/raid1/www/Hosts/bankrupt/TCRAP_Public/110916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 16, 2011, Vol. 14, No. 184

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Looks for New Chair Ahead of Unitholders' Vote
HABITARE DEVELOPMENTS: Owner in Legal battle Over IP Laws Breach
HAMRA DEVELOPMENTS: Calls in Liquidators Due to Insolvency
LIME DOOR: Failed Partnership Cues Voluntary Liquidation


C H I N A

AGRISOLAR SOLUTIONS: Reports US$384,100 Net Income in June 30 Qtr.


H O N G  K O N G

COOLABAH LIMITED: Members' Final Meeting Set for Oct. 13
EXETER HK: Members' Final Meeting Set for Oct. 12
GC STRUCTURED: Creditors' Proofs of Debt Due Sept. 23
GREENWOOD INDUSTRY: Commences Wind-Up Proceedings
HELIIX LIMITED: Court Enters Wind-Up Order

HK KINDERGARTEN: Members' Final Meeting Set for Oct. 10
INCORPORATED OWNERS: Court Enters Wind-Up Order
JUMBO PROFIT: Briscoe and Meng Step Down as Liquidators
JUNE AGENTS: Annual Meetings Set for Oct. 7
KAMMY TOWN: Kenny King Ching Tam Appointed as Liquidator

KUN KUNG: Members' Final Meeting Set for Oct. 10
MEDENT HEALTH: Members' Final Meeting Set for Oct. 10
MIDTOWN HOLDINGS: Annual Meetings Set for Oct. 7
MONTAGUT HK: Members' Final General Meeting Set for Oct. 10
NEW CHINA: Annual Meetings Set for Oct. 7

NEW CHINA HK: Annual Meetings Set for Oct. 7
NEW CHINA HK PROPERTIES: Annual Meetings Set for Oct. 7
NEW CHINA HK TRADING: Annual Meetings Set for Oct. 7
OHNISHI DENKI: Members' Final Meeting Set for Oct. 10
PEARL SYSTEMS: Members' Final General Meeting Set for Oct. 17


I N D I A

AMBUJA GINNING: CARE Rates INR8cr LT Bank Loan at 'CARE B+'
ARANI POWER: ICRA Assigns '[ICRA]B+' Rating to INR38.92cr Loan
ARTEFACT PROJECTS: ICRA Cuts Rating on INR35cr Loan to '[ICRA]D'
DOABA ROLLING: CARE Assigns 'CARE C' Rating to INR7cr LT Loan
G. D. OVERSEAS: CARE Rates INR18cr Long Term Loan at 'CARE B+'

HARSHAD MEHTA: SBI, et al., to Get INR650cr from Liquidated Assets
HEERU PAINTS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr Loan
INDOCHEM & POLYMERS: ICRA Puts '[ICRA]BB' Rating on INR17.5cr Loan
KINGFISHER AIRLINES: Auditor Raises Doubts Over Company's Survival
MASH AGRO: ICRA Assigns '[ICRA]B+' Rating to INR18cr Term Loans

P&R ENGINEERING: ICRA Cuts Rating on INR33cr Loan to '[ICRA]D'
R. P. INDUSTRIES: CARE Assigns 'CARE BB' Rating to INR5.70cr Loan
RTSTAR DIAMONDS: ICRA Cuts Rating on INR17.5cr Loan to '[ICRA]D'
SAWAR LALL: CARE Rates INR6.57cr Long-Term Loan at 'CARE B+'
SHREE HARI: ICRA Assigns '[ICRA]BB' Rating to INR8cr Capital Limit

SUPER SPINNING: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
TIRUBALA EXPORTS: ICRA Places '[ICRA]BB+' Rating on INR15cr Loan
VAIBHAV ISPAT: CARE Rates INR6.42cr LT Loan at 'CARE BB-'
YASH PAPERS: ICRA Downgrades Rating on INR94.9cr Loan to '[ICRA]D'


N E W  Z E A L A N D

MIDDLEMARCH TOURISM: Owner Assures Creditors He No Longer Trades
PIR LIMITED: Liquidators Put Paris Texas Brand Up for Sale


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


CENTRO PROPERTIES: Looks for New Chair Ahead of Unitholders' Vote
-----------------------------------------------------------------
Sarah Danckert and Bridget Carter at The Australian report that
Centro Properties Group is under pressure to finalize its search
for a new chairman ahead of a vote of unitholders next month to
create a $3 billion group from the carcasses of its two listed
shopping-centre companies.

Sources told The Australian that the list for the chairman's role
had narrowed to two candidates, believed to be former ANZ Banking
Group deputy chief executive Bob Edgar and former AMP and
Centennial Coal director Richard Grellman.

One name speculated about for the role of chief executive is Kylie
Rampa, an executive at Macquarie and formerly chief executive of
Macquarie Countrywide, The Australian says.

According to the report, Centro is understood also to be
considering internal candidates for the position.  It is believed
Centro's Mark Wilson and Michael Benett are among those who
applied for the chief executive's job, The Australian reports.

The Australian discloses that Mr. Wilson is Centro's general
manager of property operations in Australia.  Since joining the
company in 1997, he has worked in various roles including that of
chief investment officer and chief operating officer for Centro
Watt US.

Mr. Benett, says The Australian, is general manager of
institutional funds management, responsible for the listed,
wholesale and direct property funds, as well as for corporate
marketing and communications.

The Australian notes that speculation is mounting that chief
executive Robert Tsenin, despite having flagged his resignation at
the end of the year, may stay on as interim chief so the ailing
property giant can secure a preferred new chief executive.

A wish list would include the retail heads of leading listed
property firms such as Stockland, GPT or Colonial First State,
according to The Australian.

Egon Zehnder is handling both recruitment processes, the report
notes.

Centro Properties decided in November 2010 to put all of its
assets on the block after having received approval to refinance
the next round of debt.  The sale of the assets comes almost three
years to the day that Centro's former chief executive, Andrew
Scott, and the board revealed the group did not have the funds
needed to pay the AUD4 billion of debt that was due in December
2007.  That resulted in the shares of the company dropping in
value by as much as 90%, according to the Sydney Morning Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, that Centro Properties said it entered into an
agreement with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail
Trust (CER) and certain Centro managed funds.

The TCR-AP, citing The Australian, reported on Aug. 30, 2011,
Centro Properties warned shareholders when handing down its full-
year results that the debt-bloated company still faces liquidation
if does not merge with the less indebted Centro Retail Group.

Unitholders are due to vote next month on a merger of Centro
Properties Group and listed satellite Centro Retail Group to
create a listed trust owning a $4.4 billion portfolio of
Australian shopping centres, The Australian discloses.

                        About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand and the United States.
Centro has funds under management of US$24.9 billion.


HABITARE DEVELOPMENTS: Owner in Legal battle Over IP Laws Breach
----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that property developer
Peter O'Mara has been embroiled in a Federal Court battle after
building company Tamawood alleged Mr. O'Mara's collapsed project
management group Habitare breached intellectual property laws.

SmartCompany says the court battle comes as a number of
Mr. O'Mara's businesses have been placed into either receivership
or administration, including aged-care facility Pinevale Villas
Lismore.

According to the report, Tamawood has reportedly accused Habitare,
which collapsed into receivership last month, of breaching
copyright by using some of its intellectual property in building
designs.

It is understood that McGrath Nicol administrators John Cronin and
Jamie Harris have been appointed as well as Ernst & Young receiver
Justin Walsh, SmartCompany notes.

Mr. O'Mara made headlines earlier last year when millions of
dollars' worth of art was stolen from his Darling Point home.  He
claimed later the theft was a set-up, SmartCompany relays.

Mr. O'Mara started Habitare in 2000, focusing on external builders
and residential developments, according to SmartCompany.


HAMRA DEVELOPMENTS: Calls in Liquidators Due to Insolvency
----------------------------------------------------------
Meredith Booth at AdelaideNow reports that Hamra Developments will
be wound up with unsecured creditors, mainly building contractors,
owed about AUD3 million.

According to the report, sole director Sam Hamra on Sept. 13,
2011, called in voluntary liquidator Bernardi Martin after
concentrating on finishing existing contracts throughout the year.

"The company put itself into liquidation because it was insolvent
and had finalized most of customers' houses," the report quotes
Mr. Martin as saying.

In 2009, the report recalls, the company was South Australia's
12th largest builder in terms of market share.  However signs of
financial trouble for the company emerged in May 2009 when a
Sydney-based corporate investigator raised concerns with company
the Australian Securities Investment and Commission that Hamra was
trading while insolvent, the report says.

AdelaideNow relates that Mr. Hamra defended the claims at the time
saying the business was in dispute with one supplier.

Mr. Martin, as cited by AdelaideNow, said recent moves by Hamra to
develop and sell its own properties in a soft housing environment
was the "real killer" of the company.

