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

                      A S I A   P A C I F I C

          Friday, November 25, 2011, Vol. 14, No. 234

                            Headlines



A U S T R A L I A

CROWS NEST: Ferrier Hodgson Appointed as Administrators
FERGUSON NO 2: ASIC Cancels Financial Services License


C H I N A

CHINA DU KANG: Incurs US$539,000 Net Loss in Third Quarter
FOCUS MEDIA: Denies Muddy Waters' Allegations


H O N G  K O N G

STOMP HK: Final Meetings Set for Dec. 20
SUN FOREST: Creditors' Meeting Set for Dec. 6
TANZANITE HK: Creditors' Proofs of Debt Due Dec. 9
TESSILFORM ASIA: Leung Mei Fan Steps Down as Liquidator
THUNDERBIRD FASHION: Members' Final Meeting Set for Dec. 20

TSZ ON: Creditors' Proofs of Debt Due Dec. 19
WING MOU: Final Meetings Set for Dec. 20
ZEGNA INFORMATION: Creditors' Proofs of Debt Due Dec. 2


I N D I A

ASHAPURA MINECHEM: Wins Chapter 15 Recognition; Mediation Urged
BRAND CONCEPTS: CRISIL Puts 'CRISIL B+' Rating on INR16.9MM Loan
EMPOWERTRANS PVT: CRISIL Puts 'BB-' Rating on INR100MM LT Loan
HALDIA PETROCHEMICALS: Mounting Losses Worry Lenders
INDO AUSTRALIAN: CRISIL Upgrades Rating on INR120MM Loan to 'B+'

JALNA SIDDHIVINAYAK: CRISIL Rates INR212.5MM Loan at 'CRISIL B'
J. BAPUJI: CRISIL Assigns 'CRISIL BB' Rating to INR3.3MM LT Loan
JET AIRWAYS: Auditors Ask Company to Raise Capital, Fund JetLite
JUGAL KISHORE: CRISIL Assigns 'CRISIL BB' Rating to INR40MM Loan
KINGFISHER AIRLINES: Lessors Set to Grab Planes, WSJ Reports

PAL PRATEEK: CRISIL Assigns 'CRISIL BB-' Rating to INR8.4MM Loan
PRASHANTH PROJECTS: CRISIL Assigns 'BB+' Rating to INR10MM Loan
PSYCHOTROPICS INDIA: CRISIL Cuts Rating on INR40MM Loan to 'D'
RAWATSONS ENGINEERS: CRISIL Rates INR45MM Loan at 'CRISIL BB+'
ROOPAM STEEL: CRISIL Places 'CRISIL B' Rating on INR10.6MM Loan

SEAL INFOTECH: CRISIL Places 'CRISIL BB-' Rating on INR5.6MM Loan
SHYAM GINNING: CRISIL Assigns CRISIL B Rating to INR180.5MM Loan
UNIVERSAL HEAT: CRISIL Puts 'CRISIL BB-' Rating on INR140MM Loan


J A P A N

* JAPAN: Slips Back Into Trade Deficit in October 2011


K O R E A

HYUNDAI STEEL: Moody's Revises Outlook to Negative


N E W  Z E A L A N D

SOUTH CANTERBURY: Labour Party Promises Probe on SCF Collapse


T H A I L A N D

* THAILAND: Likely to Cut Economic Growth by 3.7% Amid Flooding


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CROWS NEST: Ferrier Hodgson Appointed as Administrators
-------------------------------------------------------
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
administrators of Crows Nest Retail Pty Limited on Nov. 22, 2011,
pursuant to Section 436C of the Corporations Act 2001.

"The Company formally owned the Crows Nest Plaza shopping centre.
We understand that this asset was sold by the Company prior to
our appointment. The Administrators are now in control of the
residual assets (if any) and operations of the Company," Ferrier
Hodgson said in a statement.

Pursuant to Section 436E of the Corporations Act 2001, the first
meeting of creditors will be held at the office of Ferrier
Hodgson on Dec. 2, 2011, at 10:30 am.  The purpose of the meeting
is to provide creditors with an opportunity to:

   * appoint a Committee of Creditors; and,
   * appoint an alternative Administrator, if they so desire.

The Administrators can be reached at:

          Morgan Kelly
          Ryan Eagle
          FERRIER HODGSON
          Level 13, Grosvenor Place
          225 George Street
          Sydney  NSW 2000
          Tel: +61 2 9286 9999
          Fax: +61 2 9286 9888
          E-mail: ryan.eagle@fh.com.au
                  morgan.kelly@fh.com.au


FERGUSON NO 2: ASIC Cancels Financial Services License
------------------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian financial services (AFS) license of
Ferguson No 2 Pty Ltd, previously named 21st Century Investment
Services Pty Ltd, for failing to comply with the Corporations Act
2001 and the conditions of its AFS license.

In particular, ASIC found that Ferguson:

   -- failed to appoint a registered company auditor;

   -- failed to lodge annual audited financial statements
      and auditor's reports;

   -- failed to comply with the obligation to notify ASIC of
      significant breaches; and

   -- did not have adequate compliance measures in place to
      ensure compliance with financial services laws.

ASIC Commissioner Peter Kell said, "ASIC uses a number of
regulatory remedies to improve and enforce compliance with the
laws it regulates, which includes cancelling an AFS license. The
cancellation of Ferguson's license demonstrates ASIC's commitment
to ensuring advice industry participants have adequate compliance
measures in place and we encourage all AFS licensees to consider
whether they need to review and raise their own compliance
standards."

Ferguson has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

Noosaville-based Ferguson No 2 Pty Ltd was licensed to provide
general advice and dealing services to retail and wholesale
clients in managed investments, securities and superannuation.


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


CHINA DU KANG: Incurs US$539,000 Net Loss in Third Quarter
----------------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of US$539,545 on US$748,251 of gross revenue for the
three months ended Sept. 30, 2011, compared with a net loss of
US$238,228 on US$585,454 of gross revenue for the same period
during the prior year.

The Company also reported a net loss of US$1 million on
US$1.96 million of gross revenue for the nine months ended
Sept. 30, 2011, compared with a net loss of US$895,853 on US$1.51
million of gross revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$14.75 million in total assets, US$22.30 million in total
liabilities and a US$7.54 million total shareholders' deficit.

As reported in the Troubled Company Reporter on April 14, 2010,
Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial
doubt about China Du Kang's ability to continue as a going
concern, following the Company's 2009 results.  The independent
auditor noted that the Company has incurred an operating loss in
2009 and 2008 and has a working capital deficiency and a
shareholders' deficiency as of Dec. 31, 2009.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/sH70Bg

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.


FOCUS MEDIA: Denies Muddy Waters' Allegations
---------------------------------------------
Focus Media Holding Limited on Nov. 22, 2011, responded to the
allegations raised in a research report by Muddy Waters dated
Nov. 21, 2011.  The Company maintains that the allegations set
forth in the Muddy Waters report concern matters which have long
been disclosed in Focus Media's historical annual reports and
press releases, misrepresent the information they present and
attribute motives to management that are based on innuendo and
fail to take into account business and commercial considerations
relevant to the matters discussed in the Report.  The Company
denies the allegations entirely.

The LCD screen allegations are unfounded and misunderstand the
Company's business:

The Report alleges that Focus Media has overstated the number of
LCD screens in its LCD display advertising network and made false
claims about the location and type of buildings in which its
screens are placed.

The Report's allegation regarding the number of LCD display
network screens in the Company's network is incorrect and
reflects a misunderstanding in the types of devices used by the
Company and their method of calculation.  The Company's LCD
display network consists of: (1) 116,026 LCD screens, (2) 32,478
LCD 2.0 digital picture screens and (3) 29,878 LCD 1.0 picture
frame devices (the latter two types of which are devices distinct
from, and not calculated in the number of, the picture frames
used in the Company's poster frame network) as of September 30,
2011.  The number of these types of screens currently totally
amount to: 178,382. We believe that those responsible for
compiling the Report based their calculation entirely on the
number of basic LCD screens, and ignored the digital screens and
LCD picture frame devices, erroneously believing the latter two
to be part of the Company's picture frame network.

The Report's understanding of the screen distribution of Focus
Media's LCD display network is also incorrect.  Total screens in
the LCD display network in Tier 1 cities amounted to 45,825, or
25.7% of total screens; across 26 Tier 2 cities amounted to
102,280, or 57.3% of total screens; and across Tier 3 and 4
cities amounted to 30,277, or 17.0% of total screens.  This
distribution is consistent with and tracks the consumption power
of the various tiers.

Moreover, approximately 30% of screens installed in high-traffic
office buildings cover approximately 70% of the foot traffic
according to a reputable third party survey.  The remaining 70%
of screens are distributed among residential buildings, urban
mall areas and various entertainment venues.

In addition, the poster frame network - which is distinct from
and not double-counted with the LCD network described above -
consists of: (1) 34,711 "Frame 2.0 digital" picture screens and
(2) 391,304 Frame 1.0 picture frames.  The number of these types
of screens currently totally amount to 426,015 as of Sept. 30,
2011.   The in-store network consists of 50,696 LCD screens as of
Sept. 30, 2011, which is in addition to the screens in the LCD
display network and the poster frame network.

The rate cards applicable to each of these media types are
different and the Company's advertising contract terms specify a
building list as well as media type for each customer contract
signed.

