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

                      A S I A   P A C I F I C

             Tuesday, July 26, 2011, Vol. 14, No. 146

                            Headlines



A U S T R A L I A

JIM'S PLUMBING: Future Unclear as Tax Bill Remains Unpaid
* AUSTRALIA: Many East Coast SMEs on "Knife Edge", Survey Reveals


C H I N A

* CHINA: ACFIC Urges Gov't. to Act on Threat of Bankruptcy Wave


H O N G  K O N G

ARCHITECTURAL SERVICES: Members' Final Meeting Set for August 29
ASCALADE COMMUNICATIONS: Final Meetings Set for August 23
ASIAINFO H.K.: Members' Final Meeting Set for August 26
BARRIER FREE: Creditors' Proofs of Debt Due August 26
CARGO LINK: Arboit and Blade Step Down as Liquidators

SILVER SEA: Placed Under Voluntary Wind-Up Proceedings
TOPPER SILICON: Arab and Man Appointed as Liquidators
TRANS-GLOBAL (ASIA): Chui Sze Hung Samuel Steps Down as Liquidator
WINTEC ELECTRONICS: Court to Hear Wind-Up Petition on September 7
YENDA INTERNATIONAL: Ip Kwun Ting Steps Down as Liquidator


I N D I A

ACME TELECOM: ICRA Cuts Rating on INR181.3cr Loan to '[ICRA]BB+'
APOLLO VIKAS: CRISIL Upgrades Rating on INR30MM Loan to CRISIL BB
ASPI CARS: ICRA Assigns '[ICRA] BB' Rating to INR10cr Cash Credit
EASTERN FOODS: CRISIL Ups Rating on INR19.2MM Loan to CRISIL BB-
ESSEM JUTE: CRISIL Assigns 'CRISIL B+' Rating to INR39.5MM Loan

GAGAN PULSES: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
JINDAL MECTEC: ICRA Assigns '[ICRA]D' Rating to INR72cr Bank Loan
KAVVERI TELECOM: ICRA Assigns '[ICRA]BB+' Rating to INR7cr Loan
PADMAVATI CHAINS: ICRA Puts '[ICRA]BB-' Rating on INR10cr Loan
RIA HOTEL: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan

RKSK OVERSEAS: ICRA Cuts Rating on INR55cr Loan to '[ICRA]D'
SAIBABA SHIP: CRISIL Raises Rating on INR30MM Loan to 'CRISIL BB+'
SHREEJI TRADING: ICRA Places '[ICRA]BB' Rating to INR55cr Loan
SIMPEX OVERSEAS: ICRA Reaffirms '[ICRA]BB' Rating on INR12cr Loan
SRI AYYAPPA: ICRA Assigns 'LB+' Rating to INR15cr Bank Loans

SRI GOVINDARAJA: ICRA Reaffirms '[ICRA]B' Rating on INR35cr Loan
SURVIVAL TECHNOLOGIES: ICRA Puts '[ICRA]B+' Rating on INR3cr Loan
TAMIL NADU: ICRA Cuts Rating on INR5,000cr Loan to '[ICRA]D'


J A P A N

GUIDED THERAPEUTICS: Inks Preliminary Research Pact with Konica
TOKYO ELECTRIC: Rules Out Selling Energy Assets in Philippines
TOKYO ELECTRIC: Parliament May Pass Compensation Bill This Week


N E W  Z E A L A N D

HIBERNIAN CREDIT: Depositors May Lose Up to 50% of Investments
PULSE UTILITIES: Shareholders to Decide on Buller's Rescue Deal
SOUTH CANTERBURY: Receivers Confirm Sale of Scales Share to Direct


P H I L I P P I N E S

PHILIPPINE AIRLINES: Post $72.5-Mil. Net Income in 2011


S I N G A P O R E

AESTHETIC CONSTRUCTION: Creditors Get 20.65229% Recovery on Claims
BITUMEN COMPLETE: Court to Hear Wind-Up Petition July 29
DYNA-OKE CONSTRUCTION: Creditors Get 0.95973% Recovery on Claims
EPL DISTRIBUTION: Creditors' Proofs of Debt Due August 5
EVERSTRONG ALUMINIUM: Creditors Get 2.02389% Recovery on Claims

YOONG CHANG: Creditors Get 73.43867% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week July 18 to July 22, 2011


                            - - - - -


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


JIM'S PLUMBING: Future Unclear as Tax Bill Remains Unpaid
---------------------------------------------------------
SmartCompany reports that the fate of the company which runs the
Jim's Plumbing franchise is still in question, with Jim's Group
founder Jim Penman confirming that the company still has to pay a
tax bill which led the Australian Taxation Office to lodge a wind-
up notice against Jim's Plumbing last month.

SmartCompany relates that while Jim's Plumbing operates under the
banner of the giant franchise empire Jim's Group, the rights to
use the name were owned by an Adelaide-based company run called
Jim's Plumbing (Aust) Pty Ltd, which is headed up by David
Ellingsen.

According to the report, Jim's Group founder Jim Penman withdrew
the rights for the use of the Jim's Plumbing name after he became
aware of the unpaid tax bill, and is now leasing those same rights
back to Mr. Ellingsen on a temporary basis.

Mr. Penman, as cited by SmartCompany, confirms the company is
still operating and says a permanent franchising agreement will be
established after the tax issue has been dealt with.

"We are leasing the rights back now," SmartCompany quotes
Mr. Penman as saying.  "The company got into short-term financial
difficulties, and now the company has been turned around.  But we
don't want to see the company destroyed altogether."

The ATO last month issued a wind-up notice against Jim's Plumbing
(Aust) Pty Ltd due to an unpaid tax bill, the report notes.

Jim's Plumbing is part of Jim's Group, first franchised in 1989
under the Jim's Mowing banner by Jim Penman.


* AUSTRALIA: Many East Coast SMEs on "Knife Edge", Survey Reveals
-----------------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that the two-speed
economy has been laid bare in a new survey, which shows SMEs on
the east coast are feeling the pinch way more than those located
near resources activity.

SmartCompany relates that Martin North, executive director
industry group at Fujitsu Australia, said some small businesses
are on a "knife edge" as they take longer to get paid, and battle
higher costs for energy, petrol and wages.

According to SmartCompany, the J.P Morgan/Fujitsu Australian SME
market report shows respondents see exchange rates, interest rates
and the availability of credit as the major dampeners of
confidence.

"Political instability has increased after registering a
meaningful response in 2010, reflective of ongoing uncertainty
around several Federal Government policies, most notably around
the carbon tax, resources industry," the market report said,
according to SmartCompany.

The survey, SmartCompany notes, found that small business loan
write-offs have consistently escalated over the last five years.
The latest report found 2.55% of secured line of credit loans,
2.32% of residential loans and 2.35% of commercial loans were
written off last year, SmartCompany relays.


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


* CHINA: ACFIC Urges Gov't. to Act on Threat of Bankruptcy Wave
---------------------------------------------------------------
Chris Oliver at MarketWatch reports that the All China Federation
of Industry and Commerce is urging the central government to take
action to prevent what it says could be waves of bankruptcies, as
its members struggle against surging inflation and tight credit.

According to the news agency, the influential Chinese private-
business lobby group reportedly said in a statement to the State
Council that 7.5 million businesses in China could go bust amid
business conditions that were "even worse" than during the height
of the global financial crisis in 2008.

MarketWatch relays that the findings represented the views of
small and medium-sized enterprises, compiled during a three-month
period, and emphasized the impact of Beijing's policy tightening
and surging labor costs.

According to MarketWatch, Hong Kong-based South China Morning
Post, citing a source who attended a conference in Guangzhou,
reported that Chinese officials attending the event -- where views
of the federation's chairman were presented -- have been
instructed to find ways to help the private sector.

Top officials, including Premier Wen Jiabao and Vice Premier Li
Keqiang, have read the report and passed it on to relevant
ministries, MarketWatch relates, citing various reports.

The All China Federation of Industry and Commerce represents
non-state companies around the country, Marketwatch discloses.