"The problem with the downturn in the property market was the
company found it more and more difficult to make money out of
building houses with rising costs and regulation. But the real
killer was doing its own developments," AdelaideNow quotes
Mr. Martin as saying.

Two secured creditors were likely to recoup their investment, the
report notes.

Unsecured creditors were owed $3 million, but the company's assets
were likely to be $750,000 to $1.5 million, leaving them out of
pocket, according to AdelaideNow.

Hamra Developments Pty Ltd, formerly trading as Hamra Homes, is a
home building company based in Adelaide.


LIME DOOR: Failed Partnership Cues Voluntary Liquidation
--------------------------------------------------------
Assia Benmedjdoub at www.ragtrader.com.au reports that Lime Door
Brands, the Australian company behind celebrity fashion lines for
Dita Von Teese and Shane Warne, has entered into voluntary
liquidation.

The Melbourne-based company appointed SV Partners' Michael Carrafa
as liquidator on Sept. 9, 2011.

A meeting of creditors is scheduled to take place on Sept. 19,
2011, where a report into the affairs of the company will be
presented, the report says.

Lime Door Brands chief executive Michele Hamdorf told the news
agency that the voluntary liquidation did not reflect the
company's trading performance.

According to the report, Ms. Hamdorf, who is listed as a major
creditor to the business in liquidator documents, said the
decision to appoint SV Partners was due to failed negotiations
with three seed capital partners.

The report relates that Ms. Hamdorf said she had attempted a
buyback of the business earlier this year due to unfavourable
terms with investors.  It is understood a separate entity will now
manage and grow existing brands.

"If there is one lesson I can pass on to the industry from this,
it is to choose your partners wisely," the report quotes
Ms. Hamdorf as saying.  "This is a partnership dissolution and a
technical deadlock after months of negotiations . . . the growth
curve of Lime Door Brands has never been stronger."

Ms. Hamdorf said all brand initiatives will go ahead, the report
adds.

Lime Door Brands is a boutique brand house and management
consultancy firm.


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


AGRISOLAR SOLUTIONS: Reports US$384,100 Net Income in June 30 Qtr.
------------------------------------------------------------------
AgriSolar Solutions, Inc., filed its quarterly report on
Form 10-Q, reporting net income of US$384,118 on US$5.6 million of
revenue for the three months ended June 30, 2011, compared with a
net loss of US$31,461 on US$2.9 million of revenue for the same
period of 2010.

The Company's balance sheet at June 30, 2011, showed US$15.7
million in total assets, US$9.9 million in total liabilities, and
stockholders' equity of US$5.8 million.

As reported in the TCR on July 19, 2011, HKCMCPA Company Limited,
in Hong Kong, expressed substantial doubt about AgriSolar
Solutions' ability to continue as a going concern, following the
Company's results for the fiscal year ended March 31, 2011.
The independent auditors noted that the Company has suffered from
negative operating cash flows and accumulated deficit.

A copy of the Form 10-Q is available at http://is.gd/0WC3Ww

Denver, Colorado-based AgriSolar Solutions, Inc., is principally
engaged in the design, manufacture, distribution and sales of
solar energy saving, insect killer and plastic products in the
People's Republic of China and overseas.


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


COOLABAH LIMITED: Members' Final Meeting Set for Oct. 13
--------------------------------------------------------
Members of Coolabah Limited will hold their final general meeting
on Oct. 13, 2011, at 11:00 a.m., at 21/F, Edinburgh Tower, The
Landmark, 15 Queen's Road Central, in Hong Kong.

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


EXETER HK: Members' Final Meeting Set for Oct. 12
-------------------------------------------------
Members of Exeter Hong Kong Limited will hold their final meeting
on Oct. 12, 2011, at 9:30 a.m., at 35th Floor, One Pacific Place,
88 Queensway, in Hong Kong.

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


GC STRUCTURED: Creditors' Proofs of Debt Due Sept. 23
-----------------------------------------------------
Creditors of GC Structured Products Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Edward Simon Middleton
         Chan Mei Lan
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


GREENWOOD INDUSTRY: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Greenwood Industry Limited, on Aug. 30, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


HELIIX LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Aug. 31, 2011, to
wind up the operations of Heliix Limited.

The official receiver is Teresa S W Wong.


HK KINDERGARTEN: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------
Members of Hong Kong Kindergarten Education Association Limited
will hold their final meeting on Oct. 10, 2011, at 3:30 p.m., at
Rooms 2102-3 China Insurance Group Building, at 141 Des Voeux Road
Central, in Hong Kong.

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


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 31, 2011, to
wind up the operations of The Incorporated Owners of Nan Fung
Industrial Building.

The official receiver is Teresa S W Wong.


JUMBO PROFIT: Briscoe and Meng Step Down as Liquidators
-------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Jumbo Profit Limited on Aug. 30, 2011.


JUNE AGENTS: Annual Meetings Set for Oct. 7
-------------------------------------------
Members and creditors of June Agents Limited will hold their
annual meetings on Oct. 7, 2011, at 4:00 p.m., and 4:30 p.m.,
respectively at Room 1601-02, 16th Floor, at One Hysan Avenue,
Causeway Bay, in Hong Kong.

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


KAMMY TOWN: Kenny King Ching Tam Appointed as Liquidator
--------------------------------------------------------
Kenny King Ching Tam on June 24, 2011, was appointed as liquidator
of Kammy Town Limited.

The liquidator may be reached at:

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


KUN KUNG: Members' Final Meeting Set for Oct. 10
------------------------------------------------
Members of Kun Kung Metal Manufactory Limited will hold their
final meeting on Oct. 10, 2011, at 3:00 p.m., at Rooms 2102-3
China Insurance Group Building, at 141 Des Voeux Road Central, in
Hong Kong.

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


MEDENT HEALTH: Members' Final Meeting Set for Oct. 10
-----------------------------------------------------
Members of Medent Health Care Management Company Limited will hold
their final meeting on Oct. 10, 2011, at 2:00 p.m., at Rooms 2102-
3 China Insurance Group Building, at 141 Des Voeux Road Central,
in Hong Kong.

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


MIDTOWN HOLDINGS: Annual Meetings Set for Oct. 7
------------------------------------------------
Members and creditors of Midtown Holdings Limited will hold their
annual meetings on Oct. 7, 2011, at 5:00 p.m., and 5:30 p.m.,
respectively at Room 1601-02, 16th Floor, at One Hysan Avenue,
Causeway Bay, in Hong Kong.

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


MONTAGUT HK: Members' Final General Meeting Set for Oct. 10
-----------------------------------------------------------
Members of Montagut Hong Kong Limited will hold their final
general meeting on Oct. 10, 2011, at 10:30 a.m., at the office of
the liquidator, 23rd Floor, Wing Hang Finance Centre, at 60
Gloucester Road, Wanchai, in Hong Kong.

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


NEW CHINA: Annual Meetings Set for Oct. 7
-----------------------------------------
Members and creditors of The New China Hong Kong Advertising
Limited will hold their annual meetings on Oct. 7, 2011, at 10:00
a.m., and 10:30 a.m., respectively at Room 1601-02, 16th Floor, at
One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK: Annual Meetings Set for Oct. 7
--------------------------------------------
Members and creditors of The New China Hong Kong Asset Management
Limited will hold their annual meetings on Oct. 7, 2011, at 11:00
a.m., and 11:30 a.m., respectively at Room 1601-02, 16th Floor, at
One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK PROPERTIES: Annual Meetings Set for Oct. 7
-------------------------------------------------------
Members and creditors of The New China Hong Kong Properties
Limited will hold their annual meetings on Oct. 7, 2011, at 2:00
p.m., and 2:30 p.m., respectively at Room 1601-02, 16th Floor, at
One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK TRADING: Annual Meetings Set for Oct. 7
----------------------------------------------------
Members and creditors of The New China Hong Kong Trading (Beijing)
Limited will hold their annual meetings on Oct. 7, 2011, at 3:00
p.m., and 3:30 p.m., respectively at Room 1601-02, 16th Floor, at
One Hysan Avenue, Causeway Bay, in Hong Kong.

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


OHNISHI DENKI: Members' Final Meeting Set for Oct. 10
-----------------------------------------------------
Members of Ohnishi Denki (HK) Limited will hold their final
meeting on Oct. 10, 2011, at 2:30 p.m., at Unit 9A, 9/F., Tower 3,
China Hong Kong City, at 33 Canton Road, Tsimshatsui, in Kowloon.

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


PEARL SYSTEMS: Members' Final General Meeting Set for Oct. 17
-------------------------------------------------------------
Members of Pearl Systems Technologies Limited will hold their
final general meeting on Oct. 17, 2011, at 10:00 a.m., at 11th
Floor, Li Ka Shing Tower, The Hong Kong Polytechnic University,
Hung Hom Kowloon, in Hong Kong.

