TCRAP_Public/111115.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 15, 2011, Vol. 14, No. 226

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Advisory Firms Recommend Merger Deal
HIH INSURANCE: Australian Court to Decide on NZ Subsidiary Case
MF GLOBAL: Australian Clients Not Guaranteed Full Return
MF GLOBAL: Asia & Australia Operations Get 40 Bids
* AUSTRALIA: Hospitality Sector Sees Growing Business Failures


C H I N A

BANK OF CHINA: Fitch Says Individual Rating at 'B' is Unaffected
LONGTOP FINANCIAL: Faces SEC Charges Over Deficient Filings
SHENGKAI INNOVATIONS: Gets NASDAQ Notice on Minimum Bid Rule
SINO-FOREST CORP: Confirms Canadian Police Probe


H O N G  K O N G

AIM HIGH: Creditors' Proofs of Debt Due Dec. 12
AIRCREW BASING: Members' Final Meeting Set for Dec. 12
ALUMNI ASSOCIATION: Members' Final Meeting Set for Dec. 12
BALLY HK: Lam Hiu Shun Steps Down as Liquidator
BILL FAR: Members' Final Meeting Set for Dec. 12


I N D I A

AIR INDIA: 17 Banks Agree to Debt Restructuring Deal
AIR INDIA: U.S. Carriers Oppose Boeing Subsidies
AMETHYST HOSPITALITY: ICRA Puts '[ICRA]D' Rating on INR30cr Loan
DIVYA JYOTI: ICRA Cuts Rating on INR20.29cr Term Loan to [ICRA]D
EASTERN HIMALAYA: ICRA Cuts INR27cr Term Loan Rating to '[ICRA]D'

GAYATRI SUITING: Fitch Assigns Low-B Ratings on 3 Loan Classes
HIRACO INDIA: Delays in Debt Repayment Cuts ICRA 'C' Ratings
HMR STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR15cr LT Loan
HOTEL REEVA: CARE Assigns 'CARE BB+' Rating to INR21.06cr LT Loan
KAUSTHUBHA PROJECTS: ICRA Puts [ICRA]D Rating on INR14.65cr Loan

KINGFISHER AIRLINES: Asked to Raise Fresh Capital, SBI Exec Says
KLA FOODS: CARE Rates INR6.13cr Long-Term Loan at 'CARE B+'
NEPTUNE REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR350cr Loan
PADHAM STEEL: ICRA Puts '[ICRA]BB' Rating to INR10cr Cash Credit
PATEL COTTON: ICRA Assigns '[ICRA]BB-' Rating to INR7.5cr Loan

PET METAL: CARE Assigns 'CARE B+' Rating to INR5.94cr LT Loan
PRADEEP METALS: CARE Places 'CARE BB+' Rating on INR38.4cr Loan
RADHESHYAM COTTEX: CARE Rates INR6.37cr Long-Term Loan at CARE B
SHRI SHRI: Fitch Puts Rating on Two Bank Facilities at Low-B
SOLAPUR NAGARI: Reserve Bank Cancels License Due to Insolvency

SREE METALIKS: ICRA Cuts Rating on INR139.33cr Loan to '[ICRA]D'
SRI BHAGWAN: ICRA Upgrades Rating on INR29.87cr Loan to [ICRA]B-
SRITHIK ISPAT: ICRA Cuts Rating on INR6cr Bank Loans to 'ICRA[D]'
SRITHIK ROLLING: ICRA Cuts Rating on INR6cr Loan to '[ICRA]B'
UMASREE TEXPLAST: ICRA Rates INR24.52cr LT Loan at '[ICRA]BB-'


J A P A N

CAFES 1: Fitch Lowers Rating on JPY5.6 Bil. Notes at 'Bsf'
JAPAN AIRLINES: Gains Momentum as Carrier Reports H1 Results
JLOC 37: S&P Raises Rating on 2 Classes of Notes From 'BB+'


K O R E A

HYNIX SEMICON: Fitch Puts 'BB-' Sr. Unsec. Rating on Pos. Watch


S I N G A P O R E

ALPHOMEGA RESEARCH: Court Enters Wind-Up Order
ASIASTAR CAPITAL: Creditors' Proofs of Debt Due Dec. 15
ASTIQUE MEDICAL: Court to Hear Wind-Up Petition on Nov. 25
BORDERS PTE: High Court to Hear Judicial Management Bid on Dec. 2
BUSINESSWORLD INTERNATIONAL: Court Enters Wind-Up Order


T A I W A N

PACIFIC SECURITIES: Fitch Withdraws Individual Rating at 'D/E'


T H A I L A N D

KRUNG THAI: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

* S&P's Global Corporate Default Tally Rises to 40 Issuers
* BOND PRICING: For the Week Nov. 7 to Nov. 11, 2011


                            - - - - -


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


CENTRO PROPERTIES: Advisory Firms Recommend Merger Deal
-------------------------------------------------------
Sarah Danckert at The Australian reports that ISS Proxy Advisory
Services and CGI Glass Lewis have thrown their weight behind
Centro's $3 billion merger plans, recommending shareholders in
Centro Retail back the deal that will see debt-ridden sister
company Centro Properties escape liquidation.

Both leading advisory firms have recommended Centro Retail
shareholders vote for all resolutions relating to the company's
plans to aggregate its two listed arms along with other
associated funds to create a new listed fund at the November 22
meeting, according to The Australian.

The news agency says the new trust -- Centro Retail Australia --
will have a $4 billion portfolio of 43 shopping centres across
Australia if relevant stakeholders, including shareholders in
both Centro Properties and Centro Retail, approve the merger.

With Centro Properties' shareholders getting a 5.03 cent per
share exit package as part of the complex debt-for-equity swap,
swaying reluctant Centro Retail shareholders has become key to
getting the merger through, The Australian states.

According to the report, CGI Glass Lewis said the firm recognized
that the aggregation may spark some concern among investors,
particularly regarding the initial reduction in Centro Retail's
relative net tangible asset backing due to the $200 million
acquisition of Centro Properties services business and
transaction costs.

"While this 8% dilution to NTA is worth noting, we consider it a
relatively modest price as compared to the considerable benefits
that stand to accrue to current CER security holders and Centro
(Retail) Australia as a whole," The Australian quotes a CGI Glass
Lewis spokesperson as saying.

The Australian relates that ISS's analysts said the firm was
supporting the aggregation because external CER securityholders
would receive interest in Centro Retail Australia consistent with
the value of the assets they were contributing and the risks to
CER shareholders if the deal did not go through.

"While the potential dilution to external CER securityholders
resulting from the compensation of other entities as a result of
their exposure to the CER class-action litigation is concerning,
it must be weighed in the context of the other factors of the
proposed aggregation," the ISS spokesperson said, The Australian
reports.

However, the report says, some shareholders in Centro Retail
remain unconvinced the deal is in their best interests, with one
saying they still planned to vote against the merger as Centro
Retail could survive on its own.

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
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,
that Centro Properties warned shareholders when handing down its
full-year results that the debt-bloated company still faces
liquidation if it 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.


HIH INSURANCE: Australian Court to Decide on NZ Subsidiary Case
---------------------------------------------------------------
Maria Slade at Sunday Star Times reports that the Australian
courts are to decide whether the New Zealand subsidiary of HIH
Australia owes NZ$277 million to investors on that side of the
Tasman.

In July this year, the liquidators of its New Zealand company,
HIH Holdings (NZ), disallowed a $277 million claim from the
trustee for Australian holders of convertible notes, according to
Sunday Star Times.

The report recalls that HIH Holdings issued the notes 13 years
ago to raise AUD213 million, and the Australian parent, HIH
Insurance, guaranteed them.

They were due to be converted into shares in HIH Insurance
between June 2001 and June 2003; but by July 2001, the New
Zealand company had followed its parent into liquidation, Sunday
Star Times relays.

In 2007, the report recounts, Perpetual Trustee Company, the
trustee for the note issue, gained an Australian Federal Court
ruling that HIH Holdings had not kept its end of the deal. It
subsequently terminated the notes contracts, Sunday Star Times
notes.

The noteholders are a mix of institutional and private investors,
the report discloses.

According to the report, Perpetual said it has a right to claim a
debt based on the face value of the original notes.  But the HIH
New Zealand liquidators said, at best, the noteholders have a
claim for damages, which would be nil, says Sunday Star Times.

The report says Perpetual is now challenging the New Zealand
liquidators' rejection of its claim on both sides of the Tasman.

Sunday Star Times states that the High Court in New Zealand has
given it leave to apply to reverse the decision, and it has taken
similar action in the Supreme Court of New South Wales.

However, in the spirit of trans-Tasman co-operation, the High
Court has also ordered a stay on the New Zealand proceedings
while the New South Wales case is heard, the report notes.

According to the report, liquidator Kerryn Downey, of McGrath
Nicol, said it was unusual for a matter affecting a New Zealand
liquidation to be heard by a court in another jurisdiction.

"They would not actually get their money back. What they would
ultimately get on conversion date was shares. They took their
chances on what those shares were worth," Sunday Star Times
quotes Mr. Downey as saying.

Mr. Downey, as cited by Sunday Star Times, said the Australian
company was insolvent and therefore the shares were worthless.

The report notes that the noteholders first made their claim in
2009 and the Kiwi liquidators took until July 2011, to make a
decision.  "We carefully examined the claim and obtained legal
opinions from New Zealand and Australian law firms," Mr. Downey
said.

If the Perpetual claim was allowed by the Australian courts, the
dividend to creditors would be 23 cents in the dollar. If not
allowed, the dividend would be 94 cents and would go to HIH's
Australian liquidators, the report adds.

                        About HIH Insurance

HIH Insurance Limited was a publicly listed company in Australia.
Prior to its collapse in 2001, the HIH Group was the second
largest general insurer in Australia and had operations in many
other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on Aug. 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are in place for eight of those companies.
The eight licensed insurance companies within the group were
placed into Schemes of Arrangement in Australia  on May 30, 2006.
Four of these companies were also placed into Schemes of
Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


MF GLOBAL: Australian Clients Not Guaranteed Full Return
--------------------------------------------------------
Chris Campbell, a partner at Deloitte, who was appointed
administrator of MF Global's Australian units, said he is unable
to guarantee that clients would get 100 cents on the dollar
because he had yet to secure funds caught up in the group's
complex global web, Ben Butler of The Sydney Morning Herald
reported.

According to the administrator, the Australian units were in the
black when its directors pulled the plug, the report related.

Mr. Campbell said the company had 20,700 client accounts,
although "people will have multiple accounts," and he had so far
secured "just under $160 million" in cash, SMH related.

A creditors' meeting is set for Friday next week in Sydney, SMH
related.

"The overall reconciliation that the company did every day prior
to our appointment, and is being updated for the day of our
appointment, shows a positive reconciliation," Mr. Campbell told
SMH.  "In other words, there is a surplus in total."

But only part of the company's assets were in cash, Mr. Campbell
said, according to the report.  "The rest is made up of clearing
accounts, instruments that are still on market and other
organizations that owe money into Australia."

