TCRAP_Public/111121.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

           Monday, November 21, 2011, Vol. 14, No. 230

                            Headlines



A U S T R A L I A

ASIAMEA CLO: S&P Withdraws 'BB+' Rating on Class A Notes
CENTRO PROPERTIES: CER Offers Sweetened Deal to Investors
COSMOPOLITAN CONST'N: Liquidators, Insurers Meet With Homeowners
NINE ENTERTAINMENT: Parent Seeks Extension of AUD2.6-Billion Debt
PROSERPINE SUGAR MILL: Wilmar Int'l to Pay $120MM for Assets

REFUND HOME: Owes Creditors AUD9.7 Million
SMART SERIES 2011-4US: Moody's Gives Ba2 Rating to Cl. E Notes


C H I N A

CHINA RUITAI: Reports US$1.1 Million Third Quarter Net Income
CHINA TEL GROUP: Incurs US$7.2 Million Net Loss in Third Quarter
MASTER SILICON: Delays Form 10-Q for Third Quarter
SUNRISE REAL ESTATE: Delays Filing of 3rd Quarter Form 10-Q


H O N G  K O N G

17 GROUP: Placed Under Voluntary Wind-Up Proceedings
BLS (HK): Members' Final General Meeting Set for Dec. 19
BOND GRAND: Creditors' Meeting Set for Nov. 30
CHINA PHARMACEUTICAL: Members' Final Meeting Set for Dec. 21
DE FORTUNE: Members' Final Meeting Set for Dec. 19

E-POWER GROUP: Lim and Lau Step Down as Liquidators
LEE KONG: Placed Under Voluntary Wind-Up Proceedings
LIK HANG: Members' and Creditors' Annual Meetings Set for Dec. 2
LOTUS (H.K.): Members' Final Meeting Set for Dec. 19
ORIENTAL CITY: Commences Wind-Up Proceedings


I N D I A

GARGYA AUTOCITY: ICRA Reaffirms '[ICRA]BB' Long Term Rating
GENUS PAPER: ICRA Assigns '[ICRA]B-' Rating to INR61.18cr Limits
LINK ENTERPRISES: ICRA Revises Rating on INR6.85cr Long-Term Loan
LOK CHEMICALS: ICRA Assigns '[ICRA]BB' Rating to INR12cr Loan
MATOSHREE COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan

MAX CERAMICS: ICRA Assigns '[ICRA]B+' Rating to INR10cr Term Loan
NAVJYOT INT'L: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
NIRMALA INFRA: ICRA Assigns '[ICRA]D' Rating to Rs.3.56cr LT Loan
OPG POWER: ICRA Reaffirms '[ICRA]BB' Rating on INR1.16cr Loan
S. B. & T. DESIGNS: ICRA Cuts Rating on INR19cr Loan to '[ICRA]D'

VENUS LIFESTYLES: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
VINYROYAL PLASTICOATES: ICRA Puts 'BB-' Rating on INR14.56CR Loan


J A P A N

LEOPARD ONE: S&P Affirms Rating on Class E Notes at 'BB+'
NORINCHUKIN BANK: Moody's Says Ratings Based on C- BFSR


K O R E A

HYNIX SEMICONDUCTOR: Moody's Reviews Ratings for Downgrade
KOREA TECHNOLOGY: Court Approves Stipulation for Limited Cash Use
KOREA TECHNOLOGY: Wins Green Light to Sell Assets to RWC
LIMKWANG ENGINEERING: Applies for Court Receivership


M A L A Y S I A

OPOL ENTERPRISE: MYR11.68-Mil. Government Contract Questioned


S I N G A P O R E

AMARU INC: Incurs US$341,900 Net Loss in Third Quarter


                            - - - - -


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A U S T R A L I A
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ASIAMEA CLO: S&P Withdraws 'BB+' Rating on Class A Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its rating on
the class A notes issued by Asiamea CLO Ltd. and Asiamea CLO LLC
(co-issuer).  It also withdrew its swap risk ratings assigned to
the three unfunded classes of AsiaMea's credit default swap. The
notes rating and swap risk ratings were withdrawn at the request
of the originator (Standard Chartered Bank), and also on the
likelihood that Standard & Poor's would not have access to
sufficient information in order to maintain a forward-looking
rating opinion.

Rating Withdrawn                Rating To    Rating From

Asiamea CLO Ltd. and Asiamea CLO LLC
(co-issuer) Class A notes.      N.R.         BB+ (sf)


SWAP RATINGS WITHDRAWN                      RATING TO  RATING
FROM

Senior credit-default swap (unfunded)        N.R.      AAAsrp
(sf)
Mezzanine credit-default swap 1 (unfunded)   N.R.      AA-srp
(sf)
Mezzanine credit-default swap 2 (unfunded)   N.R.      A-srp (sf)


CENTRO PROPERTIES: CER Offers Sweetened Deal to Investors
---------------------------------------------------------
Bloomberg News reports that Centro Retail Trust is offering its
shareholders a sweetened deal to win their support for a plan
that will save Centro Properties Group, its debt-laden manager
and biggest shareholder, from liquidation.

Bloomberg relates that the Melbourne-based mall operator said in
a regulatory filing that the retail trust has agreed with lenders
of Centro Properties to reduce their stake in a new combined
entity, increasing Centro Retail investors' ownership of the
trust to 15.9%, from the 14.5% proposed earlier.

According to the report, Marathon Asset Management, Centro
Retail's second biggest shareholder, said last week that it
planned to vote against the original proposal.  An approval by
share and debt holders in Centro's listed and unlisted funds at a
series of meetings on Nov. 22 will enable Centro Properties to
avert liquidation and erase AUD2.9 billion (US$2.9 billion) of
debt due on Dec. 15 in exchange for giving its senior lenders
ownership of most of the new trust, says Bloomberg.

"We are pleased to have successfully negotiated improvements to
the aggregation terms, resulting in significant value
enhancements for Centro Retail Trust security holders," Bloomberg
quotes Chairman Peter Day as saying in the statement. "The board
encourages all Centro Retail Trust security-holders to vote in
favor of the aggregation at next week's security-holder
meetings."

The company said Centro Retail shareholders will receive one
share in the new entity for every 5.29 securities they currently
own, down from 5.8 shares under the earlier plan, according to
the report.

Under the improved offer, Bloomberg relates, the net tangible
assets for Centro Retail shares will rise to 44.4 cents from 40.6
cents under the earlier agreement.  The senior lenders will now
own 72.3 percent of the new trust, compared with 73.9 percent
earlier, Centro Properties said in a separate statement,
Bloomberg reports.

                            Trading Halt

The Sydney Morning Herald reports that Centro Retail Trust has
been placed in a trading halt, as the owners wrangle over whether
to save Centro Properties with its AUD3 billion in debts or to
let the group go into administration.

SMH relates that Centro Retail Trust has asked to remain in a
trading halt until further announcements are made regard plans to
salvage the company or the opening of trade today, November 21,
the statement filed with the Australian Securities Exchange said.

Centro Properties shares are also in a trading halt, SMH notes.

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.


COSMOPOLITAN CONST'N: Liquidators, Insurers Meet With Homeowners
----------------------------------------------------------------
Property Observer reports that the liquidators and insurers of
Cosmopolitan Constructions on Thursday met the home owners of
properties it was contracted to build.

An estimated 130 homes were affected by the collapse of the
47-year-old company, according to insurer's estimates, and 150
people turned up to the meeting, which ran for more than two
hours, Property Observer says.

According to the report, the NSW Fair Trading Department and the
Home Warranty Insurance Fund organized the meeting after the
company collapsed three weeks ago, to provide home owners with
information on the effect of the liquidation on their home
building projects.

After meeting creditors on Wednesday, Nicholas Malanos and
Christopher Darin of Worrells Accountants --
sydney@worrells.net.au -- met owners at Ridges Hotel in Rosehill,
Property Observer notes.

Cosmopolitan said in a statement on its Web site that during the
last year, it had remained profitable, but recently it has been
slammed with "significant margin erosion" in its productions
division.

At the creditors meeting legal representatives reiterated this,
attributing the collapse to erosion of profit margin due to the
company's involvement with larger projects.

New South Wales-based building firm Cosmopolitan Constructions
went into liquidation on Nov. 4, 2011.  Christopher Darin and
Nick Malanos from Worrells were appointed as joint liquidators.


NINE ENTERTAINMENT: Parent Seeks Extension of AUD2.6-Billion Debt
-----------------------------------------------------------------
Reuters reports that sources said private equity firm CVC Asia
Pacific and its Nine Entertainment TV network met with lenders on
Friday and asked for a two-and-a-half-year extension on
refinancing about AUD2.6 billion (US$2.6 billion) in senior debt.

