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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, March 25, 2011, Vol. 14, No. 60

                            Headlines



A U S T R A L I A

REDGROUP RETAIL: Gift Cards Redemption Deadline Set for April 3
SMART SERIES: Fitch Assigns Ratings on Series 2011-1US Notes
STORM FINANCIAL: Macquarie Says ASIC Court Action Too Broad


H O N G  K O N G

INCHCAPE INSURANCE: Members' Final Meeting Set for April 19
JARDINE ENGINEERING: Members' Final Meeting Set for April 19
JB ENERGY: Court Enters Wind-Up Order
KING SING: Court Enters Wind-Up Order
LEE WAH: Creditors' Proofs of Debt Due April 18

LUEN HING: Creditors' Proofs of Debt Due April 8
MI FUNG: Chiong and Fok Appointed as Liquidators
MING FAT: Court Enters Wind-Up Order
NEW AGE: Court Enters Wind-Up Order
NGAN'S INVESTMENT: Kenny King Ching Tam Appointed as Liquidator

NOVACHEM LIMITED: Court Enters Wind-Up Order
ORGANIC WASTE: Court to Hear Wind-Up Petition on April 13
OCEAN WAY: Court Enters Wind-Up Order
PHOENIX (FASHION): Court Enters Wind-Up Order
PINE WELL: Court to Hear Wind-Up Petition on April 27


I N D I A

BENGANI FOOD: ICRA Assigns 'LBB' Rating to INR25cr Bank Limits
BHOLA NATH: ICRA Assigns 'LBB-' Rating to INR3cr LT Loan
FLEMING LABORATORIES: Fitch Assigns 'BB-' National LT Rating
REDDY VEERANNA: ICRA Assigns 'LB' Rating to INR35cr Bank Limit
SANGANI INFRASTRUCTURE: ICRA Rates INR50cr Bank Limits at 'LBB+'

SCHALTECH AUTOMATION: ICRA Assigns 'LB+' Rating to INR1.5cr Loan
SHEETAL REFINERIES: ICRA Assigns 'LBB+' Rating to INR49.61cr Loan
SHREE CHLORATES: ICRA Assigns 'LBB' Rating to INR3.82cr Term Loans
SITI ENERGY: ICRA Reaffirms 'LBB' Rating on INR59.15cr Term Loans
SOVA ELECTROCASTING: ICRA Assigns 'LC' Rating to INR28cr Term Loan

SVEC CONSTRUCTIONS: ICRA Assigns 'LBB+' Rating to INR54.76cr Loan
TUSHAR FABRICS: Fitch Assigns National Long-Term Rating at 'B+'
WOCKHARDT LTD: Bombay High Court Grants Stay on Wind-up Petition
YORK CALLTECH: ICRA Reaffirms 'LB+' Rating on INR52cr Term Loans
ZENITH EXPORTS: ICRA Assigns 'LBB+' Rating to INR6.15cr Term Loan


I N D O N E S I A

INTERNATIONAL NICKEL: S&P Assigns 'BB+' Corporate Credit Rating


M A L A Y S I A

SATANG HOLDINGS: Submits Regularization Plan to Bourse


N E W  Z E A L A N D

* Lawyers Mull Class Action Suit Against Failed Finance Firms


P H I L I P P I N E S

BANCO FILIPINO: PDIC to Hold Forums for Depositors


S I N G A P O R E

CONTINENTAL BIOENERGY: Creditors' Meetings Set for March 31
MOTOROLA ASIA: Creditors' Proofs of Debt Due April 25
OLIVE GROUP: Creditors' Proofs of Debt Due April 25
SIN TYE: Creditors Get 100% Recovery on Preferred Claims
SITOCA MARKETING: Court Enters Wind-Up Order

UNCHARTED BUSINESS: Court to Hear Wind-Up Petition April 1


T A I W A N

E.SUN COMMERCIAL: Chu Nan Deal Won't Affect Moody's Ratings


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


REDGROUP RETAIL: Gift Cards Redemption Deadline Set for April 3
---------------------------------------------------------------
Ferrier Hodgson announced that holders of gift cards from Borders
or Angus & Robertson have been urged to redeem their cards by the
close of business, Sunday, April 3.

Since their appointment in February, Administrators to REDgroup
Retail have continued to honour gift cards under a scheme that
allows card holders to extract the value of the gift card by
matching it dollar for dollar in payment.  This means a customer
can buy $40 worth of books by using a $20 gift card and $20 cash
or credit card payment.

The Administrator of REDgroup Retail said Thursday that this
scheme will continue until April 3.  Any cards not redeemed by
that time will not be honoured under the Administration.

"I strongly urge all gift card holders to redeem their cards
before the April 3 deadline," Administrator Steve Sherman said.
"Gift card holders who fail to redeem their cards by the deadline
may register as unsecured creditors of REDgroup Retail, but their
cards may potentially have no value."

Mr. Sherman said the gift card deadline was a necessary part of
the Administration process and was brought about because of the
need to obtain financial certainty in relation to the gift card
liability.

REDgroup Retail is the owner of Borders and Angus & Robertson
stores.

                      About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


SMART SERIES: Fitch Assigns Ratings on Series 2011-1US Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings to the SMART Series 2011-
1US Trust automotive lease receivables-backed securitization by
Macquarie Leasing Pty Limited.  Ratings, Outlooks and Loss
Severity Ratings are assigned:

  -- US$147.00m Class A-1 notes: 'F1+sf';

  -- US$54.00m Class A-2a notes: 'AAAsf'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- US$108.00m Class A-2b notes: 'AAAsf'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- US$83.00m Class A-3a notes: 'AAAsf'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- US$184.00m Class A-3b notes: 'AAAsf'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- US$174.00m Class A-4a notes: 'AAAsf'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- AUD18.94m Class B notes: 'AAsf'; Outlook Stable; Loss
     Severity rating at 'LS3';

  -- AUD23.15m Class C notes: 'Asf'; Outlook Stable; Loss Severity
     rating at 'LS3';

  -- AUD21.05m Class D notes: 'BBBsf'; Outlook Stable; Loss
     Severity rating at 'LS3'; and

  -- AUD21.05m Class E notes: 'BBsf'; Outlook Stable; Loss
     Severity rating at 'LS3'.

The notes have been issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2011-1US Trust (the issuer).  SMART
Series 2011-1US Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 26,106
automotive lease receivables totalling approximately AUD841.9m,
with an average size of AUD32,251.  The pool is comprised of
passenger and light commercial vehicle lease receivables
originated by Macquarie Leasing to Australian residents across the
country.  The pool comprises amortizing principal and interest
leases with varying balloon amounts payable at maturity.  The
weighted average balloon payment for the portfolio is 28.0%
(percentage of leases' original balance).  The majority of leases
consist of novated contracts (62.9%), where the lease is novated
to the employer in salary packaging arrangements.  Historical
gross loss rates by quarterly vintage on passenger vehicle leases
originated by Macquarie Leasing were found to have ranged between
0.6% and 1.5%, and from 0.5% to 4.0% for light commercial.

The expected Short-Term 'F1+sf' Rating assigned to the Class A-1
notes and the expected Long-Term 'AAAsf' Rating with Stable
Outlook assigned to the Class A-2a, A-2b, A-3a, A-3b and A-4a
notes, are based on: the quality of the collateral; the 11.0%
credit enhancement provided by the subordinate Class B, C, D and E
notes and the unrated seller notes and excess spread; the
liquidity reserve account sized at 1.0% of the aggregate invested
amount of the notes at closing; the interest rate swap
arrangements the trustee has entered into with Macquarie Bank Ltd
('A+'/Outlook Stable/'F1'); and Macquarie Leasing Pty Ltd's lease
underwriting and servicing capabilities.

The final ratings assigned to the other classes of notes are based
on all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

The expected ratings assigned to the Class A-4b notes were
withdrawn as these notes were not issued.


STORM FINANCIAL: Macquarie Says ASIC Court Action Too Broad
-----------------------------------------------------------
The Sydney Morning Herald reports that Macquarie Bank said it
should not have to face a "smorgasbord" court action about Storm
Financial launched by the corporate regulator.

SMH says the bank's barrister, Justin Gleeson SC, argued that the
court should follow earlier precedents of striking out court
action because it was too broad.

In December, the Australian Securities and Investments Commission
launched legal action on behalf of two Townsville customers of
Storm, Barry and Deanna Doyle, according to SMH.

SMH notes that the Sydney case was launched against Macquarie,
Bank of Queensland and a BoQ franchisee.

According to the report, ASIC's allegations against Macquarie Bank
included unconscionable conduct and liability for the Doyles'
losses because it acted as a linked credit provider with Storm
Financial under section 73 of the Trade Practices Act.

But Mr. Gleeson argued that the ASIC had incorrectly used section
50 of the ASIC Act to launch a "smorgasbord" of allegations about
Macquarie Bank's behavior, SMH relates.  He said ASIC's use of
section 50 to make its case was a "long reach" that was "simply
too far," SMH notes.

SMH states that Section 50 gives ASIC the power to take over
actions with the consent of the other party, in this case the
Doyles.  It allows ASIC to recover damages or property in the name
of a person or company.

