo Watch Limited will
be heard before the High Court of Hong Kong on Nov. 30, 2011, at
9:30 a.m.

Liu Sik Wah filed the petition against the company on Sept. 22,
2011.

The Petitioner's solicitors are:

          Joseph C.T. Lee & Co
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


KIMBER STAR: Court to Hear Wind-Up Petition on Nov. 23
------------------------------------------------------
A petition to wind up the operations of Kimber Star Industrial
Limited will be heard before the High Court of Hong Kong on
Nov. 23, 2011, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Sept. 16, 2011.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor, The Chinese General Chamber of Commerce
          Building
          No. 24-25 Connaught Road
          Central, Hong Kong


KWONG YUEN: Briscoe and Hill Step Down as Liquidators
-----------------------------------------------------
Stephen Briscoe and Nicholas Timothy Cornforth Hill stepped down
as liquidators of Kwong Yuen Construction Company Limited on
Sept. 22, 2011.


LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 26
-------------------------------------------------------------
A petition to wind up the operations of Land International
Trading Limited will be heard before the High Court of Hong Kong
on Oct. 26, 2011, at 9:30 a.m.

The Petitioner's solicitors are:

          Chui and Lau
          Room 42, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced at the end of
the month that investigation of over 99% of a total of 21,826
Lehman Brothers-related complaint cases received has been
completed.  These include:

    * 15,774 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,739 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,219 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 837 cases (including minibond cases), which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 692 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 145 cases; and

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

    Investigation work is underway for the remaining 103 cases.

    A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7715

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable LBHI
and its affiliated debtors to pay an estimated $65 billion to
their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

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


PACIFIC YORK: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Sept. 12, 2011,
to wind up the operations of Pacific York Industries Limited.

The company's liquidator is Pui Chiu Wing.


PROUNO HK: Yat and Hok Appointed as Liquidators
-----------------------------------------------
Yat Kit Jong and Rainier Hok Chung Lam on Sept. 21, 2011, were
appointed as liquidators of Prouno HK Limited.

The liquidators may be reached at:

          Yat Kit Jong
          Rainier Hok Chung Lam
          22/F, Prince's Building
          5 Ice House Street
          Hong Kong


SAI WAN: Court to Hear Wind-Up Petition on Nov. 2
-------------------------------------------------
A petition to wind up the operations of Sai Wan Ho Limited,
formerly known as Cambridge Nursing Home (Sai Wan Ho) Limited,
will be heard before the High Court of Hong Kong on Nov. 2, 2011,
at 9:30 a.m.

Pok Wai Company Limited filed the petition against the company on
Aug. 26, 2011.

The Petitioner's solicitors are:

          Chung & Kwan
          Rooms 1601-1606, 16th Floor
          ING Tower, 308-320 Des Voeux Road
          Central, Hong Kong


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

Ma Wai Chun filed the petition against the company on Aug. 11,
2011.

The Petitioner's solicitors are:

          Messrs. Lim & Lok
          8th Floor, Pilkem Commercial Centre
          8 Pilkem Street, Kowloon
          Hong Kong


SILVER YIELD: Creditors and Contributories to Meet on Oct. 27
-------------------------------------------------------------
Creditors and contributories of Silver Yield Industries Limited
will hold their first meetings on Oct. 27, 2011, at 3:00 p.m.,
and 4:00 p.m., respectively at 35th Floor, One Pacific Place, at
88 Queensway, in Hong Kong.

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


SMART FAME: Lo and Leung Appointed as Liquidators
-------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Oct. 8, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Smart Fame Industrial Limited on Aug. 18, 2009.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


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


ANSHUL STEELS: ICRA Cuts Rating on INR10.73cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised downwards the long-term rating of INR10.73 crore
term loan and the INR13.0 crore fund-based bank facilities of
Anshul Steels Limited to '[ICRA]D' from 'LB'.  ICRA has also
revised downwards the short-term rating of INR9.0 crore non-fund
based bank facilities of ASL to '[ICRA]D' from 'A4'.

The revision of the ratings takes into account the continued
delays made by ASL in servicing its debt.

                         About Anshul Steels

Established in 2004, ASL is primarily engaged in the manufacture
of sponge iron and MS ingots. ASL implemented its first sponge
iron plant with an annual capacity of 30,000 MT in 2005. As a
part of its forward integration strategy, the company
commissioned an induction furnace with an annual capacity of
23,760 MT for manufacturing MS ingots in 2006. The facilities of
the company are located at MIDC-Kagal in the Kolhapur district in
Maharashtra. ASL doubled its sponge iron production capacity to
60,000 MT in 2009-10. The key products of the company are sold
mainly in and around the state of Maharashtra to manufacturers of
TMT bars.

Recent Results

In 2009-10, ASL reported a profit after tax of INR2.6 crore on
the back of net sales of INR75.4 crore. In 2008-09, ASL reported
a PAT of INR2.5 crore on the back of net sales of INR75 crore.


BHARAT CONSTRUCTION: Fitch Gives 'BB(ind)' Nat'l. Longterm Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Bharat Construction a National
Long-Term rating of 'Fitch BB(ind)'.  The Outlook is Stable.

