TCRAP_Public/111101.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

           Tuesday, November 1, 2011, Vol. 14, No. 216

                            Headlines



A U S T R A L I A

BASIS YIELD: Files New Suit in NY Court Against Goldman Sachs
CENTRO PROPERTIES: Merger Deal Faces Fresh Court Case
D&D PRINT: Sacked Staff Still Awaits Superannuation Payments
SJ BAMBRA: Escapes Forced Asset Sale After New Financing
ZEROGEN: Placed Into Liquidation


C H I N A

HORIZON LINES: To Discontinue Trans-Pacific FSX Service
YANLORD LAND: Moody's Sees No Rating Impact From Land Acquisition


H O N G  K O N G

ARISAIG PARTNERS: Commences Wind-Up Proceedings
BAO LIMITED: Creditors' Proofs of Debt Due Nov. 14
CARINE INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
CARNIVAL PIONEER: Creditors' Proofs of Debt Due Nov. 28
CHEONG MING: Members' Final Meeting Set for Nov. 28

DATAMIRROR (ASIA PACIFIC): Creditors' Proofs of Debt Due Nov. 28
GOODVIEW GLASS: Creditors' Proofs of Debt Due Nov. 26
GRANT HEALTH: Creditors Meetings Set for Nov. 8
HK AUSTRALIA: Commences Wind-Up Proceedings
NIC LIMITED: Creditors' Proofs of Debt Due Nov. 28

PANWELL ENGINEERING: Creditors' Proofs of Debt Due Nov. 28
PROWIN LABORATORIES: Members' Final Meeting Set for Dec. 5
SUNSTAR INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
TEXCON ASIA: Commences Wind-Up Proceedings
TRANSORIENT ORE: Creditors' Proofs of Debt Due Nov. 28


I N D I A

ACPL EXPORTS: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+'
AJNARA INFRASTRUCTURE: ICRA Rates INR5cr Loan at '[ICRA]BB'
D.D. PROPERTIES: ICRA Cuts Rating on INR39cr Loan to '[ICRA]B+'
GLOBAL GALVANIZERS: CRISIL Rates INR80MM Loan at 'CRISIL BB-'
GOWTHAMI INFRATECH: ICRA Assigns '[ICRA]BB+' to INR59cr Loan

JAYAALAXMI MINERAL: ICRA Cuts Rating on INR18cr Loan to '[ICRA]D'
KIMS BSR: CRISIL Reaffirms 'CRISIL BB-' Rating on INR118MM Loan
KYMORE ENGINEERING: ICRA Puts '[ICRA]BB-' Rating on INR8.7cr Loan
MALABAR HOTELS: ICRA Cuts Rating on INR45.4cr Loan to '[ICRA]D'
MARUTI INDUSTRIES: CRISIL Rates INR90-Mil. Loan at 'CRISIL BB-'

MISTRY ENTERPRISES: CRISIL Rates INR40MM Loan at 'CRISIL C'
MPG REALTY: ICRA Assigns '[ICRA]BB+' Rating to INR40cr Term Loan
MULTIDIMENSION ENTERTAINMENTS: ICRA Rates INR26cr Loan at 'BB'
REGENT BEERS: ICRA Assigns '[ICRA]B' Rating to INR13.25cr LT Loan
SAGAR GRANDHI: ICRA Cuts Rating on INR14cr Loan to '[ICRA]BB'

SAMA JEWELLERY: ICRA Assigns '[ICRA]BB+' Rating to INR7cr Loan
SREEROSH PROPERTIES: CRISIL Rates INR42MM Loan at 'CRISIL BB'
SRI KANYA: CRISIL Puts 'CRISIL B+' Rating on INR80MM Cash Credit
SUNARK ALUMINIUM: ICRA Cuts Rating on INR6.75cr Loan to '[ICRA]D'
TUBE GLASS: CRISIL Rates INR50 Million Term Loan at 'CRISIL D'

UTTAM COMPONENTS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan


J A P A N

TOKYO ELECTRIC: Mulls 30% Haircut in Retiree's Corporate Pensions


N E W  Z E A L A N D

PIKE RIVER: Asset Sale Draws Attention from Politicians
WHITE ISLAND: Receivership Case Continues as Administration Ended
WINDFLOW TECHNOLOGY: Has Enough Proxy Vote Defeat Wind Up Bid


S I N G A P O R E

APS KOMABA: Creditors' Proofs of Debt Due Nov. 28
ADIS PTE: Creditors' Proofs of Debt Due Nov. 24
ASIA COACH: Creditors Get 53.91493% Recovery on Claims
BABCOCK & BROWN: Creditors' Proofs of Debt Due Nov. 29
BLUE MOUNTAIN: Court Enters Wind-Up Order


T A I W A N

PROMOS TECHNOLOGIES: Creditors May Voluntary Write Off Debts


X X X X X X X X

* Moody's Sees Positive Outlook for Oil & Gas E&P in Asia Pacific
* BOND PRICING: For the Week Oct. 24 to Oct. 28, 2011


                            - - - - -


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


BASIS YIELD: Files New Suit in NY Court Against Goldman Sachs
-------------------------------------------------------------
Reuters reports that Basis Yield Alpha Fund has filed a new
lawsuit in the New York State Supreme Court seeking more than
$1 billion in damages from Goldman Sachs, accusing the investment
bank of selling it risky debt it expected would tumble in value.

In July, Reuters recalls, Goldman Sachs won the dismissal of a
lawsuit in a district court after the judge found the Basis Yield
Alpha Fund failed to sufficiently show that its investment in the
Timberwolf 2007-1 collateralized debt obligation was a "domestic"
transaction.

Reuters relates that the fund, which is under voluntary
liquidation, alleged in the new lawsuit that Goldman Sachs
created the securities to get toxic mortgage-backed securities
off the books and then to bet against them.  Basis Yield detailed
the new lawsuit in a statement on Friday, the news agency notes.

Reuters relates that Timberwolf was among the securities cited in
a scathing U.S. Senate panel report in April that faulted
Goldman, Deutsche Bank AG and others for hawking debt they
expected to perform poorly.

                        About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.
Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Basis Yield operates as a master-feeder structure that allows
investors' funds to be channeled through two companies operating
in a single jurisdiction to a "master" company operating in the
same jurisdiction.  These two feeder funds are Basis Yield Alpha
Fund (US), a US feeder fund for US taxable investors, and Basis
Yield Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, joint provisional liquidators and foreign
representatives Hugh Dickson, Stephen John Akers, and Paul Andrew
Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP, represented the petitioners.

The U.S. Bankruptcy Court dismissed Basis Yield's Chapter 15
case on April 30, 2008.


CENTRO PROPERTIES: Merger Deal Faces Fresh Court Case
-----------------------------------------------------
Sarah Danckert at The Australian reports that the debt-stricken
Centro empire's $3 billion-plus merger plans have hit another
snag, this time in the New South Wales Supreme Court.

According to The Australian, former company financial adviser
JPMorgan, which holds some of the $1 billion in Centro hybrid
notes, has sought clarification from Judge Reg Barrett over
whether Centro's senior lenders can direct hybrids to vote their
way.  About 83% of the senior lenders support the deal, the
report notes.

The Australian states that the merger of Centro Retail and Centro
Properties, along with associated funds, will see Centro
Properties' senior lenders swap $2.9 billion in debt for equity
in a newly created listed retail trust.

The new vehicle, Centro Retail Australia, will have a portfolio
of 43 shopping centres in Australia valued at more than
$4 billion, according to The Australian.

As part of the merger agreement, the report discloses, junior
stakeholders have been offered an exit package of $100 million.
Of that amount, $20 million has been allotted for the hybrid
holders, $21 million for bondholders and $49 million for ordinary
shareholders.  The remaining $10 million is for potential
contingent creditors, possibly including two class actions
together pursuing $600 million.

The Australian says JPMorgan argued in an earlier hearing that it
should rank ahead of other junior stakeholders and receive a
larger payout.

Under the current deal structure, ordinary shareholders in both
Centro Retail and Centro Properties get to vote on the merger on
November 22.

Justice Barrett will hear further arguments this week and is
expected to give a ruling on Friday, The Australian adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, Centro Properties said it entered into an
agreement  with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail Trust
(CER) and certain Centro managed funds.  Centro's merger
agreement involves a debt for equity swap that will result in its
lenders, chiefly hedge funds, taking about 78% equity in the new
listed vehicle, the Australian said.

The TCR-AP, citing The Australian, reported on Aug. 30, 2011,
Centro Properties warned shareholders when handing down its full-
year results that the debt-bloated company still faces
liquidation if does not merge with the less indebted Centro
Retail Group.

                      About Centro Properties

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


D&D PRINT: Sacked Staff Still Awaits Superannuation Payments
------------------------------------------------------------
Nolan Giles at ProPrint reports that the liquidators report for
D&D Print Group has revealed that neither the redundant workforce
nor the unsecured creditors have received all they are owed.

ProPrint recalls that D&D brought in liquidators Morton Solvency
Accountants on March 28 as the print house crumbled under
AUD800,000 of debt.  At the time, the report says, the liquidator
noted it was "not looking good for the unsecured creditors".

According to ProPrint, the presentation of accounts and
statement, which cover the period from the liquidator's
appointment to September 27, noted that AUD50,479 has been
recovered from auctioning assets and staff had received
AUD432,137 from the government under GEERS (General Employee
Entitlements and Redundancy Scheme).

However, they are yet to see missing superannuation payments,
ProPrint reports.

Payments have been made for unpaid wages to a number of staff
members, and the ATO has been paid AUD41,685. Secured creditor
Bank of Queensland got AUD18,371.

Liquidator Gavin Morton added that some equipment vendors had
reclaimed assets, ProPrint reports.