But Mr. Gleeson said the section could not be used to support
ASIC's arguments against Macquarie in its statement of claim about
breaches of contract law and liability as a linked credit
provider.  "All that should go," Mr. Gleeson said.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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


INCHCAPE INSURANCE: Members' Final Meeting Set for April 19
-----------------------------------------------------------
Members of Inchcape Insurance Brokers (HK) Limited will hold their
final general meeting on April 19, 2011, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JARDINE ENGINEERING: Members' Final Meeting Set for April 19
------------------------------------------------------------
Members of Jardine Engineering Management Services Limited will
hold their final general meeting on April 19, 2011, at 10:00 a.m.,
at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong
Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JB ENERGY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 28, 2011, to
wind up the operations of JB Energy International Limited.

The company's liquidator is Yuen Tsz Chun Frank.


KING SING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 28, 2011, to
wind up the operations of King Sing Jewellery Company Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


LEE WAH: Creditors' Proofs of Debt Due April 18
-----------------------------------------------
Creditors of Lee Wah Hong International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 11, 2011.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


LUEN HING: Creditors' Proofs of Debt Due April 8
------------------------------------------------
Creditors of Luen Hing Fat Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 8,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Stephen Liu Yiu Keung
          David Yen Ching Wai
          62/F, One Island East
          18 Westlands Road
          Island East, Hong Kong


MI FUNG: Chiong and Fok Appointed as Liquidators
-----------------------------------------------
Messrs. Desmond Chung Seng Chiong and Fok Hei Yu both of Ferrier
Hodgson Limited on Sept. 17, 2008, were appointed as liquidators
of Mi Fung Beads Company Limited.

The liquidators may be reached at:

         Messrs. Desmond Chung Seng Chiong
         Fok Hei Yu
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


MING FAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Ming Fat Fishery Development Co.,
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


NEW AGE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on July 2, 2010, to
wind up the operations of New Age International Limited.

The company's liquidator is Yuen Tsz Chun Frank.


NGAN'S INVESTMENT: Kenny King Ching Tam Appointed as Liquidator
---------------------------------------------------------------
Kenny King Ching Tam of Kenny Tam & Co. on March 3, 2011, was
appointed as liquidator of Ngan's Investment Company Limited.

The liquidator may be reached at:

         Kenny King Ching Tam
         Room 908, 9/F Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


NOVACHEM LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 13, 2010, to
wind up the operations of Novachem Limited.

The company's liquidator is Yuen Tsz Chun Frank.


ORGANIC WASTE: Court to Hear Wind-Up Petition on April 13
---------------------------------------------------------
A petition to wind up the operations of Organic Waste Technologies
(H.K.) Limited will be heard before the High Court of Hong Kong on
April 13, 2011, at 9:30 a.m.

Chan King Ho Louis filed the petition against the company on
Feb. 9, 2011.

The Petitioner's solicitors are:

          Au & Associates
          Room 801, 8th Floor
          Fee Tat Commercial Centre
          No. 613 Nathan Road
          Mongkok, Kowloon
          Hong Kong


OCEAN WAY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 3, 2011, to
wind up the operations of Ocean Way Creation Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


PHOENIX (FASHION): Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 28, 2011, to
wind up the operations of Phoenix (Fashion) Trading Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


PINE WELL: Court to Hear Wind-Up Petition on April 27
-----------------------------------------------------
A petition to wind up the operations of Pine Well Trading (HK)
Limited will be heard before the High Court of Hong Kong on
April 27, 2011, at 9:30 a.m.

Lau Mui filed the petition against the company on Feb. 21, 2011.

The Petitioner's solicitors are:

          F. Zimmern & Co.
          Suites 1501-1503, 15th Floor
          Gloucester Tower
          The Landmark, 15 Queen's Road
          Central, Hong Kong


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I N D I A
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BENGANI FOOD: ICRA Assigns 'LBB' Rating to INR25cr Bank Limits
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR25.00 crore (enhanced
from INR20.00 crore earlier) fund based bank limits of Bengani
Food Products Private Limited.

The outlook on the long term rating is stable. ICRA has also
assigned an A4 rating to the INR10.00 crore (enhanced from INR8.00
crore earlier) non-fund based bank limits of BFPPL.

In arriving at the rating, ICRA has evaluated the business risk
profile of BFPPL on a consolidated basis along with Bengani
Exports (India) Private Limited (BEIPL, rated at LBB / stable and
A4 by ICRA), its group company, both of which are engaged in the
business of trading in maize and soya de-oiled cake.  The assigned
ratings take into account the experience of the promoters in
trading of raw materials to the poultry feed industry, the
established relationship of the company with its clients and
suppliers and the economies of scale it enjoys due to bulk
procurement of materials.  The working capital intensity of
operations is low and the risk of price volatility of traded
products is limited as a major portion of the sales is order
backed.  The ratings are, however, constrained by the unfavorable
financial profile of the company characterized by low
profitability and depressed levels of coverage indicators and
exposure to exchange rate risk, as a significant portion of the
company's revenue is derived from exports.

ICRA also notes the high level of competition amongst existing
players in the business, which puts a downward pressure on
profitability and the operating loss incurred by the company in
2009-10.  Almost the entire sale of BFPPL is made to poultry feed
manufacturers, who are exposed to the industry risk of disease
outbreaks, which in turn makes BFPPL vulnerable to such risks.

                         About Bengani Food

Incorporated in February 1997, Bengani Food Products Pvt Ltd is
primarily engaged in the trading of maize and soya DOC.  The
promoters of BFPPL have more than two decades of experience
in the same line of business.  The company mainly caters to the
poultry feed manufacturers, both in the domestic and export
market.  The company is registered with Federation of Indian
Export Organisations (FIEO) and also recognized as a 'Star Export
House' by the Government of India.

Recent Results

During 2009-10, BFPPL reported a net profit of INR0.64 crore on a
net sales of INR305.41 crore.  During the first nine months (April
2010 to December 2010) of 2010-11, the company posted a net
profit of INR0.54 crore on a net sales of INR209.88 crore
(provisional).


BHOLA NATH: ICRA Assigns 'LBB-' Rating to INR3cr LT Loan
--------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the long term INR3.0 crores
fund based limits  and  3.0  crores  of proposed limits of M/s
Bhola Nath  Naresh  Kumar. The rating carries stable outlook.

The rating takes  into account  the rich experience of promoters
in line of fruit trading, long standing relationship with the
growers to ensure steady supply of apples, stable business model
as there is no inventory risk, healthy demand for fruits and
vegetables in India, availability of cold storage facilities of
group company (Harshna Ice and Cold Storage) to store the fruits
to ensure supply during off- peak season.  The rating is, however,
constrained by the firm's presence in the lower end of the value
chain with operations confined to trading activity, modest scale
of operations, intensely competitive nature of industry due to low
entry barriers, weak financial risk profile characterized by high
working capital requirements and stretched capitalization and
coverage indicators.  Moreover BNNKs business concentration risk
remains high owing to significant dependence on a single product.
Moreover the firm deals in trading of apples and other temperate
fruits thus exposing the firm to related agro climatic risk.

M/s Bhola Nath Naresh Kumar is a part of Harshna Group which has
presence across the value chain in the fruits and vegetables
industry through its various companies.  BNNK was promoted in 1994
as a partnership firm.  The firm acts as a fruit commissioning
agent. It assists the growers from Jammu & Kashmir and Himachal
Pradesh to sell apples and other temperate fruits directly in the
Azadpur Fruit & Vegetable Market in Delhi for a commission.  The
commission is capped at 6% of sales value by Agricultural Produce
Marketing Committee.  APMC regulates the marketing of agricultural
produce in Delhi.  The firm derives majority of its commission
from trading of apples. BNNK's reliance on a single fruit makes
the firm highly vulnerable to variation in production from crop
failures, changes in demand pattern etc.  Further apple being a
seasonal product leads to seasonality in the business.  The
commodity is agricultural in nature thus posing agro climatic
risk.

The fruit trading business in India is highly competitive and
fragmented due to low capital requirements and entry barriers.
APMC, which monitors the wholesale trade in Azadpur mandi, had
given license to 2132 Commission Agents as at end on 2007 for
Azadpur mandi only.  However BNNK derives its strength from the
long experience of promoters in fruit commissioning business and
its strong relationships with the growers. Moreover, being a part
of Harshna Group, the firm also enjoys the benefits of intergrated
operations, cold storage and processing facilities.

The firm reported an Operating Income of INR 0.97 crores in FY10
as against INR 0.75 crores in FY09. The revenues of the firm have
grown at a CAGR of 15% in the last five years. The operating
margins of the firm have remained steady over the years. It
reported Net Profit of INR 0.30 crores in FY10.  The
capitalization indicators of the firm are over stretched and the
gearing of the firm was 29 times at the end of 2010 on account of
high working capital requirements and withdrawal of capital by
partners.
The debt of the company is largely in the form of working capital.
The coverage indicators are low due modest operating profits and
cash accruals. The firm reported Interest coverage ratio of 1.31
times and NCA/Debt of 4% in FY10.


FLEMING LABORATORIES: Fitch Assigns 'BB-' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned India's active pharmaceutical
ingredients manufacturer Fleming Laboratories Ltd.  a National
Long-Term rating of 'BB-(ind)' with Stable Outlook.  The agency
has also assigned ratings to FLL's bank facilities:

  -- INR130.6m long-term loans: 'BB-(ind)'

  -- INR150m fund-based working capital limits: 'BB-
     (ind)'/'F4(ind)'

  -- INR40m non-fund based limits: 'F4(ind)'

The ratings reflect FLL's stable business and margins (17%) as
well as its low leverage (around 2.1x).  The ratings also reflect
liquidity problems which led to loan servicing being delayed twice
during the last 12 months.  Fleming has fully utilized its cash
credit limits, leaving it with no cash buffer.  Further, FLL is
implementing a mostly debt-funded expansion project in what Fitch
views as a high-risk operating environment, and would also need
additional working capital to utilize the new manufacturing
facilities.