The news agency relates that an extension on the deadline would
give CVC time to work out how to restructure the debt, and
perhaps allow for stronger growth in advertising revenues in the
Australian television business after a cyclical slowdown.

Bankers were asked to "amend and extend" the senior debt that
falls due in February 2013 by two-and-a-half years, two sources,
who had direct knowledge of the situation, told Reuters.

According to Reuters, one of the sources said lenders have four
weeks to respond, with a 2/3 majority needed to agree to the
changes.

Nine Entertainment has about 80 lenders, with hedge funds holding
between 20% and 40% the debt, Reuters discloses.  Media reports
have said the lenders are unlikely to agree to a refinancing at
this stage, Reuters relays.

One of the sources told Reuters that the lenders will now need to
consider the proposal on an individual basis and decide their
position.

In addition to the senior debt, Reuters notes, Nine Entertainment
has about AUD900 million in mezzanine debt which falls due in
April 2014.

According to Reuters, the Australian Financial Review reported
that Nine Entertainment's auditors Ernst & Young have warned that
CVC may be forced to sell assets to help service its debt.

CVC had to shelve plans for a multibillion-dollar float of Nine
earlier this year as equity markets turned sour, and advertising
revenue growth slowed in line with weak consumer spending,
Reuters states.

Among the lenders to Nine Entertainment are Australia's sovereign
wealth fund, the Future Fund, and hedge funds Oaktree, Anchorage
and Och-Ziff, Reuters discloses.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by CVC at the
height of the buyout boom in 2006.  CVC spent about AUD5.3
billion in debt and equity in acquiring the company from media
baron James Packer.  In addition to Nine, one of Australia's
three free-to-air television networks, the group also owns
magazine publisher ACP, the online media company nineMSN, Acer
Arena and ticketing agency Ticketek.


PROSERPINE SUGAR MILL: Wilmar Int'l to Pay $120MM for Assets
------------------------------------------------------------
Paddy Manning at the Sydney Morning Herald reports that
Singapore-based Wilmar International will pay US$120 million for
the Proserpine sugar mill in Queensland, which went into
administration.

Administrator Korda Mentha agreed to sell the Proserpine Co-
operative Sugar Milling Association to Wilmar, although the China
Oil and Food Corporation (COFCO) had offered to pay US$122
million last week, according to Sydney Morning Herald.

Sydney Morning Herald notes the sale will be put to creditors on
or before December 12, Mr. Glasson said, and if approved would
complete before the end of the year.

As reported in the Troubled Company Reporter on Nov. 14, 2011,
ABC News said that the Proserpine Sugar mill in north Queensland
has been placed into voluntary administration following two
failed take-over bids by Sucrogen, and the board's decision to
reject another revised offer by Tully COFCO.  ABC News related
that Proserpine Sugar's board is worried about the prospect of
being placed into administration, if an amended takeover bid by
Sucrogen fails.  The report noted that acting Chief Executive
Officer Ian McBean said analysis confirms the board's position
that the Tully offer cannot be accepted.  ABC News related that
Mr. McBean said the results of a ballot on whether to accept the
Sucrogen bid will be announced in a fortnight.  The mill is
required to repay AU$15 million loan to Sucrogen within five
working days, and meet a significant financial commitment to
Westpac Bank, which involves reducing its debt from AU$70 million
to AU$35 million by the end of October, according to ABC Rural.


REFUND HOME: Owes Creditors AUD9.7 Million
------------------------------------------
Larry Schlesinger at Property Observer reports that Refund Home
Loans owes 119 creditors a combined AUD9.7 million, minutes of
the first creditors' meeting held in Brisbane have revealed.

Creditors include Refund Home Loans franchisees, law firm DLA
Piper, mortgage broking training provider Intellitrain and WA-
based Ourimbah Holdings Pty Ltd.

A second creditors' meeting was held on November 16.  The
creditors will have the option of returning the company to the
control of its directors, agree to accept a deed of company
arrangement and continue trading while a buyer is sought or
liquidate the business.

According to Property Observer, mortgage industry newsletter
MortgageMix.com.au reports that the once "amicable relations
between [Refund founder] Wayne Ormond and Refund franchisees have
soured quickly".

This follows reports that up to 50 franchisees now plan to take
legal against the franchisor, serving the brokerage with breach
of contract notifications just a month after Refund's original
claim the relationship with its franchisees remained cordial,
Property Observer relates.

A source close to Mr. Ormond and the Refund business told
Property Observer that top franchisees were urged at a creditors'
meeting on October 24 to continue to trade as normal in an effort
to attract a buyer for the business.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 20, 2011, SmartCompany said Refund Home Loans has been
placed in administration, but several buyers are considering
acquiring the business.  The announcement comes just 18 months
after the Australian Competition and Consumer Commission slammed
the company and its founder Wayne Ormond, after he admitted
making false and misleading statements to franchisees about an
agreement with the ACCC itself.  SmartCompany noted that the
administration does not affect either the real estate or
financial planning divisions of the business.  A sale process is
currently underway, led by administrators SV Partners.  Two other
businesses operated by Mr. Ormond, Refund Real Estate or Refund
Financial Planning, are not in administration and are unaffected,
SmartCompany added.

                        About Refund Home

Refund Home Loans -- http://www.refundhomeloans.com.au/-- is an
Australian mortgage broking service.  Founder and Executive
Chairman Wayne Ormond launched Refund Home Loans in April 2004.
The company has over 350 franchisees in Australia.


SMART SERIES 2011-4US: Moody's Gives Ba2 Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2011-4US Trust.

Issuer: SMART Series 2011-4US Trust

   -- US$100.000 million Class A-1 Notes, Assigned P-1 (sf);

   -- US$35.000 million Class A-2a Notes, Assigned Aaa (sf);

   -- US$123.000 million Class A-2b Notes, Assigned Aaa (sf);

   -- US$25.000 million Class A-3a Notes, Assigned Aaa (sf);

   -- US$136.000 million Class A-3b Notes, Assigned Aaa (sf);

   -- US$30.000 million Class A-4a Notes, Assigned Aaa (sf);

   -- US$51.000 million Class A-4b Notes, Assigned Aaa (sf);

   -- AUD11.075 million Class B Notes, Assigned Aa3 (sf);

   -- AUD15.229 million Class C Notes, Assigned A2 (sf);

   -- AUD13.844 million Class D Notes, Assigned Baa2 (sf);

   -- AUD12.460 million Class E Notes, Assigned Ba2 (sf).

The AUD 8.307 million Seller Notes are not rated by Moody's.

The Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are
fixed rate notes while the Class A-2b, Class A-3b and Class A-4b
Notes are floating rate notes.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited.

"This is the fourth ABS transaction issued by Macquarie so far in
2011 and is their third ABS transaction targeted at the US market
this year," says Treasa Boyle, Moody's lead analyst for the
transaction.

Ratings Rationale

In broad terms SMART Series 2011-4US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie, and
closely follows the structure seen in SMART Series 2011-2US
Trust. However, in the SMART 2011-4US transaction the Class B
Notes, Class C Notes and Class D Notes have extra subordination
of 0.25% and the Class E Notes have extra subordination of 0.5%
compared to the same Class of Notes in SMART 2011-2US. Notable
features of the transaction include the conservative composition
of the receivables pool backing the transaction, the USD-
denominated senior notes and the pro-rata principal repayment
profile.

The pool includes a relatively high percentage of novated leases
(61%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2011-4US Trust pool as more conservatively structured than
peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
is issuing twelve classes of notes. The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 11.0% to 18.9%, and from
12.0% to 19.9% including the liquidity reserve) and during the
tail end of the transaction. At all other times, the structure
will follow a pro rata repayment profile. This principal paydown
structure is comparable to other structures in the Australian ABS
market in recent years.

The deal includes seven senior, USD-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1. The
Class A Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40%. These imply a expected (net) loss of 1.08%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.31% and 55.09%
respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2011 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. Also, in
terms of alignment of interest, Moody's assigns a low rather the
sector average of low/medium as Macquarie retains a significant
proportion of the transaction, better aligning incentives. This
allows Moody's to have a material degree of comfort with regard
to assumptions made in rating the SMART Series 2011-4US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART Series 2011-4US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the
default rate rises to 3.60% (double of Moody's assumption of
1.80%). Similarly, Aaa ratings are maintained when the base
recovery rate is stressed from the assumed 40% to 20% (holding
other factors, including the assumed default rate of 1.80%
constant). Where the default rate assumption doubles and the
recovery rate assumption halves, the rating drops to A1.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities", published
in July 2009. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.