D&D Print Group is a Queensland-based printer.


SJ BAMBRA: Escapes Forced Asset Sale After New Financing
--------------------------------------------------------
Patrick Stafford at SmartCompany reports that SJ Bambra Pty Ltd
has been rescued from controllership with a new round of finance,
but its managing director has warned the fragile nature of the
manufacturing industry and competition from imports will make
trading more difficult.

SmartCompany relates that SJ Bambra was placed in the hands of
controllers after suffering from both lower sales and a fire that
caused significant damage in early 2010.  The business and its
assets were advertised as for sale, but financiers have stepped
in.

However, Peter Bambra said the entire controllership situation is
just another symptom of the manufacturing industry's decline.

"Every industry has changed. Manufacturing processes and imports
have changed a lot of things, and you really just have to try and
evolve with it, try and modernise, and keep up with everything,"
the report quotes Mr. Bambra as saying.  "We have a lot of things
to deal with now, especially imports and how that whole market is
changing the industry."

SmartCompany discloses that Bambra, which is turning over about
AUD3 million a year with 15 employees, also suffered a major fire
last year, which the company says played a part in the
controllership.

Mr. Bambra said that despite the challenges, the company will
continue to trade but is gearing up for a number of new
challenges.

SJ Bambra Pty Ltd -- http://www.bambra.com/-- manufactures
coffins and caskets in the Melbourne suburb of Dandenong.


ZEROGEN: Placed Into Liquidation
--------------------------------
ABC News reports that ZeroGen, a company behind a major carbon
capture and storage project in central Queensland, has been
placed into liquidation.

The State and Federal Government backed ZeroGen project was
supposed to build a trial coal fired power station near
Rockhampton using carbon capture technology, the report says.

ABC News discloses that the Queensland Government had invested
AUD108 million in the project.

According to the report, Deputy Premier Andrew Fraser said the
technology was not financially viable.

"I think it's important to acknowledge here that we're talking
about the potential for billions of dollars to be invested in
this technology," ABC News quotes Mr. Fraser as saying.

Mr. Fraser said the intellectual property from ZeroGen belongs to
the Department of Economic Development, ABC News relates.

The Federal Opposition said the collapse is another failure for
Labor governments.

According to the report, Environment spokesman Greg Hunt said he
hopes the collapse does not spell the end of clean coal.

The ZeroGen project is a joint State-Commonwealth Government and
industry led research project into carbon capture technology for
coal fired power production.


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C H I N A
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HORIZON LINES: To Discontinue Trans-Pacific FSX Service
-------------------------------------------------------
Horizon Lines, Inc., will discontinue its Five Star Express
trans-Pacific container shipping service between the U.S. West
Coast, Guam and China.

Horizon is implementing an orderly transition plan, beginning
Oct. 31, 2011, and will work aggressively to mitigate any supply
chain disruptions for its customers.  Discontinuation of the FSX
Guam and China services will have no impact on the Company's
domestic ocean services in Alaska, Hawaii, or Puerto Rico.

"This has been a very difficult decision in light of the
tremendous contributions from our associates, and our organized
labor and vendor partners, who have worked so hard to make the
FSX service a success," said Stephen H. Fraser, president and
chief executive officer.  "Our decision to exit this highly
volatile market will allow Horizon to focus on our core domestic
ocean shipping services, and provide the opportunity to produce a
more profitable and stable financial performance over time."

The last voyage of the FSX service from China is scheduled to
depart Shanghai on Nov. 2, 2011.  Horizon Lines also will suspend
ocean services to Guam and surrounding islands effective with the
last sailing from the U.S. West Coast on Nov. 10, 2011.

The company expects to cease all operations related to the FSX
service during the fourth quarter and does not expect to have
significant continuing involvement in the operations after the
termination.  Therefore, the Company will classify the FSX
service as discontinued operations and as a result, expects to
record a pretax restructuring charge of between $105 million and
$110 million in fiscal fourth quarter 2011.  The charge includes
estimated costs to return excess rolling stock equipment,
facility closures, severance, and vessel charter expense, net of
estimated sub-charter income.  Losses associated with the FSX
service produced a negative adjusted EBITDA impact of
approximately $43.7 million for the nine months ended Sept. 25,
2011, with additional losses expected through the end of the
year.

Following their last voyages, the five Hunter-Class D-8 vessels
operating in the FSX service are currently planned to be laid up,
after dry-docking of the remaining four vessels.  The vessels are
leased from Ship Finance International Limited through 2018 to
2019.  Horizon Lines is exploring sub-chartering the vessels and
other solutions to partially mitigate ongoing charter expense and
maintenance costs.

Horizon Lines launched the FSX service in December 2010,
following expiration of a long-term space charter agreement with
Maersk Line.  The FSX service offers rapid eastbound transit
between Ningbo and Shanghai in China and Los Angeles and Oakland
on the U.S. West Coast.  The westbound leg of the FSX service
provides transit between the U.S. West Coast, Guam, Micronesia
and the Northern Mariana Islands.

Since early in the year, the FSX service met volume and vessel
utilization expectations, winning cargo from customers attracted
to the schedule reliability, rapid ocean transit and seamless
intermodal rail links to inland U.S. cities.  However, the
Shanghai Container Freight Index cites eastbound freight rates
from China to the United States have fallen more than 37% in the
past 12 months, from $2,400 per 40-foot container in October 2010
to approximately $1,500 in October of this year, the lowest level
since the worldwide recession of 2008-2009.  At the same time,
the average price of bunker fuel has climbed more than 40% since
the launch of the service.

"We do not expect any measurable improvements in fuel prices, the
freight-rate environment or in this tradelane for the foreseeable
future," said Brian Taylor, Executive Vice President and Chief
Operating Officer.  "Growing capacity continues to outpace demand
and the forecast for 2012 calls for more of the same."

In Guam, the expected growth in cargo driven by infrastructure
improvements associated with the military redeployment from
Okinawa has been further delayed due to the budget crises in
Japan and the U.S., as well as revised Japanese priorities in the
wake of the earthquake and tsunami earlier this year.  This has
made the Guam trade no longer financially viable for Horizon
Lines, without an eastbound return voyage from China.

"Given current market conditions and foreseeable future
expectations, discontinuing the FSX service is the appropriate
decision for the company," said Mr. Taylor.  "It will allow us to
focus all of our resources on serving customers in the very solid
domestic ocean markets in Alaska, Hawaii and Puerto Rico."

                        About Horizon Lines

Charlotte, N.C.-based Horizon Lines, Inc. (NYSE: HRZ) is the
nation's leading domestic ocean shipping and integrated logistics
company.  The Company owns or leases a fleet of 20 U.S.-flag
containerships and operates five port terminals linking the
continental United States with Alaska, Hawaii, Guam, Micronesia
and Puerto Rico.  The Company provides express trans-Pacific
service between the U.S. West Coast and the ports of Ningbo and
Shanghai in China, manages a domestic and overseas service
partner network and provides integrated, reliable and cost
competitive logistics solutions.

The Company's balance sheet at June 26, 2011, showed
$794.96 million in total assets, $793.45 million in total
liabilities, and a stockholders' deficit of $1.51 million.

The Company expects to experience a covenant breach under the
Senior Credit Facility in connection with the amended financial
covenants upon the close of the third fiscal quarter of 2011.

As reported in the TCR on March 30, 2011, Ernst & Young LLP, in
Charlotte, North Carolina, expressed substantial doubt Horizon
Lines' ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 26, 2010.  The
independent auditors noted that there is uncertainty that Horizon
Lines will remain in compliance with certain debt covenants
throughout 2011 and will be able to cure the acceleration clause
contained in the convertible notes.

                          *     *     *

As reported by the TCR on Aug. 26, 2011, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
Horizon Lines Inc. to 'SD' from 'CCC'.

The rating action on Horizon Lines follow the company's decision
to defer the interest payment on its $330 million senior
convertible notes due August 2012, exercising the 30-day grace
period.  "Under our criteria, we view failure to make an interest
payment within five business days after the due date for
payment a default, regardless of the length of the grace period
contained in an indenture," said Standard & Poor's credit analyst
Funmi Afonja.


YANLORD LAND: Moody's Sees No Rating Impact From Land Acquisition
-----------------------------------------------------------------
Moody's Investors Service sees no near-term impact on Yanlord
Land Group Limited's Ba2 corporate family and senior unsecured
debt ratings from its acquisition of two parcels of land in
Zhuhai.

Yanlord has made the purchase jointly with Ho Bee Investment Ltd
taking 20%, Shanghai Youyou (Group) Co., Ltd 20%, and Yanlord
itself 60%. The transaction's total cost is RMB3.0 billion.

The ratings outlook is stable.

Ratings Rationale

The two plots of land will be used for residential purposes with
a total gross floor area (GFA) of 499,329 square meters.

"Yanlord's acquisition cost of RMB1.8 billion for its 60% stake
is manageable, and the company can settle it with funds from its
cash balance -- RMB5.4 billion as of 30 June 2011 -- and
operating cash flow," says Ken Chan, a Moody's Vice President.

"Moreover, Moody's expects some improvement in contract sales for
Yanlord in 2H2011, and which will help it maintain its good
liquidity position. Its cash balance and operating cash flow are
more than adequate for covering this purchase and its short-term
maturing debt over the next 12 months," says Mr. Chan.

"In addition, the acquisition reflects Yanlord's disciplined
approach to prefunding and investing in locations where it has
experience through existing projects," says Mr. Chan.

The principal methodology used in rating Yanlord was the Global
Homebuilding Industry Methodology published in March 2009.