Increase in net debt/EBITDA to over 3x on a sustained basis, due
to lower-than-expected uptake of its new products, a fall in
profitability and/or increase in working capital requirements may
lead to negative rating action.  Conversely, successfully managing
growth without further liquidity problems may result in positive
rating action.

FLL is Hyderabad-based and is recognized as a 100% export-oriented
unit.  Fleming's revenues have stagnated over the last three years
after increasing by almost 76% in FY08.  For the nine months in
the financial year ending March 2011 (9MFY11), FLL reported
revenues of INR408 million (FY10: INR433 million) and operating
EBITDA of INR57 million (INR77 million).  EBITDA margins declined
300bps during this period from 17% in FY10 due to higher raw
material costs.  As of 9MFY11, total debt was INR141 million
(INR197 million).  Fleming has diversified customers spread across
65 countries.


REDDY VEERANNA: ICRA Assigns 'LB' Rating to INR35cr Bank Limit
--------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR35 crore fund based
limit of Reddy Veeranna Constructions Pvt. Ltd.  ICRA has also
assigned an 'A4' rating to the INR60 crore non-fund based limit.
The outlook of long term rating is stable.

The ratings are constrained by intensely competitive nature of
industry which has also to be viewed in context of RVCPL's
moderate scale of operations; significant variability in its
profits and its relatively high gearing of 4.2 times as on March
31, 2010.  Moreover the rating factors in liquidity pressures
faced by the company as evident from over-drawls in its fund based
limits, its high working capital intensity as reflected by net
working capital to operating income ratio of 38% and its high
concentration of revenues from projects awarded by various state
government agencies.  Nevertheless, ICRA derives comfort from
RVCPL's experienced management, its long track record in the
construction industry and its diversified operations.  In
addition, the company's cash flows are expected to improve with
anticipated international operations as a raising contractor for
associate group companies.  Moreover, the rating factors in the
positive outlook for construction companies given the large number
of infrastructure projects planned to be taken up in the medium
term.

                          About Reddy Veeranna

Founded in 1980 as a proprietorship form M/s Reddy Veeranna & Co,
and subsequently in 2003 rechristened as M/s Reddy  Veeranna
Constructions Pvt Ltd, the company is flagship company of
Bangalore based Reddy Veeranna group. Since inception, the Company
has undertaken and completed many projects of diverse nature and
today its service portfolio extends across construction of roads,
urban infrastructure works, irrigation works, construction of
reservoirs, BOT projects, real estate activities - housing /
commercial (IT campuses) etc. RVCPL has executed several
projects in these disciplines largely for government organizations
in various South India states  - Karnataka, AP, MP, Chhattisgarh,
and Jharkhand.

Recent Results

In 2009-10, RVCPL reported a net profit of INR2.8 crore on an
operating income of INR83.94 crore as compared to net loss of
INR4.6 crore on an operating income of INR78.7 crore in 2008-09.


SANGANI INFRASTRUCTURE: ICRA Rates INR50cr Bank Limits at 'LBB+'
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR50.00 crore fund
based limits of Sangani Infrastructure India Private Limited.  The
outlook for the long term rating is stable.

The assigned ratings  take into account  SIIPL's  relatively
modest scale of operations;  exposure to sectoral concentration
risk arising from focus on residential sector and  geographical
concentration risks due to concentration of most of ongoing and
future projects in Gujarat; high competitive intensity within the
Ahmedabad real estate market resulting in pressure on margins.
The ratings also take into account the execution risks given that
majority of the projects are in the construction phase; and market
risks with regard to the un-booked area, which along with modest
collection efficiency increases the risk of liquidity mismatch as
a part of the construction cost is planned to be met from the
customer advances.

The ratings however, favorably factor in SIIPL's experienced
management; long track record of SIIPL's promoters in the
construction industry; low gearing, moderate profitability levels
and debt service indicators.  The ratings also take into account
the favorable demand outlook for the construction sector

Sangani Infrastructure India Private Limited is engaged in
construction of residential apartments, modern integrated
townships, commercial properties and shopping malls.  The company
is promoted by Mr. Hanubhai Ramji Sangani, Mr. Arvindbhai Ramji
Sangani, Mr. Bhanubhai Jadav Sangani and Mr. Rashesh Vithal
Limbasia who have around two decades of experience in this line of
business. Over the years the promoters have floated various SPV's
and have successfully completed a wide variety of prestigious
residential projects in and around the regions of Ahmedabad
(Gujarat).


SCHALTECH AUTOMATION: ICRA Assigns 'LB+' Rating to INR1.5cr Loan
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR1.50 crore fund based
facilities, INR17.50 crore non fund based facility and INR 8.00
crore proposed enhancement to non-fund based facilities of
Schaltech Automation Private Limited.

The rating is constrained by exposure of the company to high
client and geographical concentration risks resulting in
volatility of revenues and susceptibility of future income to
execution risks associated with one large project.  The rating
also factors in the highly competitive nature of the industry and
SAPL's modest scale of operations, which coupled with its low
net-worth limits its ability to bid for larger and more complex
projects.  The rating is however supported by favorable growth
opportunities in power distribution and transmission sector and
SAPL's long track record in electrical contracting business.

Established in 1995, SAPL is engaged in providing turnkey
solutions for setting up substations and electrical distribution
lines.  The company provides erection, procurement and
commissioning services in transmission and distribution part of
electrification supply chain including substation of types
220KV/33KV and 33KV/11KV along with distribution centre
transformers and HT/LT lines.  The company's client list includes
Reliance energy Limited, Reliance Infrastructure Ltd, Bhoruka
Power Corporation and UP Power corporation Ltd.  In FY 2010
Reliance Energy Ltd (REL) was the largest customer accounting for
68% of total revenues.  REL has been the largest customer of the
company for the last five years and the company's revenue has
fluctuated in the past depending on orders bagged from REL. The
order book of the company stood at INR90 crore as on 30th
September 2010 which is 4.5 times the operating income of FY 2010.
The outstanding order book of the company is exposed to
high client and geographic concentration as the project "Rural
electrification of Hardoi District, UP" accounts for 68.67% of
outstanding order book. As a result going forward, the future
income is susceptible to execution risks of the project which is
yet to take off.

SAPL's scale of operations is modest with an operating income of
INR20.80 crores in FY 2010.  This coupled with its low net-worth
limits its ability to bid for larger and more complex projects
which in turn restricts growth of the company. High competitive
intensity and the medium complexity of work in the
sector impact the pricing flexibility of the company and increases
competitive risks.  This is also reflected in the moderate and
fluctuating profitability of the company with the operating profit
margin having fluctuated in the range of 4.09% to 6.1% from FY
2007 to FY 2010.

Despite high debtors and large proportion of cash being locked up
in the form of retention money, the working capital intensity of
the company has been historically low as reflected in a low NWC/OI
over the last few years. This is mainly due to the fact that the
company has been stretching its creditors by extracting longer
credit terms from its suppliers. The gearing and debt coverage
indicators of SAPL are highly sensitive to small changes in level
of debt and working capital intensity on account of its low net
worth and modest scale of operations.


SHEETAL REFINERIES: ICRA Assigns 'LBB+' Rating to INR49.61cr Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR49.61 crore fund based
facilities of Sheetal Refineries Private Limited.  The outlook on
the long-term rating is Stable.

The rating draws comfort from the established presence of SRPL in
edible oil business backed by its 'Sheetal Drop' brand for over a
decade.

Though the product portfolio of SRPL is diverse comprising of
sunflower oil, rice bran oil, soybean oil and cotton seed oil, the
product concentration is high with rice bran oil contributing to
83% of total sales in FY 10.SRPL has both retail and institutional
customers contributing around 20% and 80% of total sales
respectively.

The rating is however constrained by the weak financial profile of
SRPL characterized by high gearing of 2.84 times as on March 31,
2010 due to high working capital requirements coupled with low
operating margins of 3.3% in FY 10 and moderate coverage
indicators with OPBITDA/Interest at 2.01 times in FY 10.  The cash
credit facilities constituted almost 80% of the total debt as on
March 31, 2010.

The highly fragmented nature of the industry exposes SRPL to the
competition from the unorganized players in the lower end of the
products and large players, including multinationals in the
branded segment.

With growing institutional sales, for whom longer credit periods
are extended, the debtor days' doubled from 27 days in FY 09 to 54
days in FY 10. On the other hand, to avail additional discounts,
bulk of the payments  to  the raw material suppliers  is on cash
basis because of which  the creditor days' reduced from 25 days in
FY 09 to 14 days in FY 10. This had led to increase in working
capital intensity from 10% in FY 09 to 18% in FY 10. The working
capital utilization was therefore high during FY10.

                      About Sheetal Refineries

Sheetal Refineries Private Limited was incorporated in the year
1998 as a partnership firm and was promoted by Mr. Jugal Kishore
Agarwal and Mr. Jitender Kumar Agarwal. SRPL has a production
capacity of 250 MTs per day.  The company produces refined
products of sunflower oil, soya bean oil, rice bran oil, cotton
oil and palm oil. Its brand, Sheetal Drop, is well-recognised in
the Hyderabad edible oil market.  Other key markets of the company
are: Ahmed Nagar, Bangalore, Bhubaneshwar, Chennai, Cuttack, Goa,
Hubli, Jamshedpur, Kolkata, Mumbai, Mysore, Nasik, Pondicherry and
Pune.