The ratings are based on a consolidated view of Bharat Hydel
Projects Pvt. Ltd. (BHPPL, 'Fitch BB(ind)'/Stable) and BC as they
are under common ownership and have strong operational linkages
and fungible funds.  Consolidated revenue increased by 34% yoy to
INR1,878.6m as per the provisional results for the financial year
March 2011 (FY11).  However, its EBITDA margins declined to 9.9%
from 11.5% due to a more than proportional increase in operating
and other expenses.  In FY11, the working capital cycle was 20.84
days compared to 9.69 days in FY08.

The ratings reflect over a decade-long presence of both the
companies in the civil construction industry, coupled with their
established relationships with diverse corporate and governmental
bodies and technical expertise in executing hydro-power related
construction works.  The ratings also reflect the strong order
book position of INR8,023 million that provides revenue
visibility, comfortable financial leverage of 0.81x (net
debt/EBITDA) in FY11 and the double digit growth in revenue over
FY07-FY11 at the consolidated level.  The input price risk is
mitigated by escalation clauses in most of its contracts.

The ratings are moderated by the company's inability to bid for
large-value contracts due to its relatively small size and its
stressed liquidity position.

Positive rating guidelines would include higher-than-expected
margins, lower-than-expected working capital cycle and lower-
than-expected debt-led capex which would lead to consolidated net
debt/EBITDA falling below 1.25x on a sustained basis.  Negative
rating guidelines include a decline in margins, deterioration of
the working capital cycle and higher-than-expected debt-led capex
which would lead to consolidated net debt/EBITDA exceeding 2.5x
on a sustained basis.

BC is a partnership firm established in 1999.  It is involved in
the execution of various infrastructure contracts, like road
construction, hydro power plant construction etc. It reported
gross revenue of INR1,080.37 million in FY11 with an EBIDTA of
INR102.66m.

Fitch has also assigned ratings to BC's bank facilities as
follows:

  -- INR120MM fund-based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR230MM non-fund based limit: 'Fitch BB(ind)'/'Fitch A4+
     (ind)'


BHARAT HYDEL: Fitch Assigns 'BB(ind)' Nat'l. Longterm Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Bharat Hydel Projects Private
Limited a National Long-Term rating of 'Fitch BB(ind)'.  The
Outlook is Stable.

The ratings are based on a consolidated view of Bharat
Construction (BC, 'Fitch BB(ind)'/ Stable) and BHPPL as the two
entities are under common ownership and have strong operational
linkages and fungible funds.  Consolidated revenue increased by
34% yoy to INR1,878.6 million as per the provisional results of
the financial year ended March 2011 (FY11).  However, EBITDA
margins declined to 9.9% from 11.5% due to a more than
proportional increase in operating and other expenses.  In FY11,
the working capital cycle was 20.84 days compared to 9.69 days in
FY08.

The ratings reflect over a decade-long presence of both the
companies in the civil construction industry, coupled with their
established relationships with diverse corporate and government
bodies and technical expertise in executing hydro-power related
construction works.  The ratings also reflect the strong order
book position of INR8,023 million that provides revenue
visibility, comfortable financial leverage of 0.81x (net
debt/EBITDA) in FY11 and the double-digit revenue growth over
FY07-FY11 at the consolidated level.  The input price risk is
mitigated by escalation clauses in most of its contracts.

The ratings are moderated by the company's inability to bid for
large-value contracts due to its relatively small size and its
stressed liquidity position.

Positive rating guidelines include higher-than-expected margins
and lower-than-expected working capital cycle and debt-led capex
which would lead to consolidated net debt/EBITDA falling below
1.25x on a sustained basis.  Negative rating guidelines include a
decline in margins, deterioration of the working capital cycle
and higher-than-expected debt-led capex which would lead to
consolidated net debt/EBITDA exceeding 2.5x on a sustained basis.

Incorporated in 2006, BHPPL is involved in civil construction
works. It reported gross revenue of INR798.22 million for FY11
with an EBIDTA of INR78.19 million.

Fitch has also assigned ratings to BHPPL's bank facilities as
follows:

  -- INR100 million fund-based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR200 million non-fund based working capital limit: 'Fitch
     BB(ind)'/'Fitch A4+(ind)'


GOLDFINCH HOTELS: ICRA Places '[ICRA] D' Rating on INR9.5cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] D' to the
INR9.50 crore fund based facilities bank facilities of Goldfinch
Hotels Pvt Ltd.

The rating is primarily constrained by the persistent delays in
debt servicing by GHPL in the recent past. The assigned rating
also incorporates the stretched financial profile of the company
characterized by high gearing (of 1.85x as on March 31, 2011),
consistently declining profitability of GHPL in the past few
years due to the downward trend witnessed in the occupancy and
average room rent in the past few years and the inadequate
coverage indicators. The rating also considers the established
presence of the Goldfinch Hotel in the heart of the city on
crescent road in Bangalore with good connectivity to other parts
of the city.

                      About Goldfinch Hotels

Goldfinch Hotels Pvt Ltd is a Bangalore based hotel located on
crescent road in Bangalore. The hotel is a part of the MRG
Hospitality & Infrastructure Pvt Ltd which was founded in the
year 1993 by Mr. K. Prakash Shetty who is the chairman and
managing director of the group. Goldfinch Hotels Pvt Ltd
currently operates two hotels in Bangalore which include the
Goldfinch Hotel on Crescent Road which is a 4 star hotel and
another hotel by the name of "The Coral Tree" in R. T Nagar in
Bangalore. While the Goldfinch hotel has been operational for a
long time now, the Coral Tree started its operations only in the
beginning of 2010 and hence is in the very nascent stages of its
operations. The MRG Hospitality Group has many entities under it
apart from the Goldfinch Hotels Pvt Ltd such as Banjara Group of
Restaurants, Motels & Infrastructures India Pvt Ltd, Trishul
developers etc.