Yanlord focuses on large-scale residential developments in China
targeting the mid-to-high and high-end segments. It had a total
land bank of 5.1 million sqm in nine cities distributed across
five fast-growing regions as of June 30, 2011. It has some
geographic concentration within the Yangtze River Delta. This
area accounted for 40% of its land bank and 77% of its gross
revenue in 1H2011.


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


ARISAIG PARTNERS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Arisaig Partners (China) Limited, on Oct. 14, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


BAO LIMITED: Creditors' Proofs of Debt Due Nov. 14
--------------------------------------------------
Creditors of Bao Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Nov. 14, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 19, 2011.

The company's liquidator is:

         Serge Guy Vota
         Flat A, 5th Floor
         Block 6, Siena Two
         Discovery Bay, Lantau Island
         Hong Kong


CARINE INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Oct. 21, 2011,
creditors of Carine Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

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


CARNIVAL PIONEER: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------------
Creditors of Carnival Pioneer International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 24, 2011.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man Stephen
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


CHEONG MING: Members' Final Meeting Set for Nov. 28
---------------------------------------------------
Members of Cheong Ming Paper Poly Press & Printing Factory
Limited, which is in members' voluntary liquidation, will hold
their final meeting on Nov. 28, 2011, at 11:00 a.m., at 15/F,
Empire Land Commercial Centre, at 81-85 Lockhart Road, Wanchai,
in Hong Kong.

At the meeting, Choi Tze Kit Sammy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DATAMIRROR (ASIA PACIFIC): Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------------------
Creditors of Datamirror (Asia Pacific) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 21, 2011.

The company's liquidators are:

         Chan Wah Tip Michael
         Ho Man Kei Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


GOODVIEW GLASS: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
Creditors of Goodview Glass Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 27, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


GRANT HEALTH: Creditors Meetings Set for Nov. 8
-----------------------------------------------
Creditors of Grant Health Medical Laboratory Services Limited
will hold a meeting on Nov. 8, 2011, at 3:30 p.m., at Room 1001,
10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

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


HK AUSTRALIA: Commences Wind-Up Proceedings
-------------------------------------------
Members of Hong Kong Australia Express Limited, on Oct. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Ho Man Kit
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


NIC LIMITED: Creditors' Proofs of Debt Due Nov. 28
--------------------------------------------------
Creditors of NIC Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Nov. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 19, 2011.

The company's liquidator is:

         Seto Sau Kuen Christine
         Room 1509, C C Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


PANWELL ENGINEERING: Creditors' Proofs of Debt Due Nov. 28
----------------------------------------------------------
Creditors of Panwell Engineering Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 19, 2011.

The company's liquidators are:

         Chu Chi Wa
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R


PROWIN LABORATORIES: Members' Final Meeting Set for Dec. 5
----------------------------------------------------------
Members of Prowin Laboratories Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
Dec. 5, 2011, at 10:00 a.m., at Room 501, 5/F, Hing Yip
Commercial Centre, 272-284 Des Voeux Road Central, in Hong Kong.

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


SUNSTAR INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on Oct. 19, 2011,
creditors of Sunstar International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Michel Henricus Bots
         Ng Kit Ying Zelinda
         36/F, Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


TEXCON ASIA: Commences Wind-Up Proceedings
------------------------------------------
Members of Texcon Asia Limited, on Oct. 21, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Heng Poi Cher
         4304, 43/F
         China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


TRANSORIENT ORE: Creditors' Proofs of Debt Due Nov. 28
------------------------------------------------------
Creditors of Transorient Ore Supplies Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 17, 2011.

The company's liquidators are:

         Yeung Betty Yuen
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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ACPL EXPORTS: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+'
-----------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the
INR15.00 crore Packing Credit facility of ACPL Exports Private
Limited from 'LBB' to '[ICRA]BB+'. The outlook on the long-term
rating is stable.

The rating revision takes into account healthy growth in ACPL's
operating income on account of increase in realizations which
coupled with higher operating margins have led to improvement in
debt coverage indicators compared to the last financial year. The
rating continues to draw comfort from ACPL's experienced
management, its long track record in jewellery business, and its
positioning as the largest silver jewellery exporter in India.
The rating also favorably factors in ACPLs' sizable cash and
liquid investment portfolio; however, the withdrawal of unsecured
loans may reduce the cash balance available with the company.

The rating continues to be constrained by the intensely
competitive nature of the jewellery industry, geographical
concentration risk as more than 90% of ACPL's sales are to a
single market (United States) and susceptibility of ACPL's
profitability to variation in silver prices and exchange rate
movements; although the company hedges against foreign exchange
risk through forward contracts.

                         About ACPL Exports

ACPL Exports (P) Limited has been promoted by the Gupta family
which has been in the jewellery business for over five decades.
Earlier, the business was conducted through a partnership firm
which was converted into a private limited company w.e.f.
April 1, 2008. All the partners of the erstwhile partnership firm
became share-holders of the company. Currently the day-to-day
management of the company is under two brothers (namely Mr.
Dinesh Gupta and Mr. Mukesh Gupta) and their sons who are also on
the Board of Directors of the company.

ACPL is involved in sale of silver jewellery. The company exports
silver jewellery to countries like U.S.A., Canada, Japan, U.K.,
Spain etc.

In FY 2011, the company reported a (provisional) operating income
of INR109.82 crore and profit before tax of INR11.80 crore.


AJNARA INFRASTRUCTURE: ICRA Rates INR5cr Loan at '[ICRA]BB'
-----------------------------------------------------------
ICRA has assigned 'ICRA]BB' rating to the INR5.0 crore fund based
facilities of Ajnara Infrastructure (P) Ltd.  The outlook on the
rating is stable.

The rating takes support from the strength of the AIPL's
promoters (Ajnara India Ltd {AIL}, rated LBBB- by ICRA), robust
growth in its operating income in FY11, its close linkages with
AIL operations and revenue visibility from its healthy order-
book. The rating is, however, constrained by AIPL's limited track
record, modest scale of operations, and concentration of its
order-book on two in-house residential projects. The rating also
factors in AIPL's low net-worth which along with increased
working capital requirement has resulted in high gearing for the
company. While the gearing of the company is high, a substantial
portion of debt is in the form of unsecured loan from promoter.
Going forward, timely execution of its order-book, and
improvement in working capital intensity will be the key rating
sensitivities.

                     About Ajnara Infrastructure

Incorporated in July 2006, Ajnara Infrastructure (P) Ltd is
promoted by Ajnara India Ltd (-53% shareholding) and Mr. Vinod
Kumar Gupta (-46% shareholding).  AIPL is engaged in construction
work for two residential projects developed by Ajnara India Ltd
in association with other developers.

Recent Results:

For the FY2011, AIPL reported operating income of INR35.5 crore
and profit after tax of INR1.0 crore compared to operating income
of INR13.8 crore and profit after tax of INR0.7 crore in FY2010.


D.D. PROPERTIES: ICRA Cuts Rating on INR39cr Loan to '[ICRA]B+'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR39 crore
fund based limits of D.D. Properties Private Limited from 'LBB'
to '[ICRA]B+.'

The rating revision takes into consideration the expected funding
gap in the construction of the mall in absence of customer
advances and possible pressures on debt repayment which will be
done in the form of a bullet repayment slated in March 2012. The
rating continues to take into account the limited track record of
the promoters in the real estate sector and the delays in the
completion of the construction of the mall. The rating however
draws support from the favorable location of the project, low
approval risk and the support from the reputed DD Motors Group.
The rating is also favored by the fact that Letters of Intent
(LoIs) have been signed with some of the reputed brands and
retailers for leasing out of a major chunk of space from the
mall. Going forward, the ability of the company to sell space in
the mall and collect the payments in a timely manner will be
critical to the debt servicing and thus will remain the key
rating sensitivity.

                       About D.D. Properties

D.D. Properties Private Limited is a part of D. D. Group and is
engaged in developing a commercial-cum-retail complex in Moti
Nagar area in West Delhi with a total saleable area of around 2
lakh sq ft. The group is headed by Mr. Surinder Gambhir and has
diversified business interests such as manufacturing of auto
components for replacement market; the vehicle dealership of
Maruti through its division DD Motors (DDM); and retro-fitment of
CNG kits in vehicles through its division DD Fuel Solutions
(DDFS). All the above mentioned businesses are carried out under
the company D.D. Industries Limited, which is rated at LBB+/A4+
(on rating watch with developing implications) by ICRA. The
retail project in Delhi being implemented under DDPL is handled
by the promoter's son Mr. Rajiv Gambhir.


GLOBAL GALVANIZERS: CRISIL Rates INR80MM Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Global Galvanizers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the benefits that GGPL derives from the
healthy growth prospects of the transmission tower industry. This
rating strength is partially offset by the company's marginal
market share in the intensely competitive galvanizing industry,
and below-average financial risk profile marked by a low networth
and below-average debt protection metrics.

Outlook: Stable

CRISIL believes that GGPL will benefit over the medium term from
the growing demand from its end-users. The outlook may be revised
to 'Positive' if the company effectively ramps up its operations,
while it maintains its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if GGPL
contracts more-than-expected debt, leading to deterioration in
its profitability and financial risk profile.

                      About Global Galvanizers

In June 2010, Mr. Avinash Mohanty, Mr. Kaushik Mohanty, and Mr. B
B Nayak acquired SP Engineering & Structurals Pvt Ltd and renamed
it as GGPL. SPESPL was incorporated in 2007 by the previous
promoters. GGPL, which is ISO 9001:2008 certified, is engaged in
the fabrication of galvanized structures and towers for
engineering, procurement, and construction contractors of power
plants and discoms. The company commenced commercial production
in February 2011. Its fabrication plant at Khorda (Bhubaneshwar)
has fabricating capacity of 50 tonnes per day of galvanised
structures. GGPL is registered as an approved vendor for Orissa
Power Transmission Corporation Ltd.