SHREE CHLORATES: ICRA Assigns 'LBB' Rating to INR3.82cr Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR3.821 crore term
loans, the INR 0.60 crore fund-based and the proposed INR5.08
crore fund based facilities of Shree Chlorates.  ICRA has also
assigned a short term rating of 'A4' to the INR 0.50 crores non
fund based bank limits of SC.  The outlook on the long term
ratings is stable.

The ratings reflect the small scale of operations; vulnerability
of margins to foreign exchange fluctuation; competition from
imports as there is no duty protection and from other domestic
manufacturers; vulnerability of margins to raw material price
fluctuations  though the risk is  partly mitigated due to the
relatively short commitment period of three months  and  high
consumption of power which may render the company uncompetitive
vis-a-vis  imports in case power tariffs were to escalate.
However, ICRA takes note of the long established track record of
the promoters; established relationships with several large
customers and favorable demand outlook driven by growth of end
user industries as well as shift towards bleaching and
disinfection by Chlorine Dioxide in place of Chlorine. The
financial risk profile of the company is characterised by moderate
gearing and coverage indicators.

                       About Shree Chlorates

Shree Chlorates was incorporated in 1989 and started operations
with a manufacturing plant of Sodium Chlorate of 600 TPA capacity.
In 1998 Sodium Chlorite plant of 150 TPA was set up.  In 2001
capacities of both products were enhanced to 2500 TPA each. In
2008 the company set up one wind mill unit at Dewas in the state
of Madhya Pradesh and later one more at Jaisalmer in the state of
Rajasthan which was commissioned in March 2010.

Recent Results

For 10 month period ended 31s January 2011 the firm reported a
profit before depreciation and tax of INR3.33 crore on net sales
of INR24.63 crore as against a profit before depreciation and tax
of INR3.61 crore on net sales of INR18.22 crore for the full year
2009-10.


SITI ENERGY: ICRA Reaffirms 'LBB' Rating on INR59.15cr Term Loans
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating outstanding on the enhanced
INR 59.151 crore term loans of Siti Energy Limited.  ICRA has also
reaffirmed the 'A4' rating outstanding on the enhanced INR 10.50
crore non fund based bank limits of SEL.  The outlook on the long
term ratings is stable.

The ratings reaffirmation reflect the delay in the full scale
commencement of SEL's city gas distribution business, project
implementation risks because of limited track record of its
promoters in this business, the pending  issue of authorization of
SEL's operations by PNGRB, high concentration of sales  in  the
industrial segment going forward making  the company vulnerable to
competition from other gas suppliers once the five year marketing
exclusivity period is over and dependence on group companies
for debt service due to lack of adequate cash generation during
its project roll out phase.  The ratings however positively factor
in the favorable project economics, supported by regulations under
PNGRB Act as per which incumbents, post authorization, will enjoy
monopoly with regard to network provision and be eligible for
attractive return on capital employed.  Furthermore, favorable
outlook for demand exists due to the price differential between
gas and alternate fuels especially considering the high level
of industrialization and severe power shortages in the company's
marketing area.

                         About Siti Energy

Siti Energy Limited, a Public Limited Company was incorporated in
2005 with the objective of implementing City Gas Distribution
(CGD) Projects for various users in the Industrial, Commercial,
Automotive and Domestic Segments.  The company is developing a CGD
Project in Moradabad in the state of Uttar Pradesh on develop,
finance, construct, operate, own and maintain basis.  The
promoters of the company are Mr. Laxmi Narain Goel the promoter of
Essel Group.  The Essel Group has a diverse business interests,
encompassing media programming, broadcast and distribution,
specialty packaging, entertainment, telecom and trading. The
company is closely held by the members of the Laxmi Narain Goel
family.


SOVA ELECTROCASTING: ICRA Assigns 'LC' Rating to INR28cr Term Loan
------------------------------------------------------------------
ICRA has assigned an LC rating to the INR20.08 crore term loan and
INR18.04 crore cash credit limits of Sova Electrocasting Limited.
ICRA has also assigned an A5 rating to the INR0.72 crore non-fund
based bank facilities of SEL.

The ratings factor in the stretched liquidity position of the
company consequent to its poor financial performance as reflected
by net losses suffered over the last three years, leading to
significant delays in honoring its debt service obligations.  The
ratings also reflect the cyclicality inherent in the steel
business, making margins and cash flows volatile to fluctuations
in prices, SEL's small scale of operations and its adverse
financial risk profile characterized by a high gearing and high
working capital  intensity of operations.  ICRA takes note of the
company's low level of capacity utilization and discontinuance of
the ingot manufacturing facility due to irregular supply and
increase in the cost of power.  The ratings, however, take into
consideration the favorable demand outlook of the steel industry
driven by the real estate and construction sectors and the
company's proximity to raw material sources, which ensures steady
supply and low freight costs.

The company was incorporated in 1997 as Balaji Electrocasting
Limited.  In 2006, the company was taken over by the present
promoters and the name of the company was changed to Sova
Electrocasting Limited.  SEL started commercial production in
July, 2006.  It has ingot and TMT bar manufacturing facilities of
31,944 tonne per annum (TPA) and 1,08,000 TPA respectively in
Durgapur of West Bengal.

Recent Results

During 2009-10, SEL reported a net loss of INR4.08 crore on net
sales of INR23.92 crore. During the first half (April 2010 to
September 2010) of 2010-11, the company posted a net loss of
INR2.13 crore on net sales of INR8.67 crore (provisional).


SVEC CONSTRUCTIONS: ICRA Assigns 'LBB+' Rating to INR54.76cr Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR54.76 crore fund based
facilities and INR245.00 crore non fund based facilities of SVEC
Constructions Limited.  ICRA has also assigned A4+ rating to
INR10.00 crore non-fund based facility of SCL.  The outlook on the
long term rating is stable.

The rating is supported by favorable growth opportunities for the
company in infrastructure development sector due to its long
association and registration with various government authorities
and good pre qualification credentials allowing the company to bid
for large projects.  ICRA draws comfort from the long &
satisfactory track record of the company for over two decades,
proven project execution capability, healthy order book position,
satisfactory profit level and increasing thrust by Govt. of India
on infrastructure creation.

The rating factors in the risks due to high geographic
concentration of projects in Andhra Pradesh, high dependence on
building works, stretched financial position characterized by high
working capital needs, low profitability metrics characterized by
decreasing ROCE and RONW and high fragmentation of industry
resulting in intense competition.  SCL's revenue decreased by 9%
in FY 2010 on account of three large projects Andhra Pradesh Rajiv
Swagruha Corporation Limited Housing project, Pranahita Chevella
irrigation project and building works in Krishnapatnam port which
together account for 62% of its order book being stuck in initial
stages due to land acquisition and layout finalization issues.
Despite good revenue growth in the past five years the company's
future earnings remain vulnerable to execution risks associated
with large projects.

Established in 1985, SCL is engaged in construction of various
commercial and residential housing and irrigation projects.  The
company has completed 24 major housing projects valued at INR235
crores and 9 irrigation projects valued at INR 203 crores since
its inception.  The largest project value wise was an irrigation
project for providing side and bed lining to TGP (Telugu Ganga
Project) main canal worth INR 66 crores. The outstanding order
book of the company valued at INR 1694 crore as on Sept. 30, 2010,
is skewed towards building works which account for 73% and
projects in the irrigation sector accounting for the rest.
Experienced promoters with around two decades of experience in the
construction industry and strong pre-qualification credentials
have enabled the company to bid for large projects.  Around 80% of
the company's projects are based in Andhra Pradesh and three large
projects account for 62% of the outstanding order book which carry
significant execution risks on account of being stuck in nascent
stages due to land acquisition and layout design issues.

SCL's revenues have been volatile in the past, depending on the
execution status of the projects. Due to the company's focus to
move more sub contracted works in house its operating margin has
increased to 12.83% in FY 2010 from 10.40% in FY 2009. But PAT
margin decreased to 3.04% in FY 2010 compared to 4.08% in FY 2009
on account of higher interest outgo due to increased working
capital borrowings.

The working capital intensity of the company has been rising on
account of increasing debtors.  Increasing working capital debt
coupled with stagnant profitability has resulted in a downtrend in
ROCE which was 18.91% in FY 2010 compared to 21.39% in FY 2009.
The resulting higher interest outgo constrained RONW which
decreased to 15.05% in FY 2010 compared 26.83% in FY 2009.  In
FY 2010 both debtors and creditor days have increased
significantly compared to previous year and going forward will
remain a key challenge in  keeping the working capital intensity
under control.  Although long term debt equity ratio remained
comfortable gearing was high at 1.94 as on 31st March 2010
compared to 2.14 as on 31st March 2009.

Recent Results

As per provisional accounts, for six months ended Sept. 30, 2010,
the company reported an operating income of INR100.72 Crore and a
PBT of INR5.56 crore.

Established in 1985, SCL is an infrastructural development company
engaged in the business of civil, electrical and mechanical
construction works on contract basis with Government, Semi-
Government and  Private organizations. The company executes
infrastructure projects either independently or in
joint ventures with other construction companies.


TUSHAR FABRICS: Fitch Assigns National Long-Term Rating at 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned India's Tushar Fabrics Pvt Ltd a
National Long-Term rating of 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned a 'B+(ind)' rating to TFPL's INR200m
fund-based working capital limits.

