TCRAP_Public/111021.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 21, 2011, Vol. 14, No. 209

                            Headlines



A U S T R A L I A

AINSWORTH ENG'G: Liquidation Left Workers With Unpaid Entitlement


H O N G  K O N G

INCORPORATED OWNERS: Court to Hear Wind-Up Petition on Nov. 9
MGT NEMOTO: Court to Hear Wind-Up Petition on Nov. 9
MORE HEALTH: Contributories and Creditors to Meet on Oct. 25
STR (HK): Court to Hear Wind-Up Petition on Nov. 30
SUNSHINE NEW: Court to Hear Wind-Up Petition on Nov. 30

WINNING PARTNERS: Court to Hear Wind-Up Petition on Nov. 16
WISE RHYTHM: Court to Hear Wind-Up Petition on Nov. 30
YEE TAK: Court Enters Wind-Up Order


I N D I A

AMBICA PAPERS: CRISIL Assigns CRISIL B Rating to INR40MM LT Loan
ANJANI COTTON: CRISIL Rates INR90MM Cash Credit at 'CRISIL B+'
ARORA MATTHEY: CRISIL Assigns 'CRISIL BB' Rating to INR120MM Loan
BILDON STEELS: CRISIL Assigns 'CRISIL D' Rating to INR100MM Loan
ELECTRO TEKNICA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating

GOLDEN TEXO: CRISIL Places 'CRISIL BB-' Rating to INR94MM Loan
KALP DIAMONDS: CRISIL Reaffirms CRISIL BB- Rating on INR80MM Loan
MEDI DRIPS: CRISIL Cuts Rating on INR315.7MM Loan to 'CRISIL D'
MOTELS & INFRA: CRISIL Rates INR95MM Long-Term Loan at 'CRISIL D'
NAMISON POWERTECH: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loan

PLYMEX TIMBER: CRISIL Reaffirms 'CRISIL BB-' Foreign LOC Rating
R D SAMANT: CRISIL Reaffirms 'CRISIL BB+' Rating on INR9.3MM Loan
RKD CONSTRUCTION: CRISIL Puts CRISIL BB- Rating on INR100MM Loan
SARADA STARCH: CRISIL Assigns 'CRISIL B' Rating to INR190MM Loan
SUPREME COT-SPIN: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating

TRIDENT MICROFIN: Gets Sued by Kotak Mahindra Over Loan Default
VIJAYWARGI & SONS: CRISIL Places CRISIL BB Rating on INR50MM Loan


I N D O N E S I A

BAKRIE SUMATERA: S&P Lowers CCR to 'CC' over Refinancing Delays


J A P A N

KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Bonds


M A L A Y S I A

MAA HOLDINGS: Changes Company Name to 'MAA Group Berhad'
NV MULTI: Posts MYR131,000 Net Loss in September 30 Quarter
VTI VINTAGE: Winding-Up Petition Hearing Set for Dec. 17


N E W  Z E A L A N D

NATIONAL FINANCE: Ex-Director Gets Six Years Jail Sentence
PIKE RIVER: Solid Energy Secures Ikamatua Rail Load-Out Sub-Lease
ST LAURENCE LTD: Apple Fields Pays Substantial Amount
STRATEGIC FINANCE: Receivers Put Walter Peak Estate on the Block


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AINSWORTH ENG'G: Liquidation Left Workers With Unpaid Entitlement
-----------------------------------------------------------------
Louise Thrower at Goulburn Post reports that some 40 employees of
Ainsworth Engineering Group Pty Ltd were not paid their
outstanding entitlements.  Instead, the workers, left out of work
by the firm's liquidation, will have to apply to the federal
government for the money.

The steel manufacturer, which had operations in Mazamet Rd, was
placed under voluntary administration in May, with debts of
AUD2.2 million, Goulburn Post discloses.

According to the report, despite earlier hopes Ainsworth could
trade out of difficulties, major secured creditor, the National
Bank called in its $1.6 million debt.  Administrator SmithHancock
then tried unsuccessfully to sell the business, the report notes.

"We had a number of parties express interest when it was
advertised, but there were no offers," Goulburn Post quotes
partner Mike Smith as saying.  "As a result, the company was
liquidated and wound up."

Plant and equipment was sold at auction, according to Goulburn
Post.  Mr. Smith said the sale auction recouped more than
expected but declined to say how much, the report notes.

Goulburn Post notes that Mr. Smith did not expect unsecured
creditors to receive their money.  He could not say how much they
were owed.  Workers are in the same category.  Mr. Smith said the
workers have been given forms to apply for their entitlements
under the government's General Employee Entitlements and
Redundancy Scheme, the report relays.

Mr. Smith said Ainsworth's difficulties came down to the economy
and "some losses on big jobs."

"As liquidators, we have duties to fulfil, that is, to
investigate the company's affairs and report to the Australian
Securities and
Investment Commission," Mr. Smith related.

                     About Ainsworth Engineering

Based in Goulburn, New South Wales, Ainsworth Engineering Group
Pty Ltd offered a range of services including; precision and
heavy machining, all aspects of fabrication, onsite teams for
construction and maintenance, special project design and
development.


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


INCORPORATED OWNERS: Court to Hear Wind-Up Petition on Nov. 9
-------------------------------------------------------------
A petition to wind up the operations of The Incorporated Owners
of No. 109 Pei Ho Street, Nos. 250 and 252 KI Lung Street will be
heard before the High Court of Hong Kong on Nov. 9, 2011, at
9:30 a.m.

Chiu Ming Engineering Limited filed the petition against the
company on Sept. 6, 2011.

The Petitioner's solicitors are:

          Pansy Leung Tang & Chua
          21st Floor, Regent Centre
          88 Queen's Road
          Central, Hong Kong


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

Nemoto Kyorindo Co., Ltd filed the petition against the company
on Sept. 7, 2011.

The Petitioner's solicitors are:

          LI & Partners
          Rooms 2201-03, 22nd Floor
          World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


MORE HEALTH: Contributories and Creditors to Meet on Oct. 25
------------------------------------------------------------
Contributories and creditors of More Health Limited will hold
their first meetings on Oct. 25, 2011, at 3:00 p.m., and
3:30 p.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Tak Man Stephen and Osman Mohammed Arab, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


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

Specialized Technology Resources (H.K.) Limited filed the
petition against the company on Sept. 27, 2011.

The Petitioner's solicitors are:

          Pang & Associates
          Unit 1406, Cosco Tower
          183 Queen's Central
          Hong Kong


SUNSHINE NEW: Court to Hear Wind-Up Petition on Nov. 30
-------------------------------------------------------
A petition to wind up the operations of Sunshine New Generation
School of Ballet & Arts Limited will be heard before the High
Court of Hong Kong on Nov. 30, 2011, at 9:30 a.m.

Wo Sang Tong Company Limited filed the petition against the
company on Sept. 23, 2011.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories
          Hong Kong


WINNING PARTNERS: Court to Hear Wind-Up Petition on Nov. 16
-----------------------------------------------------------
A petition to wind up the operations of Winning Partners Food and
Beverage Management Limited will be heard before the High Court
of Hong Kong on Nov. 16, 2011, at 9:30 a.m.