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C H I N A
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CHINA RUITAI: Reports US$1.1 Million Third Quarter Net Income
-------------------------------------------------------------
China Ruitai International Holdings Co., Ltd., filed with the
U.S. Securities and Exchange Commission its quarterly report on
Form 10-Q, reporting net income attributable to China Ruitai of
US$1.10 million on US$10.95 million of sales for the three months
ended Sept. 30, 2011, compared with net income attributable to
China Ruitai of US$1.88 million on US$11.18 million of sales for
the same period during the prior year.

The Company also reported net income attributable to China Ruitai
of US$3.21 million on US$32.26 million of sales for the nine
months ended Sept. 30, 2011, compared with net income
attributable to China Ruitai of US$5.23 million on US$32.59
million of sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$130.37 million in total assets, US$96.16 million in total
liabilities and US$34.21 million in total equity.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/M7IBkc

                         About China Ruitai

Shandong, China-based China Ruitai International Holdings Co.,
Ltd., was organized under the laws of the State of Delaware on
Nov. 15, 1955, under the name "Inland Mineral Resources Corp."
Currently, the Company, through its wholly-owned subsidiary,
Pacific Capital Group Co., Ltd., a corporation incorporated under
the laws of the Republic of Vanuatu, and its majority-owned
subsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limited
liability company, is engaged in the production, sales, and
exportation of deeply processed chemicals, with a primary focus
on non-ionic cellulose ether products in the People's Republic of
China as well as to the United States, Europe, Japan, India and
South Korea.

As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,
in New York, after auditing the Company's financial statements
for the year ended Dec. 31, 2010, expressed substantial doubt
about China Ruitai's ability to continue as a going concern.  The
independent auditors noted that the Company has negative working
capital.


CHINA TEL GROUP: Incurs US$7.2 Million Net Loss in Third Quarter
----------------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel Group,
Inc., filed with the U.S. Securities and Exchange Commission its
quarterly report on Form 10-Q, reporting a net loss of US$7.22
million on US$115,371 of revenue for the three months ended
Sept. 30, 2011, compared with a net loss of US$1.93 million on
US$270,298 of revenue for the same period during the prior year.

The Company reported a net loss of US$66,623,130 on US$955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss of US$56,065,029 on US$657,876 of revenue during the prior
year.

The Company also reported a net loss of US$17.97 million on
US$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of US$38.22 million on US$729,701 of
revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$11.57 million in total assets, US$22.22 million in total
liabilities, and a US$10.64 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/FbCBXe

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately US$242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of US$56,041,182 for the year ended Dec. 31, 2009,
cumulative losses of US$165,361,145 since inception, a negative
working capital of US$68,760,057, and a stockholders' deficit of
US$63,213,793.


MASTER SILICON: Delays Form 10-Q for Third Quarter
--------------------------------------------------
Master Silicon Carbide Industries, Inc., notified the U.S.
Securities and Exchange Commission that it requires additional
time to prepare, substantiate and verify the accuracy of its
financial reports.  The Company is in the process of preparing
and reviewing its financial information for the quarter ended
Sept. 30, 2011.  The process of compiling and disseminating the
information required to be included in the Form 10-Q for the
relevant fiscal quarter, as well as the completion of the
required review of its financial information, could not be
completed without incurring undue hardship and expenses.

                        About Master Silicon

Lakeville, Conn.-based Master Silicon Carbide Industries, Inc.,
through its indirectly wholly-owned operating subsidiary Yili
China, produces and sells in China high quality "green" silicon
carbide and lower-quality "black" silicon carbide (together,
hereinafter referred to as "SiC").  SiC is a non-metallic
compound that has special chemical properties and a level of
hardness that is similar to diamonds, is produced by smelting
quartz sand and refinery coke at temperatures ranging from
approximately 1,600 to 2,500 degrees centigrade in a graphite
electric resistance furnace.

The Company's balance sheet at June 30, 2011, showed
$28.64 million in total assets, US$10.05 million in total
liabilities, US$10 million in redeemable preferred stock-A, US$10
million in redeemable preferred stock-B, and a US$1.41 million
total stockholders' deficit.

As reported by the TCR on April 7, 2011, Child, Van Wagoner &
Bradshaw, PLLC, in Salt Lake City, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has cash flow
constraints, an accumulated deficit, and has suffered recurring
losses from operations.


SUNRISE REAL ESTATE: Delays Filing of 3rd Quarter Form 10-Q
-----------------------------------------------------------
Sunrise Real Estate Group, Inc., notified the U.S. Securities and
Exchange Commission that it will be delayed in the filing of its
10-Q for the period ended Sept. 30, 2011, due to a delay in the
preparation of its financial statements.

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. was initially incorporated in
Texas on Oct. 10, 1996, under the name of Parallax Entertainment,
Inc.  On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real
Estate Development Group, Inc. to Sunrise Real Estate Group,
Inc., effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

The Company's balance sheet at June 30, 2011, showed US$19.70
million in total assets, US$23.05 million in total liabilities,
US$1.41 million in noncontrolling interests of consolidated
subsidiaries, and a US$4.75 million total shareholders' deficit.

The Company reported a net loss of US$25,487 on US$12.82 million
of net revenues for the year ended Dec. 31, 2010, compared with
net income of US$3.27 million on US$13.11 million of net revenues
during the prior year.

                           Going Concern

The Company has accumulated losses of US$10,563,169 for the year
ended June 30, 2011.  The Company's net working capital
deficiency and significant accumulated losses raise substantial
doubt about the Company's ability to continue as a going concern.

However, management believes that the Company is able to generate
sufficient cash flow to meet its obligations on a timely basis
and ultimately to attain successful operations in respect of the
agency sales and property management operations.

As reported by the TCR on April 21, 2011, Kenne Ruan, CPA, P.C.,
in Woodbridge, CT, USA, noted that the Company has  significant
accumulated losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.


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


17 GROUP: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Nov. 8, 2011,
creditors of 17 Group of Norway Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lau Kwok Kee
         K.K. Lau & Co.
         Unit 06, 5th Floor
         Beautiful Group Tower
         77 Connaught Road
         Central, Hong Kong
         E-mail: kk@kklau.com


BLS (HK): Members' Final General Meeting Set for Dec. 19
--------------------------------------------------------
Members of BLS (HK) Limited will hold their final general meeting
on Dec. 19, 2011, at 10:00 a.m., at 20/F, Prince's Building,
Central, in Hong Kong.

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


BOND GRAND: Creditors' Meeting Set for Nov. 30
----------------------------------------------
Creditors of Bond Grand Development Limited will hold their
meeting on Nov. 30, 2011, at 3:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at 3rd Floor Alliance Builidng, at 130-
136 Connaught Road Central, in Hong Kong.


CHINA PHARMACEUTICAL: Members' Final Meeting Set for Dec. 21
------------------------------------------------------------
Members of China Pharmaceutical Industrial Limited will hold
their final meeting on Dec. 21, 2011, at 9:30 a.m., at 35th
Floor, One Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


DE FORTUNE: Members' Final Meeting Set for Dec. 19
--------------------------------------------------
Members of De Fortune Int'l Limited will hold their final general
meeting on Dec. 19, 2011, at 10:00 a.m., at Room 603, Alliance
Building, in 130-136 Connaught Road Central, in Hong Kong.

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


E-POWER GROUP: Lim and Lau Step Down as Liquidators
---------------------------------------------------
Lim Shyang Guey and Lau Wai Ming Raymond stepped down as
liquidators of E-Power Group Limited on Nov. 8, 2011.


LEE KONG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Nov. 7, 2011,
creditors of Lee Kong Hing Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is Chan Fuk Ming.


LIK HANG: Members' and Creditors' Annual Meetings Set for Dec. 2
----------------------------------------------------------------
Members and creditors of Lik Hang Electronic Components Limited
will hold their annual meetings on Dec. 2, 2011, at 10:00 a.m.,
and 10:30 a.m., respectively at Level 10, World-Wide House, at 19
Des Voeux Road Central, in Hong Kong.

At the meeting, Lo Kwok Hung John, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LOTUS (H.K.): Members' Final Meeting Set for Dec. 19
----------------------------------------------------
Members of Lotus (H.K.) Limited will hold their final general
meeting on Dec. 19, 2011, at 10:30 a.m., at Room 603, Alliance
Building, in 130-136 Connaught Road Central, in Hong Kong.