Mr. Campbell added that so far, there had been "mixed success"
recovering funds from exchanges, sometimes because accounts were
held in the names of other companies in the group.

While there was also enough money owing between companies in the
global group to "cause concern," administrators of MF Global's
arms around the world were starting to talk to each other, he
told SMH.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It is easily the largest bankruptcy filing so
far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

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


MF GLOBAL: Asia & Australia Operations Get 40 Bids
--------------------------------------------------
Patrick Cowley, a principal for KPMG in Hong Kong, told Reuters
on Friday that MF Global's operations in Asia and Australia have
received nearly 40 credible offers and a sale is expected to be
agreed by the end of the weekend.  KPMG is acting as provisional
liquidator for the brokerage's Hong Kong unit.

Mr. Cowley told Reuters that he was working with the brokerage's
other administrators in Australia and Singapore to try and sell
the Asia-Pacific operations to a single buyer.

"It is an integrated platform and so we start from the belief
that the most value will be to a party looking to take on
Australia, Singapore, Hong Kong, Japan, and that's the response
we are getting from interested parties," Mr. Cowley told Reuters.

Reuters said Mr. Cowley refrained from giving any indication on
what kind of price the liquidators were hoping to achieve for the
Asian business, but said he and his fellow administrators were
pushing for a strong valuation.

Mr. Cowley told Reuters that if terms were agreed on a sale over
the weekend, contracts would probably be signed early next week
and the transaction completed a couple of weeks afterwards.  Mr.
Cowley said there was no indication of any unaccounted for client
funds in Asia.

The brokerage's administrators said earlier this week that they
were being hampered in their efforts to retrieve client money
from some overseas exchanges but Cowley said that situation is
now improving, Reuters reported.

Interested parties for the brokerage in Asia include major
financial institutions, MF Global's previous competitors and
other regional institutions looking to either get a foothold in
the Asian market or expand their options and derivatives
franchises, according to Reuters.

According to Reuters, analysts said the rush of interest in MF
Global's brokerage unit, which only appointed liquidators in Hong
Kong on Wednesday morning, reflects the fact it had a strong
market share in several Asian markets.

MF Global's last annual report said it generated around 14.4% of
its global revenue in Asia during the 2010-2011 financial year,
which would be around $321.6 million (200.8 million pounds)
before interest and transaction-based expenses, Reuters noted.

Asia is the main growth focus for many financial institutions
given the ongoing economic and fiscal problems in western
markets, which is likely to add to the attractiveness of MF
Global's regional operations, the report related.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It is easily the largest bankruptcy filing so
far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

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


* AUSTRALIA: Hospitality Sector Sees Growing Business Failures
--------------------------------------------------------------
SmartCompany reports that experts warn the hospitality industry
is suffering under lower consumer demand and higher wages, and is
now seeing the number of businesses shutting down exceeding that
of new businesses entering the market.

The warning, according to SmartCompany, comes as new figures from
Westpac reveal the value of impaired loans has increased in the
construction, accommodation and hospitality industries.

SmartCompany relates that John Hart, chief executive of
Restaurant and Catering Australia, said this year has been a dire
one for the hospitality industry, saying it's taken a huge toll
on the number of businesses that are actually operating in the
field.

"This is the first year we've seen the rate of closure exceed the
rate of new businesses opening in the industry . . . that's
pretty damning," SmartCompany quotes Mr. Hart as saying.

"We've always had churn of about 18-19%, and we've always had
that number going out of business, but we're just not seeing the
number of new businesses coming up to take their place."

SmartCompany notes that as part of Westpac's legal requirements,
it released figures on impaired loans last week.  One of the most
significant increases was in the accommodation, cafes and
restaurants sectors, which saw impaired loans rise from
AUD134 million to AUD205 million or a growth of 52%, according to
SmartCompany.

Mr. Hart, as cited by SmartCompany, said the failures are due to
a combination of factors, although says higher wages are a key
reason why some businesses can't afford to survive.


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C H I N A
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BANK OF CHINA: Fitch Says Individual Rating at 'B' is Unaffected
----------------------------------------------------------------
Fitch Ratings has assigned Bank of China (Hong Kong) Ltd's senior
unsecured notes an 'A' rating.

The USD750 million notes carry a 3.75% fixed coupon throughout
their five-year tenor. They were issued on November 8, 2011 from
the USD15 billion medium-term note programme launched in
September 2011. The notes were purchased by investors in Asia
(about 80%), Europe (about 16%) and the US (about 4%).

The other ratings of BOCHK are unaffected and are as follows:

  -- Long-term Foreign Currency IDR: 'A'; Outlook Stable
  -- Short-term Foreign Currency IDR: 'F1'
  -- Viability Rating: 'a'
  -- Individual Rating: 'B'
  -- Support Rating: '1'
  -- Support Rating Floor: 'A-'
  -- Subordinated notes: 'A-'


LONGTOP FINANCIAL: Faces SEC Charges Over Deficient Filings
-----------------------------------------------------------
The U.S. Securities and Exchange Commission's Division of
Enforcement alleges that Longtop Financial Technologies Ltd.
failed to comply with its reporting obligations because it failed
to file an annual report for its fiscal year that ended March 31,
2011.  Furthermore, Longtop's independent auditor stated in
May 2011 that its prior audit reports on Longtop's financial
statements contained in annual reports for 2008, 2009 and 2010
should no longer be relied upon.

Under Section 12(j) of the Securities Act of 1934, the SEC is
authorized to bring administrative proceedings to determine
whether to revoke or suspend the registration of a security if a
public company fails to comply with the federal securities laws.

"We are taking this action to protect investors because it
appears there is no current and reliable information available to
the investing public about Longtop," said Antonia Chion,
Associate Director of the SEC's Division of Enforcement.

If the administrative law judge overseeing the proceeding revokes
the registration of Longtop's securities, no broker-dealer may
execute any trades in those securities. Revocation also would
abolish Longtop as a public shell company so that it could not be
sold and used as a vehicle for future fraud.

According to the order instituting the administrative proceeding,
Longtop's American depositary shares were listed and traded on
the New York Stock Exchange under the symbol LFT beginning in
October 2007 after an initial public offering.  On Aug. 29, 2011,
the NYSE delisted LFT, finding that the American depositary
shares were no longer suitable for continued listing and trading.
Currently, Longtop's American depositary shares trade in the
over-the-counter market under the ticker symbol "LGFTY."

In this litigated administrative proceeding, Longtop will have an
opportunity to refute the SEC Enforcement Division's allegations.
The administrative law judge will then determine whether the
allegations are true and whether the registration of Longtop
securities should be suspended for a period not exceeding 12
months or revoked altogether. Longtop is required to file
periodic reports with the SEC until a final decision is made in
this proceeding.

The SEC previously filed a subpoena enforcement action against
Deloitte Touche Tohmatsu CPA Ltd. in Shanghai for failing to
produce documents related to the SEC's investigation into
possible fraud by Longtop, the audit firm's longtime client.

The SEC's investigation, which is continuing, has been conducted
by Helaine Schwartz, Avron Elbaum, Lisa Deitch, and Jonathan
Cowen of the SEC's Division of Enforcement. The SEC's litigation
will be led by Mark Lanpher of the Division's Trial Unit.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, Longtop Financial Technologies Limited said its
registered independent accounting firm, Deloitte Touche Tohmatsu
CPA Ltd., has resigned as auditor of the Company by letter dated
May 22, 2011.  The Company also announced that Derek Palaschuk,
the Company's Chief Financial Officer, tendered his resignation
by letter, dated May 19, 2011, and the Board has taken his
resignation under advisement.

In its letter, DTT stated that it was resigning as the result of,
among other things (1) the recently identified falsity of the
Company's financial records in relation to cash at bank and loan
balances (and possibly in sales revenue); (2) the deliberate
interference by certain members of Longtop management in DTT's
audit process; and (3) the unlawful detention of DTT's audit
files.  DTT further stated that it was no longer able to rely on
management's representations in relation to prior period
financial reports, that continued reliance should no longer be
placed on DTT's audit reports on the previous financial
statements, and DTT declined to be associated with any of the
Company's financial communications in 2010 and 2011.

Longtop said its Audit Committee has retained US legal counsel
and authorized the retention of forensic accountants to conduct
an independent investigation into the matters raised by DTT's
resignation letter.  The Audit Committee has also initiated a
search for a new auditor.  Longtop said the U.S. Securities and
Exchange Commission was conducting an inquiry regarding related
matters.

                      About Longtop Financial

Based in Hong Kong, Longtop Financial Technologies Limited --
http://www.longtop.com/-- together with its subsidiaries
provides a range of software solutions and services to the
financial institutions in the People's Republic of China (PRC),
including the development, licensing and support of software
solutions, the provision of maintenance, support, and other
services, and system integration services related to the
procurement and sale of third party hardware and software.


SHENGKAI INNOVATIONS: Gets NASDAQ Notice on Minimum Bid Rule
------------------------------------------------------------
Shengkai Innovations, Inc. received a notice from NASDAQ's
Listing Qualifications Department indicating that for the last 30
consecutive business days the bid price for the Company's common
stock had closed below the minimum $1.00 per share required for
continued listing on The NASDAQ Global Market under NASDAQ
Listing Rule 5450(a)(1).  The notification letter states that the
Company will have 180 calendar days, or until May 8, 2012, to
regain compliance with the minimum bid price requirement.  In
order to regain compliance, shares of the Company's common stock
must maintain a minimum closing bid price of $1.00 per share for
a minimum of ten consecutive business days.  The notification
letter has no effect at this time on the listing of the Company's
common stock on The NASDAQ Global Market.  Shengkai's common
stock will continue to trade on The NASDAQ Global Market under
the symbol "VALV".

If the Company does not regain compliance by May 8, 2012, the
Company may be eligible for an additional grace period if it
applies to transfer the listing of its common stock to The NASDAQ
Capital Market.  To qualify, the Company would be required to
meet the continued listing requirements for market value of
publicly held shares and all other initial listing standards for
The NASDAQ Capital Market, with the exception of the minimum bid
price requirement, and provide written notice of its intention to
cure the minimum bid price deficiency during the second
compliance period by effecting a reverse stock split if
necessary.  If the NASDAQ staff determines that the Company will
not be able to cure the deficiency, or if the Company is
otherwise not eligible for such additional compliance period,
NASDAQ will provide notice that the Company's common stock will
be subject to delisting. At that time, the Company may appeal the
delisting determination to a Hearings Panel.

"We intend to actively monitor the bid price for our common stock
and consider all available options to regain compliance with the
NASDAQ minimum bid price requirement," noted Mr. Chen Wang,
Chairman and Chief Executive Officer of Shengkai.