Recent Results (Unaudited)

The firm reported profit after tax (PAT) of INR-1.31 Cr on an
Operating Income of INR18.63 Cr in FY 2011.


HARVINS CONSTRUCTIONS: ICRA Cuts Rating on INR7.5cr Loan to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating of Harvins Constructions
Private Limited from 'LB' to '[ICRA]D' for its INR7.50 crore fund
based limits. ICRA has also reassigned the short-term rating from
'A5' to '[ICRA]D' for INR42.50 crore non-fund based limits of
HCPL.

The rating revision takes into account continued delays in debt
servicing by HCPL owing to delays in collection of its receivable
from its customers (primarily government agencies) and high
inventory holding in terms of work in progress because of
procedural delays in getting work completion certificate from its
clients. HCPL's rating also factors in the risks arising out of
intense competition, modest scale of its operations, and high
geographical & client concentration risks. ICRA has, however,
taken note of HCPL's experienced management, its long established
presence in the construction business and established
relationship with its customers & suppliers.

Harvins Constructions Private Limited is a Hyderabad based
company engaged primarily in developing irrigation projects. HCPL
is engaged in construction of dams, irrigation canals, bridges,
spillways, road works and other related development activities.
HCPL was incorporated in 1978 and is promoted by the Reddy
family. HCPL has undertaken projects for Andhra Pradesh,
Maharashtra and Gujarat state governments in the past.


IND BARATH: ICRA Downgrades Rating on INR28.5cr Loan to [ICRA] D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR28.5
crore term loans and INR6.5 crore Fund based limits of Ind Barath
Energies (Thoothukkudi) Limited from 'LC' to [ICRA] D.

The rating revision reflects the deterioration in operating and
financial profile of the company in YTD-FY2011 on account of low
PLF levels, which, combined with prior losses, have resulted in
pressures on liquidity as reflected in delays in loan servicing.
The rating also reflects the below average operating profile of
the company arising out of constraints in the availability and
cost of its fuel namely biomass. This coupled with relatively
high debt funding of the project have resulted in high gearing
and moderate coverage indicators.

Going forward, ICRA expects the company's operations to remain
under pressure because of fuel cost pressures. Ability to source
biomass at remunerative rates will be the key. Given significant
debt on the balance sheet, the capitalization and coverage
indicators will remain stretched in medium term and group support
will be key if there is decline in profitability.

                         About Ind Barath

IBETL is an IPP promoted by the Ind Bharath group of companies.
The company operates a 20 MW biomass based power plant in the
Tuticorin district of Tamil Nadu. The plant, which was
commissioned at a cost of INR80.0 crore, commenced commercial
operations in FY 2006 and has a PPA with TNEB to supply its
power. However currently it's selling power to TNEB on short term
sale basis. The company sources its fuel (biomass)- mainly
bagasse, wood and waste- from farmers, sugar mills and factories
in the vicinity. The availability of biomass in the company's
region of operations has been moderate which has resulted in
moderate PLFs of around 50-60% which deteriorated to 26% in FY09
due to high biomass prices in the region. There was improvement
in FY10 when IBETL recorded 54% PLF, however there has again be
moderation in YTD performance in FY11. Also merchant tariff rate
have seen moderation in recent times. With the company's revenues
being linked to actual units sold, this has resulted in losses
for the company.

The company reported a profit of INR13.61 crore on net sales of
INR49.38 crore in FY 2010 as against loss of INR10.99 crore over
net sales of INR12.29 crore in FY 2009.


JOGI FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5.15cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.15 crore term
loan facility of Jogi Food Processing.

The rating takes into account the start up nature of the firms
operations and the associated market risks, given that the firm
would need to establish its brand in a highly competitive market
place. The rating is also constrained by the risk associated with
capital withdrawals as inherent in the partnership firm.

However, the rating positively considers the achievement of
financial closure and an advanced stage of implementation of
JFP's project to be significant mitigating factors of
construction risks.

JFP, a proprietorship firm, is a part of the 'Patco' group of
companies, established in 2010 to manufacture various ready-to-
eat food products. The group is promoted by Mr. Matur Savani, Mr.
Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of
the group and the rest three associate firms namely M/s Jogi Food
Processing, M/s Krishna Food Processing and M/s Shreeji Food
Processing operates on a job work basis for PFPL. The
manufacturing facility of all the four companies are located in a
single premise spread over 58 acres of land. JFP has a biscuit
(various types) manufacturing of 7,500TPA.


KOMMLABS DESIGN: ICRA Assigns '[ICRA]B' Rating to INR5cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the
INR5.00 crore fund based limits, term loans and unallocated
limits of Kommlabs Design Private Limited. ICRA has also assigned
'[ICRA]A4' rating to the INR3 crore non fund based facilities of
KDPL.

ICRA's rating action takes into account the business' long track
record of operations, comfortable capital structure with a
gearing of below 1 as on March 31, 2011 (as per provisional
results), established product base, and long standing
relationships with its customers.