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


ORIENTAL CITY: Commences Wind-Up Proceedings
--------------------------------------------
Members of Oriental City Group (China) Limited, on Nov. 11, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


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


GARGYA AUTOCITY: ICRA Reaffirms '[ICRA]BB' Long Term Rating
-----------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]BB' to the
INR1.61 crore (increased from INR0.61 crore earlier) term loan,
INR0.16 crore (reduced from INR0.25 crore earlier) corporate
loan, INR3.44 crore (increased from INR2.50 crore earlier) cash
credit and INR5.16 crore (increased from INR2.50 crore earlier)
cash credit- inventory funding facilities of Gargya Autocity
Private Limited. ICRA has also assigned an '[ICRA]BB' rating to
the INR1.25 crore stand by line of credit of GAPL.  The outlook
on the long term rating is stable.

The rating reaffirmation takes into account the experience of the
promoters in the automobile dealership business and GAPL's
established position as an authorized dealer for Toyota Kirloskar
Motor Private Limited in North- East India. The rating also
considers the significant growth in turnover in the recent years,
which is largely supported by the increase in the volume of sale
of new cars. The rating factors in the prevailing high interest
rates as well as fuel prices in the country, which are likely to
have a sobering impact on sales of cars in the short term at
least. The rating continues to be impacted by the intense
competition in the automobile dealership business, resulting in
low operating profitability, and GAPL's weak financial profile
characterized by an aggressive capital structure and depressed
coverage indicators.

                        About Gargya Autocity

Gargya Autocity Pvt. Ltd., incorporated in 2004, is engaged in
the automobile dealership business, with its showroom and
workshop located in Guwahati in the state of Assam. The company
is an authorised dealer of Toyota Kirloskar Motor Pvt. Ltd. in
the passenger vehicle segment and is engaged in sales and service
of vehicles along with sale of spare parts in North-East India.

Recent Results:

The company reported a net profit of INR0.40 crore on an
operating income of INR67.27 crore in 2010-11 as compared to a
net profit of INR0.33 crore on an operating income of INR39.31
crore in 2009-10.


GENUS PAPER: ICRA Assigns '[ICRA]B-' Rating to INR61.18cr Limits
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B-' to the
INR61.18 crore fund based limits and the INR0.80 crores non fund
based limits of Genus Paper Products Limited.  ICRA has also
assigned the short term rating of '[ICRA]A4' to the INR18.02
crores non fund based limits of GPPL.

The assigned rating takes into account stretched liquidity
position of the company due to high inventory days and low
profitability in FY11, as the plant was operating at sub-optimal
capacity levels. The ratings however draw comfort from GPPL's
large scale of operations, and its ability to command higher
prices by manufacturing better quality Kraft Paper. The latter
enables the company to earn healthy profit margins and
contribution per ton despite being present in the lower end of
the paper products segment, i.e., Kraft paper, which is highly
fragmented and is dominated by a large number of small suppliers,
thereby resulting in limited pricing power. The ratings also take
into account the normalization of operations at its Moradabad
facility, which has led to a significant improvement in capacity
utilization during the past six months, and the recent equity
infusion which has led to improvement in gearing levels and eased
the pressure on liquidity.

Going forward, improvement in the operational performance and
credit metrics with improved liquidity position would be the key
rating sensitivities.

                          About Genus Paper

Genus Paper Products Limited is a part of the diversified Kailash
Group of industries having presence in manufacturing, marketing,
trading and exporting various products like electronics, power
cables, paper, coal and coke. The company is engaged in the
manufacture of various grades of Kraft Paper (single as well as
multi layered) and Particle Board. It has a current installed
capacity of 90,000 TPA of Kraft Paper and particle Board.
Besides, GPPL is also engaged in manufacture of steel ingot form
scrap, with a capacity of 23,760 TPA. The company has a coal and
rice husk based 9 MW captive power generation plant. The
manufacturing units of GPPL are situated on 14.86 hectares of
land near Moradabad (Uttar Pradesh).

Recent Results:

GPPL reported a net profit of INR2.05 crores on an operating
income of INR125.13 crores in FY11 as against a net profit of
INR5.24 crores on an operating income of INR109.47 crores in
FY10.Volatality in the raw material prices coupled with low
capacity utilization led to decline in the profit levels.


LINK ENTERPRISES: ICRA Revises Rating on INR6.85cr Long-Term Loan
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR6.85 crores
(enhanced from INR4.10 crores) term loans and INR0.30 crore long
term fund based facilities of Link Enterprises from '[ICRA]BB' to
'[ICRA]BB-'.  ICRA has reaffirmed the short-term rating assigned
to INR7.30 crores (reduced from INR8.30 crores) non-fund based
facility of LE at '[ICRA]A4'.  The outlook on the long term
rating is Stable.

The revision in ratings reflects the deterioration in financial
profile due to expected weakening of capital structure in the
near term on account of recently completed debt-funded capital
expenditure (capex) for setting up wind mill and increased
competitive pressures from organized players as well as domestic
Oil Marketing Companies in trading of petroleum products. The
ratings are further constrained by modest size of operations,
weak profitability indicators, the vulnerability of operations to
the cyclicality associated with the international trade,
vulnerability of profitability to volatility in prices of
products and to forex movements since bulk of the raw material
requirement is imported. Further, LE is a proprietorship concern
and any significant withdrawals from the capital account would
affect its capital structure.

The ratings, however, take comfort from the long track record and
established market position of the firm in bunkering operations,
its status as the sole distributor for Castrol Marine products
for the Gujarat region, moderate customer concentration risk and
location advantage of being based at Kandla port which is a major
port on the Indian West Coast.

                       About Link Enterprise

Link Enterprise was established in 1994 as a sole proprietorship
firm by Mr. Harendra Karia. LE is engaged in the business of
procurement and trading of petroleum products and lubricating
oil. It has been licensed as bunker supplier to foreign-going
vessels and has been engaged in bunkering operations since 2001.
It is also the authorized sole distributor for Castrol Marine
Lubricating products for the Gujarat region. Apart from the
trading in petroleum products the firm also started trading in
recycled Low Density Polyethylene (LDPE) and cotton waste since
2009, and has recently commissioned a windmill of 1.25 MW per
annum at Jaisalmer in Rajasthan in addition to the 0.6 MW per
annum windmill installed by the firm at Barmer in Rajasthan in
2009. The firm is based out of Gandhidham and carries bulk of its
operations at the Kandla Port. It also has presence at other
ports on West Coast such as Mundra, Pipapavav, Sikka, Bedi, Okha,
and Porbander.


LOK CHEMICALS: ICRA Assigns '[ICRA]BB' Rating to INR12cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR12 crore enhanced amount of cash credit fund based facilities
and a short term rating of '[ICRA]A4' rating to INR58 crore
enhanced amount of short term non-fund based facilities Lok
Chemicals Private Limited. The outlook assigned to the long term
rating is Stable.

The ratings continue to factor in the company's volatility in
operations as evident from wide fluctuations in the operating
income over the last five years and susceptibility of its margins
to foreign exchange fluctuations and raw material price movements
which in turn are pegged to crude oil prices. Being in the
trading business, the profitability of the company remains low
leading to stretched coverage indicators. The ratings, however,
favorably factor in LCPL's long standing experience and active
participation of promoter in the business, its diversified
customer base, multi-channel distribution activities and
comfortable capital structure with gearing of 0.59 times as on
31st March 2011. The ratings also favorably factor in the fact
that LCPL is the sole distributor of Flint Hills Resources Plc in
India which ensures LCPL a stable share of FHRP's business in
India.

                       About Lok Chemicals

Lok Chemicals Pvt. Ltd. was established in 1999 by the Lohia
family. The company is engaged in import and trading of chemicals
which it imports mainly from USA and China. The business is
managed by Mr. Rahul Lohia, who is assisted by his elder brother
Mr. Ajay Lohia and mother Smt. Bimala Lohia. The company has its
office in Juhu, Andheri and storage facilities in rented godowns
at Bhiwandi. The company has eight godowns in Bhiwandi out of
which two are owned and rest is rented.

Recent results:

LCPL recorded a net profit of INR2.59 crore on an operating
income of INR198.51 crore as per the audited figures for the year
ending March 31, 2011, and a net profit of INR3.69 crore on an
operating income of INR111.95 crore as per the provisional
figures for the half year ending September 30, 2011.


MATOSHREE COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA] B+' rating to INR6.00 crore cash
credit facility of Matoshree Cotton Private Limited.