GGPL reported a net loss of INR 0.7 million on net sales of
INR21.00 million in 2010-11 (refer to financial year, April 1 to
March 31).


GOWTHAMI INFRATECH: ICRA Assigns '[ICRA]BB+' to INR59cr Loan
------------------------------------------------------------
ICRA has assigned long-term rating '[ICRA]BB+' to the INR59 crore
fund based and non fund based facilities of Gowthami Infratech
Private Limited.  In addition ICRA has also assigned short-term
rating '[ICRA]A4+' to the INR2 crore non fund based bank
facilities of GIPL. The long term rating has been assigned a
stable outlook.

ICRA's assigned rating draws comfort from the association of GIPL
with the parent KVK group, and the business tie-ups of GIPL with
the SPVs of the KVK group, viz. KNPL and NPPL which will support
diversification into power-transmission projects; during FY 11
GIPL was primarily engaged in establishment of distribution
networks under the RGGVY scheme. The rating also takes into
consideration the healthy growth in revenues of GIPL from
INR18.25 crore in FY 10 to INR83.66 crore in FY 11 owing to
expedited execution of the projects under RGGVY scheme,
comfortable gearing level of 0.7 times as on 31 march 2011 and
strong demand potential for companies engaged in engineering,
procurement and construction (EPC) of electrical projects.
However, the ratings are constrained by relatively small scale of
operations and limited experience of GIPL in the execution of T&D
projects.

The rating also factors high geographic concentration risk in the
company's operations, with majority of the order book being
concentrated in Orissa and Madhya Pradesh, and high exposure to
government clients. Going forward, ICRA expects GIPL to be able
to post growth in its top-line, given its strong order-book;
whereas the company's ability to execute the projects in a timely
and cost-effective manner will be the key rating sensitivity.

                     About Gowthami Infratech

Gowthami Infratech Private Limited, formerly known as KVK
Constructions Private Ltd., is a private limited Company
incorporated on 1st Nov 2005. The company name was changed from
KVK constructions Private Limited to Gowthami Infratech Private
Limited as on 22-01-2010. GIPL provides project management and
EPC services under RGGVY scheme in the states of Madhya Pradesh
and Orissa. During the current financial year GIPL has also
started undertaking the projects in the areas of EHV transmission
and the company plans to execute the works for KNPL in Orissa for
a 400KVA transmission line and for NPPL, Nagapatinum, Tamilnadu
for a 230 KVA transmission line.

Recent Results:

During the financial year ending March 31, 2011, the company
recorded net profit of INR4.26 crore on a turnover of INR83.66
crore as per the provisional accounts.


JAYAALAXMI MINERAL: ICRA Cuts Rating on INR18cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has revised the rating to the INR18.00 crore term loan and
INR5.00 crore long term fund based facilities of Jayaalaxmi
Mineral Private Limited from '[ICRA]BB-', with a stable outlook
to '[ICRA]D'.

The rating revision factors in the recent delays witnessed in
debt servicing by the company, following the iron ore mining
restrictions in the state of Karnataka, which has adversely
impacted its operations.

Jayaalaxmi Mineral Pvt Ltd was incorporated in April 2007 to
carry out beneficiation of low grade iron ore. The company
started its commercial operations in FY10, post receiving
environmental and pollution clearances for carrying out
beneficiation of 1.2 million tonne of iron ore per annum.
Currently the company has a screening and washing facility with a
capacity to process around 1.2 million tonne per annum located in
Sandur, Bellary district of Karnataka.


KIMS BSR: CRISIL Reaffirms 'CRISIL BB-' Rating on INR118MM Loan
---------------------------------------------------------------
CRISIL's rating of 'CRISIL BB-/Stable' on the facilities of KIMS
BSR Super Specialty Hospitals Pvt Ltd's bank facilities continues
to reflect the benefits that KIMS BSR derives from its promoters'
experience in the healthcare industry and limited tertiary care
facilities in and around Bilaspur.

   Facilities                      Ratings
   ----------                      -------
   INR118.0 Mil. Rupee Term Loan   CRISIL BB-/Stable (Reaffirmed)
   INR9.0 Million Cash Credit      CRISIL BB-/Stable (Reaffirmed)

These rating strengths are somewhat offset by KIMS BSR's exposure
to offtake-related risks as it has only recently commenced its
operations.

Update

The hospital, which was expected to commence operations in April
2010, commenced full-fledged operations only in February 2011. It
had operated at low occupancy level between April 2010 and
January 2011. The 9 month delay in commencement of operations was
on account delay in receipt of permission and installation of
power lines. The same was received in February 2011. Thereafter
the hospital gradually increased its operations. Its monthly
collection in February amounted to INR1.6 million. By July 2011,
the monthly collection has increased to INR6 million. Average
occupancy for 3 months ended July 2011 has been around 65%. The
average monthly collections are expected to increase to INR100
million by the end of current year. The company's repayment
obligations, pertaining to the hospital facility began from
January 2011. Till the hospital commenced full operations, the
term debt repayment and servicing requirements were met by the
promoters through their own funds. Given the improvement in the
monthly collections, the company's estimated accruals of around
INR11 million for 2011 - 12 are shall be adequate to service
INR8.4 million, that the company needs to service towards its
annual debt repayment obligations arising during same period.
Overall, the company enjoys benign repayment schedule and shall
be servicing debt in ballooning pattern.

Outlook: Stable

CRISIL believes that KIMS BSR will continue to benefit from its
promoters' experience in the healthcare industry. The outlook may
be revised to 'Positive' if KIMS BSR's hospital demonstrates
higher than expected revenues and accruals. Conversely, the
outlook may be revised to 'Negative' if KIMS BSR reports lower-
than-expected off take, resulting in weak liquidity and strain on
its debt protection indicators.

                         About KIMS BSR

KIMS BSR, incorporated in 2004 by Dr. M K Khanduja and Mr. Y R
Krishna, will offer tertiary healthcare and diagnostic services
in Bilaspur (Chhattisgarh). The hospital is expected to commence
operations in April 2010. The hospital will have a capacity of 70
beds.

On provisional basis, KIMS BSR posted net loss of INR 4.5 million
on net sales of INR 2.6 million for year 2010 - 11.


KYMORE ENGINEERING: ICRA Puts '[ICRA]BB-' Rating on INR8.7cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating on the INR8.70 Crore, bank
facilities of Kymore Engineering.  The outlook on the rating is
stable.

The rating is constrained by the limited revenue visibility of
the firm reflected from the declining operating income during
last year, low order booking position, which coupled with slow
moving nature of the pending order book further raises the growth
concerns. The rating is also constrained on account of its
marginal presence in the intensely competitive construction
industry, and uncertain cash flow position as all of the ongoing
projects are running behind schedule. ICRA has also taken into
account the risk arising out of partnership constitution of the
firm.  The rating is however supported from the comfortable
financial profile of the firm marked by low leverage and healthy
profitability.  The rating also draws comfort from the experience
and background of the promoters in the line of business.

                      About Kymore Engineering

Kymore Engineering, a partnership firm in operations since April
2005, is engaged in the work of construction activities. The firm
is registered as an A-5 category contractor with the Public Works
Department in the various part of Madhya Pradesh. It is also
registered with various government departments like Madhya
Pradesh Rural Road Development Authority, Water Resources
Division, Bansagar Dam Project.

Recent Results:

For the twelve months period ending March 31, 2011, Kymore
Engineering reported a profit after tax (PAT) of INR1.05 Crore on
revenues of INR22.76 Crore as against a PAT of INR1.44 Crore on
revenues of INR30.29 Crore for the twelve months period ending
March 31, 2010.


MALABAR HOTELS: ICRA Cuts Rating on INR45.4cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR45.4 crore
term loan and INR2.0 crore fund based facilities of Malabar
Hotels Private Limited from '[ICRA]B' to '[ICRA]D'.  ICRA has
also revised the short term rating assigned to INR2.8 crore non-
fund based facilities of MHPL from '[ICRA]A4' to '[ICRA]D'.

The ratings downgrade reflects delays in debt servicing by MHPL.
The Company's business profile is characterized by small scale of
operation, concentrated on a single property in Chennai, largely
depending on corporate customers (-98% of room revenue). MHPL's
financial profile is weak with high gearing and stretched
coverage indicators, caused by debt funded capex and accumulated
losses from previous fiscals. ICRA however takes note of the
significant experience of promoter of over two decades in the
hospitality industry and favorable location of MHPL's property in
Chennai with limited competition in vicinity, resulting in
healthy ARR and occupancy rates.

                       About Malabar Hotels

Malabar Hotels Private Limited owns "Asiana Hotel" -- a 114 rooms
five star hotel located on the Old Mahabalipuram Road (OMR) in
Chennai-four kilometres from the SIPCOT IT Park and about 28 Km
from the International Airport. The hotel became operational on
1st October, 2007. It primarily targets corporate customers from
the automobile, auto ancillary and IT companies located nearby.
The company is currently expanding its room inventory by 71
rooms, which are likely to be operational by October 2011. The
promoter Mr. Shriharan, in his individual capacity and through
the group companies holds -40% stake in the company.

MHPL has four group concerns (under the same promoters) namely
Asiana Hotel Management Private Limited, Mamallapuram Development
Private Limited., Ariyaman Resorts Private Limited and Cheran
Hotels Private Limited. Asiana Hotel Management Private Limited
is a hotel management company which owns the Asiana brand. This
company enters into hotel management contracts with the hotels in
the group namely the Asiana Hotel under MHPL. As of now the only
operational property of the group is with MHPL, although there
are projects in planning stage for the other companies.

Recent Results:

As per unaudited and provisional results, MHPL reported profit
after tax (PAT) of INR1.5 crore (PY loss of INR0.2 crore) in
2010-11 on an operating income of INR32.5 crore (PY INR26.4
crore).