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


ARCHITECTURAL SERVICES: Members' Final Meeting Set for August 29
----------------------------------------------------------------
Members of Architectural Services Department Staff Association
Limited will hold their final general meeting on Aug. 29, 2011, at
5:00 p.m., at Room 2729a, Queensway Government Offices, 66
Queensway, in Hong Kong.

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


ASCALADE COMMUNICATIONS: Final Meetings Set for August 23
---------------------------------------------------------
Members and creditors of Ascalade Communications Limited (formerly
known as Woolworths Group Asia Limited) will hold their final
meetings on Aug. 23, 2011, at 3:00 p.m., and 3:30 p.m.,
respectively at 32nd Floor, One Pacific Place, 88 Queensway, in
Hong Kong.

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


ASIAINFO H.K.: Members' Final Meeting Set for August 26
-------------------------------------------------------
Members of Asiainfo H.K. Limited will hold their final general
meeting on Aug. 26, 2011, at 10:00 a.m., at 4/F, Zhongdian
Information Tower, No. 6 Zhongguancun South Street, Haidian
District, in Beijing 100086, P.R.C.

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


BARRIER FREE: Creditors' Proofs of Debt Due August 26
-----------------------------------------------------
Creditors of Barrier Free Access Technology Services Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Aug. 26, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Madam Law Tak Yin Nancy
         248 Nam Cheong Street
         Shamshuipo, Kowloon
         Hong Kong


CARGO LINK: Arboit and Blade Step Down as Liquidators
-----------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Cargo Link (Hong Kong) Limited on July 11, 2011.


SILVER SEA: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on July 15, 2011, the
creditors of Silver Sea Consultancy Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Eliza Suk Ying Wu
         6th Floor, St. John's Building
         33 Garden Road Central
         Hong Kong


TOPPER SILICON: Arab and Man Appointed as Liquidators
-----------------------------------------------------
Mr. Osman Mohammad Arab and Mr. Wong Tak Man Stephen on May 20,
2011, were appointed as liquidators of Topper Silicon Steel
Industry Company Limited.

The liquidators may be reached at:

         Mr. Osman Mohammad Arab
         Mr. Wong Tak Man Stephen
         29/F Caroline Centre
         Lee Gardens Two
         28 Yun Pin Road
         Hong Kong


TRANS-GLOBAL (ASIA): Chui Sze Hung Samuel Steps Down as Liquidator
------------------------------------------------------------------
Chui Sze Hung Samuel stepped down as liquidator of Trans-Global
(Asia) Limited on July 5, 2011.


WINTEC ELECTRONICS: Court to Hear Wind-Up Petition on September 7
-----------------------------------------------------------------
A petition to wind up the operations of Wintec Electronics Limited
will be heard before the High Court of Hong Kong on Sept. 7, 2011,
at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on July 6, 2011.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor
          Wing On Centre Building
          26 Des Voeux Road Central
          Hong Kong


YENDA INTERNATIONAL: Ip Kwun Ting Steps Down as Liquidator
----------------------------------------------------------
Ip Kwun Ting stepped down as liquidator of Yenda International
Limited on July 11, 2011.


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


ACME TELECOM: ICRA Cuts Rating on INR181.3cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has revised the rating to '[ICRA]BB+' from 'LA-' assigned to
INR181.30 crore term loan of Acme Telecom Assets Limited.  The
outlook on the rating continues to be stable.

The rating is primarily based on letter of comfort provided by
Acme Tele Power Limited to ATAL's lenders. Moreover, the rating
takes into account ATAL's strong operational and financial
interlinkages with its parent ATPL.  However the rating is
constrained by the fact that the company could not achieve the
scale of operations as envisaged owing to slowdown in telecom
tower rollouts.  This coupled with deterioration in its parent's
operational profile led to decline in financial flexibility
enjoyed by the company. Further the cut down in scale of
operations led to lower accrual generation which led to more than
expected gearing as on March 31, 2011.  Going forward the demand
prospects for company's products offerings are expected to remain
low.

Acme Telecom Assets Limited previously known as MKU Leasing &
Finance Company Limited was set up in FY 2007 to provide passive
telecom infrastructure to telecom operators. It was set up as a
100% subsidiary of MKU Holding Private Limited.  Later on its
ownership was transferred to Acme Tele Power Limited which is also
a 100% subsidiary of MKUHPL. Later on its name was changed to Acme
Telecom Assets Limited.  ATPL is involved in providing cost saving
power solutions to the telecom operators to be installed at
telecom towers. ATPL also provides Operation and Maintenance
Services to Telecom Tower Companies.  ATAL provides services of
passive telecom infrastructure (telecom towers) to telecom
operators. The company plans to be a low cost service provider in
the intensely competitive market based on the cost saving energy
solutions provided by its parent ATPL.

Recent Results

As per the provisional numbers provided by the company, ATAL
reported an Operating Income of INR21.66 crore and Profit after
Tax of INR6.20 crore in FY2011.


APOLLO VIKAS: CRISIL Raises Rating on INR30MM Loan to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Apollo Vikas Steels Pvt Ltd, part of the Apollo Vikas group, to
'CRISIL BB+/Stable' from 'CRISIL BB-/Stable'; the rating on the
letter of credit facility has been reaffirmed at 'CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR30 Mil. Cash Credit Facility     CRISIL BB+/Stable (Upgraded
                                         from 'CRISIL BB-/Stable')

   INR270 Million Letter of Credit     CRISIL A4+(Reaffirmed)

The upgrade reflects the Apollo Vikas group's steady performance
over the past two years, supported by an uptrend in the ship-
breaking industry and steady revenues from the group's furnace
division. The group has reported a stable topline, ranging between
INR850 million and INR890 million, for the period from 2009-10
(refers to financial year, April 1 to March 31) and 2010-11; this
has been a significant increase from INR215 million in 2008-09.
The increase in the group's overall topline has been largely
driven by topline of INR350 million contributed by its 9000-tonne
furnace (for processing scrap), which was commissioned in 2009-10.
During the two-year period 2009-10 to 2010-11; the group
maintained healthy operating margin of 8 to 10%. Considering
cyclicality in the ship-breaking industry, the group's business
risk profile could have been adversely impacted if not for its
steady cash flows from the furnace division. The upgrade also
factors in CRISIL's belief that the Apollo Vikas group will not
undertake any major debt-funded capital expenditure (capex)
programme over the medium term.

The ratings reflect the benefits that the Apollo Vikas group
drives from the extensive industry experience of its promoters,
the group's steady revenues from its furnace division, and its
moderate financial risk profile marked by low gearing and healthy
debt protection metrics.  These rating strengths are partially
offset by the group's small scale of operations in the fragmented
and cyclical ship-breaking industry, and susceptibility to
volatility in the value of the Indian rupee and to adverse
regulatory changes.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AVSL and Saibaba Ship Breaking
Corporation.  This is because the two entities, together referred
to as the Apollo Vikas group, are under a common management, and
have mutual operational and financial linkages with each other,
including fungible funds.

Outlook: Stable

CRISIL believes that the Apollo Vikas group will continue to
benefit from the established track record of its promoters in the
ship-breaking industry, coupled with steady revenues from its
furnace division over the medium term. The outlook may be revised
to 'Positive' if the group's sales and profits increase more than
expected. Conversely, the outlook may be revised to 'Negative' if
the group's operating margin declines significantly, most likely
because of a decline in scrap prices, or it is unable to recover
the cost of ships purchased.

                      About the Group

AVSL is in the business of ship-breaking and owns a plot of 50
square meters at Alang Port (Gujarat). The company's dismantling
capacity is estimated at 40,000 tonnes per annum (tpa). AVSL has a
track record of more than 25 years in the ship-breaking business.
AVSL installed a furnace division with a throughput capacity of
9000 tpa in 2008-09. SSBC is a partnership firm and has a similar
ship-breaking capacity at Alang.