The Company will recommend to the audit committee to engage a
third-party survey firm to conduct an independent accounting of
its LCD, poster frame and in-store networks to confirm the
Company's claims.

Allegations relating to historical acquisitions, impairment
charges and write-offs impugn the motives of management without
foundation or basis:

The Company was historically extremely active in growing its
business through acquisitions.  These acquisitions included
investments in the Company's core outdoor digital advertising
business as well as investments into complementary areas outside
its core business.  Starting in 2009, the Company returned to its
core outdoor digital advertising business after realizing that
certain acquisitions - particularly in non-core areas - were not
producing the results it had expected.  The Company has pursued a
focused strategy on its core business in recent years that has
returned value to shareholders and validates the shift in the
Company's business strategy.

The allegations in the Report amount to no more than a
questioning and second guessing of the motives and business
judgment of the Focus Media management.  While the Company
believes it has a track record of highly successful acquisitions,
such as of Frame Media and Target Media, that greatly enhanced
the Company's market and competitive positions, other
acquisitions - with the benefit of hindsight - were not
successful due to a number of factors, including macroeconomic
trends, the financial crisis, the departure of key employees from
acquired entities, changes in the regulatory environment.  The
Company denies that such transactions involved impropriety or
wrongdoing.

Unfounded allegations that management pursued acquisitions for
their own improper benefit:

The Report alleges improprieties in certain of Company's
acquisitions and write-offs that claim the Company's management
had interests in various counterparties and were made for the
benefit of Company insiders.  The charges are completely
unfounded.  The only acquisition transactions in which Company
management had any interest have been Allyes and OOH, where all
such interests were disclosed.  The Report takes various facts
out of context and impugns the motives and intentions of the
Company, its management and its board for various commercial
decisions that were made to further the Company's value to
shareholders.

Allyes

In 2007, the initial acquisition of Allyes was made on the basis
of an independent third-party valuation and was a strategic
acquisition to expand Focus Media's advertising business from
outdoor digital advertising to another area of advertising
involving new media, as it was pursuing a strategy at that time
to become China's largest digital media company.

In late 2008, largely as a result of the financial crisis and
worsening business environment, Focus Media's share price
declined significantly and the Allyes business suffered during
the financial crisis.  This resulted in an initial impairment
charge of US$218.4 million and was the result of economic and
commercial realities, not to any wrongdoing on the Company's
part.

Subsequently, in 2009, original Allyes management, including the
president, COO, CTO among other key employees, left Allyes to
start other ventures, which further negatively affected the
business and prospects of Allyes, resulting in a much lower
valuation of the enterprise and the resultant impairment charge.
This resulted in the second impairment charge of US$37.4 million
in 2009.

In early 2010, while Focus Media was attempting to convince the
remaining Allyes management to remain, the Allyes team wanted to
receive free shares, whereas FM management wanted the group to
invest in shares of Allyes on the basis of the US$35 million
valuation based on an independent valuation performed in 2009.
In order to convince the Allyes team to invest, the FM CEO and
CFO put forward their own capital to show their confidence in
Allyes and in the valuation, and thus successfully incentivized
the Allyes team to invest in the enterprise and commit to its
success.  Further, in June 2010, an independent third-party
valuation firm appraised Allyes at $38 million.

The transaction was approved by all independent directors and
included due consideration of a fairness opinion issued by an
investment bank.

Hua Guang Chuanzi OOH

The Report further alleges that the transaction involving OOH
improperly benefited insiders.  The Company vehemently denies
such allegations.  The Company purchased OOH at a valuation of
approximately US$47.4 million, and additional management bought
into the entity at a much higher valuation of approximately US$70
million.  The reasons for management's participation in the
transaction is similar to the Allyes situation: existing
employees would not have remained had Focus Media management not
made a commitment of their own funds to the transaction, at a
price significantly higher than that paid by Focus Media in the
first instance.  For the nine months ended September 30, 2011, we
recorded cumulative net profit of US$0.3 million from the OOH
business.

False allegation that the Company did not enter into certain
acquisitions:

The Report alleges that six handset advertising companies Focus
Media (the "Six Handset Entities") acquired never occurred.  The
claim is false and misunderstands how those transactions were
structured.

The Company has historically maintained a variable interest
entity, or VIE, structure of ownership of its various PRC-based
businesses.  The VIE structure enables an offshore listed
company, such as Focus Media, to consolidate the onshore
businesses through a series of control agreements among various
entities and the individual shareholders of the onshore entities.

The Six Handset Entities were acquired in a way that utilized the
VIE structure, so that Focus Media took control of those entities
without the share ownership of the onshore PRC entities ever
changing hands.  Accordingly, even though the nominal
shareholders of the Six Handset Entities remained unchanged, and
no change in shareholders would be found when conducting public
searches.   In addition, as the Ministry of Information
Industries mandates that each company may only have a single
value-added telecommunications, or VAT, license, Focus Media left
the VAT licenses registered under the entities as acquired to
ensure that each such acquired entity could continue to operate
independently.

In sum, the VIE structure of these acquisitions was made through
contractual arrangements there were clearly disclosed.  The VIE
structure and the need to maintain the VAT license under the
registration of the original companies mean that no registrations
or filings were made that would have shown a change in share
ownership.  The changes in control were achieved through
contractual arrangements.  The claim that these acquisitions
never took place is without foundation and reflects a failure to
understand the regulatory and legal framework applicable to
companies operating in China.

The Report misinterprets numbers and financial data:

The impairment charge relating to the boat and related assets is
incorrect as is the reason the Report cites for the impairment.
The reason for the impairment for ZHPY was a result of regulatory
changes as a result of the Shanghai 2010 World Expo where the
government decided to no longer allow boat advertising. The
impairment amount relating to ZHPY cited in the Report impairment
of $36.9 million is not accurate. The total acquisition cost for
ZHPY was $5.1 million, all of which were allocated to intangible
assets (i.e. operating and broadcasting rights).  In addition, it
cost the Company approximately $11 million in building the boat
and the LED displays.  The total impairment loss associated with
ZHPY was $12.7 million.

The Report either misstates and misunderstands specific operating
data and numbers or makes allegations that question the motives
and business judgment of management.  The Company will take all
necessary legal measures to defend itself against these charges
and to protect the interests of shareholders.  In addition, the
Company expects that the audit committee will independently look
into these charges and take appropriate action, as it deems
necessary, in response to them.

Focus Media Holding Limited operates an interactive digital media
network.  The Company offers interactive digital media platforms
aimed at Chinese consumers.


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H O N G  K O N G
================


STOMP HK: Final Meetings Set for Dec. 20
----------------------------------------
Contributories and creditors of Stomp HK Limited will hold their
final meetings on Dec. 20, 2011, at 10:30 a.m., and 11:00 a.m.,
respectively at 602 The Chinese Bank Building, at 61-65 Des Voeux
Road, Central, in Hong Kong.

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


SUN FOREST: Creditors' Meeting Set for Dec. 6
---------------------------------------------
Creditors of Sun Forest Holdings Limited will hold their meeting
on Dec. 6, 2011, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at Unit 1208, 12th Floor, Shui On
Centre, at 6-8 Harbour Road, Wan Chai, in Hong Kong.


TANZANITE HK: Creditors' Proofs of Debt Due Dec. 9
--------------------------------------------------
Creditors of Tanzanite Hong Kong Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 9, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


TESSILFORM ASIA: Leung Mei Fan Steps Down as Liquidator
-------------------------------------------------------
Leung Mei Fan stepped down as liquidator of Tessilform Asia
Limited on Nov. 8, 2011.


THUNDERBIRD FASHION: Members' Final Meeting Set for Dec. 20
-----------------------------------------------------------
Members of Thunderbird Fashion Limited will hold their final
general meeting on Dec. 20, 2011, at 11:00 a.m., at Room 1305,
Tower 1, Harbour Centre, at No. 1 Hok Cheung Street, Hunghom,
Kowloon, in Hong Kong.

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


TSZ ON: Creditors' Proofs of Debt Due Dec. 19
---------------------------------------------
Creditors of TSZ On Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 19, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 4, 2011.

The company's liquidator is:

         Chan Wing Kit
         43/F, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


WING MOU: Final Meetings Set for Dec. 20
----------------------------------------
Contributories and creditors of Wing Mou Construction Company
Limited will hold their final meetings on Dec. 20, 2011, at 2:30
p.m., and 3:00 p.m., respectively at 602 The Chinese Bank
Building, at 61-65 Des Voeux Road, Central, in Hong Kong.

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


ZEGNA INFORMATION: Creditors' Proofs of Debt Due Dec. 2
-------------------------------------------------------
Creditors of Zegna Information Systems Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Li Cheuk Wai
         Room 507, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


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I N D I A
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ASHAPURA MINECHEM: Wins Chapter 15 Recognition; Mediation Urged
---------------------------------------------------------------
Bankruptcy Judge James M. Peck issued an order recognizing the
insolvency proceeding voluntarily commenced in India on May 31,
2011, by Ashapora Minechem Ltd.

According to Judge Peck, the Chapter 15 petition is granted with
the admonition that periodic status conferences will be held,
approximately once every 60 days, regarding the progress of
Ashapora's proceeding under India's Sick Industrial Companies
(Special Provisions) Act, 1985, and without prejudice to the
rights of objecting parties or other affected creditors to show
that the SICA Proceeding, in actual practice, are prejudicing the
rights of the Objectors and of other unsecured creditors
similarly situated to the Objectors.

