/raid1/www/Hosts/bankrupt/TCRAP_Public/110610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 10, 2011, Vol. 14, No. 114

                            Headlines



A U S T R A L I A

CUBBIE STATION: Creditors to Aid Firm Under Administration


C H I N A

SINO-FOREST: Moody's Reviews 'Ba2' Ratings for Possible Downgrade


H O N G  K O N G

RECYCLE DEVELOPMENT: Court Enters Wind-Up Order
RIGHT CONNECTION: Members' Final Meeting Set for July 4
RIZTRADE LIMITED: Haughey and Ching Step Down as Liquidators
SINOWORLD CNW: Placed Under Voluntary Wind-Up Proceedings
TRADE GIANT: Court Enters Wind-Up Order

TRANS-GLOBAL (ASIA): Members' Final Meeting Set for July 5
T.K. ENTERPRISE: Members' Final Meeting Set for July 5
WELBACK ENTERPRISES: Yu and Wu Step Down as Liquidators
WELLA HK: Members' Final Meeting Set for July 4
YING HUA: Court Enters Wind-Up Order


I N D I A

A. G. ENTERPRISE: CARE Puts 'CARE BB-' Rating on INR6.5cr LT Loan
AARK PHARMACEUTICALS: CRISIL Assigns 'B+' Rating to INR63MM Loan
ABHIJIT REALTORS: CRISIL Cuts Rating on INR8MM LT Loan to 'B+'
AEGIS LIMITED: Fitch Assigns 'BB-' Foreign Currency Issuer Rating
AEGIS LTD: S&P Assigns 'BB-' Corp. Credit Rating, Outlook Stable

AIR INDIA: May Defer Boeing 787 Deliveries Amid Cash Crunch
ARYA COTTON: CRISIL Rates INR80 Million Cash Credit at 'B+'
BRAND ALLOYS: CRISIL Downgrades Rating on INR56MM Loans to 'D'
HARIRAM PACKAGING: CRISIL Assigns 'B+' Rating to INR40MM LT Loan
HIYA OVERSEAS: CARE Assigns 'CARE BB' Rating to INR9cr LT Loan

J. K. INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR4cr LT Loan
J R STRIPS: CRISIL Rates INR240 Million Proposed LT Loan at 'B'
KANNAPPAN IRON: CRISIL Upgrades Rating on INR.6MM Loan to 'BB'
LUCID COLLOIDS: CRISIL Assigns 'B' Rating to INR240MM LT Loan
NAVNIT MOTORS: CRISIL Assigns 'BB+' to INR129.7MM Term Loan

PERFECT RADIATORS: CRISIL Rates INR217.5MM Term Loan at 'BB-'
RISHABH VELVELEEN: CARE Assigns 'CARE C' Rating to INR3.55cr Loan
SANGAM INTERNATIONAL: CRISIL Cuts Rating on INR100MM Loan to 'P4'
SHANTAMANI ENTERPRISE: CARE Puts 'CARE BB-' Rating on INR4cr Loan
SHYAM TIMBER: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit

SONAKI CERAMIC: CRISIL Puts 'B' Rating on INR70MM Rupee Term Loan
SRI ANJANEYA: CARE Rates INR21.37cr LT Loan at 'CARE BB'
SUPREME BUILD CAP: Fitch Affirms INR540.6MM LT Loans at 'BB(ind)'
WORTH PERIPHERALS: CRISIL Assigns 'BB' Rating to INR140MM LT Loan


J A P A N

L-JAC THREE: S&P Lowers Rating on Class E-1 Notes to 'CCC'
* JAPAN: Corporate Bankruptcies Rise 4.89% to 1,071 in May


K O R E A

DAEWOO ELECTRONICS: Creditors Seek Fresh Talks With Electrolux
HYNIX SEMICONDUCTOR: Creditors Plan to Sell Stake by End June
KOREA LINE: May Cut Capital by 50% in Turnaround Plan


M O N G O L I A

KHAN BANK: Fitch Affirms Issuer Default Ratings at 'B'


N E W  Z E A L A N D

HIMALAYAN DESIGNS: Faces Closure if Owner Fails to Find Insurer
YARROWS BAKERS: Receivers to Axe Up to 45 Jobs


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CUBBIE STATION: Creditors to Aid Firm Under Administration
----------------------------------------------------------
ABC News reports that creditors have agreed to fund the planting
of another huge crop at Cubbie Station.

Cubbie Station went into administration in 2009 with debts of
AU$300 million, according to ABC News.

ABC News says that a full crop worth AU$150 million was planted
last year and creditors, the National and Suncorp banks, have now
agreed to bankroll the 2012 cotton season.

Cubbie Station Chairman Keith De Lacy has welcomed the decision,
ABC News discloses.

Cubbie Station is located in Queensland's southern inland.


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


SINO-FOREST: Moody's Reviews 'Ba2' Ratings for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has put Sino-Forest Corporation's Ba2
corporate family and senior unsecured ratings on review for
possible downgrade.

This review action follows allegations surrounding the accuracy of
Sino-Forest's audited accounts and its business model.

As a result, prices for the company's shares and bonds have
declined substantially in value.

"While Sino-Forest has refuted the bulk of the allegations and has
set up an independent committee to investigate them, Moody's is
concerned that its financial position and business plan will be
negatively affected in the interim, and even if they prove to be
unfounded. In addition, they are serious and, as such, require
careful consideration," says Ken Chan, a Moody's Vice President
and Senior Analyst.

In its review, Moody's will seek to assess the veracity of the
claims with a particular focus on:

1) The conversion of reported sales to cash flow; Moody's notes a
   material increase in working capital during 2010 and which was
   -- at year-end -- greater than the increase in sales. First
   quarter 2011 results will be released on 14 June and should
   provide insight into the progress of converting working capital
   to cash;

2) Ownership and valuation of its timber plantation assets; The
   company has responded to allegations in this context, and has
   promised further information in coming weeks;

3) Relationships with the authorized institutions which buy timber
   from the company, and which are the primary source of
   outstanding receivables;

4) Compliance of the company's business model with regulations in
   China, particularly around the sales arrangement for standing
   timber and logs;

5) The potential for the company's business model to be impacted
   in the next 2-3 years, even if the allegations prove to be
   unfounded. In this context, Moody's notes that Sino-Forest has
   been growing aggressively, and needs ongoing access to the
   equity and debt markets to continue such growth. There is a
   risk that the current allegations will damage its ability to do
   so, or increase the cost of doing so.

Moody's notes Sino-Forest's immediate liquidity position appears
robust.

Based on the company's announcement of June 6, it had US$1.09
billion of cash on its balance sheet as of March 31, 2011, and it
also confirmed that there had been no material change in that
position since that date.

This compares well with the short term liabilities as of end 2010
of US$0.76 billion.

Please see ratings tab on the issuer/entity page on Moodys.com for
the last Credit Rating Action and the rating history.

Sino-Forest's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sino-Forest's core industry
and believes Sino-Forest's ratings are comparable to those of
other issuers with similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in China,
as well as in the sale of timber, wood logs and other wood
products in China.


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


RECYCLE DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 25, 2011, to
wind up the operations of Recycle Development Limited.

The official receiver is E T O'Connell.


RIGHT CONNECTION: Members' Final Meeting Set for July 4
-------------------------------------------------------
Members of The Right Connection Limited will hold their final
general meeting on July 4, 2011, at 11:00 a.m., at Level 17,
Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong Kong.

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


RIZTRADE LIMITED: Haughey and Ching Step Down as Liquidators
------------------------------------------------------------
Darach E. Haughey and Joseph Kin Ching Lo stepped down as
liquidators of Riztrade Limited on March 19, 2011.


SINOWORLD CNW: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on May 25, 2011,
creditors of Sinoworld CNW Publishing Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


TRADE GIANT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 25, 2011, to
wind up the operations of Trade Giant Limited.

The official receiver is E T O'Connell.


TRANS-GLOBAL (ASIA): Members' Final Meeting Set for July 5
----------------------------------------------------------
Members of Trans-Global (Asia) Limited will hold their final
meeting on July 5, 2011, at 11:00 a.m., at Room 206, Unicorn Trade
Centre, at 127-131 Des Voeux Road Central, in Hong Kong.

At the meeting, Chui Sze Hung Samuel, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


T.K. ENTERPRISE: Members' Final Meeting Set for July 5
------------------------------------------------------
Members of T.K. Enterprise Limited will hold their final meeting
on July 5, 2011, at 9:30 a.m., at 35th Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

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


WELBACK ENTERPRISES: Yu and Wu Step Down as Liquidators
-------------------------------------------------------
Yu Tak Yee Beryl and Wu Shek Chun Wilfred stepped down as
liquidators of Welback Enterprises Limited on March 19, 2011.


WELLA HK: Members' Final Meeting Set for July 4
-----------------------------------------------
Members of Wella Hong Kong Limited will hold their final general
meeting on July 4, 2011, at 11:30 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

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


YING HUA: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 25, 2011, to
wind up the operations of Ying Hua Manufacturing Limited.

The official receiver is E T O'Connell.


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


A. G. ENTERPRISE: CARE Puts 'CARE BB-' Rating on INR6.5cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'PR4' ratings to the bank facilities
of A. G. Enterprise.
                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     6.50       'CARE BB-' Assigned
   Short-term Bank Facilities    51.50      'PR4' Assigned

Rating Rationale

The ratings are primarily constrained by the short track record of
operations of A. G. Enterprise along with thin profitability
margins.  The ratings are further constrained due to high
inventory risk pertaining to adverse movement in prices of steel
on uncut ship inventory, intense competition in the ship breaking
industry marked by low entry barriers, volatile nature of the
business with uncertainty regarding availability of ships for
recycling and its constitution as a proprietorship firm leading to
possibility of withdrawal of capital and restricted financial
flexibility.  The ratings, however, do take into account the
experience of the management in the industry and its modest
solvency position.