However, these strengths are offset by the small scale of
operations resulting in modest economies of scale and exposure to
government clients (which often delay payments) resulting in
relatively high working capital intensity and stretched
liquidity. Tender driven nature of the business also results in
pressures on margins and adds volatility to the company's
revenues as evidenced by a decline in sales in FY 2011. In
addition, with the increase in AMC (Annual Maintenance Charges)
sales and increasing competition from domestic as well as foreign
players in the industry, the margins are not expected to show any
improvement going forward.

Going forward, the ability to efficiently manage its working
capital requirements and improvement in scale of operations will
remain key rating drivers for the company.

                      About Kommlabs Dezign

Kommlabs Dezign Pvt. Ltd, incorporated in 1995, is engaged in
designing and developing software and suites for data
interception. It provides communication interception solution to
Intelligence Agencies, Law Enforcement Agencies (LEAs) and
Communications Service Providers to meet their intelligence
needs. It also provides analytical tools to extract intelligence
from vast stores of current and archived data. The customers
include various state police departments, Intelligence Bureau,
Central Bureau of Investigation, and other security and LEAs as
well as communication service providers such as Airtel, BSNL,
Reliance, Vodaphone etc.

As per the provisional numbers shared by the company for FY 2010-
11, the operating income has shown a decline of 10% from INR14.8
crore in FY 2010 to INR13.3 crore in FY 2011. PAT has also
declined for the year and stood at INR0.59 crores in FY 2011 as
against INR0.75 crore in FY 2011.


KRISHNA FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crore term
loan facility of Krishna Food Processing.  ICRA has also assigned
an '[ICRA]A4' rating to the INR0.10 crore non-fund based facility
of KFP.

The ratings take into account the start up nature of the firms
operations and the associated market risks, given that the firm
would need to establish its brand in a highly competitive market
place. The ratings are also constrained by the risk associated
with capital withdrawals as inherent in the partnership firm.

However, the ratings positively consider the achievement of
financial closure and an advanced stage of implementation of
KFP's project to be significant mitigating factors of
construction risks.

KFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group and the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. KFP is a proprietorship firm engaged in the
manufacturing of spices, khakara & papad and sorting & repacking
of rice and tea. The installed capacity of the firm is 7500TPA,
30000TPA, 7500TPA and 300TPA for spices, rice, tea and Khakara &
papad respectively.


MAHIMA SHANKAR: ICRA Assigns '[ICRA]B+' Rating to INR17.83cr Loan
-----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA] B+' to the
INR17.83 Cr. Bank facilities of Mahima Shankar Processed Foods
Private Limited.

The rating reflects MSPF's experienced Promoter Group with over
ten years of experience in the packaged food industry. The
management has over the years built and leveraged its
distribution network by diversifying into complimentary business
segments. The rating is also supported by the strong distribution
network with about 1350 distributors spread across Karnataka,
Tamil Nadu and Kerala.

The rating is however constrained by modest scale of operations
and weak financial profile as reflected by high gearing of 2.3
times as of March 31, 2011 and weak credit metrics resulting from
a combination of high working capital intensity and large capital
expenditure. However, debt servicing is well supported by
infusion of funds from the Promoter Group. The rating also
factors in high competition in the packaged snacks segments from
well established global and national players like Pepsi-co (Frito
Lays), ITC (Bingo) and Haldiram (Namkeens) puts strain on
margins.

Incorporated in 2008, MSPF manufactures processed foods such as
potato chips, extruded snacks, namkeens, masala powder and
branded oil. The company started trial runs in August 2009, and
actual production activities commenced in September 2009. MSPF is
promoted by Mr. Sathya Shankar K. and his family members. The
company has its manufacturing unit in Puttur (Karnataka). It
sells its products in Karnataka, Andhra Pradesh, Tamil Nadu and
South Maharashtra under the brand Snak-Up.

Recent results

MSPF reported a provisional profit after tax (PAT) of INR0.43
crore on net sales of INR10.26 crore for FY2010-11.


MANGALORE CASHEW: ICRA Places '[ICRA]BB' Rating on INR1cr Loan
--------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' to the INR1.00
crore term loan facilities and the INR4.00 crore fund based
facilities of Mangalore Cashew Industries. ICRA has long-term
rating of '[ICRA]BB' outstanding on the INR1.00 crore term loan
facilities and the INR10.00 crore fund based facilities, and
short-term rating of '[ICRA]A4' outstanding on the INR9.00 crore
fund based facilities of MCI. The outlook on the long-term rating
is stable.

The ratings consider the experience of the promoters in the
cashew processing industry for more than three decades and the
firm's diversified customer base. The ratings also consider the
firm's small scale of operations which is likely to restrict
scale economies / financial flexibility and its financial profile
which is characterized by high gearing and thin margins. While
intense competition exists in the highly fragmented industry
structure, amidst little product differentiation, restricts
pricing flexibility, the revenues and margins remain exposed to
agro-climatic risks. The firm's profitability remains at modest
levels.

Mangalore Cashew Industries, established in 1977, is primarily
engaged in conversion of raw cashew nuts into cashew kernels.
Floated by Late D Narayana Kamath as a sole proprietorship
concern at inception, the constitution was changed to that of a
partnership firm in 1984. The firm caters to customers in the
United Kingdom, the United States of America, Jordan, Egypt and
Germany, as well as the domestic market. MCI procures its raw
material through import as well as indigenous sources.

Recent Results

MCI reported net profit of INR0.9 crore on operating income of
INR52.7 crore during 2010-11 (according to unaudited results),
against net profit of INR0.6 crore on operating income of
INR52.8 crore during 2009-10.