                   About Shengkai Innovations

Shengkai Innovations, Inc. is primarily engaged in the design,
manufacture and sale of ceramic valves, high-tech ceramic
materials and the provision of technical consultation and related
services.  The Company's industrial valve products are used by
companies in the electric power, petrochemical and chemical,
metallurgy and other industries as high-performance, more durable
alternatives to traditional metal valves. The Company was founded
in 1994 and is headquartered in Tianjin, the PRC.


SINO-FOREST CORP: Confirms Canadian Police Probe
------------------------------------------------
Kevin Bell and Simon Casey at Bloomberg News report that
Sino-Forest Corp., the Chinese timber company whose shares were
suspended in Toronto in August amid allegations of fraud,
confirmed that it is being investigated by the Royal Canadian
Mounted Police.

Bloomberg relates that Ontario- and Hong Kong-based Sino-Forest
said in an e-mailed statement that the company is cooperating
with probes by the Ontario Securities Commission and the RCMP,
Mississauga.

"We cannot comment on the RCMP investigation, but Sino-Forest's
Independent Committee is in the latter stages of its own
extensive examination of allegations made by Muddy Waters," Sino-
Forest said in the statement.  The company said it will respond
fully by year-end, Bloomberg reports.

Bloomberg says the OSC, Canada's main securities regulator, on
Sept. 8 extended the trading ban on Sino-Forest shares to
Jan. 25.  The commission "has referred the matter to the RCMP and
that the OSC investigation is ongoing," Carolyn Shaw-Rimmington,
a spokeswoman for OSC, said in an e-mail Nov. 10, according to
Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2011, Bloomberg News said Sino-Forest Corp.'s Chief
Executive Officer and Chairman Allen Chan resigned two days after
the Ontario Securities Commission said the company may have
exaggerated timber holdings, the same charge made by short seller
Carson Block in June.

According to Bloomberg, the OSC halted trading in Sino-Forest's
shares on Aug. 26 and said the company may have misrepresented
revenue.  Bloomberg noted that Sino-Forest has plunged 67% in
Toronto since Mr. Block's Muddy Waters LLC published a report
June 2 alleging that the company was a "fraud."

Reporters from The Globe and Mail newspaper also found evidence
in China that Sino-Forest had exaggerated the amount of
timberland it owned and overstated its revenues, The New York
Times' DealBook said. The securities regulator said Sino-Forest
appeared to have engaged in self-dealing as well, the DealBook
added.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial
forest operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook
is negative. "At the same time, we lowered the issue rating on
the senior unsecured notes and convertible bonds to 'CCC-' from
'B'.  We also lowered the Greater China credit scale ratings on
the company and the notes to 'cnCCC-' from 'cnBB-'. We removed
all the ratings from CreditWatch, where they were originally
placed with negative implications on June 30, 2011. We then
withdrew all the ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


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


AIM HIGH: Creditors' Proofs of Debt Due Dec. 12
-----------------------------------------------
Creditors of AIM High Profits Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 12, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 3, 2011.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


AIRCREW BASING: Members' Final Meeting Set for Dec. 12
------------------------------------------------------
Members of Aircrew Basing Limited will hold their final general
meeting on Dec. 12, 2011, at 10:00 a.m., at 33rd Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, James Edward Hughes-Hallett and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


ALUMNI ASSOCIATION: Members' Final Meeting Set for Dec. 12
----------------------------------------------------------
Members of The Alumni Association (Hong Kong) of the Chinese High
School of Jakarta Indonesia Limited will hold their final general
meeting on Dec. 12, 2011, at 11:00 a.m., at its Registered
Office.

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


BALLY HK: Lam Hiu Shun Steps Down as Liquidator
-----------------------------------------------
Lam Hiu Shun stepped down as liquidator of Bally Hong Kong
Limited on Nov. 1, 2011.


BILL FAR: Members' Final Meeting Set for Dec. 12
------------------------------------------------
Members of Bill Far East Limited will hold their final meeting on
Dec. 12, 2011, at 11:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


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


AIR INDIA: 17 Banks Agree to Debt Restructuring Deal
----------------------------------------------------
mydigitalfc.com reports that a consortium of 17 banks have agreed
to a restructuring package for Air India where INR20,000 crore of
short term working capital loans will be converted into longer
duration term loans and part of this money will be converted to
unsecured credit that the government will repay.

According to the report, the repayment period of the loan has
been extended by 10 years with a corporate guarantee from the
Government of India and hypothecation of aircraft with the
installment beginning within two years.

The government on its part, says mydigitalfc.com, is expected to
infuse INR20,000 crore into the airline and take care of the
unsecured debt obligations of the airline.  Interest rate of
about at least 2% concessions will part of the package.  Air
India accounts with all the banks are "standard," the report
notes.

"In return, Air India has told banks that it will generate
revenues by putting its huge hangar facilities to optimum use by
carrying out repair and servicing activities for other airlines,
put its hotels to use for catering services in-flight meal
services and optimum utilization of its aircraft," the report
quotes a senior banker who has been part of the negotiations as
saying.

mydigitalfc.com recalls that SBI Caps, the agency appointed by
Air India, submitted the proposal to the Reserve Bank of India
last week for its comments and has sought special dispensation
for the Air India whereby RBI will allow banks to do the
provisioning over a period of three to four quarters or waive off
the provisioning requirement so that it will not impact the
bottom line of banks who are part of the restructuring.

Rohit Nandan, Air India's chairman and managing director, told
Financial Chronicle, "We have asked for restructuring of all
INR44,000 crore including INR20,000 crore on aircraft purchase."

mydigitalfc.com quotes a senior Air India official as saying that
"We have proposed that 60 per cent of working capital, which is
over INR11,000 crore would be long term debt, INR7,000 crore will
be converted in to preferential capital and the balance money
would be put in cash credit account."

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


AIR INDIA: U.S. Carriers Oppose Boeing Subsidies
------------------------------------------------
The Wall Street Journal reports that U.S. airlines have renewed
an attack on U.S. government subsidies to foreign buyers of
Boeing Co. jetliners, calling on the U.S. Export-Import Bank to
reverse its approval of as much as $3.4 billion in guarantees for
loans to India's troubled national carrier, Air India.

The Journal says the Air Transport Association, in a letter to
Ex-IM Bank Chairman Fred Hochberg earlier this month, called on
the federal agency to slash subsidies to all overseas buyers of
Boeing jets.

"The bank's support for foreign airlines injures U.S. carriers,"
said ATA outside counsel Michael K. Kellogg in the letter, which
was reviewed by The Wall Street Journal.

According to the news agency, the letter focuses on Air India,
arguing that the state-owned carrier's long-running financial
losses and widely reported management problems should disqualify
it for U.S. support.  The ATA also criticized Ex-Im Bank for not
being sufficiently open about its decision making, the Journal
adds.

A letter of response from Ex-IM Bank's general counsel, also seen
by the Journal, said the bank stood by its decisions and
processes, although it would investigate some of ATA's assertions
about its procedures.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


AMETHYST HOSPITALITY: ICRA Puts '[ICRA]D' Rating on INR30cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]D' to the INR30.0 crore term loan of
Amethyst Hospitality Private Limited enhanced from INR20.0 crore
rated earlier.

The rating revision takes into account the delays in debt
servicing by the company in the recent past. The rating is also
constrained by the delays in commencement of the hotel operations
exposing the company to high market and execution risk. Moreover,
AHPL's financial profile is stretched characterized by high
gearing and weak coverage indicators. While assigning the
ratings, ICRA has also taken into consideration AHPL's
significant repayment schedule in the short to medium term.
However, the rating draws comfort from the favorable location of
the upcoming hotel in the prime commercial area of Madivala
mitigating the occupancy risk and the strong support of the
Davanam Group.

                   About Amethyst Hospitality

Amethyst Hospitality Private Limited, a Davanam group company is
developing a 132 key All Suite 4 star Hotel adhering to Latest
International Standards, "Davanam Sarovar Portico Suites" on 4th
to 7th & Terrace floor of the refurbished Madiwala Commercial
Complex (Davanam Plaza) located at a prime location in the heart
of Bangalore at the intersection of Hosur Road & Sarjapur road
near Koramangala. This hotel project underwent metamorphosis from
being an ordinary hotel to a 4 star hotel project during the
project execution stage. This resulted in additional cost
incurred for redesigning the hotel & making the relevant
modifications, alternations & additional work leading to further
delay to the ongoing project.


DIVYA JYOTI: ICRA Cuts Rating on INR20.29cr Term Loan to [ICRA]D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR20.29
crore term loan, INR18.60 crore fund based and INR2.11 crore non
fund based bank facilities of Divya Jyoti Sponge Iron Private
Limited from '[ICRA]B' to '[ICRA]D'.  The non-fund based
facilities are interchangeable between long term and short term,
for which ICRA has revised the rating from '[ICRA]A4' to
'[ICRA]D'.

The revision in the ratings takes into account the continued
delays made by the company in servicing its debt in a timely
manner.

Divya Jyoti Sponge Iron Private Limited, incorporated in the year
2004, is engaged in manufacturing sponge iron through the Direct
Reduced Iron route. The company manufactures sponge iron through
two DRI kilns of total annual capacity of 60,000 M.T.  The
production facility is located at Mejhia in the Bankura district
of West Bengal. DSPL has also set up a Steel Melting Shop (SMS)
of 74,000 M.T annual capacity for the manufacture of steel
billets.


EASTERN HIMALAYA: ICRA Cuts INR27cr Term Loan Rating to '[ICRA]D'
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR27 crore
term loan of Eastern Himalaya Breweries Private Limited from
'[ICRA]C' to '[ICRA]D'.

The revision in the rating takes into account the continued
delays made by the company in servicing its debt in a timely
manner.

Incorporated in 2001, Eastern Himalaya Breweries Private Limited
is setting up a brewery in the state of Arunachal Pradesh (A.P.).
The plant would initially have an installed capacity of 1,00,000
hectolitres per annum (HLPA), which could be subsequently
expanded to 2,50,000 HLPA. The facility is expected to commence
commercial operations from April 2012.


GAYATRI SUITING: Fitch Assigns Low-B Ratings on 3 Loan Classes
--------------------------------------------------------------
Fitch Ratings has assigned India's Gayatri Suitings Limited a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
stable.

The ratings are constrained by the intense competition in the
textile industry and Gayatri's five-year-long track record of
high net financial leverage (total adjusted net debt/ operating
EBITDA) and low interest coverage. Fitch expects net leverage to
increase to 6.02x in FY12 (end-March) from 5x in FY11 (FY10:
5.78x) and interest cover to fall below 2x (FY10: 2.21x) on
account of the company's planned debt-led capex.

The ratings, however, draw strength from Gayatri's 25 years of
experience in the textile industry and the substantial growth of
70% yoy in its revenue to INR465m in FY11. Further, the company's
operating EBITDA margin, though declined, was comfortable at
14.45% in FY11 (FY10: 17.88%).

Negative rating action may result from a sustained fall in
Gayatri's operating profitability and/ or a sudden increase in
its working capital requirements resulting in net leverage
exceeding 7x.

Conversely, positive rating action may result from consistent
revenue growth coupled with stable EBITDA margins leading to net
leverage falling below 5x.