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


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


AMBUJA GINNING: CARE Rates INR8cr LT Bank Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ambuja
Ginning Pressing & Oil Company Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     8.00       'CARE B+' Assigned

Rating Rationale

The rating of Ambuja Ginning Pressing & Oil Company Pvt Ltd is
mainly constrained due to its weak financial risk profile
characterized by thin profitability margins and highly leveraged
capital structure. The rating is further constrained due to the
modest scale of its operations with presence in the lowest segment
of the textile value chain, fragmented nature of the cotton
ginning industry with low entry barriers and volatility associated
with the cotton prices.  The above constraints far offset the
benefits derived from the wide experience of the promoters in the
cotton ginning industry and proximity to the cotton-growing area
of Gujarat.  Ability of AGPL to increase its scale of operations
while managing volatility associated with the cotton prices and
moving up in the cotton textile value chain coupled with
improvement in its overall financial risk profile would be the key
rating sensitivities.

Incorporated in March 1995, Ambuja Ginning Pressing & Oil Company
Pvt Ltd is promoted by Mr. Tulsi Patel, Mr. Manoj Lathiya, Mr.
Ashok Lathiya and Mr. Jina Kukadiya. It is engaged in the cotton
ginning and pressing and oil extraction from the cotton seeds and
has an installed capacity of 13,164 Metric Tons Per Annum (MTPA)
for the cotton bales and 2,555 MTPA for the cotton seed oil
extraction as on March 31, 2011. Cotton bales are sold by AGPL
largely within Gujarat and Maharashtra while raw cotton for the
ginning activity is procured from the local mandis and farmers
within Gujarat.

AGPL earned a PAT of INR0.22 crore on a total operating income of
INR58.22 crore in FY11 (Provisional, refer as April 01 to
March 31) as against a PAT INR0.12 crore on a total operating
income of INR49.37 crore in FY10 (Audited).


ARANI POWER: ICRA Assigns '[ICRA]B+' Rating to INR38.92cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating at '[ICRA]B+' for the
INR38.92 crore fund based/non-fund based limits and short term
rating at '[ICRA]A4' for the INR3.80 crore non-fund based limits
of Arani Power Systems Limited.

The assigned ratings factor in the lack of track record (which is
often a major requirement in evaluation of bidders for projects)
and strong competitive pressures both from domestic as well as
global players with local presence.

Moreover, the product introduction and gaining customer acceptance
is a long time process in this industry partly limiting the
company's ability to get more orders, which has resulted in below
average revenues, profitability & coverage indicators. This in
turn led to delays in debt servicing during FY2011. The ratings
also factor in low current order book of the company and
vulnerability of profitability to the fluctuations in raw material
prices as the company enters into fixed price contracts with the
clients. However, the ratings favorably take into account strong
potential for steam driven turbo-generators driven by increased
thrust of private players in the cogeneration and IPP space;
experienced promoters backed by a strong technical team and in-
house design capabilities to manufacture turbines according to
customer requirements and end to end solutions offered by the
company. Further, the company is undertaking component
manufacturing for BHEL and submitted proposals to GE and Shin
Nippon to utilize idle capacity.

Incorporated in 2006, APSL is a Hyderabad based original equipment
manufacturer of 4-45 MW steam turbines and supplies systems,
components and services in the field of steam based, medium
capacity power generation equipments. The range of steam turbines
is up to 45 Megawatts with inlet steam parameters ranging from
65ata/500 deg C up to 100ata/525 deg C. The systems cover widely
TG (Turbo Generators) Island that includes steam turbines,
alternators, gearboxes and heat exchangers with the state-of-the-
art controls.  The company offers turbo-generators packages from
Co-generation, IPPs, CPPs, CCP's in sugar, steel, cement, paper,
biomass and other core sectors including the utility segment. The
company also provides value-added services that include erection,
commissioning, supply of replaceable components, troubleshooting,
engineering improvements and repairs. APSL was incorporated by a
group of technocrats, namely Mr. Ramesh Yerramsetti (MD, GSS
America Infotech Limited), Mr. Bhargav Marepally (CEO & MD, GSS
America Infotech Limited) and Mr. K.C Peraiah.

Recent Results

For FY2011, the company reported a net profit after tax (PAT) of
INR-1.1 crore on the back of OI of INR16.6 crore.


ARTEFACT PROJECTS: ICRA Cuts Rating on INR35cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the 'LC' rating assigned to the INR35 crore fund
and non-fund based limits of Artefact Projects Limited to
'[ICRA]D'.

The rating revision factors in the continued liquidity constraints
faced by APL largely due to delays in realization of outstanding
receivables from its largest client -- National Highways Authority
of India -- which have resulted in continued delays by APL in
servicing its term loan repayment obligations. The rating
continues to be constrained by APL's high sector and client
concentration risks with more than 70% revenues being derived from
the roads sector over the past three years and most of APLs
revenues being attributable to NHAI.  APL suffered the impact of
high sector and client concentration risks with significant
depletion of its outstanding order book due to slow pace of award
of new orders by the NHAI over the past year. The rating is also
constrained by APL's high working capital intensity and the
competitive nature of the industry APL operates in.

The rating however favorably factors in APL's long standing track
record and domain expertise, particularly in the roads sector and
the large planned investments in infrastructure development in the
country which provides growth opportunities for consultancy
service providers like APL. ICRA also notes APL's attempt to
diversify its revenue base by bidding for projects in sectors like
urban planning and the joint ventures forged with reputed
international majors in achieving this objective. Further,
following the infusion of capital by way of equity and convertible
warrants in Q4 FY 10, APL's capital structure has witnessed an
improvement.

Established in 1988 APL is an integrated infrastructure services
company providing consulting services across core infrastructure
sectors.  Its range of services include project feasibility
studies, project structuring, design and engineering, project
funding, project management, supervision of operations &
management, PPP advisory, and township sector services like urban
planning, architectural designs etc. The company won its first
National Highway Assignment in 2002, as construction supervisors
and independent engineers for NH4 project (Nelamangala Tumkur
section) on Golden Quadrilateral on BoT basis. Since then the
company has been involved in several National Highway projects as
independent consultants, proof consultants, design engineers and
O&M consultants.


DOABA ROLLING: CARE Assigns 'CARE C' Rating to INR7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Doaba Rolling Mills Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     7.00       'CARE C' Assigned
   Short-term Bank Facilities    2.50       'CARE A4' Assigned

Rating Rationale

The ratings of Doaba Rolling Mills Private are constrained by the
stressed liquidity position resulting in the frequent instances of
letter of credit (LC) devolvement, delay in the repayment of ad-
hoc working-capital facilities availed and frequent delay in
depositing undisputed statutory dues, weak financial risk profile
marked by net loss in FY10(refers to April 1 to March 31) and very
thin profit margin in FY11 (provisional) and modest capital
structure, susceptibility of its profit margins to volatility
associated with the sponge iron and steel scrap prices and its
presence in a cyclical and highly fragmented industry. The ratings
are also constrained on account of the significant level of
intergroup and related party transactions and weak financial
position of the group entities.  These constrains far offset the
benefits derived from the experience of the promoters in the steel
industry and resourcefulness of its main promoters.  Timely
payment of the financial obligations and statutory dues along with
sustained increase in the scale of operations with improvement in
the financial risk profile are the key rating sensitivities.

Muzaffarnagar (Uttar Pradesh) based DRPL was incorporated in 1985
as a family-owned private limited company. DRPL is engaged in the
manufacturing of Mild Steel (M.S) Ingots with installed capacity
of 24,000 metric tonne per annum. DRPL was originally founded by
the Rana family. After the family division in the year 2008 the
Rana Group was divided in to four separate groups.  Currently,
DRPL is the part of Shahnawaz Rana Group of Companies which
consist of six other companies engaged in the manufacturing of
M.S. Ingots and TMT bars and few companies in the news paper
publication and agriculture business.

During FY10 (refers to April 1 to March 31), DRPL reported net
loss of INR0.04 crore on a total operating income of INR32.86
crore compared to net loss of INR0.07 crore on the total operating
income of INR34.74 crore in FY09.


G. D. OVERSEAS: CARE Rates INR18cr Long Term Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of G. D. Overseas.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long term/Short-term Bank     18.00      'CARE B+'/'CARE A4'
   Facilities                                Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings of G. D. Overseas are constrained on account of its
weak financial risk profile marked by low profitability margin,
leveraged capital structure and elongated working-capital cycle.
The ratings are further constrained due to its constitution as a
partnership firm, customer concentration risk, susceptibility of
its margins to fluctuation in the price of rice, adverse movement
in the foreign exchange rates and seasonal nature of the business
that makes the firm's operations highly working-capital intensive.