The assigned rating is constrained by MCPL's relatively small
scale of operations and its weak financial profile as reflected
by low profitability, adverse capital structure and weak debt
coverage indicators. The rating also take into account the
vulnerability of profitability from fluctuations in raw material
prices as well as exposure to regulatory risk with regards to
Minimum Support Price (MSP) for raw cotton fixed by the
Government of India.

The rating, however, considers the company's favorable location
giving it easy access to high quality raw cotton as well as to a
large customer base for cotton wash oil.

Matoshree Cotton Private Limited was incorporated in 2007 with 8
shareholders. The company is involved in cotton ginning &
pressing as well as cottonseed crushing with a product mix of FP
cotton bales, cotton seeds, oiled cakes and cotton wash oil. The
manufacturing unit of the company is located at Mahuva in Gujarat
with an annual installed capacity of 5400 MT of cotton lint and
1560 MT of cotton seed oil per annum.


MAX CERAMICS: ICRA Assigns '[ICRA]B+' Rating to INR10cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' to the INR10.00 crore term loan
and INR7.50 crore cash credit facility of Max Ceramics Pvt Ltd.
ICRA has also assigned an '[ICRA]A4' rating to the INR1.70 crore
non-fund based facilities of MCPL. The INR10.00 crore term loan
facility contains a sub-limit of INR7.50 crore towards non-fund
based LC for which ICRA has also assigned an '[ICRA]A4' rating.

The ratings are constrained by MCPL's relatively limited track
record of commercial operations and its modest size of operations
at present and weak financial profile with a highly leveraged
capital structure. The ratings also take into account the
vulnerability of MCPL's profitability to the cyclicality
associated with the real estate industry and to the availability
and increasing prices of gas, as gas is major source of fuel.

However, the ratings favorably consider the steady ramp-up of
operations by MCPL; experience of the promoters in ceramic
industry a diversified, product portfolio and stable demand for
vitrified tiles in the domestic market.

                         About Max Ceramics

Max Ceramics Pvt. Limited is a vitrified and wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in 2010, while the company commenced its
operations in February 2011. MCPL is promoted and managed by
Mr. Sukhdevbhai L. Patel and Mr. Dharmendra K. Kanabar. The plant
has an installed capacity of 43,800 MTPA for vitrified tiles and
20,500 MTPA for wall tiles. MCPL currently manufactures vitrified
tiles of size 24" X 24" and wall tiles of size 12" X 12", 12" X
18", 12" X 24" with the current set of machineries at its
production facilities.


NAVJYOT INT'L: ICRA Assigns '[ICRA]BB' Rating to INR22cr Loan
-------------------------------------------------------------
ICRA assigns '[ICRA]BB' rating and re-affirms the '[ICRA]A4'
rating assigned to INR22.00 crore (enhanced from the INR16.
crore) fund based and non-fund based bank facilities of Navjyot
International Trading Pvt Ltd.  The outlook on the long-term
rating is stable.

The ratings factor in, the vast experience of the promoters in
the commodity trading business; comfortable capital structure of
the company and the relatively moderate client concentration
risk; due to the long standing relationship of the company with a
large number of international traders and textile mills. The
ratings are, however, constrained by the relatively modest scale
of operations and fragmented nature of the industry owing to
presence of a large number of organized as well as unorganized
players. The business drivers and subsequently profitability
indicators would be sensitive to fluctuations in seasonal and
regulatory changes; which are characteristic to agri-commodities
trading business.

                      About Navjyot International

Navjyot International Trading Private Limited was incorporated in
2008 as a private limited company by Mr. Abhishek Bhura after the
closure of the erstwhile proprietorship firm 'Navjyot
international'. NITPL is a separate venture started with the
name, goodwill, experience and relationships of the previous
firm. NITPL is a Government recognized Export House and a member
of Cotton Association of India, Indian Oilseed and Produce
Exporters Association, Agricultural and Processed Food Products
Export Development Authority (APEDA), Texprocil, Shellac & Forest
Products Export Promotion Council, etc.

The company is engaged in exports of various agri-commodities
like raw cotton, maize, oilseeds, cattle feed, and grains. The
company exports these commodities to various countries across the
globe like USA, Japan, Turkey, Israel, Egypt, Netherlands,
Germany, UK, Middle East etc. However, majority of the revenues
are derived mainly from raw cotton exports to South-East Asian
countries like China, Bangladesh, Singapore, Hong Kong, Vietnam,
Taiwan, Indonesia and Malaysia.

Recent Results:

As per the audited results for FY 2011, NITPL reported a profit
of INR1.77 crore on an operating income of INR183.87 crore as
compared to a net profit of INR0.19 crore on an operating income
of INR90.75 crore in FY 2010.


NIRMALA INFRA: ICRA Assigns '[ICRA]D' Rating to Rs.3.56cr LT Loan
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to INR3.56 crore
fund based and INR11.44 crore non-fund based facilities of
Nirmala Infra Projects India Private Limited.

Rating Rationale

The assigned rating reflects recent delays in servicing its debt
obligation on account of stretched liquidity situation arising on
account of cash flow mismatch. The stretched liquidity is also
reflected by overutilization of cash credit limit in recent
months. Further, the rating is also constrained by high sectoral
concentration with company focused only in sewerage & drainage
system projects, small scale of operation which makes it
ineligible to bid directly for projects and high execution risks
with 83% of the total projects in initial stages.

However, the rating favorably factors in experienced promoter
with strong relationship with reputed contractors which can help
in getting new projects in future, strong order book of 6.80
times of FY11 operating income which is expected to support
growth in medium term, and geographically diversified order book
with orders from 3 different states; 47% from Tamil Nadu, 36%
from Karnataka and 17% from Andhra Pradesh which reflects low
geographical concentration risk.

                        About Nirmala Infra

Nirmala Infra Projects India Private Limited was incorporated in
November 2008 in Hyderabad and promoted by Mr. Ch. Narsimha
Reddy, Mr. Ch. Rajender Reddy and others. Earlier it was
operating as a partnership firm named Sri Sairam Excavators &
Loaders for about 7-8 years. After incorporating in 2008, it got
its first project from Ramky Infrastructure Limited, Hyderabad as
a sub contactor for providing underground drainage network &
construction of sewage treatment plant for Yemmiganur
Municipality in Kurnool (Andhra Pradesh). In FY11 it bagged three
sub contracts two from APR Projects Private Ltd, Hyderabad for
providing sewerage facility for Chennai Metropolitan Water Supply
and Sewerage Board, Chennai (Tamil Nadu) & Perungudi Town
Panchayat, Perungudi (Tamil Nadu), and one from Pratibha
Industries Ltd, Mumbai for providing sewerage system for
Bangalore Water Supply and Sewerage Board (BWSSB), Bangalore
(Karnataka). Apart from sewerage & drainage system related
projects it also takes projects from private contractors mainly
related to excavation works.


OPG POWER: ICRA Reaffirms '[ICRA]BB' Rating on INR1.16cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' assigned
to the term loans of OPG Power Gujarat Private Limited
aggregating to INR1168.0 crore (enhanced from INR950.0 crore).
The long-term rating has a stable outlook.

The reaffirmation of rating takes into account the high project
execution risks as the power plant is still under construction,
with limited physical progress achieved in project implementation
as the company had to suspend work at the project site pending
receipt of Coastal Regulatory Zone (CRZ) clearance, and the
Commercial Operation Date (COD) has been extended to February
2013 from previously planned COD of October 2012. The company is
yet to enter into a Fuel Supply Agreement (FSA) for domestic
coal, although the Letter of Assurance (LOA) from South Eastern
Coalfields Ltd is expected to be received soon. Nonetheless, OPGL
would have significant exposure to the movements in international
coal prices post-commissioning, as the indigenous coal would meet
only part of its fuel requirements. Tie-up of the Power Purchase
Agreements (PPAs) at remunerative rates would also be critical
and remains to be seen, though the same would be supported by the
energy deficit scenario prevalent in the country at present. ICRA
also notes that the ability of the company to commission the
project in a timely manner without any further delays, and to
achieve the desired operating parameters post-commissioning,
remain critical for healthy profitability and debt coverage
indicators.

The rating however favorably factors in the receipt of the
requisite approvals and clearances and the subsequent
commencement of civil works at the site from September 2011; the
substantial portion of equity already brought in by the
promoters; and, the tie-up of debt funding requirement for the
project, including the enhanced portion following project scope
revision. ICRA notes that the company is well placed at present
to meet the pending equity requirements in the project through
the funds of 57 million pounds raised by its parent company, OPG
Power Ventures Plc, in Alternate Investment Market (AIM) of
London in February 2011. OPGL had already entered into a contract
with BHEL for supply of BTG (boiler, turbine, generator) package
on fixed price basis and major orders for Balance of Plant (BOP)
packages have also been placed.