Ability to successfully manage the inherent price volatility risk
on the uncut inventory of ships and timely renewal of validity of
rental plots for ship breaking are the key rating sensitivities.

                       About A. G. Enterprise

AGE is a proprietorship firm established by Ashwin Kukadia and is
engaged in ship breaking activities in Bhavnagar district in
Gujarat.  The firm is currently operated by Jayant Patel, as per
the MoU signed with Ashwin Kukadia, for carrying out the ship
breaking activities for INR50 per MT of scrap sold as conducting
charges in return.  Jayant Patel also operates other ship breaking
yards, viz Shantamani Enterprise as a partner and J. K. Industries
as a business manager, in the Alang - Sosiya belt of Bhavnagar
region in Gujarat.  The operations are carried out at premises
which are leased out by Gujarat Maritime Board (GMB) in Bhavnagar.


AARK PHARMACEUTICALS: CRISIL Assigns 'B+' Rating to INR63MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Aark Pharmaceuticals.

   Facilities                     Ratings
   ----------                     -------
   INR63 Million Cash Credit      B+/Stable (Assigned)
   INR6 Million Bank Guarantee    P4 (Assigned)

The ratings reflect AP's weak financial risk profile, marked by
small net worth, high ratio of total outside liabilities to
tangible net worth, and low interest coverage ratio, small scale
of operations, and geographic concentration.  These rating
weaknesses are partially offset by AP's established market
position and strong relations with the principals.

Outlook: Stable

CRISIL believes that AP will continue to benefit from its strong
relations with the principals and promoter's extensive industry
experience, over the medium term. However, its financial risk
profile will remain constrained by its large working capital
requirements. The outlook may be revised to 'Positive' in case
AP's financial risk profile improves significantly backed by
capital infusion by the partners. Conversely, the outlook may be
revised to 'Negative' in case of a decline in operating margin,
weak working capital management or withdrawal of capital by
partners.

                    About Aark Pharmaceuticals

Set up in 2002 by Sanjeev Kansal, AP, based in New Delhi, is a
distributor of antibiotics and drugs for cancer and the human
immunodeficiency virus.  The firm is an equal partnership firm
between Sanjeev Kansal, his wife, Mrs. Geetika Kansal, and sister-
in-law, Mrs. Anshu Kansal. AP earns about 95 per cent of its
turnover as a distributor and the rest as a stockist for
pharmaceutical companies.

AP reported a book profit of INR3.09 million on net sales of
INR514.9 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR2.04 million on net
sales of INR367.4 million for 2008-09.


ABHIJIT REALTORS: CRISIL Cuts Rating on INR8MM LT Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Abhijit Realtors & Infraventures Pvt Ltd to 'B+/Stable' from
'BB+/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR62.0 Million Cash Credit    B+/Stable (Downgraded from
                                             'BB+/Stable')
   INR8.0 Million Proposed LT     B+/Stable (Downgraded from
           Bank Loan Facility                'BB+/Stable')

The downgrade has been driven by significant weakening in ARIPL's
liquidity because of less-than-expected customer advances for its
ongoing real estate projects and equity infusion from promoters,
as well as cost overrun in the projects. The weakening in
liquidity led to the company getting its loan rescheduled and
resulted in delay in execution of the ongoing projects. Its
Jayanti Mansion VII project was scheduled to be completed by
August 2010; it is yet incomplete. The company's customer advances
were adversely affected by less-than-expected booking for unsold
properties and advances for existing bookings for Jayanti Mansion
VII. This has been caused by banks stopping disbursement of home
loans to customers for the Jayanti Mansion VII project, as there
is public interest litigation for violation of floor-to-space
index norms for the property. Also, ARIPL's promoters did not
fully bring in the planned equity capital, which, along with
investments in land for its new project Jayanti Nagri III, has
constrained its liquidity.  The downgrade also reflects CRISIL's
belief that ARIPL's liquidity will remain strained over the medium
term because of the company's substantial debt obligations related
to its current bank facilities, and the large new project for
which the company is yet to tie up funds.

The rating reflects ARIPL's exposure to risks related to
completing, funding and selling its real estate projects,
cyclicality inherent in the Indian real estate industry, and
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by ARIPL's moderate financial risk
profile, marked by low gearing and comfortable debt protection
metrics, and its promoters' track record in the construction
industry.

Outlook: Stable

CRISIL believes that ARIPL's liquidity will remain weak over the
medium term because of its large debt repayments and funding
requirements for its new large-scale project. The outlook may be
revised to 'Positive' in case of a significant increase in booking
level for ARIPL's new flats and customer advances for its Jayanti
Nagri III project, alleviating liquidity pressures. Conversely,
the outlook may be revised to 'Negative' in case of further
weakening in the company's debt repayment ability, most likely
caused by additional pressure on liquidity, as a result of lower-
than-expected bookings.

                       About Abhijit Realtors

ARIPL is a real estate developer based in Nagpur (Maharashtra).
The company was incorporated in September 2007 and is promoted by
Mr. Abhijit Majumdar.  The promoter has been engaged in the real
estate business since 1997 and was earlier in this business
through a partnership firm, Abhijit Construction Company (ACC),
which was shut down.  The promoters have completed 30 projects
till date.

ARIPL reported a profit after tax (PAT) of INR30.4 million on net
sales of INR302.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT and net sales of INR1.9
million and of INR33.0 million respectively for 2008-09.


AEGIS LIMITED: Fitch Assigns 'BB-' Foreign Currency Issuer Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Aegis Limited a Long-Term
Foreign Currency Issuer Default Rating of 'BB-'.  The Outlook is
Stable.  Fitch has also assigned Essar Services Mauritius'
(Aegis's 100% subsidiary) proposed five to seven-year USD senior
notes an expected rating of 'BB-(exp)', provided that the notes
will be fully guaranteed by Aegis. The final rating is contingent
on the receipt of final documents confirming to information
already received.

Aegis is a major outsourcing solutions company with a presence in
10 countries across six continents. It recorded revenues of
USD704 million and EBITDA of USD93 million during the financial
year ended March 31, 2011 (FY11).  While assigning the IDR, Fitch
assessed the relationship between Aegis's ultimate parent -- Essar
Global -- and Aegis as a weak parent and strong subsidiary,
respectively, and lowered the latter's standalone rating by one
notch.  This reflects concerns regarding higher leverage at the
parent level.  In addition to its 95% ownership stake in Aegis
through its 100% owned Essar Services Holdings limited (ESHL),
Essar Global has major subsidiaries operating in the global
construction, energy, steel, shipping & logistics, and telecom
sectors.  While assigning the IDR and the expected issue rating,
Fitch noted that the draft bond documentation contains provisions
that place restrictions on the upstreaming of cash through
dividends or intercompany loans to its immediate parent -- ESHL,
Essar Global or any other group subsidiary.

Aegis's IDR on a standalone basis reflects its geographically and
vertically diversified revenue streams with low client
concentration risk, strong counterparties and a high degree of
customer stickiness.  The rating further reflects lower foreign
exchange risks and lower concerns emanating from any anti-
offshoring regulations as a majority of Aegis's revenues come from
its on-shore operations.  For FY11, 44% of the company's overall
revenues originated from its North American operations, followed
by 23% from South Asia and 20% from Australia and New Zealand. It
is diversified into various industry verticals, with 24% of
revenues coming from telecom, 17% from banking, financial services
and insurance, 13% from healthcare, and 11% from travel. Aegis has
established long-term relationships (4-15 years) with its customer
base that includes strong counterparties.

The ratings are constrained by Aegis's small size compared to
other Fitch-rated companies in the same and/or related industries,
its limited track record of organic-based growth and volatility in
operating margins. Fitch also views Aegis's high attrition rate as
a concern because, while a high attrition rate helps manage
inflationary pressures on wages, it increases training costs and
therefore can negatively impact operating profitability.

Aegis's overall revenues grew at a CAGR of 50% over the past four
years to USD701m in FYE11 due to an aggressive in-organic growth
strategy (65% of total revenues). Its EBITDA margins also grew to
13% from 5.5% over the same period due to improving economies of
scale over FY09-FY10, but declined sharply from 17% in FY10 when
the company entered into low-margin geographies like Australia and
Argentina in FY11. Fitch is concerned that competitive pressures
in the major industries of its clients might negatively impact
Aegis's margins. The agency also notes that the company's in-
organic growth was partly debt funded, and resulted in a high
financial leverage ratio (net adjusted debt to EBITDAR) of 3.5x,
including adjustments for operating lease rentals, as on March
31, 2011. However, Fitch expects the company's credit metrics and
liquidity to improve from FYE12 onwards due to lower capex
intensity and assuming no major acquisition.

Negative rating guidelines include any debt-led capex or
acquisition by Aegis leading to funds from operations (FFO)
adjusted leverage of above 4.0x, and/or its EBIT margins falling
below 10% on a projected and sustained basis. A substantial loss
of business from its top three customers (which together
contribute 17% of overall revenues) -- would also negatively
impact the ratings. Positive rating guidelines include clarity on
consolidated financials of Essar Global together with sustained
positive free cash flows generation and FFO adjusted leverage
falling below 2x.

Aegis was formed in 2004 by converting Essar terminal, a company
of the Essar group, into a worldwide provider of outsourcing
services.  The company provides business process outsourcing
services and technology services.