The above constraints far offset the benefits derived from the
vast experience of the partners of GDO in the rice trading and
milling business and its favorable location by way of being
situated in Haryana, the second largest basmati rice producing
state of India.

GDO's ability to improve its overall financial risk profile by
managing price volatility of rice in a highly fragmented rice
milling industry will be the key rating sensitivity.

Karnal (Haryana) based GDO was formed in April 1997 as a
partnership concern by Mr. Darshan Lal alongwith his sons Mr.
Tilak Raj and Mr. Ajay Kumar for carrying out the family business
of rice trading. In the same year, GDO entered into the milling of
parboiled basmati rice from paddy by installing a rice sheller
unit at village Padhana in Karnal (Haryana). The rice sheller unit
currently has an installed capacity of 144 Tonne Per Day (TPD)
rice milling capacity. GDO sells basmati rice in the domestic
market as well as exports it to certain Middle Eastern countries.
Export of basmati rice contributed a significant proportion (86%)
of the total sales for the firm in FY11 (April 2010 to
March 2011).  The by-products of basmati rice viz. husk, rice bran
and 'phak' are sold in the domestic market.


HARSHAD MEHTA: SBI, et al., to Get INR650cr from Liquidated Assets
------------------------------------------------------------------
The Hindu reports that the State Bank of India, the Income Tax
Department, SBI Caps and Standard Chartered will get INR650 crore
from the liquidated assets of Harshad Mehta entities.

The Hindu relates that the Special Court, Mumbai, has ordered the
Custodian, appointed by the government to deal with the securities
scam of 1992, to release INR650 crore.

Of the total amount of INR650 crore, INR259.65 crore would be
given to State Bank of India, INR28.34 crore would be given to the
I-T department and INR16.25 crore to SBI Caps, The Hindu discloses
citing a finance ministry statement.

According to the report, the Court has also ordered the release of
INR345.76 crore to the Standard Chartered bank, subject to certain
conditions.

The assets, liquidated by the Custodian, and made available for
distribution, comprise shares and immovable properties, apart from
cash and fixed deposits, The Hindu notes.

Earlier in March, Satish Loomba, The Hindu recalls, Custodian
(Trial of Offences Relating to Transactions in Securities) had
distributed about INR2,200 crore to the income tax authorities and
State Bank of India.

Harshad Mehta, a stock broker, was the mastermind of the stock
market scam of 1992 that dupes lakhs of investors across India.
The scam exposed a strong nexus among the sharemarket, banks and
financial institutions.


HEERU PAINTS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR1.00 crore cash
credit facility, INR1.15 crore term loan facility and INR0.29
crore working capital term loan of Heeru Paints Contracts Private
Limited.  The outlook for the long term rating is stable. ICRA has
also assigned an '[ICRA]A4+' rating to INR4.40 crore non-fund
based bank facility of HPCPL.

The assigned ratings favorably considers the experience of the
promoters and established track record of the company in
successful execution of industrial coatings and corrosion related
projects; reputed client profile of the company and established
relations/past references which have helped the company in
generating repeat orders and the current order book position. The
ratings also positively factors in the moderately healthy
financial profile of the company. The assigned ratings are
however, constrained by the company's modest scale of operations
despite growth in revenues in the last three years. The ratings
also take into account the competitive pressures from the
organized as well as unorganized players in a fragmented industry;
and that the profitability of the company remains vulnerable to
any adverse fluctuations in the raw materials prices.

Heeru Paints Contracts Private Limited was incorporated in 1997 by
Mr. Girish. V. Katkoria. It is engaged in the business of
providing corrosion solutions and industrial coating catering to
varied industries such as oil & gas, power, infrastructure &
offshore. The company is an ISO 9001 & OHSAS 18001 certified
company by the Bureau Veritas Certificate (India) Private Limited.

Recent Results

During FY 2010, the firm reported a profit after tax of INR0.76 Cr
on an operating income of INR15.63 Cr. and profit after tax of
INR1.14 Cr on an operating income of INR24.18 Cr. in FY 2011
(Unaudited)


INDOCHEM & POLYMERS: ICRA Puts '[ICRA]BB' Rating on INR17.5cr Loan
------------------------------------------------------------------
The ratings of '[ICRA]BB' on the long term scale and '[ICRA]A4+'
on the short term scale have been assigned to the INR17.5 crore
bank limits of Indochem & Polymers.  The long term rating has been
assigned a Stable outlook.

The ratings are constrained by the modest financial risk profile
of the Firm as reflected in its low cash accruals; high gearing
and average debt protection metrics; the high business risks
associated with the polymer trading business including high
competitive intensity and fragmentation and exposure of
profitability to commodity price and forex fluctuations apart from
the risks inherent in partnership form of business including
limited ability to infuse capital and continuation at will.
Nevertheless while assigning the ratings ICRA has favorably
considered the positive demand outlook for commodity polymers in
India; the promoters significant experience in this line of
business and the Firm's fairly well established network and
relationships with suppliers and customers.

Indochem & Polymers is engaged in trading of polymers and plastic
raw materials including polyethylene (different grades- HDPE;
LDPE; LLDPE); polypropylene (PP); polyvinyl chloride (PVC) and
also deals in some speciality grades of engineering polymers and
chemicals. Indochem is constituted as a partnership firm with its
operations being headed by Mr. M.L. Bothra who has been engaged in
polymer and chemical related business since 1989 and has a fairly
good knowledge and experience in this field. The Bothra Group also
has other small to midsized entities engaged in related business.

Recent Results

In 2010-11, the Firm has reported an Operating Income (OI) of
INR45 crore with a Profit after tax (PAT) of INR0.61 crore as
against OI of INR52 crore and a PAT of INR1.6 crore in 2009-10.


KINGFISHER AIRLINES: Auditor Raises Doubts Over Company's Survival
------------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines Ltd., promoted
by liquor baron Vijay Mallya, has found itself parrying questions
about its survival after its auditor raised doubts over the
company's ability to stay in business for long.

According to the news agency, audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.

The auditors also said Kingfisher has not deposited with the
government money it collected from employees as tax deducted at
source and provident fund contribution, painting a dire picture of
the airline's finances, The Economic Times reports.

The Economic Times says the term 'going concern' is accounting
shorthand for a company's ability to continue its operations in
the near future, and analysts said it is extremely rare for
auditors to refer to it lightly.  Kingfisher, which had
accumulated losses of INR4,321 crore -- more than 50% of its net
worth -- at the end of the financial year ended March 2011,
strongly defended its ability to remain in business, the report
notes.

"It is incorrect to say that Kingfisher Airlines (KFA) auditors
have raised serious doubts about the survival of the Airline," the
report quotes Ravi Nedungadi, CFO of UB Group, of which Kingfisher
is a part, as saying in a statement. "In fact, Para [9] of the
Auditors' Report only draws attention of the members to the
reasons (which have been accepted by the Auditors) for preparing
the accounts under the going concern concept," he added.

Mr. Nedungadi added that as per RBI directives, Kingfisher's
lenders, along with the assistance of SBI Capital Markets, had
independently assessed the airline's viability, the report relays.
The lenders have confirmed it to be a viable going concern,
Mr. Nedungadi said.

The Economic Times notes that the airline, according to the
auditor, has also defaulted on loans to banks and institutions,
and withheld statutory dues to the government.

"Undisputed statutory dues in respect of service tax, withholding
taxes, provident funds . . . have not been regularly deposited
with the appropriate authorities," the auditor has said.  The dues
do not include the disputed amounts with various statutory
authorities, the report notes.

                     About Kingfisher Airlines

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

                           *     *     *

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


MASH AGRO: ICRA Assigns '[ICRA]B+' Rating to INR18cr Term Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR18.00 crores term
loans and INR2.00 crores proposed bank facilities of Mash Agro
Foods Limited.

ICRA's rating factors in project implementation risks associated
with the green-field meat processing plant being set up at Unnao
Industrial Area (Uttar Pradesh), limited experience of the
promoters in this business and vulnerability of project returns to
raw material prices, which the company may not be able to pass
onto the customers, given the high competition in the business.
The rating also factors in the funding risk as promoters are yet
to bring in a substantial portion of their proposed equity
contribution. Like other players. MAFL is also exposed to changes
in regulatory framework of importing countries, event risks like
disease out-break as well as social risks given the sensitive
nature of business. Nevertheless, the rating positively factors in
the favorable demand growth prospects of meat processing industry
in India, MAFL's fully-integrated manufacturing facility and
favorable location of the project which ensures easy accessibility
to raw material.