Established in 1986, Gayatri manufactures textiles including
synthetic yarn. In FY11, the company had an EBITDA of
INR67 million (FY10: INR45.70 million).

Fitch has also assigned ratings to Gayatri's bank loans as
follows:

  -- INR13 million fund-based working capital limit: 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'

  -- INR2.51 million non-fund based limit: 'Fitch BB-(ind)'/
     'Fitch A4+ (ind)'

  -- INR29.79 million term loan: 'Fitch BB-(ind)'


HIRACO INDIA: Delays in Debt Repayment Cuts ICRA 'C' Ratings
------------------------------------------------------------
Ratings of '[ICRA]C' and '[ICRA]A4' have been assigned to the
INR70 crore fund-based working capital facilities of Hiraco India
Private Limited.

The ratings reflect recent delays in debt servicing by the
company. There have been delays in realization of export bills
discounted by the company with banks, eventually leading to
delays in debt servicing by the company.

The profile of the company is characterized by vast experience of
promoters in the diamond industry, diversified clientele,
moderate geographic concentration, and its leading position in
the niche segment of Naats in the diamond industry. The profile
is however constrained by significant decline in the turnover
during the last three years, low operating and net margins which
are key characteristics of fragmented and competitive CPD
industry, leveraged capital structure, vulnerability to currency
fluctuations though the risk is mitigated partially by natural
hedge and partially by entering into forward contracts, and the
proposed diversification into non-core port development business.

                         About Hiraco India

Promoted by two Sutaria brothers - Mr. Dahyabhai and
Mr. Vallabhbhai - and closely held by the promoters' family,
Hiraco India Private Limited commenced business as a partnership
firm (erstwhile Hira Exports) in 1988 to deal in import of rough
diamonds and export of polished diamonds. HIPL was incorporated
in May 2008 as a private limited company. Mr. Dahyabhai Sutaria,
being the Managing Director of the company, controls the overall
management of the company and he is assisted by other family
members in the business.

The company primarily deals in export of White Naats, which have
certain inclusions and are used in low end jewellery. USA and
Hong Kong are the major markets for the company. The company is
not a DTC sightholder and it procures rough diamonds from
Belgium, Hong Kong, Dubai and local suppliers. The company also
operates two wind mills in Maharashtra and plans to enter into
'Port development' business with the proposed Modhava port in
Gujarat.

Recent Results:

The company reported a profit after tax (PAT) of INR3.13 crore on
an operating income of INR229.17 crore for FY 2010-11 on a
standalone basis as against a PAT of INR2.03 crore on an
operating income of INR260.60 crore in FY 2009-10.


HMR STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR15cr LT Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-'rating to the INR15.00 crores long
term fund based facilities and '[ICRA]A4' rating to the INR7.00
crores short term non-fund based facilities of HMR Steels Pvt
Ltd. The outlook on the long term rating is stable.

ICRA's rating factors in the low profitability levels for the
company, which is inherent to the trading business and stretched
financial profile, characterized by leveraged capital structure,
negative fund flow from operations and weak debt coverage
indicators. The rating is also constrained by high geographic
concentration risk as more than 95% of the sales for the company
come from Andhra Pradesh and by price fluctuation risk since the
company does not enter into any price agreements with suppliers
and customers. The rating also factors in the highly competitive
nature of the Iron & Steel trading business with presence of
large number of traders exposing the company to pricing
pressures. The ratings however positively factor in the long
track record of the promoters in this business, aided by
established relations with suppliers and customers. Going
forward, the company's ability to improve its margins and manage
working capital requirements to remain as key rating
sensitivities.

HMR Steels Pvt Ltd was incorporated as MR Steels, a
proprietorship concern in the year 1992 and later converted to
HMR Steels Pvt Ltd in 2008. The company is based out of Hyderabad
and is engaged in trading of Iron & Steel products.


HOTEL REEVA: CARE Assigns 'CARE BB+' Rating to INR21.06cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities
of Hotel Reeva Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      21.06      CARE BB+ Assigned

Rating Rationale

The rating is constrained by the high debt-funded hotel project,
delay in project implementation, lack of operational/marketing
tie-up with any renowned hotel chain, single source of attraction
(i.e Sai Baba temple) for Shirdi hospitality market and intense
competition from existing and upcoming hotels in the Shirdi.

The rating derives strength from the experience of the promoters
in the hospitality business, locational advantage of the hotel,
low seasonality as devotees visit Shirdi round the year,
continuous growth in religious tourism at Shirdi and revenue
support from the sale and maintenance of residential apartments.

Ability of the company to ensure timely completion of hotel
project, achieve the projected occupancy levels and Average Room
Rent (ARR) and sale of residential apartments as projected are
the key rating sensitivities.

                        About Hotel Reeva

Hotel Reeva Private Limited, incorporated on Aug 17, 2005, is
promoted by Ms Priti Chand.  The promoter viz. Ms Priti Chand has
been in the hospitality business since the last 15 years and has
a good understanding of Shirdi hospitality market. RHPL is
engaged in the development and sale of residential apartments and
is also operating a 24 room-Service Apartment (named as Reeva
Suites) at Shirdi. Under real estate, RHPL had executed two
residential projects.

Furthermore, considering the business potential offered by Shirdi
hospitality market, the company intends to build a 4 Star hotel
with 100 rooms at Shirdi at a project cost of INR25.02 crore to
be funded at D/E of 2.57x. Initially, the hotel was expected to
be operational by October 2012; however, there is a delay in
project implementation (6 months) and the hotel is now expected
to be operational by April 01, 2013. As on Sept. 30, 2011, the
company had incurred INR3.55 crore towards the project, funded
with a debt of INR1.55 crore and equity of INR2.00 crore. The
company intends to operate the proposed hotel by its own.


KAUSTHUBHA PROJECTS: ICRA Puts [ICRA]D Rating on INR14.65cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]D' to the INR14.65 crore term loan of
Kausthubha Projects Private Limited enhanced from INR10.0 crore
rated earlier.

The rating revision takes into account the delay in servicing the
debt by the company in the past few months. ICRA notes that the
debt servicing is closely aligned to the rental inflows from the
tenants and any delays in collection of the same can critically
impact the timely servicing of the debt repayment obligations.
These apart, the ratings are constrained by the high client
concentration risk on account of the single tenant occupying the
leased property. Moreover, the hotel which is being constructed
by another group company, Amethyst Hospitality Private Limited is
yet to start operations resulting in lower than anticipated
cashflows. The rating is further constrained by stretched
financial profile of the company characterized by high gearing
level and stretched liquidity position of KPPL. However the
rating draws comfort from the favorable location of the Madivala
Commercial Plaza which mitigates the occupancy to a greater
extent and by the long tenure of the lease providing visibility
to the cashflows in future.

                      About Kausthubha Projects

Kausthubha Projects Private Limited began its operations in 2003
for the purpose of building and developing properties. In March
2006 it was transferred the Madivala Commercial Plaza from
Davanam Jewellaers Private Limited (DJPL), another group company
on a further concession agreement of 29 years. DJPL was a
successful bidder for the said property and was transferred the
3.3 lac sq.ft. property from BBMP (Bruhat Bengaluru Mahanagara
Palike) on a concession agreement of 30 years. KPPL has leased
out 1.69 lac sq.ft. out of the 3.3 lac sq.ft. property to Food
Express Stores which also includes a car parking area for 100
cars in the basement. The other five floors of the plaza (4th-
8th) have been allocated to Amethyst Hospitality Private Limited
(AHPL) for developing a 4-star hotel which is to become
operational in January 2012.

Recent results:

For the year 2010-11, KPPL recorded a net profit of INR1.32 crore
on an operating income of INR8.67 crore as against a net profit
of INR1.09 crore on an operating income of INR6.98 crore in 2009-
10.


KINGFISHER AIRLINES: Asked to Raise Fresh Capital, SBI Exec Says
----------------------------------------------------------------
Nupur Acharya at Dow Jones Newswires reports that the State Bank
of India has asked Kingfisher Airlines Ltd. to raise fresh
capital, a senior bank executive said Monday.

One of the options being discussed with the airline is a sale of
some of its assets, State Bank of India Managing Director Hemant
Contractor told reporters on the sidelines of the World Economic
Forum in Mumbai, the report agency reports.

Dow Jones relates that Mr. Contractor also said that the carrier
will need a credible plan to raise fresh capital for the bank to
consider another round of restructuring of debt.

Mr. Contractor, as cited by Dow Jones, said that the bank has a
debt exposure of INR14 billion to Kingfisher Airlines.  It held a
5.7% stake in the carrier as at Sept. 30, the report discloses.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


KLA FOODS: CARE Rates INR6.13cr Long-Term Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of KLA Foods
(India) Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.13      CARE B+ Assigned

Rating Rationale

The rating is mainly constrained by the modest scale of
operations of KLA Food (India) Ltd. and its presence in a
fragmented food processing industry with low entry barriers and
seasonality associated with raw material sourcing. The rating is
further constrained by KFIL's moderately weak financial risk
profile characterized by weak liquidity indicators, very long
inventory holding period and working-capital intensive nature of
operations.  The above constraints greatly offset the strengths
derived in the form of established food processing facilities,
proximity to raw material sources and financial support extended
by KFIL's associate concern.

Improvement in the overall financial risk profile with increase
in scale of operations, improvement in profitability margins and
better inventory management are the key rating sensitivities.

                         About KLA FOODS

KFIL was incorporated in June 2006 by Mrs. Shakuntala Agarwal,
Mrs Ranjeeta Agarwal and Mrs. Neetu Agarwal for processing of
frozen vegetables, ketchup and jam. The company is also engaged
in the trading of food grains mainly rice. KFIL started its
production from September 2006 at its manufacturing unit located
in Uttarakhand. It had an installed capacity of 12,000 metric
tonne per annum (MTPA) for vegetable processing and 1,000 MTPA of
ketchup and jam processing as on March 31, 2011.

During FY11 (refers to period as April 1 to March 31), the
company achieved a total operating income of INR8.90 crore with a
net profit of INR0.20 crore as compared to a total operating
income of Rs.1.32 crore with a net loss of INR0.74 crore in FY10.


NEPTUNE REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR350cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR350 crore term
loans of Neptune Realtors Private Limited.  The outlook assigned
to the long term rating is stable.

The rating takes into account funding support extended to the
project by the Piramal Group which holds a majority stake in the
SPV, achievement of financial closure and payment for the entire
land cost. The rating, however, is constrained by the nascent
stage of construction, short moratorium period for debt repayment
and market risk as no lease tie-ups have been achieved till date.
Going forward, NRPL's ability to complete the project within the
estimated Commercial Operation Date (COD) and achieve lease tie-
ups in a timely manner remain the key rating sensitivities.