Two of Ashapura's largest creditors, Armada (Singapore) Pte
Limited and Eitzen Bulk A/S have questioned the motives of Chetan
Shah, as foreign representative, to seek Chapter 15 protection,
citing alleged conflict of interest and lack of good faith and
have asserted that SICA does not satisfy the definition of a
foreign proceeding in 11 U.S.C. Section 101(23) as "a collective
judicial or administrative proceeding. . . ."  Armada also argues
that the affairs of Ashapura are not subject to control or
supervision within the meaning of that section.

The Court reserved the right under 11 U.S.C. Section 1517(d) to
grant relief from the automatic stay to Armada and Eitzen for
cause shown or to take other appropriate action, including
modification or termination of recognition, in the interests of
justice.  The Court encouraged the parties to "stop posturing and
to start talking to each other in a manner that may lead to a
compromise of the Objectors' claims."  The Court notes that both
sides have a great deal to gain by meeting and conferring,
perhaps with a mediator, in an effort to bring these long
simmering disputes to a mutually acceptable resolution.

A copy of Judge Peck's Nov. 22, 2011 Bench Decision is available
at http://is.gd/UV5nLgfrom Leagle.com.

                          About Ashapura

Ashapura Minechem Ltd. is an industrial company incorporated
under the provisions of the Companies Act 1956, having its
registered office in Mumbai, India.  It is listed with the Bombay
Stock Exchange and National Stock Exchange of India, Ltd.  It is
engaged in the business of mining, processing and trading
minerals and ores, namely: Bentonite, a versatile clay having
applications in foundries, iron ore pellatization, oil well
drilling and civil engineering; Bauxite, the principal ore used
for manufacturing alumina which is in turn used to produce
Aluminum metal; Barytes, a clay with high specific gravity and is
mainly used in oil well drilling; Iron ore, the principal ore for
manufacturing steel.

Ashapura is also engaged in the manufacturing of value added
Bentonite for advanced applications for usage in paper, cosmetic
and edible oil industries.  The company also offers to arrange
for logistical support for transportation and shipping of
minerals which it sells to its customers.

Chetan Shah, as foreign representative of Ashapura, filed a
petition for protection under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 11-14668) on Oct. 4, 2011.
Attorney for the foreign representative is Ira A. Reid, Esq., at
Baker & McKenzie LLP.  The Chapter 15 petition estimated the
Debtor's assets and debts to be between $100 million and
$500 million.

Attorneys for Armada (Singapore) Pte Limited are:

          Robert K. Gross, Esq.
          Edward W. Floyd, Esq.
          EATON & VAN WINKLE LLP
          3 Park Avenue
          New York, NY 10016-2078
          E-mail: Rgross@evw.com
                  Efloyd@evw.com

Attorneys for Eitzen Bulk A/S are:

          Michael E. Unger, Esq.
          Lawrence J. Kahn, Esq.
          FREEHILL HOGAN & MAHER LLP
          80 Pine Street
          New York, NY 10005
          E-mail: unger@freehill.com
                  kahn@freehill.com


BRAND CONCEPTS: CRISIL Puts 'CRISIL B+' Rating on INR16.9MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Brand Concepts Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR16.9 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR38 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR50.1 Million Proposed Long    CRISIL B+/Stable (Assigned)
    -Term Bank Loan Facility
   INR5 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR20 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect BCPL's high gearing, because of the company's
low cash accruals and debt-funded capital expenditure (capex),
and large working capital requirements. These rating weaknesses
are partially offset by the benefits that BCPL derives from its
all-India exclusive licensing arrangement with established
brands, low dependence on any one channel of distribution, low
product concentration, and long experience of its professional
management.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit over the
medium term from its established position in the branded goods
market and experience of its management. The outlook may be
revised to 'Positive', if the company achieves and then sustains
more-than-expected improvement in its operating margin, and
scales up its operations without material deterioration of its
capital structure. Conversely, the outlook may be revised to
'Negative' if BCPL's longer-than-expected breakeven for proposed
own retail stores leads to significant pressure on its debt
protection metrics and/or material deterioration of its capital
structure.

                       About Brand Concepts

Incorporated in 2007, BCPL has India-wide exclusive licenses to
sell branded goods such as small leather goods including wallets
of brands such as Tommy Hilfiger and Arrow, women's handbags of
brands such as RockyS and Paris Hilton, and school products such
as school bags from various brands in India. BCPL supplies its
products mainly through large format retail stores, distributors,
franchisee retail stores and own retail stores.

BCPL reported a profit after tax (PAT) of INR2.67 million on net
sales of INR196.30 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.50 million on net
sales of INR75.72 million for 2009-10.


EMPOWERTRANS PVT: CRISIL Puts 'BB-' Rating on INR100MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Empowertrans Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Proposed Long-    CRISIL BB-/Stable (Assigned)
    Term Bank Loan Facility
   INR100 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR150 Million Proposed Bank     CRISIL A4+ (Assigned)
    Guarantee
   INR150 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect EPL's above-average financial risk profile,
marked by comfortable gearing and debt protection metrics,
promoters' extensive experience and EPL's healthy relationship
with its customers. These rating strengths are partially offset
by EPL's working-capital-intensive, and relatively small scale of
operations.

Outlook: Stable

CRISIL believes that EPL will benefit from its promoters'
extensive industry experience supported by its healthy
relationship with customers over the medium term. The outlook may
be revised to 'Positive' if EPL's revenues and profitability
improve significantly along with improvement in liquidity driven
by, better working capital management, or significant equity
infusion by its promoter. Conversely, the outlook may be revised
to 'Negative' if less-than-expected cash accruals or significant
increase in working capital requirements or any large debt funded
capex lead to deterioration in financial and liquidity profiles.

                     About Empowertrans Pvt

Promoted by Mr. Asit Pradhan and established in 2005, EPL
undertakes supply, erection, installation, and testing of sub-
station equipments. It also builds transmission lines; the
company also provides consulting services in the area of planning
and designing of the same. The company's area of operations
includes Orissa and Chhattisgarh. The company has an order book
position of around INR1125 million to be executed in next 12 to
18 months.

EPL reported a profit after tax (PAT) of INR36.4 million on net
sales of INR548 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR25.6 million on net
sales of INR410.1 million for 2009-10.


HALDIA PETROCHEMICALS: Mounting Losses Worry Lenders
----------------------------------------------------
The Hindu reports that Haldia Petrochemicals Ltd is hurtling
towards a year of unprecedented losses estimated at over
INR600 crore, even as its lenders have started expressing serious
concern about the plummeting bottom line of the company.

The report relates that a bank executive has confirmed that
India's largest lender had recently expressed its concern on
HPL's fortunes.  The senior executive, who spoke on condition of
anonymity, told the Hindu that the company had been asked to
categorize its action plan in the short-term and long-term and
submit it to the lenders.  A lenders committee meeting has also
been called to deliberate on HPL, the report relays.

"We are happy that the previous deadlock between the two main
promoters (the State government and The Chatterjee Group) has
been broken and the understanding between them has improved. But
we want them to sit and chalk out a revival plan for the company
to ensure its viability," the report quotes the bank executive as
saying.

According to the Hindu, sources said that as per international
tolling margin, (ITM), an internationally accepted parameter for
judging the health of a petrochemical company, HPL's ITM is now
only 100.  ITM is the difference between the realization from one
tonne of naphtha and the price of end-products, the report
discloses.

The Hindu notes that with debt of INR3,500 crore (with a working
capital component of INR150 crore), the company is now barely
meeting its expenses. IDBI is its lead bank for long-term loans,
while State Bank of India leads a consortium for working capital,
the Hindu says.

In 2011-12, its first-half losses stood at around INR400 crore
which is expected to balloon to nearly INR600 crore by December
2011 as margins face a huge squeeze, according to The Hindu.

Sources also said that while this government had shown an open-
mind towards settling issues amicably with TCG, several issues
still remained unresolved, the report adds.

                    About Haldia Petrochemicals

Based in Kolkata, India, Haldia Petrochemicals Limited operates
as a naphtha based petrochemical company.  It offers low and high
density polyethylene and polypropylene.  The company also
provides energy chemicals, such as motor-spirit, liquefied
petroleum gas, pyrolysis gasoline, and carbon black feed
stock/fuel oil; and industrial products, including benzene,
butadiene, carbon black feed stock, and cyclo-pentane.  It
exports its products to Europe, the Middle East, and the South
East.