Yuen Miu Lin filed the petition against the company on Sept. 14,
2011.


WISE RHYTHM: Court to Hear Wind-Up Petition on Nov. 30
------------------------------------------------------
A petition to wind up the operations of Wise Rhythm Consultancy
Limited will be heard before the High Court of Hong Kong on
Nov. 30, 2011, at 9:30 a.m.

Coca Investment Company Limited filed the petition against the
company on Sept. 23, 2011.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories
          Hong Kong


YEE TAK: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Oct. 3, 2011, to
wind up the operations of Yee Tak Plastic Industrial Limited.

The official receiver is Teresa S W Wong.


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


AMBICA PAPERS: CRISIL Assigns CRISIL B Rating to INR40MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank loan facility and secured overdraft against term
deposit facility of Ambica Papers Pvt Ltd, while reaffirming its
ratings on APPL's other bank facilities at 'CRISIL
B/Stable/CRISIL A4'.

   Facilities                           Ratings
   ----------                           -------
   INR40.00 Million Proposed LT         CRISIL B/Stable
(Assigned)
   Bank Loan Facility

   INR35.00 Million Secured Overdraft   CRISIL B/Stable
(Assigned)
   against Term Deposit

   INR50.00 Million Cash Credit         CRISIL B/Stable
                                        (Reaffirmed)
   INR25.00 Million Letter of Credit    CRISIL A4 (Reaffirmed)
   (Reduced from INR50 million)

The ratings continue to reflect APPL's weak financial risk
profile marked by small net worth, high external indebtedness
(ratio of total outside liabilities [TOL] to tangible net worth
[TNW]), and weak interest coverage ratio. The rating also factors
in APPL's sizeable receivables and small scale of operations in
the paper industry. These rating weaknesses are partially offset
by the benefits that APPL derives from the experience of its
promoters in the paper industry and its negligible inventory
risks.

Outlook: Stable

CRISIL believes that APPL's financial risk profile will remain
weak over the medium term because of small revenues and high
gearing. The outlook may be revised to 'Positive' if APPL's
liquidity improves, most likely driven by an improvement in
working capital cycle or a sharp improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if APPL's
profitability declines, or in case the company is unable to
replace its debt with its funds, in the backdrop of an increasing
interest rate scenario, thereby preventing any improvement in its
capital structure and leading to increased pressure on its credit
risk profile.

Update

APPL's performance in 2010-11 (refers to financial year, April 1
to March 31) has been in line with CRISIL's expectations. For
2010-11, APPL reported an operating income of INR40 million from
the newsprint paper indenting business (undertook no trading
activity during the year) and an operating margin of 20%. In
2010-11, the company's average commission rate decreased to 4.2%
from 4.9% in the previous year, as it shared a part of the
newsprint paper price rise with paper mills and publishers.
However, any steep correction in margins was arrested by increase
in indenting volumes to 27,000 tonnes from 21,840 tonnes in 2009-
10.

APPL continues to fund its large working capital requirements
with debt. APPL has access to fund-based working capital lines of
INR85 million (enhanced from INR75 million in September 2010),
which had an utilization level of about 85% during the 15 months
ended June 30, 2011. APPL's promoters extended INR1.8 million to
the company in 2010-11 (the amount continues to be treated as
quasi equity, as it is subordinated to bank debt, is interest-
free, and is expected to be retained over the long term),
bringing the total of such loans to INR10.3 million as on March
31, 2011. APPL has high external indebtedness - it had a high
ratio of TOL to TNW of 5.5 times and a net worth of INR40 million
as on March 31, 2011. Large quantum of interest outflow on debt
resulted in a weak interest coverage ratio of 1.2 times for 2010-
11. The company proposes to reduce its working capital facilities
to INR50 million from INR85 million and make up for the shortfall
by promoter's funds of around INR25 million and concentrated
efforts towards reducing credit period offered to customers.

APPL reported a profit after tax (PAT) of INR0.28 million on net
sales of INR32.6 million for 2010-11, as against a PAT of INR0.79
million on net sales of INR61.4 million for 2009-10.

                        About Ambica Papers

APPL was formed in 1996 by taking over the business of a
proprietorship firm formed earlier by the company's current
promoter Mr. Vasudeo Haripurkar. APPL is an indenting agent in
newsprint paper - it arranges for sale of paper from the
manufacturers to the publishers, and earns commission on the
same. The company pays the manufacturer on behalf of the buyer,
and extends credit to the buyer. In 2009-10 (refers to financial
year, April 1 to March 31), in addition to indenting business, it
traded in writing and printing paper.


ANJANI COTTON: CRISIL Rates INR90MM Cash Credit at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Anjani Cotton Industries.

   Facilities                     Ratings
   ----------                     -------
   INR90 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects ACI's weak financial risk profile, marked by
high gearing and weak debt protection metrics, presence in the
fragmented cotton industry leading to low bargaining power,
limited pricing flexibility, and vulnerability of margins to
volatility in raw material prices. The firm's business risk
profile and profitability are also susceptible to government
policy. These rating weaknesses are partially offset by the
extensive experience of ACI's partners in the cotton industry.

Outlook: Stable

CRISIL believes that ACI will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial improvement in
the firm's revenues, while maintaining its profitability, or if
there is a substantial improvement in its net worth on the back
of capital additions by the partners. Conversely, the outlook may
be revised to 'Negative' if the firm's profitability declines
sharply from the current levels or if ACI's financial risk
profile weakens due to larger-than-expected working capital
requirements.

                       About Anjani Cotton

ACI was established in 2000 by Mr. Shaileshleshbhai Patel,
Jagdishkumar Patel, Sanjay Patel and Ranchhodbhai Patel as a
partnership firm. The firm was purchased by Mr. Vipul Kumar
Shantilal, Mr. Chunilal Ramjibhai, Mr. Rajeshkumar Shivlalbhai
Ghodasara, and Mr. Shivlalbhai Vishrambhai in 2008. ACI is
engaged in ginning of raw cotton (kapas) to make cotton bales.
The firm sells cotton bales to various traders and the cotton
seed is sold to various oil mills in the plant's vicinity. The
firm has a manufacturing facility in Lalpur (Gujarat), which had
an initial capacity of 350 cotton bales per day. The capacity was
increased to 500 cotton bales per day in August 2011 at a total
cost of INR6 million. The capital expenditure was funded through
fresh capital infusion by partners of INR5 million and the
balance through internal accruals.

ACI reported a profit after tax (PAT) of INR2.6 million on net
sales of INR1078 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR646 million for 2009-10.


ARORA MATTHEY: CRISIL Assigns 'CRISIL BB' Rating to INR120MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Arora Matthey Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR45 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect AML's healthy financial risk profile, marked
by low gearing and healthy debt protection metrics, and
promoters' extensive experience in manufacturing precious metal
products. These rating strengths are partially offset by AML's
vulnerability to volatility in raw material prices, small scale
of operations, low operating margin, and working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that AML will continue to benefit from promoters'
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' if AML increases its scale of
operations and improves its profitability significantly.
Conversely, the outlook may be revised to 'Negative' if AML
undertakes larger-than-expected debt-funded capital expenditure
programme or faces significant pressure on revenues and margins.