The Apollo Vikas group posted a profit after tax (PAT) of INR51
million on net sales of INR830.8 million for 2009-10, against a
PAT of INR3.5 million on net sales of INR211.7 million for 2008-
09.


ASPI CARS: ICRA Assigns '[ICRA] BB' Rating to INR10cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned '[ICRA] BB' rating to the INR10.00 crore cash
credit facility and INR1.50 crore standby line of credit of Aspi
Cars Private Limited.  The outlook for the rating is stable.

The ratings are constrained by the modest size of operations,
susceptibility to competition from other Tata Motors dealerships
present in Ahmedabad since the company is not an exclusive dealer,
and lack of diversification due to presence of company limited to
the passenger vehicle segment and dealership only of Tata Motors
at present.  The ratings also take into account the limited
profitability which remains dependant on the margins offered by
the automobile manufacturers as well as the weak capitalization
and coverage indicators resulting in limited financial
flexibility.  The ratings positively consider the established
track record of the company along with the experience of promoters
in the car dealership and in other lines of business as well, the
healthy growth in operating income driven by addition of two
showrooms as well as a positive demand scenario, and an
established market position in Ahmedabad which further supports
the company in tapping other related revenue streams like service
and spare parts. The company is also likely to benefit from a
positive demand outlook for the domestic passenger vehicle
segment.

Aspi Cars Private Limited was incorporated in September 2006 by
Vijay Babubhai Patel and Kaushik Jaswantlal Shah.  The company was
initially named Universal Aspi Motors Private Limited and the name
was later changed to Aspi Cars Private Limited. ACPL is an
authorized passenger car dealer and service provider for Tata
Motors and Fiat.  ACPL had started operations in October 2006 and
presently has outlets at three locations in Ahmedabad; the main
outlet at Narol which is equipped with infrastructure to provide
sales, service and spares and two others for sales only.

Recent Results

During FY11 (provisional unaudited financials), ACPL reported an
operating income of INR110.23 Cr. (as against INR68.99 Cr. during
FY10) and profit before tax of INR1.09 Cr. (as against profit
after tax of INR0.32 Cr. for FY10).


EASTERN FOODS: CRISIL Ups Rating on INR19.2MM Loan to 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Eastern Foods Pvt Ltd to 'CRISIL BB-/Stable' from CRISIL B+/Stable
while assigning a 'CRISIL A4+' rating to the short term bank
facilities.

   Facilities                        Ratings
   ----------                        -------
   INR93.3 Mil. Cash Credit Limits   CRISIL BB-/Stable (Upgraded
                                        from 'CRISIL B+/Stable')

   INR19.2 Million Long Term Loan    CRISIL BB-/Stable (Upgraded
                                        from 'CRISIL B+/Stable')

   INR7.5 Million Bank Guarantee     CRISIL A4+ (Assigned)

The upgrade follows an improvement in the financial risk profile
of EFPL driven by an improvement in its gearing to 1.60 times in
2010-11 (refers to financial year, April 1 to March 31) from 2.33
times in 2008-09. The upgrade also reflects the improvement in the
operating margins of the company from 3.3% in 2008-09 to 4.3% in
2010-11.

CRISIL's rating on the bank facilities of Eastern Foods Pvt Ltd
(EFPL) reflects EFPL's average financial risk profile marked by
moderate gearing and debt protection metrics, and a moderate
business risk profile marked by an established market position.
These rating strengths are partially offset by EFPL's
vulnerability to raw material price volatility and adverse
regulatory changes, and limited pricing power in the flour and
rice industry.

Outlook: Stable

CRISIL believes that EFPL will continue to benefit from its
established market position over the medium term. The outlook may
be revised to 'Positive' if there is significant improvement in
the company's scale of operation along with an improvement in its
operating margin. Conversely, deterioration in EFPL's financial
risk profile may lead to a revision in the outlook to 'Negative'.

Update

EFPL's performance for 2010-11 (refers to financial year, April 1
to March 31) has been largely in line with CRISIL's expectation.
In 2010-11, the company has achieved a turnover of around INR1011
million with net profits of around INR 7.9 million.

The company's liquidity is expected to remain stretched because of
low networth base, weak current ratio and high bank limit
utilization.  The networth levels of the company as on March 31,
2011 stood at around INR 108 million. The current ratio of the
company stood at around 0.91 times as on March 31, 2011. The bank
limits of the company of INR 143 million have been highly utilized
at around 92% in the past twelve months ended January 2011. The
cash accruals of the company are expected to be sufficient to meet
the term debt obligations over the medium term. Also, the company
does not have any significant capex plans over the medium term
which provides some comfort to the liquidity position of the
company.

EFPL reported a profit after tax (PAT) of around INR 7.9 million
on net sales of INR976.76 million for 2010-11, against a PAT of
INR8.96 million on net sales of INR1000 million for 2009-10.

                       About Eastern Foods

EFPL was originally set up as a partnership firm in 1999; the firm
was reconstituted as a private limited company in 2006. The
company undertakes production of refined wheat flour (maida),
whole wheat flour (atta), semolina (suji), and bran in its wheat
division; and raw and parboiled rice in the rice division. It has
an installed capacity of 5000 metric tonnes per month (tpm) in the
wheat division, and 5000 tpm in the rice division. Eastern Roller
Flour Mills Pvt Ltd, established in 1988, continued to operate as
a separate entity under the Eastern group till June 2009, post
which it has been merged with EFPL to achieve better operating
efficiencies.


ESSEM JUTE: CRISIL Assigns 'CRISIL B+' Rating to INR39.5MM Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/ CRISIL A4' ratings to the
bank facilities of Essem Jute Industries Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR39.5 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR45 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10 Million Letter of Credit   CRISIL A4 (Assigned)
   INR3.5 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect EJIL's working-capital-intensive operations
and presence in regulated nature of the jute industry. These
rating weaknesses are partially offset by the extensive industry
experience of EJIL's promoter.

Outlook: Stable

CRISIL believes that EJIL will continue to benefit over the medium
term from the extensive experience of its promoter in the jute
industry. The outlook may be revised to 'Positive' if the company
improves its financial risk profile on the back of equity infusion
or in case of better working capital management. Conversely, the
outlook may be revised to 'Negative' in case of more-than-
anticipated increase in gearing due to substantial capital
expenditure or if there is a dip in the company's revenues and
accruals over the medium term.

                       About Essem Jute

EJIL was incorporated in December 2002 by the Mall family and
manufactures jute products. The product range includes jute yarn,
hessian cloth, and bags. The company's facilities are located in
Cooch Behar (West Bengal). EJIL has yarn capacity of 18 tonnes per
day and hessian capacity of 5 tonnes per day. The company is
currently enhancing its capacities, which will be completed by
September 2011.

EJIL has an estimated profit after tax (PAT) of INR5.9 million on
net sales of INR238 million for 2010-11 (refers to financial year,
April 1 to March 31) against a PAT of INR6.4 million on net sales
of INR198.7 million for 2009-10.


GAGAN PULSES: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB+/Stable' to the cash
credit facility of Gagan Pulses Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR250 Million Cash Credit    CRISIL BB+/Stable (Assigned)

The assigned rating reflects improvement in the SBB group's
business risk profile and liquidity during 2010-11 (refers to
financial year, April 1 to March 31). The group's consolidated
revenue doubled to around INR25 billion in 2010-11 from around
INR12 billion in 2009-10, making it one of the largest traders of
agro products. Moreover, with the promoters infusing just under
INR1.1 billion in 2010-11 by way of equity and unsecured loans,
the group's liquidity has improved further. Additionally the SBB
group's bank limits have increased by INR1.5 billion during the
past 10 months ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, Deluxe
Cold Storage and Food Processors Ltd, proprietorship firm Telu Ram
Amar Chand, Sargodha Oil Mills Pvt Ltd, GPPL, Mangal Pulses Pvt
Ltd, Shree Nathjee Roller Flour Mills Ltd, and Shree Bankey Behari
Food Processors Pvt Ltd, hereby referred to as the SBB group. All
the eight entities are engaged in the agro business and there is
operational and financial linkage among them. Also, the entities
are under a common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                         About SBB Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons, Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


JINDAL MECTEC: ICRA Assigns '[ICRA]D' Rating to INR72cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to INR72.0 crore
fund based facilities of Jindal Mectec Private Limited.  ICRA has
also assigned a short term rating of '[ICRA]D' to INR21.0 crore
non-fund based limits of JMPL.  ICRA had earlier suspended the
ratings of JMPL in September 2010 on account of lack of
cooperation by the company.