INDO AUSTRALIAN: CRISIL Upgrades Rating on INR120MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Indo Australian Hose Manufacturing Private Limited, part of
the Taurus group, to 'CRISIL B+/Stable' from CRISIL B-/Stable,
while reaffirming the rating on the company's short-term facility
at CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Cash Credit      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   INR247.6 Million Proposed       CRISIL B+/Stable (Upgraded
   Long-Term Bank Loan Facility    from 'CRISIL B-/Stable')

   INR30-Mil. Letter of Credit     CRISIL A4 (Reaffirmed)

The rating upgrade is driven by likely improvement in the Taurus
group's financial risk profile, especially its gearing, driven by
the strategic sale of the Pune (Maharashtra) unit of group
company, Indo Australian Hose Manufacturing Pvt Ltd in June 2011.
The Pune unit has been sold for INR165 million to Cikautxo Taurus
Flexibles Pvt Ltd, which is an equally owned joint venture
between Cikautxo S Coop of Spain, and TFPL. The proceeds from the
sale have been utilised towards the prepayment of IAHMPL's term
debt obligations and to fund IAHMPL's incremental working capital
requirements. TFPL has established new workshops in June 2011 at
Pantanagar (Uttarakhand), Bhuj (Gujarat), and Indore (Madhya
Pradesh) for various original equipment manufacturers (OEMs).
CRISIL believes that the expected decline in the Taurus group's
turnover, because of the sale of IAHMPL's Pune unit, will be
partially offset by the incremental turnover from TFPL's new
workshops.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TFPL and IAHMPL, together referred to
as the Taurus group, herein. This is because TFPL and IAHMPL have
a common management team, and have significant operational and
financial linkages with each other.

The ratings reflect the Taurus group's working-capital-intensive
operations, and average financial risk profile marked by weak
debt protection metrics and weak liquidity because of working-
capital-intensive operations. These rating weaknesses are
partially offset by the Taurus group's established relationships
with major OEMs.

Outlook: Stable

CRISIL believes that the Taurus group will continue to benefit
over the medium term from its promoter's established
relationships with major OEMs. The outlook may be revised to
'Positive' if the group improves its liquidity as a result of
better working capital management, along with a sustained
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case the Taurus group
reports lower-than-expected revenues or profitability, or in case
of a stretch in its working capital cycle, leading to
deterioration in its financial risk profile, particularly its
liquidity.

                          About the Group

The Taurus group manufactures hose assemblies and nylon tubes for
OEMs in India and abroad. The group is currently managed by Mr.
Bhuvan Kshettry and Mr. Rishi Kshettry. The Taurus group's
promoters have an experience of over two decades in manufacturing
hose assemblies. The group's customers include OEMs such as Tata
Motors Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+), Ashok Leyland
Ltd (rated 'CRISIL AA-/Positive/CRISIL A1+), Eicher Motors Ltd,
Asia Motor Works Ltd, General Motors India Pvt Ltd, and General
Motors LLC, in the commercial vehicle segment. The Taurus group
also has a presence in aftermarkets in Europe and Mexico.


JALNA SIDDHIVINAYAK: CRISIL Rates INR212.5MM Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Jalna Siddhivinayak Alloys Pvt Ltd, which
is a part of the Agrawal group.

   Facilities                        Ratings
   ----------                        -------
   INR212.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR29.8 Million Long-Term Loan    CRISIL B/Stable (Assigned)
   INR40 Mil. Letter Of Guarantee    CRISIL A4 (Assigned)

The ratings reflect the Agrawal group's constrained financial
risk profile, marked by a small net worth, a high ratio of
external borrowings to net worth, and weak debt protection
metrics, and the susceptibility of the group' business to
cyclicality in the steel business.

These rating weaknesses are partially offset by the benefits that
the Agarwal group derives from its promoters' extensive
experience in the steel industry along with the partially-
integrated nature of its operations and the presence of its own
brand, Roopam, in the Marathwada and the central India region.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSAPL and Roopam Steel Rolling Mills.
This is because these entities (together referred to as the
Agrawal group) have significant business synergies and fungible
cash flows.

Outlook: Stable

CRISIL believes that the Agrawal group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of a
substantial improvement in the group's capital structure coupled
with higher-than-expected revenues and net cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected operating profitability or further
deterioration in the Agarwal group's capital structure or debt
protection metrics leading to deterioration in the group's
financial risk profile.

                         About the Group

Incorporated in 2000 and promoted by the Jalna (Maharashtra)-
based Agrawal family, JSAPL manufactures mild-steel billets. The
company's manufacturing facility is at Jalna, with capacity of
around 250 tonnes per day (tpd) (about 80,000 tonnes per annum
[tpa]). JSAPL sells around 75 to 80 per cent of its ingots to
RSRM. The rest is sold in the open market.

Mr. Umesh Agrawal along with his brothers, Mr. Dinesh Agrawal and
Mr. Vijay Agrawal, manage the day-to-day operations of the
business. RSRM, a partnership firm of the Jalna (Maharashtra)-
based Agrawal family, manufactures thermo-mechanically treated
(TMT) bars.

In 2010-11 (refers to financial year, April 1 to March 31),
JSAPL's operating income is estimated at INR1945 million.  In
2009-10, the company generated a net profit of INR1.9 million on
an operating income of INR1536 million, against a net profit of
INR4.4 million on sales of INR822 million for 2008-09.


J. BAPUJI: CRISIL Assigns 'CRISIL BB' Rating to INR3.3MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of J. Bapuji.

   Facilities                       Ratings
   ----------                       -------
   INR3.3 Million Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR50 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR20 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect JB's moderate financial risk profile, marked
by a moderate gearing and proprietor's extensive experience in
the civil construction industry. These rating strengths are
partially offset by JB's modest scale of operations, segmental
concentration in revenues, and exposure to risks related to
fragmentation and intense competition in the civil construction
industry.

Outlook: Stable

CRISIL believes that JB will benefit over the medium term from
its experienced management and moderate capital structure. The
outlook may be revised to 'Positive' if the firm diversifies and
improves its scale of operations on a sustainable basis, leading
to improvement in its business risk profile. Conversely, the
outlook may be revised to 'Negative' in case its financial risk
profile deteriorates owing to reduced revenues and margins, or if
the firm undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from
various principal contractors.

                         About J. Bapuji

Set up in 1983 as a proprietorship concern by Mr. J. Bapuji, JB
undertakes civil construction projects in Karnataka. The firm
mainly specialises in road works, which include repairing,
maintaining, improving, widening, strengthening, and constructing
new roads. The company is based in Mysore (Karnataka) and
undertakes projects for various government entities, such as
Publics Works Departments, Panchayat Raj Engineering Department,
and Karnataka Industrial Area Development Board.

JB reported a provisional profit after tax (PAT) of INR22 million
on net sales of INR383 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR13 million on
net sales of INR198 million for 2009-10.


JET AIRWAYS: Auditors Ask Company to Raise Capital, Fund JetLite
----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Jet Airways India
Ltd. needs to raise money to maintain its operations, auditors to
the company said in yet another sign of a crippling cash crunch
in what was once described as one of the world's most promising
airline markets.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion and INR8.58 billion for the years
ended March 31, 2009 through 2011.


JUGAL KISHORE: CRISIL Assigns 'CRISIL BB' Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jugal Kishore Mahanta.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR110 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect JKM's moderate financial risk profile, marked
by modest gearing and healthy debt protection metrics, and
healthy business prospects in the civil construction sector in
Assam/north eastern India. These rating strengths are partially
offset by JKM's small scale of operations, limited revenue
diversity, and large working capital requirements, led by
stretching of receivables.

Outlook: Stable

CRISIL believes that JKM will benefit over the medium term from
the healthy growth prospects for the infrastructure and
construction sector in Assam/north eastern India. The outlook may
be revised to 'Positive' in case of significant improvement in
its revenue profile while sustaining its operating margin and
current financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of time or cost overruns in the
execution of JKM's projects leading to material liquidated
damages, or if the firm's financial risk profile deteriorates
significantly as a result of delays in collection of receivables
or any large debt-funded capital expenditure.

                        About Jugal Kishore

Based in Dibrugarh (Assam), JKM was set in 2000 by Mr. Jugal
Kishore Mahanta as a proprietorship firm. JKM undertakes civil
and infrastructure construction, primarily in the roads and
highways segments. It is registered as Class 1 contractor in the
Assam region. The promoter has interests in other entities, such
as Chandrawali Commercial India Pvt Ltd, Rangdoi Tea Company, NE
Thermeon Pvt Ltd, Netgen Power Pvt Ltd, and Net Mettalics.

JKM reported a profit before tax (PBT) of INR12.1 million on net
sales of INR282.17 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PBT of INR19.3 million on net
sales of INR403.13 million for 2009-10.


KINGFISHER AIRLINES: Lessors Set to Grab Planes, WSJ Reports
------------------------------------------------------------
The Wall Street Journal reports that airplane-leasing companies
are preparing to repossess planes from Kingfisher Airlines Ltd.
if the troubled carrier's finances deteriorate further, said an
executive at one of the companies.

The Journal relates that the executive said that at least two
lessors have agents at Kingfisher's offices copying documents
relating to their planes.  These agents also are monitoring the
debt-laden airline's planes to ensure that parts aren't removed
in ways that violate lease terms, the news agency relays.

According to the Journal, Kingfisher spokesman Prakash Mirpuri
said in an e-mail that "all leasing companies have the
contractual right to access the documents for all their aircraft
on an 'as needed' basis."

Every commercial aircraft has reams of records about its use and
maintenance. If the information is missing or incomplete, an
otherwise usable jetliner could be grounded for safety reasons.
Copying documents is a precaution in case the planes are
repossessed and it is impossible to recover their accompanying
records, aviation officials said.

Mr. Mirpuri, as cited by the Journal, said that one major lessor,
AerCap Holdings NV, will take back two jetliners in coming months
when the contracts on them expire because "we could not agree on
mutually acceptable extension terms."  One of the planes will be
replaced with a new one, he said.

                   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.