                       About Neptune Realtors

Incorporated in November 2006, NRPL is a SPV jointly held by the
Piramal Group and the Neptune Group. The Piramal Group holds a
60% equity stake in the SPV while the Neptune Group holds the
balance 40% through its flagship entity - Neptune Developers
Limited (NDL). NRPL is currently undertaking development of a
commercial project in the Kurla suburb of Mumbai. The project is
proposed to be developed in two phases with phase-1 comprising of
1 msf of leasable area. Land for the project was purchased in
February 2007 jointly by the Neptune Group and IndiaREIT (a real
estate focussed Private Equity fund). The total cost of phase-1
is estimated at ---INR632 crore of which NRPL had incurred -
INR246 crore till
July 31, 2011.


PADHAM STEEL: ICRA Puts '[ICRA]BB' Rating to INR10cr Cash Credit
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR10.00 crore cash
credit facility and an '[ICRA]A4+' rating to the INR15.00 crore
short term non fund based facility of Padham Steel Enterprises
Private Limited.  ICRA has also assigned [ICRA]BB and [ICRA]A4+
ratings to the INR15.00 crore proposed limits of the company. The
outlook assigned to the long term rating is "Stable".

The ratings are constrained by the moderate financial profile of
the company characterized by low profitability and weak coverage
indicators. The ratings also take into account the intense
competition with low entry barriers inherent in the trading
business and cyclicality in the steel industry. ICRA notes that
the company's profitability remains susceptible to steel price
fluctuation as the purchases are not backed by orders. The
ratings, nevertheless, favorably factor in the long experience of
the promoters in the steel trading industry, well diversified
client base and healthy demand outlook from infrastructure,
automobile and other manufacturing industries. Also, the capital
structure is moderate, driven by low working capital intensity.

                         About Padham Steel

Padham Steel Enterprises Private Limited started its operations
in 2006 and is engaged in trading of Mild Steel (MS) Plates and
Sheets ranging between 2 mm and 120 mm in thickness, angles and
channels. The company has its registered office in Mumbai & its
warehouses are located in Kalamboli, Navi Mumbai and Govindpura,
Bhopal.

Recent Results:

PSEPL recorded a net profit of INR0.20 crore on an operating
income of INR173.67 crore for the year ending March 31, 2011 as
against a net profit of INR1.41 crore on an operating income of
INR130.09 crore in the corresponding previous year. For the half
year ended September 30, 2011, the company recorded a net profit
after tax of INR0.96 crore on an operating income of INR72.51
crore.


PATEL COTTON: ICRA Assigns '[ICRA]BB-' Rating to INR7.5cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR7.50 crore cash
credit facilities of Patel Cotton Industries.

The rating is constrained by the weak financial profile of the
company as reflected by low profitability on account of low value
additive nature of the cotton ginning business and stretched
capital structure leading to weak coverage indicators. The rating
also takes into account the susceptibility of the cotton prices
to seasonality and regulatory risks which together with the
highly competitive industry environment further exert pressure on
margins.

The rating, however, positively considers the long experience of
the promoters and associates in the cotton ginning and pressing
business and favorable location of the company which gives it
easy access to raw cotton.

                         About Patel Cotton

Patel Cotton Industries was established in 2006. It is engaged in
ginning and pressing of raw cotton to produce cotton seeds and
cotton bales. The business is managed jointly by all the five
partners Mr. Rameshchandra Patel, Mr. Girish Patel, Mr. Rohit
Patel, Mr. Jagdish Patel and Pankaj Patel. The factory is located
at Vijapur (Gujarat). The firm is equipped with 24 ginning
machines and one semi-automated pressing machine. It has an
annual installed capacity of processing 24000 metric tons of raw
cotton per annum (considering 100 MT per day and 240 days
operation).


PET METAL: CARE Assigns 'CARE B+' Rating to INR5.94cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of PET Metal Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.94      CARE B+ Assigned

   Long-term/Short-term Bank       2.00      CARE B+/CARE A4
    Facilities                                Assigned

   Short-term Bank Facilities      2.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Pet Metal Private Limited, below average financial risk profile
which is further strained due to support extended to one of its
group company which has a weak financial risk profile.
Vulnerability of its profitability to fluctuations in raw
material prices and its presence in the highly fragmented
aluminum extrusion industry further constrain the ratings.  The
above constraints far offset the benefits derived from the
promoters' experience and stable outlook of the user industries.
Increase in the scale of operations and improvement in
profitability along with effective inventory management are the
key rating sensitivities.

                           About PET Metal

PET Metal Private Limited, incorporated in 1990, is promoted by
Vadodara-based Mr Bhagwandas Jindal and Mr. Arjun Agarwal. PMPL
manufactures aluminum slugs which find application in industries
such as pharmaceutical, cosmetics, batteries, electronic
capacitors, etc. PMPL also derives small part of its total income
from sale of aluminum circles and job work charges. PMPL's plant
is located at GIDC, Waghodia near Vadodara with an installed
capacity of 3,000 Metric Tonne Per Annum (MTPA) as on March 31,
2011.


PRADEEP METALS: CARE Places 'CARE BB+' Rating on INR38.4cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Pradeep Metals Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      38.40      CARE BB+ Assigned
   Short-term Bank Facilities      0.50      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by Pradeep Metals Ltd.'s financial
profile characterized by the relatively small scale of
operations, significant decline in turnover and profitability
during FY10 and high leverage. The ratings are further
constrained by very long working capital cycle, susceptibility of
margins to volatile raw material prices due to absence of long
term arrangements and the customer and supplier concentration
risk.

However, the ratings derive strength from the long track record
and experienced management, established relationship with the
customers and financial support from the promoters in the past.
PML's ability to manage the working-capital cycle efficiently,
managing the expected slowdown in the key export geographies and
achieving the envisaged sales and profitability along-with
improvement in the liquidity position are the key rating
sensitivities.

                         About Pradeep Metals

Pradeep Metals Limited., established in 1982, was promoted by
Mr. V.P. Goyal along -- with his son Mr Pradeep Goyal. PML is
engaged in the business of manufacturing the closed-die steel
forgings as also semi-machined components mainly for general
engineering, defence, automobile, petrochemicals industries. PML
generates its revenue from the domestic as well as exports
market.  It also exports to various countries including USA,
Europe, UK as well as Asian countries. PML has an installed
capacity of 8,000 Metric Tonnes Per Annum (MTPA) as on March 31,
2011 with the manufacturing facility located at Navi Mumbai,
Maharashtra.


RADHESHYAM COTTEX: CARE Rates INR6.37cr Long-Term Loan at CARE B
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Radheshyam Cottex.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.37      CARE B Assigned
   Short-term Bank Facilities      5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.  The
ratings assigned to the bank facilities of Radheshyam Cottex are
constrained on account of its modest scale of operations with low
capacity utilization and its weak financial risk profile marked
by thin profitability, high leverage and stressed liquidity
position. The ratings are further constrained on account of
Radheshyam Cottex's constitution as a partnership firm,
susceptibility of its margins to cotton price fluctuation and its
presence in the highly fragmented cotton ginning industry.  These
constraints far offset the benefits derived from the wide
experience of the partners in the cotton ginning industry and
Radheshyam Cottex's proximity to cotton growing area of Gujarat.

Ability of the firm to increase its scale of operations and move
up in the cotton textile value chain and thereby improve its
overall financial risk profile would be the key rating
sensitivities.

                        About Radheshyam Cottex

Amreli based Radheshyam Cottex was formed in June 2009 as a
partnership concern by Mr. Paresh Kothiya and a few other family
members through associate entities to undertake the business of
cotton ginning. The promoter group consists of ten partners with
unequal profit and loss sharing between them. Mr. Paresh Kothiya
is the key partner of the firm and he looks after the day-to-day
operations.

Radheshyam Cottex is present at the lowest end of the value chain
in the cotton textile industry and is engaged in the business of
cotton ginning and pressing. It has an annual installed capacity
to produce 4,032 metric tonne (MT) of cotton bales and 7,372 MT
of cotton seeds.


SHRI SHRI: Fitch Puts Rating on Two Bank Facilities at Low-B
------------------------------------------------------------
Fitch Ratings has assigned India's Shri Shri Niwasji Oil Refiners
Private Limited a National Long-Term rating of 'Fitch B(ind)'.
The Outlook is Stable.

The ratings are constrained by SSNORPL's small size of
operations, low profitability margins, a two-year track record of
high net financial leverage and a stressed liquidity position. As
per the provisional results for the financial year ended March
2011 (FY11), the company's revenue declined to INR233 million
from INR250 million in FY10, while its operating EBITDA margins
slightly improved to 2.9% from 2.1%. However, net financial
leverage (total adjusted net debt/operating EBITDAR) increased to
8.18x from 6.35x as total debt increased to INR61 million in FY11
from INR42 million in FY10. At FYE11, the company had cash and
cash equivalents of INR6 million.

The ratings, however, draw comfort from the company's 37 years of
experience in the oil industry.

Negative rating action may result from a further fall in revenue
along with continued low operating profits and/ or increased
working capital requirements, leading to interest coverage
falling below 1.1 x. Conversely, revenue growth coupled with
improved profitability on a sustained basis, resulting in
interest coverage increasing to above 1.5x may result in positive
rating action.

Established in 1974, SSNORPL manufactures solvent extraction
oils, deoiled rice bran and deoiled cakes.

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

  -- INR3.39 million term loan: 'Fitch B(ind)'
  -- INR50 million fund-based working capital limit:
     'Fitch B(ind)'/ 'Fitch A4(ind)'


SOLAPUR NAGARI: Reserve Bank Cancels License Due to Insolvency
--------------------------------------------------------------
The Reserve Bank of India has cancelled the license of
Maharashtra's Solapur Nagari Audyogik Sahakari Bank Niyamit
effective on Nov. 5, 2011.

"In view of the fact that Solapur Nagari Audyogik Sahakari Bank
Niyamit, Solapur (Maharashtra), had ceased to be solvent, all
efforts to revive it in close consultation with the Government of
Maharashtra had failed and the depositors were being
inconvenienced by continued uncertainty, the Reserve Bank of
India delivered the order cancelling its license to the bank as
on the close of business on Nov. 5, 2011," RBI said.

The Registrar of Co-operative Societies, Maharashtra has also
been requested to issue an order for winding up the bank and
appoint a liquidator for the bank.

The bank was granted a license by Reserve Bank on Oct. 19, 1979,
to commence banking business.  The statutory inspection of the
bank under Section 35 of the Banking Regulation Act, 1949 (As
Applicable to Co-operative Societies) [the Act], with reference
to its financial position as on March 31, 2005, revealed that the
assessed networth of the bank was negative and the bank's
deposits had eroded to the extent of 3.0%.  The financial
parameters of the bank continued to deteriorate further as
revealed during subsequent inspections conducted with reference
to its financial position as on March 31, 2006, March 31, 2007,
March 31, 2008, March 31, 2009 and March 31, 2010.  The bank was
issued supervisory instructions on June 27, 2006, based on its
deteriorating financial position as on March 31, 2005, and these
supervisory instructions were modified, from time to time, based
on the findings of the relevant inspection reports.