The ratings reflect the relatively long track record of TFPL's
promoters in the domestic denim fabrics trading business.  TFPL is
one of India's larger denim fabrics trading companies with a
strong distribution network.  India's denim market has shown a
steady growth over the last few years; Fitch expects the trend to
continue over the near-to-medium term, benefiting TFPL's
operations.

The ratings are constrained by TFPL's strained financial profile,
driven largely by the working capital intensive nature of its
operations.  In FY10, the company's leverage (net debt/ EBITDAR)
was high at 9.8x, while interest coverage (EBITDAR/ interest
expense) was at 1.1x.  The ratings are further constrained by the
TFPL's small size operations and intense competition in the market
due to the trading nature of its operations.

Negative rating guidelines include any deterioration in TFPL's
liquidity, driven by margin pressures or increase in working
capital requirements, and sustained net leverage of over 8.5x.
Positive rating guidelines include steady growth in revenues,
stable profitability and improved working capital management,
resulting in sustained net leverage of below 7x.

In FY10, TFPL reported revenues of INR1,070m and EBITDA of
INR17.7 million.  The company acquired Tushar Textiles' denim
trading business in July 2010, which had been in the market for
the last 24 years.


WOCKHARDT LTD: Bombay High Court Grants Stay on Wind-up Petition
----------------------------------------------------------------
Kian Ganz and Adi Narayan at Bloomberg News report that Wockhardt
Ltd. said the Bombay High Court granted an interim stay on a
petition filed by bondholders to liquidate the company.

Bloomberg relates that Wockhardt said in a statement to the Bombay
Stock Exchange on March 23 that the company will deposit INR1.15
billion in court by May 3, 2011.  Wockhardt's appeal against the
petition will be heard on May 4, Neerav Merchant, a lawyer at
Majmudar & Co. which represented Wockhardt, told Bloomberg.

According to Bloomberg, a group of three bondholders, including
U.S. hedge fund QVT Financial LP, and an overseas unit of Sun
Pharmaceutical Industries Ltd. filed the petition after Wockhardt
defaulted on payments of its $110 million convertible bonds that
matured in October 2009.  The claimants are looking to retrieve a
total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for
the creditors, said on March 14.

                      About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L.  In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.


YORK CALLTECH: ICRA Reaffirms 'LB+' Rating on INR52cr Term Loans
----------------------------------------------------------------
ICRA has reaffirmed the LB+ rating assigned to the INR52 crores
term loans of York Calltech Private Limited.  ICRA has also
assigned an A4 rating to the INR12 crores short-term loan of YCPL.

The rating takes into account the significant market risk as the
company has leased out only 28% of the commercial space so far
which is further exacerbated by the expected over-supply of
commercial space in National Capital Region.  Further the
financial profile of the company is stretched as reflected by it
relatively high gearing level, significant short-term loan
repayments and moderate cushion between lease rentals and debt
repayment obligations.  Moreover the property has been leased out
to a single tenant so far and any delay by the tenant in
depositing the monthly rent on time could adversely impact debt
servicing of the company.  The rating is also constrained by
significant time and cost overruns in its project, single asset
nature of YCPL, significant amount of corporate guarantee extended
by it to its group company and history of delays in debt servicing
obligations.   Nevertheless, the rating draws comfort from YCPL's
experienced management, its long track record in real estate
business and support extended by ETT Limited, a group company.

YCPL is a wholly owned subsidiary of Valley Computech Private
Limited which in turn is a wholly owned subsidiary of ETT Ltd.
YCPL has one completed project Express Trade Tower 2 (ETT 2)
located in Sector 132, on Noida Expressway with a leasable area of
6 lakh square feet.  The total cost of this project is INR145
crores which has been funded through term loans of INR73 crores
and the rest through promoter funds. The project was completed in
June 2010.  The company has leased 1.65 lakh sq ft area (28% of
the total area) to Net Ambit Info-Source and e-services Pvt Ltd.


ZENITH EXPORTS: ICRA Assigns 'LBB+' Rating to INR6.15cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR6.15
crore (enhanced from INR5.75 crore) term loan and the INR13.00
crore (sub-limit of packing credit, enhanced from INR2.50 crore
earlier) long-term fund based bank limits of Zenith Exports
Limited.  The outlook on the long-term rating is stable.  ICRA has
also retained the 'A4+' rating assigned to the INR63.10 crore
(enhanced from INR63.00 crore) short-term fund based bank limits
and the INR10.00 crore (enhanced from INR8.00 crore) non-fund
based bank limits of ZEL.

The ratings factor in the experience of ZEL's promoters in the
textile business, the company's diverse client base and flexible
product mix that strengthen its market position and the improving
textile demand scenario witnessed in the recent past.  In ICRA's
opinion, although ZEL  recovered to some extent during the first
nine months of the current financial year (9m-FY11) from the
adverse impact of the economic recession, recording a net profit
of INR1.53 crore (provisional) as compared to a net loss during
2009-10 (FY10), the company's profit margins remain depressed on
an absolute basis.  The ratings also take into account the low
return on capital employed and subdued debt coverage indicators
resulting from the low operating profitability, as well as the
company's high working capital intensity that leads to
considerable debt funding of operations.  However, overall gearing
remains conservative on account of past accretions to reserves.
The vulnerability of the company's profits to exchange rate
movements and raw material price fluctuations, the exposure to
counterparty risks since most exports are not backed by letters of
credit, which has resulted in delayed receipts in the past, and
the susceptibility of ZEL's profit margins to any reduction in
fiscal incentives or other adverse regulations enacted by the
Indian Government also impact the rating.

                        About Zenith Textiles

ZEL was incorporated in the year 1981 as a public limited company.
It has three separate operating divisions, namely Zenith Main
Division, Zenith Textiles and Zenith Spinners.  ZM is engaged in
the export of silk fabrics, made-ups, industrial leather hand
gloves and other leather products.  ZT is a 100% Export-Oriented
Unit with a manufacturing facility located at Nanjangud, Karnataka
for the production of silk and velvet fabrics and made-ups.  The
unit has 44 looms with a production capacity of approximately 12
lakh meters.  ZS is involved in the manufacture of viscose,
polyester, cotton and blended yarns, with a manufacturing facility
located in Sarandi, Gujarat.  The facility has 28,576 spindles.

Recent Results

During 2009-10, ZEL recorded a net loss of INR1.62 crore on the
back of an operating income of INR210.71 crore. In the first three
quarters of 2010-11, the company posted an operating income and
profit after tax of INR165.63 crore and INR1.53 crore
respectively.


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


INTERNATIONAL NICKEL: S&P Assigns 'BB+' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
long-term corporate credit rating to Indonesia-based nickel mining
company PT International Nickel Indonesia.  At the same time, S&P
assigned a 'BBB+' rating to the PTI's senior export facility
agreement for $300 million, consisting of a $200 million loan from
the Bank of Tokyo-Mitsubishi Ltd. and a $100 million loan from
Mizuho Corporate Bank Ltd., reflecting a corporate guarantee
provided by Vale S.A. (Vale, BBB+/Stable/--).  The outlook is
stable.

"The ratings on PTI are primarily constrained by product and
geographic concentration, and exposure to risks inherent to
operating a mining concession in Indonesia (foreign currency:
BB/Positive/B, local currency: BB+/Positive/B)," said Standard &
Poor's credit analyst Debora Confortini.  PTI also features high
exposure to volatile nickel prices and, to a lesser extent,
foreign currency rates.  Mitigating these factors are PTI's low
cost profile, long-lived reserves, and conservative financial
profile.  In addition, the company has policies and procedures in
place that reasonably protect its cash flows stemming from export
activities offshore, thus somewhat mitigating transfer and
convertibility risks in Indonesia.

Vale Inco Ltd. (Vale Inco, BBB+/Stable/--) owns about 59% of PTI,
and Sumitomo Metal Mining Co. Ltd. (Sumitomo, not rated) owns
another 20%.  The remaining 20% of total shares are publicly
traded by Indonesian and international shareholders.  S&P believes
PTI is a strategically important investment for Vale, contributing
to Vale's strategy of diversifying and expanding its mining
assets.  PTI accounted for 44% of Vale's total nickel production
in 2010, although this proportion should decrease because
production in Canada resumed recently.  Still, S&P believes PTI
will continue contributing to Vale's geographic diversification.
Its proximity to main markets in Asia, its long-lived reserves,
and its strong cost position are also positive business factors.

Like all foreign mining companies operating in Indonesia, PTI
signed a contract of works with the government that defines the
parameters of its mining operations.  S&P believes the company has
successfully managed the risks associated with the regulatory
uncertainty in Indonesia.

Dependence on one smelting plant and one volatile single product,
nickel in matte, shows PTI's limited diversity.  Vale Inco
purchases 80% of PTI's production, and Sumitomo purchases 20%
under long-term, must-take sale contracts that expire concurrent
with PTI's contract of works, in December 2025.  Both contracts
can be extended.  Technological simplicity and low operating risk
partly offset concentration risks.  PTI benefits from a high
degree of integration, with two captive hydroelectric generating
facilities providing more than 80% of its electrical energy
requirements.  The company should reach self-sufficiency in the
second half of 2011 when the 90-megawatt Karebbe hydro powerplant
starts operating.  The plan should support a 25% increase in PTI's
annual production to 90,000 metric tons per year of nickel and
reduce its cash cost, boosting its already-strong profitability.
PTI maintains better margins than its global peers, benefiting
from a low-cost profile.