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

The Times of India reported last week that Kingfisher Airlines
cancelled 12 flights from Delhi and several more from across
India reportedly due to a shortage of cabin crew and pilots.  The
airline is also facing severe fuel problems due to non-payment of
dues.


PAL PRATEEK: CRISIL Assigns 'CRISIL BB-' Rating to INR8.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Pal Prateek Motors Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR8.4 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR60.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)

The rating reflects the benefits that PPMPL derives from its
established relationship with its principal and its promoters'
extensive industry experience. These rating strengths are
partially offset by PPMPL's weak financial risk profile, marked
by a high gearing, weak debt protection metrics, and small net
worth, small scale of operations and regional concentration, and
susceptibility to intense competition in the automobile
dealership market.

Outlook: Stable

CRISIL believes that PPMPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of more-than-expected
increase in PPMPL's scale of operations leading to better cash
accruals, and if the company's financial risk profile improves
significantly mainly driven by fresh equity infusion. Conversely,
the outlook may be revised to 'Negative' if PPMPL's financial
risk profile deteriorates because of increase in working capital
or large, debt-funded capital expenditure.

                         About Pal Prateek

Incorporated in 2009, PPMPL is an authorized automobile dealer of
passenger cars of Ford India Ltd (Ford). PPMPL is promoted by Mr.
Suresh Pal and his wife, Ms. Meera Pal. It operates a showroom-
cum-service station and an accident workshop in Haldwani
(Uttarakhand). The company deals in all the models manufactured
by Ford in India. PPMPL also deals in spares and services.

PPMPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR110 million for 2009-10 (refers to financial year,
April 1 to March 31). The company's PAT is estimated at
INR5.1 million on net sales of INR361 million, for 2010-11.


PRASHANTH PROJECTS: CRISIL Assigns 'BB+' Rating to INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Prashanth Projects Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR10 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR285 Mil. Letter of Credit/   CRISIL A4+/Stable (Assigned)
   Bank Guarantee

The ratings reflect the company's above-average financial risk
profile and established track record with a strong client base.
These rating strengths are partially offset by PPL's modest scale
of operations and the inherent risk in tender-based contracts
leading to volatility in revenue and margin.

Outlook: Stable

CRISIL believes that PPL will continue to benefit from its above-
average financial risk profile, over the medium term. The outlook
may be revised to 'Positive' if the company is able to scale up
its operations and improve margins while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a sharp decline in revenue or if any time or cost
overruns in implementation of projects lead to significant
liquidated damages.

                       About Prashanth Projects

Incorporated in 1989, PPL has its registered office at Navi
Mumbai (Maharashtra). The company constructs petroleum storage
tanks and associated works including designing, electrical,
civil, and terminal piping, instrumentation, and structural
activities. The company also undertakes turnkey engineering,
procurement, and commissioning (EPC) contracts for designing and
constructing petroleum oil and gas storage terminals. The company
was promoted by Mr. Srinivasan; the daily operations are looked
after by his son, Mr. N A Bharath.

PPL is estimated to report profit after tax (PAT) of INR4.3
million on net sales of INR339.7 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.9
million on net sales of INR112.5 million for 2009-10.


PSYCHOTROPICS INDIA: CRISIL Cuts Rating on INR40MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Psychotropics India Ltd, part of the PIL group, to 'CRISIL D'
from 'CRISIL BBB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Mil. Cash Credit Limit     CRISIL D (Downgraded from
                                           'CRISIL BBB/Stable')

   INR6.0 Million Standby Line of     CRISIL D (Downgraded from
   Credit                                 'CRISIL BBB/Stable')

   INR105.1 Million Term Loan         CRISIL D (Downgraded from
                                           'CRISIL BBB/Stable')

The rating downgrade reflects instances of delay of more than 30
days by the PIL group in repaying its term loans. The delays have
been caused by its weak liquidity. The group's liquidity has been
adversely affected by increase in the scale of the project it was
implementing for setting up its new facility in Haridwar (Uttar
Pradesh). The initial project cost was doubled during the course
of implementation of the project due to revisions in technical
specifications. As a result, the group utilized the majority of
its cash accruals for completing its capital expenditure (capex).
CRISIL believes that the group's liquidity will remain stretched
over the medium term, as most of its internal accruals are
expected to be utilized for working capital requirements and
regular capex.

The PIL group is exposed to risks related to its small scale of
operations in the pharmaceutical formulations industry, and to
competitive pressures in the generics market. The group has an
average financial risk profile marked by increasing gearing and
moderate debt protection metrics, and moderate business risk
profile backed by a diversified product portfolio.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PIL and PIL Pharmaceuticals Pvt Ltd
(PILPPL), together referred to as the PIL Group. This is because
PIL sells all the products manufactured by PILPPL, and PILPPL is
expected to be merged with PIL within the next two years.

                           About the Group

Established in 1986 by Mr. Navdeep Chawla, PIL manufactures and
sells pharmaceutical formulations. Its product range includes
analgesic, nutritional, dermatological, anti-allergic, anti-
diabetic, anti-fungal, and anti-depressant formulations. The
company's manufacturing facilities are located at Haridwar
(Uttarakhand) and Faridabad (Haryana). PIL also undertakes
contract manufacturing for capsules and medicines, and packages
them as per client specifications. It started antibiotics
business through PILPPL. Also PIL is about to complete its capex
on the injectables manufacturing facility in 2011-12 (refers to
financial year, April 1 to March 31).

The PIL group reported a profit after tax (PAT) of INR47 million
on net sales of INR814.8 million for 2010-11, as against a PAT of
INR131 million on net sales of INR665.7 million for 2009-10.


RAWATSONS ENGINEERS: CRISIL Rates INR45MM Loan at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Rawatsons Engineers Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR45 Million Cash Credit       CRISIL BB+/Stable (Assigned)
   INR75 Million Bank Guarantee    CRISIL A4+/Stable (Assigned)

The ratings reflect Rawatsons' promoters' extensive experience in
railway infrastructure, and moderate financial risk profile
marked by moderate gearing and debt protection metrics. These
rating strengths are partially offset by Rawatsons' modest scale
of operations, customer concentration, and working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that Rawatsons will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if Rawatsons reports
substantial growth in its scale of operations, while maintaining
its profitability, capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case
there is slowdown in the company's revenue growth or significant
deterioration in its profitability.

                     About Rawatsons Engineers

Rawatsons was incorporated in 1981 and promoted by the Kolkata-
based Rawat family (led by Mr. Prajesh Rawat). The company has
been operating in the field of railway infrastructure for over
three decades, with specialisation in road-over-bridges (ROB).
The company is into fabrication and erection of various steel
structures such as steel girders, composite steel girders,
concrete sub structures, and platform shelters. It also
manufactures railway track components such as steel channel
sleepers, gauge face rail lubricator, and insulated metal liner.
Rawatsons' fabrication unit is in Howrah (West Bengal).

For 2010-11 (refers to financial year, April 1 to March 31),
Rawatsons reported a net profit of INR19.4 million (INR16.1
million for 2009-10) on net sales of INR379.6 million (INR340.8
million).


ROOPAM STEEL: CRISIL Places 'CRISIL B' Rating on INR10.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Roopam Steel Rolling Mills, which is a
part of the Agrawal group.

   Facilities                           Ratings
   ----------                           -------
   INR10.6 Million Long-Term Loan       CRISIL B/Stable
                                        (Assigned)

   INR112.5 Million Cash Credit         CRISIL B/Stable
                                        (Assigned)

   INR4.5 Million Letter Of Guarantee   CRISIL A4 (Assigned)

The ratings reflect the Agrawal group's constrained financial
risk profile, marked by a small net worth, a high ratio of
external borrowings to net worth, and weak debt protection
metrics, and the susceptibility of the group' business to
cyclicality in the steel business. These rating weaknesses are
partially offset by the benefits that the Agarwal group derives
from its promoters' extensive experience in the steel industry
along with the semi-integrated nature of its operations and the
presence of its own brand, Roopam, in the Marathwada and the
central India region.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RSRM and Jalna Siddhivinayak Alloys
Pvt Ltd.  This is because these entities (together referred to as
the Agrawal group) have significant business synergies and
fungible cash flows.

Outlook: Stable

CRISIL believes that the Agrawal group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
higher-than-expected revenues and net cash accruals and
substantial improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected operating profitability or deterioration in
the Agarwal group's capital structure or debt protection metrics
leading to deterioration in the group's financial risk profile.

                           About the Group

RSRM, a partnership firm of the Jalna (Maharashtra)-based Agrawal
family, manufactures thermo-mechanically treated (TMT) bars. The
firm's current capacity is around 175 tonnes per day (52,500 to
56,000 tonnes per annum). RSRM chiefly sells the TMT bars through
large traders in and around central India. Mr. Sanjay
Chandraprakash Agrawal and Mr. Sunil Radhakishan Agrawal are the
active partners in the firm; they, along with Mr. Kishor
Radhakishan Agrawal, manage RSRM's day-to-day operations.
Incorporated in 2000 and also promoted by the Jalna
(Maharashtra)-based Agrawal family, JSAPL manufactures mild-steel
billets.

In 2010-11 (refers to financial year, April 1 to March 31),
RSRM's operating income is estimated at around INR1567 million.
In 2009-10, the firm generated a net profit of INR3.4 million on
an operating income of INR1153 million, against a net profit of
INR4.5 million on sales of INR1213 million for 2008-09.