                          About OPG Power

OPG Power Gujarat Private Limited was incorporated in April 2007
as a Special Purpose Vehicle promoted by OPG Energy Private
Limited. The company had initially planned to setup a 270 MW (2 x
135 MW) coal based power plant but has subsequently revised its
plant capacity to 300 MW (2 x 150 MW). The plant is based in
Kutch, Gujarat and the expected Commercial Operation Date (COD)
of the plant is February 2013, with the project implementation
having seen delays due to holdups in receipt of Environmental
Clearance and Coastal Regulatory Zone Clearance. The total cost
of the project was initially estimated at INR1282 crore; however,
following the increase in project scope the total project cost
has been revised to INR1638 crore, to be funded through INR1168
crore of debt and INR470 crore of equity.


S. B. & T. DESIGNS: ICRA Cuts Rating on INR19cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has downgraded the short-term rating assigned to the fund
based facilities of S. B. & T. Designs Limited aggregating to
INR19.00 crore from 'A4' to '[ICRA]D'.

The downgrade in rating takes into account the weakening of the
company's financial risk profile during FY 2011 with increased
losses at net level as well as stretched liquidity position with
significant increase in receivables. The rating also factors in
the deterioration in the financial profile of SBTDL's parent
company, i.e. S.B. & T. International Ltd., whose rating has been
downgraded to [ICRA]D.  Further, SBTDL's overall sales and
profitability are exposed to foreign exchange movement risks in
the absence of any firm hedging policy since exports constitute a
significant proportion of the company's total sales. ICRA however
positively notes the experience of over two decades of SBTIL's
promoters in the industry and the established retail and
wholesale distribution network of the Group in UK and Middle
East.

S.B. & T. Designs Ltd. was incorporated in the year 2005. It is
involved in the manufacture of studded jewellery and its sales
are mainly to the export markets. SBTDL is a 100% subsidiary of
S.B. & T. International Ltd. (SBTIL) that has been involved in
the business of trading of CPDs and studded jewellery for about
two decades.

During FY 2011, the company reported Profit After Tax (PAT) of
INR2.68 crore on an operating income of Rs.18.73 crore
(provisional).


VENUS LIFESTYLES: ICRA Reaffirms [ICRA]BB+ Rating on INR30cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]BB+' for the
INR30.00 crore Fund Based facilities and INR12.74 crore Term
Loans of Venus Lifestyles Limited.  The outlook on long term
rating is Stable. ICRA has also reaffirmed short term rating of
'[ICRA]A4+' for the INR10.70 crore Non Fund based bank facilities
of Venus Lifestyles Limited.

ICRA's rating action takes into account the long track record of
promoters in the textile industry, foray into embroidery work
segment leading to substantial increase in volumes and backward
integration into manufacture of viscose hank yarn through its
group company International Thread Company Private Limited. The
rating also factors in the robust growth in VLL's operating
income over the past years, translating into strong return
indicators and equity infusion resulting in a reduction in
gearing in FY 2011. Moreover, steady profitability and lower
interest costs have resulted in improvement in coverage
indicators of the company in FY 2011. However, rating concerns
emanate from competitive nature of the industry which is expected
to put pressure on the margins of the company. Further the
company's profitability remains vulnerable to change in yarn
prices and any negative change in Anti Dumping Duty structure
which can impact the import cost of the company. However, given
the company's ability to partially pass the raw material price
volatility to its customers coupled with a fast conversion
process, the price risk is mitigated to some extent. The ratings
are also constrained by substantial capital expansion plans to be
undertaken in FY 2012 which exposes the company to execution and
project implementation risks. Moreover, the expansion is likely
to be debt-funded, which will impact the gearing and coverage
indicators of the company in the short to medium term. Going
forward, the ability of the company to achieve timely
commissioning and stabilization of new facilities and retain its
profitability margins will remain key rating drivers.

                       About Venus Lifestyles

Venus Lifestyles Limited earlier known as Venus Fibres Limited
was incorporated in 2004 and is a manufacturer of Embroidery
Thread. The manufacturing facilities of the company are located
in Surat (Gujarat) and have a installed capacity of 3252 MTPA.
The company sells the embroidery thread under the brand 'ICO'.
The company also traded embroidery machines till FY 2008. In FY
2010, the company installed machinery for embroidery work on
sarees.

Recent Results:

Venus Lifestyles Limited reported a profit after tax (PAT) of
INR7.93 Crore in FY 2010-11 on an operating income of INR277.3
Crore registering a YoY increase of 129% in operating income.
This was led by an increase in sale of embroidery thread as well
as contribution from embroidery work segment.


VINYROYAL PLASTICOATES: ICRA Puts 'BB-' Rating on INR14.56CR Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' and short
term rating of '[ICRA]A4' to the fund based limits and non-fund
based limits of Vinyroyal Plasticoates Limited aggregating to
INR14.56 crore.  The long term rating has a stable outlook.

The ratings are constrained by the company's modest size of
operations, vulnerability to any weakening of demand pattern in
automobile industry, as well as its high financial risk profile
as evident from low net profitability levels and stretched
liquidity and cash flow position. The company's net profitability
has remained low largely due to intense competitive pressures
arising from both the unorganized players and cheap imports from
China. ICRA further notes that VPL's profitability remains
exposed to adverse fluctuations in raw material prices, though
the introduction of 'price variation' clause from last year
allows the company to pass on deviations in excess of 5%. ICRA
also notes that the group's stretched liquidity position at
present remains a concern from the credit perspective.

The ratings, however, draw comfort from the long experience of
the promoters in the artificial leather business and the
established and reputed customer base of VPL in both domestic and
export markets. The ratings also positively factor in the
improvement in utilization levels in the last two fiscals on
account of positive demand indicators especially from the
automobile segment, and the development of a new product for two-
wheeler industry which is expected to boost revenue growth in the
medium to long term, though company's ability to successfully
market the same remains critical.

                     About Vinyroyal Plasticoates

Vinyroyal Plasticoates Limited is involved in manufacturing of
artificial leather i.e., vinyl coated fabric used in automotive,
footwear and upholstery industry. VPL was originally incorporated
as a private limited company in 1992 and was converted into a
public limited company in August 2009. VPL, which sells its
products under the brand name of 'Royal Touch', is a part of the
Samsons Group. VPL has two plants, both located in Vadodara
(Gujarat), with current total installed capacity of 60 lakh
meters per annum. The company is one of the leading suppliers of
vinyl coated fabric to the automotive industry in India. The
Samsons group also comprises of companies like - Royal Cushion
Vinyl Products Ltd., Vijayjyot Seats Pvt. Ltd. and Royal Knitting
Pvt. Ltd who are engaged in the business of vinyl floorings,
seating systems and knitted fabrics respectively.

During FY 2011, the company reported Profit After Tax (PAT) of
INR0.58 crore on an operating income of INR59.63 crore.


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


LEOPARD ONE: S&P Affirms Rating on Class E Notes at 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
classes A to E issued under the Leopard One Funding Ltd.
transaction.

The underlying assets of the transaction are residential
apartment mortgage loans that were originated by the former New
Century Finance Co. Ltd. (the name of the company was changed to
Lehman Brothers Commercial Mortgages on Dec. 1, 2007), an
affiliate of the now defunct Lehman Brothers Inc. The mortgage
loans were extended to finance the construction costs and
miscellaneous expenses of newly constructed apartments built by
Leopalace21
Corp.

"In analyzing the credit quality of the transaction, we referred
to such data as the public information disclosed by Leopalace21
relating to its portfolio, the current rent level of each
property Leopalace21 manages, and the performance data of a
similar transaction, in order to estimate the current rent level
of the underlying properties. In accordance with the estimation,
we deem that the current rent level of the transaction is below
our initial forecast. On the other hand, as of the end of October
2011, no defaults and only two delinquencies, reflecting the
adverse impact of the March 11 earthquake and tsunami, have
occurred among the underlying loans. Thus the level of credit
enhancement available to the transaction has increased since
closing. We believe that the increased credit enhancement offsets
the lower-than-expected rent level and adverse impact of the
earthquake and tsunami, and we have affirmed our ratings on
classes A to E accordingly," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the full repayment of
principal on the notes by the legal final maturity. Regarding
class A issued under Leopard One, to which additional interest is
paid from residual cash if available, the rating reflects our
opinion on the likelihood of the timely payment of the additional
interest, as long as the residual cash is available, until
November 2015," S&P said.