MARUTI INDUSTRIES: CRISIL Rates INR90-Mil. Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Maruti Industries.

   Facilities                     Ratings
   ----------                     -------
   INR90.0 Million Cash Credit    CRISIL BB-/Stable (Assigned)
   INR10.0 Million Proposed LT    CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects Maruti Industries' partners' extensive
experience in cotton ginning industry and established
relationships with customers.

These rating strengths are partially offset by Maruti Industries'
below-average financial risk profile marked by small net worth
and weak debt protection metrics, large working capital
requirements, and susceptibility of margins to volatility in raw
material prices and exposure to risk related to adverse changes
in government regulations

Outlook: Stable

CRISIL believes that the Maruti Industries will continue to
benefit from the extensive industry experience of its partners
and its established relationships with customers. The outlook may
be revised to 'Positive' if there is significant and sustained
increase in the firm's scale of operations and profitability, or
there is a substantial increase in its net worth on the back of
equity infusion by the partners. Conversely, the outlook may be
revised to 'Negative' in case there is a steep decline in the
firm's profitability or if its capital structure deteriorates on
account of larger-than-expected working capital requirements.

                     About Maruti Industries

Maruti Industries was established in 2006-07 (refers to financial
year, April 1 to March 31), promoted by the Patel and Modi
families of Mehsana district (Gujarat). The firm is engaged in
ginning and pressing of raw cotton to make cotton bales. Prior to
the establishment of the firm, the families were engaged in
trading in cotton along with other activities in various
industries, including cement and construction. The firm sells
cotton bales to various traders directly as well as through
brokers. The firm has a capacity of producing around 275 bales
per day.

Maruti Industries reported net sales of INR436 million for
2010-11, against net sales of INR334 million for 2009-10.


MISTRY ENTERPRISES: CRISIL Rates INR40MM Loan at 'CRISIL C'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C/ CRISIL A4' ratings to the bank
facilities of Mistry Enterprises Ltd, part of the MEL-MCPL
combine.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL C (Assigned)
   INR40 Million Proposed LT        CRISIL C (Assigned)
   Bank Loan Facility
   INR350 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect the MEL-MCPL combine's weak liquidity, which
is reflected in delays by the combine in servicing its various
equipment finance loans from non-banking financial companies.
The ratings also factor in susceptibility of the combine's
revenues and earnings to any reduction in level of capital
expenditure (capex) in the corporate sector and execution of the
projects. This rating weakness is partially offset by the
combine's promoters' extensive experience in the construction
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of MEL and MEL's group concern, Mistry
Construction Pvt Ltd.  The companies are collective referred to
as the MEL-MCPL combine.  This is because of the companies'
common management, common business lines, and cash flow
fungibility.

                      About Mistry Enterprises

Mistry Enterprises Ltd was established by Mr. Jagdish Mistry and
his family members in 2008. The company is engaged in civil
construction works, such as site grading, site development, hard
rock excavation, and mining works. MEL's main office is in Mumbai
(Maharashtra). The company is currently undertaking civil works
for Jindal Steel & Power Ltd, Hindlaco Industries Ltd, and Tata
Steel. Mr. Jagdish Mistry is the chairman and managing director
of MEL and is involved in its day-to-day operations. Mr. Jagdish
Mistry is supported by his two sons, Mr. Jay Mistry and Mr. Mehul
Mistry in managing the company.

MCPL executes civil construction works, such as site grading,
site development, hard rock excavation, and mining works for
Hindalco Industries Ltd. (Rated CRISIL AA+/Stable/CRISIL A1+)

The MEL-MCPL combine reported, on provisional basis, a profit
after tax (PAT) of INR39.4 million on net sales of INR2.2 billion
for 2010-11 (refers to financial year, April 1 to March 31); the
combine reported a PAT of INR3.3 million on net sales of INR1.3
billion for 2009-10.


MPG REALTY: ICRA Assigns '[ICRA]BB+' Rating to INR40cr Term Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR40.0 crore term
loan of MPG Realty Pvt Ltd.  The outlook on the rating is stable.

The rating factors in the established track record of MPG's
promoter's (Ajnara India Ltd, rated LBBB- by ICRA) in the real
estate sector in Noida, Ghaziabad (Uttar Pradesh) region, healthy
bookings achieved in the phase-I of the project and low approval
risk. The rating is, however, constrained by the execution risks
given the construction stage of the project, and market risk for
its un-booked area, considering the significant supply in the
area. The rating also takes into account the company's exposure
to funding risk as a part of promoter's contribution is yet to be
brought-in, and term loan for the phase-II is yet to be tied-up.
Nevertheless, ICRA takes comfort from the promoters' financial
profile and experience in the real estate business, and healthy
customer advances received in the project so far. Going forward,
the execution of the project, along with incremental bookings and
customer receipts from the project would be key rating
sensitivities.

                         About MPG Realty

Incorporated in April 2009, MPG is a Special Purpose Vehicle
(SPV) promoted by Ajnara India Ltd for developing a group housing
complex called "Ajnara Daffodil" in Sector-137, Noida. The
project is divided in two phases. The phase-I of the project
consists of about 7 lakh sq ft of saleable area out of which
about 70% has been booked so far. The total cost for the phase-I
of the project is estimated to be INR160 crore. The land has been
secured on lease basis from New Okhla Industrial Development
Authority. The term loan of INR40.0 crore for the phase-I has
been tied-up. The phase-I of the project is planned to be
completed by April 2013.

Recent Results:

In FY2011, MPG had realized INR54.1 crore of operating income
from the project on which it had earned INR3.95 crore of profit
after tax.


MULTIDIMENSION ENTERTAINMENTS: ICRA Rates INR26cr Loan at 'BB'
--------------------------------------------------------------
ICRA has assigned a long term rating of "ICRA[BB]" to the INR26
crore fund based bank facilities of Multidimension Entertainments
Private Limited.  The outlook for long-term rating is Stable.

The assigned rating is constrained due to lack of MEPL's
established track record, low operating margins resulting from
nominal commissions being charged for movie distribution,
stretched coverage indicators on account of high debt and low
margins and negative cash flows in FY11, partly explained by
scaling up in movie production. MEPL remains sensitive to the
inherent industry risks associated with the film production and
distribution business, such as piracy, seasonality in business,
content risk, audience rejection risk and event risk. However
rating draws comfort from the company's experienced management as
reflected by established relationships with leading participants
in the Telugu film industry; strong promoter group, Karvy group
which lends financial flexibility; company's policy of
distributing films using risk averse model and de-risking film
production by entering into co-production/ pre-selling of movies.
ICRA favorably factors in the high bargaining power MEPL posses
while purchasing distribution rights from producers on account of
its joint venture Asian Multidimension Entertainments Private
Limited which allows better control and authority over 98
theatres in Nizam region.

               About Multidimension Entertainments

Multidimension Entertainments Private Limited is a private
limited company engaged in movie content production, distribution
and exhibition for Telugu film industry. It was incorporated in
2007 and distributed its first movie in FY10. MEPL distributed
more than 30 movies in FY11 including 7 English movies. It
started production of movies in FY11 and has released two Telugu
movies in FY12: Bramigadi Katha and Kandireega.  At present MEPL
is producing its third telugu movie 'Body Guard' which is
scheduled to be released in 4th week of October, 2011. MEPL
forayed into movie exhibition through its Joint Venture 'Asian
Multidimension Entertainments Private Limited' by taking playtime
lease of 98 theatres in Nizam region. The JV commenced operation
in April, 2011.


REGENT BEERS: ICRA Assigns '[ICRA]B' Rating to INR13.25cr LT Loan
-----------------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to INR13.25 crore, long-
term, fund-based bank facilities of Regent Beers and Limited.
ICRA has also assigned '[ICRA]A4' rating to INR0.25 crore short-
term, non-fund-based bank facilities of the company.

The assigned ratings factor in RBWL's small scale of operations,
stretched liquidity position and seasonality associated with the
alcoholic beverages industry. The company's sales remain
susceptible to seasonal variations in demand and reduction in the
number of retail outlets owned by the promoters. Further, the
industry is highly regulated, attracts high duties and taxes, and
remains vulnerable to changes in state policies governing sale
and pricing of alcohol products. Notwithstanding these concerns,
ICRA ratings factor in the experience of promoters, and their
commitment to the business as reflected in considerable equity
contribution and advancing unsecured loans to RBWL. Further, with
ongoing capacity enhancement and entry into newer markets, the
scale of operations is expected to improve, and the modern
brewing facility shall also help gain contract manufacturing
business.

RBWL was incorporated in 1997 with the objective of manufacturing
beer in India. While the company had acquired a license for
producing Beer in Madhya Pradesh (M.P), RBWL was lying dormant
till 2006. In August 2006, Mr. Ramesh Chand Rai and Mr. Rakesh
Singh Gautam took over the company from its earlier promoters
with a view of backward integrating- from being alcohol retailers
to producing beer as well. Both the promoters of RBWL- Mr Rai and
Gautam have considerable experience in the liquor trade business
and have retail outlets in Madhya Pradesh, Uttar Pradesh etc. The
brewery of RBWL is located at Maksi which is at a distance of 70
km from Indore.


SAGAR GRANDHI: ICRA Cuts Rating on INR14cr Loan to '[ICRA]BB'
-------------------------------------------------------------
ICRA has revised the 'LBB+' rating outstanding on INR14.0 crore
fund based and INR1.5 crore non fund based facilities of Sagar
Grandhi Exports Private Limited to '[ICRA]BB'.  ICRA has also
revised the 'A4+' rating outstanding on INR18.5 crore fund based
facilities and INR3.0 crore non fund based facilities of SGEPL to
'[ICRA]A4'.  The long term ratings carry stable outlook.