Mash Agro Foods Limited, incorporated in July 2010, is setting up
a unit for manufacturing of processed meat and allied products in
Kanpur (Uttar Pradesh). MAFL's manufacturing facility is fully
integrated with an in-house abattoir, a raw meat processing
facility as well as a rendering unit. The unit has an installed
capacity of processing 15000 TPA of buffalo meat. The total cost
of the project is INR30.05 crores which is to be funded through
term loans of INR18.00 crores and equity contribution of
INR17.05 crores. The project is expected to be completed in
March 2012.


P&R ENGINEERING: ICRA Cuts Rating on INR33cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long-term rating from 'LB-' to '[ICRA]D' for
INR33 crore term loans of P&R Engineering Services Private
Limited.  The rating revision takes into account the continuous
delays in debt servicing by the company.

P&R Engineering Services Pvt Ltd is promoted by the P&R Group to
develop, own and operate a 7.5 MW small hydro project in Jammu &
Kashmir, District Budgam. This is a run of the river type scheme
on Doodhganga, a tributary of Jhelum, which will utilize flows of
the river to harness approximately 204m of net head. The project
cost for the entire 7.5 MW is expected to be around
INR48.84 crore.


R. P. INDUSTRIES: CARE Assigns 'CARE BB' Rating to INR5.70cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of R. P. Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     5.70       'CARE BB' Assigned
   Short-term Bank Facilities    1.50       'CARE A4' Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings of R. P. Industries (RPI) are constrained by the short
track record of operations in the pharmaceutical industry, product
concentration on the single therapeutic segment and fragmented
nature of the industry with low entry barriers. The ratings are
also constrained by the modest profitability which is exposed to
volatility in the raw material prices and foreign exchange
fluctuation, high gearing levels and its constitution as a
partnership firm.  The ratings, however, take into account the
experience of the key partner and the firm's association with
reputed Active Pharmaceutical Intermediate manufacturers.

RPI's ability to diversify its revenues through additional product
offerings, forward integration to API manufacturing while managing
risk associated with the raw material price fluctuations are the
key rating sensitivities.

RPI was incorporated on Nov. 1, 2006, as a partnership firm by the
Mali family of Panoli, Gujarat.  Mr. Ishwar Mali, the key partner,
possesses more than 10 years of experience in the chemical
industry to its credit. The firm is involved in producing
pharmaceutical intermediate chemicals which are used for API
manufacturing, used for gastroenterology segment, particularly for
the treatment of anti-ulcer and anti-acidity.

RPI reported the PAT of INR0.42 crore on a total income of
INR15.91 crore in FY10 (refers to April 01 to March 31).


RTSTAR DIAMONDS: ICRA Cuts Rating on INR17.5cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the long term rating of RTStar Diamonds from
'LBB' stable to '[ICRA]D' for its INR17.5 crore proposed bank
limits and INR2 crore fund based facilities.  ICRA has also
revised the short term rating from 'A4' to '[ICRA]D' for RTSD's
above mentioned bank facilities. The ratings revision reflects
current delays in debt servicing by RTSD. The company has been
classified as a non performing asset by one of its bankers.

RTStar Diamonds, a partnership firm, was established in 1978 for
manufacturing and trading (catering to export market) of cut and
polished diamonds (CPDs) ranging upto 1 carat.  The firm is a part
of the RTStar group which was founded in 1978 by Mr. Nitin Ratilal
Shah, son of Late Shri Ratilal Tribhovandas Shah (founder promoter
of the RTStar Group). Mr. Nitin Shah has a wide experience of over
three decades in the diamond industry.  The other major companies
in the RTStar group include - RTStar Solitaires (rated [ICRA] D /
[ICRA] D), RTStar Jewelry Private Limited (rated [ICRA] D / [ICRA]
D), Hiraco Jewellery (India) Private Limited (rated LBB (stable) /
A4+ by ICRA), etc.


SAWAR LALL: CARE Rates INR6.57cr Long-Term Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Sawar Lall Singhania Memorial Trust.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     6.57       'CARE B+' Assigned

Rating Rationale

The rating is primarily constrained by the high post
implementation risk involved with the recently commissioned
greenfield school project by Sawar Lall Singhania Memorial Trust.
Further, the rating is also constrained by the short track record
of operations of the trust and high level of competition from
various established schools in the region.  The rating, however,
favorably takes into account the vast experience of the promoter
family in the education sector and healthy growth prospects of the
school education in Rajasthan.  The ability to attract the
students and achieve the envisaged enrolment would be the key
rating sensitivity.

Jaipur-based (Rajasthan) SLSMT was settled in 2008 as a trust by
Mr. Pradeep Kumar Singhania and Mr. Dilip Kumar Singhania with the
object of setting up educational institutions. SLSMT has recently
commissioned a green field project to establish a senior secondary
school named 'Singhania Global Academy' near Jaipur on a total
area of 2.30 lakh sq mtr. The trust proposes to operate the school
with standard I to XII under the Central Board of Secondary
Education (CBSE) curriculum. The CBSE affiliation has not been
received by the trust yet and is expected shortly by
September 2011.  For the academic year 2011-12, the trust has
started the operations at school from class I to class VIII.
During FY11 (refers to April 1 to March 31), SLSMT reported a
total operating income of INR0.21 crore (FY10: INR0.62 crore) with
a net surplus of INR0.06 crore (FY10: INR0.54 crore).


SHREE HARI: ICRA Assigns '[ICRA]BB' Rating to INR8cr Capital Limit
------------------------------------------------------------------
A long term rating of '[ICRA]BB' has been assigned to the
INR8.0 Crore Fund Based Working Capital Limits and INR1.695 Crore
of Term Loans of Shree Hari Industries.  The Outlook on the rating
is Stable.

The rating is constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure
and changes in import duty differential between crude and refined
oil; exposure to commodity price and agro-climatic risks. These
factors apart, the ratings are also constrained by the adverse
capital structure of the Firm due to high reliance on promoters'
loans and working capital debt and risks inherent in partnership
form of business. Nevertheless, while assigning the rating, ICRA
has favorably factored in the promoters' significant experience
and long track record in mustard oil and related products; the
Firm's strong regional market presence in premium refined mustard
oil segment; moderate financial risk profile represented by
healthy return indicators and adequate coverage ratios; and
favorable demand prospects for edible oil in India.

Shree Hari Industries manufactures mustard oil and mustard cake
and has an oil processing capacity of 12,960 TPA and seed crushing
capacity of 36,000 TPA.  The firm was established as a partnership
firm in 1959 and currently the fourth generation members are
managing its operations.  The Firm operates in the branded retail
segment majorly in the states of Bihar, Jharkhand, Orissa and
North-East through its brand Engine.

Recent Results

Based on provisional accounts, Shree Hari Industries reported a
turnover of INR94.63 Crore and a net profit of INR1.23 Crore
during financial year 2010-11. The Firm had reported a turnover of
INR82.30 Crore and a net profit of INR1.22 Crore during 2009-10.


SUPER SPINNING: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
-----------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR49.67 crore
term loans and the INR110.35 crore fund-based limits of Super
Spinning Mills Limited at '[ICRA]BB+'.  The outlook on the rating
has been revised to negative from stable.

The negative outlook reflects the stretched financial profile of
the company and expected deterioration on account of the weak
operating environment prevailing in the cotton yarn industry.
After witnessing steady demand over the last two fiscals, cotton
yarn demand has been impacted in the current fiscal, resulting in
drop in volumes and sharp fall in realizations. The same coupled
with high cost cotton inventory purchased during the end of the
last cotton season has resulted in considerable losses for the
company. While the situation is likely to improve slowly from the
third quarter of the 2011-12, financial profile of SSML is likely
to be impacted owing to the losses to be incurred in H1 2011-12.
The losses coupled with high debt repayment obligations and
funding requirement for raw material procurement at the onset of
the cotton season in Q3 2011-12 is expected to strain the
liquidity position of the company. While a portion of the same is
expected to be met through sale of assets and realization of
advances from related parties, the company is expected to be
reliant on short term debt for meeting its funding requirements in
the near term till the demand environment improves. The ability of
the company to sustain volumes and support its margins and
liquidity through sale of assets and realization of advances
extended to related parties would remain key rating sensitivities.

The rating also factors in the established presence of the Company
in the spinning industry which coupled with long-standing
relationship with its established clientele and diversified
revenue base lends stability to volumes to an extent.  Also, its
locational advantage of being near cotton growing areas aiding
cotton sourcing and its increasing focus on value added product
portfolio is likely to benefit the company in improving its
profitability in the medium to long term.

                        About Super Spinning

Super Spinning Mills Limited was established in 1962 by Late
Mr. N. Damodaran, Mr. V. N. Ramchandran and Mr. L. G.
Balakrishnan, members of the Elgi group of Coimbatore. As on March
2010, the company had five units in Andhra Pradesh and Tamil Nadu
with a total capacity of 165,984 spindles and 1200 rotors. SSML's
primary business is cotton yarn spinning which contributes more
than 90% of revenues. The company is partially integrated into
segments like knitting and garmenting, which contribute the
remaining 10%.