PCM ALLOYS: ICRA Assigns [ICRA]B+ Rating to IN1.20cr Cash Credit
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR1.20 crore term
loan and INR4.00 crore cash credit facilities of PCM Alloys
Steels Private Limited.  ICRA has also assigned an '[ICRA]A4'
rating to the INR0.80 crore non-fund based bank facilities of
PASPL.

The ratings take into account PASPL's adverse financial risk
profile reflected by net losses suffered by the company in recent
years, its weak coverage indicators and a leveraged capital
structure. The ratings also consider the volatility of the
company's profits and cash flows to the fluctuations in the input
and output prices which follow the cyclical trend inherent in the
steel industry, the small scale of current operations of the
company and the highly working capital intensive nature of
operations that impacts its liquidity position adversely. The
ratings, however, take into account the favorable demand outlook
for SGCI inserts driven by the significant expansion programme
proposed by the Indian Railways, the company's accreditation by
the Research Design and Standards Organisation (RDSO) for
manufacturing of SGCI inserts for the Railways and PASPL's
operational integration with its group company PCM Cement
Concrete Private Limited which procures SGCI inserts primarily
from PASPL to manufacture concrete sleepers for the Railways.

                         About PCM Alloys

Incorporated in 2003, PASPL is engaged in the manufacturing of
Spheroidal Graphite Cast Iron inserts which are used as necessary
components of concrete sleepers by the Indian Railways. The
manufacturing plant of the company is located at Sahudangi,
Jalpaigudi of West Bengal. The SGCI inserts manufactured by the
company are certified by the Research Design and Standards
Organisation (RDSO).

Recent Results

The company reported a net loss of INR0.17 crore (provisional) in
2010-11 on an operating income of INR15.06 crore (provisional),
as compared to a net loss of INR0.28 crore on an operating income
of INR10.59 crore in 2009-10.


PICCADILY HOTELS: Fitch Assigns 'B-(ind)' Nat'l Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Piccadily Hotels Private
Limited a National Long-Term rating of 'Fitch B-(ind)' with
Stable Outlook.  The agency has also assigned PHPL's INR1,500
million long-term loan a 'Fitch B-(ind)' rating.

The ratings reflect PHPL's established track record of over three
decades in the hospitality industry and the healthy debt-equity
mix (1:1) for its upcoming projects.  Fitch notes that PHPL's
Delhi hotel is associated with the well-known "Hilton" brand.
The company expects that similar tie-ups with international hotel
brands for its upcoming projects would lower the initial
operational risk as it would gain access to the global brand's
network and clientele.

The ratings are constrained by PHPL's high financial leverage,
tight liquidity condition and high execution risk as a sizeable
portion of the company's portfolio is under construction.

A positive rating guideline would be timely commissioning of
projects within cost estimates leading to an improvement in
financial leverage and liquidity.

As per the provisional results for the financial year ended
March 2011 (FY11), PHPL's revenue improved to INR527 million from
INR119 million in FY10, while its EBITDA margin declined to 2.3%
from 8.9%.  The latter is attributed to promotional discounts and
higher expenses on promotional activities during the initial run
of its Delhi hotel.  The hotel was fully opened to public in
April 2011.  PHPL's financial leverage was 162x (total adjusted
net debt/EBITDA, including unsecured loan of INR918 million from
other group companies) in FY10 and with a net loss of INR9
million.

PHPL has four operational properties, including a commercial
complex in Delhi and three hotels.  Its five-star deluxe hotel in
Delhi has 228 rooms, the four-star hotel in Chandigarh has 53
rooms and the budget hotel in Raipur has 54 rooms.  The company
is setting up of two more hotels in the five-star-deluxe category
in Gurgaon and Ludhiana, with an inventory of 479 rooms and 168
rooms, respectively.


PREMIER CONVEYORS: ICRA Cuts Rating on INR1.83cr Loan to [ICRA]D
----------------------------------------------------------------
ICRA has revised downwards the long-term rating of the
INR1.83 crore term loan (reduced from INR2.24 crore earlier) and
the INR2.0 crore fund-based bank facilities of Premier Conveyors
Private Limited to '[ICRA]D' from 'LBB-'.   ICRA has revised
downwards the short-term rating of the INR0.5 crore fund-based
and the INR2.5 crore non-fund based bank facilities of PCPL to
'[ICRA]D' from A4.

The revision of the ratings takes into account the delays in debt
servicing on account of a tight liquidity position catapulted by
unutilized capacity and working capital intensive nature of
operations; declining net profitability and cash accruals on
account of increased interest expenses and exposure to raw
material price fluctuations given the high inventory levels
maintained by the company and volatility associated with the
natural rubber and petroleum derivatives. The ratings also take
into consideration the PCPL's small scale of operations, which
leads to limited bargaining power as compared to suppliers as
well as customers and low economies of scale; its weak debt
protection metrics and the sensitivity of its profits to the
risks of foreign exchange fluctuations as a result of a mismatch
between its imports and exports. Nevertheless, the ratings
favorably factor in the moderate growth in its revenues in 2010-
11; long experience of the promoters in the rubber conveyor belt
manufacturing; the reputed customer base of the company and its
increasing focus on export markets, which reduces geographical
concentration risks to some extent.

                      About Premier Conveyors

Established in 2006 by Aggarwal family, PCPL is engaged in the
manufacture of rubber conveyor belts, with its manufacturing
facility being located at Wada in Thane district of Maharashtra.
The company manufactures general purpose, heat resistant and fire
resistant rubber conveyor belts that find applications primarily
in metal, mining and power sectors.