As the bank had violated operational instructions issued vide
letter dated June 27, 2006 and not complied with Reserve Bank of
India guidelines contained in circular dated December 17, 2009,
regarding maintenance of investments in government securities, a
monetary penalty amounting to INR5.00 lakh was levied on the bank
after issue of Show Cause Notice in this regard.

The bank was unable to manage its liquidity and due to run on its
deposits and liquidity crisis, the bank was placed under all
inclusive directions under Section 35 A of the Act, vide
directive UBD.CO.BSD 1/D -28/12.22.278/2010-11 dated Jan. 6,
2011, with effect from the close of business as on Jan. 7, 2011,
for a period of six months. The directive was modified vide order
UBD.CO.BSD 1/D-45/12.22.278/2010-11 dated June 21, 2011,
extending the period of directions for a further period of six
months.

The statutory inspection of the bank under Section 35 of the Act,
with reference to the financial position of the bank as on
March 31, 2011 revealed further deterioration in its financial
position and other violations. Its net worth was assessed at (-)
INR1979.04 lakh and CRAR was assessed at (-)49.4%.  The erosion
in deposits was to the extent of 30.1%.  The gross and net NPAs
formed 33.4% and 22.3% of the gross and net advances
respectively. The assessed net loss of the bank stood at
INR1380.38 lakh for the year ended March 31, 2011 against the
reported net loss of INR1177.71 lakh by the bank.

Consequent to the cancellation of its license, Solapur Nagari
Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra) is
prohibited from carrying on 'banking business' as defined in
Section 5(b) of the Act.


SREE METALIKS: ICRA Cuts Rating on INR139.33cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR139.33 crore term loan and INR70.00 crore fund based bank
limits of Sree Metaliks Limited from 'LBBB' to '[ICRA]D'. ICRA
has also revised downwards the short term rating assigned to the
INR6.00 crore fund based bank limits and INR25.00 crore non fund
based bank limits of SML from 'A3+' to '[ICRA]D'.

The revisions in ratings factor in SML's recent history of delays
in timely servicing of its debt obligations and the high working
capital intensity of operations which, along with the significant
repayment obligations, is likely to keep the liquidity position
of the company under pressure. While assigning the ratings, ICRA
has also taken into account the fact that the company has
approached the banks for rescheduling its debt obligations in
regard to its ongoing project (integrated steel plant) at Anra,
as it has already suffered a significant time overrun. The
ratings also factor in the inherent vulnerability of SML to the
cyclicality in the steel industry that is currently passing
through a difficult phase, which is likely to adversely impact
the margins and cash flows of SML, the company's exposure to
project risks, given the large capital expenditure plans, and the
deterioration in the financial profile of SML characterized by a
decline in profitability and increase in the gearing level, which
is expected to remain high over the short to medium term, given
the aggressive funding pattern of the company's capital
expenditure plans. The ratings also factor in the adverse effect
on SML's operating profile due to the current supply-side
bottlenecks which have led to low capacity utilization of the
existing facilities. The ratings also factor in the experience of
the promoter's in the steel industry for more than a decade,
competitive cost structure on account of presence of a captive
power plant and proximity to sources of key raw materials, which
reduces the power and transportation costs respectively. ICRA
notes that the expected operationalisation of the captive iron
ore and coal mines would improve the cost structure of the
company and reduce its exposure to the volatility in raw material
prices. The ability of the company to service its debt
obligations in a timely manner and execute the proposed capex
plan without any significant time and cost overruns would remain
key rating sensitivities going forward.

                       About Sree Metaliks

Sree Metaliks Ltd was incorporated in 1995 and has been engaged
in the manufacture of sponge iron (capacity of 300,000 tpa.),
steel ingots/billets (capacity of 282,000 tpa), pig iron (30,000
tpa), TMT rods (capacity of 120,000 tpa) and pellet (capacity of
600,000 tpa) at its plants located at Loidapada, Anra and Angul
in Orissa. The company also has a power generating capacity of 28
MW per annum.

Recent Results:

During FY11, SML reported a profit after tax (PAT) of INR27.47
crore on the back of an operating income (OI) of INR455.36 crore.
During FY10, SML reported a PAT of INR38.29 crores on the back of
an OI of INR422.26 crores.


SRI BHAGWAN: ICRA Upgrades Rating on INR29.87cr Loan to [ICRA]B-
----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR29.87 crore term
loans (enhanced from INR22.85 crore) of Sri Bhagwan Mahaveer Jain
Educational & Cultural Society from '[ICRA]C' to '[ICRA]B-'.

The rating upgrade primarily takes into account SBMJECS's
profitable operations in FY11 after losses suffered till FY10,
and improved financial discipline enabling timely repayment of
debt obligations in recent months. The rating takes note of the
limited track record of MATS University, and its adverse
financial risk profile reflected by a weak return on capital
employed, high gearing levels resulting from significant debt
funded capital expenditure over the past few years and depressed
debt coverage indicators. The rating also takes into
consideration the wide array of courses offered to students,
favorable demand outlook for the higher education, and the
private university status granted to MATS University, which
provides it with operational flexibility to an extent. The
student intake improved across courses during the period FY11
that helped the society register nominal profits for the first
time. MATS University has started offering distance learning
courses from the 2011-12 academic session that is likely to
further expand its reach among the student community, however the
society continues to remain exposed to geographical concentration
risks, with presence only in the State of Chhattisgarh. ICRA also
notes the operational and financial support SBMJECS draws from
Sri Bhagawan Mahaveer Jain Educational and Cultural Trust (rated
[ICRA]BB).

                          About Sri Bhagwan

Sri Bhagwan Mahaveer Jain Educational & Cultural Society was
established in 2003 as a society in Raipur, Chhattisgarh. It has
sponsored the MATS College and the MATS University (private
university). The society offers under and post graduate courses
across different disciplines like engineering, commerce, law and
management.

Recent Results:

The society reported a net surplus of INR0.58 crore on an OI of
INR10.79 crore during FY11 as compared to a net deficit of INR0.8
crore on an OI of INR6.9 crore during FY10.


SRITHIK ISPAT: ICRA Cuts Rating on INR6cr Bank Loans to 'ICRA[D]'
-----------------------------------------------------------------
ICRA has revised downwards the long-term rating of the INR6.00
crore fund-based bank facilities of Srithik Ispat Private Limited
to '[ICRA]D' from 'LBB+'. ICRA has also revised downwards the
short-term rating of the INR18.80 crore non-fund based bank
facilities of SIPL to '[ICRA]D' from 'A4+'.

The rating revision factors in its tight liquidity situation
which is reflected by the recent instance of devolvement of
letters of credit and the subsequent overutilization of cash
credit facilities over extended period of time, following the
iron ore mining restrictions in the state of Karnataka.

Incorporated in 2002, SIPL is a part of the Srithik Group and is
engaged in the manufacturing of sponge iron from iron ore and
coal. SIPL has an installed capacity of 18,000 Metric Tonnes Per
Annum (MTPA) at its manufacturing facility in Sanguem, Goa. SIPL
procures iron ore from the states of Karnataka and Goa and
imports coal from South Africa and Indonesia. More than 70% of
the sponge iron produced is sold to its group company Prateek
Alloys Pvt Ltd, which manufactures MS Ingots and the rest is sold
to other steel manufactures in Goa.


SRITHIK ROLLING: ICRA Cuts Rating on INR6cr Loan to '[ICRA]B'
-------------------------------------------------------------
ICRA has revised downwards the long-term rating of the INR6.00
crore fund-based bank facilities and INR1.09 crore term loan
facilities of Srithik Rolling Private Limited to '[ICRA]B' from
'LBB+'. ICRA has also revised downwards the short-term rating of
the INR3.50 crore fund-based and INR2.80 crore non-fund based
bank facilities of SRPL to '[ICRA]A4' from 'A4+'.  INR3.50 short-
term fund based facility is a sub-limit of the INR6.00 crore
long-term fund based facility.

The rating revision factors in the recent disruption in
operations of SRPL's plant and its tight liquidity situation,
following the iron ore mining restrictions in the state of
Karnataka.

Incorporated in 2001, SRPL is part of the Srithik Group and is
engaged in the manufacturing of TMT bars from MS Ingots supplied
solely by the group company Prateek Alloys Pvt Ltd.  SRPL's
manufacturing facility at Bicholim, Goa has an installed capacity
of 18,000 MTPA. The company sells TMT bars under the brand name
"Srishti" and sells its products to traders and contractors in
the states of Goa, Maharashtra and Karnataka.


UMASREE TEXPLAST: ICRA Rates INR24.52cr LT Loan at '[ICRA]BB-'
--------------------------------------------------------------
The rating of '[ICRA]BB-' has been assigned to the INR24.52 crore
long term fund based facility. The rating of '[ICRA]A4' has also
been assigned to the INR4.50 crore short term non fund based bank
facilities of Umasree Texplast Private Limited.  The outlook on
the long term rating is 'stable'.

The ratings are constrained by UTPL's small scale of operations
in a highly fragmented industry, vulnerability of profit margins
to volatility in raw material prices and significant debt funded
capex plan of the company which is expected to result in
deterioration in capital structure of the company. The ratings
are further constrained by the regulatory risk associated with
sales to FCI as currently all food grain packaging is required to
be done through jute bags with only interim shortages allowed to
be fulfilled by PP/HDPE woven sacks.

The ratings, however, draw comfort from the extensive experience
of the promoters in the Polypropylene (PP)/High Density Poly
Ethylene (HDPE) woven sack industry, established clientele base
diversified across different end-user segments, and favourable
demand outlook for HDPE/PP woven fabrics industry.

                       About Umasree Texplast

Incorporated in 1994, Umasree Texplast Pvt. Ltd. (formerly known
as Meenaxi Fashions Pvt. Ltd.) is into manufacturing of different
varieties of PP woven sacks, PP woven fabrics which find utility
as industrial packaging materials ideally suited for fertilisers,
tarpaulins, cement, sugar, plastic polymers, food grains,
chemicals, salt etc. The manufacturing is carried out at Kalol,
Dist. Gandhinagar, Gujarat and the present capacity of the plant
is 3600 MTPA.Though the company was incorporated by Mr. Mukesh D
Modi and Mr. Narendra D Modi in 1994 as a textile processing
unit, the company was taken over by Mr. Mahendra P. Gopalka and
his son Mr. Anup M. Gopalka in 2003 to set up a woven sack
manufacturing plant with capacity of 2700 MTPA which commenced
operations from April 2005 to manufacture plastic woven sacks and
fabrics.

Recent Results:

In FY 2011, UTPL reported an operating income of INR39.40 Cr. (as
against INR35.05 Cr. during FY10) and profit after tax of INR0.66
Cr (as against INR0.44 Cr. during FY10).