                       About Arora Matthey

Incorporated in 1964, AML was set up as a joint venture between
the Arora family (51%) and the UK-based Johnson Matthey Plc
(49%). However, in the late 2000s, Johnson Matthey Plc set up its
own unit in Mumbai (Maharashtra) and separated from AML in March
2011; AML is currently wholly owned by the Arora family.

AML manufactures precious metal products that are used in various
industries, including chemical, pharmaceutical, metallurgical,
and electrical. The company has divided its product line into
three segments - catalysts (constitutes around 50% of the total
turnover), predominantly used in the pharmaceutical industry;
precious metal engineered products (30% of turnover), and
precious metal chemical products that are used in pharmaceutical
and electroplating industries.

AML's profit after tax and net sales are estimated at INR47.9
million and INR543.7 million respectively for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a net
loss of INR0.1 million on net sales of INR 458.4 million for
2009-10.


BILDON STEELS: CRISIL Assigns 'CRISIL D' Rating to INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Bildon Steels (India) Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL D (Assigned)
   INR100 Million Long-Term Loan    CRISIL D (Assigned)
   INR60 Million Letter of Credit   CRISIL D (Assigned)

The rating reflects instances of delay by BSIL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

BSIL also has a weak financial risk profile, marked by a high
gearing, small net worth, and weak debt protection metrics. This
rating weakness is partially offset by the extensive experience
of BSIL's promoters in the steel industry.

                        About Bildon Steels

BSIL commenced operations in April 2009 and manufactures steel
ingots and thermo-mechanically treated (TMT) bars. The company is
promoted by Mr. P Mohammed Shereef, Mr. P Mohammed Mustafa, and
their family members. BSIL's manufacturing facilities are located
in Tirupur District (Tamil Nadu) and have installed capacity to
produce 30,000 tonnes per annum (tpa) of ingots and 54,000 tpa of
TMT bars.

BSIL reported a provisional net loss of INR50 million on net
sales of INR403 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR25 million on
net sales of INR127 million for 2009-10.


ELECTRO TEKNICA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Electro Teknica
Switchgears Pvt Ltd continue to reflect ESPL's moderate financial
risk profile, marked by a low gearing, and the extensive industry
experience of the company's promoters.

   Facilities                        Ratings
   ----------                        -------
   INR15.00 Million Cash Credit      CRISIL BB/Stable
(Reaffirmed)
   INR5.00 Mil. Letter of Credit     CRISIL A4+ (Reaffirmed)
   INR45.00 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by ESPL's small scale
of operations, large working capital requirements, and exposure
to intense competition in the electrical equipment industry and
to the tender-based nature of the company's business.

Outlook: Stable

CRISIL believes that ESPL will benefit over the medium term from
its promoter's industry experience and its moderate order book.
The outlook may be revised to 'Positive' if the company registers
significant growth in its revenues and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if ESPL faces significant delays in
recovery of debtors, or if it undertakes a large, debt-funded
capacity expansion programme, leading to stress on its debt
protection metrics.

Update

ESPL's net sales are estimated to have increased by a year-on-
year (YoY) rate of 12% in 2010-11 (refers to financial year,
April 1 to March 31). The company has an order book of about
INR200 million, which is to be executed over the next 12 months.
ESPL reported an estimated operating margin of about 4.2% (about
20 basis points lower on YoY basis) for 2010-11, largely because
of higher commodity prices during the year (copper tubes and
steel used as raw material). The company's profit after tax (PAT)
margins are estimated at 2.0% for 2010-11, in line with the
previous year. ESPL has a moderate liquidity with moderate bank
limit utilization of 76% on average between January 2011 and June
2011. The company's net cash accruals are expected to be between
INR15 million and INR2 million over the medium term; it has no
term debt obligations.

ESPL's PAT and operating income is estimated at INR4.7 million
and INR234.7 million respectively for 2010-11; the company
reported a PAT of INR4.1 million on net sales of INR208.7 million
for
2009-10.

                         About Electro Teknica

ESPL, a wholly owned subsidiary of Vijai Electricals Ltd (rated
'CRISIL BBB-/Negative/CRISIL A3'), was set up in 1988, and
commenced commercial operations in 1989. ESPL manufactures high-
voltage switchgears and dry-type transformers. The company is
managed by its promoter Mr. D K Majumdar, who has over two
decades of experience in the same line of business.


GOLDEN TEXO: CRISIL Places 'CRISIL BB-' Rating to INR94MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Golden Texo Fabs Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR186.5 Million Cash Credit   CRISIL BB-/Stable (Assigned)
   Facility

   INR94 Million Term Loan        CRISIL BB-/Stable (Assigned)

   INR276.2 Million Proposed LT   CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects GTFL's promoters' extensive experience in the
home furnishing industry and expected improvement in its business
risk profile, marked by increase in scale of operations after on-
going capital expenditure (capex). These rating strengths are
partially offset by GTFL's constrained financial risk profile
because of ongoing debt-funded capex, and susceptibility of
margins to volatility in raw material prices and intense market
competition.

Outlook: Stable

CRISIL believes that GTFL will maintain its business risk profile
over the medium term, supported by promoters' experience in home
furnishing industry and expected increase in its scale of
operations. Its financial risk profile is expected to remain
constrained because of its ongoing debt-funded capex and pressure
on margins. The outlook may be revised to 'Positive' if GTFL
scales up its operations significantly, while maintaining its
profitability, leading to increase in cash accruals, and
consequently, improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's operating
margin declines or if its capital structure weakens, because of
cost overrun in its ongoing project, increase in working capital
borrowings, or fresh investments in group entities.

                          About Golden Texo

GTFL was incorporated in 1991 as a closely held company. The
company manufactures mink and polar blankets, bed sheets, and
other home-furnishing products. The majority of its sales come
from mink blankets. The company is promoted by Chugh family and
currently Mr. Vedprakash Chug is the managing director.

The company's manufacturing units are located in Panipat
(Haryana), with a combined capacity of 5000 tonnes per annum
(tpa). The majority of the company's sales happen through
distributors, mainly in North India. The company has plans to
double its manufacturing capacity in the next two years, with a
total capex of INR300 million (debt-equity ratio of 3:1).

GTFL reported a net profit of INR6.1 million on net sales of
INR727 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net profit of INR4.2 million on net sales of
INR444 million for 2008-09. The company has achieved net sales of
INR1,008 million for 2010-11 on provisional basis.


KALP DIAMONDS: CRISIL Reaffirms CRISIL BB- Rating on INR80MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Kalp Diamonds continues
to reflect the extensive experience of Kalp's promoters in the
diamond industry.  This rating strength is partially offset by
Kalp's modest scale of operations in the diamond industry, and
average financial risk profile.


   Facilities                              Ratings
   ----------                              -------
   INR80.0 Million Post-Shipment Credit    CRISIL BB-/Stable
                                           (Reaffirmed)

   INR40.0 Million Export Packing Credit   CRISIL BB-/Stable
                                           (Reaffirmed)

Outlook: Stable

CRISIL believes that Kalp will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with its customers. The outlook may be
revised to 'Positive' if there is a significant and sustained
increase in Kalp's revenues and profitability margins, or there
is a substantial improvement in the firm's net worth. Conversely,
the outlook may be revised to 'Negative' in case there is a steep
decline in Kalp's profitability margins from the current levels,
or if there is deterioration in the firm's financial risk profile
because of larger-than-expected working capital requirements.