The ratings factor in the delays in servicing of debt by JMPL,
given its stretched liquidity position on account of relatively
lower internal accrual generation and high working capital
intensity of the business. The ratings also take into
consideration the high competitive intensity of the polyurethane
foam (PUF) panel manufacturing industry, JMPL's high gearing and
its vulnerability to raw material price volatility. ICRA however
draws comfort from the long track record of the company in the
business; its experienced management and reputed customer base.
Going forward, the company's ability to service its debt
obligations on time will remain the key rating sensitivity factor.

JMPL, promoted in 1993 by Mr. Pawan Jindal and his family,
commenced its operations by supplying polyurethane pads to Maruti
Udyog Limited. Subsequently in 1997, the company diversified into
manufacturing PUF sandwich panels and profiling sheets. The
company presently has three manufacturing facilities Gurgaon &
Manesar (Haryana) and Nalagarh (Himachal Pradesh) with an
installed annual capacity of 4.45 million sq. mtrs.

Recent Results

For FY2010, the company has achieved an operating income of
INR112.7 crore and a Profit After Tax of INR6.4 crore


KAVVERI TELECOM: ICRA Assigns '[ICRA]BB+' Rating to INR7cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to INR7 crore term loan and
INR93 crore working capital limits of Kavveri Telecom Products
Limited.  The outlook on the long term rating is stable.

The assigned rating takes into account KTPL's long track record in
designing and manufacturing of Radio frequency (Rf) products and
antennas, its in-house R&D capabilities and its healthy
profitability. The rating is however constrained by KTPL's high
customer concentration, its exposure to capital intensive in-
building solution business through its 51% owned subsidiary and
the intensely competitive nature of the industry. The rating is
further constrained by the high working capital intensity of the
business, negative fund flow from operation at consolidated level
and certain delays in bank account servicing by the company in the
past. However, ICRA notes that the company has taken measures to
avoid such delays in future and has been timely in meeting its
debt service obligations since March 2011.

                     About Kavveri Telecom

KTPL, founded by Mr. Shivkumar Reddy in the year 1996, is mainly
into design, development and marketing of Rf products and
antennas. The company has in-house research and development
facility driven by 40 member core R&D team. Its manufacturing
facility admeasures nearly 1.5 lakh sq. ft. and is adequate to
accommodate at-least next three years growth of the company.
Recently, KTPL has also started contract manufacturing activity in
its manufacturing facility and has bagged a couple of large
orders. During last five years, KTPL has acquired four companies
in Canada in order to broad base its product portfolio and expand
its geographical reach. Besides, KTPL has ventured into the In-
Building Solution business in September 2008, through its 51%
owned subsidiary, Kavveri Telecom Infrastructure Limited.  This is
a capital intensive business model requiring significant upfront
expenditure by KTIL on infrastructure development. At consolidated
level the company has generated a PAT of INR38 crore on an
Operating Income of INR315 crore during FY11.


PADMAVATI CHAINS: ICRA Puts '[ICRA]BB-' Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to INR10.00 Crore fund
based bank facility of Padmavati Chains Private Limited. ICRA has
also assigned an '[ICRA]A4' rating to INR8 crore non-fund based
sub-limit of PCPL's INR10.00 Crore fund-based limits. The outlook
assigned on the long term rating is stable.

The ratings remain constrained by PCPL's small scale of
operations, highly leveraged capital structure which, coupled with
weak profit margins, has resulted in stressed debt servicing
indicators . ICRA also notes the intense competition from
organized as well as unorganized players in the industry which is
likely to keep margins under pressure. The assigned ratings
however, favorably factor in the established track record of the
management in the gems and jewellery industry and the reputed
client base of the company.

Incorporated as a private limited company on 30th November 2010 by
two brothers, Mr. Rajendra M. Jain and Mr. Shripal M. Jain, PCPL
took over the assets and liabilities of M/s. Padmavati Chains and
M/s. Star Gold.  It is engaged in the manufacturing of wide
variety of 22 carat gold jewellery.  The manufacturing of
jewellery is carried out at its manufacturing facility in Byculla,
Mumbai.

Recent Results:

PCPL reported a net profit of INR0.79 crores on an operating
income of INR35.99 crores for the year ending March 31, 2011 (as
per the provisional figures disclosed by the management).


RIA HOTEL: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR10.0 crore term loan
of Ria Hotel Private Limited.

The rating assigned factors in the revenue concentration risk
arising out of operating a single property and the tight liquidity
of the company on account of inadequacy of lease rentals in
meeting the debt repayment obligations. Although the deficit in
lease rentals is met by way of interest from loans extended to
group companies, delays by the lessee in meeting their monthly
lease rental payments can put pressure on the cash flows of the
company. The rating, however, favorably factors in the experience
of the promoters and the low possibility of lessee vacating the
land given that it has developed a hotel under the Radisson brand.
Going forward, the ability of the company to maintain adequate
cover between its lease payments and debt repayment obligations,
and meet these obligations in a timely manner, remain the key
rating sensitivity.

Ria Hotel Private Limited has been promoted by Mr. Gurdeep Singh
Chabra who has been involved in real estate development in and
around Indore. RHPL has leased out -80,000 sq. ft. land to Bestech
Hospitalities Private Limited which in turn has developed a 5-star
Raddison Hotel on the same.  The group also has two operational
malls under the companies Century 21 Town Planners Pvt. Ltd. and
M.P. Entertainment and Developers Pvt. Ltd..  Both these malls are
located on A.B. Road, Indore (Madhya Pradesh).


RKSK OVERSEAS: ICRA Cuts Rating on INR55cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long-term rating of RKSK Overseas Private
Limited from 'LBB+' to '[ICRA]D' for its INR55.0 crore fund based
limits.

The rating revision takes into account the delays in debt
servicing by the company, which has resulted in the account being
classified as a Non-Performing Asset (NPA) by the bank.

RKSK Overseas Pvt. Ltd. was incorporated in April 2008 by three
brothers, Mr. Ram Karan Garg, Mr. Krishan Garg and Mr. Niwas Garg
to take over the assets and liabilities of the partnership firm
M/s Ram Swarup Sunil Kumar Rice Mills which had been engaged in
milling and trading of Basmati Rice for the past 36 years. ROPL's
milling unit is located in Safidon, District, Haryana and the
company also has two trading offices - one in New Delhi and the
other in Dubai.  The company sells parboiled Basmati rice under
its brands: Moon Star, Star Plus, Aishwarya, Kareena, Star Gold,
etc.


SAIBABA SHIP: CRISIL Raises Rating on INR30MM Loan to 'CRISIL BB+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Saibaba Ship Breaking Corporation, part of the Apollo Vikas group,
to 'CRISIL BB+/Stable' from 'CRISIL BB-/Stable'.  The rating on
SSBC's letter of credit facility has been reaffirmed at 'CRISIL
A4+'.

   Facilities                    Ratings
   ----------                    -------
   INR30 Million Cash Credit     CRISIL BB+/Stable (Upgraded from
                                             'CRISIL BB-/Stable')

   INR270 Mil. Letter of Credit  CRISIL A4+ (Reaffirmed)

The upgrade reflects the Apollo Vikas group's steady performance
over the past two years, supported by an uptrend in the ship-
breaking industry and steady revenues from the group's furnace
division. The group has reported a stable topline, ranging between
INR850 million and INR890 million, for the period from 2009-10
(refers to financial year, April 1 to March 31) and 2010-11; this
has been a significant increase from INR215 million in 2008-09.
The increase in the group's overall topline has been largely
driven by topline of INR350 million contributed by its 9000-tonne
furnace (for processing scrap), which was commissioned in 2009-10.
During the two-year period 2009-10 to 2010-11; the group
maintained healthy operating margin of 8 to 10%. Considering
cyclicality in the ship-breaking industry, the group's business
risk profile could have been adversely impacted if not for its
steady cash flows from the furnace division. The upgrade also
factors in CRISIL's belief that the Apollo Vikas group will not
undertake any major debt-funded capital expenditure (capex)
programme over the medium term.