AEGIS LTD: S&P Assigns 'BB-' Corp. Credit Rating, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to India-based business process
outsourcing (BPO) service provider Aegis Ltd.  The outlook is
stable. "At the same time, we assigned our 'BB-' issue rating to
the proposed issue of senior unsecured notes due 2016-2018 by
Aegis' wholly owned subsidiary Essar Services (Mauritius). Aegis
and some of its subsidiaries guarantee the notes, which will be
issued under rule 144A and Regulation S of the Securities Act. The
rating on the notes depends on our review of the final issuance
documentation," S&P said.

The rating on Aegis reflects the company's high reliance on its
inbound voice business, and relatively lower margins and a higher
attrition rate than peers' in the competitive BPO industry. It
also reflects the ongoing transformation in Aegis' business and
strategy. The company now targets sustained organic growth rather
than focus on aggressive acquisition-led growth as in the past.
The company's moderate size, recurring revenues from a good client
base, and track record of improving profitability partly mitigate
the above weaknesses.

"Aegis is exposed to the highly fragmented and competitive global
BPO industry. While we consider the company's inbound voice
business as a weakness due to lower margins and lower barriers to
entry, we believe that it provides revenue stability," said
Standard & Poor's credit analyst Suzanne Smith. "Aegis derives 84%
of its revenues from BPO, including 70%-80% from the inbound voice
business. Other higher-value-added businesses contribute the
balance."

Aegis has a good client base with fair diversification across
geographies and verticals but within the narrow bounds of customer
management services. The company's EBITDA margin of 13% is
slightly below peers' due to its higher onsite delivery. In
addition, hiring and training over 50,000 employees amid a
high attrition rate is a key challenge, in S&P's opinion.

"We have equalized the rating on the proposed notes with the
corporate credit rating. This equalization reflects the absence of
a legal review by Standard & Poor's in India that would allow it
to form an opinion on the ability to differentiate between secured
and unsecured debt in issue ratings," S&P stated.

Aegis will use the proceeds of the proposed notes to refinance
bank lines of more than US$226 million, including a US$190 million
facility maturing in 12 months. The refinancing will extend the
company's debt maturity by five to seven years. "We believe Aegis'
liquidity is adequate," noted S&P.

"The stable outlook reflects our expectation that Aegis would be
able to successfully transform its business and strategy to
register moderate organic growth while maintaining stable EBITDA
margins of 12%-13%," S&P related.

"We may raise the rating if: (1) Aegis improves its business
position by increasing its high-value-added business, decreasing
the dependence on inbound voice revenues; and (2) the company
demonstrates strong organic growth above 15% with an improvement
in EBITDA margins to more than 15% on a sustained basis, resulting
in the ratio of FFO to adjusted debt at more than 30% and adjusted
debt to EBITDA below 3x," S&P noted.

According to S&P, "We may lower the rating if: (1) Aegis fails to
manage organic growth, possibly due to its inability to recruit
employees on time while facing high attrition and significant lag
in the new sales force's generation of additional business; (2)
Aegis acquires a large company, signaling an early return to its
aggressive acquisition-led growth strategy; or (3) EBITDA margins
weaken to 10% due to higher wages or selling expenses, resulting
in weaker cash flow protection measures with the ratios of FFO to
adjusted debt below 20% or adjusted debt to EBITDA above 4x."


AIR INDIA: May Defer Boeing 787 Deliveries Amid Cash Crunch
-----------------------------------------------------------
Bloomberg News reports that Air India Ltd., due to be the second
operator of Boeing Co.'s 787 Dreamliner, is considering asking the
planemaker to defer deliveries of the aircraft because of a lack
of cash, two people familiar with the airline's plan said.

Bloomberg relates that one of people said the state-owned carrier
has ruled out canceling the entire order of 27 planes because the
government may not approve.  Air India is scheduled to get its
first 787 in the fourth quarter.

According to Bloomberg, Kamaljeet Rattan, a spokesman for
Air India, said he wasn't aware of any plan to defer deliveries of
the 787.

Air India ordered the Dreamliners in 2005 as part of a plan to buy
68 passenger jets worth about $8.1 billion.  Mr. Ratan said Boeing
and Air India are in discussions regarding the airline's demand
for $840 million in compensation because of previous delays caused
by Boeing, Bloomberg relates.

Delivery of the planes was originally supposed to start in
September 2008.  The first seven Dreamliners are due for delivery
to Air India by March 2012, one of Bloomberg's sources said.

                           About Air India

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

                           *     *     *

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

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


ARYA COTTON: CRISIL Rates INR80 Million Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Arya Cotton Industries.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects ACI's average financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to adverse changes in government
policy. These rating weaknesses are partially offset by the long
experience of ACI's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that ACI will continue to benefit from its
promoters' established track record in the cotton ginning
industry, over the medium term. The outlook may be revised to
'Positive' if ACI's capital structure improves because of
significant improvement in cash accruals. Conversely, the rating
may be revised to 'Negative' in case of lower-than-expected
operating margin, causing ACI's cash accruals to weaken over the
medium term or it undertakes a larger-than-expected debt- funded
capital expenditure programme.

                         About Arya Cotton

ACI is based in Kutch (Gujarat) and commenced commercial
production in October 2006. The firm is engaged in ginning and
pressing raw cotton (kaapas) to make cotton bales, and separates
the seeds in the process. The firm does not operate during the
off-season from July to September.

ACI reported a net profit of INR0.53 million on net sales of
INR516.86 million for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR0.77 million on net sales of
INR479.24 million for 2008-09.


BRAND ALLOYS: CRISIL Downgrades Rating on INR56MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Brand
Alloys Ltd to 'D/P5' from 'BB/Stable/P4+'.  The downgrade reflects
instances of delay by BAL in servicing its term loan; the delays
have been caused by the company's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       D (Downgraded from 'BB/Stable')
   INR56 Million Term Loans        D (Downgraded from 'BB/Stable')
   INR50 Million Letter of Credit  P5 (Downgraded from 'P4+')
               and Bank Guarantee

BAL's rating also factors in the potential deterioration in the
group's financial risk profile driven by proposed debt funded
capital expenditure (capex) over the near term, limited risk
management policies and vulnerability to cyclicality in the steel
business. The company continues to benefit from the moderate
operational synergy that it shares with other group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BAL, Haldia Steels Ltd, Ispat Damodar
Ltd, and Sonic Thermal Pvt Ltd, together referred to as the Haldia
group. The combined approach is because the entities have strong
operational linkages and a common management.

                          About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility. HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferro alloys, at its
plant in Durgapur (West Bengal [WB]).

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur (WB), has manufacturing capacity of 80,000 tpa for
ingots, 60,000 tpa for sponge iron, 325,000 tpa for coal washing,
15,000 tpa of steel fabrication and steel casting, and 30,000 tpa
for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed
IDL) in April 1996. IDL began operations in December 2006 with
sponge iron and steel ingot manufacturing facilities. IDL
currently has manufacturing capacity of 60,000 tpa for sponge iron
and 95,000 tpa for ingots.

STPL, set up in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes each,
for the production of ferro manganese and silico manganese. STL's
operations began in January 2011.

The Haldia group is expected to undertake capex programme of
around INR4 billion over the next few years to increase its
existing capacities and backward integration of existing
operations.

The Haldia group reported a profit after tax (PAT) of INR28.5
million on net sales of INR4.8 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR40.1
million on net sales of INR5.3 billion for 2008-09.


HARIRAM PACKAGING: CRISIL Assigns 'B+' Rating to INR40MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Hariram Packaging & Polymers.

   Facilities                    Ratings
   ----------                    -------
   INR50 Million Cash Credit     B+/Stable (Assigned)
   INR40 Million Proposed LT     B+/Stable (Assigned)
          Bank Loan Facility

The rating reflects HPP's weak financial risk profile, marked by
modest net worth, high gearing, and weak debt protection metrics.
This rating weakness is partially offset by established track
record of operations.

Outlook: Stable

CRISIL believes that HPP will continue to benefit from its
established relations with its customers and suppliers over the
medium term.  The outlook may be revised to 'Positive' if there is
a significant increase in HPP's scale of operations while
maintaining its profitability, capital structure and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if there is deterioration in its capital structure &
debt protection indicators.

                        About Hariram Packaging

HPP is a del-credere and consignment agent of Haldia
Petrochemicals Ltd for polymer products such as polyethylene and
polypropylene.  HPP was set up as a partnership firm in 2001 by
Mr. Dilip Murarka and his wife, Mrs. Sandhya Murarka.  It operates
from its office at Nagpur, Maharashtra.

HPP reported a profit after tax (PAT) of INR1 million on net sales
of INR740.6 million for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR3.4 million on net sales of
INR1591.5 million for 2008-09.


HIYA OVERSEAS: CARE Assigns 'CARE BB' Rating to INR9cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Hiya Overseas Pvt Ltd.
                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      9.00      'CARE BB' Assigned
   Short-term Bank Facilities     6.50      'PR4' Assigned

Rating Rationale

The ratings of Hiya Overseas Private Limited are constrained by
the short track record and small size of its business operations,
marked by small but growing turnover, low capitalization and low
profitability margins.  Commodity price fluctuation risk
associated with opportunity- based trading nature of business and
foreign exchange fluctuation risk further constraint the ratings.
The above weaknesses are partially offset by its experienced
promoters and established marketing network in Australia and
African countries through branch offices and associates.  Increase
in scale of operations and managing commodity price fluctuation
risk in highly competitive trading business, efficiently managing
working capital requirements along with ability of promoters
to bring in funds for supporting overall operations are the key
rating sensitivities.

