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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 16, 2011, Vol. 14, No. 249

                            Headlines



A U S T R A L I A

LIBERTY SERIES: Fitch Rates AUD3.9 Million Notes at 'BBsf'
NATIONAL BUILDERS: Gets Ultimatum From Bank Amid Cash Flow Issues
OCTAVIAR LIMITED: Judge Approves Investors Class Action
SEA MEDIA: Placed Into Liquidation
* AUSTRLIA: Unveils New Laws to Protect Creditors


C H I N A

SHANGHAI INDUSTRIAL: S&P Affirms 'B' Corporate Credit Rating


H O N G  K O N G

B&H DIAMONDS: Members' Final Meeting Set for Jan. 10
BELTON INDUSTRIAL: Members' Annual Meeting Set for Jan. 12
BIG TOWN: Placed Under Voluntary Wind-Up Proceedings
BILLION STONE: Commences Wind-Up Proceedings
BORTEX (H.K.): Members' Final Meeting Set for Dec. 28

CONVENIENCE STATIONER: Placed Under Voluntary Wind-Up Proceedings
CORE CENTRE: Commences Wind-Up Proceedings
EASY (HK): Members' Final Meeting Set for Dec. 28
ESSENTIAL INDUSTRIES: Placed Under Voluntary Wind-Up Proceedings
GAIN HIGH: Placed Under Voluntary Wind-Up Proceedings

GUANG XIN: Members' and creditors' Final Meetings Set for Jan. 11
INFINITY SERVICES: Final Meetings Set for Jan. 20
JAPAN LEASING: Brough, Muk and Tam Step Down as Liquidators
JIU FENG: Members' Final Meeting Set for Jan. 9
LADY ANGELICA: Creditors' Meeting Set for Dec. 20

LADY BUTTERCUP: Creditors' Meeting Set for Dec. 20
LADY CHERRY: Creditors' Meeting Set for Dec. 20
LADY DAISY: Creditors' Meeting Set for Dec. 20
LADY ERICA: Creditors' Meeting Set for Dec. 20
LADY FOXGLOVE: Creditors' Meeting Set for Dec. 20

LEHMAN BROTHERS: HKMA Reports Status of Lehman-related Cases


I N D I A

AIR INDIA: Government De-freezes Bank Accounts
ANSAL BUILDWELL: ICRA Cuts Rating on INR28cr Loan to '[ICRA]D'
ARIHANT SOLVEX: ICRA Places 'ICRA]BB-' on INR10.5cr Capital Limit
GHANSHYAMDAS & COMPANY: ICRA Rates INR7.5cr Loan at '[ICRA]B+'
KGA HOTELS: ICRA Assigns '[ICRA]BB' Rating to INR126cr Term Loan

KINGFISHER AIRLINES: Government De-freezes Bank Accounts
NEUMANN COMPONENTS: ICRA Puts '[ICRA]BB+' Rating on INR5.5CR Loan
PLETHICO PHARMA: ICRA Cuts Rating on INR188.65cr Loan to 'BB+'
SHRI DAMODAR: ICRA Assigns '[ICRA]BB-' Rating to INR16.93cr Loan
SIVASRI ENGINEERING: ICRA Rates INR2.5cr Loan at '[ICRA]B+'

SPR BUILDTECH: ICRA Assigns '[ICRA]BB-' Rating to INR24cr Loan
SREE KADERI: ICRA Assigns [ICRA]D Rating to INR12.75cr Term Loan
SRI VIJAYA: ICRA Assigns '[ICRA]B+' Rating to INR20.97cr Loan
TRANSGLOBAL POWER: ICRA Cuts Rating on INR15cr Loan to '[ICRA] D'
WELCOME DISTELLERIES: Fitch Rates Nat'l Long-Term at 'BB-(ind)'


I N D O N E S I A

PT ARPENI PRATAMA: Seeks Creditor Projection in the U.S.


J A P A N

DAIO PAPER: Posts JPY2.84 Bil. First-Half Loss; Avoids Delisting
HELIUM CAPITAL: S&P Lowers Rating on Series 60 Note to 'D'


K O R E A

KOREA TECHNOLOGY: Examiner Can Hire Piercy Bowler as Accountants


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Mull Legal Action to Recoup Costs
CARIBOO NEW ZEALAND: Goes Into Voluntary Liquidation
CRAFAR FARMS: Fay Attacks Landcorp Over Crafar Sale
CRAFAR FARMS: Green Party Urges OIO to Decide on Sale Before Xmas
HANOVER FINANCE: FMA to File Suits Vs Directors and Promoters

HANOVER FINANCE: Files Defamation Suit Vs. Shareholders Assn.


X X X X X X X X

LEHMAN BROTHERS: AP Creditors to Get $1.5-Bil. in Dividends
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


LIBERTY SERIES: Fitch Rates AUD3.9 Million Notes at 'BBsf'
----------------------------------------------------------
Fitch Ratings has assigned Liberty Series 2011-1 Auto automotive
loan receivables-backed securitisation, due November 2017, final
ratings as follows:

  -- AUD62.9 mil. Class A notes: 'AAAsf'; Outlook Stable
  -- AUD14.9 mil. Class B notes: 'Asf'; Outlook Stable
  -- AUD4.2 mil. Class C notes: 'BBB+sf'; Outlook Stable
  -- AUD3.9 mil. Class D notes: 'BBsf'; Outlook Stable
  -- AUD4.1 mil. Class E notes: not rated

The transaction structure is a two-tier structure with a trust
established under a Secure Funding master trust program, while
all notes issued by the trust will be subscribed entirely by
Liberty Funding Pty Ltd in respect of Liberty Series 2011-1 Auto.

At the cut-off date, the total collateral pool consisted of 5,226
automotive loan receivables totalling approximately AUD88.9m,
with an average size of AUD17,017.  The pool solely comprises
amortising principal and interest loan receivables originated by
Liberty Financial Pty Ltd (Liberty) through its lender network to
Australian residents across the country.  The portfolio consists
of new (15.6%) and used (84.4%) motor vehicles and light
commercial vehicles.

To date, gross losses for all motor vehicle loans originated by
Liberty's lender network that have at least 36 months seasoning
have ranged between 4.2% and 14.2% of the original balance
originated.

The ratings on the class A notes are based on the quality of the
collateral; the 30.1% credit enhancement provided by the
subordinate class B, C, D and E notes; a liquidity reserve
account of 1.2% of the outstanding balance of the notes, funded
by issue proceeds; both the credit reserve, funded by Liberty at
issuance, and the guarantee fee reserve, funded via excess
spread, for credit and liquidity support; an interest rate swap
provided by National Australia Bank Limited; and Liberty's auto
receivable underwriting and servicing capabilities.

The ratings on the class B, C and D notes are based on all the
strengths supporting the class A notes, excluding their credit
enhancement levels.


NATIONAL BUILDERS: Gets Ultimatum From Bank Amid Cash Flow Issues
-----------------------------------------------------------------
The Sydney Morning Herald reports that National Builders Group is
the latest company to be issued with an ultimatum from its bank:
either refinance its loan with another bank or sell the business.

The news agency relates that the group, which generates revenue
of between AU$25 million and AU$30 million selling home building
services ranging from drafting, engineering, selecting fixtures
then outsourcing construction to a builder, is in talks with
Malaysian company MAE Synergy to buy the business by December 30.

According to the report, the company is understood to have told
its staff late last week that after discovering a series of cash
flow issues, it was working through payment plans and hoped to
have a new owner by December 30.  The cash flow problems, says
SMH, were blamed on a previous employee who failed to send out
290 invoices to creditors, which left the company with a huge
financial hole.

Not surprisingly, it hit the Commonwealth Bank's radar when a
series of credit risk calculations blew out, the report relates.
These include the credit risk probability ratio of experiencing
financial distress in the next 12 months, which ballooned to
9.22%, far greater than the industry average of 0.48%, according
to the report.

But National Builders Group is still very much a going concern,
SMH notes.  According to the report, many in the sector have
fallen by the wayside as banks get tough, creditors delay paying
bills and the softening housing market has crunched margins in
the sector.  All of this has translated into 36 companies in the
residential construction sector entering voluntary administration
in the past two weeks, SMH discloses.

SMH notes that the move by CBA to give National Builders Group
the choice of refinancing its loan with another bank or selling
the business might be seen as draconian but it is a strategy
several banks have been adopting in recent months to avoid the
pain and cost of receivership, where the insolvency practitioners
are the big winners and the assets sold are often at a fraction
of the price.

Headquartered in Melbourne, National Builders Group Pty Ltd --
http://www.nationalbuilders.com.au/-- is a residential property
builder.


OCTAVIAR LIMITED: Judge Approves Investors Class Action
-------------------------------------------------------
The Sydney Morning Herald reports that an investor class action
against accounting firm KPMG and former directors and executives
of MFS Ltd, now known as Octaviar Limited, received belated good
news Wednesday when a Federal Court judge said he would allow a
two-year-old compensation suit to proceed.

According to the news agency, Justice Nye Perram said the case,
in which he has previously rejected two attempts to file long
statements of claim, had "a tortured procedural history."
Earlier this year, Justice Perram said if the plaintiffs filed a
fresh pleading of 50 pages or less he would consider whether it
could go to trial, SHM recounts.

SMH relates that Justice Perram on Wednesday allowed the new
claim to proceed after rejecting complaints by KPMG and the
individual defendants, including the former managing director of
MFS, Michael King.

However, the report notes, Justice Perram ordered the investors,
whose legal costs are funded by IMF (Australia) Ltd, to pay the
costs thrown away on the earlier pleadings, saying there was
"much to be said for the view that the last two years have been a
waste of time."

"Given the expense in getting to this point, it would be unfair
in my opinion for the applicants not to have to confront the
consequences of what has been done on their behalf until the
present application," SMH quotes Justice Perram as saying.

Since the suit was filed in April 2009, the class action has used
three consecutive firms of solicitors and three consecutive
senior barristers, the report notes.

According to SMH, the judge rejected a claim from the defendants
for additional so-called "indemnity costs," or reimbursement of
all costs incurred.

Justice Perram, the report relates, predicted that the hearing
was "a good way off" and said all sides were steeling themselves
for "a long and drawn-out procedural Stalingrad in which no
quarter will be given."

SMH states that the investors want to recover losses sustained
when the MFS Premium Income Fund collapsed in 2009. The class
action is defined as registered holders of units in the fund
between January 2007 and October 2008, when redemptions were
frozen, SMH discloses.