The ratings reflect the benefits that the Apollo Vikas group
drives from the extensive industry experience of its promoters,
the group's steady revenues from its furnace division, and its
moderate financial risk profile marked by low gearing and healthy
debt protection metrics. These rating strengths are partially
offset by the group's small scale of operations in the fragmented
and cyclical ship-breaking industry, and susceptibility to
volatility in the value of the Indian rupee and to adverse
regulatory changes.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSBC and Apollo Vikas Steels Pvt Ltd
(AVSL). This is because the two entities, together referred to as
the Apollo Vikas group, are under a common management, and have
mutual operational and financial linkages, including fungible
funds.

Outlook: Stable

CRISIL believes that the Apollo Vikas group will continue to
benefit from the established track record of its promoters in the
ship-breaking industry, coupled with steady revenues from its
furnace division over the medium term. The outlook may be revised
to 'Positive' if the group's sales and profits increase more than
expected. Conversely, the outlook may be revised to 'Negative' if
the group's operating margin declines significantly, most likely
because of a decline in scrap prices, or it is unable to recover
the cost of ships purchased.

                         About SSBC Group

SSBC is in the business of ship-breaking and owns a plot of 50
square metres at Alang Port (Gujarat). The company's dismantling
capacity is estimated at around 40,000 tonnes per annum (tpa).
AVSL has similar capacity, it installed a furnace unit for
processing scrap in 2008-09, with a throughput capacity of 9000
tpa. The Apollo Vikas group has a track record of more than 25
years in the ship-breaking business.

The Apollo Vikas group posted a profit after tax (PAT) of INR51
million on net sales of INR830.8 million for 2009-10, against a
PAT of INR3.5 million on net sales of INR211.7 million for
2008-09.


SHREEJI TRADING: ICRA Places '[ICRA]BB' Rating to INR55cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR55.00 Cr. long
term fund based bank facilities of Shreeji Trading Company.  The
outlook for the long term rating is stable.

The assigned ratings are constrained on account of limited
profitability margins due to trading nature of the business,
stretched financial profile reflected by high gearing levels; high
competitive intensity due to presence of large number of players
although the long track record of the firm has led to a dominant
position in the local Rajkot market. The ratings are also
constrained on account of vulnerability of profitability to
adverse fluctuations in foreign exchange rates; however the risk
is mitigated to a large extent as the firm hedges its position
through forward contracts. ICRA also notes that STC is a
proprietorship firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

The ratings however favorably factor in the long standing presence
of the promoter in the jewellery business, growth in operating
income supported by increasing sales volumes and an established
clientele base resulting in low customer concentration risk.

Set up as a proprietorship firm in 1997, Shreeji Trading Company
is promoted by Mr. Pankaj Chimanlal Lodhiya and is engaged in
bullion trading. The firm is a part of Shreeji Group with two
other firms viz. Shreeji Ornaments Pvt. Ltd. (manufacturer and
trader of diamond jewellery, gold ornaments and silver articles)
and Shreeji Reality (engaged in construction of residential flats)
present under the group. The group is having more than 20 years of
experience in the business of bullion trading resulting in an
established presence in the Rajkot market.


SIMPEX OVERSEAS: ICRA Reaffirms '[ICRA]BB' Rating on INR12cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to the INR12 crores
fund-based limits of Simpex Overseas Private Limited.  The outlook
on the long-term rating is stable.

The rating takes into account the intensely competitive nature and
low value additive nature of the metal trading industry, SOPL's
modest scale of operations, which results in limited economies of
scale, and its low profitability and modest cash accruals. Low
profitability coupled with high working capital borrowings have
resulted in moderate debt coverage indicators. The margins of the
company are exposed to foreign exchange fluctuations due to large
volumes of imported raw materials as well as movement in traded
goods prices. Nevertheless, the rating draws comfort from SOPL's
experienced management and demonstrated financial support from
promoters. Going forward, ICRA expects SOPL's profitability to
remain under pressure while working capital requirements to
increase in line with the growth in scale of operations.

SOPL was incorporated in 1994 by Mr. Om Prakash Maheshwari. SOPL
is a closely held company with entire shareholding with promoters
and their group companies. Currently the company is managed by Mr.
Maheshwari and his friend Mr. Prakash Trivedi. The company is
involved in trading of scrap of metals and alloys such as steel,
stainless steel, brass, copper, zinc, aluminium etc.

For the financial year ending March 31, 2011, the company reported
an operating income of INR132.54 crores and a profit after tax of
INR0.71 crore.


SRI AYYAPPA: ICRA Assigns 'LB+' Rating to INR15cr Bank Loans
------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR15.00 crore fund based limits
of Sri Ayyappa Rice Industries.

The assigned rating is constrained by the weak financial profile
characterized by low profitability with operating and net margins
at 4.68% and 0.53% respectively in FY10 and weak coverage
indicators as reflected by OPBITDA/Interest of 1.81 times and
NCA/Debt of 6% in FY10. Rice milling is a working capital
intensive business as the rice miller have to stock rice by the
end of each season till the next season as the price and quality
of paddy is better during the harvesting season. Moreover, the
paddy is procured from the farmers generally against immediate
payments while the millers have to extend credit to whole-sellers
who sell rice to retailers. Therefore, the working capital
intensity was high at 37% during FY 10. The operating margins
increased from 3.93% in FY 09 to 4.68% in FY 10, due to decrease
in raw material expenses. However, the NPM remained at similar
levels during this period due to increase in interest expenses in
FY 10. The gearing increased from 1.32 times as on March 31, 2009,
to 1.50 times as on March 31, 2010, due to increase in working
capital borrowings.

Sri Ayyappa Rice Industries is a partnership firm established in
the year 2008 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. S. Venkata Reddy and
partners.  The company has a milling unit in Polamuru (East
Godavari district) of Andhra Pradesh with a milling capacity of
90,000 MTPA.


SRI GOVINDARAJA: ICRA Reaffirms '[ICRA]B' Rating on INR35cr Loan
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR187.22 crore Term
Loan Facilities and INR35.00 crore of Long Term Fund based bank
facilities of Sri Govindaraja Textiles Private Limited.

The rating reaffirmation considers promoter's experience in the
spinning business, increasing scale with improving margins and its
advantage of being in the vicinity of cotton growing belt. The
ratings are, however, constrained by stretched financial risk
profile of the company characterized by high gearing, weak
coverage indicators, high working capital intensity and negative
free cash flows. The rating action also consider the sharp decline
in cotton prices in the last few months and its potential impact
on the margins, further accentuated by the power crisis in Tamil
Nadu and the intense competition prevailing in the highly
fragmented industry, given the commoditized nature of the cotton
yarn.

Shri Govindaraja Textiles Pvt Ltd was incorporated in the year
1999 as a part of Shri Govindaraja group, which is a part of the
larger Sri Jayavilas group. The company is closely held by the
promoters and the promoters' family. The company has two
manufacturing units in Pulivendula, Kadapa in Andhra Pradesh
(Unit I) and Aruppukottai, TamilNadu (Unit II). Unit I of the
project in Pulivendula, in AP has been completed with 50,400
spindles. Unit II of the project in Aruppukottai which was in the
final stages of implementation last year has been completed with a
capacity of 50,400 spindles by September 2010.Unit I and II have
been installed with latest modern machineries which helps the unit
save labour costs and achieve better operational efficiency. The
company manufactures combed yarn ranging from 40 to 80 counts in
cone form. The company concentrates on coarser counts since better
productivity can be achieved in coarser counts as against finer
counts.