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


CAFES 1: Fitch Lowers Rating on JPY5.6 Bil. Notes at 'Bsf'
----------------------------------------------------------
Fitch Ratings has downgraded two classes of Cafes 1 Trust's trust
beneficiary interests (TBIs) due May 2018 and affirmed the
remaining five classes.  The transaction is a Japanese single-
borrower type CMBS securitisation.  The rating actions are as
listed below:

  -- JPY2.31bn* Class A-1 TBIs downgraded to 'AAsf' from 'AAAsf';
     Outlook Stable
  -- JPY28.87bn* Class A-2 TBIs downgraded to 'AAsf' from
     'AAAsf'; Outlook Stable
  -- JPY6.4bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY3bn* Class C-1 TBIs affirmed at 'BBBsf'; Outlook Stable
  -- JPY3.4bn* Class C-2 TBIs affirmed at 'BBBsf'; Outlook Stable
  -- JPY1bn* Class D-1 TBIs affirmed at 'BBsf'; Outlook Stable
  -- JPY5.6bn* Class D-2 TBIs affirmed at 'BBsf'; Outlook Stable

*as of Nov. 9, 2011

The downgrade of the class A-1 and A-2 TBIs reflects Fitch's
downward revisions to its cash flow assumptions and in turn its
adopted value of the underlying commercial property collateral,
in light of recent trends in rent and occupancy levels in Japan's
office properties with similar characteristics. This is despite
the fact that actual cash flow performance has remained in line
with the agency's initial expectations and the existing lease on
the property remains intact. Fitch has also performed a scenario-
based analysis based on the transaction documents including the
current lease terms and rating sensitivity analysis to rental
rate migration.

The affirmation of the class B to D-2 TBIs reflects Fitch's view
that these classes can withstand stresses corresponding to the
relevant rating stress scenarios.

Fitch assigned ratings to this transaction in July 2006. The
transaction is a securitisation of a loan backed by a
condominium-ownership interest to a class A office located in
Chuo-ku, Tokyo.


JAPAN AIRLINES: Gains Momentum as Carrier Reports H1 Results
-----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Japan Airlines
Corp. said it generated solid earnings for its fiscal first half
and expects to make its biggest full-year operating profit in
nearly a decade, in a sign the carrier's push to cut costs are
paying off.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated
companies.  JAL International Co. Ltd. is a wholly owned
operating subsidiary of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd. and JAL Capital Co., Ltd., on Jan. 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization Jan. 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

In November 2010, Japan Airlines reached a basic agreement with
its major creditor banks on new loans of JPY284.9 billion.  The
airline's rehabilitation plan was approved by the Tokyo District
Court at the end of the month.


JLOC 37: S&P Raises Rating on 2 Classes of Notes From 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB+ (sf)' from
'BB+ (sf)' its ratings on the class B1 and B2 notes issued under
the JLOC 37 LLC transaction. "At the same time, we affirmed our
ratings on classes A1, A2, C1, C2, D1, and D2 issued under the
same transaction (also listed below). The rating on class X was
withdrawn in November 2010 in accordance with our updated
criteria for rating interest-only (IO) securities, which we
published on April 15, 2010," S&P related.

The transaction was initially backed by multiple loans that were
extended to 10 obligors. Currently, only the loans that were
extended to three obligors remain (the loans extended to the
three obligors originally represented about 35% of the total
initial issuance amount of the notes), and all these remaining
loans have defaulted.

The rating actions on classes B1 and B2 reflect:

    "We lowered the assumption that we had made as of November
    2010 with respect to the likely collection amount from the
    properties backing two of the three remaining loans (the two
    loans originally represented about 20% the total initial
    issuance amount) that have defaulted, after considering the
    current situation regarding the sale of the underlying
    properties by the servicer. In reviewing our ratings this
    time, we assumed the combined value of the properties to be
    about 53% of our initial underwriting value, whereas it was
    about 66% as of November 2010," S&P said.

    Despite the lowered assumption, the level of credit support
    has increased because about 89% of the outstanding balance of
    the notes has already been redeemed through collection from
    the sale of the properties backing the defaulted loans, as
    well as through redemption by maturity.

Morgan Stanley MUFG Securities Co. Ltd. (NR) serves as the
counterparty and Morgan Stanley (A/ Negative/A-1) serves as the
guarantor for the currency swap contracts in this transaction.

"With respect to classes A1 and A2, the level of credit support
has substantially increased as a result of redemption of the
notes. However, the currency swap contracts do not meet our
revised rating criteria for counterparty risk, which we published
in December 2010, and as a result, the ratings on this
transaction are capped at one notch above the rating on the
currency swap guarantor (Morgan Stanley). Considering the
factors, we have affirmed the ratings on classes A1 and A2
accordingly. We also affirmed our ratings on classes C1 to D2
based on the recovery prospects that we assume for the remaining
three loans," S&P said.

"In reviewing the ratings on this transaction, we also took into
account a risk scenario that may lead to a default event in this
transaction. In this scenario, we considered that the currency
risk hedge would be lost if the original currency swap provider
went bankrupt. As there is no contracting party in the
transaction under the obligation to convert the yen into euro in
such a scenario, we considered the risk that principal redemption
and interest payments could not be made, even if yen-denominated
funds were available for the redemption and payments," S&P
related.

JLOC 37 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The notes issued under this transaction were
originally secured by loans extended to 10 obligors, which were
initially backed by 61 real estate properties and real estate
trust certificates. The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
January 2015 for the class A1 and A2 notes, and the full payment
of interest and ultimate repayment of principal by the legal
maturity date for the class B1 to D2 notes," S&P said.

Ratings Raised
JLOC 37 LLC
JPY81.22 billion equivalent notes
issued on July 11, 2007, due January 2015
Class     To            From         Initial issue amount
B1        BBB+ (sf)     BB+ (sf)     JPY7,900 mil.
B2        BBB+ (sf)     BB+ (sf)     EUR4.85 mil.

Ratings Affirmed
Class     Rating        Initial issue amount
A1        A+ (sf        JPY53,800 mil.
A2        A+ (sf)       EUR12.1 mil.
C1        B- (sf)       JPY7,000 mil.
C2        B- (sf)       EUR8.45 mil.
D1        CCC (sf)      JPY8,000 mil.
D2        CCC (sf)      EUR1.95 mil.


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


HYNIX SEMICON: Fitch Puts 'BB-' Sr. Unsec. Rating on Pos. Watch
---------------------------------------------------------------
Fitch Ratings has placed Hynix Semiconductor Inc's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) and
senior unsecured rating of 'BB-' on Rating Watch Positive (RWP).
This follows its creditors' official announcement to select SK
Telecom Co., Ltd (SKT, 'A'/Rating Watch Negative) as the
preferred bidder to purchase their 15% stake in Hynix.

"Fitch believes that Hynix's credit profile may benefit from the
presence of SKT as the major shareholder in light of SKT's
stronger ability than the current creditors, to provide financial
support if needed. Equity injection from the planned new share
issuance to SKT will also contribute to improving Hynix's cash
position in the midst of a weak DRAM cycle," said Alvin Lim,
Associate Director in Fitch's Asia Pacific Telecommunications,
Media, and Technology team.

A group of creditors to Hynix has been seeking to dispose of
their controlling 15% stake. As the sole and preferred bidder SKT
will acquire a 20% stake, comprising existing shares and new
equity issue by Hynix, and take management control of Hynix.

Fitch does not expect the acquisition to generate any significant
operational synergies. Under its parent and subsidiary
methodology, Fitch will assess whether the legal, operational and
strategic ties between SKT and Hynix will be strong enough to
provide any notching uplift to Hynix, to reflect implied
financial support from SKT should the former get into financial
distress.

The RWP will be resolved upon the completion of the deal,
expected in February 2012.


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


ALPHOMEGA RESEARCH: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Sept. 22, 2011,
to wind up the operations of Alphomega Research Group Ltd
(formerly known as Alphomega Research Group Pte Ltd).

Ali Habib filed the petition against the company.

The company's liquidators are:

         Mr. Farooq Ahmad Mann
         Mr. Ewe Pang Kooi
         M/s Ewe, Loke & Partners of 7 Shenton Way
         #01-02 Singapore Conference Hall
         Singapore 068810


ASIASTAR CAPITAL: Creditors' Proofs of Debt Due Dec. 15
-------------------------------------------------------
Creditors of Asiastar Capital Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Mohamed Ali Bin Kadir
         Nancy Julia Zehnder
         c/o IP Consultants Pte Ltd
         60 Robinson Road
         #11-01 Bank of East Asia Building
         Singapore 068892


ASTIQUE MEDICAL: Court to Hear Wind-Up Petition on Nov. 25
----------------------------------------------------------
A petition to wind up the operations of Astique Medical Pte Ltd
will be heard before the High Court of Singapore on Nov. 25,
2011, at 10:00 a.m.

Hitachi Capital Singapore Pte Ltd filed the petition against the
company on Nov. 1, 2011.

The Petitioner's solicitors are:

          Messrs Guan Teck & Lim
          138 Robinson Road
          #14-01/02 The Corporate Office
          Singapore 068906


BORDERS PTE: High Court to Hear Judicial Management Bid on Dec. 2
-----------------------------------------------------------------
An application to place Borders Pte Ltd under judicial management
will be heard before the High Court of Singapore on Dec. 2, 2011,
at 10:00 a.m.

The Applicant's solicitors are:

          Messrs. Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


BUSINESSWORLD INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------------
The High Court of Singapore entered an order on Oct. 28, 2011, to
wind up the operations of Businessworld International Pte Ltd.

Universal Sovereign Trading Pte Ltd filed the petition against
the company.

The company's liquidator is:

         Mr. Cosimo Borrelli
         Borrelli Walsh Pte Limited
         36 Robinson Road
         #14-04 City House
         Singapore 068877


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


PACIFIC SECURITIES: Fitch Withdraws Individual Rating at 'D/E'
--------------------------------------------------------------
Fitch Ratings has affirmed Pacific Securities Corporation's
National Long-Term rating at 'BBB-(twn)' with Stable Outlook. The
agency has also affirmed PSC's Individual Rating and Support
Rating and simultaneously withdrawn them as they are no longer
considered by Fitch to be relevant to the agency's rating
coverage.

The ratings reflect continued adequate capitalization and
liquidity. PSC has not considerably increased its risk exposure
over the past 12 months. The ratings also reflect the company's
concentrated business profile and weak profit-generating
capability. The Stable Outlook reflects Fitch's view that the
company would be able to maintain current levels of capital and
liquidity given its holding of liquid commercial real estate
assets in the prime district of Taipei.

Fitch notes PSC's operating losses in three of the last four
years and, as a result, the company's plans to partly liquidate
its real estate holdings to bolster its capital position. It also
notes the company's lack of scale in its small brokerage business
and the scant evidence of effective restructuring thus far.
Negative rating action may result if over the next two years the
company is unable to demonstrate a capability to generate
sustainable profits. Prospects for an upgrade are remote in the
near-to-medium term, unless there is meaningful structural
improvement in its operations.