Recent Results

As per the provisional financials of 2010-11, PCPL reported a
profit after tax (PAT) of INR0.04 crore on the back of net sales
of INR8.72 crore as against a PAT of INR0.08 crore on the back of
net sales of INR7.58 crore in 2009-10.


RIKA GLOBAL: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR25.00 crore long term fund based facilities of Rika Global
Impex Limited.  ICRA has also reaffirmed the '[ICRA]A4+' rating
assigned to the INR76.00 crore1 short term fund based and non
fund based facilities (enhanced from INR45.00 crore) of RGI. The
outlook assigned to the long term rating is Stable.

The reaffirmed ratings continue to factor in RGI's low profit
margins arising from the low value addition in the business and
its vulnerability to raw material price and foreign exchange
fluctuations. The ratings also take into account the operational
risks associated with the government's export/import regulations
and also due to agro climatic conditions.  The ratings however,
factor in the promoters' and group's long standing experience in
the agro trading business; robust revenue growth and a
diversified product profile at present. RGI's capital structure
has been comfortable in the past backed by low working capital
intensity and continuous equity infusion by the promoters; as a
result coverage indicators have been modest.

Rika Global Impex Limited is a closely held public limited
company, which commenced operations in 2007, and is engaged in
the business of trading of cereals, pulses, iron ore, sugar,
fabrics and other commodities. The firm has its registered office
in Kolkata and a trading centre in Mumbai.

Recent Results:

RGI recorded a net profit of INR2.84 crore on an operating income
of INR496.77 crore for the year ending March 31, 2011 and a net
profit of INR3.04 crore on an operating income of INR401.13 crore
for the year ending March 31, 2010.


SHREE CHARBHUJA: ICRA Assigns '[ICRA]B' Rating to INR5.82cr Loans
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR5.82 crore term
loans and INR5.0 crore fund based facilities of Shree Charbhuja
Spinners Pvt Ltd.

The ratings take into account SCSPL's modest scale of operations,
weak financial profile marked by low profitability and high
gearing, competitive nature of industry and susceptibility to
fluctuation in prices of polyester fibre. The entry barriers to
the business are low, which coupled with limited pricing power
has resulted in thin profitability margins for the company. The
rating, however, takes into account promoters' experience in the
textile business, track record in manufacturing polyester yarn,
and company's presence in textile hub which gives it access to
skilled labour. Going forward, the company's ability to improve
its profitability and capital structure will be the key rating
sensitivities.

Incorporated in 2006, SCSPL is promoted by Mr. Dinesh Gaggar who
has significant experience in the textile business and was
earlier engaged in fabric trading. The company is engaged in
polyester yarn manufacturing and trading of fabrics. SCSPL has
two manufacturing facilities located in RIICO Industrial area in
Bhilwara and has 11700 spindles.

Recent Results

According to provisional results, the Company had profit after
tax of INR0.07 crore on operating income of INR28.41 crore for
the financial year ended March 31, 2011. For the financial year
ended March 31, 2010, SCSPL had reported profit after tax of
INR0.01 crore on operating income of INR15.65 crore.


SHREEJI FOOD: ICRA Assigns [ICRA]B+ Rating to INR5.4cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.40 crore term
loan facility of Shreeji Food Processing.  ICRA has also assigned
an '[ICRA]A4' rating to the INR0.10 crore non-fund based facility
of SFP.

The ratings take into account the start up nature of the firms
operations and the associated market risks, given that the firm
would need to establish its brand in a highly competitive market
place. The ratings are also constrained by the risk associated
with capital withdrawals as inherent in the partnership firm.

However, the ratings positively consider the achievement of
financial closure and an advanced stage of implementation of
SFP's project to be significant mitigating factors of
construction risks.

SFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group and the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. SFP is a proprietorship firm engaged in the
processing and sorting of cereals & pulses and cashew nuts. The
installed capacity of the firm is 15000TPA and 300TPA for pulses
and cashews respectively.


SILKTEX LIMITED: ICRA Reassigns [ICRA]C' Rating on INR6.84cr Loan
-----------------------------------------------------------------
ICRA has reassigned '[ICRA]C' rating to the INR6.84 crore term
loan facilities and '[ICRA]A4' rating to the INR8.00 crore fund
based facilities and the INR2.00 crore non-fund based facilities
of the Silktex Limited.

Silktex Limited was incorporated as a private limited company in
August 1993 and subsequently converted to public limited company
on July 28, 1994. The company is a 100% Export Oriented Unit
manufacturing silk fabrics for home furnishing and dress
material. The company exports its products mainly in USA, UK,
West European countries, Middle East countries, Australia and
Japan.


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


JLCO XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXXIII Trust's Class D trust
beneficiary interests (TBIs) due July 2013 and affirmed the rest.
The transaction is a Japanese multi-borrower type CMBS
securitisation.

  -- JPY0.25bn* Class B TBIs affirmed at 'Asf'; Outlook Stable

  -- JPY6bn* Class C TBIs affirmed at 'CCCsf' Recovery Rating
     revised to 'RR2' from 'RR3'

  -- JPY1.7bn* Class D TBIs downgraded to 'Dsf' from 'Csf';
     Recovery Rating of 'RR6'.