Recent Results

SGTPL's operating income and operating profit stood at INR140.45
crores and INR23.6 crores (unaudited) respectively for the year
ended March 2011.  This represents a 68.0% and 93.6% increase in
revenues and profits over last year respectively.


SURVIVAL TECHNOLOGIES: ICRA Puts '[ICRA]B+' Rating on INR3cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR3.00 crore term
loans and INR4.00 crore long term, fund based working capital
facilities of Survival Technologies Private Limited. ICRA has also
assigned '[ICRA]A4' rating to the INR0.50 crore short term, non
fund based working capital facilities of the company.

The ratings derive strength from the experience of the promoters
in the field of fine and specialty chemicals, relationship with
reputed companies from pharmaceutical industry, entry into bulk
manufacturing, moderate profitability, and moderate capital
structure. The ratings are however constrained by risks related to
small scale of operations, aggressive and leveraged expansion
plan, and the uncertainty in sustaining revenue growth given the
usual uncertainty in receiving repeat orders for a newly developed
molecule.

STPL was incorporated in 2005 by Mr. Vijay R. Agarwal and family,
to engage in manufacturing of fine and specialty chemicals, and
pharmaceutical intermediates. The company caters to various
companies in the pharmaceutical, agrochemical, petrochemical,
personal care, and electronics manufacturing industries globally.
The company has two manufacturing units - one of them equipped
with state of the art Research and Development centre - located at
Gujarat Industrial Development Corporation (GIDC) in Ankleshwar,
Gujarat. The company is setting up a third manufacturing unit in
the Special Economic Zone (SEZ) at Dahej, Gujarat.

Recent Results

The company reported a profit after tax (PAT) of INR1.10 crore on
an operating income of INR27.44 crore for FY 2010-11 (unaudited,
provisional) as against a PAT of INR0.80 crore on an operating
income of INR16.70 crore in FY 2009-10.


TAMIL NADU: ICRA Cuts Rating on INR5,000cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the rating outstanding from '[ICRA]BB+' to
'[ICRA]D' against bank lines amounting to INR5,000 crore of Tamil
Nadu Electricity Board.  TNEB also has rating outstanding of
'[ICRA]A(SO)' against the various debt programs amounting to
INR1,700 crore.

Tamil Nadu Generation and Distribution Corporation Limited, an
entity created as part of the unbundling process of TNEB, has
rating outstanding of [ICRA]A(SO) against the debt program
amounting to INR1,500 crore.  This rating continues to remain
under watch with developing implications. Pending completion of
unbundling process, including availability of audited accounts for
the trifurcated entities, ICRA has taken a consolidated view for
the purpose of assigning the standalone rating.  The standalone
rating revision factors in the current delay in the servicing of
bank loans arising from stretched liquidity position.

The standalone rating also factors in the significant increase in
the financial risk profile of TNEB emanating from large cash
losses despite recent tariff revision, inadequate cost coverage
through tariffs, sharp rise in the debt levels, increased reliance
on refinancing for repaying the outstanding loans and increasing
share of short term loans in the overall funding mix, the
servicing of which will further stretch the cash flows of the
Board.  ICRA notes that meaningful tariff revision and capital
restructuring will be required for the Board to be a commercially
viable entity.  The rating also factors in the dependence on
tariff subsidy from the Government of Tamil Nadu (GoTN) which
remains inadequate, stagnant own power generation and slow pace of
power sector reforms such as unsatisfactory progress on consumer
metering and unbundling of the Board, and, continuance of
free/subsidized power schemes.  The rating is also constrained by
the significant debt funded capex plans in the near- to medium-
term.  The rating, however, continues to favorably factor the
strategic importance given the sole utility entity in Tamil Nadu
and wholly-owned by GoTN.

                       About Tamil Nadu

TNEB, a wholly owned statutory body of GoTN, is engaged in the
business of generation, transmission and distribution of power in
the entire state of Tamil Nadu as a regulated monopoly.  It is the
largest SEB in the country in terms of number of consumers
(21.3 million as of March 31, 2010) and one of the top few state
utilities in terms of energy sales.  TNEB's own capacity for power
generation stood at 5690 MW for FY 2010 of which thermal and hydel
generation capacity constituted 52% and 38%, respectively.  TNEB
also sources a significant portion of its requirement from central
power sector utilities like National Thermal Power Corporation
Ltd, Neyveli Lignite Corporation Ltd and Nuclear Power Corporation
of India Ltd besides independent power producers (IPPs) in the
State.  Other sources, from where power is purchased, include
captive generating units, co-generation units and wind mills.
Under the reorganization and transfer scheme of TNEB under the
Tamil Nadu Electricity (Reorganization and Reforms) Transfer
Scheme 2010 issued by Government of Tamil Nadu (GoTN) with effect
from Nov. 1, 2010, TNEB has been reorganized into TNEB Limited
(the holding company), Tamil Nadu Generation and Distribution
Corporation Limited and Tamil Nadu Transmission Corporation
Limited.


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


GUIDED THERAPEUTICS: Inks Preliminary Research Pact with Konica
---------------------------------------------------------------
Guided Therapeutics, Inc., has entered into a preliminary
agreement with Konica Minolta Opto, Inc., of Tokyo, to conduct
clinical and market research for the LuVivaTM Advanced Cervical
Scan product in certain Asian markets.  As part of the agreement,
the two companies also plan to conduct a clinical trial to
establish screening claims for LuViva, as a method to replace the
Pap test for early cervical disease detection in international
markets.

"We are very pleased to expand our relationship with Konica
Minolta beyond our work on esophageal cancer detection and
monitoring technology," said Mark L. Faupel, Ph.D., President and
CEO of Guided Therapeutics, Inc.  "In addition to gaining an
excellent potential marketing partner in Asia, of equal importance
is the initiation of a clinical trial to establish screening
claims for cervical disease for our non-invasive, point-of-care
test.  The prospect of opening up the cervical screening market
for our product would expand the market opportunity for LuViva
exponentially."

"We are pleased to extend our relationship with Guided
Therapeutics to cervical disease for the Asian market," said Akira
Suzuki, General Manager, LC Business Department for Konica Minolta
Opto.  "We believe that LuViva will bring better healthcare
benefits to women in both highly sophisticated markets, such as
Singapore, and developing countries in Asia as well."

Under the initial one year agreement, Guided Therapeutics will
sell LuViva demonstration and clinical trial devices and single-
use disposable Cervical Guides to Konica Minolta.  The screening
clinical trial, sponsored by Konica Minolta, is planned to be
conducted in key Asian markets.  Konica Minolta is also
responsible for receiving clearances or approvals for LuViva in
certain Asian countries, not including South Korea.  Once each
clearance is granted, Konica Minolta will have right of first
negotiation for distribution of LuViva in that territory.

"In multiple clinical studies involving more than 3,000 women, the
LuViva has consistently demonstrated superior performance to the
standard of care, including the Pap test, human papillomavirus
(HPV) testing and biopsy," Dr. Faupel added.

                     About Konica Minolta Opto

Konica Minolta Opto, Inc., was inaugurated on Oct. 1, 2003,
following the integration of the former Konica Opto Corporation
and the optics division, parented by the optical system operations
of the former Minolta Co., Ltd.  The Company's scope of business
can be roughly divided into two categories: optical product
development centered on the Company's proprietary, cutting-edge
optical technology; and the development and manufacturing of
electronic components, including triacetyl-cellulose (TAC) films
for use in LCD polarizing plates and glass dry plates used for
production of shadow masks.  Parent company Konica Minolta
Holdings markets several medical devices, including digital
mammography, and has over 1,000 medical device sales personnel in
Asia.  Visit www.konicaminolta.com/opt/index.html for more
information.

                     About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

The Company reported a net loss of $2.84 million on $3.36 million
of contract and grant revenue for the year ended Dec. 31, 2010,
compared with a net loss of $6.21 million on $1.55 million of
contract and grant revenue during the prior year.