Update

Kalp's revenues increased by around 15% in 2010-11 (refers to
financial year, April 1 to March 31) to INR593 million, and the
firm's operating margin also increased to 3.9% from 2.7% in
2009-10. Kalp's operations remain working capital intensive with
high gross current asset (GCA) days of around 200 days as on
March 31, 2011; the high GCA days mainly emanate from the firm's
high receivables cycle of around 150 days. On account of the
large working capital requirements, the average bank limit
utilization was high at 96% for the 12 months through June 2011.
Kalp's net worth was moderate at around INR130 million as on
March 31, 2011, and the firm's total outside liabilities to
tangible net worth remained comfortable at 1.4 times as on the
same date.

Kalp reported a provisional profit after tax (PAT) of INR8.6
million on net sales of INR593 million for 2010-11, against a PAT
of INR3.8 million on net sales of INR521 million 2009-10.

                        About Kalp Diamonds

Set up as partnership firm in 1995 by Mr. Anandlal Shah and his
family, Kalp processes, and trades in, rough and polished
diamonds. Currently, Mr. Anandlal Shah looks after the
manufacturing operations of Kalp in Surat (Gujarat). His son,
Mr. Bhavik A Shah, and son-in-law, Mr. Jayesh Shah, look after
the procurement and marketing aspects of the business in Mumbai
(Maharashtra).


MEDI DRIPS: CRISIL Cuts Rating on INR315.7MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Medi
Drips Carriers Pvt Ltd, which is a part of the Jai Dada group, to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+ '.

   Facilities                      Ratings
   ----------                      -------
   INR70 Million Cash Credit       CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

   INR315.7 Mil. Long Term Loan    CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

   INR5 Million Bank Guarantee     CRISIL D (Downgraded from
                                             'CRISIL A4+')

The downgrade reflects instances of delay by Medi Drips in
servicing its term loan installments; the delays have been caused
by Medi Drips' weak liquidity.

                          About Medi Drips

Medi Drips was incorporated in 1996, and promoted by the Dayama
family of Kolkata. The company is part of the Jai Dada group,
which provides freight transportation services for various
industries, including chemicals, petrochemicals, steel and
energy. Medi Drips operates a fleet of Volvo luxury buses (under
the brand Jai Dada), providing public transportation services
from Kolkata to other major towns in East India. It also provides
container transport service across India through its tankers and
trailer division. Mr. Sandeep Dayama manages the day-to-day
operations of Medi Drips.

The other group companies include Jai Dada Paribahan Pvt Ltd, Jai
Dada Movers Pvt Ltd, Jai Dada Infrastructure Pvt Ltd, Akshay
Cargo Movers Pvt Ltd, and New Era Agro Board Ltd.

New Era Agro Board Ltd is managed by Mr. Saket Dayama and is
engaged in milling and processing of rice.


MOTELS & INFRA: CRISIL Rates INR95MM Long-Term Loan at 'CRISIL D'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term loan
facility of Motels & Infrastructure India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR95 Million Long-Term Loan     CRISIL D (Assigned)

The rating reflects instances of delay by MIIPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

MIIPL also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics. The company is
also exposed to risk related to geographical concentration in its
revenue profile and is susceptible to intense competition and
cyclicality in hotel industry. However, the company benefits from
the prime location of its hotel and its tie-ups with corporate
clients.

                    About Motels & Infrastructure

MIIPL operates a three-star hotel in Mangalore (Karnataka) with
56 rooms (42 superior rooms, five executive rooms, four executive
plus rooms, and three suites). It also has three multi-specialty
restaurants, two banquet halls, and a bar. The property was taken
over from its previous promoters by Mr. Prakash Shetty in 2004.
The hotel commenced operations in August 2007. Goldfinch Hotels
Pvt Ltd (GHPL) is the flagship company of the MRG group (of which
MIIPL is part), promoted by Mr. Prakash Shetty. GHPL was
incorporated in 2000 and commenced operations in 2004. It
operates a three-star boutique hotel in Bangalore (Karnataka).
MIIPL's hotel operates under the Goldfinch brand. The company has
a strong clientele with reputed companies, such as Infosys
Technologies Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), GMR
Energy Limited, Kingfisher Airlines Limited, State Bank of India
(rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'), and Lanco Infratech
Ltd (rated 'CRISIL BBB+/Negative/CRISIL A2')

MIIPL reported, on provisional basis, a net loss of INR13 million
on net sales of INR 86 million for 2010-11 (refers to financial
year, April 1 to March 31); the company reported a net profit of
INR4 million on net sales of INR78 million for 2009-10.


NAMISON POWERTECH: CRISIL Puts 'CRISIL B-' Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Namison Powertech Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR10 Million Bill Discounting   CRISIL B-/Stable (Assigned)
   INR10 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect NPPL's short track record and small scale of
operations, limited revenue diversity, and weak financial risk
profile, marked by a high gearing, small net worth, and weak debt
protection metrics. These rating weaknesses are partially offset
by the steady demand for NPPL's products and its association with
Suzlon Group.

Outlook: Stable

CRISIL believes that NPPL will benefit over the medium term from
the favorable demand for its products. The outlook may be revised
to 'Positive' if the company strengthens its order book, while
significantly improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if NPPL's order book
shrinks or if its financial risk profile deteriorates due to
stretched working capital or large, additional debt-funded
capital expenditure.

                      About Namison Powertech

Incorporated in 2009, NPPL manufactures transformer core from
imported cold-rolled grain-oriented (CRGO) sheets and scraps.
NPPL processes CRGO electrical steel/silicon sheets into shapes
and sizes required by the customers, which are subsequently used
as a core material in manufacturing distribution transformers.
While NPPL's registered office is in Bharuch (Gujarat), its
facility is based in Waghodia Industrial Estate in Vadodara
(Gujarat). The company is promoted and managed by Mr. Rajesh K
Shah and his wife, Mrs. Rupal R Shah.

NPPL reported a net loss of INR1.4 million on net sales of
INR24.3 million for 2010-11 (refers to financial year, April 1 to
March 31), as against net loss of INR0.6 million on net sales of
INR12.1 million for 2009-10.


PLYMEX TIMBER: CRISIL Reaffirms 'CRISIL BB-' Foreign LOC Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Plymex Timber Pvt Ltd
continue to reflect the benefits that Plymex derives from its
promoters' experience in the timber trading business. This rating
strength is partially offset by Plymex's weak financial risk
profile, resulting from low profitability and net worth, and
exposure to intense competition in the timber industry.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Foreign Letter    CRISIL BB-/Stable (Reaffirmed)
   of Credit

   INR200 Million Foreign Letter   CRISIL A4+ (Reaffirmed)
   of Credit

Outlook: Stable

CRISIL believes that Plymex will continue to benefit over the
medium term from its promoter's business experience. The outlook
may be revised to 'Positive' if the company reports better
profitability and working capital management leading to higher-
than-expected cash flow from operations. Conversely, the outlook
may be revised to 'Negative' if Plymex undertakes large, debt-
funded capital expenditure programmes or acquisitions, leading to
deterioration in its financial risk profile.