The rating revision takes into account the weakened financial
profile of the company characterized by high gearing and working
capital intensity, which may be stretched further in the medium
term due to aggressive debt funded capital expenditure plans of
the Company. The sea food industry remains vulnerable to movement
in anti dumping duty (ADD) imposed on Indian exporters and the
inherent risks like susceptibility to diseases, climate change
risks, fluctuation in exchange rate movements and adverse change
in government policies.

The ratings also take into account the medium scale of operations
of the company, long standing experience of the promoters in the
sea food export business and favorable shift in product portfolio
from scampi to vannamei as the major product. However, vannamei
culture being in nascent stage in India, there are enhanced risks
of diseases and climate risks.

                     About Sagar Grandhi

Sagar Grandhi is a medium sized processor and exporter of seafood
from India. Main products exported include Shrimps, Prawns,
Squid, Snails, and Crab.

The company was promoted by the Mr. G. Venkateswara Rao in the
early 1980's. The business is now managed by two of his sons-Mr.
G Balaji, the current Managing Director and Mr. G Chella Rao,
Executive Director. The company has a seafood processing factory
with a capacity of about 4,000 tpa, in Singarayakonda, in the
coastal belt of Andhra Pradesh. The Company is also planning to
add a second plant in 2011-12, with a capacity to process 10,000
tpa. The company sources its raw material, both from the sea and
from farms in the AP coastal belt, through its purchase centers.

Recent Results:

SGEPL reported operating income (OI) and profit after tax (PAT)
of INR137.2 crore and INR0.8 crore respectively for fiscal 2010-
11, compared to OI and PAT of INR82.3 crore and INR0.7 crore in
2009-10.


SAMA JEWELLERY: ICRA Assigns '[ICRA]BB+' Rating to INR7cr Loan
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' and '[ICRA]A4+' ratings to
various bank limits of Sama Jewellery Private Limited aggregating
to INR7.00 crore.

The ratings are constrained by the company's relatively small
scale of operations and leveraged capital structure resulting
from high working capital intensity of its operations. Further,
finished goods inventory of unconfirmed sales orders and long
lead time involved in the execution of confirmed orders expose
its margins to the volatility in the prices of raw materials
(mainly gold). ICRA also takes note of the fact that the
jewellery industry is highly competitive due to its fragmented
nature and is characterized by very low entry barriers. The
ratings, however, draw comfort from the experience of the
company's promoters in the business of manufacturing high end
design jewellery, strong in house design team and good market
standing of its jewellery items as reflected in reputed
diversified client base.

                        About Sama Jewellery

Incorporated in April 2005, Sama Jewellery Private Limited was
promoted by Mr. Navin Jashnani with the aim to manufacture and
market high end couture jewellery. The business of the company is
to manufacture high end designer jewellery, which is designed in-
house, through its group company Amalya Manufacturing Company,
and market it to the jewellery retailers both in the domestic and
export markets.

During FY 2011 the company reported operating income of INR24.83
crore and Profit after Tax of INR0.88 crore.


SREEROSH PROPERTIES: CRISIL Rates INR42MM Loan at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long
term bank facilities of Sreerosh Properties Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR28 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR42 Million Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR50 Mil. Overdraft Facility   CRISIL BB/Stable (Assigned)

The rating reflects SPPL's established track record in real
estate development in Tamil Nadu (TN) and Kerala. This rating
strength is partially offset by SPPL's modest scale of operations
and susceptibility to downtrends in the Indian real estate
industry.

Outlook: Stable

CRISIL believes that SPPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
healthy booking rates for its ongoing project. The outlook may be
revised to 'Positive' if SPPL reports more-than-expected cash
flows on account of earlier-than-expected completion of ongoing
projects, or more-than-expected sales realisations from its
ongoing projects. Conversely, the outlook may be revised to
'Negative' if the company faces delays in project completion or
receipt of payments from customers, if it is unable to sell its
ongoing project at profitable rates, or if the company undertakes
larger-than-expected, debt-funded projects, leading to weakening
in its financial risk profile.

                     About Sreerosh Properties

Incorporated in 1994 and promoted by Mr. P Sreedharan, SPPL is a
real estate developer based in Chennai (TN). The company has, so
far, completed 43 residential projects, with a combined built-up
area of 824,500 square feet (sq ft) across Chennai and in
Calicut, Kannur, and Thalassery (in Kerala).

SPPL is currently executing nine residential projects - three in
Chennai, three in Kannur, two in Calicut, and one in Coimbatore
(TN), with a combined saleable area of 674,580 sq ft, for a total
project cost of INR1.34 billion. As on September 30, 2011, SPPL
had completed around 63 per cent of the construction, sold 61 per
cent of space, and received 74 per cent of sales as advances from
the ongoing residential projects. Beside the residential
projects, the company is also executing a commercial project in
Chennai, with a leasable area of 5580 sq ft.

SPPL reported a profit after tax (PAT) of INR14.0 million on net
sales of INR392.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.4 million on net
sales of INR265.2 million for 2009-10.


SRI KANYA: CRISIL Puts 'CRISIL B+' Rating on INR80MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Sri Kanya Corporation.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflect SKC's modest scale of operations in the
fragmented and competitive steel trading business, vulnerability
of its operating margin to volatility in steel prices, and below-
average financial risk profile, marked by a small net worth and
below-average interest coverage ratio. These rating weaknesses
are partially offset by the extensive experience of SKC's
promoter in the steel industry.

Outlook: Stable

CRISIL believes that SKC will benefit over the medium term from
its promoter's extensive experience in the steel industry. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves and then sustains because of capital infusion
and/or better-than-expected profitability. Conversely, the
outlook may be revised to 'Negative' in case the firm's
profitability declines materially, thereby adversely impacting
its debt protection metric.

                        About Sri Kanya

Located in Vishakhapatnam (Andhra Pradesh), SKC is a
proprietorship firm set up in 1994 and is managed by Mr. D
Srinivas. SKC mainly trades mild steel structural products that
account over 90 per cent of its total revenue; the balance comes
from trading cement.

SKC on a provisional basis reported net profit of INR3.1 million
on net sales of INR750.6 million for 2010-11 (refers to financial
year, April 1 to March 31), as against net profit of INR2.1
million on net sales of INR516.1 million for 2009-10.


SUNARK ALUMINIUM: ICRA Cuts Rating on INR6.75cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the long term rating to the INR6.75 crore term
loan and INR2.00 crore long term fund based bank facilities of
SunArk Aluminium Industries (P) Limited from 'LB+' to '[ICRA]D'.
ICRA has also revised the short term rating to the INR1.25 crore
fund based sublimit, and INR2.00 crore non fund based bank
facilities of SAIPL from 'A4' to '[ICRA]D'.

The rating revisions factor in the recent delays witnessed in
debt servicing by the company. The delays were largely on account
of weak export sales during the first four months of the current
financial year, which adversely impacted SAIPL's debt servicing
ability. Although the sales have improved over the last two
months, ICRA notes SAIPL's financial risk profile is expected to
be remain weak at least in the near term due to its aggressive
capital structure and weak coverage indicators.

                      About SunArk Aluminium

SunArk Aluminium Industries (P) Ltd was incorporated in 2007 for
manufacturing atomized aluminium powders, grits and granules.
SAIPL has an installed capacity to produce 2400 MT per annum of
atomized aluminium powder and 1800 MT per annum of aluminium
granules/grits. The aluminium powders/granules/grits finds
application in coatings, paints, explosives, printing inks, light
weight concrete manufacturing, rocket propellants, plastic
manufacturing, refractories, foundries, automobiles and in powder
metallurgy. The company started its production in the last
quarter of FY10 and the commercial supplies have started in the
second quarter of FY11. The company has registered its product
under the brand name "Lucule."  The manufacturing facility of the
company is located at Thiruthangal in Tamil Nadu.


TUBE GLASS: CRISIL Rates INR50 Million Term Loan at 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Tube
Glass Containers Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

   Facilities                     Ratings
   ----------                     -------
   INR50.0 Million Term Loan      CRISIL D (Assigned)

   INR150.0 Million Cash Credit   CRISIL D (Downgraded from
                                        'CRISIL BB/Stable')

   INR50.0 Million Proposed ST    CRISIL D (Downgraded from
   Bank Loan Facility                      'CRISIL A4+')

The downgrade reflects the delay by Tube Glass in servicing its
term debt; the company had not paid its term loan instalment due
on September 1, 2011, as on October 10, 2011. The delay was
driven by Tube Glass' inadequate cash accruals and absence of
timely funding support from the company's promoters.

Tube Glass also has a small net worth, modest scale of operations
in the intensely competitive glass vials and ampoules market, and
large working capital requirements. The company, however,
benefits from its longstanding and its established relationships
with its key customers.

                         About Tube Glass

Tube Glass, incorporated in 2000 as a private limited company,
acquired the business of a proprietorship firm that was set up in
1978. The company manufactures glass ampoules and vials used in
the pharmaceuticals industry. Tube Glass has four manufacturing
facilities: one each in Badlapur, Chiplun, Panvel, and Tarapur
(all in Maharashtra). The company's operations are ISO 9001:2000-
certified, with Drug Master File registration for Canada and the
US; the facility also maintains Good Manufacturing Practice
standards. Tube Glass' current promoters are Mr. Manoj Jain,
Mr. Rajendra Kaimal and Mr. Ajit Kamat, who are also promoters of
Arch Pharmalabs Ltd and Avon Organics Ltd which manufacture bulk
drugs.

Tube Glass reported a profit after tax (PAT) of INR32 million on
net sales of INR484 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR14 million on net
sales of INR400 million 2009-10.


UTTAM COMPONENTS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR5.00 crore fund based
facilities of Uttam Components Private Limited.