                         About Hiya Overseas

HOPL, an Ahmedabad based trading company, was established in
December 2006 by Vijay Patel and his brother Sunak Patel for
export and domestic trading operations of imported products.
HOPL is engaged in supply of imported products in domestic market
which includes mainly Zircon (a mineral finds allocation in glass,
paint, TV picture tube and ceramic industry) and various pulses
and also exports made in India products like ceramics tiles,
cement, salt, raw cotton etc. to African countries like Zambia,
Kenya and other Middle East countries. HOPL has also started
manufacturing of zircon flour in FY10.

During FY10 (Audited), HOPL reported PAT of INR0.53 crore on a
total income of INR32.01 crore as against PAT of INR0.09 crore on
a total income of INR4.30 crore in FY09 . In H1FY11, the company
earned PBT of INR1.47 crore on a total income of INR41.22 crore.


J. K. INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR4cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB-' and 'PR4' ratings to the bank facilities
of J. K. Industries.

                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      4.00      'CARE BB-' Assigned
   Short-term Bank Facilities    37.00      'PR4' Assigned

Rating Rationale

The ratings are primarily constrained by short track record of
operations of J. K. Industries with thin profitability margins.
The ratings are further constrained due to inventory risk
pertaining to effect of adverse movement in prices of steel on
uncut ship inventory, intense competition in the ship breaking
industry marked by low entry barriers, volatile nature of the
business with uncertainty regarding availability of ships for
recycling and its constitution as a partnership firm leading to
possibility of withdrawal of capital and restricted financial
flexibility.  The ratings, however, do take into account the
experience of the management in the industry and its modest
solvency position.  Ability to successfully manage the inherent
price volatility risk on the uncut inventory of ships and
timely renewal of validity of rental plots for ship breaking are
the key rating sensitivities.

                    About J. K. Industries

J. K. Industries is a partnership firm established by Dungarshi J.
Shah and his brother Kishor J. Shah in 1984 and is engaged in ship
breaking business.  Kishor J. Shah exited the business and the
sons of Dungarshi J. Shah joined the partnership firm in 2003. The
firm is currently operated by Jayant Patel, as per the MoU signed
with the partners, for carrying out the ship breaking activities
for INR60 per MT of scrap sold as conducting charges in return.
Jayant Patel also operates other ship breaking yards, viz.
Shantamani Enterprise as a partner and J. K. Industries as a
business manager, in the Alang - Sosiya belt of Bhavnagar region
in Gujarat. The operations of the firm are carried out at premises
which are leased out by Gujarat Maritime Board (GMB) in Bhavnagar.


J R STRIPS: CRISIL Rates INR240 Million Proposed LT Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of J R Strips Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR240 Million Proposed LT     B/Stable (Assigned)
           Bank Loan Facility

The rating reflects JRSPL's susceptibility to risks related to
funding and implementation of its ongoing project to set up a cold
rolled steel strips manufacturing plant. Also, JRSPL's promoters
have limited experience in the iron and steel industry. These
rating weaknesses are partially offset by the healthy industry
prospects for the overall steel and end-user industry.

Outlook: Stable

CRISIL believes that JRSPL's credit profile would continue to be
constrained by the ongoing project over the medium term. The
outlook may be revised to 'Positive' if JRSPL completes the
implementation of the project on or before the expected time frame
and also successfully stabilizes the operations leading to steady
revenues and accruals.  Conversely, the outlook may be revised to
'Negative' if there is material time or cost over-run in the
ongoing project, constraining its debt servicing ability.

                       About J R Strips

JRSPL was set up in January 2011 by Vikas Bansal and Prince Bansal
who are the second generation of the entrepreneurs of the Bansal
family based out of Bhatinda (Punjab).  The company is currently
undertaking a project to setup a cold rolled steel strip
manufacturing plant with a production capacity 18000 tonnes per
annum (tpa) in Bhatinda (Punjab).  The project is expected to be
operational by the first quarter of 2012-13. The Bansal family
also, has been involved in the coal trading and brick
manufacturing over the past 30 years under separate business
entities.


KANNAPPAN IRON: CRISIL Upgrades Rating on INR.6MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kannappan Iron and Steel Company Pvt Ltd to 'BB/Stable' from
'BB-/Stable', while reaffirming the short-term rating at 'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR250.0 Million Cash Credit        BB/Stable (Upgraded from
                                                  'BB-/Stable')

   INR0.6 Million Term Loan            BB/Stable (Upgraded from
                                                  'BB-/Stable')
   INR260.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR30.0 Million Bank Guarantee      P4+ (Reaffirmed)

The upgrade reflects significant improvement in the KISCOL group's
turnover reported a turnover of INR1.1 billion for 2010-11 (refers
to financial year, April 1 to March 31), which was 32 per cent
higher than KISCOL's turnover in 2009-10, driven by orders from
Government of Tamil Nadu. CRISIL believes that the KISCOL group
will continue to register healthy growth in revenues over the
medium term, driven by growth in the construction industry.

The upgrade also reflects improvement in the KISCOL group's
financial risk profile, marked by improved gearing and debt
protection metrics, owing to healthy accruals. The KICSOL group's
gearing improved to 1.04 times as on March 31, 2011 from 2.4 times
as on March 31, 2010, while its debt protection metrics for 2010-
11 remained moderate, with interest coverage and net cash accruals
to total debt ratios estimated at 1.9 times and 10 per cent,
respectively, for 2010-11. Its capital structure is expected to
remain comfortable in 2011-12, supported by increasing cash
accruals.  The liquidity remains adequate, marked by moderate bank
line utilization of 75% (on average) and low maturing debt
obligations of INR18 million against expected net cash accruals of
INR30 million, for 2011-12.

The ratings reflect the KISCOL group's small scale of operations
in the intensely competitive steel industry, and its
susceptibility to fluctuations in raw material prices. These
weaknesses are partially offset by the group's established market
position and the industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KISCOL, Kannappan & Company, and
Kannappan Iron Traders, together referred to as the KISCOL group.
This is because all the entities share business synergies, have
common management and ownership, and fungible cash flows.

Outlook: Stable

CRISIL believes that the KISCOL group will maintain a stable
business risk profile, on the back of its promoters' experience in
the steel industry.  The outlook may be revised to 'Positive' if
the group's liquidity and debt protection metrics improve
significantly, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's realizations and margins decline sharply, or if it
undertakes a large, debt-funded capital expenditure programme, or
extends funding support to weaker entities in the group.

                         About the Group

KISCOL, incorporated in 1999, was promoted by Mr. T S P Kannappan
and his son, Mr. T P Thirumalai Raja. It manufactures thermo-
mechanically-treated (TMT) bars, cold-twisted deformed (CTD) rods,
and mild steel (MS) ingots in Tamil Nadu. It sells its products
under the Kiscol brand. Its manufacturing facilities are in
Karaikal (Pondicherry). KC and KIT, established in 1968 and 1988,
respectively, are partnership firms that trade in TMT bars, CTD
rods, and MS ingots. They are the largest dealers for KISCOL in
Tamil Nadu.

The KISCOL group posted a profit after tax (PAT) of INR11 million
on net sales of INR1 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a reported PAT of INR 19
million on net sales of INR 797 million for 2009-10.


LUCID COLLOIDS: CRISIL Assigns 'B' Rating to INR240MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lucid Colloids Ltd
continue to reflect the pressure on Lucid Colloids' capital
structure because of its large, debt-funded capital expenditure
(capex) plans, customer concentration in its revenue profile, and
its susceptibility to volatility in input prices and to low-entry
barriers in the guar gums business.  These weaknesses are
partially offset by Lucid Colloids' moderate financial risk
profile, marked by moderate gearing and debt protection metrics,
its established track record, and its promoters' industry
experience.

   Facilities                      Ratings
   ----------                      -------
   INR240 Million Long-Term Loan   B/Stable (Assigned)
   INR800 Million Cash Credit      B/Stable
   (Enhanced from INR530 Million)

Outlook: Stable

CRISIL believes that Lucid Colloids will maintain its business
risk profile over the medium term, supported by steady demand from
its customers, especially for its higher-value product segment.
The outlook may be revised to 'Positive' if Lucid Colloids reports
higher-than-expected operating margin, diversifies its product
portfolio, or expands its clientele.  Conversely, the outlook may
be revised to 'Negative' in case Lucid Colloids' capex programme
faces significant time and cost overruns, or its debt protection
metrics decline because of less-than-expected profitability.

Update
Lucid Colloids' sales for 2010-11 (refers to financial year, April
1 to March 31) are estimated to have grown by 75 per cent, to
INR2.0 billion, from INR1.2 billion in 2009-10, driven by
increased demand from the oil drilling and gas sector, which
currently contributes 50 per cent to sales. Sales values have also
benefited from the steep increase in guar gum prices, which
increased from INR4718/quintal in April 2010 to INR8500/quintal in
March 2011. However, with the spurt in prices of raw materials in
November 2010, the company's profitability was adversely impacted,
largely because it maintained low inventory but had fixed price
contracts with its customers. As a result, Lucid Colloids' cash
accruals are expected to be less than CRISIL's expectation.

Over 2010-11, the company started the first phase of its expansion
project by increasing its capacity by 6000 tonnes, to 24,000
tonnes.  The second phase will be concluded by around August 2011
and will entail expansion to 28,000 tonnes. The expanded capacity
will cater to the higher value oil and gas, paper and personal
care segments. The INR250 million capex is being funded by a term
loan of INR187.5 million. The company's gearing, as on March 31,
2011, was estimated at 2 times.

With the increase in raw material prices, the company's working
capital requirements increased substantially. As a result, its
bank lines were almost fully utilized for the nine months ended
December 2010. However, Lucid Colloids' liquidity is expected to
be supported by the increase in its bank limits in March 2011to
INR650 million from INR600 million. Its liquidity is further
expected to improve with the renegotiation of contract prices at
higher rates for deliveries from April 2011 and with lower credit
terms offered to customers.