Ratings Affirmed

Leopard One Funding Ltd. JPY18.35 bil structured secured notes
due 2035
Class         Rating           Initial issue amount
A             AAA (sf)         JPY16.15 bil.
B             AA (sf)          JPY0.55 bil.
C             A (sf)           JPY0.55 bil.
D             BBB (sf)         JPY0.55 bil.
E             BB+ (sf)         JPY0.15 bil.


NORINCHUKIN BANK: Moody's Says Ratings Based on C- BFSR
-------------------------------------------------------
Moody's Japan K.K. has assigned an A1 rating to the Norinchukin
Bank's Series 738 debenture. The rating outlook is stable.

The specific bond issue rated is:

   * JPY 69 billion Series 738 senior unsecured debenture, due
     2016

Rating Rationale

Moody's A1 ratings on Norinchukin are based on a standalone BFSR
of C-, equivalent to a Baseline Credit Assessment (BCA) of Baa1,
the systemic support input for Japan bank ratings of Aa2, and
Moody's assessment (based on the bank's importance as the primary
banking institution for Japan's agricultural, forestry, and
fishery cooperatives) that the likelihood of systemic support for
Norinchukin is very high.

The C- bank financial strength rating (BFSR) incorporates a
number of factors:

(1) the bank's strong franchise as the central financial
organization for Japan's agricultural, forestry, and fishery
cooperatives

(2) its high risk positioning due to sizeable foreign securities
investments and the complexity of the bank's market investment
portfolio

(3) volatility in financial fundamentals, although this is
tempered by solid liquidity stemming from the savings of the
agricultural cooperatives (JAs) and the prefectural banking
federations of the agricultural cooperatives (the shinnoren).

The BFSR also factors Norinchukin's (standalone) strengthened
capital, which is unique to its position as an international
investment institution, as well as the ongoing long-term
challenges to its business model.

The principal methodologies used in this rating were Moody's
"Bank Financial Strength Ratings: Global Methodology" and
"Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology" published on September 30, 2010.

The Norinchukin Bank, headquartered in Tokyo, is the central
financial organization for Japan's agricultural, forestry, and
fishery cooperatives. Its total assets (as of March 2011) were
approximately JPY 69.6 trillion.


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


HYNIX SEMICONDUCTOR: Moody's Reviews Ratings for Downgrade
----------------------------------------------------------
Moody's Investors Service notes the recent announcement made to
the Korea Stock Exchange by SK Telecom Co., Ltd ("SKT" -- A2
URPD) and Hynix Semiconductor Co. Ltd ("Hynix" -- B1 URPU)
concerning the pricing parameters should SKT acquire a 20% stake
in Hynix. SKT's A2 ratings are currently under review for
possible downgrade and will remain so until the acquisition is
final and binding or discussions have been terminated.

"Should the deal complete as outlined then the final acquisition
price will be approximately W3.4 trillion, of which, Moody's
estimates, some W2.4 trillion will be debt funded. The impact
will be to increase adjusted debt/EBITDA for SKT to approximately
1.70x-1.75x for year-ended 2012 with a gradual deleveraging
thereafter," says Laura Acres, a Moody's Vice President and
Senior Credit Officer.

"While such leverage could be contained within a negative
outlook, Moody's has greater concerns regarding the level of
overall business risk at SKT," says Acres, also Moody's Lead
Analyst for SKT. Adding, "The inherent volatility in the
semiconductor business will increase the overall level of
business risk within the SKT credit profile which is inconsistent
with the rating particularly at a time when the Korean
telecommunications space continues to face competitive challenges
arising from the launch of LTE."

The scale of this deal also suggests that SKT's management has an
increased appetite for risk. Hynix' market capitalization is on
par with that of SKT and, at approximately 14% of total
consolidated assets, will represent its largest acquisition to
date. While the shareholding is only 20%, Moody's is of the view
that SKT will prove a dominating force in devising the overall
strategy and future direction of Hynix to the extent that it's
control will be disproportionately larger than its equity stake
would suggest.

"Given this dynamic, should the acquisition complete, it is
likely that Moody's would downgrade SKT's rating by one notch to
A3," says Acres.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

SKT is the largest mobile telecommunications provider in South
Korea with 26.4 million cellular subscribers and an estimated
50.7% market share as at 30th September 2011. Its core business
is mobile voice and wireless internet. SKT is also the
controlling shareholder in SKB -- South Korea's second largest
fixed line operator. SKT is listed on the Korea Composite Stock
Price Index; its major shareholder is SK Holdings with a 23.2%
stake.


KOREA TECHNOLOGY: Court Approves Stipulation for Limited Cash Use
-----------------------------------------------------------------
The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah approved the stipulation approving Korea
Technology Industry America, Inc. et al.'s limited use of cash
collateral.

The stipulation was entered among the Debtors, Raven Mining
Company, LLC, Western Energy Partners, LLC, and Elgin Services
Company, Inc.limited use of cash collateral.

As reported in the Troubled Company Reporter on Nov. 4, 2011,
pursuant to compliance with the terms and conditions of the
Parties' Stipulation and entry of the Cash Collateral Stipulated
Order, Raven, Western, and Elgin consent to the sale by the
Debtors of up to 15,000 tons of tar sands prior to December 31,
2011, and to use Cash Collateral from the proceeds of the sales
to pay for costs associated with the maintenance, security,
insurance, and other operating costs related to the so-called
"South A Tract," which has significant tar sands holdings and the
uncompleted tar sands processing plant on it, as well as other
property and to pay no more than US$300,000 in allowed costs of
administration of the Debtors' estates in accordance with a
budget.  A copy of the budget is available for free at:

            http://bankrupt.com/misc/KORTEK_CCBgt.pdf

The Debtors will not be authorized to use any Cash Collateral for
payment of prepetition debts absent further order of the Court.

As adequate protection of the interests in Cash Collateral of
Raven, Western, Elgin, and other lien claimants with an interest
in Cash Collateral, the Parties have agreed to:

   (a) Replacement Lien -- Raven, Western, Elgin, and the other
       lien claimants will retain their liens on the Assets to
       the same extent, with the same validity, and in the same
       priority as the liens they held prior to the Petition
       Date.  In addition, Raven, Western, Elgin, and the other
       lien claimants will receive a replacement lien on
       postpetition accounts receivable and proceeds of the sale
       of Tar Sands to the same extent, with the same validity,
       and in the same priority as the liens they held on the
       collateral prior to the Petition Date.

   (b) Production Payment to Raven -- The Debtors will pay a
       production royalty of 1 % of gross proceeds from sales of
       Tar Sands pursuant to the Stipulation and Joint Motion.
       Any payments made to Raven pursuant to this provision will
       reduce the Debtors' obligations to Raven, but this will
       not effectuate a pennanent n10dification of the production
       paylnent percentage obligation to Raven.

   (c) Deposit of Cash Collateral -- The Debtors shall deposit
       all Cash Collateral from the sale of the Assets into the
       debtor in possession account of CAR at Zions First
       National Bank, and upon request, will provide copies of
       bank statements.

   (d) Reporting Obligations -- Unless otherwise provided below,
       the Debtors shall provide all reasonably requested, non-
       privileged infonnation and opportunities for due
       diligence, access to personnel and property inspection
       rights as may be reasonably requested by Raven, Western,
       Elgin, and others claiming an interest in Cash Collateral.
       In addition, the Debtors will provide to Raven, Western,
       and Elgin in writing on or before the 15th calendar day of
       each month in which the Stipulation remains in effect:

          * a report of all sales of Tar Sands;

          * accountings for the receipt and usage of all Cash
            Collateral, which accountings will require the
            Debtors to maintain books and records sufficient to
            trace and account for the source and amount of all
            Cash Collateral and the uses thereof;

          * notice, due immediately upon receipt by the Debtors,
            of any institution of, or written threat of, any
            action, suit, proceeding, governmental investigation
            or arbitration against or affecting the Debtors or
            the Collateral;

          * immediate notice of any material events related to
            the Collateral; and

          * copies, due upon submission or production, of all
            information or other doculnents submitted by the
            Debtors to the Office of the United States Trustee
            and of all documents produced pursuant to an
            examination authorized by the Court under Rule 2004
            of the Federal Rules of Bankruptcy Procedure or in
            any adversary proceeding brought in the Chapter 11
            Cases.