PTI's financial profile is intermediate, with moderate debt
leverage and solid cash flow protection measures.  Historically,
the company did not have a leveraged capital structure, financing
its own operations and investments internally with its strong cash
flow generation.  In 2009, the company entered into a bank credit
facility of $300 million, with Vale acting as the guarantor, to
finance the Karebbe project.  As of December 2010, $150 million
has been disbursed, leading to adjusted total debt to EBITDA at
0.3x and funds from operations to adjusted total debt above 200%.

The company's liquidity is strong.  In December 2010, PTI held a
cash position of $404 million compared with total debt of $140.6
million.  The company does not have exposure to debt in the short
term.  Free operating cash flow was positive in 2010, reversing
the negative trend in the previous year because of the improvement
in results following higher nickel prices and low capital
expenditure requirements ($153 million in 2010).  As a consequence
of its positive cash flow generation in past quarters, PTI's
liquidity significantly strengthened in 2010, reaching higher cash
reserves than historical levels.

The stable outlook reflects S&P's expectation that operating
performance will remain adequate in the intermediate term, in part
because of favorable nickel prices and overall market conditions.
S&P believes PTI's intermediate financial profile should support
the company's credit profile through the volatile nickel price
cycle, allowing for credit metrics to remain strong for the rating
category.  S&P could raise the ratings depending on PTI's ability
to weather country risks, as well as greater business
diversification that could lead to an improvement in its business
profile.  Any significant revision of investment plans, negative
resolutions in the Indonesian uncertain regulatory environment, or
a reversal in market trends, however, could lead us to lower the
ratings.


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


SATANG HOLDINGS: Submits Regularization Plan to Bourse
------------------------------------------------------
Satang Holdings Berhad disclosed that the company's submitted its
revised Regularization Plan to Bursa Malaysia Securities Berhad on
March 22, 2011.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


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


* Lawyers Mull Class Action Suit Against Failed Finance Firms
-------------------------------------------------------------
Auckland law firm Turner Hopkins is working in conjunction with
Slater & Gordon, an Australian law firm, in investigating the
viability of a potential representative legal action against
various entities who may be liable for losses sustained by
investors following the collapse of finance companies such as
Hanover Finance and Bridgecorp Ltd.

Turner Hopkins said on its website that these claims will be in
the form of representative proceedings on behalf of large groups
of investors in one or more of the failed finance companies.

"The claims are expected to allege a breach of trust on the part
of the corporate trustees appointed to monitor and supervise the
activities of the failed finance companies and protect investors.
Investors may well be entitled to recover economic losses incurred
by them as a result," Turner Hopkins said.

Turner Hopkins has been working alongside Slater & Gordon for the
past 12 months in analyzing these potential claims.  In addition,
the firms have secured the services and assistance of a highly
experienced and skilled team of experts including one of
Auckland's most senior and well regarded Queen's Counsel and
accounting and financial specialists.  The costs of bringing these
claims will be met through litigation funding.

Turner Hopkins said this would mean that investors would not be
required to make any payment at all for bringing this case.  Nor
would investors be exposed to any risk of adverse costs or other
awards against them should the claim be unsuccessful.

Turner Hopkins is currently seeking expressions of interest from
investors who have sustained losses following the collapse of any
of the New Zealand finance companies during the period between
2006 to 2009.

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.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 1,800 debenture
holders, which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: PDIC to Hold Forums for Depositors
--------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. has started the conduct of a series of depositors forums
nationwide "as a service to depositors of the closed Banco
Filipino Savings and Mortgage Bank."

During the forums, says the Tribune, PDIC explains the procedures
and requirements for filing deposit insurance claims.  Claim forms
are also distributed during said forums.  Seven forums covering
depositors of 12 branches were conducted on March 22.

The Tribune relates that the PDIC said about 30 more of such
forums are scheduled to be conducted until next week.

According to the Tribune, PDIC earlier had announced that
depositors with accounts of PHP5,000 and below, who have no
outstanding loans and whose addresses are updated in the bank's
records, are no longer required to file deposit insurance claims.

The report says payments in the form of postal money order (PMO)
will be mailed directly to these depositors through registered
mail.  The PMOs, the Tribune adds, may be encashed in more than
1,400 postal offices and more than 300 Land Bank branches
nationwide.

The Tribune, citing the latest available data on Banco Filipino,
discloses that 53% of its total number of accounts are those with
balances of PHP5,000 and below.

Only depositors with accounts above PHP5,000; and depositors with
PHP5,000 and below, who have outstanding loans and whose addresses
are not updated in the Bank's records, are required to file
deposit insurance claims, the Tribune adds.

As reported in the Troubled Company Reporter on March 21, 2011,
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank has been placed under receivership by the Bangko
Sentral ng Pilipinas after the thrift bank stopped servicing
clients due to funding problems.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
offers full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


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


CONTINENTAL BIOENERGY: Creditors' Meetings Set for March 31
-----------------------------------------------------------
Continental BioEnergy Singapore Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
March 31, 2011, at 09:30 a.m., at Hong Leong Building, 16 Raffles
Quay, Level 20 Singapore 048581.

Agenda of the meeting includes:

   a. the updating of affairs of the Company as of the date of
      liquidation;

   b. the appointment of a Committee of Inspection; and

   c. the discussion of other business.

The company's liquidator is:

         Tay Puay Cheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


MOTOROLA ASIA: Creditors' Proofs of Debt Due April 25
-----------------------------------------------------
Creditors of Motorola Asia Pacific Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 25, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


OLIVE GROUP: Creditors' Proofs of Debt Due April 25
---------------------------------------------------
Creditors of Olive Group Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 25, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


SIN TYE: Creditors Get 100% Recovery on Preferred Claims
--------------------------------------------------------
Sin Tye Construction Pte Ltd declared the first and final
preferential and first unsecured dividend to creditors on
March 21, 2011.

The company paid 100% for preferential dividends and 2% for
unsecured dividends.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


SITOCA MARKETING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 11, 2011, to
wind up the operations of Sitoca Marketing Service Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


UNCHARTED BUSINESS: Court to Hear Wind-Up Petition April 1
----------------------------------------------------------
A petition to wind up the operations of Uncharted Business Pte Ltd
will be heard before the High Court of Singapore on April 1, 2011,
at 10:00 a.m.

Asiasoft Online Pte Ltd filed the petition against the company on
March 10, 2011.

The Petitioner's solicitors are:

         M/S J.S Yeh & Co
         133 New Bridge Road
         #18-03/04/05 Chinatown Point
         Singapore 059413


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


E.SUN COMMERCIAL: Chu Nan Deal Won't Affect Moody's Ratings
-----------------------------------------------------------
Moody's Investors Service says that E.Sun Commercial Bank's
ratings are unaffected by its decision to acquire Chu Nan Credit
Cooperative Association (not rated).

Its ratings include a bank financial strength rating of D+
(mapping to a Baseline Credit Assessment of Baa3) and long/short-
term foreign-currency deposit ratings of Baa1/P-2.

The outlook on all ratings is stable.

E.Sun Commercial Bank announced on March 18 that its Board of
Directors had approved the acquisition of CNCCA with cash.  The
transaction is valued at NT$1.86 billion.

"E.Sun Commercial Bank's ratings are unaffected because the
transaction is too small to significantly change the bank's
business, financial, or risk profiles.  In addition, the bank
would benefit from the expansion in its franchise -- which would
include a wider branch network and bigger customer base -- once
integration is completed," says Christine Kuo, a Moody's Vice
President and Senior Credit Officer.

The deal is subject to shareholder and regulatory approvals, and
E.Sun Commercial Bank expects to close it in early June.

The transaction amount represents only 3.4% of E.Sun Commercial
Bank's shareholders' equity at December 31, 2010.

CNCCA had NT$18.84 billion in assets, NT$9.22 billion in loans,
and NT$17 billion in deposits as of December 2010.  In each case,
the amounts represent less than 2% of the same categories for
E.Sun Commercial Bank.

"Because E.Sun Commercial Bank has sufficient cash to fund this
deal, additional leverage from external borrowings or debt
issuances would not be needed.  CNCCA itself has good asset
quality, with a non-performing loan ratio of 0.32% and a high
coverage ratio of 298% at end-2010.  Therefore, E.Sun Commercial
Bank's overall asset quality would not be negatively affected,"
adds Ms. Kuo.

CNCCA, while small in size, has long-established relationship with
its customers, having operated for more than 80 years.  With this
acquisition, E.Sun Commercial Bank will obtain the institution's
loyal customer base and add 10 more domestic branches, increasing
its total number of branches to 132.

E.Sun Commercial Bank would need to relocate, or integrate some of
the newly added branches, train its new staff, install
infrastructure and systems to the acquired branches, and carry out
branding and marketing activities to cement CNCCA's customers.
Such initiatives may slightly drive up its cost-to-income ratio in
the near term, but Moody's believes the acquisition would improve
the bank's economies of scale over time.