The report says Justice Perram will allow a negligence claim
against KPMG, which audited the fund's compliance with the plan
required under its registration as a managed investment scheme.
He will also allow a claim of breach of the compliance auditor's
duty as defined in the Corporations Act.

The class action will also sue former directors and executives of
MFS, which changed its name to Octaviar Ltd in 2009, and of the
responsible entity for the fund, SMH adds.

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig --
jgreig@deloitte.com.au -- and Nicholas Harwood --
nharwood@deloitte.com.au -- of Deloitte as Voluntary
Administrators.  The directors of three Octaviar subsidiaries,
Octaviar Financial Services Pty Ltd, Octaviar Investment Notes
Limited and Octaviar Investment Bonds Limited, also appointed
Messrs. Greig and Harwood as Voluntary Administrators.  Fortress
Credit Corporation (Australia) II Pty Ltd., one of Octaviar
Limited's major creditors, also appointed Stephen James Parbery
--  sparbery@ppbadvisory.com  -- and Anthony Milton Sims --
tsims@ppbadvisory.com -- of PPB Advisory as receivers and
managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.


SEA MEDIA: Placed Into Liquidation
----------------------------------
Marine Business reports that SEA Media Pty Ltd has been wound up
in insolvency following court action by the Australian Tax
Office.

Marine Business obtained Federal Court of Australia documents,
which revealed the company was placed into liquidation on Dec. 9,
2011.  Ann Fordyce -- afordyce@pilotpartners.com.au -- has been
appointed the official liquidator.

SEA Media Pty Ltd is the publisher of F&B magazine.


* AUSTRLIA: Unveils New Laws to Protect Creditors
-------------------------------------------------
The Sydney Morning Herald reports that rouge liquidators have
been put on notice after the government announced new laws to
protect creditors from misconduct by corporate undertakers.

Under the changes revealed on Dec. 14, SMH relates, creditors
such as banks and small businesses will have the power to pass
resolutions dismissing liquidators without court permission and
to cap fees charged by insolvency firms.

According to the report, the Australian Securities and
Investments Commission will receive an extra AU$11.4 million
funding for detecting and disciplining rogues in the industry,
plus new powers to question liquidators.

SMH states that the changes are expected to require new
legislation, which the government plans to introduce in the first
half of next year.  The push comes more than a year after a
Senate inquiry revealed widespread complaints from small business
creditors claiming they had been exploited by liquidators, the
report says.

The Insolvency Practitioners Association backed the changes,
saying they would improve conduct in the industry, SMH adds.


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


SHANGHAI INDUSTRIAL: S&P Affirms 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Chinese property developer Shanghai
Industrial Urban Development Group Ltd.  The outlook is stable.
"At the same time, we affirmed the 'B-' issue rating on the
company's senior unsecured notes due 2014. We also affirmed the
'cnBB-' Greater China credit scale rating on SIUD and the 'cnB+'
rating on the company's senior unsecured notes. We removed all
the ratings from CreditWatch, where they had been placed with
positive implications on April 19, 2011," S&P said.

"The rating action reflects our view that SIUD, after the
consolidation of Shanghai Urban Development (Holdings) Co. Ltd.
(SUD, not rated), will remain highly leveraged in the next year
at least. SIUD completed its acquisition of a 59% stake in SUD
from its parent Shanghai Industrial Holdings Ltd. (SIHL; not
rated) on Nov. 23, 2011," S&P said.

"We expect the enlarged company to improve its operating
efficiency through integration, and gradually improve
profitability and financial performance in the next one to two
years," said Standard & Poor's credit analyst Steffi Chen.
"The rating affirmation also reflects our expectation of ongoing
implicit support from SIHL and SIUD's improved business risk
profile after acquiring SUD."

"In our view, the SUD acquisition has strengthened SIUD's
business risk profile, and to a lesser degree, its financial risk
profile due to SUD's stronger profitability but high stand-alone
debt. The acquisition also improved SIUD's competitive position
in the property development sector. We believe the deal also
improved SIUD's market position in the Shanghai real estate
market, given SUD's stronger brand and better track record," S&P
said.

"Nevertheless, in our view, SIUD's highly leveraged financial
risk profile continues to limit any rating upside," said Ms.
Chen. "The company's financial performance has been weak
historically. It has reported losses since 2009. Although SUD has
somewhat stronger credit metrics than SIUD alone, we expect the
enlarged company's credit profile to modestly improve but remain
weak in the next one to two years."

"The stable outlook reflects our expectation that SIHL will
continue to extend ongoing, implicit operational and financial
support, including liquidity support to SIUD. We also anticipate
that SIUD's financial performance will improve modestly in the
next one to two years," S&P said.

"We may lower the rating if SIUD's financial performance shows no
sign of improvement in 2012, thereby adding pressure to its cash
flow and liquidity position. We may also lower the rating if
parent support weakens, including but not limited to insufficient
and untimely financial assistance when needed," S&P said.

"We may raise the rating if SIUD materially improves its
operating and financial performances, such that its EBITDA margin
improves to more than 15% and EBITDA interest coverage improves
to more than 2x on a sustained basis. We could also raise the
rating if we believe that parent support to SIUD has increased,"
S&P said.


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


B&H DIAMONDS: Members' Final Meeting Set for Jan. 10
----------------------------------------------------
Members of B&H Diamonds Limited will hold their final general
meeting on Jan. 10, 2012, at 11:30 a.m., at 6th Floor, St. John's
Building, at 33 Garden Road, Central, in Hong Kong.

At the meeting, Kishore K. Sakhrani, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BELTON INDUSTRIAL: Members' Annual Meeting Set for Jan. 12
----------------------------------------------------------
Members of Belton Industrial (International) Limited will hold
their annual meeting on Jan. 12, 2012, at 4:00 p.m., at 62nd
Floor, One Island East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BIG TOWN: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of Big Town Industrial Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


BILLION STONE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Billion Stone Enterprises Limited, on Dec. 1, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


BORTEX (H.K.): Members' Final Meeting Set for Dec. 28
-----------------------------------------------------
Members of Bortex (H.K.) Limited will hold their final meeting on
Dec. 28, 2011, at 10:00 a.m., at Room 509, Bank of America Tower,
at 12 Harcourt Road Central, in Hong Kong.

At the meeting, Hue Yat Lun Sansom, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CONVENIENCE STATIONER: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of Convenience Stationer Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CORE CENTRE: Commences Wind-Up Proceedings
------------------------------------------
Members of Core Centre Limited, on Dec. 5, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tang Wai Hung William
         15E, Chai Kung Mansion
         2 Tai Yue Avenue
         Quarry Bay, Hong Kong


EASY (HK): Members' Final Meeting Set for Dec. 28
-------------------------------------------------
Members of Easy (HK) Enterprises Limited will hold their final
meeting on Dec. 28, 2011, at 10:00 a.m., at Room 509, Bank of
America Tower, at 12 Harcourt Road Central, in Hong Kong.

At the meeting, Hue Yat Lun Sansom, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ESSENTIAL INDUSTRIES: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of Essential Industries Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


GAIN HIGH: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of Gain High Trading Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


GUANG XIN: Members' and creditors' Final Meetings Set for Jan. 11
-----------------------------------------------------------------
Members and creditors of Guang Xin Enterprises Limited will hold
their final meetings on Jan. 11, 2012, at 9:15 a.m., and 10:30
a.m., respectively at 8/F, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky CW Muk and Gabriel CK Tam, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INFINITY SERVICES: Final Meetings Set for Jan. 20
-------------------------------------------------
Members and creditors of Infinity Services Limited will hold
their final meetings on Jan. 20, 2012, at 10:15 a.m., and 11:00
a.m., respectively at Room 203, Duke of Windsor Social Service
Building, at 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Tang Yau Sing and Pang Fung Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JAPAN LEASING: Brough, Muk and Tam Step Down as Liquidators
-----------------------------------------------------------
Paul Jeremy Brough, Muk Chung Wing and Gabriel Tam Chi Kok
stepped down as liquidators of Japan Leasing (Hong Kong) Limited
on
Dec. 2, 2011.


JIU FENG: Members' Final Meeting Set for Jan. 9
-----------------------------------------------
Members of Jiu Feng Arco Shipping Co Limited will hold their
final meeting on Jan. 9, 2012, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, at 15 Queen's Road Central, in
Hong Kong.

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


LADY ANGELICA: Creditors' Meeting Set for Dec. 20
-------------------------------------------------
Creditors of Lady Angelica Limited will hold their meeting on
Dec. 20, 2011, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.


LADY BUTTERCUP: Creditors' Meeting Set for Dec. 20
--------------------------------------------------
Creditors of Lady Buttercup Limited will hold their meeting on
Dec. 20, 2011, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.


LADY CHERRY: Creditors' Meeting Set for Dec. 20
-----------------------------------------------
Creditors of Lady Cherry Limited will hold their meeting on
Dec. 20, 2011, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.


LADY DAISY: Creditors' Meeting Set for Dec. 20
----------------------------------------------
Creditors of Lady Daisy Limited will hold their meeting on
Dec. 20, 2011, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.


LADY ERICA: Creditors' Meeting Set for Dec. 20
----------------------------------------------
Creditors of Lady Erica Limited will hold their meeting on
Dec. 20, 2011, at 12:00 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 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.

LADY FOXGLOVE: Creditors' Meeting Set for Dec. 20
-------------------------------------------------
Creditors of Lady Foxglove Limited will hold their meeting on
Dec. 20, 2011, at 12:30 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 35th Floor, One Pacific Place, at 88
Queensway, in Hong Kong.


LEHMAN BROTHERS: HKMA Reports Status of Lehman-related Cases
------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on Dec. 9,
2011, that investigation of over 99% of a total of 21,837
Lehman-Brothers-related complaint cases received has been
completed.  These include:

   * 15,762 cases which have been resolved by a settlement
     agreement reached under section 201 of the Securities and
     Futures Ordinance;

   * 3,125 cases which have been resolved through the enhanced
     complaint handling procedures required by the settlement
     agreement;

   * 2,285 cases which were closed because insufficient prima
     facie evidence of misconduct was found after assessment or
     no sufficient grounds and evidence were found after
     investigation;

   * 460 cases (including minibond cases) which are under
     disciplinary consideration after detailed investigation by
     the HKMA, of which proposed disciplinary notices are being
     prepared in respect of 399 such cases and proposed
     disciplinary notices or decision notices have been issued
     in respect of the other 61 cases; and

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

   Investigation work is underway for the remaining 86 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7764

                      About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


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


AIR INDIA: Government De-freezes Bank Accounts
----------------------------------------------
The Press Trust of India reports that the Central Board of Excise
and Customs (CBEC) has de-freezed the bank accounts of Kingfisher
Airlines and Air India after the two air carriers made part-
payment of their service tax dues.