During 2009-10, SSML had acquired a group company, Sara Elgi
Arteriors Limited (SEAL), at an investment of INR1.45 crore. SEAL
is into manufacture of UPVC windows and doors for Building
industry with revenues of about INR10 crore and net profit of
-INR1 crore for 2010-11. The management has mentioned that there
would be no major investment required in the subsidiary in the
short to medium term, where the scale of operations of the entity
would remain small. Hence, there should be no impact on the credit
profile of SSML on account of the acquired entity.

Recent Results:

For the first quarter ended June 2011, the company has reported a
net loss of INR17.9 crore on an operating income of INR94.0 crore.
For the corresponding period of 2010-11, the company reported a
net profit INR4.6 crore on an operating income of INR110.2 crore.


TIRUBALA EXPORTS: ICRA Places '[ICRA]BB+' Rating on INR15cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR15 crores fund based limits of Tirubala Exports.  ICRA has also
assigned a short term rating of '[ICRA]A4+' to the INR1 crore non-
fund fund based sub limits of Tirubala Exports.  The long term
rating carries a stable outlook.

The rating action favorably factors in the established track
record of Tirubala Exports and the wide experience of its
proprietor in the footwear industry. The rating also factors in
the healthy profitability and coverage indicators with an interest
coverage ratio of -7 times and an adjusted gearing (debt adjusted
for proprietor's unsecured, non interest bearing loans) of -1.5
times as on March 31, 2011. Further, backward integration into a
leather tannery is expected to result in substantial raw material
cost saving for the firm. The rating is however constrained by the
inherent risk arising out of the sole proprietorship constitution
of the firm. Also, the firm's working capital intensity is high at
32% due to the huge inventory holding cost. Going forward, the
company's ability to maintain operating margins in competitive
environment will be critical in sustaining its competitive
business profile.

                      About Tirubala Exports

Tirubala Exports is a sole proprietorship firm established in
early 70's by Mr. B.K. Agarwal. He is assisted by his three sons
Mr. Harsh Agarwal, Mr. Adarsh Agarwal and Mr. Anuj Agarwal.
Tirubala Exports primarily manufactures the shoe uppers and
manages work of a leather finishing unit and a tannery for
processing of animal skin. The operations of the leather tannery
commenced from June, 2011. The uppers so manufactured are sold
both in the market and to its group company Tirubala
International.

Recent Results:

As per the provisional results, Tirubala Exports reported a net
profit of INR0.53 crore on an operating income of INR53.19 crore
for the year ended March 31, 2011 , as compared to a net profit of
INR0.74 crore on an operating income of INR36.95 crore for the
year ended March 31, 2010 (audited results).


VAIBHAV ISPAT: CARE Rates INR6.42cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Vaibhav
Ispat Pvt. Ltd.
                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      6.42      'CARE BB-' Assigned

Rating Rationale

The rating is constrained by VIPL's below-average financial
profile characterized by relatively small scale of operations and
very short track record, low profitability margins due to limited
value addition, cyclical nature of the steel industry and absence
of long term tie-up for sourcing of raw materials and selling
finished goods.  The rating derives strength from reasonable
experience of the promoters, comfortable debt coverage indicators
and infusion of funds by the promoters during April 2009-March
2010.

VIPL's ability to achieve the envisaged sales and profitability,
improvement in the overall financial profile and efficient
management of the working-capital cycle are the key rating
sensitivities.

Vaibhav Ispat Pvt. Ltd., promoted by Mr. Sompal Singh and Mrs.
Mamtesh Singh in 2005, is engaged in the manufacturing of Mild
Steel (MS) ingots. The company's plant is located at
Bahadrabad, Uttarakhand, having an installed capacity of 29,500
tonne per annum (tpa) as on March 31, 2010. VIPL commissioned the
manufacturing activities towards the end of March 2010 and FY11
was the first year of full operations.

During FY11, as per the provisional results, VIPL reported a total
operating income of INR31.11 crore and PAT of INR0.42 crore as
against the total operating income of INR0.09 crore and net loss
of INR0.53 lakh during FY10.


YASH PAPERS: ICRA Downgrades Rating on INR94.9cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has revised the long-term rating from 'LC' to '[ICRA]D' for
INR94.9 crore term loans, cash credit limits and other proposed
limits of Yash Papers Limited.  Ratings for short term non-fund
based limits have also been reassigned to '[ICRA]D' from 'A5'.
The rating revision takes into account the continuous delays in
debt servicing by the company.

Yash Papers Limited has been in existence for over 25 years and
has been engaged in the paper manufacturing business since 1983.
The main products of the company include low-grammage kraft paper
and Machine Glazed (MG) Poster Paper. The paper manufactured is
used in numerous industries such as layer between Glass and
Plywood sheets, wrapping of tobacco products & clothes, Lamination
etc.


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


MIDDLEMARCH TOURISM: Owner Assures Creditors He No Longer Trades
----------------------------------------------------------------
Allison Rudd at Otago Daily Times reports that Dave Thomson, owner
of Middlemarch Tourism Ltd, has assured creditors he is no longer
trading and did not transfer assets from the company before its
liquidation.

Middlemarch Tourism was placed in liquidation on August 9 owing at
least NZ$967,000, ODT discloses.  Of that, NZ$67,345 is owed to 47
unsecured creditors, including 24 accommodation providers, the
Otago Central Rail Trail Trust, and Taieri Gorge Railway.

According to the news agency, some unsecured creditors feared
Mr. Thomson was continuing to operate a similar business, Rail
Trail Services Ltd, of which he is the sole director.  When
searching online, ODT says, company name links to a rail trail
information website and booking service operated by his partner,
Philippa Wilkie.

The report, citing Companies Office records, says Mr. Thomson is a
sole director or co-director of seven companies.  Two were placed
in liquidation on August 9: Middlemarch Tourism Ltd and Cycle
Surgery Franchises Ltd.

Companies not in liquidation are Cycle Surgery Middlemarch,
Adventure Tourism No 2, CGDD Group, E Tours CS, and Rail Trail
Services, the report notes.

According to ODT, Mr. Thomson said in an e-mail to creditors on
August 9 that he had sold Cycle Surgery Middlemarch and Rail Trail
Shuttles (which is not a registered company) some months ago to
Ms. Wilkie and cleared some debts.

Liquidator Ian Nellies, of Insolvency Management Ltd, said he was
aware of the creditors' concerns.

Mr. Nellies, as cited by ODT, said Mr. Thomson's business affairs
were "intertwined" and his staff were "unwinding them to see what
is what."

"Directors are entitled to do whatever they think is best for a
company, but if actions put some creditors at risk, that is
something for liquidators to look at," the report quotes
Mr. Nellies as saying.

Citing the liquidators' first report for Middlemarch Tourism Ltd,
ODT discloses that the company owes NZ$900,000 to secured
creditors ANZ National Bank, Southland Building Society and South
Canterbury Finance.  It also has a debt to Inland Revenue which
has not yet been determined.  The extent of its assets has also
not yet been determined, ODT notes.

The liquidators' report for Cycle Surgery Franchises said the
company has three secured creditors, one unsecured creditor and no
known assets, the report notes.  The total owed had not yet been
determined.

Mr. Thomson told ODT that he "was not trading and not operating
anything".  Rail Trail Services Ltd was a non-trading company, he
said.

Middlemarch Tourism Ltd organized Otago Central Rail Trail tours
and was a booking agent for accommodation providers and others
along the trail.


PIR LIMITED: Liquidators Put Paris Texas Brand Up for Sale
----------------------------------------------------------
BusinessDay reports that Pir Limited, which traded as Paris Texas,
is for sale after the company was liquidated with debts of over
NZ$1.6 million.  The retail fashion brand is owned by former rugby
league commentator Peter Ropati.

BusinessDay relates that Paris Texas had three stores, two in
Auckland and one in Wellington, before it was liquidated in late
June by its shareholders Ropati and Woosh wireless founder Rod
Inglis.

Both the Wellington store and Paris Texas' Newmarket store were
closed with the remaining High Street store selling stock from all
three in a liquidation sale, according to the report.

BusinessDay reports that liquidator Callum Macdonald said in his
first report that the company owed over NZ$1.6 million to
creditors including NZ$140,000 to the Inland Revenue Department
and a further NZ$569,680 to unsecured creditors.

Mr. Macdonald said it was unlikely that there would be a
distribution to unsecured creditors in excess of 20 cents in the
dollar, the report relays.

According to BusinessDay, the value of the company's stock, which
included clothing made by international street wear brands Mooks,
Lee and Freshjive, was estimated at NZ$500,000.

BusinessDay, citing the liquidator's first report, said the
company had been liquidated as it was making trading losses.