SEAL INFOTECH: CRISIL Places 'CRISIL BB-' Rating on INR5.6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Seal Infotech Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR5.6 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR35 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR0.2 Million Proposed Long-   CRISIL BB-/Stable (Assigned)
   Term Bank Loan Facility
   INR20 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect SIPL's moderate financial risk profile,
marked by low networth, healthy gearing and moderate debt
protection metrics, and the extensive experience of its promoters
in the information technology (IT) consulting industry. These
rating strengths are partially offset by SIPL's large working
capital requirements and small scale of operations, with
susceptibility to intense competition in the fragmented IT
consulting industry.

Outlook: Stable

CRISIL believes that SIPL will maintain its business risk profile
over the medium term, supported by its promoter's extensive
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if the
company improves its scale of operations or profitability
significantly while maintaining its healthy capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company faces any stretch in its receivables, leading to pressure
on its liquidity, or if it faces slowdown in orders.

                          About Seal Infotech

SIPL was incorporated in August 2000, promoted by Mr. Ravi
Pendurthi and Mr. Badal Patel. The commercial operations
commenced from 2005. The entire operations of SIPL are overseen
by Mr. Ravi Pendurthi, who has worked as a system, applications
and products (SAP) consultant in the US for about 13 years.

SIPL is a gold-certified SAP partner and it has offices in India
at Chennai, Hyderabad and Mumbai. In addition to the Indian
market, SIPL caters to clients in US, UK, Dubai, Africa,
Bangladesh, and Sri Lanka.

SIPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR430 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR19.4 million on net
sales of INR411 million for 2009-10.


SHYAM GINNING: CRISIL Assigns CRISIL B Rating to INR180.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shyam Ginning and Pressing Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR180.5 Million Proposed       CRISIL B/Stable (Assigned)
   Cash Credit Limit

   INR19.5 Million Proposed        CRISIL B/Stable (Assigned)
   Term Loan

The rating reflects SGPPL's weak financial risk profile, marked
by a high gearing, a small net worth and weak debt protection
metrics, and exposure to intense competition in the cotton
industry, and vulnerability to adverse changes in government
policy. These rating weaknesses are partially offset by the
extensive industry experience of SGPPL's promoters, and the
company's proximity to the cotton growing belt ensuring regular
supply of raw cotton.

Outlook: Stable

CRISIL believes that SGPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of infusion of capital
leading to improvement in SGPPL's capital structure, or
improvement in the company's scale of operations and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case SGPPL contracts more-than-expected debt to
fund its incremental working capital requirements, or undertakes
a larger-than-expected debt-funded capital expenditure programme
leading to a weakening of its financial risk profile.

                        About Shyam Ginning

SGPPL, located at Rajkot (Gujarat), is promoted by Mr. Bharatbhai
Wala. The company is engaged in the ginning and pressing of raw
cotton (kapas) to make cotton bales. It sells the cotton bales to
various traders and the cotton seed to various oil mills in the
vicinity of the plant. SGPPL has a production capacity of about
650 bales per day. In 2011-12 (refers to financial year, April 1
to March 31), SGPPL expended a capital of INR25 million to
increase its production capacity by 150 bales per day to 650
bales per day, to modernise its plant, and to set up a cotton
seed crushing unit with capacity of 30,000 litres per day. The
entire capex has been funded by term loans of INR19.5 million and
equity of INR5.5 million.

SGPPL reported a profit after tax (PAT) of INR3.1 million on an
operating income of INR1046.5 million for 2010-11, against a PAT
of INR0.7 million on an operating income of INR414.1 million for
2009-10.


UNIVERSAL HEAT: CRISIL Puts 'CRISIL BB-' Rating on INR140MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Universal Heat Exchangers Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR140 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR195 Mil. Letter of Credit    CRISIL A4+ (Assigned)
   & Bank Guarantee

The ratings reflect UHE's established regional position in heat
exchangers and pressure vessels segment aided by its promoter's
long standing industry experience and its long standing customer
relationships. This rating strength is partially offset by UHE's
below-average financial risk profile, marked by a weak capital
structure, working-capital-intensive operations, and weak debt
protection metrics, its large working capital requirements, and
its susceptibility to volatility in raw material prices and
economic cycles.

Outlook: Stable

CRISIL believes that UHE will benefit over the medium term from
its promoter's extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if UHE improves its gearing and increases its scale of operations
significantly on a sustained basis, while maintaining its
operating margin. Conversely, the outlook may be revised to
'Negative' if the company faces a slowdown in inflow of orders or
decline in margins, or if it undertakes a larger-than-expected
debt-funded capital expenditure programme, thereby weakening its
capital structure further.

                      About Universal Heat

Established in 1972, UHE designs and manufactures heat
exchangers, pressure vessels, and columns. UHE's promoter-
director, Mr. Sunil Haridas, has more than three decades of
experience in this line of business. The company's plant in
Coimbatore (Tamil Nadu) has installed capacity of manufacturing
2000 tonnes per annum; its fixed handling capacity is 70 tonnes.
It also has fabrication capabilities. The facilities carry ASME
'U' and 'U2' Stamp Certification.

UHE reported net losses of INR10 million on net sales of INR398
million for 2010-11 (refers to financial year, April 1 to
March 31), as against a PAT of INR6 million on net sales of
INR305million for 2009-10.


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


* JAPAN: Slips Back Into Trade Deficit in October 2011
------------------------------------------------------
Agence France-Presse reports that Japan fell into a trade deficit
in October, data showed Monday, as a stubbornly strong yen,
softening global demand and disruption from deadly floods in
Thailand helped slow its post-quake recovery.

The finance ministry said Nov. 21 that October exports dropped
off while imports kept soaring, leaving a deficit of
JPY273.8 billion, the news agency relates.

"Exports weakened due to a slowing global economy while imports
kept rising due to higher natural resources prices. Japan slipped
into the red in a worrisome way," AFP quotes Satoshi Osanai, an
economist from Daiwa Institute of Research, as saying.

"Trade risks have taken their toll. The outlook for exports is
murky," he said. "The economy will be recovering at a slow pace
in the long term, but is currently at a standstill."

AFP notes that the October deficit was the first in two months,
reversing a year-before surplus of JPY812.6 billion.  Economists
had expected a surplus of JPY55.6 billion, AFP report citing a
survey by Dow Jones Newswires and the Nikkei daily.

According to the news agency, Japan returned to a trade surplus
in September as auto production recovered to levels seen before
the devastating March earthquake and tsunami hit output.

But flooding in Thailand has hit the operations of automakers and
electronics firms due to damage to facilities and shortages of
components, with Thai plants forming a key link in manufacturers'
supply chain, says AFP.

Overall exports fell 3.7% to JPY5.51 trillion, the first drop in
three months, while imports rose 17.9% to JPY5.79 trillion,
logging a year-on-year rise for the 22th consecutive month on
higher oil and gas costs, the report discloses.

AFP adds that Asia-bound exports fell 6.6% with shipments to
China, the biggest market for Japanese products, plunging 7.7%
and those to Thailand down 5.1%.


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


HYUNDAI STEEL: Moody's Revises Outlook to Negative
--------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook for Hyundai Steel Company's Baa3 issuer and senior
unsecured bond ratings.

Ratings Rationale

"The negative outlook mainly reflects the increasing likelihood
that Hyundai Steel's financial profile will remain weak for its
Ba2 standalone rating over the next 12-18 months, given its
higher-than-expected financial leverage, year to date, and the
ongoing challenges surrounding the Asian steel industry," says
Chris Park, a Moody's Vice President and Senior Credit Officer.

"This revision in outlook also factors in its aggressive capacity
expansion plan to accelerate the construction of its third blast
furnace project," says Park.

Hyundai Steel's adjusted debt/EBITDA is anticipated to rise to
about 4.5x in 2011, above the previous forecast of about 4x. This
is a combined result of lower profitability and higher debt
stemming from its elevated capex levels.

And while leverage should improve on higher sales of specialty
auto-sheets to Hyundai Motor group and working capital surplus,
due to lower input costs, Moody's considers Hyundai Steel's
ability to reduce leverage to 4x or below in 2012 as constrained
by softening in demand in the region, as well as the accelerated
capex needs for the third blast furnace project. Moody's also
considers the latter as a credit negative development, given the
weakness in market conditions.

Moody's envisages adjusted debt/EBITDA as staying slightly above
4x in 2012, and EBIT/interest at about 4x. These are weak for the
Ba2 standalone rating.

The Baa3 rating continues to factor in a two-notch uplift, based
on the high willingness and financial capability of the Hyundai
Motor Group to provide financial support, in the event of need.
This assumption is supported by Hyundai Steel's increased
importance in the group's value chain as its key hot rolled coil
supplier, as well as the group's large scale and strong financial
capacity, all of which are reflected in Hyundai Motor's Baa2
rating.

The rating outlook could revert to stable if the company can
improve its financial profile by enhancing earnings and prudently
managing its growth strategy, such that adjusted debt/EBITDA
falls below 4x and EBIT/interest stays above 3.5-4x.

The rating could undergo a downgrade if Hyundai Steel's overall
financial profile deteriorates and remains weak because of its
aggressive expansion strategy, and/or a significant slowdown in
sales and earnings, such that adjusted debt/EBITDA stays above 4-
4.5x and EBIT/interest stays below 3.5x.