                       About Plymex Timber

Set up in 1994 by Mr. Srikant Jain and his family, Kolkata (West
Bengal)-based Plymex trades in timber. Mr. Jain has over two
decades of experience in the timber industry, through other
partnership and proprietorship firms. The family has been in the
timber trading business since 1942. The company deals in
Malaysian, Burmese, and West African timber. About 90% of its
sales are in West Bengal, and the rest are in Bihar and
Jharkhand.

Plymex reported a profit after tax (PAT) of INR2.7 million on net
sales of INR525 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net
sales of INR334 million for 2009-10.


R D SAMANT: CRISIL Reaffirms 'CRISIL BB+' Rating on INR9.3MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of RD Samant Contractors
Pvt Ltd continue to reflect the benefits that RDSCPL derives from
its promoter's experience in the road construction sector and its
good order book, with margins protected by price escalation
clause.

   Facilities                      Ratings
   ----------                      -------
   INR9.3 Million Term Loan        CRISIL BB+/Stable (Reaffirmed)

   INR120.0 Million Cash Credit    CRISIL BB+/Stable (Reaffirmed)
   Facility

   INR20.0 Mil. Bank Guarantee     CRISIL A4+ (Reaffirmed)
   Facility

These ratings strengths are partially offset by RDSCPL's small
scale of operations with geographic and customer concentration,
and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that RDSCPL will maintain its financial risk
profile, supported by adequate profitability, and continue to
benefit from its established regional position in the road
construction segment, over the medium term. The outlook may be
revised to 'Positive' if RDSCPL significantly improves its scale
of operations and net worth, and manages to geographically
diversify its operations. Conversely, the outlook may be revised
to 'Negative' in case RDSCPL's liquidity weakens because of large
borrowings to meet working capital requirements, or larger-than-
expected capital expenditure, or deterioration in margins.

                           About RD Samant

RDSCPL was initially set up by Mr. Ravindra D Samant in 1993 as a
partnership firm. In 1999, it was reconstituted as a private
limited company led by Mr. R D Samant and his family. The company
constructs and repairs roads and bridges. RDSCPL primarily caters
to projects of public works departments (PWD) and other local
bodies in Ratnagiri and Sindhudurg districts (both in
Maharashtra).  RDSCPL is a PWD, Government-of-Maharashtra-
approved Class 1(A) contractor. Recently, the company has
obtained Goa PWD registration to bid for work orders in the
state. Additionally, RDSCPL also undertakes contracts from
corporate clients such as Larsen &Toubro Ltd, Finolex India Ltd,
Chougule Port Infrastructure Ltd, and Pratibha Construction
Company.

For 2010-11 (refers to financial year, April 1 to March 31),
RDSCPL reported a profit after tax (PAT) of INR17.9 million on
net sales of INR367.7 million, against a PAT of INR20.9 million
on net sales of INR438.2 million for 2009-10.


RKD CONSTRUCTION: CRISIL Puts CRISIL BB- Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of RKD
Constructions Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Overdraft         CRISIL BB-/Stable (Assigned)

   INR650 Million Cash Credit       CRISIL BB-/Stable (Upgraded
   (Enhanced from INR250 Million)      from 'CRISIL B+/Stable')

   INR50 Million Standby Line of    CRISIL BB-/Stable (Upgraded
   Credit                              from 'CRISIL B+/Stable')

   INR1150 Million Bank Guarantee   CRISIL A4+ (Upgraded from
   (Enhanced from INR516.60 Mil)              'CRISIL A4')

The upgrade reflects CRISIL's belief that RKD will sustain the
improvement in its financial risk profile over the medium term
supported by sizeable cash accruals which will be driven by a
healthy order book of about INR5.65 billion and steady
profitability. RKD's gearing is estimated at 1.4 times as on
March 31, 2011, an improvement from 2.1 times as on March 31,
2010, supported by an increase in the company's cash accruals in
2010-11 (refers to financial year, April 1 to March 31). The
upgrade also factors in CRISIL's belief that RKD's funding mix
for its debt-funded capital expenditure (capex) will be
judicious, ensuring that the company's capital structure remains
at similar levels, over the medium term.

The ratings reflect RKD's moderate financial risk profile, and
healthy order book providing revenue visibility over the near to
medium term. This rating strength is partially offset by RKD's
geographical concentration in the revenue profile, large working
capital requirements, and intense competition in the
infrastructure industry, particularly in the road segment.

Outlook: Stable

CRISIL believes that RKD will continue to benefit from its
buoyant order book and the promoters established presence in the
construction industry, over the medium term. The outlook may be
revised to 'Positive' if RKD diversifies geographically while
improving its working capital management and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, because of any
considerable delays in realization of receivables or sharp
decline in revenues and profitability, or higher than expected
debt-funded capital expenditure.

                       About RKD Constructions

RKD, led by Mr. Rohit Kumar Das, was set up as a proprietorship
firm in 1983 to undertake civil construction projects on a small
scale. It was incorporated as a private limited company in 1996.
RKD undertakes civil and infrastructure construction such as
building of roads and bridges, and irrigation works, in Orissa.

RKD reported a provisional profit after tax (PAT) of INR131
million on net sales of INR1850 million for 2010-11, against a
PAT of INR106 million on net sales of INR1413 million for 2009-
10.


SARADA STARCH: CRISIL Assigns 'CRISIL B' Rating to INR190MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sarada Starch & Chemicals Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR190 Million Term Loan       CRISIL B/Stable (Assigned)
   INR10 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect the project risks associated with the project
currently undertaken by the company. The rating weakness is
partially offset by extensive business experience of the
promoters and support from the MLA group.

Outlook: Stable

CRISIL believes that SSCPL's business profile will to benefit
over the medium term from the long standing experience of the MLA
group across various industries. The outlook may be revised to
'Positive' in case of successful stabilization of the project and
generation of cash flows commensurate with the debt service
commitments. Conversely, the outlook may be revised to 'Negative'
in case of any significant time or cost over-runs delays in
commissioning of the project.

                        About Sarada Starch

SSCPL was incorporated in February 2009 and is promoted by the
Agarwal family and the MLA group for setting up a plant for
manufacturing starch and glucose. The plant in Malda (West
Bengal) has installed capacity of 160 tonnes per day. The project
is estimated to cost INR422 million, and commercial production is
expected to start in Oct- Nov 2011.

The MLA group was founded by Mr. Madan Lal Agarwal, who manages
the group along with his three sons, Mr. Binod Kumar Agarwal,
Mr. Raj Kumar Agarwal, and Mr. Bhagirath Agarwal, and his
grandson, Mr. Saket Agarwal. The group has diversified
businesses, such as mining and quarrying, iron manufacturing,
sponge and power plant, tea garden, logistics and transport
management, aviation, food and agro industry, construction and
real estate, textiles, and windmills.