Lucid Colloids reported a profit after tax (PAT) of
INR49.5 million on net sales of INR1.22 billion for 2009-10,
against a PAT of INR57.6 million on net sales of INR1.46 billion
for 2008-09.

                        About Lucid Colloids

Lucid Colloids was formed in 1999 by Uday Merchant, by
restructuring Indian Gum Industries Ltd, which was promoted by his
father, C G Merchant.  Lucid Colloids manufactures guar gum powder
in the food and industrial grades, and caters mostly to the export
market. The company's products include modified and derivatised
hydrocolloids, gum blends, emulsifiers, food stabilizer systems,
nutritional ingredients, food additives and ingredients,
foodstuffs, agro-commodities, and fine chemicals. The company has
production facilities in Jodhpur, Rajasthan. The majority of the
company's revenues are derived from the industrial segment. The
company has also entered into a joint venture with a Japanese
company to form Taiyo Lucid Pvt Ltd. Lucid Colloids derives about
10 per cent of its revenues from Taiyo Lucid Pvt Ltd. Lucid
Colloids has an established presence in the US market, and is
preferred supplier for some of its clients.


NAVNIT MOTORS: CRISIL Assigns 'BB+' to INR129.7MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Navnit Motors
Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR250.00 Million Cash Credit   BB+/Stable (Assigned)
   INR129.70 Million Term Loan     BB+/Stable (Assigned)
   INR70.30 Million Proposed LT    BB+/Stable (Assigned)
             Bank Loan facility
   INR110.00 Mil. Bank Guarantee   P4+ (Assigned)

The ratings reflect NMPL's leveraged capital structure, and
susceptibility to increased competition, especially in the premium
car segment. These rating weaknesses are partially offset by
NMPL's established market position in the automobile dealership
industry and its promoters' experience in dealership business.

Outlook: Stable

CRISIL believes that NMPL will maintain its business risk profile
over the medium term, supported by its established position in the
automobile dealership business. The outlook may be revised to
'Positive' in case the company maintains a steady growth in its
revenues, while substantially improving its net cash accruals and
sustaining a significant improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's operating margin declines, or a further deterioration in
the capital structure or debt protection metrics deteriorate
significantly over the medium term.

                        About Navnit Motors

Set up in 1938 by the late Liladhar Kachalia, NMPL is a dealer in
passenger cars, commercial vehicles, and automobile spare-parts.
The company has automobile dealerships of BMW India Pvt. Ltd.,
Rolls-Royce India Ltd., Maruti Suzuki India Ltd, Jaguar Land
Rover, JCB India Ltd., and MAN Force Trucks Pvt. Ltd.  Mr. Navnit
Kachalia, son of Mr. Liladhar Kachalia, looks after the overall
operations of the company. NMPL's estimated revenues for 2010-11
(refers to financial year, April 1 to March 31) are around INR6365
million.

NMPL reported a profit after tax (PAT) of INR1.35 million on an
operating income of INR4386 million for 2009-10, against a PAT of
INR1.61 million on operating income of INR3421 million for
2008-09.


PERFECT RADIATORS: CRISIL Rates INR217.5MM Term Loan at 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the existing bank facilities of
Perfect Radiators & Oil Coolers Pvt Ltd to 'BB-/Stable/P4+' from
'B/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR217.5 Million Term Loan       BB-/Stable (Upgraded from
   (Enhanced from INR62.5 Million)              'B/Stable')

   INR280.0 Million Cash Credit     BB-/Stable (Upgraded from
   (Enhanced from INR80 Million)               'B/Stable')

   INR50.0 Mil. Letter of Credit    P4+ (Upgraded from 'P4')

   INR20 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The rating upgrade reflects CRISIL's belief that PROC's financial
risk profile will continue to improve over the medium term because
of higher revenues and profits from the company's newly
commissioned Haridwar (Uttarakhand) plant.  Furthermore, the
company has concluded its capital expenditure (capex) on the new
plant, and is not expected to undertake any new capex programme
over the medium term. Cash accruals from the new facility and
absence of any major capex plan in the near future are expected to
improve PROC's financial risk profile over the medium term. The
company's liquidity has improved over the past one year, driven by
improvement in its operating margin and liquidation of investment.
This has also resulted in significant increase in PROC's net
worth.

The ratings reflect PROC's average financial risk profile,
vulnerability to volatility in raw material prices, intensifying
competition, and high dependence on a single customer, Indian
Railways. These rating weaknesses are partially offset by PROC's
established position in the domestic market for locomotive
radiators and adequate operating capabilities.

Outlook: Stable

CRISIL believes that PROC will benefit from its established
position in the domestic radiator market and its improving
customer profile, and maintain the improvement in its financial
risk profile on the back of higher accruals from its new unit in
Haridwar, over the medium term. The outlook may be revised to
'Positive' if PROC significantly improves its financial risk
profile and successfully diversifies its clientele, thereby
reducing its high dependence on a single customer. Conversely, the
outlook may be revised to 'Negative' if the company undertakes any
significant debt-funded capex programme, or reports lower-than-
expected growth in operating revenues or a decline in margins.

                      About Perfect Radiators

Incorporated in 1984 and acquired by the Fedders Lloyd group in
2003, PROC manufactures radiators (both copper-brass and
aluminium), radiator assemblies, and other heat exchangers for
locomotive, industrial, and automotive applications under the
Perfect brand. PROC is a closely held private limited company and
is one of the leading manufacturers in India of mechanical bonded
radiators for diesel locomotives.

PROC generated a net profit of around INR54 million on net sales
of around INR1.5 billion in 2010-11 (refers to financial year,
April 1 to March 31, based on provisional financial), against a
net profit of INR108 million on net sales of INR1.3 billion in
2009-10.


RISHABH VELVELEEN: CARE Assigns 'CARE C' Rating to INR3.55cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'PR4' ratings to the bank facilities of
The Rishabh Velveleen Ltd.

                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     13.59      'CARE C' Assigned
   Short-term Bank Facilities     3.55      'PR4' Assigned

Rating Rationale

The ratings of The Rishabh Velveleen Ltd. are constrained due to
weak financial profile characterized by continuously declining
turnover during the past three years, high overall gearing,
very long operating cycle with high inventory level and collection
period. The ratings are further constrained due to reschedulement
of term loans, small size of operations as well as underutilized
capacity.  The rating weaknesses were, however, partially offset
by the wide experience of the promoters in the business of velvet
fabrics manufacturing and established manufacturing facility.
Improvement in financial profile with control over solvency and
liquidity position and revival in demand for its products in the
market with improvement in profitability levels are the key rating
sensitivities.

The Rishabh Velveleen Ltd. was incorporated as a private limited
company in the Haridwar region of the state of Uttaranchal. In.
August 1991, RVL adopted its current name from Rishabh Leathoroid
Private Limited. The promoters of the company have more than 20
years of experience in the textile industry. They look after the
day-to-day operations of RVL including production, marketing and
distribution.


SANGAM INTERNATIONAL: CRISIL Cuts Rating on INR100MM Loan to 'P4'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sangam
International to 'P4' from 'P4+'.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Packing Credit   P4 (Downgraded from 'P4+')
   INR100 Million Proposed ST      P4 (Downgraded from 'P4+')
           Bank Loan Facility

The rating action reflects the pressure on Sangam's business risk
profile marked by lack of revenue visibility because of the
closure of its Noida Special Economic Zone (SEZ) unit in Uttar
Pradesh, and deterioration of its financial risk profile marked by
a higher gearing because of reduction in the partner's capital
base and increased reliance on bank borrowings.

Sangam's factory in the Noida SEZ has remained closed since
December 2010 because of labour-related issues; moreover, there is
lack of clarity on the timelines for recommencement of operations.
As a result, the sales declined by nearly 40% to INR1.17 billion
in 2010-11 (refers to financial year, April 1 to March 31) from
INR1.91 billion in 2009-10.  The firm has not generated any
revenues so far in the current year as operations have not yet
resumed; as a result, cash flows are currently negative.

Sangam's financial risk profile has deteriorated, with the
reduction in the partners' capital to INR61.5 million as on March
31, 2011 from INR105.2 million as on March 31, 2010.  As a result,
the firm's gearing, as on March 31, 2011, is estimated to have
increased to about 1.3 times from 0.5 times, as on March 31, 2010.

The rating continues to reflect Sangam's small net worth, and
geographic and client concentration in revenue profile. These
rating weaknesses are partially offset by the experience of the
firm's promoters.

                     About Sangam International

Sangam is a partnership firm, which was set up in 2005 by Mr.
Santok Chand Jain; the firm is part of the Sangam group, which was
set up in the 1940s.  Sangam is an entirely export-oriented unit,
and caters to reputed retail gold jewellery stores in Singapore
and Dubai. Besides Sangam, there are other firms in different
segments of gold jewellery business promoted by the Jain family.
Sangam's factory is in Noida. The Noida unit has remained closed
since December 2010.

For 2009-10, Sangam reported a profit after tax (PAT) of INR90.6
million on net sales of INR1.91 billion, against a PAT of INR140
million on net sales of INR1.85 billion for 2008-09.


SHANTAMANI ENTERPRISE: CARE Puts 'CARE BB-' Rating on INR4cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'PR4' ratings to the bank facilities
of Shantamani Enterprise.