The Company's balance sheet at March 31, 2011, showed
$3.13 million in total assets, $2.36 million in total liabilities
and $777,000 in total stockholders' equity.

As reported by the TCR on April 4, 2011, UHY LLP, in Atlanta,
Georgia, noted that the Company's recurring losses from
operations, accumulated deficit and lack of working capital raise
substantial doubt about its ability to continue as a going
concern.


TOKYO ELECTRIC: Rules Out Selling Energy Assets in Philippines
--------------------------------------------------------------
The Philippine Daily Inquirer reports that Tokyo Electric Power
Corp. will not sell its energy investments in the Philippines
despite the difficulties it is facing with its Fukushima nuclear
power plant in the aftermath of the devastating tsunami and
earthquake that rocked Japan last March.


TEPCO is even planning, the Inquirer relates, to put up in the
Philippines greenfield power plants that can generate at least 600
megawatts for the Luzon grid, through local firm Team Energy,
which it owns together with another Japanese firm, Marubeni.

Expansion of the two coal-fired power plants owned and operated by
Team Energy in Sual, Pangasinan, and in Pagbilao, Quezon, is also
being pushed within the short to medium term, the Inquirer says.

According to the report, Team Energy president and CEO Federico
Puno disclosed these plans as he dismissed as "speculation"
earlier news reports claiming that TEPCO would sell all of its
overseas energy investments.

The Inquirer relates that Mr. Puno explained that TEPCO, which has
a total generating capacity of 65,000 MW in Japan and only 8,500
MW abroad, was not about to make any drastic moves to divest
assets as the Japanese firm was still in the process of
constituting an appraisal group to evaluate its assets, operation,
earning capacity and potential costs.

                            About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


TOKYO ELECTRIC: Parliament May Pass Compensation Bill This Week
---------------------------------------------------------------
Megumi Fujikawa and George Nishiyama at Dow Jones Newswires report
that senior officials from Japan's ruling party and the main
opposition said Sunday that bills to help Tokyo Electric Power Co.
compensate those affected by the accident at its Fukushima nuclear
plant could pass parliament as early as this week.

Dow Jones says financial markets have been closely following the
bills, seen as crucial for the survival of TEPCO, given that the
cost of compensating evacuees and other victims of Japan's worst
nuclear accident, triggered by the March 11 earthquake and
tsunami, is expected to be well over JPY1 trillion (US$12.7
billion).  Uncertainty over the impact on TEPCO stakeholders has
jolted the markets, and banking shares plummeted when speculation
grew earlier in the crisis that lenders might be forced to forgive
some loans made to the utility.

"I believe the possibility is high that the bills would be passed
during this week," Dow Jones quotes Jun Azumi, the parliamentary
affairs committee chief of the ruling Democratic Party of Japan,
as saying in a program on NHK television.  Ichiro Aisawa, head of
parliamentary affairs for the largest opposition party, the
Liberal Democratic Party, told the same program that the two
parties are nearing an agreement, according to Dow Jones.

Mr. Azumi, as cited by Dow Jones, added that the bills would
clearly define the limit of the government's responsibility, as
opposition parties have called for.

                             About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


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


HIBERNIAN CREDIT: Depositors May Lose Up to 50% of Investments
--------------------------------------------------------------
BusinessDay.co.nz reports that Hibernian Credit Union depositors
face losing up to half of their investments after alleged employee
fraud, as the Catholic organization attempts to merge with a
larger benefit society to stave off liquidation.

According to the report, the credit union and the Hibernian
Catholic Benefit Society held annual meetings on Saturday at which
they voted for a plan to merge.  BusinessDay.co.nz says depositors
were also told that they faced losing 40% to 50% of their
deposits.

The Serious Fraud Office announced a joint investigation with
Wellington police on June 1 into allegations of employee fraud at
the society dating back up to a decade, BusinessDay.co.nz recalls.

BusinessDay.co.nz relates that it now appears that about
NZ$1.5 million, roughly evenly split between the union and the
larger benefit society, is missing.

While it is thought that no one depositor held more than NZ$40,000
with the credit union, its president, Mike McBride, said some
families might face a considerable impact because several
relatives held accounts, according to BusinessDay.co.nz.

BusinessDay.co.nz notes that because of the scale of the losses at
the credit union, which had just over NZ$1 million in deposits, it
faces liquidation, unless it is allowed to merge with the larger
society, a plan which requires the approval of both the members of
both Catholic organizations, and Registrar of Friendly Societies
and Credit Unions.

According to the report, Mr. McBride said the costs of liquidation
costs would probably mean that members would face even larger
losses because of the cost involved.

"This proposal will save what is left, and if we get any
recoveries from the theft, that will go into providing members
funds too," the report quotes Mr. McBride as saying.

Members unanimously voted to not reappoint Grant Thornton as
auditors, and calls have been made for the auditors to cover the
losses, after not detecting the fraud, BusinessDay.co.nz reports.

Founded in 1869, The Hibernian Catholic Benefit Society is a
friendly society which offers financial services to about 2,800
members, of which about 20% to 30% are also with the credit union.


PULSE UTILITIES: Shareholders to Decide on Buller's Rescue Deal
---------------------------------------------------------------
The Dominion Post reports that Buller Electricity Ltd said its
rescue of Pulse Utilities New Zealand Ltd is now in the hands of
the retailer's shareholders, after its own shareholders did not
raise the deal at its annual meeting.

The Dominion Post recalls that Buller last month announced a
rescue package for Pulse which would see Buller inject
NZ$5 million in cash.  The report says Buller has already invested
NZ$1.2 million and provided another NZ$9 million in guarantees, in
return for a 65% stake.

At that time, the report notes, Pulse admitted that it had failed
to raise money from investors and that it was relying on financial
support from Buller.

Since it was formed in 2000, Pulse has retained losses of
NZ$31 million, including NZ$14 million in the two years since it
switched its focus from smart meters to cut price power retailing,
the Dominion Post discloses.

Customer numbers rose from 4,000 to 23,000 in the year to
March 31, but the growth came with a 50-fold increase in bad debt
provisions as it failed to carry out basic credit checks, the
report notes.

Buller, according to The Dominion Post, held its annual general
meeting on Thursday for its shareholder, a consumer trust.

The Dominion Post relates that Buller Electricity chairman Frank
Dooley said the Pulse deal wasn't discussed at the meeting,
although he acknowledged some of the trustees had concerns.

"We all understand that the deal that is on the table with Pulse
has associated risks and the shareholders have concerns in respect
to the risks, and how we can manage and mitigate those risks, but
those risks are no different to the concerns of the directors,"
the report quotes Mr. Dooley as saying.

Meanwhile, The Dominion Post reports that Pulse this week
published its annual report, which confirmed that without the
support of Buller it was likely to run out of cash within two
months, and that its bad debts provision did not include some
bills which are more than three months overdue.

The report showed Pulse had receivables of NZ$1.35 million which
were at least three months past due, while its bad debt charges
were less than NZ$1.1 million, the Dominion Post discloses.

Pulse has reported a NZ$7.05 million loss for the year to
March 31, 2010, compared to a loss of NZ$5.3 million in 2009.

Pulse shareholders will vote on the deal on August 18.

                        About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.pulseutilities.com/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.


SOUTH CANTERBURY: Receivers Confirm Sale of Scales Share to Direct
------------------------------------------------------------------
The New Zealand Herald reports that South Canterbury Finance
receivers McGrathNicol have confirmed the previously announced
conditional sale of the 79.7% shareholding in Scales to investment
company Direct Capital Investments for NZ$44 million.

According to the report, receiver Kerryn Downey said the deal was
a positive outcome for the company, its shareholders and for the
receivers.

Scales chief executive Andy Borland welcomed Direct Capital as its
majority shareholder, the Herald says.

The transaction, says the Herald, follows the sale of South
Canterbury's Helicopters (NZ) and Face Finance this year.