SUPREME COT-SPIN: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Supreme Cot-Spin Mills
(India) Pvt Ltd continue to reflect delays by Supreme Cot-Spin in
servicing its debt. The delays are on account of its weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR78.50 Million Cash Credit      CRISIL D (Reaffirmed)
   INR159.90 Million Term Loan       CRISIL D (Reaffirmed)
   INR25.40 Million Bank Guarantee   CRISIL D (Reaffirmed)

Supreme Cot-Spin has a below-average financial risk profile,
marked by high gearing and moderate debt protection metrics, and
is exposed to risks associated with volatility in cotton and
cotton yarn prices and increasing power costs. CRISIL, however,
believes that the company will continue to benefit from the
extensive experience of its promoters in the textile industry.

                      About Supreme Cot-Spin

Incorporated in 2005 by Mr. R Gopalasamy, Supreme Cot-Spin is
part of the Supreme group. The company owns 16,800 spindles, and
manufactures cotton yarn and grey cloth. The Supreme group has
six firms engaged in spinning, sizing, and weaving operations,
with 16,800 owned and 24,500 leased spindles, 10 power looms, and
a sizing capacity of 3600 tonnes per annum.

For 2010-11 (refers to financial year, April 1 to March 31),
Supreme Cot-Spin reported a provisional profit of INR6.8 million
on net sales of INR309.1 million, against a profit after tax of
INR3.0 million on net sales of INR253.1 million for 2007-08.


TRIDENT MICROFIN: Gets Sued by Kotak Mahindra Over Loan Default
---------------------------------------------------------------
The Press Trust of India reports that Kotak Mahindra Bank has
slapped a legal notice on the Andhra Pradesh-based Trident
Microfin for defaulting on a loan it availed from the private
sector lender.

"We received a legal notice on October 14.  We had taken a
INR4 crore loan from Kotak Bank and repaid INR2.6 crore but could
not service the remaining INR1.6 crore, hence the court notice,"
Trident Managing Director Kishore Kumar Puli told PTI.  "They
have asked us to clear the dues within a fortnight," he added.

According to the news agency, the development could probably be
the first such step by a commercial bank against an microfinance
institution since the crisis gripped the INR20,000-crore MFI
sector last October, following a tough law passed by the Andhra
Pradesh government.

The state legislation came following a spate of suicides by
harried borrowers after MFI lenders reportedly used coercive
recovery practices, the report notes.

Mr. Puli stated the situation in Andhra Pradesh, the largest MFI
market, is still grim as repayment is under 5%.

Mr. Puli further said his loan book is worth INR134 crore and the
company has an outstanding debt obligation of INR150 crore from
around 23 banks, including SBI, ICICI Bank, IDBI Bank and Bank of
India, PTI notes.

"But the problem is that out of this INR134 crore loan book as
much as INR112 crore are in Andhra Pradesh alone," the report
quotes Mr. Puli as saying.

The legal notice is against the promoters of the MFI led by Puli
and five directors.  The MFI started defaulting since January.

According to PTI, Trident is one of the five MFIs in Andhra
Pradesh that became part of a corporate debt restructuring (CDR)
plan, under which it had recast 25% of its debt of INR150 crore.

However, Kotak Mahindra was not part of Trident's CDR programme,
Mr. Puli said.

                      About Trident Microfin

Trident Microfin, formerly Annapurna Financial Services, a
microfinance institution, provides micro credit and micro
insurance solutions to low-income individuals and enterprises in
India.  It was established in 2007 and had 2,55,000 customers at
the end of September.


VIJAYWARGI & SONS: CRISIL Places CRISIL BB Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Vijaywargi and Sons (Const.).

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL BB/Stable (Assigned)

   INR7.5 Million Standby Line     CRISIL BB/Stable (Assigned)
   of Credit

   INR2.5 Million Proposed LT      CRISIL BB/Stable (Assigned)
   Bank Loan Facility

   INR110 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of VS's promoters in
the signalling contractor business. This rating strength is
partially offset by VS's average financial risk profile and the
modest scale of operations.

Outlook: Stable

CRISIL believes that VS will continue to benefit over the medium
term from its promoters' vast experience in the signalling
contracts business and its healthy order book. The outlook may be
revised to 'Positive' if the firm improves its financial risk
profile, backed by higher-than-expected growth in operating
revenues and net cash accruals, while it maintains its operating
margin. Conversely, the outlook may be revised to 'Negative' if
VS faces a significant drop in its revenues and profitability, or
if it undertakes a debt-funded capital expenditure programme,
leading to deterioration in its debt protection metrics.

                     About Vijaywargi and Sons

Set up as a partnership firm in 1979, VS is a signalling
contractor for Indian Railways; it also undertakes basic civil
work for Indian Railways and other entities such as Maharashtra
State Electricity Board and Vidarbha Irrigation Development
Corporation. The firm operates from its office in Nagpur
(Maharashtra); its day-to-day operations are handled by Mr.
Sharad Vijaywargi and his uncles, Mr. Benishyam Vijaywargi and
Mr. Radheshyam Vijaywargi.

VS posted a profit after tax (PAT) of INR8.1 million
(provisional) on net sales of INR348.1 million (provisional) for
2010-11 (refers to financial year, April 1 to March 31), against
a PAT of INR16.2 million on net sales of INR402.5 millions for
2009-10.


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


BAKRIE SUMATERA: S&P Lowers CCR to 'CC' over Refinancing Delays
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on PT Bakrie Sumatera Plantations Tbk. to
'CC' from 'B-'.  "We also lowered the issue rating on the $185
million senior secured notes issued by BSP Finance B.V. to 'CC'
from 'B-'. BSP irrevocably and unconditionally guarantees the
notes. At the same time, we kept the ratings on CreditWatch,
where they were placed with negative implications on Aug. 17,
2011," S&P said.

"We lowered the ratings because BSP is yet to receive final
funding commitments from some of the participating banks,
including one of the lead arrangers," said Standard & Poor's
credit analyst Suzanne Smith. "The company continues to face
delays in finalizing and drawing down on a syndicated bank
loan to refinance the impending maturities of its notes."

"We believe such delays jeopardize BSP's ability to repay the
$185 million senior secured notes, which mature on Nov. 1, 2011,"
S&P related.

"If BSP addresses the funding gap by a distressed exchange, we
will assess the move as a de facto restructuring. We understand
that the lead arrangers are looking at ways to involve existing
bondholders to fill the funding gap," S&P said.

"We view BSP's liquidity as weak. BSP has a cash balance of about
Indonesian rupiah (IDR) 600 billion (about $66 million) as of
June 30, 2011, and we expect the company to generate funds from
operations of about IDR500 billion in 2011. These sources are
insufficient to meet the company's debt maturing over the next 12
months, including the principal repayment of $185 million
and accrued interest," S&P related.

"We aim to resolve the CreditWatch before or shortly after the
maturity date of the notes," said Ms. Smith. "We could lower the
corporate credit rating to 'SD' (for selective default) and the
issue rating on the notes to 'D' if the company defaults on the
notes. We could raise the rating if BSP secures sufficient
funding support in time and avoids defaulting on the bonds."


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


KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Bonds
------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) announces the following
credit rating.