"As they (Kingfisher and Air India) have made part-payments of
service tax dues, the department has lifted the freeze on their
accounts," a top Finance Ministry official told PTI.

The news agency relates that sources said the accounts were de-
freezed on Dec. 13.

According to PTI, Kingfisher has given a written "undertaking"
that it will pay the remaining dues toward service tax by
March 31, 2012.

The Vijay Mallya-promoted airline had paid about INR9 crore
toward its service tax dues for the month of November, while the
state-owned carrier paid INR8 crore, the report notes, the new
agency discloses.

Earlier this month, PTI recalls, the Central Board of Excise and
Customs (CBEC) had frozen 10 accounts of Kingfisher Airlines and
11 of Air India for allegedly defaulting on service tax payments,
despite collecting the same from passengers.

                          About Air India

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

                         *     *     *

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


ANSAL BUILDWELL: ICRA Cuts Rating on INR28cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR28.0
Crore bank term loan facilities and INR6.5 crore fund based
limits of Ansal Buildwell Limited from 'LBB+' to '[ICRA]D'.  ICRA
has also assigned '[ICRA] D' rating to INR35.5 crore non fund
based limits of the company.

ICRA's rating action takes into account the delays in servicing
of debt obligations by Ansal Buildwell Limited.

ABL was incorporated as Utility Builders in December 1983. The
name was changed to the present one in November 1992. It was
promoted by Mr. Naresh Kattar and was taken over by the Ansal
Group in July 1991. The Ansal Group started with the
incorporation of Ansal Properties and Infrastructure Limited
(APIL) in 1967. APIL has been in the business of real estate
construction and development since inception. Until the late
1990s, APIL, Ansal Buildwell Limited and Ansal Housing
Construction Limited (another group company promoted in 1983)
were jointly managed by the three Ansal brothers - Mr. Sushil
Ansal, Mr. Gopal Ansal and Mr. Deepak Ansal. Since 1998, the
management of ABL is exclusively with Mr. Gopal Ansal.

ABL is mainly engaged in development and construction of high-
rise multistoried buildings, commercial complexes, plots etc.
Most of these are developed as part of townships in numerous
cities of the country. The company is also engaged in the
construction activity which has contributed around 10% towards
the total operating income of INR132.24 Crore in FY 2011. The
company reported a PAT of INR10.32 Crore in FY 2011.


ARIHANT SOLVEX: ICRA Places 'ICRA]BB-' on INR10.5cr Capital Limit
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR10.5 Crore fund based working capital limits and the INR0.5
Crore term loans of Arihant Solvex Private Limited. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR0.03 Crore
non fund based working capital limits of ASPL.  The Outlook on
the rating is Stable.

The ratings are constrained by the high business risks associated
with the edible oil industry including high competitive intensity
and fragmentation, vulnerability of profitability of domestic
edible oil players to changes in import duty differential between
crude and refined oil, exposure to commodity price and agro-
climatic risks. These factors apart, the ratings are also
constrained by the adverse capital structure due to high reliance
on promoters' loans and working capital debt. Nevertheless, while
assigning the ratings, ICRA has favorably factored in the
promoters' significant experience and long track record in edible
oil industry; favorable demand prospects for edible oil in India
and the favorable location of the manufacturing facility in the
raw material (ground nut and mustard) growing belt.

Arihant Solvex Private Limited was incorporated in 1990 by Mr.
Rajendra Kumar Bader. The company is in the business of oil
extraction from groundnuts and mustard seeds. ASPL has a solvent
extraction plant with capacity of 60,000-tonnes per annum (tpa),
refinery with capacity of 7500 tpa and an expeller with capacity
of 22,500 tpa in its plant located at Bikaner in the state of
Rajasthan. The company sells its oil primarily (~90%) to
institutional buyers and de-oiled cake to brokers and traders,
who further sell the same to poultry farm owners and cattle feed
manufacturers. ASPL also has small portion of oil sales to retail
customers under brand name "Royal".

Recent Results:

ASPL reported a turnover of INR66.60 Crore and a net profit of
INR0.46 Crore during financial year 2010-11. The company had
reported a turnover of INR60.05 Crore and a net profit of INR0.47
Crore during 2009-10.


GHANSHYAMDAS & COMPANY: ICRA Rates INR7.5cr Loan at '[ICRA]B+'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR7.50 crore fund
based facilities of Ghanshyamdas & Company.

The ratings reflect the high competitive intensity and
fragmentation in the tea industry; the risks associated with tea
being an agricultural commodity, which is dependent on agro-
climatic conditions; the firm being a regional player with sales
only in Madhya Pradesh and Chattisgarh exposing the firm to
geographical concentration risk; partnership nature of the firm
making it vulnerable to withdrawl of capital by the partners and
modest financial risk profile characterized by low margins, weak
cash flows and high gearing. However, ICRA takes note of the long
established track record of the promoters in the tea business;
presence primarily in the branded segment; established
distribution network and healthy market share in Madhya Pradesh
and favorable demand outlook for tea industry and branded tea
category in particular.

M/s Ghanshaymdas & Company was incorporated as a partnership
concern in 1985. Since its inception the firm is engaged in the
business of blending tea and selling it under its own brand
"Camel Tea". The firm is also involved in the distribution of
"Goodrike" brand of tea since 1989 when its sister concern M/s
Sangam Tea became the C&F agent for Goodrike Group Limited. The
partners set up a blending cum storage unit at a rented location
at Manglia near Indore in the state of Madhya Pradesh in 2002.
The storage capacity at the Manglia facility is 40 lakh kgs.

Recent Results:

In 2010-11 the firm reported a net profit of INR1.05 crore on
operating income of INR146.04 crores as against a net profit of
INR1.93 crore on an operating income of INR216.25 crores for the
full year 2009-10.


KGA HOTELS: ICRA Assigns '[ICRA]BB' Rating to INR126cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR126.0 crore term
loans and the INR4.0 crore long term fund based bank facilities
of KGA Hotels & Resorts Private Limited.  The outlook on the long
term rating is stable.

The rating takes into consideration the leveraged financing
structure of the proposed hotel, a part of which is yet to be
tied up, the small scale of operations of the company which would
be entirely dependent upon a single hotel property and the lack
of experience of the promoters in the hospitality business. The
rating however favorably factors in the hotel's management
contract with InterContinental Hotels Group, one of the largest
hotel chains in the world, for their 'Crowne Plaza' brand and the
expected benefits from IHG's global marketing and advertising
network. The hotel is favorably located in Kundanoor area of
Kochi in proximity to the CBD as well as the airport, boasts a
strong business brand and has significant conference/convention
facilities thereby positioning it well to fill the void of an
upper upscale business hotel in the city. The promoter owns land
banks in Kerala and holds NRE deposits with banks which we
believe imparts capability to bring in funds in case of any
shortfall in project or to support the initial operations of the
hotel if required.

KGA Hotels & Resorts Private Limited is a hospitality company
which is setting up a 269 room 5-star hotel at Kochi. The hotel
would be under a management contract with Intercontinental Hotels
Group (IHG) for their brand 'Crowne Plaza'. The property, being
built at a total cost of INR232.8 crore, is currently under
construction and is expected to commence commercial operations in
Q4 2011-12.

KGA is promoted by Mr. K. G. Abraham and is a closely held
company. The promoter is also the Partner & Managing Director of
NBTC which is a Kuwait based LLP which is present in oil and gas
engineering & construction, heavy equipment leasing and
logistics, and fabrication of shop floors and plants.


KINGFISHER AIRLINES: Government De-freezes Bank Accounts
--------------------------------------------------------
The Press Trust of India reports that the Central Board of Excise
and Customs (CBEC) has de-freezed the bank accounts of Kingfisher
Airlines and Air India after the two air carriers made part-
payment of their service tax dues.

"As they (Kingfisher and Air India) have made part-payments of
service tax dues, the department has lifted the freeze on their
accounts," a top Finance Ministry official told PTI.

The news agency relates that sources said the accounts were de-
freezed on Dec. 13.

According to PTI, Kingfisher has given a written "undertaking"
that it will pay the remaining dues toward service tax by
March 31, 2012.

The Vijay Mallya-promoted airline had paid about INR9 crore
toward its service tax dues for the month of November, while the
state-owned carrier paid INR8 crore, the report notes, the new
agency discloses.

Earlier this month, PTI recalls, the Central Board of Excise and
Customs (CBEC) had frozen 10 accounts of Kingfisher Airlines and
11 of Air India for allegedly defaulting on service tax payments,
despite collecting the same from passengers.

                    About Kingfisher Airlines

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

                        *     *     *

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

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


NEUMANN COMPONENTS: ICRA Puts '[ICRA]BB+' Rating on INR5.5CR Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to INR5.50
crore (enhanced from INR4.50 crore) cash credit facility of
Neumann Components Private Limited.  The outlook on the rating is
stable. ICRA has an outstanding rating of '[ICRA]BB+' for the
INR9.50 crore term loan facility of NCPL.

The rating continues to be constrained by NCPL's modest scale of
operations, low cash accruals, high gearing, and low bargaining
power vis-a-vis its customers and suppliers. While assigning the
rating, ICRA continues to take into consideration the low value
addition of operations, high competitive intensity of the
industry and entry of new players, which limits NCPL's pricing
flexibility; the company's high client concentration risk (LG
Electronics India Limited accounts for more than 50% of the
turnover) and the seasonal nature of demand for the white goods;
which can lead to volatility in the turnover of NCPL going
forward. However, the rating continues to draw comfort from
promoter's long track record in the manufacturing of sheet metal
components and NCPL's established relationships with reputed
players in the consumer durable industry.

Established in 2002, Neumann Components Private Limited is a
closely held company promoted by Mr. Pawan Kumar Malhotra and his
family members. NCPL is involved in the business of manufacturing
of sheet metal components and other fabricated items. NCPL's
clientele includes established and reputed companies LG
Electronics India Ltd., Blue Star Limited, Honda Siel Power
Products Ltd., Whirlpool of India Ltd. etc. The company has
established four manufacturing facilities in the NCR region for
manufacturing of sheet metal components.