*as of October 11, 2011

The downgrade reflects a principal write-down of the class D TBIs
after collection activity relating to a defaulted underlying
specified bond has been completed and losses of the bonds have
been realized.

The remaining underlying loan/bonds are all in default and
collection activity is being conducted.  Since the last rating
action in May 2011, the class B TBIs have been partially
redeemed.  This was due to sequential principal payment mainly
from disposal proceeds of three properties and collection funds
through selling a specified bond backed by four properties.  The
affirmation of the class B TBIs reflects that this class is
expected to be fully redeemed on the next payment date in January
2012, taking into account the recent property disposals.

This transaction was originally a securitisation of five TMK
specified bonds, four non-recourse loans and the senior portion
of one TBI backed by a non-recourse loan, ultimately backed by
110 commercial properties located throughout Japan.  The
transaction is currently backed by two bonds and one loan,
secured by 11 properties (or their sale proceeds) in total.


TOKYO ELECTRIC: Asks State, Private Groups to Take Over Oze Park
----------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. will ask the
state and local governments as well as private institutions to
take over a part of its conservation activities in Oze National
Park, where the utility owns around 40% of the land.

The news agency says TEPCO spends JPY200 million annually to
protect the environment of the park, but it has become difficult
for it to maintain the current management system as it has to
cope with the costs of bringing the crippled Fukushima Daiichi
nuclear power plant under control and paying damages over the
crisis.

Kyodo discloses that the 37,200-hectare national park strides
Fukushima, Tochigi, Gunma and Niigata prefectures, and TEPCO owns
some 16,000 hectares in Gunma as water sources for hydro power
generation.

Under a system introduced in the 2003 revision of the Natural
Parks Act, owners of land in national parks can entrust
conservation activities to the state and park management
organizations if the owner cannot be fully involved in them, the
report relays.

Kyodo, citing sources close to the issue, reports that TEPCO said
it will not sell its Oze land.  Instead, it will negotiate with
the Environment Ministry and local governments on how they can
share burdens for establishing and keeping boardwalks in the park
and recovering wetlands.


* JAPAN: Quake-Related Corporate Bankruptcies Reaches 373
---------------------------------------------------------
Bloomberg News reports that Japanese corporate bankruptcies
related to the March 11 earthquake totaled 373 as of Oct. 10,
according to researcher Teikoku Databank Ltd.

The Tokyo-based researcher said in a report that the construction
industry had 63 bankruptcy filings during the seven months since
the disaster, while the hotel industry had 32 failures, according
to Bloomberg.


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


TSM GLOBAL: To Make MYR32.2-Mil. Provision on Unit's Liquidation
----------------------------------------------------------------
Bloomberg News reports that TSM Global Bhd. said it will make a
MYR32.2 million provision when its subsidiary Kenseisha Sdn. goes
into liquidation.

TSM Global Berhad is Malaysian-based investment holding company.
The Company is engaged in the businesses of letting of
properties.


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


ADDENDA PUBLISHING: Placed in Voluntary Liquidation
---------------------------------------------------
Booksellers NZ reports that the board and shareholders of Addenda
Publishing Limited have placed the company into voluntary
liquidation and it has now ceased trading.

Publishers represented by Addenda are being advised to make new
arrangements for New Zealand distribution of their lists.

According to the report, the company's decision to withdraw from
the book distribution market was prompted by several factors.  Of
particular note were publishers moving their New Zealand book
distribution to Australian-based distributors, and consumers and
booksellers buying increasingly from offshore Web sites.

Booksellers NZ relates that the company was also affected by
difficult local and international trading conditions which led to
some bad debts, reduced title output from its roster of
independent publishers, and weaker demand for its titles.

The company has appointed Kim Thompson as liquidator.

Addenda Publishing Limited is a New Zealand-based publisher and
book distributor.


CRAFAR FARMS: Sir Michael Fay-Led Group Questions Landcorp Role
---------------------------------------------------------------
BusinessDay.co.nz reports that a group of farmers led by Sir
Michael Fay who are keen to head off a Chinese company to buy the
Crafar farms have filed an Official Information Act request to
learn more about Landcorp's proposed deal to run the farms for
the Chinese.

BusinessDay.co.nz relates that Mr. Fay said the group of farmers
had "serious concerns" about the state-owned farming
corporation's role with Shanghai Pengxin, whose bid for the 16
in-receivership dairy farms is conditional on getting Overseas
Investment Office consent.

"Landcorp is well known in the farming community for buying farm
land in competition with locals - effectively using taxpayers'
money to outbid those same taxpayers," the report quotes Mr. Fay
as saying.

According to the report, Fairfax revealed recently that Landcorp
was in preliminary talks with Pengxin for the job of managing or
sharemilking the farms if the Chinese company is successful in
buying them.

It has been nearly seven months since Pengxin applied to the OIO
for consent, the report notes.

Mr. Fay, as cited by BusinessDay.co.nz, said Landcorp seems to
have become "utterly confused" about its purpose and could have
allowed itself to be used as a pawn in the deal -- "just to give
the Chinese bids an acceptable local face."

BusinessDay.co.nz says Mr. Fay's group has offered receivers
KordaMentha NZ$171.5 million for the farms.  Its bid has been
declined as too low but the farmers consider their offer "still
live," the report relays.

Through its OIA request, the report notes, the farmer group has
asked Landcorp to provide all details of its dealings and
correspondence with Pengxin, any correspondence it may have had
with the OIO, and all correspondence between Landcorp and an
unsuccessful bidder for the Crafar farms, Chinese group Natural
Dairy and May Wang's UBNZ companies.