The rating assigned factors in the UCPL's modest scale of
operations, low profitability, high working capital intensity
owing to high inventory days, high competitive intensity, and the
vulnerability of UCPL's profitability to adverse movement in
steel prices. ICRA also takes note of the factor that the company
has recently started operations and its operations are yet to
stabilize. However, ICRA draws comfort from UCPL's experienced
promoters, wide range of products, approved tier II vendor status
of the company and assured supply of raw material from group
company Uttam Strips Private Limited.

                      About Uttam Components

Uttam Components Private Limited has been promoted by Mr. Rishi
Miglani in FY2010. The company acquire assets of Sion Steel
Limited, authorised tier II vendor of Maruti Suzuki India Limited
(MSIL). On acquisition of Assets of Sion Steel Limited MSIL's
authorization got transferred to UCPL. The company started its
operations on April 1, 2010 and hence FY11 is its first year of
operations.

Recent Results:

During FY11 UCPL reported operating income of INR12.81 crore with
a net profit of INR0.11 crore.


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


TOKYO ELECTRIC: Mulls 30% Haircut in Retiree's Corporate Pensions
-----------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. is considering
implementing a 30% cut in corporate pensions for retirees aged 80
or older to help with the massive compensation payments it has to
make over the Fukushima nuclear disaster, a newly compiled
emergency business plan showed Thursday.

The news agency says TEPCO would be required to reduce costs by
more than JPY2.5 trillion over 10 years under the plan, which it
devised with the government-backed Nuclear Damage Compensation
Facilitation Corp.

According to Kyodo, sources said the plan is expected to be
submitted to Minister of Economy, Trade and Industry Yukio Edano
by the end of this month.

Kyodo notes that TEPCO and the compensation body are hoping to
gain government approval for the plan in early November to secure
financial aid from the government and speed up the compensation
process.

Under the plan, the report relates, TEPCO is expected to ask the
government to provide more than JPY800 billion in fresh aid,
thereby planning to meet its immediate compensation needs with
funds totaling nearly JPY1 trillion, which will consist of the
new aid and JPY120 billion in regular government nuclear-accident
compensation.

TEPCO would need an estimated JPY4.5 trillion for compensation
payments through March 2013, Kyodo notes.

The plan, according to Kyodo, calls for a reduction of around
JPY240 billion in TEPCO's costs by the end of the current
business year through March as part of restructuring.

It also envisions reducing the promised minimum yield on
corporate pensions to 1.5% from 2.0% for retirees aged between 65
and 79.  In doing so, TEPCO is hoping to save more than JPY100
billion over 10 years, but it needs to secure the consent of a
labor union and two-thirds of its retirees or more to implement
the changes, Kyodo states.

The news agency notes that TEPCO will compile a road map
detailing the schedule for restructuring and how it will be
implemented.

                         About Tokyo Electric

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


PIKE RIVER: Asset Sale Draws Attention from Politicians
-------------------------------------------------------
BusinessDesk reports that the sale of Pike River Coal's assets is
attracting comment from election candidates but state-owned coal
miner Solid Energy is mum on a report that it is teaming up with
China's Shanxi Corp to buy New Zealand's largest known deposit of
high fluidity hard coking coal.

"I have no idea where the report came from," the report quotes
Solid Energy's chief executive Don Elder as saying.  He did not
deny the report.  According to BusinessDesk, Fairfax Media said
the venture was among four players making offers.

The Overseas Investment Office, which considers asset purchases
by foreigners worth more than $100 million, has not received any
applications, BusinessDesk relays.

According to the report, West-Coast-based Labour MP Damien
O'Connor said the report that Shanxi was a bidder was a clear
indication of interest overseas investors had in New Zealand's
valuable coal resources.

"The fact that this successful and growing Chinese company is
state-owned should tell us why kiwis should continue to own Solid
Energy," BusinessDesk quotes Mr. O'Connor as saying.

He is opposed to government plans to partially privatize state-
owned assets, including Solid Energy, BusinessDesk reports.

BusinessDesk relates that Green Party MP Kevin Hague was also
disappointed at the report.  He said anything other than 100%
New Zealand ownership meant assets were being used for the
benefit of overseas investors.

Solid Energy had also made a commitment to retrieve the bodies of
the mine workers so he was concerned there might not be the same
assurance from a joint bid, the report 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.


WHITE ISLAND: Receivership Case Continues as Administration Ended
-----------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that receivership of
three companies owned by St Clair developer Steven Chittock
continues, following the recent withdrawal of voluntary
administration proceedings over the companies.

The companies covered by receivership proceedings, overseen by
Dunedin-based Insolvency Management Ltd, are White Island
Investments, White Island Properties and St Clair Village Hotels.

According to Otago Daily Times, Mr. Chittock placed the companies
into voluntary administration in mid-August, hoping a NZ$20
million proposal would attract fresh equity partners, but days
later, the receivers acting for failed South Canterbury Finance
forced the companies into receivership over a NZ$1.5 million
debt.

The report relates that Mr. Chittock had, in the past 14 years,
developed various properties within the Esplanade block at St
Clair Beach, including serviced apartments, motels, a restaurant-
cafe and co-partnered construction of the boutique St Clair Beach
Resort hotel.  One of his five Esplanade properties, valued at
NZ$4.4 million, recently sold for about NZ$400,000.

Liquidator Iain Nellies, of Insolvency Management, said a second
creditors meeting which should have taken place under the
voluntary administration and at which a "deed of arrangement"
with creditors would have been presented, had not gone ahead,
according to the report.

"The [voluntary] administration at that point then came to an
end," the report quotes Mr. Nellies as saying.

Mr. Nellies told Otago Daily Times he was principally acting for
the South Canterbury's receivers over the NZ$1.5 million debt,
but was "mindful" the liquidation process might be subject to
other creditor claims on assets.

South Canterbury was considered the major creditor among about
20, who initially met the voluntary administrators in late-
August.  Mr. Nellies said the liquidator's first report would
possibly be filed by early November, Otago Daily adds.


WINDFLOW TECHNOLOGY: Has Enough Proxy Vote Defeat Wind Up Bid
-------------------------------------------------------------
BusinessDay.co.nz reports that Windflow Technology said directors
hold enough proxies to defeat a motion to liquidate that will be
put to shareholders on Wednesday.

According to the report, directors called a special meeting of
shareholders about a month ago to vote on winding up, when the
company was facing insolvency unless it was able to raise a
minimum of NZ$2 million in capital.

The NZ$2 million capital has been raised, BusinessDay.co.nz
relates.  With that and other payments due from January through
to June, the company said it would be able to continue with fewer
staff and manufacturing suspended until June next year, according
to BusinessDay.co.nz.

However, the meeting to vote on liquidation must still be held.

BusinessDay.co.nz notes that the directors are recommending that
shareholders vote against the motion to proceed to liquidation
"now that Windflow has raised the required short-term funding
from its shareholders."

"The directors already hold sufficient proxies and votes to
assure that the outcome of the meeting will be that the motion to
liquidate will be defeated," the report quotes chief executive
Geoff Henderson as saying.

Windflow is banking on turbine sales in the United Kingdom and
sale of its intellectual property in the United States in the
next few months to secure its future, BusinessDay.co.nz adds.

                     About Windflow Technology

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

                          *     *     *

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


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


APS KOMABA: Creditors' Proofs of Debt Due Nov. 28
-------------------------------------------------
Creditors of APS Komaba Asset Management Pte Ltd, which is in
member's voluntary liquidation, are required to file their proofs
of debt by Nov. 28, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


ADIS PTE: Creditors' Proofs of Debt Due Nov. 24
-----------------------------------------------
Creditors of Adis Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by Nov. 24, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


ASIA COACH: Creditors Get 53.91493% Recovery on Claims
------------------------------------------------------
Asia Coach Builders Pte Ltd declared the first and final dividend
on Oct. 24, 2011.

The company paid 53.91493% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


BABCOCK & BROWN: Creditors' Proofs of Debt Due Nov. 29
------------------------------------------------------
Creditors of Babcock & Brown EIJ Holdings Pte Ltd, which is in
member's voluntary liquidation, are required to file their proofs
of debt by Nov. 29, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


BLUE MOUNTAIN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 23, 2011,
to wind up the operations of Blue Mountain Restaurant and Cafe
Pte Ltd.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         Singapore 069118


===========
T A I W A N
===========


PROMOS TECHNOLOGIES: Creditors May Voluntary Write Off Debts
------------------------------------------------------------
According to Bloomberg News, the Taipei-based United Daily News
reported that ProMOS Technologies Inc.'s creditors may agree to a
voluntary writedown of some of the company's debt.

The report said ProMOS's bank borrowings total NT$57.1 billion,
Bloomberg relates.

The Troubled Company Reporter-Asia Pacific, citing the China
Economic News Service, reported on July 28, 2011, that
representatives from over 30 creditor banks have agreed in
principle to accept the deal of swapping half of the NT$57
billion that ProMOS owes them for equity as part of their bailout
terms for the financially struggling DRAM maker.  The agreement
makes ProMOS Taiwan's first DRAM maker bailed out on the debt-
for-equity term, CENS said.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES reported.

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access
memories (SDRAMs), as well as the related import and export
businesses.  The Company provides 64 megabytes (Mb), 128 Mb and
256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR)
SDRAMs and others.


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


* Moody's Sees Positive Outlook for Oil & Gas E&P in Asia Pacific
----------------------------------------------------------------
Moody's Investors Service sees a positive outlook for the oil &
gas exploration and production (E&P) industry in Asia Pacific, in
line with the outlook for the global industry.