The principal methodology used in rating Hyundai Steel was the
Global Steel Industry methodology published January 2009.

Hyundai Steel is the second-largest steel producer in Korea, with
a dominant market position in the long steel segment.


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


SOUTH CANTERBURY: Labour Party Promises Probe on SCF Collapse
-------------------------------------------------------------
APNZ reports that the Labour Party said it would conduct an
inquiry into all aspects of the failure of South Canterbury
Finance if it controlled the Treasury benches after this
Saturday's election.

According to the news agency, Labour's Finance spokesperson David
Cunliffe -- david.cunliffe@parliament.govt.nz -- and commerce
spokesperson Lianne Dalziel said the collapse of South Canterbury
Finance, which has so far cost the taxpayer more than NZ$1
billion, represented New Zealand's biggest corporate disaster and
most expensive taxpayer bailout.

APNZ relates that Mr. Cunliffe said Finance Minister Bill English
and the Government had mismanaged the collapse of the company,
costing the taxpayer at least NZ$700 million more than was
necessary.

In 2010, National declined a recapitalization deal that would
have limited further liability to around NZ$500 million, APNZ
recalls.

Instead, total confirmed losses may already have reached as much
as NZ$1.2 billion and are still climbing, Mr. Cunliffe, as cited
by APNZ, said.

According to APNZ, Ms. Dalziel said the inquiry needs to cover
the causes of the failure, the role of the government's Retail
Deposit Guarantee Scheme and whether there were depositors who
made deposits to fall within the scheme knowing that SCF was due
to collapse, why the roll-over of the scheme was approved by the
Government; whether the timing of the receivership was
appropriate and whether there was a recapitalization alternative
to receivership that would have limited taxpayer exposure.

In addition, the inquiry would need to consider the decision to
place Allan and Jean Hubbard and their related companies and
trusts into statutory management, Ms. Dalziel said, APNZ reports.

                      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 Aug. 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.



===============
T H A I L A N D
===============


* THAILAND: Likely to Cut Economic Growth by 3.7% Amid Flooding
---------------------------------------------------------------
Bloomberg News reports that Thailand's economy may shrink
3.7% this quarter following the worst flooding in almost 70
years, the government said, adding to the case for an interest-
rate cut as early as next week.

According to Bloomberg, the National Economic and Social
Development Board said in Bangkok on Nov. 21 that gross domestic
product rose 3.5% in the three months through September from a
year earlier, after climbing a revised 2.7% in the previous
quarter. It also forecast the contraction and lowered its
estimate for 2011 growth to 1.5%, from as much as 4% earlier, the
report relates.

Bloomberg states that the floods have killed more than 600
people, swamped thousands of factories and disrupted supplies for
companies from Apple Inc. to Toyota Motor Corp.  The board, as
cited by Bloomberg, said the damage may reach THB300 billion
(US$9.7 billion) and the Bank of Thailand has signaled room to
cut rates to prop up growth as well as counter threats from
Europe's sovereign-debt crisis.

"Third-quarter expansion was lower than expected, raising the
chance of a temporary interest-rate reduction," Bloomberg quotes
Usara Wilaipich, an economist at Standard Chartered Plc in
Bangkok, as saying.  The central bank may make a "one-off, 50
basis point" rate cut at the Nov. 30 policy meeting, while a
post-flood recovery will enable it to keep borrowing costs
unchanged next year, Ms. Wilaipich told Bloomberg.

The median of 11 estimates in a Bloomberg News survey was for a
4.5% third-quarter GDP gain from a year earlier.

Bloomberg relates that Arkhom Termpittayapaisith, the board's
secretary general, said that the economy is set to contract in
the three months through December because of the floods.

"The situation will be 70% to 80% back to normal in the first
quarter," the report quotes Mr. Termpittayapaisith as saying.
"The economy next year will be boosted by reconstruction
spending. The government's policies to increase income will aid
local demand, and machinery replacement after the floods will
bolster private investment."

The development board said the economy may expand 4.5% to
5.5% in 2012, Bloomberg adds.


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

ADAMUS RESOURCES        ADU            200.07          -1.29
APN EUROPEAN PRO        AEZ            563.10         -79.26
AUSTAR UNITED           AUN            734.96        -173.09
AUSTRALIAN ZI-PP        AZCCA           77.74          -2.57
AUSTRALIAN ZIRC         AZC             77.74          -2.57
AUTRON CORP LTD         AAT             32.50         -13.46
BIRON APPAREL LT        BIC             19.71          -2.22
CENTRO PROPERTIE        CNP         15,483.44        -349.73
MACQUARIE ATLAS         MQA          1,894.75        -230.50
MISSION NEWENER         MBT             20.38         -44.05
NATIONAL LEISURE        NLG            154.59         -34.49
NATURAL FUEL LTD        NFL             19.38        -121.51
ORION GOLD NL           ORN             11.35          -4.05
POWERLAN LTD            PWR             30.18         -12.07
REDBANK ENERGY L        AEJ            377.31         -22.16
RENISON CONSOLID        RSN             10.20         -22.16
RENISON CONSO-PP        RSNCK           10.20         -22.16
RIVERCITY MOTORW        RCY            386.88        -809.14
SCIGEN LTD-CUFS         SIE             68.70         -42.35
STERLING BIOFUEL        SBI             20.58          -1.88
SVC GROUP LTD           SVC             13.47          -1.66


CHINA

BAOCHENG INVESTM        600892          43.73          -3.94
CHENGDE DALU -B         200160          33.15          -5.30
CHENGDU UNION-A         693             32.68         -15.13
CHINA FASHION           CFH             10.11          -0.76
CHINA KEJIAN-A          35             103.72        -192.59
DONGXIN ELECTR-A        600691          14.82         -23.94
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             19.49         -44.84
HEBEI BAOSHUO -A        600155         141.30        -414.58
HEBEI JINNIU C-A        600722         249.41         -53.61
HUASU HOLDINGS-A        509             87.92          -9.52
HUNAN ANPLAS CO         156             45.35         -32.70
JILIN PHARMACE-A        545             32.35          -8.44
JINCHENG PAPER-A        820            198.46        -130.71
MUDAN AUTOMOBI-H        8188            24.73          -3.40
NINGBO YIDONG-H         8249            18.29         -53.42
QINGDAO YELLOW          600579         218.06         -21.01
SHANGHAI WORLDBE        600757          14.33          -0.07
SHANXI LEAD IN-A        673             19.29          -1.82
SHENZ CHINA BI-A        17              20.97        -266.50
SHENZ CHINA BI-B        200017          20.97        -266.50
SHENZ INTL ENT-A        56             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             122.96          -7.23
SHIJIAZHUANG D-A        958            217.74         -95.97
SICHUAN DIRECT-A        757             96.63        -170.70
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          85.56          -3.87
TOPSUN SCIENCE-A        600771         137.37         -85.06
WINOWNER GROUP C        600681          21.76         -55.00
WUHAN BOILER-B          200770         304.50        -154.96
WUHAN GUOYAO-A          600421          11.22         -28.07
WUHAN LINUO SOLA        600885         106.01          -9.03
XIAMEN OVERSEA-A        600870         243.85        -138.59
XIAN HONGSHENG-A        600817          15.98        -296.67
YANBIAN SHIXIA-A        600462         204.56         -22.61
YANTAI YUANCHE-A        600766          63.90          -6.36
YUEYANG HENGLI-A        622             37.67         -21.61


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             16.57         -57.57
CHINA E-LEARNING        8055            19.66          -1.27
CHINA HEALTHCARE        673             37.18         -12.58
CHINA NEW ENERGY        1041           110.74         -80.18
CHINA OCEAN SHIP        651            485.84          -2.95
CHINA PACKAGING         572             19.73         -16.87
CMMB VISION HOLD        471             30.68         -17.93
CROSBY CAPITAL          8088            24.41         -15.53
EGANAGOLDPFEIL          48             557.89        -132.86
FIRST NTUL FOODS        1076            14.94         -56.59
FU JI FOOD & CAT        1175            73.43        -389.20
LUNG CHEONG INTL        348             62.04          -0.37
MELCOLOT LTD            8198            51.52         -55.33
MITSUMARU EAST K        2358            30.04         -15.37
PALADIN LTD             495            158.18         -11.60
PCCW LTD                8            6,248.35         -31.61
PROVIEW INTL HLD        334            314.87        -294.85
SINO RESOURCES G        223             15.55         -33.59
SMART UNION GP          2700            41.81         -38.85
SUNLINK INTL HLD        2336            17.79         -36.13
SURFACE MOUNT           SMT             95.95          -2.48
TACK HSIN HLDG          611             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            34.26         -18.96
PANCA WIRATAMA          PWSI            30.18         -37.45
PRIMARINDO ASIA         BIMA            10.37         -21.92
SURABAYA AGUNG          SAIP           248.21         -94.27
TOKO GUNUNG AGUN        TKGA            13.76          -0.87
UNITEX TBK              UNTX            19.45         -17.76