Rationale

(1) Kirayaka Bank, Ltd. is a second regional bank headquartered
    in Yamagata City, Yamagata Prefecture with its fund volume
    amounting JPY1.1 trillion.  The Bank issued public preferred
    shares amounting JPY20 billion in September 2009 based on the
    Act on Special Measures for Strengthening Financial
    Functions.  The Bank entered into a basic agreement on start
    of study on merger with The Sendai Bank, Ltd. via
    establishment of a holding company in October 2010.
    Initially, the two banks set time of management integration
    in October 2011, but they postponed it to the earliest
    possible time during the fiscal year ending March 31, 2013 in
    order to give priority to focusing on support for restoration
    from the quake.

(2) JCR placed the rating on senior debts of the Bank under
    Credit Monitor with Positive direction on Oct. 26, 2010,
    because JCR considered that financial structure of the Bank
    might be strengthened by the management integration with The
    Sendai Bank, Ltd. whose financial structure is better than
    that of the Bank and the following improvement in management
    efficiency.  However, since quality of loan assets and equity
    capital level of The Sendai Bank, Ltd. deteriorated after the
    quake, JCR expects that financial structure of a new bank
    group to be established by the management integration also
    will be lower than that when JCR placed Credit Monitor.
    Furthermore, given that there remains room for improvement in
    the Bank's quality of loan assets and equity capital level,
    JCR removed Credit Monitor and affirmed the rating on senior
    debts of the Bank with "Stable" outlook.  JCR considers that
    creditworthiness of the Bank's group is equivalent to "BBB-"
    which is the same as the standalone creditworthiness.  Even
    with the management integration being incorporated into the
    rating at the moment fully, JCR does not think that the
    "BBB-" rating on senior debts of the Bank will change.

Rating

Issuer: Kirayaka Bank, Ltd. (security code: 8520)


senior debts: BBB- (from #BBB-/Positive)  Outlook: Stable

Issue          Amt(bn)   Issue Date   Due Date Coupon  Rating
-----          -------   ----------   -------- ------  ------
Subordinated
callable bonds
no.1 (for
Qualified
Institutional
Investors only)
                 JPY1.7   01/26/2011 01/26/2021 (Note 1)  BB+
                                                         (from
                                                          #BB+/
                                                       Positive)

Subordinated
callable bonds
no.3 (private
placement)
                 JPY1.1   03/15/2011 03/15/2021 (Note 2)   BB+
                                                          (from
                                                           #BB+/
                                                        Positive)

(Note 1): 4.23% per annum till Jan. 26, 2016.  It will switch to
          6M Euroyen LIBOR + 5.00% after that date.

(Note 2): 4.25% per annum till March 15, 2016.  It will switch to
          6M Euroyen LIBOR + 5.00% after that date.


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


MAA HOLDINGS: Changes Company Name to 'MAA Group Berhad'
--------------------------------------------------------
Bursa Malaysia disclosed that MAA Holdings Berhad has changed its
name to "MAA Group Berhad".  The Company's shares traded and
quoted under the new name effective Oct. 12, 2011.  However, the
Stock Short Name and Stock Number remain unchanged.

MAA Holdings Berhad is an investment holding company that engages
in general and life insurance businesses in Malaysia, Indonesia,
the Philippines, and Australia.

The company has been considered as an Affected Listed Issuer
under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The company announced on Sept. 30, 2011, the completion of the
disposal of the entire equity interest held in the capital of
Malaysian Assurance Alliance Berhad, Multioto Services Sdn Bhd,
Malaysian Alliance Property Services Sdn Bhd and MAAGNET Systems
Sdn Bhd (including MAAGNET-SSMS Sdn Bhd, a wholly owned
subsidiary of MAAGNET) to Zurich Insurance Company Ltd.

On completion of the disposal, MAA Holdings becomes an affected
listed issuer pursuant to Paragraph 2.0, Practice Note 17 of the
Listing Requirements whereby a listed issuer has suspended or
ceased its major business or operations as a result of the
disposal of the listed issuer's major business, i.e. disposal of
MAA.


NV MULTI: Posts MYR131,000 Net Loss in September 30 Quarter
-----------------------------------------------------------
NV Multi Corporation Berhad reported a net loss of MYR131,000 on
zero revenue for the quarter ended Sept. 30, 2011, compared with
net income of MYR1.95 million on revenue of MYR4.09 million for
the same period in 2010.

At Sept. 30, 2011, the company's consolidated balance sheet
showed MYR3.87 million in total assets, MYR57,000 in total
liabilities, and MYR3.81 million in total shareholders' equity.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7733

                           About NV Multi

NV Multi Corporation Berhad is a Malaysia-based company engaged
in
investment holding and provision of management services.  Through
its subsidiaries, NV Multi is engaged in the business of
bereavement care.  Its products and services include exhibition
halls, pet memorial garden, funeral services packages, funeral
services, golden care plan, tombs, burial plots, um compartments
and ancestral tablets.

NV Multi Corporation Berhad has been considered as a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

NV Multi on Dec. 30, 2010, completed the proposed disposal of its
entire business and undertakings (including the entire assets and
liabilities) to NV Multi Asia Sdn Bhd (formerly known as Mutual
Tactic Sdn Bhd).  With the completion of the proposed disposal,
NV Multi has triggered these criteria prescribed under PN17 of
the Listing Requirements:

    (i) NV Multi has ceased all of its business and entire
        operations as a result of the Proposed Disposal; and

   (ii) NV Multi has insignificant business or operations
        after the Proposed Disposal.

On Dec. 22, 2010, the company entered into a Restructuring
Agreement with Oh Chiew Ho and Low Yang Leen, Tan Chee Kuan and
AYS Ventures Sdn Bhd, a special purpose vehicle, which shall
assume the listing status of the Company upon completion
of the Proposed Restructuring Scheme.

The Proposed Restructuring Scheme will result in a significant
change in the business direction or policy of the Company.

The application in relation to the Proposed Restructuring Scheme
has been submitted to the Securities Commission for approval on
July 1, 2011.

On Oct. 14, 2011, the company entered into a Supplemental
Restructuring Agreement with the Vendors to vary certain terms in
the Restructuring Agreement.  The parties have mutually decided
to incorporate a restricted issue of new AYS Ventures Sdn Bhd's
shares as part of the Proposed Restructuring Scheme and to reduce
the number of Offer for Sale Shares under the Proposed Offer for
Sale.

In February 2011, the Company announced on the suspension of
trading of its shares on the Main Market of Bursa Securities
pursuant to paragraph 3.1(c) of Practice Note 2 of the Main
Market Listing Requirements of Bursa Securities until the
completion of the Proposed Restructuring Scheme.


VTI VINTAGE: Winding-Up Petition Hearing Set for Dec. 17
--------------------------------------------------------
VTI Vintage Berhad said that Messrs. Chan, Moosdeen & Partners,
the solicitors for KTS Trading Sdn Bhd, had via its letter dated
Oct. 17, 2011, informed that the winding-up petition is fixed for
further hearing on Dec. 7, 2011.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2011, VTI Vintage Berhad disclosed that a winding up
petition was served on Vintage Tiles Industries Sdn Bhd, a wholly
owned subsidiary of the Company, by Messrs. Chan, Moosdeen &
Partners, the solicitors for KTS Trading Sdn Bhd, on Feb. 14,
2011.