E.Sun Commercial Bank is headquartered in Taipei, Taiwan, with
reported assets of NT$1,074.6 billion at end-December 2010.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW          AHGN            -16.93        8.23
ASTON RESOURCES           AZT            -469.54        7.49
AUSTAR UNITED             AUN            -502.05      284.60
AUSTRALIAN ZI-PP          AZCCA           -77.74        2.57
AUSTRALIAN ZIRC           AZC             -77.74        2.57
AUTRON CORP LTD           AAT             -32.39       13.42
AUTRON CORP LTD           AAT             -32.39       13.42
BCD RESOURCES OP          BCO             -23.39       60.19
BCD RESOURCES-PP          BCOCC           -23.39       60.19
BIRON APPAREL LT          BIC             -19.71        2.22
CENTRO PROPERTIE          CNP         -14,253.26      825.84
CHALLENGER INF-A          CIF          -2,161.41      339.11
CHEMEQ LTD                CMQ             -25.19       24.25
COMPASS HOTEL GR          CXH             -88.33        1.08
ELLECT HOLDINGS           EHG             -18.25       15.49
HEALTH CORP LTD           HEA             -11.97        2.66
HYRO LTD                  HYO             -11.81        5.15
IVANHOE AUST LTD          IVA             -49.44        6.51
MAC COMM INFR-CD          MCGCD        -8,104.42      103.34
MAVERICK DRILLIN          MAD             -24.66        1.30
MISSION NEWENER           MBT             -32.23       21.48
NATURAL FUEL LTD          NFL             -19.38      121.51
NEXTDC LTD                NXT             -17.46        0.14
ORION GOLD NL             ORN             -11.06        4.86
RESIDUAL ASSC-EE          RAGXF          -597.33      126.96
RIVERCITY MOTORW          RCY            -386.88      809.14
SCIGEN LTD-CUFS           SIE             -69.94       29.79
SHELL VILLAGES A          SVC             -13.47        1.66
TAKORADI LTD              TKG             -13.99        0.41
VERTICON GROUP            VGP             -10.08       29.12
YANGHAO INTERNAT          YHL             -44.32       54.68


CHINA

BAOCHENG INVESTM          600892          -23.14        3.54
CHENGDE DALU -B           200160          -27.04        6.64
CHENGDU UNION-A           693             -39.10       17.39
CHINA KEJIAN-A            35              -88.96      189.48
CONTEL CORP LTD           CTEL            -24.17       45.31
DATONG CEMENT-A           673             -20.41        3.25
DONGGUAN FANGD-A          600656          -27.97       57.39
DONGXIN ELECTR-A          600691          -13.60       21.94
FANGDA JINHUA-A           818            -389.84       46.28
GAOXIN ZHANGTO-A          2075           -153.10        6.31
GUANGDONG ORIE-A          600988          -12.25        5.34
GUANGMING GRP -A          587             -49.10       40.40
GUANGXIA YINCH-A          557             -30.39       32.88
HEBEI BAOSHUO -A          600155         -127.82      394.70
HEBEI JINNIU C-A          600722         -238.23      243.80
HUASU HOLDINGS-A          509             -86.70        4.20
HUNAN ANPLAS CO           156             -38.70       65.44
JIANGSU CHINES-A          805             -12.70       12.83
JINCHENG PAPER-A          820            -258.98       37.74
QINGHAI SUNSHI-A          600381         -110.68       17.35
SHAANXI QINLIN-A          600217         -234.36       36.75
SHANG BROAD-A             600608          -69.46       17.67
SHANG HONGSHENG           600817          -15.69      443.71
SHANGHAI WORLDBE          600757         -143.11      291.80
SHENZ CHINA BI-A          17              -24.86      272.59
SHENZ CHINA BI-B          200017          -24.86      272.59
SHENZHEN DAWNC-A          863             -24.38      155.20
SHENZHEN KONDA-A          48             -117.23        0.23
SHENZHEN ZERO-A           7               -44.00        7.96
SHIJIAZHUANG D-A          958            -224.19       70.54
SICHUAN DIRECT-A          757            -108.57      146.61
SICHUAN GOLDEN            600678         -209.77       74.90
TAIYUAN TIANLO-A          600234          -52.96       26.72
TIANJIN MARINE            600751          -78.09       63.86
TIANJIN MARINE-B          900938          -78.09       63.86
TIBET SUMMIT I-A          600338          -91.86        3.73
TOPSUN SCIENCE-A          600771         -162.47      163.30
WINOWNER GROUP C          600681          -11.30       70.39
WUHAN BOILER-B            200770         -275.89      142.53
WUHAN GUOYAO-A            600421          -11.01       24.78
XIAMEN OVERSEA-A          600870         -319.68      138.16
XINHUA FINANCE            9399            -35.80        1.17
YANBIAN SHIXIA-A          600462         -197.99       16.19
YUEYANG HENGLI-A          622             -36.49       16.37
YUNNAN MALONG-A           600792         -145.58       51.15
ZHANGJIAJIE TO-A          430             -38.71        1.45


HONG KONG

ASIA TELEMEDIA L          376             -16.62        5.37
BUILDMORE INTL            108             -13.48       69.17
CHINA COMMUNICAT          8206            -36.62        6.93
CHINA HEALTHCARE          673             -44.13        4.49
CHINA PACKAGING           572             -17.10       17.49
CMMB VISION HOLD          471             -41.31        5.11
COSMO INTL 1000           120             -83.56       37.93
DORE HOLDINGS LT          628             -25.44        5.34
EGANAGOLDPFEIL            48             -557.89      132.86
FULBOND HLDGS             1041            -54.53       24.07
MELCOLOT LTD              8198            -63.10       34.44
MITSUMARU EAST K          2358            -18.15       11.83
NEW CITY CHINA            456            -110.49       17.32
NGAI LIK INDL             332             -22.70        9.69
PAC PLYWOOD               767             -72.60       12.31
PAC PLYWOOD HLD           2969            -72.60       12.31
PALADIN LTD               495            -146.73        8.91
PCCW LTD                  8            -5,350.25      416.24
PROVIEW INTL HLD          334            -314.87      294.85
SINO RESOURCES G          223             -10.01       41.90
SMART UNION GP            2700            -13.70       43.29
TACK HSIN HLDG            611             -27.70       53.62
TONIC IND HLDGS           978             -67.67       37.85


INDONESIA

ARGO PANTES               ARGO           -160.07        2.77
ASIA PACIFIC              POLY           -475.69      841.22
ERATEX DJAJA              ERTX            -12.09       20.12
HANSON INTERNATI          MYRX            -10.84       14.73
HANSON INT-PREF           MYRXP           -10.84       14.73
JAKARTA KYOEI ST          JKSW            -31.92       43.20
MITRA INTERNATIO          MIRA           -970.13      256.04
MITRA RAJASA-RTS          MIRA-R2        -970.13      256.04
MOBILE-8 TELECOM          FREN           -520.80        6.99
MULIA INDUSTRIND          MLIA           -338.82      334.75
PANASIA FILAMENT          PAFI            -42.43       11.04
PANCA WIRATAMA            PWSI            -30.79       38.79
PRIMARINDO ASIA           BIMA            -11.14       21.39
STEADY SAFE TBK           SAFE            -11.46        6.01
SURABAYA AGUNG            SAIP           -267.24       83.34
UNITEX TBK                UNTX            -17.29       17.14