BusinessDay.co.nz adds that the farmers said they are making a
single bid for the Crafar farms because the receivers require it,
but if successful they would split the farms up between them to
be owner-operated.

                          About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


PORTAGE RESORT: Goes Into Liquidation
-------------------------------------
The Marlborough Express reports that the Portage Resort Hotel,
which has been in receivership since September 13, has also gone
into liquidation.

Receiver John Fisk, of PricewaterhouseCoopers, said the company
had been put in liquidation on October 10, the report says.

The hotel is still open for business.  The liquidator is the
Ministry of Economic Development insolvency and trustee service.

The Marlborough Express relates that Mr. Fisk said some claims
could be made by a liquidator but not by a receiver, which was
why a liquidator had been appointed.  For example, a liquidator
could void transactions to retrieve sums of money paid to one
creditor before the failure of the business, which would then be
shared equally among all the creditors, Mr. Fisk said.

According to the report, Mr. Fisk and his fellow receiver Malcolm
Hollis would continue running the business until the assets could
be sold for the benefit of the secured creditor, Auckland-based
Ecuador Mortgages.

Mr. Fisk, as cited by The Marlborough Express, said the
liquidator would investigate the transactions of the business,
directors' conduct and whether funds would be available for other
creditors.

                        About Portage Resort

The Portage Resort Hotel offers room and backpacker
accommodation, restaurant, cafe, pool, and spa.  It has 50 rooms
and there is scope to develop at least another 25.  The resort
consists of four parcels of land with a total area of about 1.4
hectares. It has a fine dining restaurant, a separate cafe and
bar, a conference room which can seat 100 and a guest lounge and
bar.

Portage Resort Hotel was put under the management of
PricewaterhouseCoopers partners John Fisk and Malcolm Hollis on
Sept. 13, 2011.  The company owes about NZ$5 million.


VET CARE: Escapes Inland Revenue Liquidation Bid
------------------------------------------------
Seamus Boyer at Wairarapa Times-Age reports that Vet Care Ltd has
won the right to stay in business after avoiding liquidation this
week.

According to the report, an application to put Masterton's Vet
Care Ltd into liquidation was heard by Associate Judge D I
Gendall at the High Court in Wellington on October 10.

The Times-Age relates that a High Court spokeswoman said a
payment plan had been arranged with Inland Revenue at the
hearing, with the matter adjourned until Dec. 12 for a progress
report.

The spokeswoman said at that stage, depending on progress, it was
likely the liquidation application would be withdrawn, the report
relays.

Vet Care, which has surgeries in Masterton and Greytown, is owned
by Heidi Ward-McGrath and her husband, Mark McGrath, of
Masterton.

Ms. Ward-McGrath told the Times-Age the ruling meant it was
"business as usual" for the company.

Originally an application to put Vet Care Ltd into liquidation
was filed at the High Court in Masterton by the Commissioner of
Inland Revenue on Aug. 31.  That application hearing was
adjourned until this week due to jurisdiction issues, the Times-
Age reports.


WINDFLOW TECHNOLOGY: Shareholders to Vote on Liquidation
--------------------------------------------------------
BusinessDesk reports that commitment of NZ$15,000 apiece from
just 43 Windflow Technology shareholders stands between the two-
bladed wind turbine pioneer and liquidation, papers filed with
the NZX on October 13 showed.

BusinessDesk says Windflow chairman Barrie Leay has called a
special shareholders' meeting for Nov. 2, 2011, for a vote on the
appointment of liquidators from the Christchurch offices of
accounting firm BDO.

According to the report, the company has been trying to raise an
emergency NZ$2 million -- a target already scaled back from
NZ$2.4 million -- through an unusual share purchase plan that
seeks a commitment of NZ$15,000 per shareholder, irrespective of
the size of their holding.

So far, around 49 shareholders representing just 6% of
shareholders have stumped up, raising NZ$728,000, while private
placements have raised another NZ$620,000, leaving the company
short by NZ$652,000 -- equivalent to subscriptions from an
additional 43 shareholders, BusinessDesk discloses.

BusinessDesk relates that company founder and chief executive
Geoff Henderson has also injected personal funds in the interim,
secured against spare parts for turbines manufactured in
anticipation of building the Long Gully wind farm for its 19%
shareholder MightyRiverPower, which has since put the project on
ice.

MRP has not indicated whether it is supporting the capital-
raising, the report notes.

According to BusinessDesk, the notice to the NZAX platform, where
Windflow is listed, indicates the NZ$400,000 cut in the target
capital to be raised also represents a business risk, since it
will "impinge on the company's ability to deliver operationally
on the opportunities for new revenue being sought" because it
will cut engineering, production, marketing and administration
resource.

The SPP has been extended to Oct. 20, and the company said it
will advise by 5:00 p.m. the following day whether the share
subscription target has been met, BusinessDesk relays.

Either way, the meeting will be held. The resolution to liquidate
will require a 75%, with directors vowing to vote against the
motion if the funds sought are secured, the report adds.

                     About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                          *     *     *

Windflow Technology incurred a net loss of NZ$7 million in the
year ended June 30, 2011, compared with the NZ7.95 million loss
booked in the prior financial year.  The company posted a net
loss of NZ$1.23 million for the year ended June 30, 2009.


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