The business was being marketed for sale by real estate agent Bill
Hayward, the report discloses.  The asking price of $170,000 would
purchase "an iconic brand", stock and assets which included shop
fittings and displays, an advertisement said, according to
BusinessDay.

Mr. MacDonald, as cited by BusinessDay, said there had been some
interest from potential buyers but "nobody had come forward with a
cheque".

The next liquidators report is due in December.


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


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

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


AUSTRALIA


ARTURUS CAPITAL           AKW            12.27          -0.43
ASTON RESOURCES           AZT           469.54          -7.49
AUSTAR UNITED             AUN           734.96        -173.09
AUSTRALIAN ZI-PP          AZCCA          77.74          -2.57
AUSTRALIAN ZIRC           AZC            77.74          -2.57
AUTRON CORP LTD           AAT            32.50         -13.46
AUTRON CORP LTD           AAT            32.50         -13.46
BCD RESOURCES-PP          BCOCC          27.90         -79.33
BECTON PROPERTY           BEC           369.83         -26.80
BIRON APPAREL LT          BIC            19.71          -2.22
BREMER PARK LTD           BPK            16.00          -6.90
CENTRO PROPERTIE          CNP         15,483.4        -349.73
MAC COMM INFR-CD          MCGCD       8,104.42        -103.34
MACQUARIE ATLAS           MQA         1,894.75        -230.50
MAVERICK DRILLIN          MAD            24.66          -1.30
MISSION NEWENER           MBT            20.38         -44.05
NATURAL FUEL LTD          NFL            19.38        -121.51
ORION GOLD NL             ORN            11.60         -10.91
POWERLAN LTD              PWR            28.30          -3.64
REDBANK ENERGY L          AEJ         3,564.36        -383.39
RIVERCITY MOTORW          RCY           386.88        -809.14
SCIGEN LTD-CUFS           SIE            68.70         -42.35
SHELL VILLAGES A          SVC            13.47          -1.66
STIRLING RESOURC          SRE            31.19          -0.62
VIEW RESOURCES L          VRE            11.81         -37.51


CHINA

BAOCHENG INVESTM          600892         36.34          -4.47
CHENGDE DALU -B           200160         31.82          -4.49
CHENGDU UNION-A           693            32.68         -15.13
CHINA FASHION             CFH            10.11          -0.76
CHINA KEJIAN-A            35             95.65        -187.91
CONTEL CORP LTD           CTEL           59.32         -45.72
CONTEL CORP LTD           CTEL1          59.32         -45.72
DONGXIN ELECTR-A          600691         14.31         -22.80
GUANGDONG ORIE-A          600988         15.24          -3.98
GUANGDONG SUNR-A          30            111.22           0.00
GUANGDONG SUNR-B          200030        111.22           0.00
GUANGXIA YINCH-A          557            19.25         -44.22
HEBEI BAOSHUO -A          600155        129.70        -408.35
HEBEI JINNIU C-A          600722        249.41         -53.61
HUASU HOLDINGS-A          509            87.92          -9.52
HUNAN ANPLAS CO           156            43.92         -35.46
JILIN PHARMACE-A          545            32.35          -8.44
JINCHENG PAPER-A          820           206.33        -122.34
MUDAN AUTOMOBI-H          8188           24.73          -3.40
NINGBO YIDONG-H           8249           18.29         -53.42
QINGDAO YELLOW            600579        222.76          -9.10
SHANG HONGSHENG           600817         15.94        -291.38
SHANGHAI WORLDBE          600757         14.70          -0.04
SHANXI GUANLU-A           831           331.55          -0.17
SHANXI LEAD IN-A          673            20.47          -1.89
SHENZ CHINA BI-A          17             20.97        -266.50
SHENZ CHINA BI-B          200017         20.97        -266.50
SHENZ INTL ENT-A          56            233.81         -22.28
SHENZ INTL ENT-B          200056        233.81         -22.28
SHENZHEN DAWNC-A          863            26.10        -161.49
SHENZHEN KONDA-A          48            119.65          -7.72
SHIJIAZHUANG D-A          958           212.59         -80.91
SICHUAN DIRECT-A          757            95.94        -166.82
SICHUAN GOLDEN            600678        207.17         -92.10
TAIYUAN TIANLO-A          600234         65.74         -21.06
TIANJIN MARINE            600751        114.38         -61.31
TIANJIN MARINE-B          900938        114.38         -61.31
TIBET SUMMIT I-A          600338         79.44          -4.50
TOPSUN SCIENCE-A          600771        146.23         -99.32
WINOWNER GROUP C          600681         21.76         -55.00
WUHAN BOILER-B            200770        304.50        -154.96
WUHAN GUOYAO-A            600421         11.15         -27.68
WUHAN LINUO SOLA          600885        110.61          -2.84
XIAMEN OVERSEA-A          600870        243.85        -138.59
YANBIAN SHIXIA-A          600462        201.95         -14.07
YANTAI YUANCHE-A          600766         65.62          -6.34
YUEYANG HENGLI-A          622            39.37         -20.80
YUNNAN MALONG-A           600792        145.42         -68.19


HONG KONG

ASIA TELEMEDIA L          376            15.67         -14.24
ASIAN CAPITAL RE          8025           10.89         -11.02
BEP INTL HLDGS L          2326           10.32          -1.83
BUILDMORE INTL            108            16.19         -50.25
CHINA E-LEARNING          8055           19.66          -1.27
CHINA HEALTHCARE          673            44.13          -4.49
CHINA OCEAN SHIP          651           454.18         -13.94
CHINA PACKAGING           572            18.18         -16.83
CMMB VISION HOLD          471            37.41         -10.99
EGANAGOLDPFEIL            48            557.89        -132.86
FU JI FOOD & CAT          1175           73.43        -389.20
FULBOND HLDGS             1041          117.50          -6.87
GUOJIN RESOURCES          630            18.21         -17.00
LUNG CHEONG INTL          348            62.04          -0.37
MELCOLOT LTD              8198           56.90         -46.99
MITSUMARU EAST K          2358           30.04         -15.37
PALADIN LTD               495           149.78         -11.62
PCCW LTD                  8           6,192.51         -78.22
PROVIEW INTL HLD          334           314.87        -294.85
SINO RESOURCES G          223            15.55         -33.59
SMART UNION GP            2700           32.14         -40.01
SURFACE MOUNT             SMT            95.95          -2.48
TACK HSIN HLDG            611            53.95         -88.74


INDONESIA

ARPENI PRATAMA            APOL          613.56        -124.15
ASIA PACIFIC              POLY          471.38        -869.26
ERATEX DJAJA              ERTX           13.48         -24.83
HANSON INTERNATI          MYRX           35.46          -9.01
HANSON INT-PREF           MYRXP          35.46          -9.01
JAKARTA KYOEI ST          JKSW           33.33         -45.06
MITRA INTERNATIO          MIRA        1,070.80        -443.66
MITRA RAJASA-RTS          MIRA-R2     1,070.80        -443.66
MULIA INDUSTRIND          MLIA          524.73         -39.06
PANASIA FILAMENT          PAFI           37.96         -15.94
PANCA WIRATAMA            PWSI           31.51         -39.11
PRIMARINDO ASIA           BIMA           10.37         -21.92
SURABAYA AGUNG            SAIP          248.21         -94.27
TOKO GUNUNG AGUN          TKGA           13.37          -0.60
UNITEX TBK                UNTX           18.22         -17.81