Mr. Downey said he was pleased with progress to date.  "We have
still got the balance of the loan books, so there is still a
little bit to do, but the chunkier bits will soon be behind us,"
the report quotes Mr. Downey as saying.

Direct Capital is a New Zealand-based investment firm that was
established in 1994 to invest in private companies.

Scales is a horticulture and primary sector processing, exporter
and logistics business. It operates businesses including
Mr. Apple -- the largest grower, packer and exporter of apples in
New Zealand -- Meateor Foods, exporting processed meat used in
leading pet food brands, New Zealand's largest cold store network,
a bulk liquids storage business and a logistics business.

                        About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


PHILIPPINE AIRLINES: Posts US$72.5-Mil. Net Income in 2011
----------------------------------------------------------
The Daily Tribune reports that flag carrier Philippine Airlines
(PAL) reported a total comprehensive income of US$72.5 million for
its fiscal year ending March, a significant turnaround over the
previous year's US$14.4 million loss.

The Tribune relates that PAL, in a filing with the Securities and
Exchange Commission, recognized revenues of US$1.67 billion, 23%
higher than the preceding year's figure of US$1.36 billion.

During the year, the Tribune discloses, passenger and cargo
traffic grew by 12.4% and 41.8% respectively as the aviation
industry rebounded from the global slump the year before.
Increases in passenger yields also complemented the growth in
traffic volume, the report notes.

According to the report, total expenses for the year totaled
US$1.61 billion, up 19% from last year's figure of US$1.35
billion.  Jet fuel, which continues to be the airline's biggest
expense, rose by US$142 million or 29.9%.

While PAL is pleased with its recent positive performance, the
airline said in a statement that it remains watchful of the year
ahead as fuel prices continue its upward trend. It also noted a
gradual slowdown in traffic demand especially for leisure
travelers.

Fuel price volatility, the devastating earthquake and tsunami in
Japan and political unrest in the Middle East and North Africa
also pose a serious threat to the flag carrier's fragile bottom
line, the Tribune adds.

                    About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                           *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Philippine Airlines until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


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


AESTHETIC CONSTRUCTION: Creditors Get 20.65229% Recovery on Claims
------------------------------------------------------------------
Aesthetic Construction & Furniture Pte Ltd declared the
preferential dividend to creditors on July 18, 2011.

The company paid 20.65229% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


BITUMEN COMPLETE: Court to Hear Wind-Up Petition July 29
--------------------------------------------------------
A petition to wind up the operations of Bitumen Complete Solutions
Pte Ltd will be heard before the High Court of Singapore on
July 29, 2011, at 10:00 a.m.

Luther LLP filed the petition against the company on July 13,
2011.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street #18-00
         GB Building
         Singapore 069542


DYNA-OKE CONSTRUCTION: Creditors Get 0.95973% Recovery on Claims
------------------------------------------------------------------
Dyna-Oke Construction Pte Ltd declared the preferential dividend
to creditors on July 14, 2011.

The company paid 0.95973% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


EPL DISTRIBUTION: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------
Creditors of EPL Distribution Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by Aug. 5, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


EVERSTRONG ALUMINIUM: Creditors Get 2.02389% Recovery on Claims
---------------------------------------------------------------
Everstrong Aluminium Pte Ltd declared the preferential dividend to
creditors on July 14, 2011.

The company paid 2.02389% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


YOONG CHANG: Creditors Get 73.43867% Recovery on Claims
-------------------------------------------------------
Yoong Chang Construction Pte Ltd declared the preferential
dividend to creditors on July 18, 2011.

The company paid 73.43867% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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


* BOND PRICING: For the Week July 18 to July 22, 2011
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       0.99
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.12
EXPORT FIN & INS         0.50    12/16/2019   NZD      64.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.21
EXPORT FIN & INS         0.50    06/15/2020   NZD      63.18
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.70
NEW S WALES TREA         1.00    09/02/2019   AUD      69.25
NEW S WALES TREA         0.50    09/14/2022   AUD      56.67
NEW S WALES TREA         0.50    10/07/2022   AUD      56.20
NEW S WALES TREA         0.50    10/28/2022   AUD      55.96
NEW S WALES TREA         0.50    11/18/2022   AUD      55.81
NEW S WALES TREA         0.50    12/16/2022   AUD      55.28
NEW S WALES TREA         0.50    02/02/2023   AUD      54.93
NEW S WALES TREA         0.50    03/30/2023   AUD      54.38
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      72.26
RESOLUTE MINING         12.00    12/31/2012   AUD       1.30
SUNCORP METWAY           6.75    10/06/2026   AUD      72.01
TREAS CORP VICT          0.50    08/25/2022   AUD      57.56
TREAS CORP VICT          0.50    11/12/2030   AUD      55.77
TREAS CORP VICT          0.50    11/12/2030   AUD      38.86


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.90


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      49.75


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.81
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.42
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.29
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.42
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.74
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.24
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.90
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.70
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.62
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.65


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      59.00
AIFUL CORP               1.74    05/28/2013   JPY      51.06
AIFUL CORP               1.99    10/19/2015   JPY      38.01
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.07
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.96
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      74.14
TOKYO ELEC POWER         2.40    11/28/2029   JPY      74.50
TOKYO ELEC POWER         2.20    02/27/2029   JPY      74.18
TOKYO ELEC POWER         2.11    12/10/2029   JPY      67.58
TOKYO ELEC POWER         1.95    07/29/2030   JPY      67.74
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.98


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.53
CRESENDO CORP B          3.75    01/11/2016   MYR       1.25
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.67
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.59
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.49
ENCORP BHD               6.00    02/17/2016   MYR       0.90
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.02
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.94
MITHRIL BHD              3.00    04/05/2012   MYR       0.47
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.41
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.86
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.79
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       2.01
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.63


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      72.55
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.63
GENESIS POWER            8.50    07/15/2041   NZD       8.32
INFRATIL LTD             8.50    09/15/2013   NZD       7.35
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.26
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.59
NZF GROUP                6.00    03/15/2016   NZD      22.75
SKY NETWORK TV           4.01    10/16/2016   NZD       7.16
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.75
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      38.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.51
WBL CORPORATION          2.50    06/10/2014   SGD       1.30


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

DAEYEONG SAVING          7.95    07/29/2015   KRW      70.11
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      74.20
GOLDEN BRIDGE            8.50    04/15/2015   KEW      69.42
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      28.96
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.02
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      31.80
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      36.87
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.43
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      32.67
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.88
IBK 17TH ABS            20.00    12/29/2012   KRW       9.36
IBK 17TH ABS            25.00    12/29/2012   KRW      61.74
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      56.04
KDB 6TH ABS             20.00    12/02/2019   KRW      73.57
KEB 17TH ABS            23.00    12/28/2011   KRW      55.74
KIRYUNG ELEC             3.00    12/10/2013   KRW      74.82
KOREA MUTUAL SAV         8.00                 KRW      69.44

NACF 18TH ABS           25.00    07/03/2011   KRW      43.05
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      50.84
SCONAB 2ND ABS          10.00    09/29/2014   KRW      27.09
SEGYE TOUR CO            4.00    11/06/2012   KRW      72.75
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.55
SINBO 2ND ABS           15.00    08/26/2013   KRW      34.32
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.92
SINBO 4TH ABS           15.00    12/16/2013   KRW      30.44
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.87
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      29.49
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      27.85
SMART SAVINGS            8.00    01/17/2016   KRW      69.43
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      60.14
TOMATO MUTUAL            8.50    08/12/2014   KRW      71.49


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       68.30


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       69.47


VIETNAM
--------

HCMC INVT FUND           9.25    08/10/2016   VND       11.70
VDB BOND                 8.40    09/13/2011   VND        9.70
VDB BOND                 8.40    01/15/2012   VND        9.50
VDB BOND                 8.40    01/22/2012   VND        9.50
VDB BOND                 8.10    01/26/2012   VND        9.50
VDB BOND                 8.60    09/13/2016   VND        9.50


                             *********

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

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

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


                            *********


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

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

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

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

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





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