The company reported a Profit After Tax (PAT) of INR0.77 crore
and net sales of INR54.55 crore for FY2011.


PLETHICO PHARMA: ICRA Cuts Rating on INR188.65cr Loan to 'BB+'
--------------------------------------------------------------
ICRA has revised the '[ICRA]BBB' rating to the INR188.65 crore
term loans and INR115.0 crore fund based facilities of Plethico
Pharmaceuticals Limited to '[ICRA]BB+'.  The long term rating has
been assigned a stable outlook.  ICRA has also revised the
'[ICRA] A2' rating to the INR15.0 crore short term non fund-
based facilities of the company to '[ICRA[A4+'.

The revised ratings take into account PPL's higher than expected
capex plans, higher receivable days for its herbal business for
the CIS, Middle East, African and Latin American business which
has led to stretched capital structure and liquidity profile. The
outstanding FCCBs, which form a large part of existing debt, are
due for redemption in 2012 - this will further put pressure on
its liquidity and cash flow position. The revised rating also
takes into account the tepid growth in the recent quarters,
vulnerability of profits to fluctuation in foreign exchange and
the relatively weak profitability of Natrol Inc which accounts
for ~45% of the total business thereby impacting the
profitability of consolidated entity.

The ratings however takes comfort from the company's established
presence in the herbal and nutraceutical market having a well
diversified geographical base and strong operating margins owing
to sales across key international markets with net margins
further supported by low tax rates. PPL's acquisition of Natrol
Inc. in October 2007 provided the company access to the US
nutraceutical market (the largest in the world) and resulted in
significant strengthening of its product portfolio.

                  About Plethico Pharmaceuticals

Plethico Pharmaceuticals Limited started its business in 1963 as
a small partnership firm and was subsequently converted into
private limited company in 1991. The company is currently engaged
in the manufacturing and marketing a range of herbal,
nutraceutical and pharmaceutical products with a presence across
international markets. Earlier, PPL also had a presence in the
domestic branded formulation market which was sold to Shreya Life
Sciences for INR105 crore in 2003 due to the largely commoditized
nature of its product portfolio consisting primarily of anti-
malarial, ant-TB and antibiotics. Subsequently, PPL decided to
shift focus towards nutraceutical and herbal products and aimed
to expand their presence in the CIS markets by acquiring stake in
six marketing and distribution companies operating under the name
of Rezlov.

In October 2007, PPL acquired Natrol Inc, a Nasdaq-listed
company, for US$ 80.8 million which provided PPL with a presence
in the US nutraceutical market. Natrol manufactures and markets
branded dietary supplements, herbal tea and sports nutrition
products and accounted for 44.5% of total sales in CY 2009. In
order to further strengthen its presence in the CIS region, PPL
acquired a 20% stake in Tricon Holdings FZE, a Dubai based
company having a chain of ~400 retail pharmacy outlets across CIS
in December 2008. PPL has a UK MHRA approved manufacturing
facility at Kalaria, Indore in addition to a plant at Manglia,
Indore and Natrol's plant at Chatsworth, California.


SHRI DAMODAR: ICRA Assigns '[ICRA]BB-' Rating to INR16.93cr Loan
----------------------------------------------------------------
The '[ICRA]BB-' rating assigned to the INR16.93 crore long term
fund based facilities of Shri Damodar Yarn Manufacturing Pvt. Ltd
has been reaffirmed. The '[ICRA]A4' rating for the INR2.50 crore
short term non fund based facilities has also been reaffirmed.
The outlook assigned on the long term rating is "Stable".

The rating reaffirmation continues to factor in the weak
financial profile of the firm characterized by a highly leveraged
capital structure, weak coverage and tight liquidity resulting in
high utilization of bank limits. The ratings are also constrained
by DYMPL's moderate scale of operations in a highly competitive
and fragmented industry together with fluctuating raw material
prices affecting the margins.

The rating however favourably takes into consideration the
entrenched experience of the promoters in the business of yarn
processing, diversified and reputed client base and operational
backing from group concerns.

Shri Damodar Yarn Manufacturing Pvt. Ltd., incorporated in 1983
is a part of Shri Damodar Group engaged in the business of
manufacturing and processing of yarn. DYMPL has a group concern,
Monopoly Yarns Pvt. Ltd. ( earlier known as Advin Tradefin Pvt.
Ltd.) engaged in manufacture of polyester filament yarn and 20D
mono polyester filament yarn. DYMPL has a registered office in
Mumbai and manufacturing unit at Sarigam, Gujarat.

Recent Results:

During 2010-11, the company has reported a net profit of INR1.69
crores on an operating income of INR45.15 crores.


SIVASRI ENGINEERING: ICRA Rates INR2.5cr Loan at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR2.50 crore term loan facilities and INR5.50 crore fund based
bank facilities of Sivasri Engineering Private Limited. ICRA has
also assigned the short-term rating of '[ICRA]A4' rating to the
INR1.00 crore fund based facilities (sub limit - cash credit) of
SEPL.

The rating takes into account the experience of the promoter in
the fabrication industry, long standing relationship with heavy
engineering manufacturer Schwing Stetter India Private Limited
and exclusive fabricator status for compact plant - 30 (CP30) of
SSIPL which is likely to support business volumes. The ratings,
however, are constrained by the company's small scale of
operations and significant single-customer dependence (-94% in FY
2011) which limits operational flexibility.

The ratings are also constrained by the intense competition in
the fabrication business in Chennai and overall customer strength
outdoing any pricing power for the company. Furthermore, the
ratings consider the weak financial profile characterized by high
gearing and low profitability.

Sivasri Engineering Private Limited was incorporated in 2004 as a
private limited and is closely held by the promoters and the
promoters' family. The company undertakes fabrication, machining
and assembly works to manufacture components for heavy
engineering companies. In 2008, the company established a
manufacturing plant in Sriperambadhur, Tamil Nadu adjacent to
SSIPL's unit to fabricate sub-assemblies for ready mix concrete
plants and mixers. The company's building and factory area are
split across four units, covering a combined floor space of
113,785 square feet.

Recent Results:

For the year ended 2010-11, according to the provisional's the
company has reported a profit after tax of INR0.40 Crores on an
operating income of INR23.24 Crores.


SPR BUILDTECH: ICRA Assigns '[ICRA]BB-' Rating to INR24cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR24.0 crore line of
credit of SPR Buildtech Limited.  ICRA has assigned Stable
outlook to the long-term rating.

The rating draws comfort from the fact that significant portion
of the project execution is complete and that the project has
achieved moderate levels of bookings, thus limiting the execution
and market risks to an extent. Further, the rating also
favourably factors in low funding risks as the promoters have
brought in their contribution and that debt tie up is in place.
The rating , however is constrained by the limited track record
of the promoters in the real estate development of such scale and
dependence of project cost funding on customer advances. As the
final phase of the project is yet to be launched, the timing of
the sales and the company's collection efficiency will be
critical for smooth progress of the project. Further, the rating
takes into account the market risk arising from the weak economic
environment which gets further accentuated by the intense
competition that the project faces from various ongoing projects
in the vicinity. Going forward, SPR's ability to achieve bookings
at expected rates and efficiently collect advances; in order to
adhere to the construction schedule would be key rating
sensitivities.

SPR Buildtech Limited is promoted by a group of first generation
entrepreneurs led by Mr. Sanjeev Saluja and Mr. Sudesh Gupta. SPR
has acquired 10.25 acres of land in Sector-82 Faridabad where it
is developing a 7 tower residential project. This project is the
first venture of the company. Going forward, the promoters plan
to acquire more land in this company to execute real estate
projects. In FY11, the company reported revenues of INR31.5 cr,
PAT of INR0.3 cr and net worth of INR7.5 cr.


SREE KADERI: ICRA Assigns [ICRA]D Rating to INR12.75cr Term Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the
INR12.75 crore term loan facilities and the INR9.00 crore fund
based facilities of Sree Kaderi Ambal Mills Private Limited.
ICRA has also assigned short-term rating of '[ICRA]D' to the
INR1.00 crore fund based facilities and the INR4.25 crore non-
fund based facilities of SKAMPL.

The ratings consider delays in debt servicing by the Company, due
to tight liquidity profile arising from the recent downturn in
yarn demand and belated realizations from some customers. The
Company's operation in an intensely competitive and highly
fragmented industry limits pricing flexibility while its
relatively small scale of operations is expected to restrict
financial flexibility. The promoters have long-standing
experience of about 28 years in the business. While SKAMPL
clocked healthy margins / accruals in the past, accruals in the
near term are expected to be stretched due to the sluggish demand
for yarn prevailing since the beginning of current fiscal.

Sree Kaderi Ambal Mills Private Limited, promoted in 1982 by
Shri. A.R. Sevugan Chettiyar, is primarily engaged in producing
synthetic yarn (mainly polyester yarn and polyester cotton (PC)
blended yarn). The Company's manufacturing facility is located in
Karaikudi (Tamil Nadu). The Company has three wind mills of 600
KW each in Turunelveli (Tamil Nadu) and a joint venture agreement
with a third party for supply of 12.5 lakh units of power per
month for a period of 6 years ending 2012, which helps save on
power costs to an extent.

Recent Results:

The Company reported net profit of INR5.3 crore on operating
income of INR66.8 crore during 2010-11 against net profit of
INR3.0 crore on operating income of INR53.4 crore during 2009-10.


SRI VIJAYA: ICRA Assigns '[ICRA]B+' Rating to INR20.97cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR20.97 crore cash
credit, INR2.75 crore term loans and INR1.28 crore proposed
limits of Sri Vijaya Lakshmi Raw & Boiled Rice Mill.

The assigned rating is constrained by the weak financial profile
characterized by low profitability with operating and net margins
at 4.98% and 0.71% respectively during FY11, high gearing at 2.54
times as on March 31st, 2011 and weak coverage indicators as
reflected in OPBITD/Interest 1.45 times and NCA/Total Debt at 4%
during FY11.

Rice milling is a working capital intensive business as the rice
miller have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Moreover, the paddy is procured from the
farmers generally against immediate payments while the millers
have to extend credit to whole-sellers who sell rice to
retailers. Therefore, the working capital intensity of SVLRM is
high at 43% in FY11.

The operating profit margin of the SVLRM decreased from 6.04% in
FY 09 to 4.98% in FY 11 due to increase in raw material prices.
The gearing increased from 2.35 times as on March 31st, 2010 to
2.54 times as on March 31, 2011 due to high working capital
borrowings, where as Long Term Debt/ Net worth is low at 0.47
times as on March 31st, 2011.