                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     4.00       'CARE BB-' Assigned
   Short-term Bank Facilities    41.00      'PR4' Assigned

Rating Rationale

The ratings are primarily constrained by the short track record of
operations of Shantamani Enterprise with thin profitability
margins.  The ratings are further constrained due to inventory
risk pertaining to effect of adverse movement in prices of steel
on uncut ship inventory, intense competition in the ship breaking
industry marked by low entry barriers, volatile nature of the
business with uncertainty regarding availability of ships for
recycling and its constitution as a partnership firm leading to
possibility of withdrawal of capital and restricted financial
flexibility.  The ratings, however, do take into account the
experience of the management in the industry and its modest
solvency position.  Ability to successfully manage the inherent
price volatility risk on the uncut inventory of ships and timely
renewal of validity of rental plots for ship breaking are the key
rating sensitivities.

                     About Shantamani Enterprise

Shantamani Enterprise is a partnership firm established by
Ramesh Virani and Mr Jayant Patel in 1998 and is engaged in the
ship breaking business. The firm is currently operated by
Jayant Patel. He also operates other ship breaking yards, viz A.
G. Enterprise and J. K. Industries as a business manager, in the
Alang - Sosiya belt of Bhavnagar region in Gujarat. The operations
are carried out at the premises which are leased out by Gujarat
Maritime Board (GMB) in Bhavnagar.

During FY10, SHME achieved adjusted PAT of INR1.29 crore on total
operating income of INR50.44 crore.  During FY11 (Unaudited) ended
on March 31, 2011, AGE achieved a PAT of INR0.71 crore on total
income of INR38.97 crore.


SHYAM TIMBER: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Shyam Timber Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         B+/Stable (Assigned)
   INR105.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect STPL's average financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to volatility in foreign exchange
rates. These rating weaknesses are partially offset by STPL's
established clientele.

Outlook: Stable

CRISIL believes that STPL will sustain its credit risk profile
driven by its established clientele and absence of any term loan
obligation.  The outlook may be revised to 'Positive' in case of
substantial equity infusion and/or sustained improvement in its
working capital management or profitability. Conversely, the
outlook may be revised to 'Negative' in case any debt-funded
capital expenditure materially impacts its debt protection metrics
and/or the company's profitability declines because of the
volatility in raw material prices and foreign exchange rates.

                        About Shyam Timber

STPL is owned and managed by Mr. Pravin Jethwa and Mr. Sunil
Jethwa, and trades timber logs. STPL procures various grades of
teak and other wood from countries in Africa and Latin America.
Most of the products are sold to local traders and wholesalers in
Gujarat, Delhi, Rajasthan, and Maharashtra.

STPL reported a profit after tax (PAT) of INR4 million on net
sales of INR400 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net loss of INR1 million on net
sales of INR293 million for 2008-09.


SONAKI CERAMIC: CRISIL Puts 'B' Rating on INR70MM Rupee Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sonaki Ceramic.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        B/Stable (Assigned)
   INR70 Million Rupee Term Loan    B/Stable (Assigned)
   INR3 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Sonaki's below-average financial risk profile,
marked by a high gearing, and exposure to intense competition and
offtake risks in the tableware business segment.  These rating
weaknesses are partially offset by the experience of Sonaki's
promoters in the sanitary-ware industry.

Outlook: Stable

CRISIL believes that Sonaki will continue to benefit over the
medium term from its promoters' industry experience and its
established position in the sanitary-ware segment.  The outlook
may be revised to 'Positive' if the firm successfully commissions
its tableware project in a timely manner and achieves better-than-
expected offtake, resulting in better-than-expected revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the commissioning of the manufacturing facility is
delayed significantly, leading to time and cost overruns, or if
the desired offtake levels are not achieved, thereby deteriorating
Sonaki's debt protection metrics and adversely affecting the
firm's ability to service its debt.

                        About Sonaki Ceramic

Set up in 2008, Sonaki is setting up a facility to manufacture
bone-china-based crockery such as cups, plates, and saucers. The
project is being set up at Morbi (Gujarat) and will have an
installed capacity of around 9 tonnes per day. It has been
promoted by Kishore Patel and his family.  The INR120-million
project is being funded in a debt-to-equity ratio of 2:1 times.
The project is being funded through a term loan of INR70 million,
unsecured loans of INR10 million from promoters, and equity of
INR40 million. The project is expected to be commissioned by
July 2011.


SRI ANJANEYA: CARE Rates INR21.37cr LT Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Sri Anjaneya Agro-Tech Pvt Ltd.

                                       Amount
   Facilities                       (INR Crore)   Ratings
   ----------                       -----------   -------
   Long-term Fund-based facilities     21.37      CARE BB/Assigned

Rating Rationale

The rating is constrained by SAPL's medium scale of operations,
continuous decline in revenue since FY08, low profitability
margins, highly leveraged capital structure, working capital
intensive nature of operations, volatility in raw material prices,
geographical concentration risk, low entry barriers resulting in
increased competition, cyclical nature of industry and competition
from cheap substitutes such as palm oil. The ratings however draw
strength from experienced management and growing demand for rice
bran oil with increased awareness among the public about its
health benefits.

Going forward, the ability of the company to scale up operations
with increase in demand and improve profitability margins and
improvement in leverage parameters & liquidity position will be
the key rating sensitivities.

                     About Sri Anjaneya Agro-tech

Sri Anjaneya Agro-tech Private Limited was incorporated in October
2001 as a private limited company.  SAPL is a closely-held company
promoted and managed by A. S. Veeranna along with other family
members and close associates.

SAPL is engaged in the manufacturing and marketing of various
edible oils such as rice bran/sunflower/soya bean oil to wholesale
and retail markets. SAPL operates a rice bran/soya/sunflower seeds
solvent extraction unit of a 500 MTPD installed capacity along
with a refining capacity of 100 MTPD at Davangere, Karnataka.  The
company is setting up a co-generation unit of 0.6 MW with an
estimated capital cost of INR3.2 cr being financed at a debt-
equity of 3.3:1, to meet auxiliary power requirement. The project
is estimated to be completed by June 2011.


SUPREME BUILD CAP: Fitch Affirms INR540.6MM LT Loans at 'BB(ind)'
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Supreme Build Cap Limited's
National Long-Term rating at 'BB(ind)' with a Stable Outlook. The
agency has also affirmed SBCL's INR540.6m long-term loan (last
year outstanding INR550m) at 'BB(ind)'.

The affirmation reflects the full occupancy of SBCL's Global
Technology Park (GTP) in Bangalore by a single multinational
tenant and the successful track record of Assetz Property Services
Pvt Ltd -- a property developer, who is in charge of GTP's
operations and maintenance. Fitch notes that SBCL has signed a
seven-year rental lease deed with a stiff exit clause with its
tenant. In the event of termination of the lease during this
seven-year period, for a breach committed by the lessee, the
lessee shall pay to SBCL the rent for the unexpired term of the
lease. Further, the tenant has occupied the property and inflow of
rental income has started from May 2010.

Key concerns would be any further debt-led capex by the company,
pressurising its cash flows that would likely to have a negative
impact on SBCL's credit profile. Also, the company has to pay
property tax of INR21m for FY10-FY12, which would impact its debt
service coverage ratio (DSCR); however, any shortfall in cash flow
is expected to be contributed by its promoters. Also, there has
been a change in the ownership of the company, and its operations
may take some time to stabilise. The company has invested INR575m
in group companies; and Fitch has not been provided details of
these companies or the investments.

A negative rating guideline would be a fall in SBCL's DSCR to
below 1.05x. Positive rating guidelines would be a significant
improvement in its financial leverage and a DSCR of above 1.2x.

SBCL was incorporated in 1995 as a special purpose vehicle to
develop its first IT Park in Bangalore at a cost of INR819.4m. The
total super built up area is 277,000 sq. ft. In FY11 (provisional,
un-audited), SBCL's rental income was INR96.6m and its net loss
was INR44.86m.


WORTH PERIPHERALS: CRISIL Assigns 'BB' Rating to INR140MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Worth Peripherals Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR140.00 Million Long-Term Loan   BB/Stable (Assigned)
   INR40.00 Million Cash Credit       BB/Stable (Assigned)

The rating reflects the significant project risks associated with
WPPL's expansion project, besides the company's moderate business
risk profile due to its customer concentration risks and modest
scale of operations. These rating weaknesses are partially offset
by the benefits that WPPL derives from its strong track record and
its promoters' extensive experience in the paper packaging
industry.

Outlook: Stable

CRISIL believes that WPPL will continue to benefit over the medium
term from its established market presence and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of significant increase in revenues along with
improvement in net cash accruals and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected offtake of its new plant or deterioration in
its operating margin or debt protection metrics.

                        About Worth Peripherals

WPPL manufactures corrugated boxes/cartons and supplies to
established companies such as Hindustan Unilever Ltd., Parle
Biscuits Pvt. Ltd, and Dabur India Ltd. The company was
incorporated in 1996 by Mr. Raminder Chaddha, who currently looks
after the overall operations of the company. WPPL's manufacturing
facility at Pithampur (Madhya Pradesh) has manufacturing capacity
of 15,000 tonnes per annum (tpa).  The company is setting up a new
manufacturing facility in Indore (Madhya Pradesh), with an
expected manufacturing capacity of 30,000 tpa. Commercial
production is expected to commence by end of 2011.

WPPL reported a profit after tax (PAT) of INR19 million on net
sales of INR390 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR9.7 million on net sales
of INR263.7 million for 2009-10.


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


L-JAC THREE: S&P Lowers Rating on Class E-1 Notes to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C to E-1 trust certificates issued under the L-JAC Three
Trust Beneficial Interest transaction, and removed them from
CreditWatch with negative implications, where they were placed on
April 28, 2011. "At the same time, we placed our rating on class A
on CreditWatch negative and affirmed our ratings on classes B, F-1
to I, and X-2 issued under the same transaction," S&P said.

Of the seven loans that initially backed the trust certificates,
only one loan remains (the loan originally represented about 30%
of the total initial issuance amount of the trust certificates).