PSC recorded a net loss of TWD114.5m in H111, with a return on
equity of -9.06% (2010: -6.2%), due to large trading losses as a
result of sharp correction in the stock market. PSC's trading
strategy is not overly aggressive; its total investment/equity
ratio was about 49% at end-H111, with roughly equal share between
stocks and bonds.

PSC's capital adequacy ratio was at 217% at end-H111, but would
have been about 414% under the Basel II regime that is to be
adopted by July 2012. Although PSC's liquidity is weak compared
with similarly-rated peers, the company's commercial real estate
assets can be monetized quickly.

Founded in 1988, PSC is a small-sized securities firm, accounting
for about 0.56% of the domestic brokerage market share.

The rating actions are as follows:

PSC:

  -- National Long-Term rating: affirmed at 'BBB-(twn)'; Outlook
     Stable
  -- National Short-Term rating: affirmed at 'F3(twn)'
  -- Individual Rating: affirmed at 'D/E'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn


===============
T H A I L A N D
===============


KRUNG THAI: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------
Fitch Ratings has affirmed Krung Thai Bank Public Company
Limited's Long-Term Foreign Currency Issuer Default Rating at
'BBB' with a Stable Outlook and Viability Rating at 'bbb-'.

KTB's ratings are primarily based on government ownership,
control and support. KTB is Thailand's (Long-Term Foreign
Currency IDR: 'BBB'/Stable) second-largest bank with about 18%
market share of loans and deposits. Its major shareholder is the
Bank of Thailand's (BOT) Financial Institutions Development Fund,
with a 55% stake. Notwithstanding the current ownership stake,
Fitch believes there is a high probability that KTB would receive
state support if needed, due to its size and importance to the
financial system and economy. In this regard, the bank has
previously been used by the government to help implement public
policy, and more specifically, to extend loans in times of
economic stress.

A change in sovereign's ratings could affect KTB's Long- and
Short-Term IDRs. However, consistent with many higher-rated
jurisdictions where systemically important institutions
(including those with partial policy functions) are less than
100% state-owned, KTB's IDRs could decouple from the sovereign
were the latter to be upgraded to the 'A' category. This is
because of potentially less reliance on commercial institutions
to support government policies. For the aforementioned reasons,
plus the differences between the more granular national and
international rating scales, KTB's National Long-Term rating has
been affirmed at 'AA+(tha)'.

The bank's VR primarily reflects its significant domestic
franchise while also taking into account its modest standalone
financial position, which had been compromised by past government
influence over lending and thus would be constrained if compelled
by the government to support certain policies. However, KTB's
commercial strategy has contributed to recent improvements in its
financial position. Any significant deterioration in KTB's
profitability, asset quality and capital could lead to negative
rating action on the VR.

KTB continued to report solid performance in 9M11, with net
profit of THB16.2bn (up 42% yoy) and a return on assets of 1.2%
(2010: 0.9%). However, the bank's profitability and margins could
weaken in Q411 and 2012 due to the impact from the severe
flooding in Thailand. KTB is likely to face heightening asset
quality pressure in 2012 and rising credit costs, given its low
loan loss coverage ratio of below 60% and low excess reserves of
THB3.1bn (0.2% of performing loans) at end-June 2011. Its 9M11
financial results have begun to see the evidence of the flood
impact. Nonetheless, Fitch believes KTB's overall improvement in
profitability and strong capital should provide buffers against
this short-term impact from the floods.

KTB's funding and liquidity remain stable as it has one of
Thailand's strongest deposit franchises domestically, with most
state enterprises and government employees depositing their
savings with the bank. The loan/deposit ratio was 101.5% at end-
June 2011 (end-2010: 100.3%), although the ratio would decline to
about 91% if bills of exchange (which are viewed locally as
alternative to fixed deposits) were included.

KTB's adequate Tier 1 and total capital ratios of 9% and 14.1%,
respectively, at end-September 2011 should provide reasonable
buffer against unexpected economic shocks or slowdowns.

KTB's hybrid Tier 1 securities are currently rated two notches
below its VR. As such, a change in KTB's VR could lead to similar
action on the hybrid capital instruments, although materially
weaker capital, profitability and retained earnings could result
in a wider notching for its hybrid securities, as these are key
criteria for Bank of Thailand's coupon payment approval, should
the bank report a loss.

KTB's ratings have been affirmed as follows:

  -- Long-Term Foreign Currency IDR at 'BBB'; Outlook Stable
  -- Short-Term Foreign Currency IDR at 'F3'
  -- Viability Rating at 'bbb-'
  -- Individual Rating at 'C/D'
  -- Support Rating at '2'
  -- Foreign currency subordinated debt rating at 'BBB-'
  -- Support Rating Floor at 'BBB'
  -- Foreign currency offshore hybrid Tier 1 securities at 'BB'
  -- National Long-Term rating at 'AA+(tha)'; Outlook Stable
  -- National Short-Term rating at 'F1+(tha)'
  -- National subordinated debt rating at 'AA(tha)'
  -- National rating on domestic hybrid Tier 1 securities at
     'A(tha)'


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


* S&P's Global Corporate Default Tally Rises to 40 Issuers
----------------------------------------------------------
Standard & Poor's Ratings Services downgraded Italy-based
publisher Seat PagineGialle to 'SD' last week after the publisher
failed to make interest payments on its subordinated notes.  This
raised the tally of global corporate defaults so far in 2011 to
40 issuers, said an article published Nov. 10 by Standard &
Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (Nov. 3-9, 2011)."

Of the total defaulters this year, 29 are based in the U.S.,
three are based in New Zealand, two are in Canada, and one each
is in the Czech Republic, Greece, France, Israel, Italy, and
Russia. Of the defaulters by this time in 2010, 53 were U.S.-
based issuers, nine were from the other developed region
(Australia, Canada, Japan, and New Zealand), eight were from the
emerging markets, and two were European issuers.

Sixteen of this year's defaults were due to missed interest or
principal payments and eight were due to distressed exchanges --
both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed with seven defaults, and regulatory
actions accounted for three.  Of the remaining defaults, one
issuer failed to finalize refinancing on its bank loan, one had
its banking license revoked by its country's central bank,
another was appointed a receiver, and three were confidential.

By comparison, in 2010, 28 defaults resulted from missed interest
or principal payments, 25 from Chapter 11 and foreign bankruptcy
filings, 23 from distressed exchanges, three from receiverships,
one from a regulatory directive, and one from administration.


* BOND PRICING: For the Week Nov. 7 to Nov. 11, 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       2.04
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       0.50
DIVERSA LTD             11.00    09/30/2014   AUD       0.10
EXPORT FIN & INS         0.50    12/16/2019   NZD      69.26
EXPORT FIN & INS         0.50    06/15/2020   AUD      66.30
EXPORT FIN & INS         0.50    06/15/2020   NZD      66.95
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.65
NEW S WALES TREA         1.00    09/02/2019   AUD      72.53
NEW S WALES TREA         0.50    09/14/2022   AUD      60.19
NEW S WALES TREA         0.50    10/07/2022   AUD      59.70
NEW S WALES TREA         0.50    10/28/2022   AUD      59.46
NEW S WALES TREA         0.50    11/18/2022   AUD      59.30
NEW S WALES TREA         0.50    12/16/2022   AUD      58.76
NEW S WALES TREA         0.50    02/02/2023   AUD      58.40
NEW S WALES TREA         0.50    03/20/2023   AUD      57.84
PALADIN ENERGY           3.62    11/04/2015   AUD      70.83
RESOLUTE MINING         12.00    12/31/2012   AUD       1.69
TREAS CORP VICT          0.50    08/25/2022   AUD      60.77
TREAS CORP VICT          0.50    11/12/2030   AUD      58.92
TREAS CORP VICT          0.50    11/12/2030   AUD      41.33


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.26
HENAN INVEST             4.85    04/15/2019   CNY      73.01
HUANENG POW              5.75    12/25/2014   CNY      73.00
HUATAI GROUP             6.38    03/02/2018   CNY      75.00
NANJING COM INV          5.23    05/07/2016   CNY      60.00
SOUTHERN POWER           5.60    09/17/2019   CNY      66.63
TIANJIN CONSTR           3.75    03/25/2014   CNY      71.91
TIANJIN CONSTR           4.78    03/25/2016   CNY      71.51
ZHONGHIU INVST           6.18    03/28/2018   CNY      75.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      67.50
RESPARCS FUNDING         8.00    12/29/2049   USD      22.05
SINO-OCEAN LAND         10.25    12/31/2049   USD      57.50
SINO-OCEAN LAND         10.25    12/31/2049   USD      69.16


  INDIA
  -----

INDIA GOVT BOND          6.01    03/25/2028   INDR     74.75
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.42
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.06
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.94
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.06
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.35
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.86
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.51
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.31
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.24
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.28
SHIV-VANI OIL            5.00    08/17/2015   USD      72.95
VIDEOCON INDUS           6.75    12/16/2015   USD      74.40


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.60
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.85
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.12    03/24/2017   JPY      58.95
TOKYO ELEC POWER         1.75    09/28/2017   JPY      74.65
TOKYO ELEC POWER         1.60    05/29/2019   JPY      63.50
TOKYO ELEC POWER         1.37    10/29/2019   JPY      63.50
TOKYO ELEC POWER         2.05    10/29/2019   JPY      61.62
TOKYO ELEC POWER         1.81    02/28/2020   JPY      74.75
TOKYO ELEC POWER         1.48    04/28/2020   JPY      68.00
TOKYO ELEC POWER         1.39    05/28/2020   JPY      62.00
TOKYO ELEC POWER         1.31    06/24/2020   JPY      69.25
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.75
TOKYO ELEC POWER         1.22    07/29/2020   JPY      69.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      69.00
TOKYO ELEC POWER         1.63    07/16/2021   JPY      70.12
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.62
TOKYO ELEC POWER         2.40    11/28/2028   JPY      65.75
TOKYO ELEC POWER         2.20    02/27/2029   JPY      59.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      57.62
TOKYO ELEC POWER         1.95    07/29/2030   JPY      57.12
TOKYO ELEC POWER         2.36    05/28/2040   JPY      51.62


  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       1.12
DUTALAND BHD             6.00    04/11/2013   MYR       0.78
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.45
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       9.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      68.63
INFRATIL LTD             8.50    09/15/2013   NZD       7.65
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             4.97    12/29/2049   NZD      57.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.22
NZF GROUP                6.00    03/15/2016   NZD      32.76
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
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      58.33
BAKRIE TELECOM          11.50    05/07/2015   USD      60.75
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      52.50
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.97
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
NEXUS 1 PTE LTD         10.50    03/07/2012   SGD       1.70

SENGKANG MALL            4.00    11/20/2012   SGD       0.50
SENGKANG MALL            8.00    11/20/2012   SGD       0.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.20
WBL CORPORATION          2.50    06/10/2014   SGD       1.20


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.48
HANJIN SHIPPING          4.00    07/20/2016   USD      72.76
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       8.16
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.08
HYUNDAI SWISS II         7.90    07/13/2015   KRW      10.11


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      69.01



THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.45


                             *********

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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