The amount claimed by the petitioner against Vintage Tiles
include:

   * total judgment sum of MYR61,152.00;

   * interest of 8% per annum on the total judgment sum
     from Aug. 22, 2008, until the date of summons;

   * further interest of 8% per annum on the total judgment
     sum from the date of summons until the date of full
     settlement; and

   * total cost of MYR1,211.00.

The circumstances leading to the filing of the winding up
petition
against VTISB was due to the fact that VTISB has failed and/or
default to settle the sum claimed by the petitioner.

However, the Company said that the Group initiated on July 22,
2009, the Proposed Scheme of Arrangement under Section 176 of the
Companies Act 1965 and has included the petitioner 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 petitioner 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.
Therefore, pending the completion of the Proposed Scheme, no
payment was made to the Scheme Creditors including the
petitioner.

                          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 Feb. 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
====================


NATIONAL FINANCE: Ex-Director Gets Six Years Jail Sentence
----------------------------------------------------------
Former Director of National Finance 2000 Limited Trevor Allan
Ludlow was sentenced to six years imprisonment in the Auckland
District Court on October 20, after being found guilty of false
accounting and theft by a person in a special relationship.

Mr. Ludlow was found guilty of seven charges under the Crimes Act
in July, following an investigation by the Serious Fraud Office
(SFO).

Mr. Ludlow was found to have breached the terms of the Trust Deed
under which National Finance operated, defrauding investors of an
estimated NZ$3.5 million.  This included approximately NZ$2.7
million of unauthorized or unsecured advances made to his Payless
Car group of companies; as well as undisclosed related party
transactions totalling over NZ$800,000 to an audio company; a
property in Fiji; and land purchased for another company he
owned.

SFO Chief Executive Adam Feeley said, "Concluding investigations
and prosecutions of the failed finance companies has been our
number one priority for the past 18 months, and this sentence
reflects both the seriousness and importance of this work."

Mr. Feeley said one of SFO's primary objectives was to focus on
cases which would make a difference to restoring investor
confidence.

"Kiwi investors understand that criminal proceedings cannot
restore the losses they have suffered, but equally we believe
that they will take some confidence in knowing that those who
have so fundamentally breached investor trust can and will be
held to account."

In November 2010, John Gray, the former accountant for National
Finance, pleaded guilty to theft by a person in a special
relationship and one charge of false accounting.  Mr. Gray was
sentenced to a term of 18 months imprisonment, later reduced
after an appeal to nine months home detention.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


PIKE RIVER: Solid Energy Secures Ikamatua Rail Load-Out Sub-Lease
-----------------------------------------------------------------
-
Solid Energy will take a sub-lease of the coal stockpile and rail
load-out facility at Ikamatua which was developed by Pike River
Coal.

In a judgment last week, the High Court in Wellington granted an
application by the Pike River Coal receivers to reinstate leases
the company had for the land the facility is built on. That had
the effect of cancelling lease arrangements the landowners had
made with Solid Energy after Pike River Coal went into
receivership.

However, the judgment also requires the receivers to sub-lease
the land and the stockpile and load-out facility to Solid Energy
for two years and Solid Energy has confirmed to the receivers
that it will do so.

Barry Bragg, Solid Energy's Chief Operating Officer, says the
decision is even-handed.  "We are satisfied with the judgment,"
Mr. Bragg says.  "We made lease arrangements with the landowners
because we believe the Ikamatua facility will add value to our
current and planned export coal operations. Having this two-year
lease will allow us to include the facility in our future plans.
Our objective is still to secure the lease for the full 25
years."

Mr. Bragg says Solid Energy absolutely rejects allegations about
its conduct made to the court by the receivers. "The court's
decision makes no findings on those allegations and allows Solid
Energy exclusive use of the facility for two years," Mr. Bragg
adds.

                       About Pike River Coal

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

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


ST LAURENCE LTD: Apple Fields Pays Substantial Amount
-----------------------------------------------------
BusinessDay.co.nz reports that Christchurch-based property
developer Apple Fields has settled on a substantial sum it
promised to the receivers of St Laurence Lending which in turn
will pay investors in the failed company.

Receiver for St Laurence Lending Barry Jordan said he could not
detail the final payment -- an owed guarantee -- but that the
substantial amount paid by Apple Fields would form part of a
final payment planned in the next six months for investors,
according to the report.

BusinessDay.co.nz says the Apple Fields payment was made around
the end of last month.

According to the report, St Laurence Lending investors had
already been given progress payments towards the return of more
than NZ$200 million of invested capital.

BusinessDay.co.nz relates that Mr. Jordan said they had been
repaid 12 cents in the dollar and would eventually receive
between 15 cents and 22c in the dollar, though probably at the
lower end of that range.

Mr. Jordan, as cited by BusinessDay.co.nz, said the money paid by
Apple Fields - a guarantee - would not substantially increase the
total payment, and would be combined with other money being
recovered by receivers.

The fact that Apple Fields and St Laurence Lending had concluded
an agreement became apparent in the High Court on October 18.

The court struck out an application for liquidation by St
Laurence, the report notes.

                         About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995, it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership covers St Laurence Limited, Direct Property
Investments Limited, SL Five Star Hotel Investments Limited, St
Laurence Lending Limited, St Laurence No. 2 Limited, St Laurence
No. 3 Limited, and St Laurence Realty Limited.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.


STRATEGIC FINANCE: Receivers Put Walter Peak Estate on the Block
----------------------------------------------------------------
The National Business Review reports that receivers for Strategic
Nominees, a division of Strategic Finance, have instructed
Harcourts to sell high profile Walter Peak Estate development in
a mortgage sale.  Strategic Nominees is owed more than NZ$20
million on the project located on the shores of Lake Wakatipu.

NBR relates that the 38-hectare property was formerly owned by
bankrupt developer Rod Nielsen and Justin Russell's company,
Walter Peak Developments.

According to the report, Mr. Neilsen bought the land in 2006 for
NZ$10 million with the aim of building a luxury lodge, eight
homesteads and eight cottages.  In 2008, his attempts to sell the
property failed and the company went into receivership and
liquidation.

The land sits next to Walter Peak High Country Farm, owned by
tourism company Real Journeys as a tourist attraction.

NBR says Walter Peak Estates has consent for construction of a
fully integrated "semi-wilderness experience" estate including a
lodge, manager's cottage, guest cottages, and luxury homesteads
along 820m of lake frontage.

The core development has been completed with Strategic Nominees,
a division of Strategic Finance, funding its receivers to
undertake landscaping works, the report discloses.

According to the report, Harcourts Queenstown agent
Warwick Osborne said he expected interest from developers,
investors, property syndicates, hotel/lodge operators, expat's
and land bankers.

"Properties like these are scarce in the world. The consent
process was involved and extreme, but is now complete, so the
purchaser will be able to move forward with the process," NBR
quotes Mr. Orbone as saying.

Two of the nine sites on the 38.16-hectare property are not part
of the mortgage sale, although possibly could be purchased at the
same time, the report notes.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


===============
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.





                 *** End of Transmission ***