                        About Sri Vijaya

Sri Vijaya Lakshmi Raw & Boiled Rice Mill was established as a
partnership firm in the year 1992 and is engaged in the milling
of paddy and produces raw and boiled rice. It was promoted by Mr.
G. Harinadha Reddy and partners. The company has a milling unit
in Nandakuduru (East Godavari district) of Andhra Pradesh with a
milling capacity of 1,35,000 MTPA.


TRANSGLOBAL POWER: ICRA Cuts Rating on INR15cr Loan to '[ICRA] D'
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR15 crore
long term fund based limits and INR12 crore non-fund based limits
of TransGlobal Power Limited to '[ICRA] D' from '[ICRA] BB-'.
ICRA has also revised the short term rating assigned to the INR5
crores Non-fund based facilities of TGPL to '[ICRA] D' from
'[ICRA]A4'.

The ratings revision factors in delays in debt servicing by TGPL,
moderate size of the company's operations especially when
compared with its peers, some of which are also backward
integrated and the increasing competitive pressures. Further,
with substantial portion of its current operations concentrated
in Karnataka, geographical concentration risk remains high. The
ratings also factor in high working capital (WC) intensity of
operations, which has resulted in low cash generation (adjusted
for WC) from operations (in FY 2010-11) and consequently
stretched liquidity as reflected by relatively high payable days.
ICRA has also noted the modest capitalization and coverage
indicators of TGPL with gearing at 1.43 times, and interest
coverage ratio at 1.62 times as on March 31st 2011. However, ICRA
notes the long track record of the company in terms of
undertaking transmission and distribution (T&D) projects in
Karnataka and its healthy order book, which is likely to be
increase in the near foreseeable future, given the large quantum
of investment expected in the T&D business. The company's ability
to successfully execute larger sized projects and ability to fund
its growth in medium to long term (given the working capital
intensive nature of the business) would remain key rating
sensitivities.

                      About TransGlobal Power

TransGlobal Power Limited is a turnkey solution provider for
transmission and distribution (T&D) projects. The company was
established in 1990 and is a closely held Public limited company.
The company engages in providing turnkey solutions to the power
utilities and private parties for designing, testing,
fabrication, survey, civil works/foundations, erection and
maintenance, stringing and commissioning of EHV lines. TGPL has
also got the expertise to renovate and modernize existing
substations and transmission lines amongst others. The company
has presence primarily in southern India esp. in Karnataka and is
expanding operations to other North Indian States.

Recent Results:

TGPL has reported an operating income of INR30.64 crore and a
profit after tax of INR0.53 crore for 2010-11 as compared to an
operating income of INR11.36 crore and a profit
after tax of INR0.42 crore for 2009-10.


WELCOME DISTELLERIES: Fitch Rates Nat'l Long-Term at 'BB-(ind)'
---------------------------------------------------------------
Fitch Ratings has assigned India's Welcome Distilleries Pvt
Limited a National Long-Term rating of 'Fitch BB-(ind)' with
Stable Outlook.  The agency has also assigned WDPL's INR80
million cash credit facility a 'Fitch BB-(ind)' rating.

The ratings reflect the regulated nature of the Indian alcohol
industry as well as raw material (molasses or grains) price
volatility and seasonal availability.  As such, the fixed-price
nature of WDPL's supply contracts with State Beverage Corporation
have negatively affected its EBIDTA margins, which declined to
6.7% in FY11 (year-end: March 2011) from 8.1% in FY10.  Although
its revenue grew 38% yoy to INR556.5m in FY11.  WDPL's credit
profile remains weak with total debt/ EBIDTA at 5.3x for FY11
(FY10: 5.1x).

The ratings, however, draw strength from the 25 years of
experience of WDPL's promoters (Hira Lal Jaiswal and Associates,
holding 100% shares) in the alcohol business.  The ratings also
draw comfort from the company's ability to procure and execute
tenders for the supply of country liquor to the Indian states of
Chhattisgarh and Bihar.

Negative rating action may result from a fall in WDPL's revenues
due to its inability to procure contracts leading to total debt/
EBIDTA exceeding 6.5x.  Positive rating action would be triggered
if there is an improvement in total debt/ EBIDTA to below 4x.

Incorporated in Bilaspur, Chattisgarh in 1986, WDPL manufactures
rectified spirit with an installed capacity of 60 KLPD.  The
rectified spirit is used in the bottling of country liquor, which
is supplied to warehouses of State Beverage Corporations as per
terms of contract.


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


PT ARPENI PRATAMA: Seeks Creditor Projection in the U.S.
--------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk filed for bankruptcy protection
in the U.S. in an effort to block a group of dissident note
holders from torpedoing its debt restructuring in its home
country.

Fida Unidjaja, as foreign representative, estimated $500 million
to $1 billion in assets and liabilities in his bankruptcy
petition under Chapter 15 (Bankr. S.D.N.Y. Case No. 11-15691) for
PT Arpeni.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
Indonesia's leading diversified shipping company, owning and
operating the largest fleet of Indonesian flagged dry bulk
vessels.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.  As of
June 30, 2011, Arpeni operated 77 wholly-owned vessels and two
vessels under long term charters.

PT Arpeni is seeking U.S. court recognition of its proceeding
before the Commercial Court at the Central Jakarta District Court
as a foreign main proceeding.

PT Bank Central Asia Tbk., an unsecured lender, commenced the
Jakarta proceeding on Aug. 5, 2011, which Arpeni voluntarily
joined.  On Aug. 24, 2011, the Jakarta Court issued a temporary
suspension of debt payment decision, effectively staying actions
on claims against the Foreign Debtor for an initial period of 45
days.

Throughout the proceeding, Arpeni remained in possession of and
continued its business while it restructured its debt.

Unidjaja explained, "The current global economic downturn caused
a substantial decrease in freight rates and transportation
volume, compounded by an increase in credit risk and defaults on
trade receivables. Arpeni experienced a significant deterioration
in its international and domestic market as conditions in the
maritime shipping industry in general deteriorated significantly
commencing in the fourth quarter of 2008 and continuing through
2011.  The difficult market conditions in the maritime shipping
industry have had a material adverse effect on Arpeni's business
and financial performance."

On Dec. 9, 2009, Arpeni announced an informal payment moratorium
with certain of its creditors pursuant to which Arpeni ceased
making payments of interest or principal.

The trustee under the indenture with respect to the U.S. Notes on
Sept. 6, 2011, had accelerated the U.S. Notes and demanded
performance by the Debtor of its obligations as guarantor under
the U.S. Notes Indenture.

In the Jakarta proceeding, the Debtor sought and obtained
approval of a composition plan from the requisite percentage of
its creditors participating in the plan pursuant to Indonesian
bankruptcy law.  In particular, the Composition Plan was approved
by approximately 95% of the Debtor's secured creditors and 80% of
the Debtor's unsecured creditors, in each case present and voting
at a hearing before the Indonesian Court on Nov. 1, 2011 and
holding claims that had been verified for inclusion in the
Foreign Proceeding.  As provided in the Composition Plan as
embodied in the Settlement Agreement, on Nov. 18, 2011, Arpeni
launched an exchange offer and tender offer.

The Debtor filed a Chapter 15 petition to stop the commencement
of actions within the United States under the U.S. Notes
Indenture or disrupt the Foreign Debtor's restructuring efforts
by seeking to circumvent the Composition Plan and Foreign
Proceeding, in derogation of the rights of the Foreign Debtor's
other creditors.


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


DAIO PAPER: Posts JPY2.84 Bil. First-Half Loss; Avoids Delisting
----------------------------------------------------------------
Kyodo News reports that scandal-hit Daio Paper Corp. on Wednesday
reported JPY2.84 billion in net losses for the first fiscal half
of 2011 after the company logged some JPY4.47 billion in special
losses over its dubious lending to casino-addicted former
Chairman Mototaka Ikawa.

The news agency says the revelation came in a report submitted by
the deadline for the firm to avoid being delisted from the Tokyo
Stock Exchange.

Kyodo says Mr. Ikawa, a member of the founding family, borrowed
massively from seven Daio Paper units.  The money was gambled
away at casinos in Macau and Singapore.

According to Kyodo, company sources said in an effort to improve
its public image, the company plans to buy its founding family's
shareholdings in the company's subsidiaries to help prevent
family members from using their influence for unethical
endeavors.

With the release of business results for the six-month period,
Daio Paper met Wednesday's deadline to avoid being delisted from
the TSE, according to the report.  The company, which fell into
the red with a net loss of JPY4.46 billion a year earlier,
delayed the release from Nov. 14 as initially scheduled after the
loan scandal involving Mr. Ikawa broke, says Kyodo.

According to Kyodo, the company's in-house investigative panel
said the 47-year-old grandson of Daio's founder instructed the
seven units to transfer a total of JPY10.68 billion to various
banks accounts between May 2010 and September 2011 to fund his
casino gambling, among other reasons,

In the Daio Paper group, founding family members have held most
of the shares in subsidiaries while serving as their presidents.

Headquartered in Tokyo, Japan, Daio Paper Corporation
manufactures, processes, and sells paper and pulp products.


HELIUM CAPITAL: S&P Lowers Rating on Series 60 Note to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the note issued under Helium Capital Ltd.'s
series 60 transaction.

"We lowered the rating on the note because the transaction's
aggregate losses from credit events in the underlying reference
portfolio have exceeded its available credit enhancement and a
principal loss has been realized," S&P said.

             Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated  (including preliminary ratings) on or after Sept. 26,
2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Rating Lowered

Helium Capital Ltd.
Corporate basket credit-linked note series 60 (Esperance)

To           From          Issue amount
D (sf)       CC (sf)       A$85.0 mil.

The transaction's closing date was March 22, 2006.


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


KOREA TECHNOLOGY: Examiner Can Hire Piercy Bowler as Accountants
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah authorized
Mark D. Hashimoto, in his capacity as examiner in the bankruptcy
case of Korea Technology Industry America, Inc., et al., to
retain Piercy Bowler Taylor & Kern as his accountants and
financial advisors.

Piercy Bowler will charge the Debtors for services on an hourly
basis.  The hourly rate of Piercy Bowler's staff accountant, who
will be assisting in the case, is $120 to $270.

                      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
disclosed 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.