The Debtors' authority to use Cash Collateral pursuant to the
Stipulation will automatically terminate upon the earliest of:

   (i) Feb. 1, 2012;

  (ii) the filing of any motion or pleading -- including a plan
       of reorganization -- by the Debtors seeking an order
       authorizing non-consensual use of Cash Collateral or
       debtor-in-possession financing not otherwise permitted
       under the Stipulation;

(iii) the filing of any motion or pleading -- including a plan
       of reorganization -- by the Debtors or the entry of an
       order, challenging or affecting the validity, priority,
       perfection, or amount of Raven's, Western's, or Elgin's
       liens or claims against the Debtors or their assets, or
       seeking a recovery on any avoidance action provided,
       however, that disputes over the mathematical calculation
       of the claim of Raven, Western, or Elgin in accordance
       with government documents, the applicability of default
       interest rates, and disputes over the reasonableness of
       attorney's fees and costs will not trigger a Termination
       Event; and

  (iv) the filing by the Debtors of a notice of conversion or the
       entry of any order converting any of the Debtors' Chapter
       11 cases to a case under Chapter 7 of the Bankruptcy Code.

The Parties may extend this Stipulation on terms and conditions
as are mutually agreed to in writing.  The Parties will file with
the Court and serve on all interested parties a notice of any
extension and the terms and conditions governing the extension.
The Court may, without further notice or hearing, approve any
extension.  Upon termination of the Debtors' authority to use
Cash Collateral they may seek by motion on no less than 10 days
notice authority to continue to use Cash Collateral.

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, in Salt Lake City, serve as the Debtors'
counsel.  The Debtors listed US$35,246,360 in assets and
US$38,751,528 in debts.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.


KOREA TECHNOLOGY: Wins Green Light to Sell Assets to RWC
--------------------------------------------------------
Korea Technology Industry America Inc., Uintah Basin Resources
LLC, and Crown Asphalt Ridge LLC won Bankruptcy Court authority
to sell the Asphalt Ridge Oil Sands Project and assign related
contracts to Rutter and Wilbanks Corporation, the stalking horse
bidder for the sale.

Assets sold include the Debtors' production facility and related
improvements and equipment, technologies utilized by the KTIA
Group in connection with the commercial extraction and processing
of oil from oil sands and for manufacturing dry froth, bitumen,
asphalt, and related products from oil sands deposits located on
the real property, and Oil, Gas and Minerals Lease granted by
Wembco, Inc., prior land owner to UBR.

The Purchase Price and other consideration to be paid by the
Buyer will be the sum of:

     (1) a perpetual royalty to be received by KTIA initially as
         a portion of the 10% net royalty set forth in the Lease
         or an equivalent amount under any future royalties
         established by the Buyer under a future minerals lease
         applicable to the Real Property;

     (2) due and unpaid amounts of any DIP Loans extended to the
         Sellers by the Buyer; and

     (3) money in the amount equal to the total amount of
         Creditors' Claims that are verified and allowed by the
         Bankruptcy Court.

The Purchase Price will be paid by the Buyer, in full, by wire
transfer to facilitate the Closing.  The Closing is scheduled to
occur by June 30, 2012.  The Buyer may conduct due diligence
until May 31.

A copy of Bankruptcy Judge R. Kimball Mosier's Nov. 15, 2011
Findings of Fact and Conclusions of Law is available at
http://is.gd/oXlzK3from Leagle.com.

                     About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, in Salt Lake City, serve as the Debtors'
counsel.  The Debtors listed US$35,246,360 in assets and
US$38,751,528 in debts.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.

The Bankruptcy Court also approved the appointment of Mark
Hashimoto as the examiner in the case.


LIMKWANG ENGINEERING: Applies for Court Receivership
----------------------------------------------------
The Korea Herald reports that Limkwang Engineering &
Construction's application for court receivership Thursday sent
jitters across similar-sized builders in a liquidity crisis due
to excessive project financing amid a prolonged property market
slump.

The news agency states that a reduction in public construction
orders and the inability to redeem project financing loans have
pushed scores of construction companies to the verge of
bankruptcy.

Pressed by surety obligations on project financing loans and a
lack of new orders, Limkwang, ranked 40th in South Korea for
building capability, went bankrupt, as did Pumyang Construction
last month, according to The Korea Herald.

The report says the builder, which has an 84-year history, will
be barred from selling its assets or repaying debts without court
permission.  Creditors to Limkwang will also be prohibited from
provisional seizure, provisional disposition of the builder's
assets or forcible execution, The Korea Herald notes.

According to the report, Limkwang has been at odds with its
creditor Korea Development Bank over a payment guarantee of some
KRW200 billion in project financing loans taken out to develop an
apartment complex in Hwaseong, Gyeonggi Province.

The Korea Herald relates that falling operating profits led to a
drastic reduction in cash holdings, forcing the builder to sell
its office building in July.

Limkwang's debts amounted to KRW922 billion as of late October,
the report discloses.

"Limkwang set about housing projects to make up for the lack of
public orders, but many of the apartments were left unsold,
causing it to collapse," the news agency quotes an official at
the Construction Association of Korea as saying.

Pumyang, ranked 58th in the annual industrial evaluation, applied
for receivership as overseas project financing dried up due to
the global financial crisis, according to the report.

The Korea Herald adds that Chinhung International Inc., currently
under a debt workout program, is straddled with liabilities worth
nearly KRW1 trillion ($880 million).  Creditors to Chinhung are
considering asking its parent company Hyosung for a capital
injection of over KRW100 billion, the report discloses.

                     About Limkwang Engineering

Limkwang Engineering & Construction Co Ltd is a Seoul-based
construction company.  The company started in 1927 as the first
builder to be founded by a Korean under Japan's colonial rule,
and changed its name to Limkwang in 1957.  It has conducted
mostly civil engineering projects such as roads, harbors and
subways, and has an apartment brand.


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


OPOL ENTERPRISE: MYR11.68-Mil. Government Contract Questioned
-------------------------------------------------------------
Free Malaysia Today reports that the State Legislative Assembly
heard Thursday that the Sarawak government has awarded Opol
Enterprise Sdn Bhd the contract to manage mini rice estates in
Bundong-Sian, Sungai Tulai and Sungai Tekap for 20 years.  The
company is reportedly insolvent with an accumulated loss of
RM11.685 million, the report says

Free Malaysia Today quoted Meradong assemblywoman Ting Pui Tze
who raised the matter at the assembly sitting as saying that:
"The Auditor-General's Report revealed that the government has
spent about RM23.4 million to develop the three mini paddy
estates under the sole control and management of the Farmers
Organisation which, in turn, appointed Opol Enterprise Sdn Bhd to
manage the mini estate project for 20 years."

"From my search with the Registrar of Companies, I found that
Opol Enterprise has assets of RM4.32 million, but it has current
liabilities of RM9.939 million and an accumulated loss of
RM11.685 million," she said during the debate on the 2012 state
budget.

"It is an insolvent company. So how can this company be granted
with a 20-year contract to oversee, manage and control the mini
paddy estates in Meradong?

"(State) Modernisation of Agriculture Minister Alfred Jabu
Numpang must inform this house honestly and transparently as to
what and how much direct grants have been given to this company
in the past five years and how much rice has this company
produced."

The report relates that Ms. Ting said Jabu (who is also deputy
chief minister) also must explain why the many other paddy
estates developed in the state had failed or gone defunct.

Ms. Ting also demanded that the minister explain why the state
had failed to reach its much-publicized targets of self-
sufficiency in rice production, Free Malaysia Today relates.

According to the news agency, Ms. Ting was referring to a state
government policy to increase the local rice production from
35 percent in 2000 to 50 percent by 2005, 70 percent by 2010, and
100 percent self-sufficiency by 2015.

Opol Enterprise Sdn Bhd is engaged in paddy plantation and rice
marketing.


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


AMARU INC: Incurs US$341,900 Net Loss in Third Quarter
------------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net
loss including non-controlling interest of US$341,977 on US$103
of revenue for the three months ended Sept. 30, 2011, compared
with a net loss including non-controlling interest of US$112,423
on US$1,386 of total revenue for the same period during the prior
year.

The Company also reported a net loss including non-controlling
interest of US$1.25 million on US$4,342 of total revenue for the
nine months ended Sept. 30, 2011, compared with a net loss
including non-controlling interest of US$745,291 on US$45,737 of
total revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$2.86 million in total assets, US$3.42 million in total
liabilities, and a US$566,201 total stockholders' deficit.

As reported in the TCR on April 26, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about Amaru, Inc.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling US$38.5 million at Dec. 31, 2010.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/mP5oa8

                         About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.


                             *********

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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