The downgrades reflect these factors:

    * "The lessor of the property backing the transaction's
      remaining loan has been involved in a lease dispute with the
      tenant. We have lowered our cash flow estimate given the
      status of the litigation, and revised downward our
      assumption with respect to the likely collection amount from
      the property accordingly. We currently estimate the value of
      the property to be about 59% of our initial underwriting
      value, compared with about 63% as of July 2010," S&P noted.

    * "Given that we have yet to see the outcome of the
      litigation, we have reconsidered the levels of stress that
      we applied to the likely collection amount. We have applied
      levels of stress commensurate with each rating category,"
      S&P continued.

The loan-to-value (LTV) ratio of class A is quite low, suggesting
a high likelihood that the principal and interest will eventually
be fully redeemed. "Nevertheless, we placed the rating on class A
on CreditWatch with negative implications, based on what we view
as uncertainty over the payment of principal and interest on the
trust certificates by the transaction's legal final maturity date,
given the limited amount of time that remains until then, as well
as the fact that we have yet to see the outcome of the
litigation," S&P stated.

S&P noted, "We intend to review our rating on class A after
considering the progress of collection relating to the remaining
loan."

L-JAC Three is a multiborrower commercial mortgage-backed
securities (CMBS) transaction that was initially backed by a pool
of seven nonrecourse loans that were secured by 17 real estate
properties. The transaction was arranged by Lehman Brothers Japan
Inc., and Capital Servicing Co. Ltd. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in April 2013 for
the class A to F-1 trust certificates, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class G-1 to I certificates, and the timely
payment of available interest for the interest-only (IO) class X-2
certificates," S&P added.

Ratings Lowered, Removed From CreditWatch Negative
L-JAC Three Trust Beneficial Interest*
JPY70.889 billion floating-rate trust certificates due April 2013
Class   To         From                  Initial issue amount
C       BB+ (sf)   BBB+ (sf)/Watch Neg   JPY7.0 bil.
D-1     CCC (sf)   B (sf)/Watch Neg      JPY4.0 bil.
E-1     CCC (sf)   B- (sf)/Watch Neg     JPY1.4 bil.

Rating Placed on CreditWatch Negative
Class   To                   From       Initial issue amount
A       AAA (sf)/Watch Neg   AAA (sf)   JPY40.0 bil.

Ratings Affirmed
Class    Rating      Initial issue amount
B        AA (sf)     JPY7.0 bil.
F-1      CCC (sf)    JPY1.4 bil.
G-1      CCC (sf)    JPY1.5 bil.
H-1      CCC (sf)    JPY1.0 bil.
I        CCC (sf)    JPY0.583 bil.
X-2      AAA (sf)    JPY70.889 bil. (initial notional principal)

*Classes D-2, E-2, F-2, G-2, and H-2 have already been fully
redeemed. "We withdrew our rating on the IO class X-1 in August
2009," S&P said.


* JAPAN: Corporate Bankruptcies Rise 4.89% to 1,071 in May
----------------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies grew
in May for the first time since July 2009, climbing 4.89% from a
year earlier to 1,071 due largely to the March 11 earthquake and
tsunami.

According to Tokyo Shoko Research, business failures caused by the
disaster totaled 64 and the post-quake cumulative aggregate as of
Tuesday amounted to 156, surpassing 144 bankruptcies that took
place over a year since the Great Hanshin Earthquake of 1995,
Kyodo says.

With the passage of time, more companies appear to be on the brink
of bankruptcy in quake-hit northeastern Japan, the credit research
agency added.

Kyodo relates that debts left behind by the failed firms dropped
23.72% to a 20-year low of JPY252.67 billion, as the number of
companies that went under with debts of JPY1 billion or more
tumbled 13.6%, whereas firms owing less than JPY100 million
accounted for 72.5% of the total, which indicates that smaller
firms are bearing the brunt of the tough economic times.

As consumer sentiment became bearish after the quake, Kyodo notes,
sharp rises in bankruptcies were witnessed, particularly in the
hospitality and advertising industries.

Among operators of hotels and inns, 29 collapsed, up from eight.
The advertising sector saw bankruptcies jump to 18 from eight. In
the food services sector, 68 went bankrupt, up from 60.


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


DAEWOO ELECTRONICS: Creditors Seek Fresh Talks With Electrolux
--------------------------------------------------------------
Bloomberg News reports that creditors of Daewoo Electronics Corp.
are seeking to start negotiations with Electrolux AB on selling
the South Korean electronics maker, after a plan to sell the
company to Entekhab Industrial Group collapsed last month.

Lee Yong Gyu, a Seoul-based spokesman for Daewoo Electronics' main
creditor Woori Bank, told Bloomberg that the creditors sent a
letter to Electrolux on May 31, asking the Stockholm-based company
if it's interested in buying Daewoo.  They gave Electrolux two
weeks to reply and are awaiting response, Mr. Lee told Bloomberg.

Electrolux, which was a second preferred bidder, is open to
discussions on the sale, Erik Zsiga, a Stockholm-based spokesman
for the company told Bloomberg.

According to Bloomberg, the planned sale of Daewoo Electronics to
Entekhab for KRW577.7 billion collapsed in May after the Iranian
company failed to make a full payment, prolonging Daewoo
creditors' decade-long search by Daewoo's creditors for a buyer
for the former unit of Daewoo Group.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


HYNIX SEMICONDUCTOR: Creditors Plan to Sell Stake by End June
-------------------------------------------------------------
The Wall Street Journal reports that creditors of Hynix
Semiconductor Inc. plan to launch the sale of their controlling
stake in the company by the end of June.

The Journal, citing a person familiar with the matter, relates
that the nine creditors aim to set a deadline for letters of
intent from interested bidders sometime in early July.

While the creditors-turned-shareholders appear determined to get a
deal done this time, it's unclear how many bidders will emerge
because of longstanding concerns about the chip industry's
volatile market cycles and high capital expenditure requirements,
the Journal notes.

But another person familiar with the situation told the Journal
that Hyundai Heavy Industries Co. may submit a bid for the Hynix
stake.  No other bidders have emerged so far.

The Journal relates that Hyundai Heavy said in a regulatory filing
that it has made no decision regarding the Hynix sale.

Meanwhile, Bloomberg News reports that Hynix suggested that
Hyundai Heavy Industries Co. and Hyundai Motor Group form a
consortium in making a bid for a planned stake sale, MoneyToday
said.

As reported in the Troubled Company Reporter-Asia Pacific on
April 28, 2011, The Wall Street Journal said creditors-turned-
shareholders of Hynix Semiconductor Inc. agreed to restart the
sale of their controlling stake in the company marking the third
divestment attempt in as many years.  The creditors' collective
15% stake is valued at around KRW2.58 trillion ($2.38 billion)
based on current market prices.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


KOREA LINE: May Cut Capital by 50% in Turnaround Plan
-----------------------------------------------------
Bloomberg News, citing Edaily, reports that Korea Line Corp. may
reduce its capital by at least 50% as part of a turnaround plan
that will be submitted to the Seoul Central District Court by
July 22, 2011.

Korea Line Corp. has been engaged in marine transport and port
logistics businesses since 1968.  Its head office is in Seoul
Korea and its representative offices are in Shanghai and
Singapore.  KLC is a publicly listed company on the Korean Stock
Exchange.  Its operations are centered in Korea and the vas
majority of its assets, shareholders and employees are located in
Korea.

Korea Line Corp. filed for Chapter 15 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10789) in the U.S. to bar creditors
from seizing its shipping vessels and bunkers at U.S. ports.

Receivers Jin Bang Lee and Byung Nam Choi estimated that the
Debtor has US$100 million to US$500 million in debts and assets as
of the Chapter 15 filing date in Manhattan.

Korea Line is undergoing rehabilitation before the Seoul Central
District Bankruptcy Court (4th Division), Case No. 2011 Hoe-Hap
14, pursuant to the Korean Debtor Rehabilitation and Bankruptcy
Act.

KLC's liquid assets as of January 2011 totaled US$60,655,000,
while the funds necessary for repayment of debts and operating
expenses in February 2011 is US$186,964,000 and in March 2011,
US$170,163,000.   KLC's operating income will not be sufficient to
cover these amounts, with an expected shortfall of US$35,932,000
in March of 2011.

KLC applied for rehabilitation in Korea under the DBRA on Jan. 26,
2011.  The Korean court issued a stay order prohibiting attachment
and execution of KLC's property on Jan. 26, 2011.  Rehabilitation
proceedings commenced Feb. 15, 2011, with the appointment of the
receivers.


===============
M O N G O L I A
===============


KHAN BANK: Fitch Affirms Issuer Default Ratings at 'B'
------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Khan Bank LLC's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'B'
with Positive Outlooks. Fitch has also affirmed Khan Bank's Short-
Term Foreign Currency IDR at 'B', Individual Rating at 'D/E',
Support Rating at '4', and Support Rating Floor at 'B'.

The ratings reflect Fitch's unchanged view on the bank's strong
liquidity and funding base, supported by its leading franchise, as
well as its modest loss-absorption capacity to absorb sudden and
substantial unexpected losses arising from volatile external
factors such as the macro-economy and commodity prices. Pre-
provision profits, as the first line of defence, have improved
further since the previous rating review in November 2011, driven
by strong loan growth and limited loan-loss charges. However, the
loan growth is also pressuring the banks' capitalization and
reserve coverage ratio. Therefore, Fitch believes the bank's
overall ability to absorb unexpected losses has not materially
improved, which resulted in no change in the ratings.