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


AORANGI SECURITIES: Investors Mull Legal Action to Recoup Costs
---------------------------------------------------------------
BusinessDay.co.nz reports that statutory managers of Hubbard
Management Funds and Aorangi Securities are costing NZ$51,443 a
week, with investors considering legal action to recover costs
from the Government.

BusinessDay.co.nz relates that these costs are to be
independently reviewed by a government official, as the latest
reports to investors show administration costs for the two
companies have blown out to NZ$5.9 million since statutory
management was put into place on June 20 last year.

The statutory managers' costs are to be reviewed, according to
the latest report from Graeme McGlinn, Richard Simpson and Trevor
Thornton of Grant Thornton.

"We requested the costs of our administration to be independently
reviewed to provide assurance that they were in order and the
Ministry of Economic Development appointed a reviewer for that
purpose."

BusinessDay.co.nz discloses that Grant Thornton' administration
costs for HMF alone were NZ$1,487,500 along with NZ$755,694 for
legal costs and NZ$137,327 for other third party disbursements.
Aorangi's administration costs were $2,474,261 along with legal
costs of NZ$659,541 and NZ$168,734 for other third party
disbursements.

Grant Thornton's fees for both companies came to NZ$3,961,761
since its appointment in June 2010.  Divided by 77, the number of
weeks since the managers appointment, it has cost NZ$51,443 a
week.

In the case of HMF, Mr. Hubbard would have charged a management
fee of between 1% and 1.5%, the latest statutory management
report said, BusinessDay.co.nz reports. "From June 2010 to
October 2011, this would have amounted to between NZ$912,000 and
NZ$1.369 million."

According to BusinessDay.co.nz, investor liaison group member
Jan Macpherson, said she, along with other investors, was
concerned by the costs.

"The costs are horrific, it is concerning for us and again we
didn't ask to be put into statutory management and we shouldn't
be charged for it," the report quotes Ms. Macpherson as saying
"Further down the track there will be a case for us to go the
Government for costs based on the evidence we have."

BusinessDay.co.nz relates that Ms. Macpherson was concerned a
reviewer from the Economic Development Ministry would not be
"independent" as the statutory managers worked for the ministry.

"Money is being chewed up by legal fees and advisers. You just
have to look at the way the assets have deteriorated since
statutory management," Ms. Macpherson added.

                        About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

The statutory managers can be reached at:

          Grant Thornton New Zealand Ltd
          L4, Grant Thornton House
          152 Fanshawe Street
          PO Box 1961
          Auckland 1140
          Tel: +64 (0)9 308 2570
          Fax: +64 (0)9 309 4892
          E-mail: info.auckland@nz.gt.com

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on September 2.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.


CARIBOO NEW ZEALAND: Goes Into Voluntary Liquidation
----------------------------------------------------
Marta Steeman at The Press reports that baby nursery products
exporter Cariboo of New Zealand Ltd has been placed in voluntary
liquidation with debts of about NZ$1.5 million.

The Press relates that liquidator Murray Allott said in his first
report that the statement of assets and liabilities might change
if a proposed sale of the business went ahead.

Murray Allott can be reached at:

          Level 1,
          22 Dorset Street
          Christchurch 8013
          New Zealand
          Email: pa@profitco.co.nz

Unsecured creditors, about 120 of them owed just over
NZ$1 million, were unlikely to receive any dividend based on the
information he had at the time of writing the report, according
to The Press.

The Press says the report, dated November 23, estimated the
company had assets of NZ$151,287 which included stock worth just
over NZ$71,000.

The company had debts to secured creditors of $389,752, to
unsecured creditors of just over $1m, to employees of just over
$17,000 and to Inland Revenue of $232,562, The Press discloses.

Cariboo's estimated shortfall was NZ$1.53 million.

The Press notes that a downturn in trade in 2008 left the company
struggling to service its bank debt by August this year.  Cariboo
stopped trading at the end of October so that it could be sold.
Since then, business had been funded and traded by the proposed
buyer.

The liquidator said shareholders placed the company in
liquidation on November 16, The Press adds.

Founder Carol McGeady told The Press he company had recently been
bought by new owners.

They were reluctant to talk about the future of the company at
this stage, the report says.   Ms. McGeady works for them and
said Cariboo would have more positive news in a month or so.

Cariboo of New Zealand Ltd manufactures nursery products.


CRAFAR FARMS: Fay Attacks Landcorp Over Crafar Sale
---------------------------------------------------
The National Business Review reports that Sir Michael Fay has
launched an extraordinary attack against Landcorp, saying the
state-owned enterprise is "at best average" in running farms and
should be sold off.  The criticism comes as the Overseas
Investment Office mulls a bid from China-based Shanghai Pengxin
Group that includes Landcorp as a proposed partner, NBR says.

The Oct. 4, 2011 Troubled Company Reporter-Asia Pacific edition
reported that BusinessDay.co.nz related that a group of farmers
led by Sir Michael Fay who are keen to head off a Chinese company
to buy the Crafar farms have filed an Official Information Act
request to learn more about Landcorp's proposed deal to run
Crafar Farms for the Chinese.

Sir Michael launched a low-ball bid for the farming group last
year, and despite receivers dismissing the offer as unacceptable,
the former merchant banker has mounted a public campaign based on
nationalism calling for the Pengxin offer to be rejected,
according to NBR.

The report relates that Sir Michael said in a statement put out
by a public relations company on Dec. 13 Landcorp has no mandate
to participate in the Pengxin bid.

"It's no wonder so many New Zealand farmers have had a gutsful of
Landcorp if they can't see this conflict. Perhaps Landcorp should
be the first SOE to be sold off and the whole lot can be returned
to New Zealand farmers who will certainly do a better job of
running those farms than a Government department," NBR quotes Sir
Michael as saying.

"Landcorp is at best an average farmer of the vast tracts of land
it holds and generally returns much lower production figures than
their neighbours.  Now they are setting themselves up as tenant
farmers of land that the public demands should be retained in
New Zealand ownership.  Where's the sense or their mandate for
that?"

             Landcorp Still in Talks With Chinese Bidder

Meanwhile, BusinessDay.co.nz reports that if Shanghai Pengxin
gets the Government's all-clear to buy the Crafar farms, it looks
increasingly likely that state-owned enterprise Landcorp will run
them.

BusinessDay.co.nz relates that Landcorp chief executive
Chris Kelly said while discussions were "incomplete", it would
not be out of the question for Landcorp to end up running the
16 farms.

A Pengxin offer for the central and southern North Island farms
has been accepted by the Crafar farms' receivers, KordaMentha, as
long as the Overseas Investment Office accepts it, according to
BusinessDay.co.nz.

The OIO, which has had Pengxin's application for nearly nine
months, said on Dec. 12 that it was still assessing it.

According to BusinessDay.co.nz, the office said it had asked
Pengxin for more information, so was not yet able to make a
report to the Government ministers who will make the final
decision on the OIO's recommendation.  "The OIO does not know at
this time when a decision will be made."

                        About Crafar Farms

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

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

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

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


CRAFAR FARMS: Green Party Urges OIO to Decide on Sale Before Xmas
-----------------------------------------------------------------
Green Party Co-leader Dr. Russel Norman said Thursday that the
Overseas Investment Office needs to tell the public when it will
come to a decision about Shanghai Pengxin's bid to buy the Crafar
farms.

The Shanghai Pengxin bid, for the central and southern North
Island Crafar farms, has been waiting eight months for an answer
from the Overseas Investment Office.  Most applications take
around 50 working days.

"Given the proximity of Christmas, it would be in the public's
interest to know when exactly the Overseas Investment office will
make its final decision on Shanghai Pengxin's bid," Dr. Norman
said in a statement.

"The implications of the Overseas Investment Office giving
Shanghai Pengxin approval to purchase the Crafar farms will be
significant for the future of all other land sales.

"A successful bid by an overseas company for a significant chunk
of New Zealand's productive farmland will have implications for
our future as a nation which relies on dairy for export earnings.

"Having overseas companies control all levels of the dairy supply
chain can't possibly be in New Zealand's economic best interest,"
said Dr. Norman.

"Announcing any decision a day or two before Christmas will
likely stifle public debate on an issue which has vital
significance for New Zealand's economic sovereignty.

"The Green Party considers that New Zealand land should remain
under the ownership of New Zealand citizens or permanent
residents and shouldn't be sold into foreign ownership," Dr.
Norman said.

                        About Crafar Farms

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

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

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

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


HANOVER FINANCE: FMA to File Suits Vs Directors and Promoters
-------------------------------------------------------------
The Financial Markets Authority said Thursday that it proposes to
file civil proceedings against directors and promoters of Hanover
Finance Ltd, Hanover Capital Ltd, and United Finance Ltd.  The
proceedings will relate to statements made in the December 2007
prospectuses and subsequent advertisements.

FMA anticipates that a claim will be filed in 2012, against the
signatories to the prospectuses, seeking pecuniary penalty orders
and compensation for investors.

FMA CEO Sean Hughes said, "This has been a significant
investigation for FMA, focusing on a period in which investor
deposits totalled approximately $35 million.

"We have carefully considered a substantial volume of relevant
material and we've had the benefit of independent advice.

"We have now reached a point in the investigation where we are
confident that we have good grounds to commence civil
proceedings.

We believe this is the most effective regulatory response and
we're confident it offers the greatest opportunity for success.

"If successful, FMA's action may assist other parties in bringing
related claims. We are also examining avenues under section 34 to
seek compensation from other parties on behalf of aggrieved
investors," Mr. Hughes said.

"Given the public interest in the investigation, we want to keep
the market as informed as we can."

The decision is also in line with FMA's Enforcement Policy,
allowing it to bring proceedings promptly and cost effectively
and to go beyond directors when considering liability.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


HANOVER FINANCE: Files Defamation Suit Vs. Shareholders Assn.
-------------------------------------------------------------
Radio New Zealand reports that the New Zealand Shareholders
Association said it is named as second defendant in a defamation
suit brought by former Hanover Finance executives, Mark Hotchin
and Eric Watson.

The claim relates to media interviews conducted in 2009, the
report says.

According to the report, NZSA chairman John Hawkins said the
association will vigorously defend the claim, which it rejects as
completely without merit.

The association was chaired by Bruce Sheppard in 2009.