INDIA

ALPS INDUS LTD          ALPI           288.11          -7.01
AMIT SPINNING           AMSP            20.43          -1.96
ARTSON ENGR             ART             23.87          -0.60
ASHAPURA MINECHE        ASMN           191.87         -68.03
ASHIMA LTD              ASHM            63.23         -48.94
ATV PROJECTS            ATV             60.17         -54.25
BELLARY STEELS          BSAL           451.68        -108.50
BHAGHEERATHA ENG        BGEL            22.65         -28.20
BLUE BIRD INDIA         BIRD           122.02         -59.13
CAMBRIDGE SOLUTI        CAMB           149.58         -56.66
CELEBRITY FASHIO        CFLI            36.61          -6.76
CFL CAPITAL FIN         CEATF           12.36         -49.56
COMPUTERSKILL           CPS             14.90          -7.56
CORE HEALTHCARE         CPAR           185.36        -241.91
DCM FINANCIAL SE        DCMFS           17.10          -9.46
DFL INFRASTRUCTU        DLFI            42.74          -6.49
DIGJAM LTD              DGJM            99.41         -22.59
DUNCANS INDUS           DAI            133.65        -205.38
FIBERWEB INDIA          FWB             12.23         -16.21
GANESH BENZOPLST        GBP             48.95         -22.44
GEM SPINNERS LTD        GEMS            14.58          -1.16
GSL INDIA LTD           GSL             29.86         -42.42
HARYANA STEEL           HYSA            10.83          -5.91
HENKEL INDIA LTD        HNKL            88.83         -36.09
HIMACHAL FUTURIS        HMFC           406.63        -210.98
HINDUSTAN PHOTO         HPHT            74.44      -1,519.11
HINDUSTAN SYNTEX        HSYN            15.20          -3.81
HMT LTD                 HMT            133.66        -500.46
ICDS                    ICDS            13.30          -6.17
INTEGRAT FINANCE        IFC             49.83         -51.32
JAGSON AIRLINES         JGA             12.31          -0.25
JCT ELECTRONICS         JCTE           104.55         -68.49
JD ORGOCHEM LTD         JDO             10.46          -1.60
JENSON & NIC LTD        JN              18.05         -86.40
JIK INDUS LTD           KFS             20.63          -5.62
JOG ENGINEERING         VMJ             50.08         -10.08
KALYANPUR CEMENT        KCEM            33.31         -30.53
KDL BIOTECH LTD         KOPD            14.66          -9.41
KERALA AYURVEDA         KRAP            13.97          -1.69
KIDUJA INDIA            KDJ             17.15          -2.28
KINGFISHER AIR          KAIR         1,935.94        -661.89
KINGFISHER A-SLB        KAIR/S       1,935.94        -661.89
KITPLY INDS LTD         KIT             37.68         -45.35
LLOYDS FINANCE          LYDF            21.65         -11.39
LLOYDS STEEL IND        LYDS           510.00         -48.98
LML LTD                 LML             65.26         -56.77
MADRAS FERTILIZE        MDF            143.14         -99.28
MAHA RASHTRA APE        MHAC            24.13         -14.27
MARKSANS PHARMA         MRKS           110.32         -14.04
METROGLOBAL LTD         MGLB            14.98          -7.51
MILLENNIUM BEER         MLB             52.23          -5.22
MILTON PLASTICS         MILT            18.65         -52.29
MODERN DAIRIES          MRD             38.41          -0.45
MTZ POLYFILMS LT        TBE             31.94          -2.57
MYSORE PAPER            MSPM            97.02         -15.69
NATH PULP & PAP         NPPM            14.50          -0.63
NICCO CORP LTD          NICC            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
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
QUINTEGRA SOLUTI        QSL             24.62         -11.51
RAJ AGRO MILLS          RAM             10.21          -0.61
RATHI ISPAT LTD         RTIS            44.56          -3.93
REMI METALS GUJA        RMM            101.32         -17.12
RENOWNED AUTO PR        RAP             14.12          -1.25
ROLLATAINERS LTD        RLT             22.97         -22.24
ROYAL CUSHION           RCVP            18.88         -81.42
SADHANA NITRO           SNC             18.21          -0.73
SAURASHTRA CEMEN        SRC            106.01          -2.81
SCOOTERS INDIA          SCTR            19.43         -10.78
SEN PET INDIA LT        SPEN            11.58         -26.67
SHAH ALLOYS LTD         SA             213.69         -39.95
SHALIMAR WIRES          SWRI            25.78         -38.78
SHAMKEN COTSYN          SHC             23.13          -6.17
SHAMKEN MULTIFAB        SHM             60.55         -13.26
SHAMKEN SPINNERS        SSP             42.18         -16.76
SHREE GANESH FOR        SGFO            44.50          -2.89
SHREE RAMA MULTI        SRMT            62.15         -42.08
SIDDHARTHA TUBES        SDT             76.98         -12.45
SOUTHERN PETROCH        SPET         1,584.27          -4.80
SQL STAR INTL           SQL             11.69          -1.14
STERLING HOL RES        SLHR            66.77          -2.85
STI INDIA LTD           STIB            35.39          -0.54
SUPER FORGINGS          SFS             17.83          -6.37
TATA TELESERVICE        TTLS         1,311.30        -138.25
TATA TELE-SLB           TTLS/S       1,311.30        -138.25
TODAYS WRITING          TWPL            44.08          -5.32
TRIUMPH INTL            OXIF            58.46         -14.18
TRIVENI GLASS           TRSG            24.55          -8.57
TUTICORIN ALKALI        TACF            19.13         -16.31
UNIFLEX CABLES          UFC             47.46          -7.49
UNIFLEX CABLES          UFCZ            47.46          -7.49
UNIMERS INDIA LT        HDU             18.08          -5.86
UNITED BREWERIES        UB           3,067.32        -137.09
UNIWORTH LTD            WW             168.36        -155.74
UNIWORTH TEXTILE        FBW             20.57         -37.60
USHA INDIA LTD          USHA            12.06         -54.51
VANASTHALI TEXT         VTI             25.92          -0.15
VENTURA TEXTILES        VRTL            14.33          -1.91
VENUS SUGAR LTD         VS              11.06          -1.08


JAPAN

ARRK CORP               7873         1,221.45         -37.80
CROWD GATE CO           2140            11.63          -4.29
DDS INC                 3782            18.69          -0.08
ISHII HYOKI CO          6336           201.38         -12.95
KANMONKAI CO LTD        3372            68.26          -2.44
KFE JAPAN CO LTD        3061            17.86          -2.27
L CREATE CO LTD         3247            42.34          -9.15
MEIHO ENTERPRISE        8927            76.16         -18.35
NEXT JAPAN HOLDI        2409           177.68          -5.08
NIS GROUP CO LTD        8571           477.70         -75.44
PROPERST CO LTD         3236           305.90        -330.20
TOYO KNIFE CO           5964            74.73          -5.55


KOREA

DAISHIN INFO            20180          740.50        -158.45
HANIL CONSTRUCT         6440           880.70         -22.42
HYUNDAI BNG STEE        4565           476.66         -70.65
HYUNDAI BNG STEE        4560           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
SUNGJEE CONSTRUC        5980           114.91         -83.19
YOUILENSYS CORP         38720          166.70         -12.34


MALAYSIA

BANENG HOLDINGS         BANE            38.70         -17.29
HAISAN RESOURCES        HRB             69.11          -4.68
HO HUP CONSTR CO        HO              65.87         -11.56
LUSTER INDUSTRIE        LSTI            19.28          -7.15
MITHRIL BHD             MITH            23.78          -5.70
NGIU KEE CO-BHD         NKC             14.19         -12.76
TRACOMA HOLDINGS        TRAH            60.31         -26.28
VTI VINTAGE BHD         VTI             20.92          -3.48


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             20.62         -11.82
ADVANCE SCT LTD         ASCT            25.29         -10.05
HL GLOBAL ENTERP        HLGE            93.40         -15.38
LINDETEVES-JACOB        LJ              22.43          -6.01
NEW LAKESIDE            NLH             19.34          -5.25
SUNMOON FOOD COM        SMOON           17.93         -15.74
TT INTERNATIONAL        TTI            246.68         -79.69


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/F        101.18        -175.61
PICNIC CORPORATI        PICNI          101.18        -175.61
PONGSAAP PCL            PSAAP/F         13.02          -1.77
PONGSAAP PCL            PSAAP           13.02          -1.77
PONGSAAP PCL-NVD        PSAAP-R         13.02          -1.77
SAHAMITR PRESS-F        SMPC/F          27.92          -1.48
SAHAMITR PRESSUR        SMPC            27.92          -1.48
SAHAMITR PR-NVDR        SMPC-R          27.92          -1.48
SUNWOOD INDS PCL        SUN             19.86         -13.03
SUNWOOD INDS-F          SUN/F           19.86         -13.03
SUNWOOD INDS-NVD        SUN-R           19.86         -13.03
THAI-DENMARK PCL        DMARK           15.72         -10.10
THAI-DENMARK-F          DMARK/F         15.72         -10.10
THAI-DENMARK-NVD        DMARK-R         15.72         -10.10
TRANG SEAFOOD           TRS             13.90          -3.59
TRANG SEAFOOD-F         TRS/F           13.90          -3.59
TRANG SFD-NVDR          TRS-R           13.90          -3.59
TT&T PCL                TTNT           615.73        -210.36
TT&T PCL-NVDR           TTNT-R         615.73        -210.36
TT&T PUBLIC CO-F        TTNT/F         615.73        -210.36


TAIWAN

BEHAVIOR TECH CO        2341S           41.94          -1.02
BEHAVIOR TECH-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


                             *********

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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