The Positive Outlook reflects Fitch's expectation of continued
improvement in the bank's profitability, bolstering its
capitalization, as well as the strong possibility that the bank
would be able to raise additional capital. Failure to do so over
the near-to-medium term, or if the bank becomes more susceptible
to external factors, could lead to the Outlook being revised to
Stable. Fitch does not anticipate a rating action on the bank's
Individual Rating over the near-to-medium term, but will continue
to monitor material changes in its business profile and
resilience.

Khan Bank's loan balance increased further by 14% yoy in Q1FY11
(2010: up 33% yoy). The strong loan growth and reversal of low
loan-loss charges in Q1FY11 led to an improvement in the bank's
annualized return on asset to 3.1% in Q1FY11 from 2.3% in 2010,
despite a shrinking loan yield due to intensifying competition.
However, the bank's reserve coverage further declined to 2.8% of
total loans in Q1FY11 from 3.3% in 2010 due to continued rapid
loan growth. Its total regulatory capital ratio also fell to
13.48% in 2010 from 14.38% in 2009 due to a sharp increase in
risk-weighted assets, although Fitch expects it to be restored to
about 17% with a planned issuance of USD20m subordinated loan by
the bank.

Nevertheless, liquidity backed by its leading franchise remains a
key strength for Khan Bank. The bank's abundant deposit base
further increased by 13% yoy in Q1FY11, and its loans/deposits
ratio remained low (60% in Q1FY11) despite the bank's strong loan
growth.

Khan Bank is Mongolia's largest bank with 27% of system-wide
assets at end-2010. It is majority-owned by Japan's Sawada
Holdings Co Ltd. The bank's main businesses are SME, consumer and
corporate lending. Herder loans -- the bank's expertise in the
past and a source of volatility in terms of asset quality -- are
shrinking due to the bank's more cautious stance in extending such
new loans.


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


HIMALAYAN DESIGNS: Faces Closure if Owner Fails to Find Insurer
---------------------------------------------------------------
Hamish Clark at 3 News reports that Himalayan Designs faces
closure if the company's owner cannot find new insurance cover
following the Christchurch earthquake.

3 News relates that the retailer was hit by a series of problems
with owner Jayashrii McFadgen faces losing her life savings if she
cannot get any building insurance.

"I have a number of days to get insurance or they are calling in
my mortgage," 3 New quotes Ms. McFadgen as saying.

3 News says the building and business is all that Ms. McFadgen has
left.   With her insurer, Western Pacific, going into liquidation
no one will re-insure her and she faces losing everything, the
report notes.

3 News adds that Ms. McFadgen's former bank building is now up for
lease to pay for repairs to the roof holed in February's quake.

"If I don't get this roof fixed, I know I will lose the building,"
3 News quotes Ms. McFadgen as saying.  With time running out,
Ms. McFadgen is hoping for a miracle to stay afloat.

Himalayan Designs was a popular Lyttelton attraction where locals
and tourists could buy ethnic clothing made in Nepal.


YARROWS BAKERS: Receivers to Axe Up to 45 Jobs
----------------------------------------------
The National Business Review reports that up to 45 of the about
150 workers at Yarrows (The Bakers) Limited will lose their jobs.

According to NBR, the Engineering, Print and Manufacturing Union
said all workers had been made redundant following the
receivership announcement last month, but 100 have been offered
new jobs by the receivers.

EPMU lead organizer Wayne Ruscoe said between 40 and 45 workers
would lose their jobs, the report relates.

"We hope this decision to strip the business back to basics will
make the company a more saleable asset," NBR quotes Mr. Ruscoe as
saying.

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.

Brian Mayo-Smith and Andrew Bethell of BDO Auckland were appointed
receivers of Yarrows (The Bakers) Limited on May 30, 2011,
following a request from the Directors.  The receivership is over
the Company that operates the factory in Manaia (Taranaki).  Other
companies in the Yarrows Group operating in Rotorua and Australia
are unaffected and continue to trade as normal.  The receivers are
planning to continue to trade the Company to provide uninterrupted
supply to its customers, ultimately securing a sale of the
business.


===============
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

ARASOR INTERNATI           ARR          19.21           -26.51
ARTURUS CAPITAL            AKW          12.27            -0.43
ARTURUS CAPITA-N           AKWN         12.27            -0.43
ASTON RESOURCES            AZT         469.54            -7.49
AUSTAR UNITED              AUN         679.40          -250.96
AUSTRALIAN ZI-PP           AZCCA        77.74            -2.57
AUSTRALIAN ZIRC            AZC          77.74            -2.57
AUTRON CORP LTD            AAT          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
MACQUARIE ATLAS            MQA       1,894.75          -230.50
MAVERICK DRILLIN           MAD          24.66            -1.30
MISSION NEWENER            MBT          20.38           -44.05
NATURAL FUEL LTD           NFL          19.38          -121.51
NEXTDC LTD                 NXT          17.46            -0.14
ORION GOLD NL              ORN          11.60           -10.91
POWERLAN LTD               PWR          28.30            -3.64
REDBANK ENERGY L           AEJ       3,564.36          -383.39
RIVERCITY MOTORW           RCY         386.88          -809.14
SCIGEN LTD-CUFS            SIE          65.56           -38.80
SHELL VILLAGES A           SVC          13.47            -1.66
STIRLING RESOURC           SRE          31.19            -0.62
TAKORADI LTD               TKG          13.99            -0.41
VERTICON GROUP             VGP          10.08           -29.12
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


CHINA

BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
TAIYUAN TIANLO-A           600234       52.85           -27.82
TIANJIN MARINE             600751      114.38           -61.31
TIANJIN MARINE-B           900938      114.38           -61.31
TOPSUN SCIENCE-A           600771      171.85          -115.05
WUHAN BOILER-B             200770      272.46          -141.76
WUHAN GUOYAO-A             600421       11.05           -27.01
WUHAN LINUO SOLA           600885      107.30            -0.72
XIAMEN OVERSEA-A           600870      225.63          -137.22
YANBIAN SHIXIA-A           600462      204.34           -11.55
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
YUNNAN MALONG-A            600792      133.04           -61.60
ZHANGJIAJIE TO-A           430          31.65            -3.43


HONG KONG

ASIA TELEMEDIA L           376          16.62            -5.37
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
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        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
NGAI LIK INDL              332          22.70            -9.69
PALADIN LTD                495         149.78           -11.62
PCCW LTD                   8         6,192.51           -78.22
PROVIEW INTL HLD           334         314.87          -294.85
SINO RESOURCES G           223          10.01           -41.90
SMART UNION GP             2700         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


INDONESIA

ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


INDIA
                                         0.00             0.00
ALPS INDUS LTD             ALPI        292.76           -12.44
AMIT SPINNING              AMSP         20.43            -1.96
ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
ATV PROJECTS               ATV          60.46           -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        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
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
DFL INFRASTRUCTU           DLFI         42.74            -6.49
DIGJAM LTD                 DGJM         99.41           -22.59
DUNCANS INDUS              DAI         133.65          -205.38
FIBERWEB INDIA             FWB          12.23           -16.21
GANESH BENZOPLST           GBP          48.95           -22.44
GEM SPINNERS LTD           GEMS         16.44            -1.53
GLOBAL BOARDS              GLB          14.98            -7.51
GSL INDIA LTD              GSL          29.86           -42.42
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         74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN         15.20            -3.81
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         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
LML LTD                    LML          65.26           -56.77
MAHA RASHTRA APE           MHAC         24.13           -14.27
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         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
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        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
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         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
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      1,311.30          -138.25
TATA TELE-SLB              TTLS/S    1,311.30          -138.25
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          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


JAPAN

ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41
STRAWBERRY CORP            3429         14.17            -4.48


KOREA

AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
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
SUNGJEE CONSTRUC           5980        114.91           -83.19
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


MALAYSIA

BANENG HOLDINGS            BANE         50.30            -3.48
HAISAN RESOURCES           HRB          64.66            -0.15
HO HUP CONSTR CO           HO           67.48            -8.90
JPK HOLDINGS BHD           JPK          20.34            -0.50
LUSTER INDUSTRIE           LSTI         22.93            -3.18
MITHRIL BHD                MITH         29.69            -0.27
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


PHILIPPINES

CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
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
PICOP RESOURCES            PCP         105.66           -23.33
STENIEL MFG                STN          20.43           -15.89
UNIWIDE HOLDINGS           UW           50.36           -57.19
VICTORIAS MILL             VMC         164.26           -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
TT INTERNATIONAL           TTI         266.39           -59.41


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
CALIFORNIA W-NVD           CAWOW-R      36.95            -7.36
CALIFORNIA WO-FO           CAWOW/F      36.95            -7.36
CALIFORNIA WOW X           CAWOW        36.95            -7.36
CIRCUIT ELEC PCL           CIRKIT       16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT/F     16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT-R     16.79           -96.30
DATAMAT PCL                DTM          12.69            -6.13
DATAMAT PCL-NVDR           DTM-R        12.69            -6.13
DATAMAT PLC-F              DTM/F        12.69            -6.13
ITV PCL                    ITV          37.14          -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     101.18          -175.61
PICNIC CORPORATI           PICNI       101.18          -175.61
PICNIC CORPORATI           PICNI/F     101.18          -175.61
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
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


TAIWAN

CHIEN TAI CEMENT           1107        214.12           -49.02
HELIX TECH-EC              2479T        23.39           -24.12
HELIX TECH-EC IS           2479U        23.39           -24.12
HELIX TECHNOL-EC           2479S        23.39           -24.12
TAIWAN KOL-E CRT           1606U       507.21          -147.14
TAIWAN KOLIN-EN            1606V       507.21          -147.14
TAIWAN KOLIN-ENT           1606W       507.21          -147.14
VERTEX PREC-ENTL           5318T        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***