Mr. Hotchin is also suing New Zealand Herald publisher APN and
business commentator and fund manager Brian Gaynor for
defamation, the report adds.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


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


LEHMAN BROTHERS: AP Creditors to Get $1.5-Bil. in Dividends
-----------------------------------------------------------
Lehman Brothers Asia Holdings Ltd. is planning to pay a second
interim dividend of $1.5 billion or 12% to creditors of the
former funding entity of Lehman's Asia Pacific business,
Bloomberg News reported.

Liquidator Patrick Cowley of KPMG said the total dividends are
estimated to be between 37.2% and 53.5%.  The dividend will be
paid early next year, according to the report.

                     About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ADAMUS RESOURCES          ADU          200.07         -1.29
APN EUROPEAN PRO          AEZ          563.10        -79.26
AUSTAR UNITED             AUN          734.96       -173.09
AUSTRALIAN ZI-PP          AZCCA         77.74         -2.57
AUSTRALIAN ZIRC           AZC           77.74         -2.57
AUTRON CORP LTD           AAT           32.50        -13.46
AUTRON CORP LTD           AAT           32.50        -13.46
BIRON APPAREL LT          BIC           19.71         -2.22
CENTRO PROPERTIE          CNP       15,483.44       -349.73
MACQUARIE ATLAS           MQA        1,894.75       -230.50
MISSION NEWENER           MBT           39.20        -31.86
NATIONAL LEISURE          NLG          154.59        -34.49
NATURAL FUEL LTD          NFL           19.38       -121.51
ORION GOLD NL             ORN           11.35         -4.05
POWERLAN LTD              PWR           30.18        -12.07
REDBANK ENERGY L          AEJ          377.31        -22.16
RENISON CONSOLID          RSN           10.20        -22.16
RENISON CONSO-PP          RSNCK         10.20        -22.16
RIVERCITY MOTORW          RCY          386.88       -809.14
SCIGEN LTD-CUFS           SIE           68.70        -42.35
STERLING BIOFUEL          SBI           20.58         -1.88
SVC GROUP LTD             SVC           13.47         -1.66


CHINA

BAOCHENG INVESTM          600892        43.73         -3.94
CHENGDE DALU -B           200160        33.15         -5.30
CHENGDU UNION-A           693           32.68        -15.13
CHINA FASHION             CFH           10.11         -0.76
CHINA KEJIAN-A            35           103.72       -192.59
CONTEL CORP LTD           CTEL          59.32        -45.72
DONGXIN ELECTR-A          600691        14.82        -23.94
GUANGDONG ORIE-A          600988        15.71         -3.91
GUANGDONG SUNR-A          30           111.22          0.00
GUANGDONG SUNR-B          200030       111.22          0.00
GUANGXIA YINCH-A          557           19.49        -44.84
HEBEI BAOSHUO -A          600155       141.30       -414.58
HEBEI JINNIU C-A          600722       240.40        -64.41
HUASU HOLDINGS-A          509           94.81        -12.27
HUNAN ANPLAS CO           156           45.35        -32.70
JILIN PHARMACE-A          545           34.73         -7.31
JINCHENG PAPER-A          820          198.46       -130.71
QINGDAO YELLOW            600579       218.06        -21.01
SHANGHAI WORLDBE          600757        14.33         -0.07
SHANXI LEAD IN-A          673           19.29         -1.82
SHENZ CHINA BI-A          17            20.97       -266.50
SHENZ CHINA BI-B          200017        20.97       -266.50
SHENZ INTL ENT-A          56           256.62        -28.92
SHENZ INTL ENT-B          200056       256.62        -28.92
SHENZHEN DAWNC-A          863           26.83       -165.43
SHENZHEN KONDA-A          48           122.96         -7.23
SHIJIAZHUANG D-A          958          217.74        -95.97
SICHUAN DIRECT-A          757           96.63       -170.70
SICHUAN GOLDEN            600678       201.92       -115.27
TAIYUAN TIANLO-A          600234        67.43        -22.23
TIANJIN MARINE            600751       114.38        -61.31
TIANJIN MARINE-B          900938       114.38        -61.31
TIBET SUMMIT I-A          600338        85.56         -3.87
TOPSUN SCIENCE-A          600771       137.37        -85.06
WUHAN BOILER-B            200770       317.76       -162.36
WUHAN GUOYAO-A            600421        11.22        -28.07
WUHAN LINUO SOLA          600885       106.01         -9.03
XIAMEN OVERSEA-A          600870       257.06       -137.85
XIAN HONGSHENG-A          600817        15.98       -296.67
YANBIAN SHIXIA-A          600462       204.56        -22.61
YANTAI YUANCHE-A          600766        63.90         -6.36
YIBIN PAPER IN-A          600793       144.18         -2.37
YUEYANG HENGLI-A          622           37.67        -21.61


HONG KONG
                                         0.00          0.00
BEP INTL HLDGS L          2326          10.32         -1.83
BUILDMORE INTL            108           16.57        -57.57
CHINA COMMUNICAT          8206          11.52        -27.35
CHINA HEALTHCARE          673           37.18        -12.58
CHINA NEW ENERGY          1041         110.74        -80.18
CHINA OCEAN SHIP          651          485.84         -2.95
CHINA PACKAGING           572           19.73        -16.87
CMMB VISION HOLD          471           30.68        -17.93
EGANAGOLDPFEIL            48           557.89       -132.86
FIRST NTUL FOODS          1076          14.94        -56.59
FU JI FOOD & CAT          1175          73.43       -389.20
LUNG CHEONG INTL          348           62.04         -0.37
MELCOLOT LTD              8198          51.52        -55.33
MITSUMARU EAST K          2358          24.87        -16.51
PALADIN LTD               495          158.18        -11.60
PCCW LTD                  8          6,248.35        -31.61
PROVIEW INTL HLD          334          314.87       -294.85
REORIENT GROUP            376           15.67        -14.24
SINO RESOURCES G          223           15.55        -33.59
SMART UNION GP            2700          41.81        -38.85
SUNLINK INTL HLD          2336          17.79        -36.13
SURFACE MOUNT             SMT           95.95         -2.48
TACK HSIN HLDG            611           68.05        -67.58


INDONESIA

ARPENI PRATAMA            APOL         613.56       -124.15
ASIA PACIFIC              POLY         429.86       -844.66
ERATEX DJAJA              ERTX          11.52        -21.74
HANSON INTERNATI          MYRX          33.41         -7.32
HANSON INT-PREF           MYRXP         33.41         -7.32
JAKARTA KYOEI ST          JKSW          30.64        -43.02
MITRA INTERNATIO          MIRA       1,070.80       -443.66
MITRA RAJASA-RTS          MIRA-R2    1,070.80       -443.66
MULIA INDUSTRIND          MLIA         493.52        -46.89
PANASIA FILAMENT          PAFI          34.26        -18.96
PANCA WIRATAMA            PWSI          30.18        -37.45
TOKO GUNUNG AGUN          TKGA          13.76         -0.87
UNITEX TBK                UNTX          17.85        -17.89


INDIA

ALPS INDUS LTD            ALPI         288.11         -7.01
AMIT SPINNING             AMSP          20.43         -1.96
ARTSON ENGR               ART           23.87         -0.60
ASHAPURA MINECHE          ASMN         191.87        -68.03
ASHIMA LTD                ASHM          63.23        -48.94
ATV PROJECTS              ATV           60.17        -54.25
BELLARY STEELS            BSAL         451.68       -108.50
BHAGHEERATHA ENG          BGEL          22.65        -28.20
BLUE BIRD INDIA           BIRD         122.02        -59.13
CAMBRIDGE SOLUTI          CAMB         149.58        -56.66
CELEBRITY FASHIO          CFLI          36.61         -6.76
CFL CAPITAL FIN           CEATF         12.36        -49.56
COMPUTERSKILL             CPS           14.90         -7.56
CORE HEALTHCARE           CPAR         185.36       -241.91
DCM FINANCIAL SE          DCMFS         17.10         -9.46
DFL INFRASTRUCTU          DLFI          42.74         -6.49
DIGJAM LTD                DGJM          99.41        -22.59
DUNCANS INDUS             DAI          133.65       -205.38
FIBERWEB INDIA            FWB           12.23        -16.21
GANESH BENZOPLST          GBP           48.95        -22.44
GEM SPINNERS LTD          GEMS          14.58         -1.16
GSL INDIA LTD             GSL           29.86        -42.42
HARYANA STEEL             HYSA          10.83         -5.91
HENKEL INDIA LTD          HNKL          88.83        -36.09
HIMACHAL FUTURIS          HMFC         406.63       -210.98
HINDUSTAN PHOTO           HPHT          74.44     -1,519.11
HINDUSTAN SYNTEX          HSYN          15.20         -3.81
HMT LTD                   HMT          133.66       -500.46
ICDS                      ICDS          13.30         -6.17
INTEGRAT FINANCE          IFC           49.83        -51.32
JAGSON AIRLINES           JGA           11.31         -0.41
JCT ELECTRONICS           JCTE         104.55        -68.49
JD ORGOCHEM LTD           JDO           10.46         -1.60
JENSON & NIC LTD          JN            18.05        -86.40
JIK INDUS LTD             KFS           20.63         -5.62
JOG ENGINEERING           VMJ           50.08        -10.08
KALYANPUR CEMENT          KCEM          33.31        -30.53
KDL BIOTECH LTD           KOPD          14.66         -9.41
KERALA AYURVEDA           KRAP          13.97         -1.69
KIDUJA INDIA              KDJ           17.15         -2.28
KINGFISHER AIR            KAIR       1,935.94       -661.89
KINGFISHER A-SLB          KAIR/S     1,935.94       -661.89
KITPLY INDS LTD           KIT           37.68        -45.35
LLOYDS FINANCE            LYDF          21.65        -11.39
LLOYDS STEEL IND          LYDS         510.00        -48.98
LML LTD                   LML           65.26        -56.77
MADRAS FERTILIZE          MDF          143.14        -99.28
MAHA RASHTRA APE          MHAC          22.23        -15.85
MARKSANS PHARMA           MRKS         110.32        -14.04
METROGLOBAL LTD           MGLB          14.98         -7.51
MILLENNIUM BEER           MLB           52.23         -5.22
MILTON PLASTICS           MILT          18.65        -52.29
MODERN DAIRIES            MRD           38.41         -0.45
MTZ POLYFILMS LT          TBE           31.94         -2.57
MYSORE PAPER              MSPM          97.02        -15.69
NATH PULP & PAP           NPPM          14.50         -0.63
NICCO CORP LTD            NICC          78.28         -4.14
NICCO UCO ALLIAN          NICU          32.23        -71.91
NK INDUS LTD              NKI          141.35         -7.71
NUCHEM LTD                NUC           24.72         -1.60
PANCHMAHAL STEEL          PMS           51.02         -0.33
PARASRAMPUR SYN           PPS           99.06       -307.14
PAREKH PLATINUM           PKPL          61.08        -88.85
PIRAMAL LIFE SC           PLSL          51.20        -64.85
PREMIER SYNTHET           PRS           12.55         -8.26
QUADRANT TELEVEN          QDTV         188.57       -116.81
QUINTEGRA SOLUTI          QSL           24.66        -11.51
RAJ AGRO MILLS            RAM           10.21         -0.61
RATHI ISPAT LTD           RTIS          44.56         -3.93
REMI METALS GUJA          RMM          101.32        -17.12
RENOWNED AUTO PR          RAP           14.12         -1.25
ROLLATAINERS LTD          RLT           22.97        -22.24
ROYAL CUSHION             RCVP          18.88        -81.42
SADHANA NITRO             SNC           18.21         -0.73
SAURASHTRA CEMEN          SRC          106.01         -2.81
SCOOTERS INDIA            SCTR          19.43        -10.78
SEN PET INDIA LT          SPEN          11.58        -26.67
SHAH ALLOYS LTD           SA           213.69        -39.95
SHALIMAR WIRES            SWRI          25.78        -38.78
SHAMKEN COTSYN            SHC           23.13         -6.17
SHAMKEN MULTIFAB          SHM           60.55        -13.26
SHAMKEN SPINNERS          SSP           42.18        -16.76
SHREE GANESH FOR          SGFO          44.50         -2.89
SHREE KRISHNA             SHKP          19.89         -0.71
SHREE RAMA MULTI          SRMT          62.15        -42.08
SIDDHARTHA TUBES          SDT           76.98        -12.45
SOUTHERN PETROCH          SPET         407.16       -200.86
SQL STAR INTL             SQL           10.58         -3.28
STERLING HOL RES          SLHR          66.77         -2.85
STI INDIA LTD             STIB          35.39         -0.54
STORE ONE RETAIL          SORI          15.48        -59.09
SUPER FORGINGS            SFS           17.83         -6.37
TATA TELESERVICE          TTLS       1,311.30       -138.25
TATA TELE-SLB             TTLS/S     1,311.30       -138.25
TODAYS WRITING            TWPL          44.08         -5.32
TRIUMPH INTL              OXIF          58.46        -14.18
TRIVENI GLASS             TRSG          24.23        -12.34
TUTICORIN ALKALI          TACF          19.13        -16.31
UNIFLEX CABLES            UFC           47.46         -7.49
UNIFLEX CABLES            UFCZ          47.46         -7.49
UNIMERS INDIA LT          HDU           18.08         -5.86
UNITED BREWERIES          UB         3,067.32       -137.09
UNIWORTH LTD              WW           168.36       -155.74
UNIWORTH TEXTILE          FBW           20.57        -37.60
USHA INDIA LTD            USHA          12.06        -54.51
VANASTHALI TEXT           VTI           25.92         -0.15
VENTURA TEXTILES          VRTL          14.33         -1.91
VENUS SUGAR LTD           VS            11.06         -1.08