"Supporting this positive outlook are robust demand from emerging
markets, and the ability of the growth in production to outpace
softer oil prices -- with the consequent rise in earnings and
margins -- even though operating costs are rising," says Simon
Wong, a Moody's Vice President and Senior Analyst. Moody's global
pricing assumption for benchmark West Texas Intermediate (WTI) is
$90/barrel for 2011 and $80 for 2012, down from $85 originally.

"At the same time, the increasing pace of acquisitions by Asian
E&P companies poses risks, while a higher proportion of
unconventional reserves may weigh on credit profiles as they do
not result in immediate, or even near-term benefits," adds Mr.
Wong.

Mr. Wong was speaking on the release of a Moody's special comment
on the outlook for the E&P industry in Asia Pacific, and which
looks at key sector trends, including the pace of acquisitions,
the outlook for margins, and the impact of a higher proportion of
unconventional reserves on credit profiles.

Moody's rates seven E&P companies in Asia Pacific with ratings
ranging from Aa3 to B2, and four integrated energy firms, with
operations across E&P as well as downstream refining and
marketing, and with ratings of Aa3 to Baa1. The report's release
coincides with the publication of a separate report on the
region's refining & marketing industry.

"The spike in oil prices earlier this year has moderated, with
likely increased supply from Libya, Iraq, and Brazil, and
expectations of a slowing global economy. However, demand for oil
should remain strong from continued economic growth in emerging
markets, while a shift to a greater reliance on natural gas in
Japan, China, and elsewhere will keep the region's prices for
liquefied natural gas robust," says Mr. Wong.

On acquisition and development costs, forays overseas --
encouraged in many cases by governments -- incur event risks that
tend to have a negative impact on financial profiles in the
short-to-medium term, according to the Moody's report.

Moreover, acquisitions of unconventional assets do not result, as
indicated, in immediate, or even near-term benefits to production
and proved reserves because most such assets are still under
exploration and development. These assets require high up-front
capital investments, and a longer development period before
realization of commercial production. Finding and development
(F&D) costs, therefore, tend to escalate due to the much higher
technical challenges in extraction.

But, over the long term, the impact should turn positive if
acquisitions boost reserves and production, while diversification
from dwindling domestic reserves is another positive.

The report was authored by Wong, Vikas Halan, Kai Hu, Matthew
Moore, Mic Kang, Nidhi Dhruv and Nino Siu.

It is entitled, Upstream Asset Acquisitions: Short-Term Pain,
Long-Term Gain.


* BOND PRICING: For the Week Oct. 24 to Oct. 28, 2011
-----------------------------------------------------

Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.31
AMITY OIL LTD           10.00    10/31/2013   AUD       1.80
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.89
DIVERSA LTD             11.00    09/30/2014   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   NZD      68.34
EXPORT FIN & INS         0.50    06/15/2020   AUD      66.71
EXPORT FIN & INS         0.50    06/15/2020   NZD      66.40
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
NEW S WALES TREA         1.00    09/02/2019   AUD      73.64
NEW S WALES TREA         0.50    09/14/2022   AUD      60.47
NEW S WALES TREA         0.50    10/07/2022   AUD      60.29
NEW S WALES TREA         0.50    10/28/2022   AUD      60.13
NEW S WALES TREA         0.50    11/18/2022   AUD      59.97
NEW S WALES TREA         0.50    12/16/2022   AUD      59.76
NEW S WALES TREA         0.50    02/02/2023   AUD      59.40
NEW S WALES TREA         0.50    03/20/2023   AUD      58.99
RESOLUTE MINING         12.00    12/31/2012   AUD       1.71
TREAS CORP VICT          0.50    08/25/2022   AUD      61.39
TREAS CORP VICT          0.50    11/12/2030   AUD      59.87
TREAS CORP VICT          0.50    11/12/2030   AUD      41.61


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.21
LY CITY ASSETS           6.88    06/13/2018   CNY      57.00
TIANJIN CONSTR           3.75    03/25/2014   CNY      71.52
ZJ HISUN PHARMAC         6.50    08/25/2016   CNY      55.03


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      74.02
RESPARCS FUNDING         8.00    12/29/2049   USD      26.83
SINO-OCEAN LAND         10.25    12/31/2049   USD      71.00


  INDIA
  -----

INDIA GOVT BOND          6.01    03/25/2028   INDR     74.75
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.31
PUNJAB INFRA DB          0.40    10/15/2025   INR      22.96
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.86
PUNJAB INFRA DB          0.40    10/15/2027   INR      18.97
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.28
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.77
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.33
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.23
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.16
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.20
SHIV-VANI OIL            5.00    08/17/2015   USD      73.12
VIDEOCON INDUS           6.75    12/16/2015   USD      70.42


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.90
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.97
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.56    10/29/2014   JPY      73.87
TOKYO ELEC POWER         1.55    10/29/2014   JPY      72.87
TOKYO ELEC POWER         1.43    02/10/2015   JPY      72.50
TOKYO ELEC POWER         1.42    04/27/2015   JPY      71.00
TOKYO ELEC POWER         0.64    04/28/2015   JPY      68.25
TOKYO ELEC POWER         1.11    05/29/2015   JPY      68.00
TOKYO ELEC POWER         1.35    06/15/2015   JPY      68.62
TOKYO ELEC POWER         0.92    07/16/2015   JPY      66.87
TOKYO ELEC POWER         1.36    08/12/2015   JPY      67.37
TOKYO ELEC POWER         1.59    12/28/2015   JPY      66.25
TOKYO ELEC POWER         2.08    05/31/2016   JPY      64.75
TOKYO ELEC POWER         1.97    06/27/2016   JPY      64.75
TOKYO ELEC POWER         2.06    08/31/2016   JPY      65.25
TOKYO ELEC POWER         1.88    09/28/2016   JPY      64.12
TOKYO ELEC POWER         3.45    11/29/2016   JPY      69.25
TOKYO ELEC POWER         1.79    03/14/2017   JPY      62.75
TOKYO ELEC POWER         2.12    03/24/2017   JPY      64.24
TOKYO ELEC POWER         1.78    05/31/2017   JPY      62.87
TOKYO ELEC POWER         2.02    07/25/2017   JPY      63.00
TOKYO ELEC POWER         3.22    07/28/2017   JPY      66.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      62.50
TOKYO ELEC POWER         3.07    09/22/2017   JPY      66.25
TOKYO ELEC POWER         1.84    09/25/2017   JPY      61.62
TOKYO ELEC POWER         1.75    09/28/2017   JPY      60.50
TOKYO ELEC POWER         1.77    11/30/2017   JPY      61.25
TOKYO ELEC POWER         2.77    12/22/2017   JPY      64.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      59.25
TOKYO ELEC POWER         2.90    03/23/2018   JPY      65.50
TOKYO ELEC POWER         1.59    03/28/2018   JPY      60.37
TOKYO ELEC POWER         2.77    04/17/2018   JPY      65.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      60.87
TOKYO ELEC POWER         1.60    04/25/2018   JPY      61.12
TOKYO ELEC POWER         1.97    06/25/2018   JPY      61.00
TOKYO ELEC POWER         1.84    07/25/2018   JPY      61.00
TOKYO ELEC POWER         1.69    10/17/2018   JPY      60.62
TOKYO ELEC POWER         2.05    10/23/2018   JPY      62.50
TOKYO ELEC POWER         2.70    01/29/2019   JPY      62.75
TOKYO ELEC POWER         1.90    06/13/2019   JPY      62.50
TOKYO ELEC POWER         1.42    09/30/2019   JPY      57.00
TOKYO ELEC POWER         1.37    10/29/2019   JPY      57.87
TOKYO ELEC POWER         2.05    10/29/2019   JPY      60.12
TOKYO ELEC POWER         1.81    02/28/2020   JPY      58.37
TOKYO ELEC POWER         1.39    05/28/2020   JPY      55.87
TOKYO ELEC POWER         1.31    06/24/2020   JPY      57.75
TOKYO ELEC POWER         1.22    07/29/2020   JPY      55.37
TOKYO ELEC POWER         1.15    09/08/2020   JPY      62.12
TOKYO ELEC POWER         1.63    07/16/2021   JPY      55.87
TOKYO ELEC POWER         2.34    09/29/2028   JPY      56.37
TOKYO ELEC POWER         2.40    11/28/2028   JPY      57.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      53.37
TOKYO ELEC POWER         2.11    12/10/2029   JPY      51.75
TOKYO ELEC POWER         1.95    07/29/2030   JPY      53.25
TOKYO ELEC POWER         2.36    05/28/2040   JPY      50.12


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.46
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.24
DUTALAND BHD             6.00    04/11/2013   MYR       0.78
DUTALAND BHD             6.00    04/11/2013   MYR       0.46
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.42
ENCORP BHD               6.00    02/17/2016   MYR       0.86
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.95
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.80
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.67
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.46
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.25


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       8.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      69.18
INFRATIL LTD             8.50    09/15/2013   NZD       7.55
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             4.97    12/29/2049   NZD      59.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.60
NZF GROUP                6.00    03/15/2016   NZD      33.00
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.34
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      66.75
BAKRIE TELECOM          11.50    05/07/2015   USD      60.25
BLUE OCEAN              11.00    06/28/2012   USD      33.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      57.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.97
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.60
SENGKANG MALL            8.00    11/20/2012   SGD       0.40
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.25


SOUTH KOREA
-----------

EXP-IMP BK KOREA         0.50    10/23/2017   TRY      66.02
GREAT KD 1ST ABS        15.00    08/19/2014   USD      30.19
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.10
HANJIN SHIPPING          4.00    07/20/2016   USD      74.23
HYUNDAI SWISS II         8.30    01/13/2015   KRW      63.13
SOLOMON MUTUAL B         8.10    06/22/2012   KRW      70.05


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      67.85


                             *********

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

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

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


                            *********


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

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

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

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

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





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