INDIA

ALPS INDUS LTD            ALPI          292.76         -12.44
AMIT SPINNING             AMSP           20.43          -1.96
ARTSON ENGR               ART            23.87          -0.60
ASHAPURA MINECHE          ASMN          191.87         -68.03
ASHIMA LTD                ASHM           63.23         -48.94
ATV PROJECTS              ATV            60.46         -55.04
BALAJI DISTILLER          BLD            66.32         -25.40
BELLARY STEELS            BSAL          451.68        -108.50
BHAGHEERATHA ENG          BGEL           22.65         -28.20
CAMBRIDGE SOLUTI          CAMB          149.58         -56.66
CANTABIL RETAIL           CANT           55.23          -8.54
CELEBRITY FASHIO          CFLI           36.61          -6.76
CFL CAPITAL FIN           CEATF          12.36         -49.56
COMPUTERSKILL             CPS            14.90          -7.56
CORE HEALTHCARE           CPAR          185.36        -241.91
DCM FINANCIAL SE          DCMFS          17.10          -9.46
DFL INFRASTRUCTU          DLFI           42.74          -6.49
DIGJAM LTD                DGJM           99.41         -22.59
DUNCANS INDUS             DAI           133.65        -205.38
FIBERWEB INDIA            FWB            12.23         -16.21
GANESH BENZOPLST          GBP            48.95         -22.44
GEM SPINNERS LTD          GEMS           14.58          -1.16
GLOBAL BOARDS             GLB            14.98          -7.51
GSL INDIA LTD             GSL            29.86         -42.42
HARYANA STEEL             HYSA           10.83          -5.91
HENKEL INDIA LTD          HNKL          102.05         -10.24
HIMACHAL FUTURIS          HMFC          406.63        -210.98
HINDUSTAN PHOTO           HPHT           74.44      -1,519.11
HINDUSTAN SYNTEX          HSYN           15.20          -3.81
HMT LTD                   HMT           140.14        -493.73
ICDS                      ICDS           13.30          -6.17
INTEGRAT FINANCE          IFC            49.83         -51.32
JAGSON AIRLINES           JGA            12.31          -0.25
JCT ELECTRONICS           JCTE          122.54         -50.00
JD ORGOCHEM LTD           JDO            10.46          -1.60
JENSON & NIC LTD          JN             18.05         -86.40
JIK INDUS LTD             KFS            20.63          -5.62
JOG ENGINEERING           VMJ            50.08         -10.08
KALYANPUR CEMENT          KCEM           33.31         -30.53
KERALA AYURVEDA           KRAP           13.99          -1.18
KIDUJA INDIA              KDJ            17.15          -2.28
KINGFISHER AIR            KAIR        1,883.62        -661.89
KINGFISHER A-SLB          KAIR/S      1,883.62        -661.89
KITPLY INDS LTD           KIT            37.68         -45.35
LLOYDS FINANCE            LYDF           21.65         -11.39
LLOYDS STEEL IND          LYDS          510.00         -48.98
LML LTD                   LML            65.26         -56.77
MADRAS FERTILIZE          MDF           143.14         -99.28
MAHA RASHTRA APE          MHAC           24.13         -14.27
MARKSANS PHARMA           MRKS          110.15         -14.04
MILLENNIUM BEER           MLB            52.23          -5.22
MILTON PLASTICS           MILT           18.65         -52.29
MODERN DAIRIES            MRD            38.41          -0.45
MTZ POLYFILMS LT          TBE            31.94          -2.57
NATH PULP & PAP           NPPM           14.50          -0.63
NICCO CORP LTD            NICC           75.56          -6.49
NICCO UCO ALLIAN          NICU           32.23         -71.91
NK INDUS LTD              NKI           141.35          -7.71
NUCHEM LTD                NUC            24.72          -1.60
ORIENT PRESS LTD          OP             16.70          -0.09
PANCHMAHAL STEEL          PMS            51.02          -0.33
PARASRAMPUR SYN           PPS            99.06        -307.14
PAREKH PLATINUM           PKPL           61.08         -88.85
PIRAMAL LIFE SC           PLSL           51.20         -64.85
QUADRANT TELEVEN          QDTV          188.57        -116.81
RAJ AGRO MILLS            RAM            10.21          -0.61
RATHI ISPAT LTD           RTIS           44.56          -3.93
REMI METALS GUJA          RMM           102.64          -5.29
RENOWNED AUTO PR          RAP            14.12          -1.25
ROLLATAINERS LTD          RLT            22.97         -22.24
ROYAL CUSHION             RCVP           18.88         -81.42
SADHANA NITRO             SNC            18.21          -0.73
SAURASHTRA CEMEN          SRC           106.01          -2.81
SCOOTERS INDIA            SCTR           18.63          -6.88
SEN PET INDIA LT          SPEN           11.58         -26.67
SHAH ALLOYS LTD           SA            212.81          -9.74
SHALIMAR WIRES            SWRI           24.58         -39.14
SHAMKEN COTSYN            SHC            23.13          -6.17
SHAMKEN MULTIFAB          SHM            60.55         -13.26
SHAMKEN SPINNERS          SSP            42.18         -16.76
SHREE GANESH FOR          SGFO           44.50          -2.89
SHREE RAMA MULTI          SRMT           64.03         -44.99
SIDDHARTHA TUBES          SDT            76.98         -12.45
SOUTHERN PETROCH          SPET        1,584.27          -4.80
SQL STAR INTL             SQL            11.69          -1.14
STI INDIA LTD             STIB           35.39          -0.54
STL GLOBAL LTD            SHGL           45.61         -10.59
SUPER FORGINGS            SFS            17.83          -6.37
TATA TELESERVICE          TTLS        1,311.30        -138.25
TATA TELE-SLB             TTLS/S      1,311.30        -138.25
TRIUMPH INTL              OXIF           58.46         -14.18
TRIVENI GLASS             TRSG           24.55          -8.57
TUTICORIN ALKALI          TACF           14.15         -11.20
UNIFLEX CABLES            UFC            47.46          -7.49
UNIFLEX CABLES            UFCZ           47.46          -7.49
UNIMERS INDIA LT          HDU            18.08          -5.86
UNITED BREWERIES          UB          2,652.00        -242.53
UNIWORTH LTD              WW            168.36        -155.74
UNIWORTH TEXTILE          FBW            20.57         -37.60
USHA INDIA LTD            USHA           12.06         -54.51
VANASTHALI TEXT           VTI            25.92          -0.15
VENTURA TEXTILES          VRTL           14.33          -1.91
VENUS SUGAR LTD           VS             11.06          -1.08


JAPAN

ARRK CORP                 7873        1,221.45         -37.80
C&I HOLDINGS              9609           25.89         -43.12
CROWD GATE CO             2140           11.63          -4.29
KANMONKAI CO LTD          3372           68.26          -2.44
KFE JAPAN CO LTD          3061           17.86          -2.27
L CREATE CO LTD           3247           42.34          -9.15
NIS GROUP CO LTD          8571          477.70         -75.44
PROPERST CO LTD           3236          305.90        -330.20
S-POOL INC                2471           18.11          -0.41
STRAWBERRY CORP           3429           14.17          -4.48
TOYO KNIFE CO             5964           74.73          -5.55


KOREA

DAISHIN INFO              20180         740.50        -158.45
HANIL CONSTRUCT           6440          880.70         -22.42
HYUNDAI BNG STEE          4560          476.66         -70.65
HYUNDAI BNG STEE          4565          476.66         -70.65
KUKDONG CORP              5320           53.07          -1.85
ORICOM INC                10470          82.65         -40.04
PLA CO LTD                82390          14.95         -21.43
SEOUL MUTL SAVIN          16560         874.79         -34.13
SUNGJEE CONSTRUC          5980          114.91         -83.19
TONG YANG MAGIC           23020         355.15         -25.77
YOUILENSYS CORP           38720         166.70         -12.34


MALAYSIA

BANENG HOLDINGS           BANE           40.49         -17.14
HAISAN RESOURCES          HRB            67.05          -0.92
HO HUP CONSTR CO          HO             70.66          -9.24
LUSTER INDUSTRIE          LSTI           19.28          -7.15
MITHRIL BHD               MITH           29.79          -0.75
NGIU KEE CO-BHD           NKC            14.19         -12.76
TRACOMA HOLDINGS          TRAH           60.31         -26.28
VTI VINTAGE BHD           VTI            17.97          -3.68


PHILIPPINES

CYBER BAY CORP            CYBR           14.14         -94.36
FIL ESTATE CORP           FC             40.90         -15.77
FILSYN CORP A             FYN            23.81         -11.69
FILSYN CORP. B            FYNB           23.81         -11.69
GOTESCO LAND-A            GO             21.76         -19.21
GOTESCO LAND-B            GOB            21.76         -19.21
PICOP RESOURCES           PCP           105.66         -23.33
STENIEL MFG               STN            17.61         -11.14
UNIWIDE HOLDINGS          UW             50.36         -57.19
VICTORIAS MILL            VMC           164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA            18.93         -11.69
ADVANCE SCT LTD           ASCT           25.29         -10.05
HL GLOBAL ENTERP          HLGE           93.40         -15.38
LINDETEVES-JACOB          LJ             20.64          -6.07
NEW LAKESIDE              NLH            19.34          -5.25
SUNMOON FOOD COM          SMOON          17.93         -15.74
TT INTERNATIONAL          TTI           249.17         -73.30


THAILAND

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


TAIWAN

BEHAVIOR TECH CO          2341S          41.94          -1.02
BEHAVIOR TECH-EC          2341O          41.94          -1.02
CHIEN TAI CEMENT          1107          214.12         -49.02
HELIX TECH-EC             2479T          23.39         -24.12
HELIX TECH-EC IS          2479U          23.39         -24.12
HELIX TECHNOL-EC          2479S          23.39         -24.12
TAIWAN KOL-E CRT          1606U         507.21        -147.14
TAIWAN KOLIN-EN           1606V         507.21        -147.14
TAIWAN KOLIN-ENT          1606W         507.21        -147.14
VERTEX PREC-ENTL          5318T          42.24          -5.08
VERTEX PRECISION          5318           42.24          -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***