JAPAN

CROWD GATE CO             2140          11.63         -4.29
DDS INC                   3782          18.69         -0.08
FUJITSU COMP LTD          6719         398.22         -2.90
ISHII HYOKI CO            6336         201.38        -12.95
KANMONKAI CO LTD          3372          68.26         -2.44
KFE JAPAN CO LTD          3061          17.86         -2.27
L CREATE CO LTD           3247          42.34         -9.15
MEIHO ENTERPRISE          8927          76.16        -18.35
MISONOZA THEATRI          9664          71.18         -4.66
NEXT JAPAN HOLDI          2409         177.68         -5.08
NIS GROUP CO LTD          NISZ         477.70        -75.44
NIS GROUP CO LTD          8571         477.70        -75.44
PROMISE CO LTD            8574      11,162.39       -661.54
PROPERST CO LTD           3236         305.90       -330.20
TOYO KNIFE CO             5964          74.73         -5.55


KOREA

DAISHIN INFO              20180        740.50       -158.45
HANIL ENGINEERIN          6440         880.70        -22.42
KUKDONG CORP              5320          53.07         -1.85
ORICOM INC                10470         82.65        -40.04
PLA CO LTD                82390         14.95        -21.43
SUNGJEE CONSTRUC          5980         114.91        -83.19
YOUILENSYS CORP           38720        166.70        -12.34


MALAYSIA

BANENG HOLDINGS           BANE          38.70        -17.29
HAISAN RESOURCES          HRB           69.11         -4.68
HO HUP CONSTR CO          HO            65.87        -11.56
LUSTER INDUSTRIE          LSTI          19.28         -7.15
MITHRIL BHD               MITH          23.78         -5.70
NGIU KEE CO-BHD           NKC           14.19        -12.76
VTI VINTAGE BHD           VTI           20.92         -3.48


PHILIPPINES

CYBER BAY CORP            CYBR          13.99        -95.62
FIL ESTATE CORP           FC            40.90        -15.77
FILSYN CORP A             FYN           23.81        -11.69
FILSYN CORP. B            FYNB          23.81        -11.69
GOTESCO LAND-A            GO            21.76        -19.21
GOTESCO LAND-B            GOB           21.76        -19.21
PICOP RESOURCES           PCP          105.66        -23.33
STENIEL MFG               STN           17.61        -11.14
SYNERGY GRID & D          SGP          236.14        -17.93
UNIWIDE HOLDINGS          UW            50.36        -57.19
VICTORIAS MILL            VMC          164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA           20.62        -11.82
ADVANCE SCT LTD           ASCT          25.29        -10.05
HL GLOBAL ENTERP          HLGE          91.74        -10.10
LINDETEVES-JACOB          LJ            22.43         -6.01
NEW LAKESIDE              NLH           19.34         -5.25
SUNMOON FOOD COM          SMOON         19.85        -13.04
TT INTERNATIONAL          TTI          233.01        -78.01


THAILAND

ABICO HLDGS-F             ABICO/F       15.28         -4.40
ABICO HOLDINGS            ABICO         15.28         -4.40
ABICO HOLD-NVDR           ABICO-R       15.28         -4.40
ASCON CONSTR-NVD          ASCON-R       59.78         -3.37
ASCON CONSTRUCT           ASCON         59.78         -3.37
ASCON CONSTRU-FO          ASCON/F       59.78         -3.37
BANGKOK RUBBER            BRC           91.32       -113.78
BANGKOK RUBBER-F          BRC/F         91.32       -113.78
BANGKOK RUB-NVDR          BRC-R         91.32       -113.78
CALIFORNIA W-NVD          CAWOW-R       33.30        -10.09
CALIFORNIA WO-FO          CAWOW/F       33.30        -10.09
CALIFORNIA WOW X          CAWOW         33.30        -10.09
CIRCUIT ELEC PCL          CIRKIT        16.79        -96.30
CIRCUIT ELEC-FRN          CIRKIT/F      16.79        -96.30
CIRCUIT ELE-NVDR          CIRKIT-R      16.79        -96.30
DATAMAT PCL               DTM           12.69         -6.13
DATAMAT PCL-NVDR          DTM-R         12.69         -6.13
DATAMAT PLC-F             DTM/F         12.69         -6.13
ITV PCL                   ITV           37.10       -118.46
ITV PCL-FOREIGN           ITV/F         37.10       -118.46
ITV PCL-NVDR              ITV-R         37.10       -118.46
K-TECH CONSTRUCT          KTECH/F       38.87        -46.47
K-TECH CONSTRUCT          KTECH         38.87        -46.47
K-TECH CONTRU-R           KTECH-R       38.87        -46.47
KUANG PEI SAN             POMPUI        17.70        -12.74
KUANG PEI SAN-F           POMPUI/F      17.70        -12.74
KUANG PEI-NVDR            POMPUI-R      17.70        -12.74
PATKOL PCL                PATKL         52.89        -30.64
PATKOL PCL-FORGN          PATKL/F       52.89        -30.64
PATKOL PCL-NVDR           PATKL-R       52.89        -30.64
PICNIC CORP-NVDR          PICNI-R      101.18       -175.61
PICNIC CORPORATI          PICNI/F      101.18       -175.61
PICNIC CORPORATI          PICNI        101.18       -175.61
PONGSAAP PCL              PSAAP/F       13.02         -1.77
PONGSAAP PCL              PSAAP         13.02         -1.77
PONGSAAP PCL-NVD          PSAAP-R       13.02         -1.77
SAHAMITR PRESS-F          SMPC/F        27.92         -1.48
SAHAMITR PRESSUR          SMPC          27.92         -1.48
SAHAMITR PR-NVDR          SMPC-R        27.92         -1.48
SUNWOOD INDS PCL          SUN           19.86        -13.03
SUNWOOD INDS-F            SUN/F         19.86        -13.03
SUNWOOD INDS-NVD          SUN-R         19.86        -13.03
THAI-DENMARK PCL          DMARK         15.72        -10.10
THAI-DENMARK-F            DMARK/F       15.72        -10.10
THAI-DENMARK-NVD          DMARK-R       15.72        -10.10
TRANG SEAFOOD             TRS           13.90         -3.59
TRANG SEAFOOD-F           TRS/F         13.90         -3.59
TRANG SFD-NVDR            TRS-R         13.90         -3.59
TT&T PCL                  TTNT         615.73       -210.36
TT&T PCL-NVDR             TTNT-R       615.73       -210.36
TT&T PUBLIC CO-F          TTNT/F       615.73       -210.36


TAIWAN

BEHAVIOR TECH CO          2341S         41.94         -1.02
BEHAVIOR TECH CO          2341          41.94         -1.02
BEHAVIOR TECH-EC          2341O         41.94         -1.02
CHIEN TAI CEMENT          1107         195.99        -57.35
HELIX TECH-EC             2479T         23.39        -24.12
HELIX TECH-EC IS          2479U         23.39        -24.12
HELIX TECHNOL-EC          2479S         23.39        -24.12
TAIWAN KOL-E CRT          1606U        507.21       -147.14
TAIWAN KOLIN-EN           1606V        507.21       -147.14
TAIWAN KOLIN-ENT          1606W        507.21       -147.14
VERTEX PREC-ENTL          5318T         42.24         -5.08
VERTEX PRECISION          5318          42.24         -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





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