INDIA

AMIT SPINNING             AMSP            -22.70        1.90
ARTSON ENGR               ART             -15.63        1.61
ASHIMA LTD                ASHM            -63.65       55.81
ATV PROJECTS              ATV             -60.46       55.04
BALAJI DISTILLER          BLD             -66.32       25.40
BELLARY STEELS            BSAL           -451.68      108.50
BHAGHEERATHA ENG          BGEL            -22.65       28.20
CAMBRIDGE SOLUTI          CAMB           -156.75       46.79
CFL CAPITAL FIN           CEATF           -15.35       46.89
COMPUTERSKILL             CPS             -14.90        7.56
CORE HEALTHCARE           CPAR           -185.36      241.91
DCM FINANCIAL SE          DCMFS           -17.10        9.46
DIGJAM LTD                DGJM            -98.77       14.62
DUNCANS INDUS             DAI            -133.65      205.38
FIBERWEB INDIA            FWB             -13.25        8.17
GANESH BENZOPLST          GBP             -48.95       22.44
GEM SPINNERS LTD          GEMS            -16.44        1.53
GLOBAL BOARDS             GLB             -14.98        7.51
GSL INDIA LTD             GSL             -37.04       42.34
GUJARAT SIDHEE            GSCL            -59.44        0.66
HARYANA STEEL             HYSA            -10.83        5.91
HENKEL INDIA LTD          HNKL           -102.05       10.24
HIMACHAL FUTURIS          HMFC           -406.63      210.98
HINDUSTAN PHOTO           HPHT            -68.94    1,147.18
HINDUSTAN SYNTEX          HSYN            -14.15        3.66
HMT LTD                   HMT            -142.67      386.80
ICDS                      ICDS            -13.30        6.17
INTEGRAT FINANCE          IFC             -49.83       51.32
JAYKAY ENTERPRIS          JEL             -13.51        3.03
JCT ELECTRONICS           JCTE           -122.54       50.00
JD ORGOCHEM LTD           JDO             -10.46        1.60
JENSON & NIC LTD          JN              -17.91       84.78
JIK INDUS LTD             KFS             -20.63        5.62
JOG ENGINEERING           VMJ             -50.08       10.08
KALYANPUR CEMENT          KCEM            -37.45       45.90
KERALA AYURVEDA           KRAP            -13.99        1.18
KIDUJA INDIA              KDJ             -17.15        2.28
KINGFISHER AIR            KAIR         -1,781.30      861.06
KITPLY INDS LTD           KIT             -48.42       24.51
LLOYDS FINANCE            LYDF            -23.77       10.87
LLOYDS STEEL IND          LYDS           -415.66       63.93
LML LTD                   LML             -65.26       56.77
MILLENNIUM BEER           MLB             -52.23        5.22
MILTON PLASTICS           MILT            -18.65       52.29
MTZ POLYFILMS LT          TBE             -31.94        2.57
NICCO CORP LTD            NICC            -82.41        2.85
NICCO UCO ALLIAN          NICU            -32.23       71.91
NK INDUS LTD              NKI             -49.04        4.95
NRC LTD                   NTRY            -92.88       36.76
ORIENT PRESS LTD          OP              -16.70        0.09
PANCHMAHAL STEEL          PMS             -51.02        0.33
PARASRAMPUR SYN           PPS             -99.06      307.14
PAREKH PLATINUM           PKPL            -61.08       88.85
PEACOCK INDS LTD          PCOK            -11.40       14.40
PIRAMAL LIFE SC           PLSL            -45.82       32.69
QUADRANT TELEVEN          QDTV           -173.52      101.57
RAJ AGRO MILLS            RAM             -10.21        0.61
RAMA PHOSPHATES           RMPH            -34.07        1.19
RATHI ISPAT LTD           RTIS            -44.56        3.93
REMI METALS GUJA          RMM            -102.64        5.29
RENOWNED AUTO PR          RAP             -14.12        1.25
ROLLATAINERS LTD          RLT             -22.97       22.24
ROYAL CUSHION             RCVP            -20.62       75.53
SCOOTERS INDIA            SCTR            -18.63        6.88
SEN PET INDIA LT          SPEN            -12.99       25.24
SHAH ALLOYS LTD           SA             -212.81        9.74
SHALIMAR WIRES            SWRI            -24.87       51.77
SHAMKEN COTSYN            SHC             -23.13        6.17
SHAMKEN MULTIFAB          SHM             -60.55       13.26
SHAMKEN SPINNERS          SSP             -42.18       16.76
SHREE GANESH FOR          SGFO            -44.50        2.89
SHREE RAMA MULTI          SRMT            -62.72       45.92
SIDDHARTHA TUBES          SDT             -76.98       12.45
SOUTHERN PETROCH          SPET         -1,584.27        4.80
SPICEJET LTD              SJET           -220.03       76.12
SQL STAR INTL             SQL             -11.69        1.14
STI INDIA LTD             STIB            -30.87       10.59
TAMILNADU TELE            TNT             -12.82        5.15
TATA TELESERVICE          TTLS         -1,069.83      154.99
TRIUMPH INTL              OXIF            -58.46       14.18
TRIVENI GLASS             TRSG            -24.55        8.57
TUTICORIN ALKALI          TACF            -14.15       11.20
UNIFLEX CABLES            UFC             -45.05        0.90
UNIFLEX CABLES            UFCZ            -45.05        0.90
UNIMERS INDIA LT          HDU             -19.23        3.23
UNITED BREWERIES          UB           -2,652.00      242.53
UNIWORTH LTD              WW             -145.71      114.87
USHA INDIA LTD            USHA            -12.06       54.51
VENTURA TEXTILES          VRTL            -14.25        0.33
VENUS SUGAR LTD           VS              -11.06        1.08
WINDSOR MACHINES          WML             -15.52       24.34
WIRE AND WIRELES          WNW            -115.34       34.49


JAPAN

CREDIT ORG S&M            8489            -97.07        9.98
DPG HOLDINGS INC          3781            -11.77        3.99
FIDEC                     8423           -182.86       11.14
FUJI TECHNICA             6476           -175.22       18.71
HARAKOSAN CO              8894           -190.27       19.80
KNT                       9726         -1,058.18       13.37
L CREATE CO LTD           3247            -42.34        9.15
LAND                      8918           -293.88       53.39
LCA HOLDINGS COR          4798            -55.65        3.28
PROPERST CO LTD           3236           -305.90      330.20
RAYTEX CORP               6672            -41.66       28.52
SHIN-NIHON TATEM          8893           -124.85       39.12
SHINWA OX CORP            2654            -43.91       30.19
SHIOMI HOLDINGS           2414           -201.19       33.62
S-POOL INC                2471            -18.11        0.41
TAIYO BUSSAN KAI          9941           -171.45        3.35
TERRANETZ CO LTD          2140            -11.63        4.29


KOREA

AJU MEDIA SOL-PF          44775           -13.82        1.25
DAISHIN INFO              20180          -740.50      158.45
KEYSTONE GLOBAL           12170           -10.61        0.74
KUKDONG CORP              5320            -51.19        1.39
KUMHO INDUS-PFD           2995         -5,837.32      967.28
KUMHO INDUSTRIAL          2990         -5,837.32      967.28
ORICOM INC                10470           -82.65       40.04
SAMT CO LTD               31330          -200.83      152.09
SEOUL MUTL SAVIN          16560          -874.79       34.13
TAESAN LCD CO             36210          -296.83       91.03
TONG YANG MAGIC           23020          -355.15       25.77
YOUILENSYS CORP           38720          -166.70       12.34


MALAYSIA

AXIS INCORPORATI          AXIS            -32.82      103.86
GULA PERAK BHD            GUP             -93.99       51.05
HO HUP CONSTR CO          HO              -65.19        7.21
JPK HOLDINGS BHD          JPK             -20.34        0.50
LUSTER INDUSTRIE          LSTI            -22.93        3.18
NGIU KEE CO-BHD           NKC             -19.05        4.89
OILCORP BHD               OILC            -93.18       70.42
TRACOMA HOLDINGS          TRAH            -74.10       12.24
TRANSMILE GROUP           TGB            -157.66       35.52


PHILIPPINES

APEX MINING 'B'           APXB            -45.79       23.46
APEX MINING-A             APX             -45.79       23.46
BENGUET CORP 'B'          BCB             -84.71       38.98
BENGUET CORP-A            BC              -84.71       38.98
CYBER BAY CORP            CYBR            -13.98       88.63
EAST ASIA POWER           PWR             -36.35      177.28
FIL ESTATE CORP           FC              -40.29       14.05
FILSYN CORP A             FYN             -23.37       11.33
FILSYN CORP. B            FYNB            -23.37       11.33
GOTESCO LAND-A            GO              -21.76       19.21
GOTESCO LAND-B            GOB             -21.76       19.21
MRC ALLIED INC            MRC             -13.92        6.18
PICOP RESOURCES           PCP            -105.66       23.33
STENIEL MFG               STN             -20.43       15.89
UNIVERSAL RIGHTF          UP              -45.12       13.48
UNIWIDE HOLDINGS          UW              -50.36       57.19
VICTORIAS MILL            VMC            -164.26       18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA             -18.08       11.82
ADVANCE SCT LTD           ASCT            -16.05       43.84
HL GLOBAL ENTERP          HLGE            -97.30       11.43
JAPAN LAND LTD            JAL            -203.24       14.68
LINDETEVES-JACOB          LJ              -16.86        6.64
NEW LAKESIDE              NLH             -19.34        5.25
SUNMOON FOOD COM          SMOON           -14.93       14.71
TT INTERNATIONAL          TTI            -272.51       57.42


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             -97.98       81.80
BANGKOK RUBBER-F          BRC/F           -97.98       81.80
BANGKOK RUB-NVDR          BRC-R           -97.98       81.80
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
GRANDE ASSE-NVDR          GRAND-R        -217.95        9.04
GRANDE ASSET H-F          GRAND/F        -217.95        9.04
GRANDE ASSET HOT          GRAND          -217.95        9.04
ITV PCL                   ITV             -37.14      110.85
ITV PCL-FOREIGN           ITV/F           -37.14      110.85
ITV PCL-NVDR              ITV-R           -37.14      110.85
K-TECH CONSTRUCT          KTECH           -38.87       46.47
K-TECH CONSTRUCT          KTECH/F         -38.87       46.47
K-TECH CONTRU-R           KTECH-R         -38.87       46.47
KUANG PEI SAN             POMPUI          -17.70       12.74
KUANG PEI SAN-F           POMPUI/F        -17.70       12.74
KUANG PEI-NVDR            POMPUI-R        -17.70       12.74
PATKOL PCL                PATKL           -52.89       30.64
PATKOL PCL-FORGN          PATKL/F         -52.89       30.64
PATKOL PCL-NVDR           PATKL-R         -52.89       30.64
PICNIC CORP-NVDR          PICNI-R        -110.91      149.25
PICNIC CORPORATI          PICNI/F        -110.91      149.25
PICNIC CORPORATI          PICNI          -110.91      149.25
PONGSAAP PCL              PSAAP/F         -24.61       10.99
PONGSAAP PCL              PSAAP           -24.61       10.99
PONGSAAP PCL-NVD          PSAAP-R         -24.61       10.99
SAHAMITR PRESS-F          SMPC/F          -21.99        4.01
SAHAMITR PRESSUR          SMPC            -21.99        4.01
SAHAMITR PR-NVDR          SMPC-R          -21.99        4.01
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
THAI-GERMAN PR-F          TGPRO/F         -55.31        8.54
THAI-GERMAN PRO           TGPRO           -55.31        8.54
THAI-GERMAN-NVDR          TGPRO-R         -55.31        8.54
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


TAIWAN

CHIEN TAI CEMENT          1107           -202.42       33.40
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
PRODISC TECH              2396           -253.76       36.04
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           -42.86        0.71
VERTEX PRECISION          5318            -42.86        0.71


                             *********

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, Julie Anne G.
Lopez, 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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